Track2Realty Exclusive: The time of transition for the Indian real estate and construction sector has finally arrived. Since last few years, a number of regulations pertaining to the real estate market were put on hold. A number of them are now at the draft stage waiting for Parliament’s approvals.
Track2Realty-Agencies: The Reserve Bank of India has allowed real estate developers and housing finance companies to raise funds overseas for low-cost housing projects.
The order of Competition Commission of India (CCI) has raised question marks on the role of the Haryana Urban Development Authority (HUDA) and Town and Country Planning Department (DTCP).
Home buyers in Omaxe New Heights, Sector 78, Faridabad are a worried lot.
After house tax, the Haryana Cabinet has reportedly targeted real estate sector in the state by approving the proposal of the department of town and country planning to increase the licence fee for residential plots, group housing and industrial colonies. Details of the increased rates shall be notified in the next couple of days, officials in the department of town and country planning said.
Freedom is a luxury and it means different things to different set of people. The stakeholders within the built environment of the Indian real estate too have their own set of definition when it comes to what defines their freedom. While for a home buyer, freedom is to have a rent-free house of one’s own at an affordable price, for the developers the quest has been freedom from multiple bottlenecks – single window clearance, industry status, easy funding and, most importantly, FSI free developments. Track2Realty investigates whether ‘Freedom From FSI’ would be boon or bane.
The role played by the DGTCP (Director General Town & Country Planning) has also been in question because of its alleged inaction in addressing the concerns of the homebuyers regarding the blatant violations of the provisions of the Haryana Development & Regulation of Urban Areas Act, 1975 and Rules of 1976 made thereunder while failing to stop the illegal sale of units being made by IREO in its name without having been granted any permission/approval for the same by the DTCP under the extant provisions of applicable laws.
News Point: If the regulator was mooted out as an…
Track2Realty: “To give the much needed fillip to Real estate and infrastructure sector in India, ‘Renegotiation’ clause should be inculcated while awarding the Public Private Partnership (PPP) Projects to industry. This would help remove the major impediment to PPP projects, i.e the huge gap in the government’s mind set on one hand and the aggressive and ambitious strategies of the private sector on the other”,
There was no holistic planning for SEZs to position them strategically for being complementary to each other and serving their own market niches respectively. The Ministry of Commerce that provides in-principle approvals to new SEZs on the basis of pre-feasibility reports being submitted by the respective state governments, soon seem to have lost its monitoring mechanism. Secondly, the SEZ was not synchronized with other schemes for development of specialized industrial parks.