The announcement made by Prime Minister Narendra Modi on November 8 last year, demonetising 86 per cent of the country’s old currency overnight, widely impacted the economy and real estate sector was no exception.
National Real Estate Development Council (NAREDCO) Maharashtra took a special initiative of explaining the RERA rules and regulations to the various stakeholders in the real estate sector by organising a session where all members were present to understand the need and importance of the policy.
Global ratings agency Moody's Investors Service raised India's sovereign credit rating to 'Baa2' from 'Baa3'. Moody's also changed its rating outlook to stable from positive, explaining that at the 'Baa2' level, the risks to India's credit profile were broadly balanced.
Timely completion and handover of a project, while ensuring the highest level of quality – this is how Dr Niranjan Hiranandani, Co-Founder & Managing Director, Hiranandani Group, described the completion of a 16-storey commercial building made to global standards in 18 months. Spanning over 14.5 acre and comprising 2 million sq ft of space, the commercial structure TCS Olympus Centre is situated in Hiranandani Estate, Thane; which was inaugurated by Devendra Fadnavis, Chief Minister of Maharash
There's been plenty of action in the Indian real-estate sector in the wake of policy moves like Real Estate Regulatory Authority (RERA), Goods and Services Tax (GST), Housing for All by 2022, foreign direct investment (FDI), the Benami Transactions Prohibitions Act, demonetisation, the Insolvency and Bankruptcy Code (IBC) and land title insurance, among others.
With the positive response received by NAREDCO for its Real Estate Infrastructure and Investors’ Summit (REIIS), they conducted the third edition in the city in association with Asia Pacific Real Estate Association (APREA). This summit conducted over a period of two days in Trident, Mumbai began brought together more than 150 speakers and 700 delegates. It began with the theme of “Investing in Indian Realty and Infra-infection Point?”
The Indian economy and indeed, real estate have experienced a ‘Systems Reboot’. The new paradigm includes various encouraging initiatives by the government, along with a new regulatory regime. This has completely changed the face of the Indian real estate sector. And, the positive effect is expected to become apparent in the upcoming years.
A year since it was notified in terms of all its provisions, the Real Estate (Regulation and Development) Act, 2016 (RERA) has brought in transparency and accountability to real estate and enhanced home buyer confidence.