Track2Realty Exclusive: What are the challenges for redevelopment of a project in the urban centres? Ram Makhecha, Director, Vakratunda Group believes 80 per cent of the buildings in a city like Mumbai are dilapidated. Most of the other 20 per cent new buildings are better because that got constructed under the redevelopment scheme in recent years.
Track2Realty: MCHI CREDAI has appealed to the Maharashtra Government to slash the ready reckoner rates that form basis for stamp duty.
Track2Realty: A cautious RBI decided to keep key policy rates untouched, and the sector reacted insipidly to the RBI’s decisions, which were taken after its mid-term quarterly policy review. While many financial analysts termed its move as “over cautious” one and said that they were expecting a cut in key rates, realty reeling under a whole lot of issues and living on a wish of market revival in the year ahead said the decision to leave policy on hold has no immediate implications for the real estate sector.
Track2Realty: India continued to feature in the list of World’s most expensive office markets, with New Delhi (Connaught Place – CBD) moving up from 9th position to 5th position (with an overall occupancy cost of US$ 183.30)according to CBRE Global Research and Consulting’s semi-annual Prime Office Occupancy Costs survey.
Track2Realty-Agencies: The Reserve Bank of India has allowed real estate developers and housing finance companies to raise funds overseas for low-cost housing projects.
Track2Realty Exclusive: With most of the urban centres across the country having depleted buildings in prime localities, redevelopment is the only way forward. However, policy hurdles added with resistance by some vested interests causing developers’ reluctance comes in the way of an urban makeover. Track2Realty noted that the collective consciousness of the policy makers, developers and majority of residents is increasingly shaping up for redevelopment and that spells a new business opportunity for realtors across the country.
Track2Realty: Western suburbs of Mumbai are set for a facelift through redevelopment post the new Development Control Rule (DCR). Ravi Sinha speaks to Lalit Kumar Jain, CMD, Kumar Urban Development and CREDAI President to understand whether it would add more pressure on the existing crumbling infrastructure of the suburbs. Excerpts of the interview:
Track2Realty-Agencies: Land prices will escalate leading to rise in housing price if the Land Acquisition Bill is passed by Parliament, real estate developers and property consultants have said.
Track2Realty: Subdued economic growth on the domestic front and persistent concerns about the economic outlook in USA and Euro Zone moderated business confidence among office space occupiers in 2012. As a result, the major seven cities in India witnessed restrained office space take-up in 2012.
Track2Realty: The National Real Estate Development Council (NAREDCO) has requested the government to extend the computation period for availing itself of income tax benefits by one more year. This period is going to end on March 31, 2013.