Track2Realty Exclusive: With the economy booming in India, the developers are to play an important part as the builders of the nation and are definite to become the most important stakeholders in urban development of the country.
Track2Realty Exclusive: Reforms as the very philosophy of a sector demands that all stake holders agree to function in a transparent manner. With the growth of real estate over the last decade, while it is heartening to note that both the developers and the government have realised the importance of transparency in the sector, there are still challenges galore.
Track2Realty: Despite an 83% drop in supply of organised retail space across key cities in the country, 2012 continued to witness an increase in transaction activity and retailer expansion. According to the findings of CBRE’s latest report “Indian Retail Market View H2, 2012”, approximately 2.5 million sq.ft. of fresh retail space entered the market in 2012, mainly concentrated in Bangalore, Kolkata and Pune, as against over 15 million sq.ft. in 2011.
Track2Realty: Omaxe has reported nearly 50 per cent increase in consolidated net profit at Rs 28.85 crore in the third quarter of this fiscal.
Track2Realty Exclusive: NCR and Mumbai account for 60-70 per cent of the total deals, along with some top tier I cities. Some tier II cities are also witness to sizeable land deals. Most of the land purchases will be done by regional smaller players instead of big developers, Cushman & Wakefield (C&W) Executive Managing Director (South Asia) Sanjay Dutt says.
Track2Realty-Agencies: After fashion weeks and wedding exhibitions, India is now set to welcome a first-of-its-kind Real Estate Luxury Show (RLS India 2013), which will serve as a platform for showcasing the properties of the country’s real estate giants.
Track2Realty: Opposing the Maharashtra government’s decision to hike stamp duty and other taxes related to property, CREDAI has cautioned against capital flight from the State to neighbouring Gujarat and even to Jakarta.
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: 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.
Track2Realty: CREDAI has urged lawmakers to consider reforms in the real estate sector to boost growth. In an open letter to MPs, Confederation of Real Estate Developers’ Association of India (CREDAI) National President Lalit Kumar Jain said, “Though the government is moving in right direction with bold reforms agenda, much more can be achieved without any controversy or incurring additional cost just by focusing on the housing sector.”