1. Loopholes plague housing bill
The Real Estate Regulatory Authority Bill, which was introduced in the legislative assembly today, has several loopholes that need to be ironed out. However, these lacunae can be amended in ongoing assembly session before it is passed. Ramesh Prabhu, chairman of the Maharashtra Societies’ Welfare Association, said, “It is neither in favour of buyers or developers. It has several lacunae that need attention.”
2.‘Housing Bill will aid corrupt practices'
The Maharashtra Housing Regulatory Bill could bring in ‘corrupt' practices and ‘unnecessary' interference in real estate business, said Mr Lalit Kumar Jain, National President, Confederation of Real Estate Developers' Associations of India (CREDAI). The Maharashtra Government presented the Bill in the Assembly on Wednesday.
3.Builders blame sluggish market for overshooting deadlines
Confirming that many projects were late by six months to over three years, managing director Pankaj Kapoor of Liases Foras, a real-estate research firm, said 65% of the 4,091 projects launched over the last three years have been deferred. Kapoor revealed that instead of spending the initial booking amount on the building’s construction, most builders use it to buy chunks of land.
4.DDA Likely to Raise FSI for Hotels , Body’s move would help many Delhi hotels add a number of rooms to their existing capacity.
The Delhi Development Authority (DDA) is considering a proposal to increase the floor space index for hotels in Delhi to three, which would help many hotels to add a number of rooms to their existing capacity. DDA had earlier increased the FSI for hotels in Delhi from 1.5 to 2.25 in 2008 to help add more rooms in anticipation of the rush of tourists for the Commonwealth Games.
5.Is the Property Market Headed for a Hard Landing?
The residential property market in India, particularly in the Tier I cities, has remained sluggish for the past 12 months, with significantly lower sale volumes when compared to the high absorption rates of 2010. Home loan interest rates now seem to be at their cyclical highs (but should soon decline) and unforeseen tax levies have come at a time when the industry is facing its moment of reckoning.
6.Who cares for water harvesting?
Who is to be blamed for water scarcity during summer months? Are the developers making necessary arrangements for rainwater harvesting? These are very important questions and deserve serious answers. The sweltering summer is back and, now, one can feel the heat, quite literally. Also, it is a truism that people in big cities and metros suffer due to water scarcity. All this, when it has been drilled into our collective consciousness that we can fight water shortage if necessary arrangements for rainwater harvesting are in place.
7.Yamuna Expressway to open this month
Yamuna Expressway, the rapid-transit corridor between Delhi and Agra, will become operational this month. ET Realty writes how this project will transform the region into a hyper-growth zone. Yamuna Expressway, the rapidtransit corridor between Delhi and Agra, will be operational soon, as the new government in Uttar Pradesh has shown it the green flag. It was originally scheduled to be operational by December 2011.
8.70% of buildings in east Delhi quake-prone
An estimated 70% of buildings in east Delhi are prone to damage in an earthquake, lieutenant governor Tejendra Khanna said on Thursday. “The buildings should be identified and retrofitted on a priority basis. Buildings where retrofitting is not possible should be rebuilt,” Khanna said at a seminar on reducing earthquake risks.
9.5-star hotels on Expressway
The success of Formula 1 event, held for the first time in India in Greater Noida, has brought attention to Noida-Greater Noida Expressway, which is set to gain a chain of top-end hotels. Recently, Starwood, a US-based hotel chain, which was looking for a site for its ultra-luxury brand, St Regis, has ended its search in Noida. If things go according to plan, Noida-Greater Noida Expressway will see St Regis property with 200 rooms by 2015. The hotel is also planning to set shop in Mumbai and Goa. There are 27 St Regis Hotels around the world.
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