The real estate regulatory bill, when enacted into law, will ensure that home users get timely possession of properties, and as per the specifications promised by developers, say realty firms and consultants.
Property market of the National Capital Region (NCR) saw 39 percent fall in the new launches of apartments to about 7,600 units during January-March period compared with the previous quarter, global realty consultant Cushman & Wakefield said Monday.
Government Friday said complaints were received against 27 real estate firms across the country for alleged forgeries and dubious investment schemes, out of which 18 are being probed by different regulatory and enforcement agencies for further action.
After some neglect in the past several years, the realty industry in India finally saw some reforms that had a direct and indirect impact on its fortunes and which led to the some development of the sector in 2012. The prospect of a revival looks brighter once the central bank keeps it promise of cutting interest rates to spur overall growth.
The real estate sector will continue to remain an attractive investment destination with the possibility of prices in residential areas appreciating by 91 to 145 percent in select cities over the next five years, a survey released Tuesday said.
CREDAI, the apex industry body for real estate developers, Thursday said the proposed realty regulator should try to minimise the human interface in the process of granting clearances and registrations to reduce corruption.
The committee appointed by the Ministry of Urban Development to streamline approval procedures for real estate projects is expected to submit its report by the month-end, a senior official said here Thursday.