'Realty Sector Burdened by Too Many Laws'
Dec 10, 2013
Source : The Times of India


BANGALORE: State members of the Confederation of Real Estate Developers Association of India (CREDAI) on Thursday strongly opposed the Real Estate (Regulation and Development) Bill, stating that the sector was already governed by too many laws.

Addressing a press conference to discuss the upcoming CREDAI Conclave, to be held in Delhi on December 13 and 14, S Suresh Hari, Secretary, CREDAI-Bangalore, said, “The sector is already governed by 42 legislations, including 25 labour laws. What is the need for one more Act? There are some clauses that we do not agree. For example, the Act will make it mandatory for builders to display the names of buyers on their website. What is the point in making such information public?” Another demand by CREDAI is the recognition of the real estate sector as an industry which would make it easier to obtain funding.

“About 260 million euros have been pumped in during the first half of this year in FDI into the real estate sector, which supports around 250 ancillary industries. We estimate that there will be a demand of 24.3 million housing units by 2015,” Suresh added.

The conclave will seek to address issues related to the Real Estate Bill and other laws.

“We will seek more support from banks who currently treat the sector like untouchables. The industry can contribute much more to the country’s GDP than the current 7 per cent if proper steps are taken,” said R Nagaraj, president, CREDAI Karnataka.


Latest Realty News

With slowing economy & inflation, house prices to rise at slower pace in 2014
Dec 10, 2013
BANGALORE: After years of double-digit growth, house price rises in major Indian cities are expected to slow to just under 8 per cent next year as a cooling economy and rising interest rates deter new buyers, a Reuters poll showed.
BWSSB shuts valve on 90 real estate projects
Dec 09, 2013
BANGALORE:Commencement of at least 90 real estate projects in the newly added areas of the Bruhat Bangalore Mahangara Palike (BBMP) have been affected following the delay in the Bangalore Water Supply and Sewerage Board (BWSSB) issuing no objection certificate (NOC) .
Bengaluru real estate gets maximum private equity investment of Rs 1979 cr
Dec 09, 2013
BENGALURU: Bengaluru's realty market received the maximum private equity investment of nearly Rs 2,000 crore in the country during January-September 2013 with increased demand for leased office assets from institutional investors, according to property consultant Cushman & Wakefield.
Global IT firms hunt for properties in Indian cities to expand business
Dec 07, 2013
BANGALORE: Multinational information technology companies are on a property hunting spree across major Indian cities as they expand offices and hire more people to run them. The brisk investment flow has come as a blessing for the real estate sector, which has been struggling with falling sales and rising inventories for the last two year
Why should one consider Bangalore for investment?
Dec 07, 2013
BANGALORE: Bangalore’s realty market has a steady a mix of projects targeted at different price points. There is plenty of choice for the end user/ buyer market and second home/ investor market. The consumption rates for the residential segment are better in comparison with the other metros. The city has a large talent pool and the number of people moving in to the city has been steadily increasing. Students, interns/ trainees, working class and expats have been the major driving force for the r
Crores of undisclosed income unearthed from co-operative housing societies: I-T department
Dec 07, 2013
BANGALORE: The Income Tax (I-T) department today said its Directorate of Investigation has unearthed over Rs 300 crore of undisclosed income from co-operative housing societies during September and October.
Mid-range, budget homes find demand in Bangalore South
Dec 06, 2013
BANGALORE: While Jayanagar, J P Nagar, Koramangala, Basavanagudi, Bannerghatta Road, HSR and BTM Layouts have witnessed the emergence of high-end housing options, much of the southern belt is occupied by midrange housing options in the newer localities close to the economic hubs, with some budget options emerging towards the peripheries. Mid-range options are popular as they are located in proximity to IT hubs, with well-developed social infrastructure and access to good health care and educatio
High-end residential options find demand in Bangalore South
Dec 01, 2013
BANGALORE: The south has been home to some of the oldest residential neighbourhoods such as Basavanagudi, Jayanagar, V V Puram and Chamarajpet. Over the last two decades, it has witnessed the rise of some more cosmopolitan localities in Koramanagala, BTM Layout, HSR Layout, Sarjapur Road and Electronics City, dotted with towering apartments, swanky commercial and office establishments, and an array of malls. The residential landscape has gradually morphed with apartments, gated communities and r
Bangalore luxury realty is worth a billion dollar
Dec 01, 2013
BANGALORE: Bangalore’s luxury housing market has crossed USD1 billion Dollars in terms of supply. The pricing of the projects is in the range of Rs 8,000-33,000 per sq ft.
Wipro and Bangalore civic body row may land in court
Nov 29, 2013
BANGALORE: The dispute between Wipro and Bangalore city authorities has erupted again with both planning to approach the courts over property tax that the city's civic body claims the technology services company owes it.

Latest Realty News Of State

Realty Talk's