Budget 2014 wishlist: What India's real estate industry wants

http://mdaily.bhaskar.com/article/top-stories/4444/t/320/MON-budget-2014-wishlist-what-indias-real-estate-industry-wants-4163781-NOR.html

Budget 2014 wishlist: What India's real estate industry wants

By Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India Current Status The GDP for the current financial year is not likely to cross the 5.7-5.9% mark - the predicted 8% in GDP growth is highly unrealistic. We expect the budget to come up with some immediate and effective announcements to remedy the situation. In recent quarters, the Government and the RBI have been unable to curb the inflation to a more comfortable level of between 5-6%. Considering that the upcoming budget is expected to a populist one, given the Union election ahead in 2014, addressing the compromised GDP and skyrocketing inflation must be given highest priority. (Also read: Delhi real estate: NH8, NH24 shine; DLF, Vesta launch new projects) The macro-economic concerns are having a cascading effect on Indian real estate. Here are the considerations that the sector needs from the upcoming budget as well as in terms of overall enablement: Reduce High Cost Of Borrowing: Presently, interest rates charged by the banks to developers and home buyers are at an all-time peak and need to be brought down. A reduction in the base rate (rate below which no banks can lend to the corporates or industries) is necessary to help banks lower their lending rates. (Also read: Pre-budget hopes: 'Raise savings limit under 80C to Rs 3 lakh') The Government should address these concerns in the budget, and this should be followed through by RBI in terms of easing the repo rates and relaxing other policy instruments such as the CRR, SLR, etc. to inject liquidity into the system. This is essential if the Indian economy's key sectors such as manufacturing and real estate are to grow. The regulatory and monetary authorities need to bring down the housing loan rates to provide affordable housing to more cities and towns. The scope of the interest rate subsidy for loans towards affordable housing should be amplified and broadened to include a wider price band of budget housing to benefit home buyers, especially in lower income groups. Make Provisions For Special Residential Zones: The Government could seriously consider enacting provisions for Special Residential Zones (SRZs) to incentivise the growth of housing stock at targeted locations. Increase Infrastructure Allocations: The budget needs to increase infrastructure spending in urban areas with a view to unlocking the value of neglected and hidden land assets in suburban and peripheral districts. This will enable more holistic growth for the real estate markets in our over-burdened metros and allow the demand for housing to spread over a larger canvas. The increased demand in peripheral locations in which infrastructure has made the real estate markets there more viable will also help bring down prices in the central areas. Provide Real Estate With Industry Status: The country’s real estate industry contributes approximately 5% to the GDP. Moreover, the real estate sector has grown significantly over the past decade, with tangible transformation in quality and business standards. However, due to lack of regulations and effective policies, the sector is experiencing many challenges on its growth path. The budget must consider the fact that the Indian real estate sector generates countless jobs across its various verticals. By granting it industry status, the Government would enable the sector to access debt lending at better interest rates and reduced collateral values.

Take Steps To Provide Better Clarity In Land Titles: This is another policy hurdle which needs to be tackled by the Government. Across the country, land needs the benefit of legally documented ownership assigned to the right persons or entities. The lack of clarity on land titles shakes the confidence of investors, and is a serious hindrance to overall growth. The budget should make specific allocations towards regularizing and digitalizing land records. Provide More Adequate Sources Of Finance: Since the sector is not under the umbrella of any specific regulatory authority, financing has been an issue over a number of years of credit slowdown. What is required at the current time is the liberalization of finance for the real estate sector. The budget should enable a broader scope for external commercial borrowings for real estate and provide a general relaxation of financing norms. Take Steps To Moderate Rising Input Costs: The input prices for construction have skyrocketed in recent years, rising by more than 50% in the last two years alone. In addition, builders are faced with the increased costs of external and internal development charges, licenses and charges for change of land use from various departments. These factors have been directly responsible for rising real estate prices. The budget should make provisions for subsidized construction materials for low-to-mid-income housing, and rationalized license fees and other government levies. Unblock The Approvals Pipeline: In this budget, the Government should come up with simple and effective polices that will ease real estate development approval procedures. Obtaining the 57-odd permissions to begin construction of a project can take as much as two years. During this time, the cost of acquisition or even just holding the land for projects rises. Single-window clearances are the need of the hour, since the absence of such mechanisms causes project delays which prove to be expensive to both developers and end users.

Take Steps To Improve Investor Interest: REITs should be implemented so that small investors will get a chance to invest in real estate assets. The enactment of legislation on REITs to provide exit opportunities to real estate investors would be a real step in the right direction. Enact the Real Estate Regulatory Bill: The Government should once and for all finalize and implement the proposed Real Estate Regulatory bill, which is needed to bring rationality back to the sector. This draft bill, which is pending since 2009, aims to create a regulatory authority for the realty sector, ensure sale of immovable properties in an efficient and transparent manner, and to protect consumer interest. One key proposal of this bill is to set up a regulatory authority in each state. The sector looks forward to intentions in this regard finally translating into action. Implement GST: The Government avowed plans to introduce GST sooner rather than later need to be implemented. This will go a long way in streamlining the economy and providing stimulus to GDP growth. (Image: Gangtok at night, Sikkim; Source: Getty Images) Arun Gupta

'Pimpri-Chinchwad an attraction for hotel business'

http://m.economictimes.com/news/emerging-businesses/regional-hubs/west/pimpri-chinchwad-an-attraction-for-hotel-business/articleshow/18196331.cms

'Pimpri-Chinchwad an attraction for hotel business'
26 Jan, 2013, 1547 hrs IST, Vasumita S Adarsh, ET Bureau

With a long experience in the hospitality sector, Surinder Singh is now the president of Poona Hoteliers Association, and the general manager of Vivanta by Taj Blue Diamond in Pune.

With a long experience in the hospitality sector, Surinder Singh is now the president of Poona Hoteliers Association, and the general manager of Vivanta by Taj Blue Diamond in Pune. In an interview with ET, he talks about how the Pimpri-Chinchwad region is evolving as a hospitality business destination. Edited excerpts:

How was 2012 for the hospitality in Pune, and how does 2013 look like?

2012 was not entirely good for the sector in Pune. While some hotels managed to maintain the growth rate of 2010-11, some witnessed negative fallout of the economic slowdown. No extra inventories happened either.

This year, however, seems to be more buoyant, and Pune is expected grow faster than the country's GDP in hospitality. When the country's GDP was 9 to 10 per cent, Pune region's hospitality sector was growing at 16 to 18 per cent. Now that the GDP is at 5 to 7 per cent, the hospitality sector is expected to grow at 9 to 11 per cent.

From having just three major luxury hotels during the last 10 years, today the hotel segment in both luxury class as well as business class has increased five times or more. From 500 rooms altogether, we now have 2,500 rooms available in the luxury segment alone. There is an excess supply of rooms in the five star and business class segment hotels in the region today. And, in the next three years, this demand-supply scenario may stabilise.

How are tier II regions like Pimpri-Chinchwad coming up? Do you see more hotels coming up here?

The Pimpri-Chinchwad and Chakan region have been a major industrial belt with several foreign companies. A good number of clients work there and stay in hotels in Pune. This will in turn impact city hotels, as clients, who are there in Pune for a longer period of time, may prefer living in Chakan rather than endure the long travel. The city hotels will lose at least 40 to 50 rooms due to this.

On the flip side however, the Pimpri-Chinchwad region lacks any major entertainment centres for a client to unwind. Hence, clients coming in for just a few days may prefer to stay in main Pune. The areas such as Koregaon Park, Nagar Road, etc are the hot spots of the city. The Pimpri-Chinchwad region is yet to develop in terms of having more malls and other quality recreation, for senior employees and expatriates.

What factors will help hospitality sector in Pimpri-Chinchwad to grow?

Pune's western region and regions of Pimpri-Chinchwad, Chakan, Talegaon will see more hotels in the future, though this may happen in a span of the next four to five years.

The Pimpri-Chinchwad area is attracting many investments in the hospitality sector. Besides the Marriott project, there are many investors looking to launch projects in the region, though none have been announced officially yet. The residential area in the region is growing too - another reason for the region to attract investors. Increase in residential projects means an increasing work force settling here. The Eastern part of Pune has seen an oversupply of hotels, with many properties located close to each other.

Foreigners coming to Pune for short and long term work visits are among the leading clients for hotels. How do you see this trend evolving? Owing to expansion of existing companies, as well as new IT and engineering companies setting base in the region, there has been no decrease in the number of foreigners coming to Pune. International travellers are certainly a vital part of the hospitality service, besides domestic clientele.

Earlier the city had altogether three luxury hotels, which meant the hotels dictated the terms. Now with competition increasing and more choices available with a client, hotels have to be clued in to provide the best service at competitive rates.

The government too has to re-look its liquor policy, with the new work cultures emerging in the region. Not everyone works traditional timings anymore, and many clients are working US and UK hours to be in touch with their companies. But government allows liquor only till midnight.

This means we cannot serve liquor to such clients, who may be having a different sleep pattern, and may want to relax post 2 am or 3 am. Earlier such professionals were few, but with the IT culture booming, today the number of such professionals have gone up. The government needs to change its policies accordingly, so that domestic and international clients view Pune favourably.

What are the challenges hospitality sector has to face in the region?

Infrastructure upgradation is among the biggest issues. The current airport is not adequate to serve international travellers, who lose almost an entire day, alighting at Mumbai, and then travelling all the way to Pune. The proposed international airport is still in the planning stage. Similarly, projects that would elevate Pune's status such as the International Convention Centre in Moshi have not taken off either.

The other hurdle is the huge amount of taxes imposed, whether it is on serving imported liquor, taxes on in-house entertainment, or even playing recorded or live music in the hotels. The laws have to become more hotel-friendly. Clients, who come to the city are shocked when the city closes down post midnight, just as they are planning to unwind. Nightclubs and pubs are not necessarily suited to everyone. Providing this service becomes an expensive affair for hotels, because of the huge taxes.

As the city culture evolves, these policies should be revisited and amended. What is required is that the government and the industry in Maharashtra too sit down and discuss these current impediments. This has not yet happened from either side.
vasumita.adarsh@timesgroup.com Arun Gupta

Pirate architects of China copy a building that isn't even finished

Pirate architects of China copy a building that isn't even finished

By Ben Kersey 2 Hours Ago

China isn't afraid to brazenly mimic architecture, but copycats have now turned their attention to buildings that don’t even exist yet. A construction team in Southern China is copying the Wangjing Soho, an office and retail complex designed by London-based architect Zaha Hadid that’s due to be completed in 2014. The designers behind the original project believe that the copycat architects may have based their own version on renders of the original building, but that wouldn't allow them to build an exact replica. Despite the drawbacks of working from a rough 3D model, the Chinese workers are outpacing construction of the original building.

It’s a phenomenon that seems to be pervasive in China, with one Dutch architect dubbing the pirates "Photoshop designers." The would-be builders simply copy and paste buildings into place on PCs, roughly plotting out the future landscape of a city. It’s a crude way of doing things, but the flexibility — combined with China’s cheap labor costs — certainly helps rapid expansion.

http://m.spiegel.de/international/zeitgeist/a-874390.html#spRedirectedFrom=www

Year 2013 will bring a paradigm shift in the real estate sector

http://m.economictimes.com/markets/real-estate/realty-trends/year-2013-will-bring-a-paradigm-shift-in-the-real-estate-sector/articleshow/17897691.cms

Year 2013 will bring a paradigm shift in the real estate sector

5 Jan, 2013, 1110 hrs IST, Prabhakar Sinha, TNN
Passage of Real Estate Regulation Bill and Land Acquisition Bill, sometime in the next few quarters this year will boost the sentiment of all stakeholders.

The passage of two crucial bills, Real Estate Regulation Bill and Land Acquisition Bill, in particular, sometime in the next few quarters this year will boost the sentiment of all stakeholders and herald a new order in the country's Real Estate , Pranab Datta, chairman of Knight Frank India, says.

The recent approval of FDI in multi-brand retail by Parliament will attract foreign investment , which will not only benefit the retail industry but also boost the demand for commercial real estate. It also showcases the government's seriousness in introducing reforms in India — and this is just a preview of things to come, Datta says.

Additionally, the RBI can be expected to lower interest rates in the coming months which will benefit developers as well as consumers. The change in sentiment on account of the above measures will have a positive impact on all the segments of real estate — whether it is retail, office or residential and will certainly make 2013 a much better year in comparison to last year.

Against this, 2012 has been disappointing for real estate as falling sales and rising construction costs dampened the market sentiment. This is reflected in the financial performance of real estate companies, which have taken a hit in their revenues and profit during the year.

Jones Lang LaSalle (JLL) in its report also said that the outlook for the real estate sector in the New Year looks promising in the NCR. However, all the stakeholders like consultants and developers feel that those areas where the prices have not peaked and world-class infrastructure like roads, parks sports complexes are being developed by the authorities concerned and developers will see the maximum appreciation.

Om Ahuja, the CEO of Residential Services of JLL, says that the supply trends in real estate indicate that it is in a state of flux. The supply of products priced below Rs 3,000 per sq ft is reducing markedly. From 43% in the fourth quarter of 2009, supply in this segment will come down to 8% in the same period of 2013. At the same time, supply in the price range of Rs 5,000-10 ,000 per sq ft is expanding. He said aspirational and affordability levels are driving such trends.

However, smart residential property investors will identify the right products priced below Rs 4,000 per sq ft in key growth cities as best options. In cities like Bangalore, Hyderabad, Chennai, Pune, Noida and Gurgaon, one can still find good projects in this price range for long-term investments, which would yield good appreciation .

JLL in its report on the NCR region says that areas like Dwarka Expressway, New Gurgaon-Manesar , Noida Extension and Noida Expressway show huge potential for investors as well as end users. It says that Dwarka Expressway, because of its infrastructural advantages and locational benefits, enjoys huge upside.

The area has been able to successfully withstand the heat that many other areas and pockets of the NCR faced. The price sustainability and appreciation trends of the recent past, and also its relative affordability, will continue to maintain investor interest and confidence . Other important areas to watch out for in 2013 for residential realty, the report says, will be New Gurgaon and Manesar.

The increase in commercial developments, its developing infrastructure, continuing affordability and the proposed connectivity via Metro and the expressway will put this region on the radar in 2013.

Noida Extension and Noida Expressway will continue to generate interest as more and more IT-ITeS companies shift their offices to Noida Expressway for its rental affordability when weighed against the rentals in Gurgaon, the Cyber City.

Noida Expressway will further increase its appeal as a residential hub. The comparatively better infrastructure, easy accessibility and availability of affordable options will appeal to investors and end users, the report says. Supply in this region will not be an issue and good levels of absorption with appreciation in capital values are a high possibility in 2013.

Om Ahuja of JLL also says that most research reports highlight factors like oversupply and low absorption. Cities with a high level of job creation continue to see high volumes of real estate supply and absorption. Cities with few or no economic drivers to spur the growth of employment fall behind, no matter what other factors seem to work in their favour, he says. Earlier, Mumbai and Delhi attracted most of the talent from rural areas.

Today, cities like Bangalore, Hyderabad, Chennai, Pune and Gurgaon have taken pole positions and are all set to overtake Mumbai and Delhi.
IT-centric cities like Bangalore , Hyderabad, and Pune, and to an extent Chennai, are now emerging as a whole new real estate proposition. IT companies there are expanding their campuses dramatically. Recently, WIPRO announced the imminent launch of its new facility and headquarters of nearly 2.5 million square feet in Bangalore. This facility will augment its existing campus, which already employs over 31,000 people. Trends and data points suggest that dynamics in these cities will be very different in the next few years.

Time-related value of money and inflation are two key parameters that one needs to take into consideration. A careful study of factors like growing population will show that intelligent investments in residential real estate in India will definitely pay off over the mid-to-long term.

Other important areas to watch out for in 2013 for residential realty will be New Gurgaon and Manesar. The increase in commercial developments, developing infrastructure, continuing affordability and the proposed connectivity via Metro and the expressway will put this region on the radar in 2013.

Besides, in order to arrest the slowdown in the economy, it is expected that the RBI will cut interest rates in 2013. This will also bring cheer to the real estate sector. The RBI has also instructed scheduled banks to not allow a rollover of loans given to real estate developers into the next financial year. This means that developers will see urgency in disposing of their unsold inventory in order to be able to raise funds to pay back their loans. This holds the potential for a major correction in residential prices in the NCR region.

Quick Bites Additionally , the rbi can be expected to lower interest rates in the coming months which will benefit developers as well as consumers Arun Gupta

Pirate architects of China copy a building that isn't even finished

Pirate architects of China copy a building that isn't even finished

By Ben Kersey : 2 Hours Ago


China isn't afraid to brazenly mimic architecture, but copycats have now turned their attention to buildings that don’t even exist yet. A construction team in Southern China is copying the Wangjing Soho, an office and retail complex designed by London-based architect Zaha Hadid that’s due to be completed in 2014. The designers behind the original project believe that the copycat architects may have based their own version on renders of the original building, but that wouldn't allow them to build an exact replica. Despite the drawbacks of working from a rough 3D model, the Chinese workers are outpacing construction of the original building.


It’s a phenomenon that seems to be pervasive in China, with one Dutch architect dubbing the pirates "Photoshop designers." The would-be builders simply copy and paste buildings into place on PCs, roughly plotting out the future landscape of a city. It’s a crude way of doing things, but the flexibility — combined with China’s cheap labor costs — certainly helps rapid expansion.


http://m.spiegel.de/international/zeitgeist/a-874390.html#spRedirectedFrom=www

Year 2013 will bring a paradigm shift in the real estate sector

http://m.economictimes.com/markets/real-estate/realty-trends/year-2013-will-bring-a-paradigm-shift-in-the-real-estate-sector/articleshow/17897691.cms

Year 2013 will bring a paradigm shift in the real estate sector
5 Jan, 2013, 1110 hrs IST, Prabhakar Sinha, TNN

Passage of Real Estate Regulation Bill and Land Acquisition Bill, sometime in the next few quarters this year will boost the sentiment of all stakeholders.

The passage of two crucial bills, Real Estate Regulation Bill and Land Acquisition Bill, in particular, sometime in the next few quarters this year will boost the sentiment of all stakeholders and herald a new order in the country's Real Estate , Pranab Datta, chairman of Knight Frank India, says.

The recent approval of FDI in multi-brand retail by Parliament will attract foreign investment , which will not only benefit the retail industry but also boost the demand for commercial real estate. It also showcases the government's seriousness in introducing reforms in India — and this is just a preview of things to come, Datta says.

Additionally, the RBI can be expected to lower interest rates in the coming months which will benefit developers as well as consumers. The change in sentiment on account of the above measures will have a positive impact on all the segments of real estate — whether it is retail, office or residential and will certainly make 2013 a much better year in comparison to last year.

Against this, 2012 has been disappointing for real estate as falling sales and rising construction costs dampened the market sentiment. This is reflected in the financial performance of real estate companies, which have taken a hit in their revenues and profit during the year.

Jones Lang LaSalle (JLL) in its report also said that the outlook for the real estate sector in the New Year looks promising in the NCR. However, all the stakeholders like consultants and developers feel that those areas where the prices have not peaked and world-class infrastructure like roads, parks sports complexes are being developed by the authorities concerned and developers will see the maximum appreciation.

Om Ahuja, the CEO of Residential Services of JLL, says that the supply trends in real estate indicate that it is in a state of flux. The supply of products priced below Rs 3,000 per sq ft is reducing markedly. From 43% in the fourth quarter of 2009, supply in this segment will come down to 8% in the same period of 2013. At the same time, supply in the price range of Rs 5,000-10 ,000 per sq ft is expanding. He said aspirational and affordability levels are driving such trends.

However, smart residential property investors will identify the right products priced below Rs 4,000 per sq ft in key growth cities as best options. In cities like Bangalore, Hyderabad, Chennai, Pune, Noida and Gurgaon, one can still find good projects in this price range for long-term investments, which would yield good appreciation .

JLL in its report on the NCR region says that areas like Dwarka Expressway, New Gurgaon-Manesar , Noida Extension and Noida Expressway show huge potential for investors as well as end users. It says that Dwarka Expressway, because of its infrastructural advantages and locational benefits, enjoys huge upside.

The area has been able to successfully withstand the heat that many other areas and pockets of the NCR faced. The price sustainability and appreciation trends of the recent past, and also its relative affordability, will continue to maintain investor interest and confidence . Other important areas to watch out for in 2013 for residential realty, the report says, will be New Gurgaon and Manesar.

The increase in commercial developments, its developing infrastructure, continuing affordability and the proposed connectivity via Metro and the expressway will put this region on the radar in 2013.

Noida Extension and Noida Expressway will continue to generate interest as more and more IT-ITeS companies shift their offices to Noida Expressway for its rental affordability when weighed against the rentals in Gurgaon, the Cyber City.

Noida Expressway will further increase its appeal as a residential hub. The comparatively better infrastructure, easy accessibility and availability of affordable options will appeal to investors and end users, the report says. Supply in this region will not be an issue and good levels of absorption with appreciation in capital values are a high possibility in 2013.

Om Ahuja of JLL also says that most research reports highlight factors like oversupply and low absorption. Cities with a high level of job creation continue to see high volumes of real estate supply and absorption. Cities with few or no economic drivers to spur the growth of employment fall behind, no matter what other factors seem to work in their favour, he says. Earlier, Mumbai and Delhi attracted most of the talent from rural areas.

Today, cities like Bangalore, Hyderabad, Chennai, Pune and Gurgaon have taken pole positions and are all set to overtake Mumbai and Delhi.
IT-centric cities like Bangalore , Hyderabad, and Pune, and to an extent Chennai, are now emerging as a whole new real estate proposition. IT companies there are expanding their campuses dramatically. Recently, WIPRO announced the imminent launch of its new facility and headquarters of nearly 2.5 million square feet in Bangalore. This facility will augment its existing campus, which already employs over 31,000 people. Trends and data points suggest that dynamics in these cities will be very different in the next few years.

Time-related value of money and inflation are two key parameters that one needs to take into consideration. A careful study of factors like growing population will show that intelligent investments in residential real estate in India will definitely pay off over the mid-to-long term.

Other important areas to watch out for in 2013 for residential realty will be New Gurgaon and Manesar. The increase in commercial developments, developing infrastructure, continuing affordability and the proposed connectivity via Metro and the expressway will put this region on the radar in 2013.

Besides, in order to arrest the slowdown in the economy, it is expected that the RBI will cut interest rates in 2013. This will also bring cheer to the real estate sector. The RBI has also instructed scheduled banks to not allow a rollover of loans given to real estate developers into the next financial year. This means that developers will see urgency in disposing of their unsold inventory in order to be able to raise funds to pay back their loans. This holds the potential for a major correction in residential prices in the NCR region.

Quick Bites

Additionally , the rbi can be expected to lower interest rates in the coming months which will benefit developers as well as consumers Arun Gupta

Dream of affordable homes gathers dust in Maharashtra

Ihttp://zeenews.india.com/business/realestate/latest-news/dream-of-affordable-homes-gathers-dust-in-maharashtra_46543.html

Dream of affordable homes gathers dust in Maharashtra

Mumbai: An ambitious plan to construct 500,000 affordable homes in Mumbai, Thane and Raigad districts of Maharashtra is gathering dust due to "inaction and policy paralysis" on the part of the state government, a top realtors' body alleged here Wednesday.


The plan, jointly mooted by the Maharashtra Chamber of Housing Industry (MCHI) and the Confederation of Real Estate Developers' Associations of India (CREDAI), was submitted to the state government two years ago to bridge the gap between housing demand and supply and rein in realty prices.

"Even as housing cost is skyrocketing in Mumbai, the plan to construct 500,000 affordable flats as part of the realty industry and state government's initiative, 'Homes For All' gathers dust," MCHI-CREDAI president Paras Gundecha said here.

The realty industry's frustration came on the eve of the 'second anniversary of inaction' of signing the MoU with the state government (April 28, 2010) to find solutions to the burning problems of housing and arrest proliferation of slums in the country's commercial capital.

Realtors demanded a single-window clearance system for all housing proposals so as to expedite the projects.

"All that we wanted was a single-window clearance for all housing proposals to expedite the projects which get bogged down in official delays and red-tapism. All officials agree, but there is no action on this," said Gundecha.

Another office-bearer of the housing body alleged that "not a single file pertaining to building proposals" has moved ahead in the past 18 months or so, and this adds to nearly two years' delays on such projects.

A top government official, however, denied the accusations.
According to Gundecha, "A kind of policy paralysis" has gripped the Mumbai realty sector.
"On one hand, proposals are not being cleared leading to short supply of housing stock, on the other it has become fashionable to blame developers for the increasing cost of property. With barely any new project being cleared, market forces operate to create price imbalances," he said.
On the 'Homes For All' proposals, Gundecha pointed out that the government assured all help including legislative revamp, incentives to developers and authorising a nodal agency for a single-window clearance.

"But not a single paper moved after that, despite the MCHI-CREDAI reminders and meetings at various levels," he lamented.

Consequently, the dream of millions of commonersfor owning an affordable home in Mumbai remained on paper, though Maharashtra could have created history with this unique public-private initiative, he said.
IANS
First Published: Wednesday, April 25, 2012, 19:27