The Political Brain – Deciding the Fate of Real Estate

May 31, 2007	(Be the first to rate this story!)  Loading ...
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The Munnar Demolition in Kerala has taken on political upheaval between State Chief Minister V S Achuthanandan and CPI (M) State Secretary Pinarayi Vijayan.

Most confrontations occur due to the political stance of different builders indicating the favorites of whom. With a huge amount of foreign investments coming into Indian real estate, the market is becoming lucrative for politicians and in the name of regulating the market, they start putting obstacle, explains a real estate consultant who wished not to be named.

Property issues have always been a bone of contention among politicians. The Munnar Demolition is the latest in such hues that have occurred over property, when the CPI (M) politburo suspended Kerala CM and CPI(M) state secretary Vijayan from the highest policy making body for their public spat in violation of party norms.

Recently, Anil Ambani has become the corporate culprit in a tussle between the newly elected chief minister of UP, Mayawati and Mulayam Singh who favored the Reliance Industries Ltd. multi product special economic zone (SEZ). The government now found out the project not complying with the SEZ rules and has therefore recommended scraping of the 1,200 acre project.

The rules allow an SEZ to have only one entry and one exit point. Contrary to this, the Reliance SEZ was found to have been proposed on two pieces of land with a road dividing between both the plots. The UP government has called a CBI enquiry into the land allotments made in Noida during the previous Samajwadi Party regime.

Then, there are examples of Nandigram incident and Singpur, which made the UPA government draft a specific policy for construction of an SEZ, and most likely under duress from the Left.

News Published Under:   Real Estate India |

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