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NRIs have advantage in luxury property market in India

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SINGAPORE: NRIs have an advantage in luxury property market in India post-demonetisation as real estate developers in major cities of the country have “significantly” dropped property rates, according to Singapore-based business analysts. “Given the recent demonetisation move, property rates have significantly dropped across various cities in India,” said Abhijit Ghosh, India Desk leader at PricewaterhouseCoopers …

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Real Estate Act rules for Delhi finalised; DDA VC Udai Pratap Singh appointed interim regulator

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NEW DELHI: The urban development minister Venkaiah Naidu today approved the final rules to implement the Real Estate Regulatory Act (RERA) for Delhi, and has designated Udai Pratap Singh, the vice-chairman of Delhi Development Authority (DDA), as the interim regulator. The rules, which will be notified by the November 27, are same as notified by …

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Real Estate Act will bring in transparency: Venkaiah Naidu

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HUBBALLI: The Real Estate (Regulation and Development) Act, 2016 will not only make consumer the king, but bring a much needed regulation and transparency into the burgeoning sector, said M Venkaiah Naidu, Union urban development minister, on Saturday. Inaugurating the two-day Statecone, the fifth annual conference of Confederation of Real Estate Developers Associations of India …

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Madras HC bans registration of unauthorised plots, houses

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CHENNAI: Registering sale deed of houses built on unauthorised layouts will not be possible anymore in Tamil Nadu. The Madras high court on Friday imposed a blanket ban on registration of sale deed concerning houses on unauthorised plots and unauthorised layouts, saying it was the only way to prevent flooding and haphazard development in the …

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Chennai devpt body seals three buildings that violated rules in George Town

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CHENNAI: Cracking the whip on illegal constructions, the Chennai Metropolitan Development Authority (CMDA) on Friday sealed three multi-storey buildings in George Town area. While two of the the ground-plus-two-floor buildings that faced the axe are at Anna Pillai Street, the third is at Coral Merchant Street in Mannady. “These buildings got approvals for certain number …

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