Track2Realty-Agencies: The contribution of the real estate sector to India’s GDP has been estimated at 6.3 per cent in 2013, and the segment is expected to generate 7.6 million jobs in the same period, according to a report.
Track2Realty: The newly elected leadership of realtors apex body CREDAI has embarked on a multi-pronged agenda to work closely with the various governments with focus on affordable housing, green buildings and water harvesting and skill development among construction workers.
Track2Realty-Agencies: Real estate players and analysts on Tuesday welcomed the Reserve Bank’s move to cut short-term lending rates, but said that more such steps are needed to bring growth back to the sector.
Track2Realty-Agencies: The fate of the Real Estate Regulatory Bill hangs in balance even after PMO steps in to resolve differences between two ministries—Housing and Urban Poverty Alleviation and Urban Development— threatening to further delay the long pending Bill. The PMO has reportedly stepped in and directed the warring ministries to quickly resolve their issues over the bill which aims to protect property buyer’s interest from unscrupulous realtors.
Track2Realty Exclusive-Yearly Analysis: Indian banks lending to real estate sector grew by 10.4% in the fiscal year ended March 2010 to Rs.5.8 trillion, contributing nearly 17% of their loan book, according to RBI data. Since then it has nosedived and now the government also wants public sector banks to focus more on home loans and to streamline lending norms to the real estate sector.
Track2Realty: Responding to Finance Minister P Chidambaram’s suggestion for reducing the price of housing stock, Confederation of Real Estate developers’ Associations of India (CREDAI) has asked its 8,000 plus members across the country to seriously consider the proposal to sell in maximum numbers.
Track2Realty: The Punjab Deputy Chief Minister Sukhbir Singh Badal showcased on Saturday, Nov 17, prime urban land under the possession of Punjab Government to 137 international and national Real Estate Developers, who assembled in Mumbai under the aegis of Confederation of Real Estate Developers’ Association of India (CREDAI) in a convention organized by them, Punjab land of opportunities.
Track2Realty: The top six cities of India are expected to see a total of 50,000 new hotel rooms across categories in the next 5- 6 years. This is in response to the steady growth the hospitality sector has recorded over the last few years. 2012 alone is expected to see 14,800 fresh keys by the end of the year. Out of the total expected supply for 2012, 2000 new hotel rooms have already entered the market. These are the findings of a report by Cushman & Wakefield (C&W)and Confederation of Indian Industries (CII).
Track2Realty: The Association of Bhopal Realtors (ABR) has recently joined National Association of Realtors of India (NAR India) as its member. NAR India is the credible voice of realtors in India. It is the single national level umbrella organization representing the interests of thousands of realtors/brokers operating all over the country.
The RBI, on Tuesday, July 31, kept the repo rate or the rate at which banks borrow from RBI unchanged at 8% and also the reverse repo rate at which, the banks lend to RBI unchanged at 7%. However, it has lowered the statutory liquidity ratio (SLR) to 23% from 24% earlier. The realty sector, reeling under liquidity pressure and low demand due to high interest rate, has reacted sharply over this status quo.