Ahmedabad Authority (U.D) Halts Conversion Of Agri. Land

Ahmedabad Authority (Urban Development) froze the conversion of agricultural land. The move of AUDA will affect thousands of realty investors who have invested in lands. Many investors had invested on lands for constructing farmhouses.
Ahmedabad Authority bans conversion of agri land

Ahmedabad Authority bans conversion of agricultural land for construction purposes.

Thousands of realty investors have invested in 68 villages that fall under the limit of Ahmedabad Urban Development Authority. They will be trapped as AUDA halted conversion of agricultural land for other purposes. It seems that non-agricultural conversions will take place only in rare conditions.

Those who have invested in the agricultural land with the aim to covert them later and have not gained NA permissions already will be affected by the Ahmedabad Authority’s new plan. Under the new plan the conversion of agricultural land for other purposes will be banned entirely. Continue reading

Real Estate Regulatory Authority Bill Speeded Up By PMO

To implement the pending Real Estate Regulatory Authority Bill, finally Prime Minister’s Office had to step in. PMO has directed both housing and urban poverty alleviation and urban development ministries to sort out their issues and implement the bill soon.
Real Estate Regulatory Authority Bill

Pending Real Estate Regulatory Authority Bill sped by PMO.

The implementation of Real Estate Regulatory Authority Bill has been delayed due to the war between the Ministry for Housing and Urban Poverty Alleviation (MHUPA) And the Ministry for Urban Development. Finally, these ministries are ordered to solve out the issues and soon implement the Bill.

Real Estate Regulatory Authority Bill aims to protect the property buyers from the developers who often use canny methods. MHUPA initiated the Real Estate Regulatory Authority Bill to protect the buyers’ interest and placed it in the Cabinet for Clearance. Continue reading

Amrapali Group is the Developer of the Year – NCR /Noida

Rajiv Gandhi Realty Excellence Awards 2010 were organized by Pehchan- nurturing the girl child. Pehchan is an NGO working towards the education of girl child since 2002. This award was introduced to honor the construction companies and builders who provide affordable houses to people.

SVP Builder (I) Ltd., a real estate developer in Delhi-NCR secured the position of Best Regional Developer. Sunil Jindal, CEO, SVP Group was handed the award by Mr. Praveen Singh Aron, the Chief Guest of the ceremony. He is an MP from Bareilly and Member, Standing Committee on Urban Development in Parliament.

Delhi Apartments Pvt. Ltd won award for Developer of the year. Supertech India Limited secured the place of Environment Friendly Project of the Year. Jaypee Greens has been awarded the Best Upcoming Integrated Township of the Year. Amrapali Group is the Developer of the Year – NCR /Noida. And finally, Raheja Developers Limited was privileged with the Life Time Achievement Award.

Realty Sector Urges FM To Revisit Budget

The urban development ministry aims to seek a review of the proposal to get the service tax duty on sale of housing projects under construction which had been proposed in budget 2010 from April 1, 2010.

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Photo by nancyarora2020
The urban development Minister Mr. S Jaipal Reddy said at the national conference on Indian Real Estate “The urban development ministry feels the proposal of service tax needs review. I am recommending the review of the proposal. I think the real estate sector in India is not in pink of health right now and we cannot afford to add pressure on that,” he said, adding that suggestions would be made to the finance minister in the next few days.

The conference on Indian real estate was held by Associated Chambers of Commerce and Industry of India ( ASSOCHAM ) on Friday, March 26.

Realty sector has suffered the most after the global meltdown started in September 2008 and has just started to witness marginal pick up in demand. Real estate players are already pushing the government to withdraw the service tax imposed on the housing sector (at 3.3%, with abatement), as it would dampen the buyers.

“This is not the right time for service tax implementation as the government’s objective is to encourage people to own houses. We have to wait for another month or so to see if the finance ministry listens to our request,” told KP Singh, Chairman, DLF Group.

Mr. Reddy said that the government wants “vertical growth” of cities contrary to urban sprawl due to shortage of land and a more flexible floor-area-ratio (FAR) regime. A high FAR limit will allow more storeys’s to be built in the houses.

He quoted a report from the UN Habitat which showed, by 2050, 1 billion people of India will be living in cities. Reddy said to the reporters “ Urbanization is not only inevitable but also desirable,”  but further added that urban development has been a subject of “benign neglect” over the years as the issue fell in the domain of the state governments.”

Another suitable point that has been an issue for real estate companies is the number of clearances one has to take for the beginning of any project. “Today, there are more than 50 agencies from where we have to take our clearances. We have to ensure that the best way forward is to have a single window system as it would not only save time, but also ensure transparency,” said MD, Raheja Developers Ltd, Mr. Navin M Raheja.

“It is very important to have a single window clearance system in real estate sector,” put forward Anil K. Agarwal, Past President of Assocham.

All we have to wait for is the finance minister’s stand.