Daily Real Estate News Digest (13th March 2019)

Government set to tighten tax net on real estate

Taking cognisance of the Comptroller and Auditor General’s (CAG) report on tax evasion in real estate, the Finance Ministry is in the process of introducing strict compliance rules in order to bring more real estate developers under the tax net.

TNIE

Modispaces Analyses the Current Real Estate Trends in India

The real estate industry in India is going through the worst phase in history. In a country where buying a home of one's choice is among the most significant decisions in an individual's life, this is a seemingly paradoxical development. The real estate market in recent years had the lowest number of new launches due to demonetization, the implementation of the Goods and Service Tax (GST), and the newly appointed Real Estate Regulatory Authority (RERA). 

Business Standard

Embassy Group set to launch India’s first REIT

Blackstone-backed issue may raise ₹4,750 cr. Embassy Group’s partnership with US-based private equity fund Blackstone Group for the REIT could usher in a new wave of investments in the real estate sector in the country with experts saying the move had been long-awaited.

Business Line

India's top 7 cities saw apartment sizes shrink by 17% in 5 years

Average sizes of flats in most big cities have shrunk in the last five years, largely driven by realtors’ efforts to tap a larger customer base, especially millennials who have shown preference for affo­rdable homes at good location over larger flats in the far-flung suburbs. 

Business Standard

Aravalli property owners object to Supreme Court stay on land bill

Residents and property owners in Aravalli villages notified under the Punjab Land Preservation Act (PLPA) have objected to the Supreme Court’s (SC’s) stay on the PLPA Amendment Bill, claiming the law interferes with their constitutional right to property and trade

HT

Incomplete projects get RERA breather 
 

Over a dozen real estate projects led by Indore and Bhopal have sought for extention from MP RERA. RERA chairman Anthony De Sa said,"Extensions are being granted so that they do not become illegal projects."
.TOI

New norms for retirement homes have realtors upbeat

The Centre has finally put in place fresh guidelines for retirement homes, a move which developers believe will bring discipline to a segment currently marred by poor services and lack of serious regulations.

TNIE

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