Centre to bring in law to regulate real estate in Delhi

Published: July 14, 2009

The Government has announced that it is considering a model legislation on regulating real estate in Delhi.

In reply to a written question in the Rajya Sabha, minister of state for urban development Saugata Roy said that the Delhi Real Estate Management (Regulation and Control) Bill can also serve as a reference for other states.

The minister, however, ruled out the constitution of a regulator for real estate sector for the entire country, saying matters pertaining to local governance and land falls in the list of state subject as per the Constitution.

Centre urges states to release land for housing projects

As the land shortage is coming in the way of housing, the Centre has urged states to make available lands for housing projects for urban poor.

Addressing the Rajya Sabha, Kumari Selja, minister for housing, said “There is an urgent need to augment land for the urban poor as there is acute shortage of housing for them.”

She explained that under Jawaharlal Nehru National Urban Renewal Mission, 25 per cent of land is reserved for urban poor.

She also accepted that there is no uniformity in stamp duty in the country. “Many states have agreed to reduce stamp duty for urban housing, but there are several states which think that greater the duty, the more taxes they will garner,” she said.

IREO plans $500 mn for new projects

Gurgaon-based global real investment fund, IREO, has announced to invest $500 million for real estate projects in tier II and III cities.

Anurag Bhargava, chairman, IREO said, “We are going to launch 8 million sq ft of real estate projects in the next 12 months. We are eyeing tier-II and tier-III cities for our future projects.”

The company has already invested $1.5 billion in the Indian realty sector since 2003 in its 13 different projects in commercial, residential and IT-SEZ segments.

He said that more than 75 per cent of the new projects will be in the residential segment, commanding a price varying between Rs 2,200 and Rs 4,500 per sq ft.

NAR-India to train women realtors

National Association of Realtors (NAR- India) has proposed to train women realtors for the Indian realty sector.

PSN Rao, founding chairman of NAR-India, said “We are now developing and working on interesting and innovative training modules for women realtors. Our plan is to have more women realtors. We also want to redefine the concept of a realtor or broker in this country.”

He said that in most cases, women are the decision makers or the most influential person. So it’s easier and better if women do the counselling job. It also adds some credibility.

“These training programmes would begin across the country in July-August and would focus on property evaluation, system, standards and code of ethics,” said Rao.

Source: Express Estates

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