Realty News Roundup: Govt Asks Developers To Use Modern Technology To Boost Home Supply; Delhi To Offer India's First Online Property Registration
July 27 2015 |
Proptiger
Realty News Roundup is PropGuide's selection of top stories from the real estate sector
Top News
The central government, which has recently launched a scheme to provide home for all by 2022, has asked real estate developers to use modern construction technologies to boost home supply in the country. “An enormous number of houses to the tune of about 20 million will be required to be constructed by 2022. Hence, we will need innovative fast-track construction technologies through judicious selection and evaluation of globally acceptable contemporary technologies,” Housing and Urban Poverty Alleviation Secretary Nandita Chatterjee has said in this report.
Delhi government has developed a new software that will enable property registration online. With this, Delhi will become the first state in India to achieve this goal. The facility will also ensure online facility for rent agreement and power of attorney. This report states that the Revenue Department of the Delhi government has started a trial run of the software. The project will be launched within two or three months. Read here.
'Make in India' and Digital India projects are making an impact in the real estate sector in India. Global consultancy and project management firm Turner is reportedly going to make nearly 25 per cent of its total sales from India operations in the next 3 years. Turner Project Management India Managing Director Jairam Panch has been quoted in this report as saying, "In India, the concept of project management has still not penetrated in the real estate and related sectors. But with 'Make in India' and digitization programmes, the sector players are seriously considering the concept and we are getting many proposals."
Off the front page
Uttarakhand Chief Minister Harish Rawat has said his government will bring in a law to confiscate benami property to check corruption in public life. The statement has come after a sting video purportedly showed the chief minister's personal secretary negotiating a bribery deal. Read here.
In Bangaluru, Realty major Prestige Estates Projects is all set to make a deal of over Rs 1,000-crore to acquire a 63.5% stake in Exora Business Park from Red Fort Capital. This report states that the deal values Exora at Rs 1,600 crore, with 8.5% capitalization rate, a percentage that determines the return on investment on rental assets.
Opinion
Raju Narisetti, senior vice president at News Corp, speaks to MediaNama about News Corp's strategy in India and their investment in PropTiger. Read the first part of his interview here.
Some advice from Jasmeet Chhabra, Managing Partner-Real Estate Privare Equity, Religare Global Asset Management, for investing in real estate. Read here.
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