Track2Realty Exclusive: Not that Hitender Tyagi of Noida was a prosperous landlord, yet he felt like the one with his small piece of 12 acre of agricultural land. Today this ailing farmer feels like a pauper who was forced to do away with his source of bread and butter as his land was forcibly acquired by the Noida Authority.
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: The Central Government managed to get the amended Land Acquisition Bill passed in Lok Sabha. The ruling dispensation enjoys brute majority in the Lok Sabha and hence had no problem getting the Bill passed through it. This Bill is an amended version of the original Bill introduced and passed in 2013 by the previous government.
Track2Realty: As we move closer to the Union Budget 2015–16, India’s real estate sector is hoping for certain key expectations to get implemented. Following the Government’s announcements of building SMART Cities in the Budget last year, the industry seeks more clarity on the exact definition of one in the Indian context, fund allocations for, and city/Greenfield location identification of such development. The implementation of such ambitions would ultimately result in national wealth creation—to help our cities become sustainable and livable urban centers of growth.
Track2Realty: The year 2014 has been quite fruitful for the real estate sector in terms of business sentiment, although the real effect of many of the policies and amendments announced in 2014 will take effect only in 2015. Starting from Union Budget FY2014-15, where affordable housing was considered on par with infrastructure, to relaxation of rigidities in the Land Acquisition and Real Estate Regulatory Bill, India’s new Prime Minister has been offering the India real estate sector consistent doses of energy.
Track2Realty-Agencies: The Central Board of Direct Taxes (CBDT) has ordered an Income Tax department investigation against a number of real estate developers who were recently shown by an investigative portal to be willing to accept alleged black money in property transactions.
Track2Realty-Agencies: The government has said it will offer interest subvention on housing loans to make it more affordable for the poorer sections of the society to own a house.
Track2Realty-Agencies: Seeking ‘out of the box’ ideas from the real estate sector for affordable housing, the Government on Wednesday, Oct 1, said it will consider recommendations for investing insurance and pension funds in the sector.
Track2Realty Exclusive: Irregularities exist in the real estate sector and add to the common perception of the sector being opaque. For example, in the primary market, builder-buyer agreements are often one-sided that favour the development firm.
Track2Realty Exclusive: Elections, real estate and black money have a symbiotic relation. Track2Realty tries to understand this unique and complex relation of the sector and the politicians where cash is king, yet they deny and dismiss it. The colour of currency may be projected as white in public posturing, the cycle of cash transaction with black money starts from entry level itself. Lack of transparency is what keeps the cycle moving.