The Maharashtra Chamber of Housing Industry (MCHI) has cried foul over the State government’s decision to hike its Ready Reckoner rates that guide the stamp duty and other levies.
Will 2011 carry forward gloom in the realty market? That is the question on everybody’s lips today and the sector seems to be only praying that the worst has been left behind in 2011.
One of the biggest problems afflicting the sector is its high level of debt. The debt load of 11 listed real estate companies stands at Rs.38,500 crore.
A Knight Frank report suggests revenues of real estate companies have dropped by 19 per cent and profits have declined by 70 per cent, over the past four financial years, since 2007-08.
For how long can Indian real estate remain in a state of denial? It is time to get realistic with the ground realities that suggest pre-2007 days are over.
After much talk on accountability and morality in public life where Anna Hazare repeatedly called for donations through cheque and draft to ensure clean money coming to the Lokpal cause, Team Hazare finally accepted money for his Anshan be a small time Mumbai builder.
The real estate sector in Punjab is likely to witness sluggishness in the run up to Assembly elections in the state next month.
Anything said on the contribution of K P Singh to the evolution of Indian real estate would be stating the obvious.
The Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the draft Real Estate Bill should not penalise only the developer for time overruns but instead cover the liability of all stakeholders, including government agencies and urban local bodies.
The Maharashtra Chamber of Housing Industry (MCHI) has thanked the Maharashtra Chief Minister for his assurance that the Ready Reckoner rates for real estate industry may not be increased in the New Year.