Track2Realty Exclusive: A large section of realty players categorically say that the redevelopment process may be a step in the right direction, it is yet not going to change the demand-supply dynamics, nor will it bring down the prices.
Track2Realty-Agencies: After some neglect in the past several years, the realty industry in India finally saw some reforms that had a direct and indirect impact on its fortunes and which led to the some development of the sector in 2012. The prospect of a revival looks brighter once the central bank keeps it promise of cutting interest rates to spur overall growth.
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: Supertech has awarded the India branch of UAE’s Arabian Construction Company (ACC) its first project in North India. ACC’s Rs.650 crore ($125 million) contract will see them build Spira, India’s tallest mixed-use tower and part of the project, Supernova.
Track2Realty: SARE Homes in association with State Bank of India is offering a scheme under which the customer needs to pay nothing for three years, after paying the first 20% for booking an apartment at ‘Springview Heights’ the new launch at its aspirational 88.35 acre township at NH24, Ghaziabad.
Track2Realty-Agencies: DLF today, Dec 19, said it has signed an agreement for effecting a sale of the luxury hotel chain Amanresorts to the hospitality property’s founder and Chairman Adrian Zecha for about USD 300 million (over Rs 1,600 crore).
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 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: