The Rajya Sabha said that it would refer the bill to the select committee for discussion on Wednesday. The government also urged Rahul Gandhi to thoroughly study the proposed amendments before opposing it and starting a protest against it. But with the opposition gaining more power by the day, the House is trying to bring in more parties to support the bill so that they can pass it.

Congress says that the bill does not safeguard the interests of the consumers but saves the builders from delay in home delivery and other wrongdoings. But the parties supporting it say that Congress is only doing this to hog the limelight. In this last week of the budget session, the NDA government is making extensive efforts to push the bill with the help of other supporting parties. The Real Estate Bill will be referred to the select committee on Wednesday.

The trends noticed by the real estate experts suggests that instead of going for a small one bedroom apartment for a very low price, buyers are inclined towards investing a little more into a larger home that gives perfect value for their money. People are searching for larger houses that can fit into their budgets. The trend was seen in the most active real estate markets like Noida, Gurgaon, Chennai and Bangalore.

A new trend was also noticed in the preferences of the homebuyers. Earlier they were interested in apartment complexes. However, now they seem to be more interested in plotted developments. Buyers’ interest towards independent homes was also noticed. As compared to the previous quarter, the demands for apartments reduced by up to 10 percent. Demand for 2 BHK apartments fell down whereas the demands for three bedroom apartments witnessed an increase of 3-10 percent over the last quarter.

Inspite of the above changes in demands, the National Property Index remained stable over the last quarter. Noida and Mumbai experienced the highest rise and lowest fall respectively. Chennai and Ghaziabad were the two other cities that experienced a fall in index. The rental property markets were also upbeat in cities like Delhi, Pune and Mumbai. The highest rental returns were noted by Bangalore and Kolkata. 

In his meeting with Modi, French President Francois Hollande expressed his keen interest in the list of smart cities to be developed in India. As a result, it was marked as the technical cooperation under the field of Sustainable Urban Development between India and France. The assistance from France would be a major help for the government of India in setting up self-sufficient smart cities in different parts of the country. These smart cities would also boost the residential and commercial real estate around these areas.

Accordingly, a Memorandum of Understanding (MOU) was signed between the National Architecture Institute in Paris and School of Planning and Architecture in Delhi. Both the countries would jointly undertake extensive studies on urban planning, geographical planning and its environmental consequences. A well-planned urban area would also call for an increased residential property demands. Franch would also assist India in the engineering and technical aspects of its smart cities.

The two countries also signed a railway protocol for the development of semi high-speed rail on the Delhi-Chandigarh line. Indian Railways and French National Railways would undertake an execution study on the same and the project would be co-financed by both sides. A deal was also signed between Indian Space Research Organisation (ISRO) and French National Center for Space Studies (CNES). It proposes a collaboration between the countries in the areas of Satellite communication, meteorology, planetary exploration and other space research related operations. This covers Mars Exploration and other joint earth observation mission.

A great deal of cooperative agreements have been signed between the two countries which would boost the overall development of our country’s infrastructure and would improve the scenari of real estate in India.

“Housing for All” Real Estate Bill set to be Introduced Soon :

If all goes as per the plan, India is set to experience a whole new paradigm shift in the way affordable housing is deliver to the common man.

All the basic work is in place to introduce the Modi government’s much awaited “housing for all” real estate dream in the upcoming winter session of the Parliament in the month of November 2014.

According to experts close to the development, there is fast paced work going on to amend India’s skyline for a better tomorrow and as part of this initiative, the Real Estate Regulatory & Development Bill will be introduced in Parliament soon.

The introduction of this real estate bill is set to put an end to a five-year wait for this piece of legislation in the real estate segment of the country and is also likely to herald a new era of reformed real estate which would be in the budget for everybody.

Additionally and as per the directives of Prime Minister himself, the framework for the recently announced Smart City Project is also awaiting finishing touches. When finalized, this framework is set to address the finer details of the Public-Private-Partnership model, the one that has seen keen interest from domestic players and some in Japan and Singapore.

Besides attracting large investment, these regulations will also bring in better level of transparency, and drive a unique encouraging environment to the sector making it more attractive for the banks to put in more money for the segment’s growth in India.

Affordable Homes in India