In the year 2011, Indian real estate sector had a number of events. Here some of the major events held in last year. Retail Real Estate
# Housing loan subsidy 1% on loans up to Rs 15 lakh (from Rs. 10 lakh) on property value up to Rs. 25 lakh ( from Rs. 20 lakh)
# Sale deed made mandatory by Supreme Court for plot of land and property transfer. This make to reduce number of Power of attorney and time period of Power of attorney.
# Power of attorney fees increased from Rs. 50 to Rs. 10,000 in Tamilnadu.
# In Tamilnadu, new Guideline value drafted prepared.
# Circle Rate hiked in Delhi NCR to check flow of black money in property transactions. It also bring transparency in real estate transactions.
# India's first all woman housing society came up in Panchkula, Haryana.
# Haryana government's ceiling waiver on non-farm land to facilitate land assembly for townships & apartments.
Industrial Real Estate.
# A new policy to set up namely 'National Investment and Manufacturing Zones' to boost industrial real estate.
# New Green Building Rating System (GBRS) introduced.
# Land rows in Noida & Greater Noida stalled housing projects for many months before the issue was finally resolved legally
Corporate Real Estate..!
# India's largest real estate developer, DLF fined Rs. 630 crore by CCI (Competition Commission of India) for abusing its dominant position. Then Appellate Tribunal stayed penalty.
# Country's largest hill city, Lavasa stalled on charges of violating green and environmental laws. After months (2011 November) it got conditional green nod from MoE (Ministry of Environmental ministry Affairs)
# Securities Appellate Tribunal ordered Sahara India Real Estate Corporation & Sahara Housing Investment Corporation to refund money to investors, raised through OFCD (Optionally Fully Convertible Debentures ), in violation of RBI regulatory norms. Order challenged in SC.
# World's big property consultant company, Jones Lang LaSalle entry into residential property services.
# Indian Film actress Ms. Shilpa Shetty launched her own company for developing real estate projects & doing property transactions. It is Royalty in Mumbai.
# Armani tied up with Lodha Group to design apartments & villas at Lodha's Mumbai skyscraper World One.
Fails and Lows in Indian Real Estate:
# 2G Telecom Scam cast its shadow over the Indian real estate industry. Many companies like Unitech, DB realty affect heavily.
.
# Union Cabinet's decision to grant 100% FDI (Foreign Direct Investment) in single brand retail and 51% FDI in multi brand retail put on hold.
# Government's failure to introduce RERB (Real Estate Regulatory Bill) in Parliament is time too.
# Land Acquisition & Rehabilitation Bill failed to get introduced in Parliament
No comments:
Post a Comment