#RealtyNewsRoundup: India Moves Up In The Real Estate Transparency Index; Ranked 35th Globally

Transparency in India’s real estate sector is improving, ranking at the 35th position globally, up from 40th position in 2014. This has been reported in a recently released survey by a global real estate advisory. The country is among the top 10 countries that have witnessed the highest growth in transparency levels in the past two years. This is visible in the rise in private equity and coming of global funds in the sector. Private equity investment in Indian realty has grown in every year from $2.2 billion in 2014 to $4.7 billion in 2015, to $6.9 billion in 2016 and it was $6.3 billion in 2017. In the survey, the countries were mapped based on 180 parameters.

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Filing a writ petition in the Bombay High Court, the realtors in Maharashtra have challenged the newly introduced notification under which the transfer of development rights from the landowner to developer would be taxable. According to the notification introduced in January, both the parties had to pay a GST for the transaction. The realtors have taken the GST Council, the Central and Maharashtra governments to court for this. 

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The Andhra Pradesh government is likely to use drones to keep a check on the illegal construction practices across urban areas in the state. Proposed by the municipal administration department, the use of drones will make it easier to keep a tab on the rampant development in urban areas for it to be systematic. According to the department, it will be easy to verify that developers are adhering to the building plans. The proposal awaits government’s approval.

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The Union Cabinet has approved the urban planning agreement signed between India and Singapore. The agreement would allow Indian government agencies to tap into the expertise of Singapore-based agencies to improve urban planning and management. Under the agreement, capacity building programme in the field of planning, focusing on areas of urban planning, water and wastewater management, solid waste management, intelligent transport system and public financing (Public Private Partnerships) would be undertaken, an official release states.

Source: Media reports