With immediate effect, the minimum built-up area requirements to be met by SEZ developers will be 100,000 square meters for the seven major cities, 50,000 square meters for Category B cities and only 25,000 square meters for the remaining cities.
This was a moderately encouraging Budget in general, but tepid for the Indian real estate sector.
Over the last six months, the housing market in Mumbai had started showing signs of revival after an 18-month period of sluggishness beginning in the 4th quarter of 2010. The hiked Ready Reckoner rates could dampen that revival.
The Centre has responded positively to the Delhi Government’s appeal to regularise more than 1600 of the city’s unauthorised colonies. The many home owners in the affected colonies see this as a break; however, the truth is that even after this notification, the ground reality in that these colonies are unlikely to change for now
The proposed revision of the stamp duty in Maharashtra for leave-license would definitely impact the rental market in the residential, commercial and retail asset classes.