Shivgyan Developers

Following a fire in Deonar dumping ground in 2016, the Mumbai High Court had banned new constructions and asked the Brihanmumbai Municipal Corporation (BMC) to devise a debris management plan. The BMC has now asked the developers to submit a debris dumping plan before the authority for seeking No-Objection Certificate (NOC) for construction. The developers will be required to identify a dumping site before starting the construction which will be inspected by the BMC and mentioned in the Intimation of Disapproval Certificate (IOD). Builders who generate small quantities of debris are exempted from this new rule.

After a meeting which was attended by real estate developers active in the City of Malls on April 12 in Chandigarh, Haryana Chief Minister Manohar Lal Khattar said his government had divided the city into four zones to carry out the development work to achieve that specific target.  The move, the CM claims, has benefited the city -- various projects are under the final stages of completion.

In a record of sorts, the Brihanmumbai Municipal Corporation (BMC) has collected Rs 5,150 crore as property tax in the financial year 2017-18. While the civic body has earned Rs 300 crore more when compared to the last fiscal, this is the highest amount it has recovered as property tax ever. However, against its target to earn ₹5,402 crore, the BMC has fallen short. After development charges that real estate developers pay to the BMC, property tax is the highest source of income for the civic body. 

For India’s Real Estate Regulatory Authority (RERA) to function well, a lot of other requirements need to be in place. According to a study by industry body Assocham, about 31.1 million people must be recruited to let these state bodies function. Additionally, the sector-specific law is creating grand opportunities for other businesses, too.

Masala bonds are offered and settled in the US dollars to raise Indian currency from global investors for infrastructure development to be undertaken in India. It, therefore, is beneficial for offshore investors who are looking at an exposure in Indian assets. With housing finance companies issuing masala bonds, revival for real estate may be on the cards.