The building approval process in India is relatively slower and more expensive in comparison to several other countries as indicated by a recent World Bank assessment. The report highlights that an average 37 procedures over a period of 195 days are needed for obtaining construction permits in the country vis-à-vis 15 approvals over an average 157 days in the OECD region.
Within hours of Track2Realty reporting that the much awaited Real Estate Regulatory Bill will not be tabled in the current session of parliament, the government has confirmed it by announcing that the Bill is likely to be presented in the next session of Parliament. The Bill is expected to be tabled before the Union Cabinet shortly, said Aruna Sundararajan, Joint Secretary, Union Ministry of Housing and Urban Poverty Alleviation.
In a bid to boost housing sector credit, the Indian government is contemplating to enhance the income-tax exemption for up to Rs 3 lakh paid as interest on housing loans in a year, from the existing limit of Rs 1.5 lakh.
The 10th edition of Green Building Congress is being organized by the Confederation of Indian Industry (CII) from October 20-22 in New Delhi.
The UPA government has tried to address the politically sensitive issues of land acquisition and rehabilitation of affected people by shrinking the role of the state in acquisitions.
The CII Real Estate Conclave 2011, themed ‘Indian Real Estate Charting a Global Course’, organized in association with Jones Lang LaSalle on June 24, 2011 was a huge success.
The agency that runs the Mumbai airport plans to make thousands of crores by selling off part of the land in pricey Andheri that had been given to it for improving facilities.
The government Friday said it is committed to providing affordable housing to all and that work is underway on a real estate regulation bill.
Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has suggested the government to introduce Real Estate Investment Trust and Real Estate Mutual Fund to enable investors to own a diversified portfolio of professionally managed assets in the real estate sector. In a note submitted to the government, the Chamber said that the Indian Real estate sector currently lacks any monetization vehicle for capital intensive verticals such as commercial offices and retail malls.