KBS & CMR, Khandala 1 - ksfm.ac.inksfm.ac.in/Real Estate Newsletters/Real-Estate-Newsletter-April...Shilpa Shetty enters realty sector with Groupco Developers Redevelopment only way

Real Estate Newsletter April, 2013

____________________________________________________________________________ KBS &

CMR, Khandala 1

Industry News Indian housing project in Sri Lanka makes good progress After gold is real estate the next asset class? Key features of real estate regulator Bill Corporate News Shilpa Shetty enters realty sector with Groupco Developers Redevelopment only way forward for Mumbai: Experts Office absorption drops 37% in Q1 of 2013, says report Metros News Housing prices up by avg 20% in Delhi-NCR during Jan-Marc Developers sitting on 1.4 lakh unsold housing units in NCR Realty: New launches, discounts boosted sales in Jan-March

Projects News Tata Housing announces first housing project for senior citizens Supertech to develop Disney-themed housing project in Greater Noida UAE developer to launch $1-bn property project in India Government News 18 realty firms under scanner for forgeries, dubious schemes: Government Get a house on rent, own it later: Govt employees to benefit from new HUDCO scheme CREDAI-NCR plans to regulate property brokers Adopt advance construction technologies for housing: NAREDCO

About Us April, 2013


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KBS & CMR, Khandala 2

Industry News

Indian housing project in Sri Lanka makes good progress

ET, April 24, 2013.

COLOMBO: India today said its plans to build over 40,000 homes in Sri Lanka's war-ravaged northern and

eastern areas has shown good progress since its launch in October last year.

The Indian Housing Project is a housing reconstruction project funded by the Government of India and

implemented through a Memorandum of Understanding with the Sri Lankan government.

The Steering Committee for the Indian Housing Project has placed on record its appreciation for the

progress made in terms of selection of beneficiaries and release of funds during Year-I of Phase 2 of the

Housing Project, a release by the Indian High Commission said.

As on 31 March 2013, a sum of Sri Lanka rupees 2.28 billion has been disbursed as instalment payments.

This includes first instalment payments transferred to 11,379 beneficiaries, second instalment payments to

3,448 beneficiaries, third instalment to 741 beneficiaries and fourth instalment to 18 beneficiaries.

The eastern province phase of the project will begin next month and priority would be given to highly-

affected areas after an assessment to indicate the number of resettled families, the High Commission said.

UN-Habitat is one of the four implementing agencies. The 36-month project is scheduled to be

implemented from mid 2012 until mid 2015.

The specific action of this project will lead to direct housing provision through the reconstruction and repair

of 43,000 houses.

After gold is real estate the next asset class?

ET, April 20, 2013.

MUMBAI: Over the last few years, the Indian retail investors have drifted away from the equity market

investments to safer asset classes such as gold and real estate.

However, the recent fall in the gold price has raised questions whether the returns given by these relatively

safer investments are likely to sustain. While the gold price has fallen 20% from the peak, are the real

estate prices also likely to correct is the question asked by the most.

Unfortunately the correlation cannot be verified as there is no long term real estate index data in India that

will help with any reliable conclusion.

However, an analysis done by Karvy's research team on 20 years data of the Hong Kong real estate index

and gold price showed that the prices of both have 81% correlation. Similar holds true for the Indian data in

2012-13.


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According to the experts the reason for this is that the correction in the gold price makes people sell their

real estate investments and invest in the yellow metal.

Although this cannot be used as a certain conclusion, if you are looking to buy a house and were not able to

do it earlier due to high real estate prices, you can hope this theory to hold true.

Key features of real estate regulator Bill

BL, April 18, 2013

Meera Siva: The Government is working on the Real Estate Regulation and Development Bill to protect

buyers and increase transparency. The Bill would establish a regulatory authority to ensure accountability,

fair practice, and fast-track dispute resolution.

Its key provisions are:

Builders should register all projects with the state regulatory authority.

Builders need to commit and adhere to the completion timeframe announced.

Builders must deposit 70 per cent of the money in a separate account and use it solely for the intended

purpose.

Developers can launch projects only after acquiring all clearances.

Misleading advertisements by builders with site pictures are punishable.

Non-compliance by builders will incur a huge penalty and jail term.

All property brokers must obtain a licence to conduct business.

Corporate News

Shilpa Shetty enters realty sector with Groupco Developers

ET, April 15, 2013

MUMBAI: Shilpa Shetty, the slim and tall Bollywood actor and owner of IPL Rajasthan team, is once again

entering a field dominated by men - real estate development. The actor has launched a company, Groupco

Developers, in partnership with her friend and first generation entrepreneur Hem Tejuja, to develop

housing projects in collaboration with land owners across the country.

"Whether it is an ad or a business it must be something I believe in. I cannot do something simply for the

money. It must connect with me because I want to be a catalyst to make people's lives happier," says

Shetty who already counts health and wellness, sports and entertainment in her business portfolio.

What connects her to the new business is her emotional connect with the middle-class and people's

aspiration to own a home.


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"I have been very fortunate that I can afford certain things today, but deep down I am still a middle class

person from Chembur and therefore I can connect with people's dream of owning a decent house that is

affordable," she says.

Groupco Developers is a 50-50 joint venture between Shetty and Tejuja, who is also a partner in her online

property brokerage business. Shetty holds her stake through Kundra Constructions, a joint venture

between her and husband Raj Kundra.

She is the chairperson of the company, which will follow an asset-light model wherein it will form alliances

with local developers on revenue share basis, but keep majority stake with itself.

Tejuja, managing director of Groupco Developers, says a special project vehicle will be formed for each

project. "Our local partner will be responsible for land parcels and approvals while Groupco Developers will

execute the project and also market the same," he says.

The first two projects will come up in Navi Mumbai and the ancient port city of Lothal (near Sanand) in

Gujarat. It targets a revenue of nearly Rs 700 crore in the next three years through residential projects with

total saleable area of around 1 million sq ft in Navi Mumbai and 150 acre project at Lothal.

Its Navi Mumbai portfolio includes a 75,000 sq ft project in Taloja, and another one in Kharghar with 60,000

sq ft saleable space.

Redevelopment only way forward for Mumbai: Experts

BL, April 14, 2013.

Mumbai: With the availability of land in Mumbai drying up, real estate experts believe redevelopment is

the only way forward for the megapolis.

“Availability of land is scarce. Due to sky-rocketing land prices and limited expansion possibilities,

redevelopment has become the need of the hour,” says Nikhil Bhatia, head of real estate consultant CB

Richards Ellis’ Western Region.

There are “hundreds of old buildings” in the city which are beyond repair, he said.

Big developers are now pursuing redevelopment projects to leverage the incentives offered by the State.

For redevelopment, the Government offers a floor space index of 2 (for MHADA-cessed buildings, it is 3).

DB Realty, Tata Housing, Unitech, Godrej Properties, Kalpataru group, Omkar Realtors, Hiranandanis,

Oberoi Realty, Hubtown, Kumar Urban Development, Vakratunda group, HDIL and S. Raheja are some of

the leading players who have entered the redevelopment space now.

“Such incentives provide the necessary boost... It becomes a viable proposition for builders as they do not

have to spend on purchasing the land, which forms a major portion of cost.

It becomes a win-win for developers as well as the buyers,” PWC Associate Director Bhairav Dalal said.


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Jones Lang LaSalle India Chairman and Country Head Anuj Puri argues that “if used correctly,

redevelopment can be an economic engine”. “Redevelopment also helps in boosting property value,

creates jobs and eliminates urban decay and improves infrastructure.”

He further says that other benefits of redevelopment are reduced urban sprawl, improved economic

competitiveness of a city’s centre, and better opportunities for safety and surveillance.

But regulatory bottlenecks are acting as dampeners, says head of Kumar Urban Development Lalitkumar

Jain.

“The main challenge is timely regulatory approvals and clearances. The Government needs to look at realty

reforms and relax FSI norms. Also, there is a need to bring some clarity in policies. If this is done, we can

flood the market with housing stock,” Jain says.

Funding is also a major hurdle. “The Government has not yet allowed foreign investment in redevelopment.

So developers have to depend on domestic routes which are costly, thanks to the ever-increasing interest

rates,” Dalal said. “If these issues are tackled, redevelopment will be a success”.

Office absorption drops 37% in Q1 of 2013, says report

ET, April 9, 2013.

Estate consultants, Cushman & Wakefield: The total net absorption across top eight cities was noted at 3.6 million square feet (msf) in the first quarter of 2013 which denoted a decline of 37% compared to the same quarter last year. Bangalore and Chennai saw a significant decline in net absorption levels followed by Mumbai and Hyderabad.

Sanjay Dutt, executive managing director, South Asia, Cushman & Wakefield, said "Corporate are cautious, the economic slowdown in global markets continues to affect global markets. Added to this, are the domestic sentiments, which are affected by active political conundrum in the run up to the 2014 general elections. Further, the Union Budget for 2013-14 had very little for corporates on the whole, especially the IT/ITeS and BFSI sector, which has put many companies into watchful mode. However, second half of 2013 is expected to witness an increase in activity which is expected to match the activity levels of 2012."

Slower economic growth led to a decline in expansion by companies as cautious sentiments continued through the quarter. Pune saw the highest net absorption of 842,000 sf followed by Mumbai and NCR that saw approximately 810,000 sf and 775,000 sf of net absorption during the quarter. Pre-commitments during the quarter were registered at approximately 515,000 sf restricted only to Mumbai and Pune.

IT/ BPO driven markets of Chennai and Hyderabad registered a decline in leasing activities in Q1 2013 over the same period last year due to the cautious approach. However, it was striking to note that Bangalore, which has traditionally contributed in large quantum to the total office space leasing, saw a decline of 83% in Q1 2013 over same time last year in the wake of lower quantum of space take-ups.

Companies, primarily from IT/ITeS sector, vacated office spaces in locations of CBD and Suburban regions to relocate and consolidate in peripheral areas due to availability of cost effective options. Vacancy rates at the end of Q1 2013 were noted at 19.6%, representing a rise of 3% from the same quarter last year. Highest

http://economictimes.indiatimes.com/topic/Real-Estate

http://economictimes.indiatimes.com/topic/Sanjay-Dutt

http://economictimes.indiatimes.com/topic/South-Asia

http://economictimes.indiatimes.com/topic/Union-Budget


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net absorption was noted in Pune that also saw an exceptional increase of 30% compared to Q1 2012. However, fresh supply registered an increase of 18% y-o-y and was recorded at 7.9 msf.

The developers on the other hand are looking for different strategies to promote lease and sale in a highly competitive environment. Some of the focus areas are branded office developments, while some are going back to strata sale and smaller units to attract investors or small and medium companies.

Metros News

Housing prices up by avg 20% in Delhi-NCR during Jan-Marc

ET, April 25, 2013

NEW DELHI: Housing prices have risen the most in the Delhi-NCR market during January-March quarter at

an average 20 per cent among the seven major cities of the country, according to a report by property

portal 99acres.com.

"Among the top 7 cities of India, the capital value growth in Delhi-NCR topped the charts with an increase

of 20 per cent in Q1-13 over Q1-12," the company said in a statement.

Kolkata has witnessed an increase of 17 per cent in the housing prices, while Mumbai, Bangalore, Pune and

Hyderabad saw price appreciation in the range of 12-15 per cent in Q1-13 when compared to Q1-12.

Housing prices have increased by six per cent during the period under review.

Commenting on the report, 99acres.com Business Head Vineet Singh said: "While in Delhi, the prices are

averaging or growing slowly, the NCR area is witnessing price appreciation owing to increased movement of

people preferring improved connectivity and affordable housing".

Gurgaon's Sector 112 saw the maximum appreciation in property prices at 72 per cent in the entire Delhi-

NCR market.

In Delhi, the localities to see highest appreciation in price trends were Vasundra Enclave and Sector-13

Dwarka with around 28 per cent and 25 per cent, respectively, in January- March quarter as compared to

year-ago period.

However, a few localities in South Delhi like Saket, Vasant Vihar and Greater Kailash saw a price correction

of 6-8 per cent.

In Noida, Sector-104 saw a price rise of over 40 per cent in the last one year. Most of the other localities

also saw double digit growth in prices. "Increased connectivity has led to significant price increases in this

region," the report said.


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Developers sitting on 1.4 lakh unsold housing units in NCR

ET, April 16, 2013

NEW DELHI: More than one-fourth of the total 5.2 lakh housing stocks being constructed in the national

capital region (NCR) are unsold due to weak demand, according to property consultant Knight Frank.

The NCR market witnessed about 31 per cent decline in the new home launches at 33,500 units during the

second half of 2012-13 fiscal compared with the year-ago period, while sales fell by 12 per cent to 33,200

units in the review period.

On housing prices, Knight Frank's latest report on the NCR residential market said that there has been a

steady price appreciation in most of the micro-markets even though demand remained subdued in the NCR

market. It attributed the rise in prices to increase in construction cost and investor demand.

"Nearly 5,20,000 residential units are under various stages of construction in the NCR market...The NCR

residential market has an estimated 1,40,000 units of unsold inventory which is approximately 27 per cent

of the units under construction," Knight Frank said in its report.

About 66 per cent of the unsold units are concentrated in Noida and Greater Noida due to the start of a

number of big projects in these locations.

"Even though it is quite high, there is an improvement compared to early 2012 where both these markets

(Noida and Greater Noida) together constituted nearly 78% of the unsold units," it added.

The report also revealed that almost 50 per cent of housing stocks being constructed is expected to be

ready for possession by the end of 2014. "Quite a number of projects that were launched in 2010 have seen

execution delays pushing the completion dates to 2014 and early 2015."

The developers continue to cope with execution pressures as construction costs have risen, in turn

requiring more funds to be diverted towards existing projects, the consultant observed.

"Overall the NCR residential market remained subdued with sluggish demand and lower project launches.

Nearly 33,500 residential units were launched in H2 FY13, showing a dip of almost 31 per cent compared to

H2 (second half) of FY 2012," the report said.

On sales, the consultant said that the "NCR residential market observed total absorption of 33,200 units in

H2 FY13 showing a dip of about 12 per cent compared to H2 FY12".

Nearly 65 per cent of the absorption has been in the affordable and mid-segment housing.

On the outlook, Knight Frank said that NCR residential market shows a cautious outlook owing to the

slowdown in both project launches and absorption.

"Developers are also facing a liquidity crunch due to limited access to both domestic and international

funds leading to a slowdown in construction activity and project delays," it said.


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Realty: New launches, discounts boosted sales in Jan-March

ET, April 4, 2013

MUMBAI: New launches and discounts offered by real estate developers have resulted in pick-up of sales

volumes across cities during January-March, a report by US financial major Merrill Lynch said.

"New project launches at attractive prices, discounts and schemes on offer to attract buyers and launches

by renowned developer brands resulted in pick-up in sales during the period," it said in a statement.

However, it pointed out that the demand in Gurgaon is slowing, mainly on the back of slowdown in new

launches as developers are focusing on execution and inventory clearance. Also, rising prices is impacting

the demand.

Merrill Lynch said that property prices in Mumbai, which have appreciated at CAGR of 14 per cent over last

10 years, will have to correct in the coming years.

"We believe this trend (price appreciation) is unsustainable and prices will have to correct and remain

subdued over next 2-3 years. This will allow improvement in affordability as income levels catch-up with

residential prices. Most of new launches during January-March have been at a discount to average market

prices," the firm's Research Analyst Abhishek Gupta said.

According to the report, Bangalore witnessed highest number of residential sales in a quarter since 2008,

mainly led by flurry of new launches in run-up towards the local new year (Ugadi) in April and affordability,

as property prices here have risen by CAGR of 8.5 per cent in last 10 years.

"Besides, rise in number of investors in Bangalore and end-users becoming comfortable with job security

and salary hikes in 2013 have resulted in the increase in sales," Gupta said.

Despite being the most affordable city among Tier-I cities, Noida's absorption rate has remained subdued

and unsold inventory continues to rise since 2010, the report said.

"We maintain a negative outlook on Noida/ Greater Noida as we believe developers will struggle more in

terms of timely execution than sales. We reiterate that timely execution will be the differentiating factor in

this region in near future," Gupta added.

Projects News

Tata Housing announces first housing project for senior citizens

ET, April 25, 2013

NEW DELHI: Tata Group's realty firm Tata Housing Development Company today announced its foray into

housing for senior citizens with launch of first project in Bangalore with an investment of about Rs 70 crore.

The 4.5 acre project 'Riva Residences' will have 187 units where only a person with age of 55 and above can

reside. The project is part of Tata Housing's 25 acres township.


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"Tata Housing's mission is driven by the desire to delight our customers by providing quality life spaces

through continuous innovation. In the same spirit, Riva is our effort to create a special offering for the

seniors of our society," Tata Housing MD and CEO Brotin Banerjee said in a statement.

The project has been planned with modern utility-based design facilities, services and ambiance to specially

cater to the requirement of its senior residents.

When contacted, a company's senior official said that there would be 187 dwelling units in the project

dedicated for senior citizen.

The total investment on this project would be Rs 70 crore and expected revenue is about Rs 95 crore, he

added.

Asked about the selling price, the official said it would be Rs 45 lakh all inclusive for one bedroom flat with

800 sq ft area and Rs 65 lakh for two-bed room flat having 1,200 sq ft area.

The company plans to develop more housing projects for the senior citizens across the country, he added.

Tata Housing, a subsidiary of Tata Sons, currently has 55 million sq ft of area under various stages of

planning and execution and an additional 19 million sq ft in the pipeline. It is offering products ranging from

Rs 5 lakh to Rs 14 crore.

Supertech to develop Disney-themed housing project in Greater Noida

ET, April 24, 2013

NEW DELHI: Realty firm Supertech Ltd today announced tie-up with Disney India to develop a Disney-

themed housing project in Greater Noida at an investment of about Rs 500 crore.

The partnership with Disney India comes close on the heel of its tie-up with Italian fashion brand Armani

group for interior designing of 100 super-luxury flats in one of the mixed-use project at Noida.

The tie-up with Disney India is for developing 800-1000 flats, with Disney inspired exterior and interiors, in

the 7.5 acre housing project 'Fable Castle', which is part of the 100-acre township located on Yamuna

Expressway.

"We have been focusing on branded residences. With this tie-up, we are bringing the enchanting world of

Disney for our prospective customers," Supertech Director Mohit Arora told reporters here.

The project will have Disney inspired rooms consisting of Disney-branded furnishing, home decor products

and colour palettes among others. The landscape, club, gym and other exteriors would also be based on

this concept.

Commenting on the partnership, Disney UTV Managing Director (Consumer Products, Retail and Publishing)

Roshini Bakshi said: "This is our third such project in India. We have already tied up in Mumbai and Kolkata.

Consumers in Mumbai have reacted positively for Disney-themed homes and feedback is very good in

Kolkata as well".


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Disney India has tied up with Sunteck Realty in Mumbai, while in Kolkata, it has partnered Team Taurus, she

said, adding that the company is looking for more such projects.

UAE developer to launch $1-bn property project in India

ET, April 3, 2013

DUBAI: Dubai-based private developer DAMAC Properties has said it is launching phase two of a USD 1

billion project of luxury hotel and serviced residences to Indian investors, following a sell-out event in

Dubai.

'DAMAC Towers by Paramount', is being developed on platinum real estate in Dubai overlooking the

world's tallest tower Burj Khalifa.

It comprises a 540 key Paramount Hotel & Residences and more than 1,000 units of DAMAC Maison -

Paramount (Hollywood movie production company) co-branded serviced hotel residences.

Developed by DAMAC Properties in partnership with Paramount Hotel & Resorts (PHR-FZ-LLC), the project

will be presented during a road show in Delhi and Mumbai on April 5-6.

"The response we have seen from Indian investors is unprecedented. Indians have a deep-seated love of

movies and our partnership with one of the most established movie houses in Hollywood has proved a big

draw.

"Indian investors make up a huge percentage of our loyal client base and they recognise the intrinsic value

of this unique project," Ziad El Chaar, Managing Director, DAMAC Properties, said.

The one, two and three bedroom serviced hotel residences will be managed by DAMAC Maison, the

hospitality division of DAMAC Properties. Serviced Hotel residences will feature fully-fitted kitchens and

services that also include valet parking, concierge, housekeeping, in-room beauty treatments and 24-hour

kids club.

In addition, owners can elect to add their residence in the 'rental pool' while they are away, allowing for

rental returns to be generated. DAMAC Properties has completed 37 buildings to date with 7,817 units and

spanning 13,945,299 sq feet.

Government News

18 realty firms under scanner for forgeries, dubious schemes: Government

ET, April 26, 2013

NEW DELHI: The finance ministry on Friday said that the government is probing 18 real estate firms across

the country for alleged forgeries and running dubious investment schemes.

In a written reply to a question in Lok Sabha, minister of state for finance Namo Narain Meena gave out the

details of the companies against which the government had received complained and taken action for


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committing various forgeries and launching wrong/dubious investment schemes.

Ten of these companies had received a clean chit from the Sebi that they were not running collective

investment schemes.

The stock market watchdog was still examining complaints against seven entities while it had found prima

facie that two companies were running collective investment scheme and was in the process of taking

suitable action against them.

These two companies are Ecogreen Real Estate India Ltd and Ken Infratech Ltd. Sukhchain Singh, managing

director of Delhi-registered Ken Infratech, said his company did not run any collective investment scheme.

We have not got any letter from the government enquiring from us, he said.

Different agencies have already initiated action against another eight companies -- Alchemist Infra Reality

Ltd, PACL Ltd, KBCL India Ltd, SGS Agro Farm Ltd, RBN Real Estate and Allied India, Maitreya Plotters and

Structurals Pvt Ltd, Megacity Bangalore Developers and Builders Pvt Ltd and Sai Prasad Properties Ltd.

In the case of Jain Housing and Constructions Hyderabad Ltd the company's reply is awaited. Sebi is still

examining complaints against Nicer Green Housing, Imbowers Housing and Infrastructure Ltd, IHI

Developers India Ltd, Servehit Housing and Infrastructure Ltd, Taneja Developers and Infrastructure

(Panipat) Ltd, Royal Infra Towers Ltd and Maxworth Buildtech Ltd.

In the case of Alchemist Infra Reality Ltd the Delhi High Court has granted an interim stay against

investigation ordered by the finance ministry.

AC Michael, Vice President - Corporate Communication, at Taneja Developers and Infrastructure said: "Our

company is not into chit fund scheme. The concern relates to fully secured Non Convertible Debentures

raised through Karvy Realty India Limited. Also, we have not received any notice from SEBI."

Get a house on rent, own it later: Govt employees to benefit from new HUDCO scheme

ET, April 20, 2013

NEW DELHI: Low rung government employees can now hope to own a house. The Housing and Urban

Development Corporation, or HUDCO, is at an advanced stage of negotiation with state government

agencies in Andhra Pradesh, Maharashtra, Punjab and Karnataka to rollout its new Rent-to-Own scheme.

According to the scheme, which is likely to be launched by the end of this month, a government agency will

first build an apartment with HUDCO's loan before allowing government employees to stay in those

dwelling units on rent. During their stay, the House Rent Allowance (HRA) along with an additional amount

will be deduced from the salary that would be used by the agency to repay EMI requirement to HUDCO,

according to its draft guidelines prepared in last month.

"We are in the process of partnering with state housing boards, police housing boards, state transport

corporations etc. We will build new townships in areas ranging from 10 acres to 1,000 acres," chairman and

managing director of HUDCO VP Baligar said.


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According to the draft guideline, the ownership will be transferred to the tenants after the entire loan is

paid, or after adjusting the balance outstanding in retirement benefits. Currently, HUDCO charges a 10

percent floating interest rate for the bulk lending portfolio to state governments.

According to an official connected to the development, drivers and conductors of buses belonging to

Karnataka state transport corporation, and police constables located in Mumbai could be the first

beneficiaries of this new scheme.

CREDAI-NCR plans to regulate property brokers

ET, April 13, 2013

NEW DELHI: Realtors' body CREDAI-NCR today said it will direct developers to disclose both saleable and

carpet area in their brochure and is considering measures to regulate brokers who are engaged in mis-

selling projects.

The NCR Chapter of the Confederation of Real Estate Developers Association of India (CREDAI) also plans to

boost end-user demand in housing by imposing lock-in-period for re-sale and higher transfer charges.

Announcing the new team for 2013-15, CREDAI-NCR said Anil Sharma, the Chairman and Managing Director

of Amrapali Group, has been elected as its new President.

"A new team has been formed. We will focus on consumer awareness and consumer redressal," Sharma

told reporters while listing out his priorities for the next two years.

CREDAI-NCR has already formed a consumer redressal forum last year and has so far received about 700

complaints and out of that 90 per cent cases have been resolved.

Asked about non-disclosure of carpet area by developers in their brochure and application form, he said:

"We will ask our members to disclose saleable as well as carpet area and also method used for calculation

of such areas". The saleable area is built-up area plus common area, he added.

On property brokers mis-selling products, Sharma said: "We have come across situation where some of the

brokers are not providing full information to buyers. The governing council will take up the matter how to

regulate them."

Asked about rates being lower in the secondary market compared with developers price-list, Sharma said

this is because of investors selling their units with some premium.

In order to curb investor demand and encourage end-user demand, he said the association would consider

steps like lock-in-period for re-sale and higher charges for transferring the property on some other name.


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Adopt advance construction technologies for housing: NAREDCO

ET, April 5, 2013

NEW DELHI: Real estate developers should adopt advance construction technologies for faster execution of

housing projects, realtors' industry body said today.

The developers should adopt modern construction technologies for completing housing projects within 12

months as against nearly 30 to 36 months at present, NAREDCO President Navin Raheja said at a

conference.

"This would help in construction of housing on a massive scale and minimise the shortage of housing in

coming years, particularly lower income groups," he said in a statement.

Speaking on the occasion, Y S Malik, Financial Commissioner & Principal Secretary, Department of

Industries, Commerce & IT, Haryana called upon planners and real estate developers to adopt long term

vision of 100 years and beyond with a provision for in built flexibility of revision of master plan every 5

years.

Malik said this while inaugurating a seminar on 'Emerging Frontiers for Spatial Planning: Development of

Human Resource for Promoting Real Estate and Property Management' organised by National Real Estate

Development Council (NAREDCO) and The Institute for Spatial Planning and Environment Research ( ISPER).


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Real Estate Weekly

Every week, Indian and international business papers and specialist magazines are scanned to bring essentials of reading for professionals in the Real Estate industry. This newsletter is compiled, summarized, edited and presented by students of Kohinoor Business School.

Any feedback or suggestion with regard to this Newsletter will be highly appreciated. The copy is circulated free of cost. If you wish to be on the mailing list, write to [email protected]

Kohinoor Business School, Khandala Center of Excellence Faculty Coordinator:- Prof. Madan B. Survase Email id- [email protected] Committee Members:- Saurabh Meshram, Neha Ramteke, Monica Singh and Amruta Dhumal

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KBS & CMR, Khandala 1 - ksfm.ac.inksfm.ac.in/Real Estate Newsletters/Real-Estate-Newsletter-April...Shilpa Shetty enters realty sector with Groupco Developers Redevelopment only way