No end to the global housing market downturn is in sight, except probably in the US, according to a survey of global house price trends by the Global Property Guide Asia is weakening, and house price falls in the worst-hit European crisis countries are dramatically accelerating.
Developers in Punjab have opposed the state government’s move to levy social infrastructure cess on property transactions, saying it would hit demand in the sector which is already facing slowdown.
For flat owners in Maharashtra, the VAT battle is not yet over! VAT on flats, or material used on construction, amounts to double taxation since the developer has already paid while buying them from registered suppliers, said Atul Puranik, convener of newly started consumer group FORAM – Flat Owners’ Rights protection Action committee of Maharashtra.
The fifth edition of Global Initiative Restructuring Environment & Management (GIREM) Leadership Summit, the international forum for urban planning and corporate real estate, would be held at New Delhi on October 18 and 19.
Real estate prices in the national capital are set to soar with the Centre on Monday night deciding to give the green signal for regularization of 917 unathorized colonies. A notification to this effect will be issued on Tuesday, Aug 28.
Seeking to fight the vexed VAT issue on flats in Maharashtra, a consumer group called FORAM–Flat Owners’ Rights protection Action committee in Maharashtra – has been formed with consumer interest groups coming together.
The Karnataka Government is contemplating to introduce a single window clearance system for the construction of houses and complexes in the state, taking into consideration the demand raised by the Confederation of Real Estate Developers’ Association of India (CREDAI).
The US Government has hired property consultancy Knight Frank to assess the valuation and strategic review of all its real estate properties in India. The properties, which house embassies, consulates, offices, residences, schools and libraries at prime locations across Delhi, Mumbai, Hyderabad, Chennai and Kolkata, were acquired over the years and are estimated to be approximately worth thousands of crores.
Cushman & Wakefield has appointed Randall Hall as Executive Managing Director, Greater China. Based in Hong Kong, Randall will be responsible for providing executive leadership for Cushman & Wakefield in the Greater China region, which includes China, Hong Kong & Taiwan.
Tata Realty and Infrastructure Ltd (TRIL) proposes to invest over Rs 1700 crore in two to three years for various projects in the country, including Rs 550 crore in Kochi for a premium waterfront residential property, ‘Tritvam’, at Marine Drive.