In a bid to meet burgeoning housing requirements in cities and towns, the Union housing ministry is expected to set up a high-level committee to recommend policy interventions to facilitate creation of rental housing stocks to cater to those who cannot afford to buy houses.  Now, the housing shortage stands at around 27 million units, and estimates suggest that at least 50% is ascribed to people who cannot afford to own...

The government has removed from a proposed bill a clause that would have made builders liable to be jailed for making false promises about houses to customers, housing ministry sources have said. The initial draft of the Real Estate (Regulation and Development) Bill, which is awaiting cabinet clearance, provided for a jail term of up to three years as well as a compensation of up to 10 per cent of the...

NEW DELHI: It could be a second innings for special economic zones, especially those held up for years, with the commerce department proposing fresh tax concessions and a cut in the minimum area requirement to a quarter of the present specifications. The department has suggested that any zone that is not built around the identified 40 million-plus cities and state capitals would be eligible for duty benefits on capital investment for...

-The Telegraph The Mamata Banerjee government today took “baby steps” in easing its seemingly inflexible stand on land. It has allowed more industries to hold land in excess of the ceiling with prior approval. Also, in the clause that allows government-owned companies to lease out land for townships, prior approval is not mentioned. The amendments to the land and land reforms act do not hold any big surprises but by passing them today,...

The Bengal government is set to grant a never-before concession to developers of township projects, under which government companies will be allowed to hold and lease out land in excess of ceiling without prior permission. However, no activity other than real estate development is being allowed such flexibility despite industry complaining about difficulties involving land. “It seems the (amendment) proposal is highly lopsided. Does the government think only township development would be...