Larsen & Toubro sells entire stake in L&T Infocity to Ace Urban Developers

NEW DELHI: Infrastructure giant Larsen & Toubro (L&T) on Thursday said it has sold its entire 89 per cent stake in L&T Infocity Ltd (LTIL) to Hyderabad-based Ace Urban Developers Ltd for Rs 191 crore.

L&T Infocity Ltd is an special purpose vehicle (SPV) formed by the infrastructure major in partnership with Andhra Pradesh Infrastructure Investment Corporation (APIIC) to develop IT infrastructure in the state.

"L&T promoted, an SPV formed in 1997 in partnership with APIIC to develop IT infrastructure in Andhra Pradesh. L&T owns 89 per cent stake in the SPV and the balance is held by APIIC...L&T has exited by divesting its 89 per cent holding in LTIL to Hyderabad based infrastructure development company," it said in a BSE filing.

The SPV had a revenue of Rs 36 crore in 2015-16 with a profit after tax of Rs 7 crore.

The agreement for sale had been entered on February 18, 2016.

L&T said the consideration received from such sale/disposal (is) Rs 191 crore."

The company said apart from the IT infrastructure developments in Hyderabad, LTIL has also partnered in three ventures with equity investments.

It said in HITEX Ltd, an exhibition infrastructure venture, LTIL holds 58.11 per cent while L&T HiTech City Ltd, an IT SEZ at Vijaywada in which LTIL holds 74 oer cent. Besides, LTIL owns 26 per cent in Visakhapatnam IT Park Ltd, an IT Park at Visakhapatnam.

SOURCE: ETRealty.com

Brigade to build World Trade Centre in Chennai at cost of over Rs 1,000 crore

CHENNAI: Bengaluru-based Brigade Group, which holds licences to build World Trade Centers in five southern cities, will build its third WTC after Bengaluru and Kochi in Chennai, developing well over 2.5 million sq. ft of commercial and office space on the 16-acre land parcel it bought from Kansai Nerolac Paints Ltd.

Brigade Enterprises and Kansai Nerolac on Wednesday, announced on the BSE that the purchase of land and buildings at a consideration of Rs 537.8 crore was done through a joint venture with GIC, Singapore's sovereign wealth fund. Brigade and GIC set up Perungudi Real Estate, a special purpose vehicle set up for the acquisition.

"Chennai's World Trade Centre will come up in the Perungudi land parcel we have bought. The project will come up at a cost over Rs 1,000 crore. The development will be led by the World Trade Centre," said Vishal Mirchandani, CEO-Retail and Commercial, at Brigade Enterprise told ET. Sources added that the development of commercial and offices spaces would total 2.5 million sq. ft.

The Bengaluru WTC was commissioned over four years back while a part of the one in Kochi is already operational. Brigade holds the licences to builds WTCs in Hyderabad and Thiruvananthapuram.

For GIC, this would be the first collaboration with Brigade on a World Trade Centre after one IT SEZ and a residential project near Bengaluru. The attraction for GIC Real Estate was also the "strong fundamentals of the Chennai market given its fast-growing economy and the healthy demand from the IT sector," according to Loh Wai Keong, MD and Co-head Asia, GIC Real Estate.

SOURCE: ETRealty.com

$1 trillion to enter global real estate markets in 2016

BANGALORE: Global real estate investors remain strongly expansionary in 2016, with more than USD 1 trillion of planned expenditures anticipated to enter global real estate markets6% higher than in 2015, according to the CBRE Global Investor Intentions Survey 2016.

The 2016 survey was conducted between January and early February, and captured negative sentiment arising from volatility in China's stock market at the time. The survey asked investors how much capital (gross acquisitions) they would deploy in real estate purchases this year. The results reveal there is approximately US$1.16 trillion of capital targeting property investment in 2016an increase of 3% from 2015 levels in local currency terms.

The majority of investors (82%) indicate that their buying activity will increase or remain the same compared to 2015. While these results are down slightly from the last two years86% in 2015 and 93% in 2014this is not indicative of widespread concern about the short- or medium-term performance of real estate as an asset class. More likely, it reflects some concerns about pricing, the direction of US interest rates and current volatility in equities.

"Investors continue to find real estate appealing, chiefly due to the relatively higher returns and stability on offer. We believe that 2016 will be another active year for the global real estate investment market, with capital flows 6% higher than in 2015. There is more than US$1 trillion of capital targeting real estate in 2016 and this volume of expenditure will maintain support for global real estate prices," said Chris Ludeman, Global President, Capital Markets, CBRE.

"Investment strategies are shifting amid concerns about the health of the global economy. Not surprisingly, 2016 looks likely to be a "risk-off" year, with investors reporting they are more focused on core assets and less likely to seek secondary, value-add and alternative opportunities," added Ludeman.

Anshuman Magazine, Chairman & MD, CBRE South Asia Pvt. Ltd. says, "Real estate remains an important asset class for domestic and overseas investors. The year 2016 promises to be a good one for the industry and it is expected that India's real estate sector will get some benefit, albeit a small share, of the global real estate investment funds."

North America is the most popular destination for investment (48%), ahead of Western Europe (26%). This is consistent with the relative sizes of the investable property markets in these locations. The results are similar to 2015, apart from an increase in interest in Central and Eastern European markets due to the pace of economic recovery in that region and relatively attractive pricing.

Investors continue to express a strong preference for gateway core cities. In EMEA, London topped the list of target cities, although is less popular than in previous years. If the major German cities are grouped together, they are slightly ahead of London. In the Americas, Los Angeles, New York and Dallas-Ft. Worth are the top three targets of preference. In Asia Pacific, Sydney and Tokyo are the most popular destinationsexchanging places since 2015. Notably, there are now two Australian cities among the top five: Sydney and Brisbane.

"Our recently-published APAC investor intentions survey showed Australia will remain popular among international investors, in particular those from China and Singapore. Foreign investment in Japan is expected to be led by North American investors" said Richard Kirke, Managing Director, Capital Markets, CBRE Asia Pacific.

Interest in cross-border investment remains strong, with two out of five respondents stating that they are seeking opportunities outside their home region. This is especially true of APAC-based investors, particularly South Korean and Singaporean, who are more likely to invest outside their home region than their colleagues in the Americas and EMEA.

One of the most notable features of this year's survey is a jump in demand for core assets and a decline in interest in good secondary and value-add properties. 21% of survey respondents said their risk appetite for secondary assets is higher in 2016 compared to last year, down significantly from 37%. If this plays out, it is likely that the spread between prime and secondary yields will begin to widen, following several years of compression.

In terms of asset classes, office (30%) remains the most popular property type globally, though interest is down slightly compared to last year. There is a notable uptick in interest for retail (21%) and multifamily assets (20%) from 2015.

SOURCE: ETRealty.com

Rising cost of land a major roadblock in national highway expansion

NEW DELHI: Land acquisition cost for national highway projects has shot up sharply in the current financial year on account of the new land acquisition law that came into force in 2015, dealing a blow to the government's ambitious plan to crisscross the country with top quality roads. The government paid Rs 1.35 crore per hectare in 2014-15, which has gone up 65% to Rs 2.22 crore per hectare in the current financial year.

About 1.5 hectare of land is needed to build one kilometre of a four-lane highway.

The road transport and highways ministry has seen an increase of 30% in total cost of highway construction in the current financial year on account of high land prices and increased labour costs.

"Earlier, land accounted for 10-15% of the total project cost. It has now gone up to 40%," said a senior official at the ministry. The ministry expects the land cost to be around Rs 2.5 crore per hectare on an average in the next financial year.

Under the new land acquisition law, the government has to pay twice the price of land in urban areas and four times the price of land in rural areas.



In 2014-15, the government acquired 6,500 hectare for highway projects and paid aroundRs 9,000 crore in compensation. This year, the government has acquired 9,000 hectare for Rs 20,000 crore. The target of land acquisition for the next year is expected to be 12,000 hectare.

"That much increase in land cost certainly acts as a stress point for available budget for highway sector. However, these lucrative prices remove the resistance of farmers and other sellers, who get much better value of their land," said Vinayak Chatterjee, chairman at Feedback infra.

For building a greenfield two lane national highway, the government spends around Rs 10 crore a km, which includes the land and construction cost. For a four-lane highway, the cost comes out to Rs 16 crore per km.

The National Highways Authority of India is the land acquiring agency in most states except in hill states, where the National Highways and Infrastructure Development Corp does land acquisition for highways.

SOURCE: ETRealty.com

Huda to float 11 new sectors in Gurgaon, raise Rs 6,000 crore

GURGAON: Huda has plans to launch 11 new sectors in the Gurgaon division. However, in the absence of land in the district, these new sectors will be developed in places like Rewari, Bhiwani, Hisar, Kurukshetra and Sonipat. Officials said the urban development agency is expected to earn over Rs 6,000 crore by selling plots in these sectors, which will help it tide over financial crisis.

In fact, Huda's chief administrator Vikas Gupta held a meeting on March 16 to finalise the proposal to launch new sectors to raise funds by selling plots. New sectors are likely to be launched on March 31. Once launched, more than 15,000 residential and hundreds of commercial plots will be up for grab in these 11 sectors. "Huda can earn more than Rs 150 crore by just selling forms (one form @ Rs 1,000) for a draw of lots for allotment of plots," a senior Huda official told TOI on Saturday.

In the absence of Gurgaon from the list of urban areas where new sectors are to be launched, the Huda official said there are 115 sectors under Gurgaon-Manesar plan, out of which 57 sectors were developed by Huda and sectors 59 to 115 is being developed by private developers. "We have no land available for new sectors in Gurgaon as most of the land is owned by private developers. So these sectors will be launched in other places," he said.

Huda is going through deep financial crisis and the state government has expressed its inability to provide financial assistance. Huda is now trying to raise fund from its own resource to complete the ongoing development works.

According to an estimate, it needs over Rs 23,000 crore for development works in Gurgaon alone.

Few days back Huda has initiated the auction of 96 commercial properties in Gurgaon, Dharuhera and Rewari, which is expected to raise around Rs 300 crore. The registration for auction has started from March 23 and e-auction will start on March 31. "Huda is facing funds crunch, which is affecting the development works, so we are exploring different ways to raise funds," said the senior official.

In the past few years, as Huda went into debt from surplus, development projects have either stalled or have been moving at a snail's pace.

L&T Infra Debt Fund to raise up to Rs 2,750 crore via bonds

With more leeway to fund projects and tax exemptions,L&T Infra Debt Fund (IDF), L&T Finance group's infrastructure refinancing arm, plans to raise up to Rs 2,750 crore through debentures.

The money raised via non-convertible debentures (NCDs) will be used to fund infra projects, including those inrenewable energy sector (wind and solar). L&T Financial services group will also inject more equity in the subsidiary to support expanding asset base. L&T IDF's net worth was Rs 615 crore (including additional equity infusion in December 2015) and debt of Rs 775 crore. It has disbursed Rs 998 crore to eight projects till end of December 2015.

CRISIL has assigned "AAA/Stable" rating to the proposed non-convertible debentures of L&T IDF. The IDFs are essentially non-banking finance companies. Initially, Reserve Bank of India had permitted IDFs to refinance projects with a guarantee from government-owned project authority through a tripartite agreement. These projects - roads, ports and airports - work on public-private partnership (PPP) basis.

Later, RBI eased norms for IDFs to make more projects eligible for refinancing. IDFs can now refinance non-tripartite agreement-backed projects with lower concentration ceilings.

The government has confirmed that IDFs floated as finance companies would enjoy income tax exemption to give infra refinancing a push. While easing norms, RBI has retained condition to refinance only operational projects with at least one year of satisfactory operations.

According to CRISIL, at least 40 per cent of L&T IDF's medium term portfolio will continue to be in tripartite-backed projects. The balance portfolio will be in projects without a tripartite agreement. The potentially higher asset-side risk with these projects is offset by many factors.

The non-tripartite project portfolio will consist of either highly-rated assets or projects in sectors with good recovery track record. The emphasis will be on greater diversification in the portfolio and reduction in steady-state leverage.

CRISIL said L&T IDF is expected, on a steady-state basis, to maintain the leverage ratio well below nine times at all points of time. These leverage levels provide healthy capital coverage to the company against potential asset-side risks. L&T IDF would have limited asset-liability mismatches and it is expected to raise only long-term funds with a minimum five-year maturity.

SOURCE: Business Standard

FLATS TO COST MORE AT NOIDA, GRENO AND YAMUNA REGIONS

      In what could come out as a setback for the buyers at Noida, Greater Noida and Yamuna Expressway regions, the flats are all set to cost more which will come down as a burden on customers’ pockets. The amendment for increasing the stamp duty on registration of units from 5 percent to 7 percent had received a nod from the Governor recently and this will get into effect from the beginning of the new financial year, i.e. 1^st April, 2016.

“Depending upon the size and purchase of the units, we are predicting an increased burden of about Rs. 50,000 – Rs. 2,00,000 on the customers willing to buy or register their units in Noida, Greater Noida and Yamuna Expressway regions. This news will gradually drift the customers away from these regions thereby decreasing the property demand which had started to pick up pace, off late”, shares Mr. Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz.

After the NGT verdict that came last year, it had brought along a huge wave of positive sentiments that had begun to pull customers back in these regions. But with this decision, the buyers are extremely saddened and are protesting along with the developers’ fraternity. “We are totally against this move as Noida and nearby regions had just made a strong comeback after the NGT verdict over Okhla bird sanctuary issue. All this will now go in vain as customers will have to shell out extra money to receive ownership of their units. 2 percent increment in stamp duty charges is quite a hefty amount which the buyers will not be satisfied with at all”, comments Mr. Rahul Chamola, MD, One Leaf Group.

It is to be noted that almost one lakh units get registered each year from these three regions and quite a heavy amount is earned by the authorities. Moreover, buyers in these regions will not only bear the brunt of the high stamp duty, but also face the axe of transfer fee and lease rent as properties in these regions are held on lease. The transfer amount is quite a lot which gets added with lease rent, which is somewhere around 1-2.5 percent of the total cost of the unit, depending upon the type of property. “With property prices already very high across NCR regions, a buyer’s problem doesn’t end there only. After the total cost incurred over purchase of property is met, the registration fee is itself another load. In Noida, Greater Noida and Yamuna Expressway, the stamp duty spending has gone up by 2 percent, along with other charges that a customer has to bear through lease rent and transfer fee. Market sentiments are most important in a sector like real estate, and with this news to take effect from the beginning of the next month; we’ll have a much lowered future demand”, states Mr. Vikas Sahani, CMD, Property Guru.

Buyers are under monetary pressure with this news and the developers are also been taken on a ride by them. With the accounting year ending soon, buyers are seen looming at the developers’ offices for registration of their properties, where now even the developers’ have become helpless. “Developers and buyers are now in a bit of disarray. With the authorities increasing the stamp duty charges by 2 percent, this will dent the demand in the long run. It is imperative to understand that developing markets largely depend upon initial footfall which comes only with demand; and cases like these will cause dents in the sentiments which won’t reap better results in near future. We hope that this decision gets rolled back so that sentiments and demand goes unhurt”, concludes Mr. Vikas Bhasin, MD, Saya Group.

Race against time to finish 20,000 flat registries in Noida

NOIDA: The Uttar Pradesh stamps and registration department will work on all the remaining days of this month, except for Holi on March 24, to register the maximum number of flats possible before the stamp duty hike comes into effect. The notification is expected to come out in the beginning of April.

Gautam Budh Nagar district magistrate N P Singh said the decision has been taken to ease some burden on homebuyers before the state government issues a notification on the increased rate. But the task on hand is a mammoth one, with over 20,000 pending registries, of which, more than 16,000 flats are in the Okhla Bird Sanctuary (OBS) zone, where registries were not carried out for almost two years.

The UP cabinet had approved the 2% hike on March 7. "Thousands of registries are pending and soon stamp duty in the district is going to be hiked. To meet the deadline, we have directed stamp and registration department to work all days till March 31, except Holi," the DM said.

Officials said that the stamps department had worked on this weekend as well and the department has managed to complete 2,000 registries since the order was passed. Assistant inspector general of stamp and registration department S K Singh said that usually, 125 registries are completed on a day. "Following the district magistrate's direction, we have sped up the process of property registration and we are now registering 300 properties in a day," Singh said.

He, however, admitted the target is too big as thousand of registries are still pending. "There are over 16,000 registries of 26 developers, whose projects were hampered due to Okhla Bird Sanctuary row. Apart from these developers, there are other developers and individual registries are also pending. The total figure is over 20,000," he added.

Additional district magistrate (finance and revenue) Rajesh Yadav said the department has asked developers to provide infrastructure and manpower to execute the maximum registries. Supertech group's CMD RK Arora said the developers are ready to provide infrastructure and manpower. "We are ready to provide computers, internet and other facilities to meet the deadline," he said.

SOURCE: ETRealty.com

Huda to auction off 96 commercial properties in Gurgaon, Dharuhera and Rewari

GURGAON: Huda is planning to auction off about 96 commercial properties in Gurgaon, Dharuhera and Rewari on March 31 to tide over its financial crisis. The auction is expected to raise around Rs 300 crore, which will be used for development works.

The commercial properties to go under the hammer include 61 prime commercial properties in sectors 4, 5, 10A, 15 (part II), 17, 21, 23, 31, 32A and 55. Moreover, 34 commercial properties in Dharuhera and some properties in Rewari will be up for grabs.

"People who are interested in participating in the e-auction can register themselves on the Huda website from March 23 to 28.

The e-auction will start at 9am on March 31 and will go on till 5pm," a senior Huda official said, adding that properties such as shops and office spaces would be auctioned.

The financial crisis of Huda has been compounded by the fact that the state government has expressed its inability to provide assistance to the urban development authority.

Left with no choice, Huda is now trying to raise funds from its own resources in order to complete its ongoing development works.

"Money raised from this auction will be used for development of sectors 58 to 115," a senior Huda official said.

In recent years, development projects have either been stalled or have been moving at a snail's pace because of Huda's financial crisis, which is affecting its work across the state.

A Huda official blamed the crisis on a 2013 Punjab and Haryana high court directive that awarded enhanced compensation for land acquisition. He said because of that Huda was in the red not just in Gurgaon, but in other zones as well.

"Huda is also exploring possibility of taking loans against its land bank," said the official.

According to an estimate, Huda needs over Rs 23,000 crore for development work in Gurgaon alone.

SOURCE: ETRealty.com

Ghaziabad civic body okays 20% rebate on house tax

GHAZIABAD: The GMC board gave its nod to all 24 items on the agenda of its meeting on Friday. The most important issue was a 20% rebate on house tax till March 31. The meeting, which took place in a charged atmosphere amid high security, was the first since Ashu Verma took over as mayor.

"The issue of offering rebate of 20% on house tax till March 31 was passed with a voice vote and it comes into effect from today," Verma said. "Additionally, it has been decided that the Pratap Vihar dumping ground will be handed over to private players for its upkeep, on contract, as the cost incurred on maintaining it exceeded Rs 34 lakh per month," he said.

The board also decided to start development work up to Rs 15 lakh in every ward be implemented with immediate effect. "Since the death of the former mayor, development work in the city had come to standstill. We have now ensured that all stumbling blocks are removed," Verma said.

Meanwhile, resolutions on doorstep garbage collection, installation of water ATMs and enforcing a polythene ban were also passed.

Earlier, there was a heated exchange between councillor Rajender Tyagi and additional municipal commissioner D K Sinha on the issue of rebate on house tax.

Sinha said that now that the house tax rebate has been passed by the board, it will be sent to state government for approval.Earlier, there was a heated exchange between councillor Rajender Tyagi and additional municipal commissioner D K Sinha on the issue of rebate on house tax

Sinha said that now that the house tax rebate has been passed by the board, it will be sent to state government for approval.

The meeting was attended by mayor, councillors and GMC officials.

SOURCE: ETRealty.com

Assetz Property Group forays into mid income apartment

BENGALURU: Singapore-headquartered property developer, Assetz Property Group today officially announced its entry into the mid-segment market in India with its township brand 'Assetz Lifestyle'. The first project under Assetz Lifestyle, '63 East' located off Sarjapur Road, Bangalore, will be launched this weekend.

Mallanna Sasalu, MD - Assetz Lifestyle, said, "We are elated with the launch of our first township project 63 East. A one-of-its-kind residential project in Bengaluru that will offer a wholesome living experience based on the concept of full-life, also interpreted as healthy, sustainable and luxurious living."

"We plan to develop around 10 million square feet of projects under the Assetz Lifestyle brand and build over 10,000 units in the next five years, leading to revenue realisation of over Rs 5,000 crores along the growth corridors of Bengaluru," he added.

Conveniently located off Sarjapur Road, Bengaluru, 63 East is within close proximity to social infrastructure and well connected to all the major roads. Furthermore, the demand for housing in this micro market has increased owing to its proximity to the NICE Road which has significantly enhanced the connectivity of this area to IT hubs located in Electronic City, Whitefield and Marathahalli.

The project comprises 1,608 units, in the combination of 1, 2 and 3BHK units, starting from Rs 38 lakh to Rs 65 lakh. 63 East is spread across 17.7 acres of land with 60 per cent of open spaces.

Ben Salmon, CEO Assetz Property Group said, "Assetz Lifestyle is a unique initiative to break away from the existing conventional residential project models. Through this brand, we intend to build infrastructure of superior quality at a great price for the benefit of our customers. A decade into our operations in India, Assetz has come to symbolize modern lifestyles through its residential real estate footprint. As such, 63 East is an extension of our product-line."

Assetz Property Group is a front-runner among multinational developers in India with over 10 million square feet under development.

SOURCE: ETRealty.com

SINGLE WINDOW A MUST FOR SMOOTH RERA

   Over the past one year, the current government had made several path breaking announcements and brought in a series of reforms that guarantees to take Indian real estate sector to the forefront. The decision for next level infrastructure through Smart Cities and AMRUT will allow private real estate to contribute in a big manner. Housing for all by 2022 is another initiative that will open the gates for huge demand in the realty sector of India. In the last few weeks, we had a balanced Union Budget speech that focused firmly on affordable housing reforms with RERA’s passage in both houses recently. Now, smooth execution of all these announcements will rely heavily on the public sector front, where the concerned authorities and civic bodies can contribute by offering a timeless system for necessary approvals. Thus, single window clearance system has become the need of the hour with Real estate bill soon to be implemented and lot more which is in pipeline.

“Very soon we will have RERA becoming operational in India. But will it suffice the matter? Having a regulator on board is of utmost importance for transparency, but at the same time it will exert an undue pressure on the developers’ fraternity. Therefore, it now becomes even more imperative that Single window clearance system gets a green signal which will automatically allow developers to complete projects on time. With the Budget Session still long way from finish line, we are expecting its implementation soon”, shares Mr. Rupesh Gupta, Director, JM Housing.

Essence of this system

As the name suggests, it clearly means a platform where all the approvals can be obtained without facing the hassles of moving from place to place. There are over 50 mandatory clearances and approvals at present, which a developer needs to take from different authorities and public bodies in order to start and complete a project. The catch here is that it takes almost a year to gather all these approvals due to which, developers are unable to stick to the deadlines. “A major cause of worry in the realty sector of our country has always been the delivery delays that occur due to untimely approval process. Single window clearance system will allow timely approval process which promises approvals in a months’ time. This will further allow developers’ to commence the construction process and complete the same on time which will let the rightful owners to get their units”, states Mr. Rakesh Yadav, Chairman, Antriksh India. Putting more light on the topic, Mr. Ankit Aggarwal, CMD, Devika Group avers, “With the real estate bill on the last step with President’s signatures left, it will soon get implemented across the country. Now is the time when we realise the importance of single window clearance system as timely construction and delivery of the projects will largely depend on it. Major real estate markets in India are running behind schedule which will add on to the pressure for the developers when RERA becomes active. Thus, to avoid future barriers for the developers it is evident that this Budget Session passes the single window clearance system as well”.

How can it contribute?

Single window clearance system will make sure that developers get the essential approvals and clearances on time, under one roof. The time wasted on obtaining the clearances will now be put to use on timely construction of projects. “Single window clearance system is of extreme significance in our realty sector. The government must ensure its passage in this very Budget Session so as to support the real estate bill. If approvals are attained timely, then no developer should default on the timelines and thus, the clarity over honest and dishonest bunch will be prominent. Somewhere, RERA might go incomplete if single window doesn’t get operational”, elucidates Mr. Rahul Chamola, MD, One Leaf Group. Standing in sync and adding more weight on the same, Mr. Vikas Bhasin, MD, Saya Group suggests, “Single window clearance system is not only significant for the domestic market but to ensure greater inflow of FDI as well. There are lot of barriers in the Indian real estate business where untimely delivery is causing lot of demand concerns. This process will ensure developers to gain clearances and approvals in a specified time period which will allow them to develop and offer units on time. This will allow demand to catch up pace which will also help in clearing of unsold inventory.”

“RERA’s prime motive is to curb the corruption persisting in the Indian real estate sector and protect buyers’ interest. There are strict guidelines in the real estate bill against developers who are unable to deliver on time. But we cannot deny the fact that the developers today are under severe pain of not getting the obligatory clearances and approvals on time; and if this continuous then they’ll be axed for no reason. Thus, the government must ensure the passage of single window clearance system so as to allow the sector to work in a much systematic and organised manner, with full support for RERA as well”, concludes Mr. Sudeep Agrawal, MD, Shri Group.