Realtors defer launching of new projects for polls
Builders are hopeful of reforms in the tax structure with the coronation of a new government
Apr 07, 2014
Source : Business Standard

 

BHUBANESWAR: The realtors in the city have deferred launching of new projects as the consumers are pulsated with impending polls in the state and are awaiting the formation of a new government.

"Builders are not risking launching new big ticket projects as state is heading for the polls. They are pushing their project launching by about two months and will come up with new projects only after the new government is formed," said Sanjay Kumar Jha, secretary of Real Estate Developers Association of Odisha (Reda).

Realtors said that the launching of about four to five big ticket projects (having more than 100 units), which have been cleared by Bhubaneswar Development Authority (BDA), has been postponed till the completion of the elections.

However, the builders continue to come up with small projects, Reda secretary said. Builders are hopeful of reforms in the tax structure with the coronation of a new government. "There is hope that the market will correct after the polls. Builders are concentrating on exhausting the piled up inventories and not bringing in the new ones. Availability of products has eclipsed the market demand," said D S Tripathy, joint secretary, Confederation of Real Estate Developers' Associations of India (Credai).

There might be some reforms in the taxation structures after the formation of new government and fresh products will be launched accordingly, Tripathy hoped.

The realty sector has gone through a tumultuous phase after the slowing down of economy followed by slowdown in the mining sector and busting of chit fund scams.

Latest Realty News

Panel formed for early completion of Info valley project
Mar 29, 2014
BHUBANESWAR: In a bid to expedite the completion of Info-valley project, the state IT (information technology) department has constituted a nine member inter- departmental high powered project monitoring committee.
Model code throws spanner in eviction
Mar 29, 2014
BHUBANESWAR: The poll code has forced Bhubaneswar Municipal Corporation (BMC) and Bhubaneswar Development Authority (BDA) to put on hold their proposed drives against unauthorized constructions.
Patra elected as Credai Odisha head
Mar 11, 2014
BHUBANESWAR: Dilip Kumar Patra, MD of Narayan Agencies and Estates Pvt Ltd, was on Saturday elected as the president of Credai Odisha for a two-year term for 2014-16.
Slums stunt Niladri Vihar expansion
Mar 08, 2014
BHUBANESWAR: Unauthorized slums at Niladri Vihar in the city have taken sheen off the township set up by Bhubaneswar Development Authority (BDA) in 1990.
Bhubaneswar Development Authority (BDA) bulldozes guesthouse
Mar 08, 2014
BHUBANESWAR: The Bhubaneswar Development Authority (BDA) on Monday began demolishing an 'unauthorized' four-storey guesthouse near Jayadev Vihar here. The structure came up in 2011 in alleged violation of building norms.
Slowdown forces builders to diversify
Mar 04, 2014
BHUBANESWAR: With the real estate sector slowing down, small-time real estate developers in the city are diversifying into add-on ancillary businesses. They have ventured into electric appliances, electronic goods, sanitary and home fittings and other FMCG (fast moving consumer goods).
MoU on immovable property of Jagannath temple signed
Feb 28, 2014
BHUBANESWAR: The Sri Jaganath Temple Administration (SJTA) today signed an MoU with the Bhubaneswar Development Authority (BDA) to develop and sell immovable property of Lord Jagannath temple. Chief Administrator of SJTA Mr Arabinda Padhee and BDA Vice-Chairman Krishan Kumar signed the agreement in the presence of Chief Minister Naveen Patnaik.
Turn natural channels into hangout zones, say experts
Feb 24, 2014
BHUBANESWAR: Swanky recreational facilities along with green cover can be set up alongside the natural drainage channels in the city, experts believe. They say the channels should not just be renovated, the space alongside should be used for various recreational purposes.
Realtors irked over financial body status
Feb 18, 2014
BHUBANESWAR: Registration of houses, as required after sale, has come to a grinding halt in the state following a recent government order putting realtors in the bracket of financial establishments.
Realtor held for Rs 10-cr land fraud
Feb 18, 2014
BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch (CB) on Sunday arrested a city-based real estate developer for allegedly duping people of Rs 10 crore, promising plots and houses.

Latest Realty News Of State

Realty Talk's