Real estate projects News

Maharashtra accounts for nearly 25 percent of the total investments attracted by real estate and construction industry in India, showed a recent study by industry body Assocham.

In what could give a breather to home buyers, the interest rate on delayed project has been fixed at 10 percent, as per a news paper report.

As many as 14 states and union territories have implemented the Real Estate (Regulation and Development) Act and another 14 states are in the process of notifying the rules, a senior government official said on Thursday.

The real estate investment trusts (REITs) are likely to kick off in the next 12-14 months helped largely by liberalised regulatory norms and demonetisation, leading property consultant Knight Frank on Friday said.

In a bid to revive the stuck construction and real estate projects, the Cabinet on Wednesday approved an array of measures to help quickly resolve disputes, pump in liquidity and deal with stressed assets.  

 Realtors' apex body CREDAI today said there is no scope for further reduction in housing prices as this would lead to rise in NPAs and non-delivery of real estate projects.

Consumers are preferring to purchase ready-to-move-in homes, which command a price premium of up to 21 percent, than properties under-construction because of huge delays in completion of projects, according to a report.  

Union Cabinet chaired by Prime Minister Narendra Modi approved several amendments to the Real Estate (Regulation and Development) Bill, 2015 aimed to protect the interests of buyers while at the same time promoting investments in the sector.

Over 75 percent of 3,540 live real estate projects with outstanding investments of more than Rs 14 lakh crore remained non-starters as of 2014-15, an Assocham study said.

The tie-up with Snapdeal will offer customers increased flexibility and unique offers at the time of booking, it added.

Housing sales are unlikely to recover in the next fiscal as high property prices have made residential units unaffordable for end-users, India Ratings & Research said while maintaining a negative to stable outlook on the real estate sector.