November 19, 2013

Maharashtra CM inaugurates 10th international real estate summit in Mumbai

The FICCI organized the 10th international realestate summit in Mumbai which was inaugurated by Maharashtra chief minister, Prithviraj Chavan. Many industrial stakeholders attended the summit which was themed on the empowerment of real estate through new policies, competition and partnerships.

FICCI, an association of Indian business organizations has been raising their concern over real estate trends and changes which are linked to the economy of the country. The chairman of FICCI in his speech mentioned that Mumbai needs infrastructure and taxation reforms in the real estate sector with active support from government. Adding to his point, Arun Kumar Misra, ministry of housing and urban poverty alleviation said that the government should stir up the growth of country’s economy with new investments.

On the occasion, Chief Minister Prithviraj Chavan along with other guest dignitaries released the FICCI-EY Annual Real Estate Report 2013 and FICCI Real Estate Company Directory 2013-14. During his speech, the CM explained his idea of creating rule-based governance to have a transparent and a level playing field in the real estate industry. While talking about the Real Estate Regulatory Bill, he said, “We passed the bill in July 2012 and it is still pending before the parliament for reasons we don't understand but such delays are beyond our control."

real estate in mumbai
He also added about the infrastructure, “… projects like Eastern Freeway and Santacruz-Chembur cross road were launched; Metro and Monorail will also be commissioned soon. The land acquisition issue for the Navi Mumbai airport has been solved. In a land-for-land deal and cashless compensation, the PAPs will be housed in a new township called Pushpak Nagar to be developed by CIDCO. A lot of projects like the coastal road, the third metro from Colaba to Seepz are on cards. We are also training town planners and have proposed to start an institute of town planning in Pune.”
He asked all the stakeholders to extend support in bringing a fair practice thereby creating a positive and vibrant real estate market in Mumbai. He also promised that there are many other real estate related reform ideas in the pipeline. Ad Buisman, Partner, Head of Real Estate, Middle East, India, Europe and Africa, EY contributed by saying that India needs to improve the infrastructure, legal enforcement, property rights and title clearance, legalizing FDI norms etc.