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Category Archives: Real Estate

New home launches up 27%

New home launches up 27% in January-March quarter at 31,200 units NEW DELHI: Launches of new homes increased by 27 per cent to 31,200 units in eight major cities with developers betting on the affordable segment to boost their sluggish sales, property consultant Cushman & Wakefield said. “The residential market , which saw a slump in launches in 2015, saw a remarkable comeback in …

Buyers are willing to file cases against builders in N...

NEW DELHI | MUMBAI: Lawyer Sahil Sethi has got over 25 calls since Tuesday morning from home buyers wanting to file cases against builders in the National Consumer Disputes Redressal Commission. They too want an order like the one Sethi got in a case he filed against builder Jaypee for delaying its Kalypso Court project in Noida. The commission asked Jaypee to pay 12% …

Court orders Jaypee to pay 12% penalty

NEW DELHI: The National Consumer Disputes Redressal Commission (NCDRC) has imposed a penalty of 12% per annum on Jaypee Group for delaying the possession of homes to buyers in Kalypso Court project on the Noida-Greater Noida expressway. NCDRC, in its order dated May 2, has also directed the Noida-based builder to hand over the possession of apartments to buyers by July 21 failing which …

Real estate regulations will push prices 30-50%

Vikas Oberoi, boss of Mumbai-based Oberoi Realty, says the new real estate legislation will increase direct and indirect costs for developers, who will then pass them on to buyers The slew of reforms that the government plans to bring into the country’s real estate sector will lead to an escalation in costs for developers, and in turn, real estate prices, says Vikas Oberoi, chairman …

Govt warns developers

Govt warns real estate developers of action for cheating home buyers The government on Tuesday warned the developers with “strictest” possible action if they take consumers “for a ride” even as it sought to allay their fears over the proposed Real Estate Regulatory Authority, saying it would be regulation and not “strangulation”. Minister for Urban Development, Housing and Poverty Alleviation M Venkaiah Naidu said …

Infosys gets govt nod SEZ

Infosys gets govt nod to set up SEZ in Bengaluru The government has approved the proposal of Infosys to set up an IT/ITeS special economic zone in Bengaluru in an area spread over 4 hectares. The decision was taken by an inter-ministerial Board of Approval (BoA), headed by Commerce Secretary Rita Teaotia, at its meeting on April 28. “The Board noted that the developer …

Housing Prices Up??

Housing Prices Up In December Quarter, Says RBI Housing prices in the country rose during the October-December quarter of the 2015-16 fiscal, the Reserve Bank data showed on Thursday. The prices witnessed the highest increase in Lucknow while a decline was noticed in Jaipur during the December quarter of 2015-16 year-on-year. Housing Price Index (HPI)-All India (base 2010-11=100) increased to 221.7 in third quarter …

New Real Estate Bill

How Real Estate Bill May Shake Up Property Sector: A shake-up of the property sector is imminent once the Real Estate Bill gets implemented in the next three months, according to India Ratings & Research. Developers wouldn’t be able to launch new projects before obtaining all approvals and will have to deposit 70 per cent of sale receipts in an escrow account once the …