The new Indian Real Estate Regulatory Bill is expected to revolutionize India's construction market to the benefit of property buyers and investors, according to a report by Liases Foras. The Big 5 Construct India 2016, the leading B2B trade-show for the building and construction community, will investigate and foster these soaring business opportunities, as $1 trillion investment is projected by the end of 2017 in India. Showcasing innovative international and local construction products, the event will increase its free educational offer through dozens of workshops, seminars & conferences.
The Big 5 Construct India is jointly organized by dmg events and FICCI and co-organised by Ministry of Urban Development, Government of India, and follows a format common to all The Big 5 events held globally. Taking place from 28-30 September, 2016, at the Bombay Exhibition Centre, Goregaon, Mumbai, the fourth edition of the show is designed to meet the needs of building and construction professionals, hosting more than 300 brands from more than 15 countries across 10,500 sq.m of space. Bringing the exhibitors from over 15 countries under one roof, key buyers from Delhi, Gujarat, Maharashtra, Karnataka, Andhra Pradesh, and Tamil Nadu, The Big 5 Construct India 2016 will also offer free technical seminars to stay up-to-date with the latest industry advancements, and certified workshops to improve industry credentials.
The previous edition of the Big 5 Construct India in 2015 recorded a 17% increase in buyers, over 7,400 participants from 44 countries, 260+ products on display, 15+ CPD certified workshops and technical seminars.
Ashley Roberts, Event Director, The Big 5 Construct India, said, "In 2016, the show will be bigger than ever, with a much broader offer. We are organizing a series of educational events, including a FICCI conference and more than 20 CPD certified technical workshops. Whether you are looking for new market trends and innovations, sustainable building solutions, or to grow your business networking with exhibitors from Turkey, Italy, UK, UAE, China, Korea, Germany, India, just to name a few, the show is an unmissable opportunity to take advantage of one of the world's fastest growing construction markets."
|Show:||The Big 5 Construct India|
|Date & Time:||28th - 29th September : 10 am to 6pm
30th September : 10 am to 5pm
|Venue:||Bombay Exhibition Centre, Goregaon (E), Western Express Highway, Mumbai, Maharashtra, India|
|Visitors:||Expected 9,500 visitors in 2016 (42% increase). The 2015 edition received 7,428 trade professionals from 44 countries|
|Exhibitors:||Over 250 exhibitors from 25+ countries representing 300+ brands.|
|International pavilions:||Expected from China, Germany, Italy, Iran, Korea, Turkey, Greece, UK, Taiwan, Spain, among others.|
|Educational Features:||The Big 5 Conference will feature panel discussions and strategic presentations discussing the challenges and opportunities of the Indian construction industry. It will gather top thought leaders, government officials, and leaders from construction industry.|
|CPD Certified Workshops:||20+ free-to-attend workshops delivered by an industry specialist, sharing cutting-edge insight of an ever evolving business landscape based on real world experience from within the boardroom.|
|Project Management Workshop:||Professional development isn’t a one-time thing; it should be a continuous part of your project management career. The big 5 Construct India offers free-to-attend project management workshops at the event to assess and improve professional skill sets.|
Indeed, the Indian economy has opened up to the world and foreign funds are set to roll in. The new Indian Real Estate Regulatory Bill is set to discipline a construction industry valued at over $126 bn through three major principles: transparency, accountability, and efficiency. As outlined in the Report 'Real Estate Regulatory bill – Half Bridge of Hope', commissioned by The Big 5 Construct India, the bill establishes the Real Estate Regulatory Authority for each state as the government body for both residential and commercial real estate transactions. The same authority will be approached for reparation of grievances against a developer.
According to the bill, the developer has to park 70% of the project funds in a dedicated bank account to ensure adequate funding is available for timely delivery of the project. It is now mandatory for developers to make important information available to RERA and in effect to the consumers. This includes the project plan, layout, government approvals, land title status, sub-contractors to the project and a schedule for completion.
The new law makes the practice of selling on the basis of vague built-up area for a real estate project, illegal. Also, it marks a provision for imprisonment of builders and real estate agents in case of violation of rules. A delay in project completion will make the developer liable to pay the same interest as the EMI being paid by the consumer to the bank. And the maximum jail term for a developer who violates the order of the appellate tribunal of the RERA is three years with or without a fine.
For further details, please contact:
Tel: +971 4 438 0355, +971 4 445 3713