According to the latest RICS India Commercial Property Survey, sentiment in the Indian real estate market has been adversely affected in the second quarter, as the economic picture in the country continues to remain bleak with the declining value of the rupee and growth forecasts being revised lower, along with a deteriorating global climate.
The Union Cabinet is expected to consider the Real Estate (Regulation and Development) Bill within a fortnight. However, while the Government intends to present the Bill during the monsoon session of Parliament, scheduled to start from August 8, single window clearance to the projects is the only stumbling block in its way.
Four unidentified persons stabbed to death a bookie-turned-realtor on Sunday evening, July 29, in Nagpur. Arvind Kashikar, alias Manju, was dragged out of his home near Ganesh Nagar garden by the assailants who had come on a couple of bikes.
The real estate sector is ready to have its own regulator. Sector is actually craving for a regulator as we have come to understand that a single window will give us a way forward to growth and customer satisfaction. At this moment we are living in a regime of 40 NOC’s to a project and still no permission to function. It has no meaning and it does not give us the freedom to grow.
The UT District Consumer Disputes Redressal Forum has penalized Emaar MGF Land Limited Sector 17, for ‘gross deficiency in services’ and ‘unfair trade practice’.
Global experience has it that typically convention centres are done as part of a large integrated township, commercial complex (hotel, office and convention center). Hence such projects are of more interest to large developers.
Pune has been a favoured industrial destination for a very long time. In fact, manufacturing has been a major development focus for the city since the inception of PCMC in the 1960’s. Since then, there has been a massive influx of European companies who were and continue to be keen on setting up manufacturing facilities there.
A new retail report released by Jones Lang LaSalle emphasises that changes across the global retail banking environment continue to be driven by political, economic and technological trends. These trends will lead to continued bank expansion in frontier markets, offsetting the search for greater efficiency in developed markets.
The Delhi High Court on Tuesday, July 24, asked the Centre and the DDA to resolve the dispute of alleged extra flats built by real estate major Emaar MFG in the Commonwealth Games village, coming in way of allocation of accommodation to buyers.
Terming the Government’s efforts to form consensus on FDI in multi-brand retail without consulting traders as ‘highly undemocratic’, the Confederation of All India Traders (CAIT) today said foreign investments by MNCs will hijack the country’s retail trade which would lead to closure of majority of small businesses and job losses for lakhs of people engaged in the sector.