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FIPB locks real estate investment for 3 years

Posted: Mar 30, 2009 at 1539 hrs IST

FIPB locks real estate investment for 3 years
Foreign Investment Promotion Board (FIPB) has said that the foreign investors in Indian real estate cannot sell their stakes to another foreign investor before three years.

FIPB, the authority which makes policy on FDI, has cancelled a provision in FDI policy that lets off foreign players from the rule in cases where fund transfer is from one non-resident to another. Till now, this three-year lock-in was applicable only on foreign investment in real estate and not on investors.

The FIPB view is contrary to the stand taken by the department of industrial policy and promotion (Dipp), the nodal agency that formulates FDI rules in the country.

CREDAI announces its new team
Confederation of Real Estate Developers’ Associations of India (CREDAI) has announced the formation of its new executive committee for the year 2009-2011. With Kumar Gera being re-elected as the chairman, Santosh Rungta has been elected as the president.

The newly elected vice-presidents are Lalit Kumar Jain from Maharashtra, Irfan Razack from Karnataka, Shekar Reddy from Andhra Pradesh, Prakash Challa from Tamil Nadu, Dharmesh Jain from Mumbai and Getamber Anand from New Delhi.

The other office bearers are Nainesh Shah from Mumbai as secretary, Mukesh Sheth from Gujarat and Mohammad Moquim from Orissa as joint secretaries and Abdul Azeez from Kerala as treasurer.

An advisory council has been formed with Niranjan Hiranandani as its chairman.

NAR-India organises training programme for brokers
The National Association of Realtors-India (NAR-India), the apex body of real estate brokers of India, conducted a real estate brokerage management course for real estate agents/property brokers at New Delhi. The two-day training programme was designed for making property brokerage business more profitable and successful, according to NAR-India officials.

Some of the themes covered included business planning, developing sales staff skills, budgeting, creating agreements, policies and procedures and increasing profitability. The course was conducted by Gail Lyons, Asia-Pacific regional coordinator of NAR, USA.

Established in the year 2007, the body, has over 1000 real estate brokers from eight cities in the country as its members.

99acres launches its mobile application
The leading internet site on real estate, 99acres.com has launched its mobile application.

Vineet Singh, business head of 99acres, announced “With this launch, now anyone with his GPRS-enabled mobile can search for a property and browse through properties.” He said that 99acres is an internet portal dedicated to meet every aspect of the consumers needs in the real estate industry. It is a forum where buyers, sellers and brokers can exchange information, quickly, effectively and inexpensively.

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