Real Estate Regulator Bill Back On Track After Technical Glitch

Under the proposed law, private builders cannot advertise or start a housing project before getting all necessary clearances and reporting before a regulator, addressing a major concern of buyers about incomplete or fraudulent land acquisition and pending clearances. All realty projects coming on more than 1,000 site internet sqm land or building more than 12 apartments, inclusive of all phases, would be covered under the proposed law. UPA’s top leadership wants to get the bill passed in the winter session of Parliament. Highlighting the consumer-friendly legislation, Congress is attempting to woo middle-class voters who have drifted away from the party. UPA is trying to sell the consumer-friendly legislation in its fresh Bharat Nirman advertisement. Under the proposed law, there is a provision for mandatory public disclosure of all project details of promoters, land status, layout plan, carpet area and status of statutory approvals.
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Sumitomo Real Estate Creates New Division for Investors

Mie Iwatsuki (L) and Ralph McElvenny, principals of Sumitomo International Realty in New York. (Courtesy of Sumitomo Development)

Some of our investors are based in Tokyo and are funded by our parent company in Japan, which invests through them. Sumitomo (N.Y.) has been operating in the United States since 1987, but its roots run 400 years deep as a part of the Sumitomo Realty & Development Group based in Japan. Sumitomo Development owns over 500 buildings in Tokyo, putting them alongside Mitsubishi and Mori as one of the top three property owners in the city. Sumitomo Real Estate Sales New Yorkin the early 1990s was seen as the go-to agency for the Japanese market, selling more than 100 units at the World Wide Plaza to Japanese clients. Were seeking deals in the range of $10 million to $150 million, McElvenny said. Our preference is existing properties in the New York City area. If the property is in bankruptcy, well have to evaluate the deal.
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