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India-Bangladesh Business Forum achieves 4iR R&D alliance

The India-Bangladesh Business Forum aims to accelerate bilateral ties by the transfer of knowledge and technology between the two neighboring nations. This year, the forum assembly was highlighted by a landmark 4iR R&D alliance between Highbar Technocrat Limited from India and eGeneration Limited from Bangladesh. An MOU was signed between the two companies in the presence of H. E. Shaikh Hasina, Prime Minister of Bangladesh along with Mr. Piyush Goyal, Minister of Trade, Commerce and Railways, Government of India and Mr. Tipu Munshi, Honorable Minister for Commerce, Government of Bangladesh. The MOU was signed by Mr. Mangesh Wadaje, Director and CEO, Highbar Technocrat Ltd and Mr. Shameem Ahsan, Chairman, eGeneration Ltd… The deal pushes the technological affinity between the two...

Repo Rate Cut of 25 bps – A Notional Nudge

– by Anuj Puri, Chairman In the April-June 2019 quarter, India’s GDP grew only by 5% – the slowest pace in over six years. Consumers are spending less on everything from FMCG to automobiles – and, of course, real estate. Naturally, the sector eyes RBI’s monetary policy for cuts in the key lending rates to support the various measures taken by the government to boost consumption sentiment. The repo rate cut of 25 bps to 5.15% announced today is in line with expectations. Considering that the Aug 2019 CPI came in at 3.21% – well below the medium-term target of 4% – RBI had room for such a rate cut. It can probably go some way in improving consumer sentiments ahead of the festive season, which is a crucial quarter for real estate sales. However, much depends on how eff...

Corporate Tax Cut Will Boost Market Sentiment

by Santosh Sinha In continuation to government’s efforts to bring the economy back on the growth track, Finance Minister Nirmala Sitharaman today proposed to slash the corporate tax rate for domestic firms and new domestic manufacturing companies. As per the new announcement, the current corporate tax rate has been brought down to 22% from 30%. The effective tax rate will be 25.17% inclusive of all surcharges and cess for such domestic companies. For new manufacturing companies, the existing tax rate of 25% has been brought down to 15%. The effective tax rate after surcharges and cess will be 17%. This is a huge boost to the corporate sector. A sudden surge of more than 1600 points at Sensex testifies market’s mood over this announcement. As per some of the economists and marke...

Why and Why Not Hire An Interior Designer

by Santosh Sinha Real estate, going by its face value, appears to be a very technical, monotonic and labor-intensive field where you would seldom expect sophistication. And why not, you would always encounter a cloud of dust engulfing the project site, with a pile of concrete, bricks, steel, and cement welcoming you from distance. Indeed, it is this characteristic of the real estate industry that makes it one of the least lucrative career options.  You would hardly find any management institute having a specialized course on real estate. Isn’t it! Well, having said that, this industry too has got a heart that beats. This industry too has a softer side which actually puts life into the structure made of bricks and mortar. Yes, you guessed it right. It is the architecture and interior ...

Investors Clinic receives more than 350 spot bookings in its 2-days Propfest

Defying the current real estate market sentiment where the developers complain about sluggish property demand, Investors clinic, a real estate channel partner firm,  sold around 350 plus properties in its property show ‘Propfest’. Many leading developers like Gaursons, ATS, TATA, Godrej, Shapoorji Pallonji, Home and Soul were part of this 2-day event. The event received an overwhelming response from property buyers for both residential and commercial properties of NCR. Investors Clinic, at its Propfest event, came up with various attractive offers and lucrative deals on ready-to-move-in properties and on the spot bookings. Speaking on the success of the event, Sunny Katiyal, Director, Investors Clinic said, “The whole team of Investors Clinic has worked tirelessly to make this event succes...

Unsold Housing Inventory – Gurgaon vs other NCR Markets

by Prashant Thakur As per ANAROCK data, of the total 1.82 lakh unsold units in entire NCR market as on Q2 2019, Gurgaon accounted for nearly 56,550 units (31% share) of total unsold stock – the highest in the region – followed closely by Greater Noida with 50,800 unsold units (28% share), Ghaziabad with 17% share, Noida with 11%, Delhi with 7% and remaining 6% in Bhiwadi and Faridabad. The total value of the unsold units in Gurgaon (56,550 units) is nearly INR 80,570 crores while in Greater Noida, the value of 50,800 unsold units is roughly INR 26,720 crores. Noida’s 20,860 unsold units are worth INR 18,380 crores. This clearly indicates that the unsold properties in Gurgaon largely belong to the luxury segment against affordable properties in Greater Noida (the difference between unsold u...

Target of Housing For All by 2022 will be met two years in advance: Hardeep Singh Puri

The mega mission of the Modi government to provide a roof over the head of each Indian household by 2022 is a highly ambitious agenda that faces formidable challenges but Minister of State (I/C) for Housing and Urban Affairs Mr. Hardeep Singh Puri set the temperatures soaring further high when he announced that his ministry is all charged up to meet this target two years in advance, that is, by 2020. Mr. Puri also made a significant point that while in the Congress-rule, urban rejuvenation programs received a sanction of Rs 150000 crore, in the present dispensation’s rule this figure has gone up by six times. Soon out of 100 Smart Cities announced, the government will be able to roll out 50 smart cities by December 2019, he revealed. “The 2022 target of a pucca home with basic facilities i...

The Government is working towards strengthening RERA further: D S Mishra

Speaking about the Real Estate Regulation Act at the 15th National Convention of  NAREDCO, Durga Shankar Mishra, Secretary, Ministry of Housing and Urban Affair revealed that the government is working towards amending several provisions of RERA which will benefit all stakeholders, be it developers or homebuyers.  The MoHUA had organized several regional workshops of RERA which were attended by him as well as Minister, MoHUA. “We had received very valuable inputs at these workshops. Based on these inputs, we have felt that there is a need to bring about many changes in RERA Act. We will soon make relevant amendments in the law.  We will initiate discussions again and make changes in the law wherever required to make it more effective,” Mishra elaborated. “When we did regional workshops, we ...

Environmental clearance to real estate will soon be reduced to 60 days: Prakash Javadekar

Speaking at the 15th National Convention of  NAREDCO, Union Minister of Environment and Forests Prakash Javedekar said that his ministry intends to reduce the whole process of environmental clearance to a real estate project to 60 days in a few days to come. He added that the environmental clearances used to be stumbling blocks before 2014. “Average time taken to clear projects was 640 days. After we took over, we made processes so easy that now it takes only 108 days for a project to get environmental clearance”, Javadekar informed. The minister emphasized that small procedural delays can be done away with, without compromising on environmental clearances. “Our priority is both environmental protection and development, only then our country can become a five-billion dollar economy. That’s...

Modi’s ‘Housing For All’ Receives Big Boost at NAREDCO’S 15TH National Convention

“Providing a house with basic amenities is the topmost priority of the government led by Prime Minister Shri Narendra Modi for which all stakeholders of the real estate sector need to make their contribution. In this context, I compliment NAREDCO for taking up a very pertinent agenda for its deliberations during its national convention,” said G Kishan Reddy, Union Minister of State for Home Affairs, speaking at the 15th National Convention of NAREDCO organised on the theme Housing For All 2022: Real Estate Inflection Point: Readying for the Future. He said that to meet this challenge, infrastructure needs to be built on a war footing in both cities and villages. As the pace of urbanization is rising in the country that boasts the second-largest urban population in the world, efforts need t...

Why Developers Need Subvention Scheme To Survive

As a developer, you might be knowing that now you can’t sell your property under the subvention scheme, didn’t you? It was a shocking decision taken by the National Housing Bank (NHB) when it asked housing finance companies (HFCs) to stop providing funds under subvention schemes. It also includes cases where the loans have been sanctioned but the payments are yet to be made. Various ongoing and forthcoming housing projects in major and urban cities might be facing the adverse effects of this decision by NHB. Let’s understand first what is this subvention scheme. Under this scheme, the buyer pays only  5-30% money in advance and books the property under the subvention scheme. The remaining amount is paid by a bank to the builder as a loan under a three-way agreement between the builde...

Union Budget 2019 Boost To Real Estate: Affordable Housing Gets New Lease Of Life

Union Finance Minister Nirmala Sitharaman, while presenting her maiden budget and the first budget of Modi 2.0 government, announced an additional rebate of Rs 1.5 Lakh on Housing Loan Interest. Being considered as a big boost to the real estate sector, this step will encourage first-time homebuyers and will enhance sales. Currently, this rebate was limited to Rs 2 Lakh only. So with this announcement, a housing loan for a home valued up to Rs 45 Lakh, the homebuyers will now avail a rebate of Rs 3.5 lakh on the home loan interest amount. This benefit will be available for home loans taken till March 2020 The Finance Minister also proposed some relief to non-banking finance companies that are facing a crisis of confidence after banks showed reluctance in lending them following the recent I...

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