Indian real estate aggregator Square Yards opens office in Qatar

CHENNAI: Square Yards, a real estate startup focussed on the NRI segment, has opened its office in Doha, Qatar. This is the startup's third office in the Gulf Co-operation Council (GCC region) after Dubai and Abu Dhabi.

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 The Gurgaon-based company sees massive potential in Qatar which it claims has over 500,000 Indians with nearly 30% qualifying in the Middle/ Upper-Middle Income category. Through the new office, Square Yards aims at serving the NRI clientele better who want to invest in India but lack sufficient knowledge.

Founded in 2013, Square Yards is a technology-enabled transaction and aggregation platform for global real estate. Square Yards currently transacts over 300 transactions with GTV crossing $400mn a year. 

Commenting on this new office opening, Kanika Shori, COO of Square Yards, said, "The opening up of this office is an integral part of the Square Yards' strategy to capitalise on penetrating further into the NRI section living in the GCC nations. It will enable the company to focus more squarely on the NRI populace living in Qatar and introduce well-structured real estate investment deals from India, GCC and other parts of the globe to the prospective investors and home buyers." 

Anupam Rastogi, head of Square Yards in the GCC and Africa region, said, "Qatar's aggressive economic expansion plans in conjunction with its preparation for Soccer World Cup 2022 is expected to bring in more qualified Indians to join the nation in the near future- indicating more opportunities." 

Since its inception, Square Yards has been catering to the NRI clientele spread across the globe, through its international offices in seven countries, allowing the real estate aggregator to breakeven in 22 months. 

As part of its future expansion internationally, Square Yards will soon open offices in Canada and Australia. It is also planning to open offices in Kenya, South Africa and the US. 

Source - TOI

Parliamentary panel on real estate Bill seeks feedback

New Delhi: The parliamentary committee on the Real Estate (Regulation and Development) Bill, 2013, has invited suggestions from stakeholders on proposed amendments to the legislation before being tabled in the next session of Parliament.

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The 21-member Select Committee of the Rajya Sabha headed by MP Anil Madhav Dave has asked individuals, organisations, institutions and experts to submit their views on the Bill within 10 days.

 

All correspondence may be sent to Joint Director (Com III) Rajya Sabha Secretariat, Room 212A, Parliament House Annexe, an official statement read.

 

"Those desirous of submitting memoranda or giving oral evidence before the committee may visit the website of Rajya Sabha, rajyasabha.Nic.In under the heading 'Notice Board'," it added.

 

The Bill, which seeks to set up a Real Estate Regulatory Authority for regulation and promotion of the sector, has been referred to the Select Committee for examination, and the panel has been instructed to report to the Rajya Sabha "by the last day of the first week of next session".

 

Among other things, it aims to ensure sale of plot, apartment buildings in an efficient and transparent manner and protect the interests of consumers.

 

It also seeks to establish an Appellate Tribunal to hear appeals from the decision, directions and orders of the Authority.

 

The Congress and other opposition parties had opposed the amendments and forced the Bill to be referred to the Select Committee of the Upper House.

Source : Business Standard

No land will be acquired to favour corporates: Amit Shah

"Not one inch of land acquired under the proposed new law will be used to favour any company," BJP president Amit Shah told TOI in an exclusive interview on the eve of the first anniversary of Modi government.

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On an issue which the opposition has picked up to dub the Modi government as being "pro-rich" and "pro-coroprates", Shah strenuously stressed that the "land bill is purely aimed at ensuring that development reaches villages. Roads, railways and defence production units will be set up. Land will be acquired only for projects which will be create jobs. This is a win-win bill and a friend of the farmers."



Shah said there has been not a single case of corruption during the first year of the NDA government, demonstrating the success of Prime Minister Narendra Modi's leadership. Shah contrasted Modi government's "clean slate" with the scams under UPA. To prove his point, he compared UPA's "arbitrary allocation of natural resources to select corporates" to the "transparent mechanisms" followed by the Modi government.



On the provocative acts of Hindutva hotheads, he agreed that such statements were unnecessary and errant MPs have to be dealt with. He, however, emphasized that a government needs to be judged on the basis of its actions and the pronouncements of its leader.



Asked about the Opposition's success in blocking the land acquisition and GST bills, Shah said the BJP did not want to use investigative agencies to muster support in Parliament. "I know the way CBI was used during the Congress regime to manufacture a majority in Rajya Sabha... but we will not do that ever. Our approach towards the opposition is symbolised by our bold push for fiscal federalism which will benefit all the state governments irrespective of who is in power."



The BJP chief rebutted former cabinet minister Arun Shourie's criticism of a "troika" of the PM, Arun Jaitley and himself having concentrated all the powers. He said while the PMO's authority has been restored under Modi, ministers have the freedom to act on their own.



The BJP chief did not agree with the view that post its stunning victory in LS polls, the party has not been effective in putting across its message to people. "The party that received 17 crore votes, the party that managed to enlist 10 crore members, I believe that we have been able to send our message to the people and convince them." he said.



Speaking on government's efforts to reduce corruption, Shah said, "In the past 10 years, there have been 73 scams and Rs 12 lakh crore have been siphoned off. But in the past one year, not even the opposition has been able to level any charges of corruption. I treat this as a very important achievement of the government."



He said the Modi government is implementing decisions in the spirit of 'Team India'.



"I want to say that there was a time when a government was run for 10 years when every person was a PM of his department and the PM was not even recognised as PM," the BJP chief said. "The PMO's stature has been restored and the ministers are working independently and taking decisions and there is an acceleration in decision-making," he said.



Emphasising that the Modi government will not deviate from its focus on governance, Shah said, "The government runs on policies and what it does and the citizens have faith in what the government's leader says. I agree that such statements (by Hindutva radicals) should not be made ... but even if two or three MPs have made such statements there is no change in the ground realities. The government and the party have dealt elements in a tough manner and we have issued notices to them," Shah said.


Source : The Economics Times.

Supreme Court upholds land acquisition by Greater Noida Authority

NEW DELHI : The Supreme Court on Thursday quashed the farmers' plea and upheld land acquisitions in Noida Extension by the Greater Noida Authority from 2006 to 2009, according to media reports.

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The apex court overturned Allahabad High Court order which had scrapped the land acquisitions.

 

The order comes as a major relief for flat owners in Noida. Farmers had moved the apex court demanding their land back while Greater Noida authority was unwilling to give the developed land to them.

Source : The Economic Times (ETRealty.com)