The government has said “no specific instance” of flow of terror funds into the real estate sector has come to its notice. “As per the current assessment of revenue intelligence agencies…no specific instance of flow of terror funds into the real estate sector has been found,” Minister of State for Finance S S Palanimanickam said in a written reply in the Lok Sabha. However, he said, “investigations by the Income Tax Department reveal unaccounted or undisclosed income or assets in various sectors of the economy, including real estate.”
The government has formed a committee to evolve a workable strategy for reducing the time taken in approval of real estate projects which could ultimately reduce the cost of houses by 25 to 40 per cent, minister of housing and urban poverty alleviation Kumari Selja said on Friday, May 11.
Within hours of Track2Realty reporting that the much awaited Real Estate Regulatory Bill will not be tabled in the current session of parliament, the government has confirmed it by announcing that the Bill is likely to be presented in the next session of Parliament. The Bill is expected to be tabled before the Union Cabinet shortly, said Aruna Sundararajan, Joint Secretary, Union Ministry of Housing and Urban Poverty Alleviation.
The much-awaited regulatory Bill for the real estate sector will not be tabled during the current session of Parliament, a senior official in the Ministry of Housing and Urban Poverty Alleviation has confirmed to Track2Realty. The draft Real Estate Regulation Bill is still in the consultative process and the government is apprehensive that the states may block it the NCTC way.
With FDI now permitted for multi-brand retailing in India, global retail giants are now zeroing in on India.
Nov 30 2011 | Posted in
FDI,
POLICY |
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The National Housing Bank (NHB), regulator in the realty finance sector, is expected to take a decision soon on whether or not there will be a complete waiver of all pre-payment charges on floating-rate home loans.
Oct 9 2011 | Posted in
POLICY,
Regulation |
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The introduction of FDI in multi-brand retail will lead to increased demand, which in turn will catalyze more investment opportunities in organized retail.
Aug 3 2011 | Posted in
FDI,
POLICY |
Read More »
The National Housing Bank (NHB) and Indian Banks’ Association (IBA) are jointly preparing the norms, standards and procedures for real estate valuation.
Real estate developers have expressed their reservations to the proposed Real Estate Bill 2011, which is likely to see light by this year-end.
Dubai International Financial Centre (DIFC) and Absalon Project, a joint venture between affiliates of VP Securities and Soros Fund Management, have launched a feasibility study for a mortgage system in the UAE, based on the principles of the Danish Mortgage Model.
