The government’s decision to ban old Rs 500 and Rs 1,000 currency notes is undoubtedly a reboot of the entire currency system in India’s 2.3 trillion dollar economy. Prime Minister Narendra Modi’s move is essentially aimed at tackling widespread corruption and tax evasion.
RERA TRANSITION TO TRANSPARENCY
Alpha Corp takes a deep dive into the Real Estate (Regulation and Development) Act 2016 introduced recently. What will the new law mean for buyers and developers in future?
Transparency and credibility are the most cherished values of corporate governance in today’s economic environment. They assume even greater significance in the real estate sector as project costs are high in value and yet fundamental in development of communities.
Sunday as the name itself suggests is a day full of ease, relaxation and literally basking in the Sun.
The Union Cabinet last week approved the Real Estate (Regulation and Development) Bill 2013 that allows for the creation of a bona-fide and empowered Regulator in the real estate sector. Once enacted, it is aimed to protect buyers’ interests and usher in the much-needed transparency in the sector, which was until recently unregulated and relatively unaccountable.
While pressure for economic development has put an ever-increasing stress on the availability of land, especially in metros, progressive governments and authorities are fast evolving strategies to consolidate this valuable resource. The recently announced Land Pooling Scheme by the Delhi authorities seeks to create a win-win equation between farmers and the government by providing a participatory framework to acquire land for giving an impetus to growth and development.
The Union government recently released the first blueprint to define the key elements of the 100 smart cities it plans to establish across the nation. The project was one of the revolutionary proposals by Prime Minister Narendra Modi in the run-up to the Lok Sabha elections earlier this year.
Since the announcement of what is arguably Prime Minister Narendra Modi’s most ambitious project, experts are trying to gauge the viability of the ‘Housing for all by 2022’ initiative, a vital component of the government’s vision for the country. The PM’s recent visit to the US and the declaration of his ambitious plans on the international forum have suddenly put the spotlight on the rising need for affordable housing, especially in urban India.
India is experiencing a retail revolution, with new malls and shopping centres coming up in metros and Tier I cities, with similar formats of organized retail springing up in Tier II and III towns and cities. During this retail boom, when city centre developers and retailers are still trying to discern the market and customer requirements, the concept of City Centre Management is being redefined to make the considerable investments in city centres lucrative.
Home Loans for millions in the low-income group might be key
The government’s vision to achieve Housing for All by 2022 will be largely dependent on its ability to stimulate the real estate sector in India by bringing millions in the lower income group under the ambit of home loan eligibility. The policies of the government and the Reserve Bank of India’s (RBI) will play a key role in providing liquidity to the sector by stimulating demand, especially in the affordable housing segment, which is the most crucial impediment to this vision’s realization.
The recent relaxation of Foreign Direct Investment (FDI) in construction, efforts to make the Indian economy more lucrative for investment by foreign investors. The reduction in the minimum area for development as well as the minimum investment has widened the investor base that can now enter the country. Given lucrative the shortage of land and its high cost, the relaxation in norms is expected to help attract investment in the construction sector which has a multiplier effect on all other industries in an economy, largely by way of infrastructure creation.