Real estate industry News

In this segment of DNA, we bring to you a detailed analysis of stalled housing projects in India. #DNA #RealEstateSector

Finance Minister Nirmala Sitharaman in a press briefing announced that the Union Cabinet has approved a Rs 25,000-crore fund for stalled middle and low-income housing projects. The government plans to give a boost to the housing market to revive over 1600 stalled housing projects covering 4.58 lakh units. #DNA #RealEstateSector

Realtors' apex body CREDAI on Thursday said image of the entire real estate industry is being hit due to stalled projects of some big builders in Delhi-NCR and offered its help in completing their under-construction flats.

The real estate sector is facing a multi-year slowdown due to poor demand because of high prices.

The total funding in the Indian real estate sector increased by 40 percent from USD 3.8 billion in 2011 to USD 5.4 billion in 2016 but the bank share of credit had shrunked drastically from 57 percent in 2010 to less than 24 percent in 2016, a report said.

Globally for many millennials the home ownership dream has deferred but not dead as 83 percent of those who do not own any residence, intend to buy in the next five years, according to a HSBC study.

The Supreme Court on Monday asked real estate major Unitech to pay interest to 39 flat buyers who chose to withdraw after the builder`s failure to deliver flats as promised.

Keeping up pace with the digital world in the real estate industry, there are some companies in the market who intend to bring a revolution in the real estate background by giving a wealth of information to home buyers at their fingertips.

RBI should impress upon banks to pass on benefits of the rate cut to customers by lowering interest on home loans for boosting housing demand, realty developers and consultants today said while hailing the policy move at the time of festivals.

It also eased the rules for foreign investors to exit and repatriate their investments.

With real estate industry facing huge slowdown for last 2-3 years, the government on Tuesday relaxed foreign direct investment (FDI) norms in construction sector by removing two major conditions related to minimum built up area as well as capital requirement.

The Confederation of Real Estate Developers' Association of India (CREDAI) also demanded that the private sector should be roped in to realise this mission.

Property prices in Delhi-NCR rose 1 percent in the April-June quarter as against the previous three-month period of the last fiscal despite subdued demand and huge unsold inventories, according to a report by realty portal 99acres.Com.

Realty major DLF is seeking shareholders' approval to create charge, lien or pledge on its over 50 percent shares in three subsidiaries, which holds rental commercial assets, for raising up to Rs 7,500 crore.

Prime Minister Narendra Modi has aroused "great expectations" for housing sector, but they are yet to be realised and the industry continues to face a plethora of challenges, realty giant DLF's Chairman K P Singh has said.

The government on Friday said it will bring a balanced real estate regulatory bill to protect the interest of buyers as well as industry and the proposed law would reinforce the confidence of consumers and financial institutions in the cash-starved sector.

Real estate industry Thursday hailed the Centre's decision to bring in a law to check `benami' transactions, saying this will ensure transparency in the sector and also related fields.

The real estate industry has welcomed the Cabinet's decision to amend the Land Acquisition Act, saying it will boost construction of affordable housing.

Welcoming the decision, realtors' apex body CREDAI President C Shekar Reddy said it would help developers get an extra route of funding their projects.