Year 2016 is proving to be a bumper one for real estate and is expected to record the highest level of private equity investment in the sector since 2008. Based on the current pace of investments, Indian real estate is estimated to close the year with an inflow of Rs.43,600 crore through PE transactions. More than half of this totalover Rs.24,500 core is likely to be invested in the second half of 2016.
Source: The Times of India, Sunday 2 October 2016
Pledging provident fund to buy Houses to be a reality
Over four crore subscribers of the retirement fund body EPFO would be able to pledge their provident fund to buy houses and use their accounts to pay EMIs from next fiscal. “We are working on a housing scheme for subscribers of the Employees’ Provident Fund Organisation. We can launch the scheme in 2017-18 after introduction of our online service like settling PF withdrawal claims by March-end,“ EPFO Central Provident Fund Commissioner VP Joy said.
Source: The Economic Times, Monday 3 October 2016
Pune to get new greenfield int’l airport at Purandar
Chief minister DevendraFadnavis has approved land at Purandar for a new greenfield international airport for Pune. The proposed airport will be spread over 2,400 hectares and the site has already been approved by the Airports Authority of India (AAI), Fadnavis told reporters in Mumbai on Thursday after attending a meeting of the Maharashtra Airport Development Corporation (MADC). The airport would commence in three years, he said.
All Homebuyers may get relief for delivery delay
In a judgement that is sure to put a huge financial burden on already cash strapped real estate developers, all home buyers of a housing project will automatically be party to a case filed against the builder. Under Section 12 (1) (c) of the Consumer Protection Act, irrespective of whether they have filed the case or not, buyers will be eligible for the benefits, according to a National Consumer Disputes Redressal Commission (NCDRC) judgement on Friday .
IFSC appoints consultants for BKC project
The Mumbai Metropolitan Regional Development Authority (MMRDA) has appointed a consortium of consultants – Tata Consulting Engineers Ltd and Hong Kong-based Townland Consultants Ltd to prepare the master plan for the International Financial Services Centre (IFSC).
The state has demanded that the IFSC should be given the special economic zone (SEZ) status like the Gujarat International Finance TecCity (GIFT) of Ahmedabad. However, rules mandate that such a tag can be bestowed on initiatives which occupy a minimum of 50 hectares of land. Keeping this in mind, the state has even sent a fresh proposal adding other adjoining plots of land near the allotted plot to meet the minimum land criteria.
No escape for agents if builder dupes buyer
State proposes levying find of 5% of total property price on real estate agents who have marketed a project where a buyer has been duped by developer.From now on, they will have to pay if a flat or a property buyer is duped by a developer.To protect the interests of buyers, the state government has proposed levying 5% of the total property price as penalty on agents who have marketed a construction project where a buyer has been duped because the developer has abandoned the project for non-compliance of papers, norms or financial turbulence.
The state is also contemplating penalizing agents if the builder does not deliver the property in time.“Most times, a buyer is completely dependent on the information provided by the real estate agent of the marketing representatives of developers. In case where the developer cheats the purchaser, the agents, too, need to be made culpable,” said a housing department official.
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