Realty News Roundup: Home Prices To Dip in Delhi NCR; Govt Might Repeal 51% FDI In Multi-Brand Retail

Residential property prices are likely to decline in the next three to five months, according to a report in the Hindustan Times.  The report said sales of apartments in Delhi and the National Capital Region (NCR) have declined more than 50% in the last quarter of the FY15. The maximum inventory pile-up was in Noida at over 100,000 units, followed by Gurgaon at 26,000 units.

Here are the other real estate related news stories of May 22, 2015:

Locals protest DLF construction in Manesar: Local residents in Manesar gheraoed around 150 workers for engaging in construction activities at a building site of DLF in Sector 1, Gurgaon, defying Supreme Court's order. DLF claimed that it was "only carrying out minor handing over/repair works" at the site. But, the police said that DLF was carrying out construction at the site, leading to conflicts in the area. DLF said that they were merely meeting their obligations toward their customers, numbering over 1,000.

Government to do a rethink on FDI in multi-brand retail: The government might repeal its policy to allow foreign retailers to open multi-brand stores with 51 per cent ownership. Union Minister Nirmala Sitharaman said that no proposal would be entertained for opening supermarkets in India by foreign players. In its consolidated FDI policy, the Department of Industrial Policy and Promotion (DIPP) had retained the previous United Progressive Alliance (UPA) government's decision to allow foreign retailers to have 51% ownership in multi-brand stores.

IT & ITeS firms in Noida want to set up manufacturing units on land allotted to them: The IT and ITeS firms in Noida are seeking a change in the land use policy of the government. They want the government to allow them to use their plots in Noida for manufacturing. The Noida Entrepreneurs Association, the umbrella body Noida-based enterprises, has written to the Noida Authority Chairman seeking permission for IT and ITeS companies to change their form of business. The Noida authority had allotted over 50 plots for setting up IT and ITeS firms.