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CREDAI NCR Announces Leadership Team 2015-2017

    New Delhi, 10th April, 2015: CREDAI NCR, the NCR chapter of Confederation of Real Estate Developers Associations of India (CREDAI) elected the new leadership team after the General Body Meeting held on the evening of 9th April 2015 in New Delhi. The new team takes charge at a time when the Union Government has announced various reforms for the sector like ‘Housing for all by 2022’ and ‘100 Smart Cities’ to name a few. With these positive steps, the focus of the new Leadership team will be to work closely with the Government to help achieve these objectives and ensure transparency at all levels. The new team at helm will be led by Mr. Manoj Gaur, who has been appointed as the President for this term. Speaking on the occasion, the newly appointed President Mr. Manoj Gaur said“ ...

REAL ESTATE BILL ENTERS INTO FINAL STAGES

Protecting consumer interest and promoting smooth functioning of real estate segment for the ease of realty developers have been the few key points that the government is keen to look into. The Real Estate (Regulation and Development) Bill is designed to support a rational and unbiased play in realty market. It is meant to benefit everyone linked up with real estate sector. The Real Estate Bill was introduced in Rajya Sabha in August 2013, after which it was referred to a Parliamentary Standing Committee which made many recommendations to the bill and then submitted its report in February 2014. The Union Cabinet in a meeting yesterday approved the amendments to the Real Estate Bill, 2013. The Cabinet chaired by Prime Minister, Narendra Modi gave its approval to the proposed amendments whic...

GOVERNMENT ANNOUNCES RELIEF FOR LAKHS

  Bringing a major relief and aid to the people living in illegal colonies across Delhi, Kejriwal-led Aam Aadmi Party government ordered the registration of these properties. There are around 1650 unauthorized colonies in the capital city providing shelter to over 50 lakh residents. The Delhi government ordered the authorities to finish the process of fixing the boundaries of such colonies at the earliest, which will be followed by the process of registering these properties. Residents of unauthorized colonies have been waiting for registration and regularization of these properties from a long time. Earlier, they had in their hands power of attorney as the sole legal paper but now with this announcement, they can enjoy the ownership of these properties through the registry process. W...

Change of Guard at CREDAI-National

“The real estate sector is second-largest contributor to the country’s GDP. A guided effort can help the sector become one of the most preferred domains for investors, buyers and employees apart from the government bodies in days to come.” Confederation of Real Estate Developers Association of India (CREDAI), the apex association of more than 11200 developers in India, today witnessed the investiture of a new Governing Council headed by Getamber Anand, President and Jaxay Shah, President Elect. The Governing Council has unanimously elected Irfan Razack as Chairman. The investiture took place at the conclusion of meeting of members from across the country. Mr. Rohit Raj Modi, who was earlier the President of CREDAI NCR, has been appointed as the Vice President, CREDAI National.  There are f...

A LOOK AT THE GDA BUDGET 2015 – 16

The Ghaziabad Development Authority (GDA) yesterday announced its general budget for the next financial year 2015 – 16. The key highlight from the budget has been the allocation of over Rs. 2,500 crores announced for development projects where extension of city’s metro network is will be its core objective. It is to be noted that the upcoming fiscal budgetary allocation of over Rs. 2,500 crores for the development work is nearly 35 percent or Rs. 703 crores more than what has been assigned for the current financial year. The public body that is stood at Rs. 1,318 crores in its pot presently, also targets to raise Rs. 2,162.52 crores in 2015 – 16. The GDA has also planned that 80 percent of the additional budgetary distribution of Rs. 703 crores for the developmental purposes in the city wo...

CONNECTIVITY: KEY TO REAL ESTATE GROWTH

Connectivity in a region plays a major role in the successful growth of a real estate property market. Decades back, Gurgaon and Noida were alien to most public as Delhi was regarded as the sole property hub. As a result, Delhi got the best of what real estate has in offer for today. As the demand for housing and offices kept on creeping along with property prices, the requirement of land parcels had greatly risen; but Delhi could not satisfy this demand. Hence, nearby regions of Delhi was the last resort for investors and end users. Developers and authorities then wasted no time to come out with land parcels close to Delhi and develop them better and thus, today’s best real estate locations such as Noida, Gurgaon, Greater Noida, Greater Faridabad and others in NCR emerged. The success of ...

The Housing Gap – Improving Developer and Buyer Sentiment; Budget 2015

Authors:         Harpreet Singh, Partner, RAS – Real Estate and Construction, PwC Vijay KR, Associate Director, RAS – Real Estate and Construction, PwC Urbanization in India has grown by leaps and bounds in the last century, while growth in urban infrastructure and housing has fallen far behind. To put matters into perspective, the population residing in urban areas in India has grown from around 11% in 1901 to 31.6% in 2011 (Source: Census of India, 2011) and with the total number nearing 1.2 billion, this amounts to a mammoth 380 million individuals residing in urban areas. Studies have indicated that a staggering 30,900 people reside per sq.km. in Mumbai (Source : Demographia – World Urban Areas), India’s most populous city. This figure is growing continuously and in comparison, other h...

REAL ESTATE REVIEW ON RBI POLICY 2015

The Indian economy is on an elevator of progress with inflation getting under control, a much slower WPI and CPI recently, fuelled with well contained fiscal deficit. At the same time, the RBI is working diligently to maintain the course and help revive the economy from a prolonged draught. Last month itself the apex body had reduced the repo rate by 25 basis points from 8 percent to 7.75 percent. This monetary policy by RBI, there has been an announcement of repo rate and CRR to be kept unchanged, but SLR to be reduced by 50 basis points from 22 percent to 21.5 percent. The repo rate been kept unchanged was pretty much on the cards with RBI already giving the breather last month. The SLR reduction of 50 basis points has been done for the second time inside 7 months thereby giving the opti...

LOL is so over: Facebook study reveals ‘haha’ is how we laugh online

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RBI’s NEW YEAR GIFT TO BOOST REAL ESTATE SECTOR

The Reserve Bank Of India (RBI) provided a much needed respite to the public and the sector by announcing a 25 basis point reduction in the repo rate this Thursday. This drop in the rate is RBI’s first positive step of this year which has brought the interest rate down to 7.75 percent from 8 percent previously. This move has been greatly affected by the slowing inflation rate along with government’s efforts on containing the fiscal deficit. RBI has also showed signs of cutting down this rate further if the inflation continues to ease and government’s progress on controlling the fiscal deficit is achieved. The real estate sector and public has largely welcomed this move, predicting a better demand for property this year. The real estate sector which has been undergoing a slowdown over the l...

IS NOIDA STILL A PREFERENCE FOR CUSTOMERS IN NCR FOR HOUSING?

After the recent successful execution of DDA and HUDA housing schemes, the housing sector in India has received a much needed demand boost. This year, DDA received a record breaking number of applications which goes to show the demand for housing. But still, it could not fulfil the dreams of lakhs of applicants who were in search of their dream homes which would have been even the very first house for many. Although these schemes have created a ripple effect of demand, that is going beyond Delhi and Haryana and has started to reach regions like Noida and Greater Noida. Delhi and developed regions of Haryana such as Gurgaon have become out of reach for most home seekers due to budget constraints. This reason has pushed the demand for housing to spread out and reach to other developed and be...

AFFORDABLE HOUSING PROJECTS REDIFINING GURGAON REAL ESTATE MARKET

The initial footfall in the region of Gurgaon witnessed massive incursion of MNCs and global giants who had setup their head offices and plants & machinery. This ignited the industrial development in the region which later made way for infrastructural expansion. Once the region developed a decent infrastructure and connectivity, real estate developers wasted no time to enter and develop it into a commercial hub. With lots of job opportunities, then came in the demand for housing which has been taken care off very well by several residential projects and townships delivered across the region. Over the years, Gurgaon has now become the real estate hub of NCR with a lot to offer in residential, commercial and industrial segments. The ever increasing demand and rapid progress in infrastruc...

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