FaMeTN’s Post

Important Update on Karnataka RERA The Government of Karnataka, by its notification dated 22.05.2024, has appointed Mr. Naveen Raj Singh, B.A.S., as the new Chairman-in-charge of the Karnataka Real Estate Regulatory Authority (K-RERA). Mr. Singh, currently serving as the Principal Secretary to Government, Housing Department, takes over following the end of Mr. HC Kishore Chandra's tenure. This appointment is effective immediately under Rule 47 of the Karnataka Real Estate (Regulation and Development) Rules, 2017. Please note that there may be some delays in processing certain matters, including the resolution of complaints, during this transition. Further updates will be provided as available. #RealEstate #KarnatakaRERA #LegalUpdate #RealEstateLaw #Karnataka #GovernmentNotification #LeadershipChange

The Indian housing market is profoundly influenced by government policies, which aim to enhance affordability, transparency, and supply. The repeal of the Urban Land Ceiling Act (#ULC) and Rent Control Acts has increased land availability, particularly in states like Gujarat, boosting affordable housing projects. However, bureaucratic challenges persist. The Pradhan Mantri Awas Yojana (#PMAY) has sanctioned millions of units, yet a significant urban housing shortage, estimated at over 20 million units, remains, highlighting the need for better implementation. The Real Estate Regulation and Development Act (#RERA) has improved transparency and accountability, leading to increased buyer confidence and project registrations. Data from the Ministry of Housing and Urban Affairs indicates a rise in project completions, but enforcement inconsistencies across states need addressing. The Goods and Services Tax (#GST) has streamlined taxation, though its impact on affordability varies. Reports from the Reserve Bank of India reveal mixed effects on home loan costs. Emerging trends, such as the focus on rental markets, proptech innovations, and sustainable housing, are shaping the sector. The #SmartCities Mission and National Infrastructure Pipeline are pivotal, promising improved connectivity and real estate opportunities. Effective implementation and continuous #policy refinement are essential for addressing India's housing challenges and fostering a robust, inclusive market. #IndianRealEstate #HousingMarket #GovernmentPolicies #AffordableHousing #PMAY #RERA #RealEstate #RealEstateIndia

In a transformative decade marked by reforms and economic shifts, India's real estate sector has emerged as a powerhouse, significantly contributing to the nation's growth trajectory. A recent report by the real estate industry offers insights into the sector's evolution under the Modi government, shedding light on its challenges, reforms, and prospects.   The report highlights the sector's exponential growth, with its value estimated at around $120 billion in 2017 and projected to soar to a staggering $1 trillion by 2030. This growth trajectory is coupled with the sector's substantial contribution to India's GDP. The report notes a significant drop in housing inventory overhang over the last 10 years, with the pan-India housing inventory overhang decreasing from 41 months in 2017 to 15 months at the end of 2023.   Titled ‘Real Estate- Unboxed’ and conducted by the NATIONAL REAL ESTATE DEVELOPMENT COUNCIL (NAREDCO) and ANAROCK, the report spotlights issues in the real estate sector before the implementation of various regulatory measures. Major challenges included fund misuse, lack of accountability, project delays, bureaucratic hurdles, and the absence of standard practices. The introduction of the Real Estate (Regulation and Development) Act, 2016 (RERA), marked a significant turning point, aiming to address these issues and ensure transparency, timely project completion, and developer accountability. As of February 2024, more than 1 lakh projects have been registered under RERA, with 1,20,000 complaints disposed of, according to the report.   The report also focuses on government schemes aimed at fostering housing and real estate growth in India over the last decade. Initiatives like the Pradhan Mantri Awas Yojana (PMAY) have played a pivotal role in promoting affordable housing and addressing the housing needs of urban and rural populations. The residential sector has undergone significant transformations, driven by economic scenarios, government regulations, and the COVID-19 pandemic. Despite fluctuations, there has been a persistent demand for housing, with significant new launches and sales recorded over the past decade. Looking ahead, the real estate sector is poised for sustained growth, with projections indicating a market size of $1 trillion by 2030.   https://lnkd.in/djGUYCtW   #IndianRealEstate #ModiGovernment #EconomicReforms #NAREDCO #ANAROCK #RERA #RealEstateRegulation #GrowthTrajectory #PMAY #HousingSector #GDPContribution #HousingInventory #RegulatoryMeasures #GovernmentSchemes #AffordableHousing #COVID19Impact #MarketProjections #SustainedGrowth #RealEstateReport

A year ago, I thought the passage of the #BMLTA Bill heralded a pivotal moment for #bengaluru. I was so so wrong. I misjudged the depth of administrative apathy as #BMLTA is yet to be constituted. I guess the file seeking the customary government approval to constitute #BMLTA is currently doing the infinite loop in the Urban Development Department. Directorate of Urban Land Transport - Have you filed a missing complaint on #BMLTA? Ministry of Housing and Urban Affairs - #BMLTA is the entity that was born in 2008 in the form of an Executive Committee just to meet the metro funding requirement. It made a miraculous revival last year with the passage of the Bill, but has since slipped into coma. Perhaps only you can revive #BMLTA again by making it a precondition for your approvals for building the future metro phases of #Bengaluru. Rajeev Gowda - Without a properly functioning #BMLTA, a coherent #urbanmobility policy for #Bengaluru is impossible. For example, the Shivaram Karanth layout is in full swing and has any Government agency thought about what impact it will have on the road network ? Has BMTC Bangalore been consulted on #publictransport requirements ? Surely, the #Government is capable of seeking #accountability from the file pushing #bureaucracy?  In the absence of institutes like #BMLTA (all #cities in #india needs a similar institute), young #urbanplanners and #transportplanners in #india will continue to primarily depend on #ngos , #philanthropy, #section8 companies, and #multinationals (mainly providing design support to their home clients) for meaningful employment.

Vijayawada: Stating that there is a Herculean task ahead in setting right the finances of Andhra Pradesh, Chief Minister N Chandrababu Naidu said on Thursday that he will strive hard to put the state at the forefront of development with the support of the Government of India. Check out here for full story : https://lnkd.in/gEUDREPm #AndhraPradesh #NChandrababuNaidu #StateDevelopment #FinancialReforms #GovernmentSupport #Vijayawada #IndianPolitics #StateFinance #bizzbuzz #bizzbuzznews

Discover the latest real estate trends and regulatory updates reshaping the industry:    Fractional Ownership is revolutionizing real estate investment by enabling multiple investors to own a share of high-value properties. This innovative model reduces financial barriers and enhances portfolio diversification.    Maharashtra's New Regulations streamline construction with relaxed open space requirements for glass-facade commercial buildings, promoting modern architectural designs and boosting urban development.    RERA's Achievement: Nearly 1.25 lakh consumer complaints resolved, showcasing RERA's commitment to consumer rights and transparency in the real estate sector.    Karnataka's e-Khata System combats illegal land registrations and ensures property record transparency with digital IDs, simplifying transactions and reducing fraud risks.    Bihar's Safety Initiative mandates registration for lifts and escalators in buildings, enhancing safety standards and occupant reliability.    CBDT Tax Relief: Simplified long-term capital gains (LTCG) calculations could ease the tax burden for property sellers, promoting a more transparent tax system.    Affordable Housing Focus: The revival of the interest subsidy scheme in Budget 2024 encourages developers to focus on affordable housing, addressing the housing shortage and supporting the 'Housing for All' initiative. Stay updated with these real estate developments and how they impact the industry!

Non-Resident Indians (NRIs) may consider investing in DLF projects for several reasons: Reputation and Track Record: #DLF is one of the largest and most well-established real estate developers in India. Its long-standing reputation and successful track record in delivering projects can instill confidence in #NRIs looking for reliable investments. Quality Construction: DLF is known for its commitment to quality construction and adherence to high standards. NRIs may be attracted to the assurance of #investing in a property developed by a reputable company. Strategic Locations: Many DLF projects are strategically located in prime areas of major cities. NRIs may see the potential for good #returns on investment due to the advantageous locations of these properties. Residential and Commercial #Opportunities: DLF caters to both residential and commercial real estate markets. NRIs can choose from a range of investment options based on their preferences, whether it's residential apartments, commercial spaces, or integrated townships. Legal Compliance: DLF's projects typically adhere to legal and regulatory standards. NRIs may appreciate the transparency and compliance with local #laws when considering real estate investments. Before making any investment decision, it's important for NRIs to conduct thorough research, understand the specific project details, and consider factors such as market trends, legal aspects, and potential returns. Consulting with real estate professionals and legal advisors is advisable to ensure a well-informed #investment decision. #dlf #nriinvestment #business #dlfproperty

Check out the insightful interview with Pahle India Foundation (PIF)'s Chairman, Dr. Rajiv Kumar, with Gyanendra Keshri of Deccan Herald. He discusses how private enterprises will be the key drivers of the Viksit Bharat vision. #ViksitBharat #EconomicGrowth #PIF

Top Challenges Faced By Affordable Housing In India & Their Solutions Affordable housing in India has faced significant challenges despite initiatives like "Housing for All by 2022" and regulatory measures such as RERA and GST. One major hurdle is the scarcity of affordable land in urban areas, pushing projects to less connected and less desirable outskirts. To address this, the government must release more urban land at lower costs and reduce associated taxes and fees. Another issue is the lack of financial literacy among the economically weaker sections, preventing them from accessing government subsidies and home loan options. Education about these financial aids is crucial. Additionally, an unclear policy framework creates confusion among builders and developers about the definition and scope of affordable housing, necessitating standardized regulations across the country. High approval costs further deter developers from pursuing affordable housing projects. Solutions include regularizing the taxation system and improving infrastructure and connectivity in peripheral areas where affordable housing is often located. Emphasizing sustainable urbanization and treating affordable housing as a social mission rather than a profit-making venture can also help. By addressing these challenges, the government and real estate stakeholders can ensure that affordable housing becomes a reality for more people, fulfilling the promise of secure and dignified living conditions for all. #AffordableHousing #RealEstateIndia #HousingForAll #UrbanDevelopment #FinancialLiteracy