A residential project which was constructed in 1996 by Tamilnadu Housing Board, according to the local real estate agents, requesting annoymity of Tamilnadu, is standing still without residents inside. This area is a covered by creepy entwined floras and paradise for insects and reptiles; before getting any paranormal idea from the mossy frame let’s disclose the original truths behind it- according to the local sources this building which was built for a police station has been the content of shadows for past 20 years, this is due to abnormal pricing during those years when the market rate was approx 2 lakhs per ground. This particular building and many other buildings constructed by Tamilnadu Housing Board (TNHB) was coded with immoderate base amount; as a result the local gram panchayat failed to take over those buildings miserably. The current market rate of the same property is 50 times more than the earlier rate. If we go through the TNHB projects- a police station, a huge library, a community hall, a fire station, few ration shops and six acres of land sanctioned for bus terminus have been unclaimed due to unusual pricing.
According to the retired officials storming land prices, the state Govt. of Tamilnadu is using its agencies to seize lands. TNHB and the Govt. by extension is somehow deviated from their prime purpose which providing the lower and middle earning inhabitants affordable residential apartments. Besides the holding-back attitude in delivering the properties and sly changes in their terms and conditions took these projects under water. Obviously TNHB is not ready to accept these allegations and the secretary of the state housing and urban development Mr. Dharmendra Pratap Yadav stated,’’ TNHB had never received any land for free of cost, not even from the state Govt. Again if the land is meant for some other purpose and used for some other, can’t be done without CMDA’s assent.’’ Ayapakkam Gram Panchayat officials contended 23 acres land, which was supposed to be taken for constructing educational institutions but was utilized for housing board without CMDA’s approval. Near about 660 plots have come up on this 23 acre property. Former CMDA officials indicate that TNHB has a track record of evading the planning authority consent, as a provision in the Housing Board Act set them aside to do so. As per the statement of a retired CMDA official, ‘’ TNHB alter land plans with state Govt. assent. By using some tricky shortcut methods TNHB changed the land rule as per their requirement.
Kolkata is also a metro city like Chennai, but if you notice the indicator of selling flats in Kolkata, the graph remains always static due to the small cost of living and the availability of affordable flats in Kolkata in comparison to the other four major cities in India. Till date you can find projects starting from 10/12 lakhs which is kind of a rare offering in itself. As a result the count of forsaken projects is really low in Kolkata.
Category: Indian real estate
Indian real estate market has been a fascinating investment for the foreign investors
India has been always one of the most loved rich historical, cultural destinations for rest of the overseas countries. There are many foreign avenues for investment in India. Out of which real estate industry in India, has been delivering an invariable resource for the Indian GNP. Easy and bounteous presence of natural resources and local labors have been two steady availabilities which are suppose to be the two solid pillars holding high the infrastructure of Indian real estate industry.
What RBI says: According to the sources when any foreign company is all set for their direct investment in India, there are some predetermined norms by the Indian economical legislature which they are bound to go after. Foreign investment in India is reckoned as FDI only, if the investment is made by equity shares. According to the FDI policy the investment company has to go through prior approval of Indian Govt. and RBI. As per company act 1956 the willing company has to set up a registered company in form their direct representative in India. All FDI activities have to be passed by the Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, and Ministry of Finance.
The present and the possible scenario: Now coming to Housing and Real Estate business (except development of townships, constructions of residential and commercial premises) can’t be the subject to venture of FDI. According to the Department of Industrial Policy and Promotion total FDI inflow in real estate sector during April 2000- Feb 2015 has been around US$ 24.16 billion. The present Central Govt. under the leadership of Mr. Narendra Modi it has been announced ground breaking modifications for property development sector in November 2015 aiming to attract more foreign capital into Indian real estate sector.
Pondering upon the investment statistics: ‘Dalian Wanda Group’- a Chinese property development company has signed a contract with the Haryana Govt. for the development in the real estate sector of northern Haryana. The name of their project is ‘Wanda Industrial New City’, which enrolls an investment of whooping $10 billion against 1300 hectors of land of the state. Another big project is China Fortune Land Development Company which has a giant industrial park project in Haryana. Gezhouba real estate company from China proposes 1000 crore for future investment of Telengana. ‘’These investors are anticipating a big time revolution in the real estate sector of India around 2016’’- said by the financial experts. With the success of these projects the door of prosperity will be opening for the other willing foreign investment companies in Indian real estate industry. Even for Indian economy these investments count a lot for setting Indian real estate sector on a global investment scale for the coming days. Post your property requirement for industrial/commercial or other retailing purpose under these magnificent projects. Japan in collaboration with Indian will be investing likely $2 billion for real estate and industrial project in coming 3yrs. It will highly interesting to observe the response from the real estate market on India against the global economy.