July 19th, 2009 at 11:38am
Under Administrative Law
In Thailand, Bankruptcy Laws form part of the Commercial Law. Thai bankruptcy law is devised in such a way not only to help debtors to distribute their property but also to help them in rehabilitating via several reorganization provisions.
In other words, the Bankruptcy Law includes the Bankruptcy Act for Business Rehabilitation. The Business Rehabilitation Law was introduced in 1999 as Chapter 90 of the Thai Bankruptcy Law BE 2483. The main purpose of the Business Rehabilitation law is to assist a debtor facing liquidity problem by giving him an opportunity for rehabilitation before being insolvent.
The procedures in connection with rehabilitation are usually commenced by an eligible petitioner by filing a petition with a provincial or a civil court as per the domicile of the debtor. However, petition for business rehabilitation could be filed only if the debtor’s overall debt comes to an amount that exceed Baht ten million. Likewise, In order to file a petition for business rehabilitation, certain legal and perquisites must be complied with such as:
- The names and addresses of creditors must be specified to whom the debtor owes in total at least an amount of Baht ten million
- Specify reasonable methods in order to rehabilitate business functions
- Proposed planner’s name as well as qualification
- Planner’s consent
- In case the petitioner is debtor, then details regarding assets and liabilities must be given
- Consent of authorities which is applicable as mentioned below :
1.In case the debtor is commercial bank or finance company, then the consent of the Bank of Thailand
2.In case the debtor is a securities company, then the consent of the Office of the Securities and Exchange Commission
3.In case the debtor is a file insurance company or a casualty insurance company, then the consent must be of the Insurance Department
On filing the petition as per the above grounds, the liquidator will start the case once when he confirms and proves that the debtor’s assets could not pay off liabilities. The court’s concern with regard to the business rehabilitation is mostly on the basis of debtor’s balance sheet as well as accounting documents and liquidator’s power of arguments. Discussed further in detail in this article are procedures with regard to business rehabilitation.
According to the Article 90 of the Bankruptcy Act, once the petition for business rehabilitation is accepted, a planner is appointed, who in turn possesses duties and powers to manage the debtor’s business as well as assets. In case, a planner is appointed, then the debtor executive’s power in administering the business and assets would cease. In such a situation, until the appointment of a planner, the court will employ one or more persons or sometimes the debtor’s executive for a temporary period to deal with the debtor’s business and assets under the administration of the receiver.
During this interim period, the receiver has complete right to administer interim executives and to order them to prepare explanation regarding the account details as well as anything pertaining to the management of business and assets. The interim executives would be relieved from the powers of receiver by the court when the receiver makes a motion.
In such situations, the court would employ new provisional executive to presume the office. In case the court does not appoint interim executive, then according to the Section 90/20 of the Bankruptcy Act, the receiver would be given power for a temporary period to manage debtor’s business and assets. Likewise, according to the Section 90/21 of the Bankruptcy Act, until a planner is appointed, all of the rights of the debtor’s shareholders would be suspended except for in the case of right to obtain dividends.
Once the acknowledgement order for business rehabilitation has been received, the debtor’s executive should handover everything from assets and seals to book keeping ledgers and documents pertaining to business, assets, and liabilities of the debtor to the provisional executive or the receiver.
Nowadays, a number of leading law firms is in the scenario to provide excellent services in connection with business rehabilitation and bankruptcy. Many of them undertake a plethora of such services in connection with business reorganization as analysis as well as consultation with creditor or debtor, filing petition for business rehabilitation, plan administration, and planner representation.
By Law Article
July 19th, 2009 at 07:06am
Under Labor Law
The Labor Protection Act of 1998 (LPA) and the Civil Commercial Code (CCC) are primarily responsible for administering labor protection laws in Thailand. In other words, the rights and duties pertaining to the employer and employee are governed by series of a laws and procedures.
Apart from Labor Protection Act BE 2541 (1998) and Thai Civil and Commercial Code, the laws in connection with Thai labor issues cover Labor Relations Act BE 2518 (AD 1975), Provident Fund Act BE 2530 (AD 1987), Social Security Act BE (AD 1900), and Workmen’s Compensation Act BE 2537 (AD 1994.)
The Ministry of Labor and Social Welfare, via the Department of Labor Protection and Welfare, administers the laws as well as rights with regard to labor issues. Further, the Minister of Labor and Social Welfare also possess right to appoint labor inspectors as well as to issue regulations and notifications.
The Labor Protection Act and other related laws have set up employees’ minimum rights working in the country. This in turn includes rights covering almost every aspect of an employment such as working hours, remuneration, child and female labor, employee welfare fund, overtime wages, sick leave and maternity leave, holidays, employee dismissal and termination, provident fund issues, workers’ compensation, employee social security, and severance. Discussed further in this article are rights pertaining to certain aspects of employment in Thailand.
Working Hours
An employee is mostly entailed to work eight hours a day or 48 hours a week. However, it is reduced to seven hours a day or 42 hours a week, in case, the work is hazardous and affects employee’s health. In addition, an employee working continuously for five hours a day should be given a resting time of at least one hour. Likewise, an employee must also be given at least one day holiday in a week.
Remuneration
A remuneration committee has been set up, containing chairman who is the permanent secretary of the Ministry of Labor and Social Welfare, government representatives, and representatives of both employers and employees, in order to fix the wages and to determine basic pay.
Place of Payment of Remuneration
As per the Labor Protection Act, an employer is required to make payment of remuneration at the working place itself. However, it can be changed provided if employee is ready to accept payment at some other place or via some other payment modes.
Female Employees
According to the labor acts, both male and female employees must be treated equally in a working environment. However, there are certain exceptions in this case. For instance, an employer is restricted to employ female employee in such organizations engaged in mining as well as construction projects, underwater and tunnel works, and production and transportation of inflammable materials and explosives. Similarly, pregnant female employee is prohibited from working in plant or equipment that vibrates and lifting or carrying on her head more than 15 kilograms of weight. Additionally, an employer cannot terminate a female employee when she is pregnant.
Child Labor
According to the labor law, a child labor could be employed only if he has completed 15 years of age. But, in order to child labor below 18 years of age, the employer is required to notify it to the labor inspector regarding the employment of a child labor within 15 days from the date of his joining the job. Likewise, the law restricts an employer to make a child labor below 18 years to work on public holidays and to do overtime. Further, child labor below 18 are not allowed work in certain working environments such as metal stamping, working with hazardous chemicals, and working with poisonous microorganisms.
Sick Leave and Maternity Leave
As per the law, an employer must grant employees at least 30 days paid sick leave. However, an employee must furnish a doctor’s certificate in case, he takes sick leave continuously for three days. In the case of maternity leave, a female pregnant employee should be granted at least 90 days maternity leave, of which the employer should pay for 45 days of the maternity leave.
Termination
A notice in writing must be given to an employee prior to his termination. However, according to the Labour Protection Act BE 2541 (1998), an employer can dismiss or terminate an employee without any notice or severance payment in any of these following circumstances such as
- Performing his or her duties and responsibilities dishonestly
- Committing any kind of criminal offense
- Negligence from the part of employee that leading to serious damage or loss to the employer
- Disobeying working rules and regulations devised by the employer
- On imprisonment as per the final judgment of imprisonment
A plethora of law firms are now in scenario in order to help you dealing with the Thai labor law. Usually, these law firms provide a range of services in connection with labor issues such as labor disputes, labor court representation, payroll issues, social security, and labor law compliance issues.
By Law Article
July 19th, 2009 at 01:07am
Under Personal Injury Law
Anyone who suffers a personal injury caused by another individual or a company, government agency or any other entity should realize the importance of securing the services of a personal injury attorney. Attorney representation provides you with the professional assistance that is so necessary when dealing with the intricacies of civil law, and also sends a signal to whoever caused your injury that you are serious about being compensated.
Clearly, auto accidents are of primary importance when discussing the role of personal injury attorneys. Minnesota has its per capita share of auto accidents caused by many factors, which include the scenic nature of some of our highways distracting drivers. If you are in an accident and have reason to believe the other driver is at fault, there are standards for bringing suit in Minnesota.
Of course, if you believe you may be at fault for the accident, you will need quality legal help to assist you in arranging for a settlement.
Bicycle accidents are an increasing phenomenon, as Minnesotans and people across the country have increased bicycle usage for both exercise and transportation purposes. Many accidents are car-on-bike and most of these involve failure of the motor vehicle operator to recognize the presence and rights of the bicycle rider. Again, if you are injured while riding, you need professional assistance,as most such accidents are the motor vehicle operator’s fault.
Similarly, both pedestrians and motorcyclists are familiar with the tendency of so many car and truck drivers to fail to acknowledge their presence on roads. With the advent of wide-spread cell phone usage this phenomenon has become even more prevalent. If you are struck while running or just crossing the street, you must seek a personal injury attorney that know the ins and out of Minnesota law.
Despite increased crack-downs and more harsh punishment for drunk driving, there are still many accidents involving drunk drivers striking other vehicles, bicycles, and pedestrians. Select a Minnesota personal injury firm to get the specialist of choice.
One area of increasing activity in legal processes is product liability cases. With so many foods and various other products being imported from China and other underdeveloped countries that have substandard manufacturing and food handling procedures, it is important to have an attorney who knows how to trace the responsibility back to the people or corporate representatives who should compensate the victims of faulty products.
Among the many other areas of personal injury law is medical malpractice. Medical malpractice is a very complicated situation and needs thorough investigation by a personal injury attorney. Often, medical malpractice results from the simple shortage of doctors, nursing care and other ancillary professional and even custodial personnel in a hospital environment. In an era with so many antibiotics available, some facilities have become lax in their handing of intrusive medical devices, and in simple cleanliness of both the environment and the patients wounds.
For medical malpractice cases, auto injuries, workplace injuries, or any type of wrongful injury or death case, go with the best Minnesota professionals you can find.
The information you obtain from this article is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
By Law Article
July 18th, 2009 at 02:52am
Under Banking Law
The banking industry in Thailand forms an essential segment of the nation’s financial services industry. In other words, banking sector in Thailand is well-established. The history of Thai banking dates back to 1865, when the Hong Kong and Shanghai Bank appointed its agents in Bangkok. Accordingly, the HSBC established a branch in Bangkok, thereby becoming the first bank to open a branch in the country.
Following the establishment of HSBC branch, many European as well as business banks opened their branches. As a result, foreign banks became the dominant players in the nation’s banking industry. In order to counter the supremacy of foreign banks, Siam Commercial Bank – the first Thai bank – was established in 1906. Later, more Thai banks were opened to trade with Asian countries, as a result of the Second World War, when majority of the foreign banks were forced closed.
After the world war, the Thai government introduced a protective policy in order to promote the growth of Thai banks in the country, which included limiting the operation of foreign banks to one branch office. As a result, foreign banks became less dominant players in the banking sector of Thailand. Since 1960, many innovative economic as well as social development plans have been introduced in the country, which in turn has led to rapid expansion of banking sector in Thailand’s provinces, resulting in banks numbering more than 3000 throughout the country.
Thailand’s modern banking system is made up of a variety of financial institutions including commercial banks, special purposes bank, and Government Savings Bank. Commercial banks are perhaps the most popular among the banks in Thailand. Commercial banks include both local and foreign banking institutions.
Being the biggest financial institutions in the country, Thai commercial banks render an array of services including acceptance of time savings as well as demand deposits, lending money via overdrafts, discounting of bills, and leasing. Their activities also cover fee-based services like custodian services, syndication of loans, feasibility studies, and consultations for mergers as well as acquisitions. Apart from these, in some instances, these banks issue negotiable instruments of deposit, apart from underwriting and issuing of debt instruments.
Commercial banks in Thailand, consisting of branches as well as representative offices of foreign banks, are functioned in accordance with the Thai laws and regulations formulated by the Ministry of Finance (MOF) and the Bank of Thailand (BOI.) Formed in 1875 by the Ministry of Thailand, the Ministry of Finance initially acted as an agency of the government to administer national finance, collect revenues, and disburse royal funds.
In 1933, it got its present name and status as a result of the passing of the Civil Service Reform Act. With eight departments and 16 state enterprises under its control, MOF’s major duties include supervision of matters in connection with operations of Government monopolies, property, and treasury. Additionally, it has power to provide loan guarantees for financial institutions, government agencies, and state enterprises.
Bank of Thailand started its operation in accordance with the formulation of the Bank of Thailand Act, on April 28, 1942. Among its duties are devising of monetary policy and supervision of financial institutions.
Now we will discuss banking regulation with regard to bank licensing. As per the Commercial Bank Act, first of all an application, containing particulars as entailed by the Ministry, must be filed with the Ministry of Finance in order to set up a commercial bank in Thailand. On the approval as well as the obtaining of a license from the Ministry, a commercial bank is opened as a limited public company.
However, a foreign bank has to comply with regulations formulated by the Thai government in order to open a branch in the country, such as the money should be brought from its head office. When comes to investment, Thai government permits foreign banks to hold 100% shareholding for up to a period of 10 years. After a period of 10 years, they are not required to divest their shares. But, in case, if they hold more than 49 percent of shares sold, they are not allowed to acquire additional shares.
In addition, the Commercial Banking Act has put forward certain laws and regulations for the maintenance of capital funds and reserves. As such, the commercial banks are required to maintain certain amount and types of the assets in the country.
Special purposes banks are state-owned financial institution whose activities are administered by the Thai government. However, they deal with only specific clients or projects. Included in the special purpose banks are the Bank for Agriculture and Agricultural Cooperatives, the Government Housing Bank, and the Government Savings Bank. When comes to the Government Savings Bank, it consists of an extensive network of branches throughout the nations.
Banking and financial sectors in Thailand are further categorized into: Asset Management Companies, Credit Froncier Companies, Finance and Securities Companies, and International Banking Facilities (IBF.)
By Law Article
July 16th, 2009 at 07:08pm
Under Probate Law
The information you obtain from this article is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
There are few things in life that are an absolute certainty. Morbid as it sounds, death is one of those certainties. However, life is not predictable and could take a turn for the worst at any moment. Unlike other unpredictable events in life, the certainty of death provides an opportunity to prepare for it. People do not usually think that it is necessary to prepare for death until old age, but due to this unpredictability, it is never too early.
The process of allocating everything a person owns, or his/her estate, is known as Estate Planning. This planning will ease the process of dividing your estate amongst your heirs or loved ones once death occurs. It will save them time, money, and effort, and will make sure that your desires for your estate are met.
There are a number of ways that estate planning can be accomplished. The most basic type is a simple will, but other ways include planning your funeral arrangements, life insurance, and other directives. Some people question the importance of planning funeral arrangements, but it can help surviving loved ones enormously. It makes things less complicated for loved ones when death occurs by allowing them to express their grief, rather than hiding emotions during the funeral arrangements.
A comprehensive plan can meet your needs and desires while meeting other important estate planning objectives. These include avoiding probate, reducing the amount of estate shrinkage during this process, providing sufficient liquidity to cover costs of the estate settlement, minimizing federal and state taxes related to the process, and helping to maintain your family’s standard of living by not burdening them with other financial burdens. Of these, avoiding probate is one of the more significant objectives to meet.
Probate occurs when the legal system becomes involved in how the estate of a deceased person should be settled and distributed. In many cases, probate is not necessary. If a person is married without a legal will, the estate will be transferred to their spouse upon death. If a will does exist, a person will be chosen by the deceased to be the executor of the will. This person, a family member or attorney, is responsible for following the instructions about what is to happen with the estate. Life insurance policies, bank accounts, or other items that name a beneficiary or have a “payable on death” clause are not generally probate issues.
If a will does not exist and the person is not married, and in many cases even when a will does exist, the court system then becomes involved, leading to probate. The purpose of probate is to make sure that debts are paid and that the estate (property, possessions and money) is properly distributed to loved ones according to the wishes of the deceased.
Probate proceedings can vary from state to state, so it is important to seek professional help from an attorney that has experience with wills and probate cases. The death of a loved one and distribution of possessions that may have sentimental value to survivors can be an unpleasant situation. Seeking legal counsel will help to protect your rights and help you understand what is happening and why, but even with help, probate cases can take more than a year to be completed. If everyone involved can agree to work together to respect the wishes of the deceased, probate can be a smooth process that becomes more a remembrance of the deceased rather than an ugly quarrel over estate.
The best way to avoid putting loved ones in the hassles of a probate situation is to prepare a comprehensive estate plan for when death occurs. Estate planning not only saves time and effort of your loved ones, but also gives you the satisfaction of knowing that your own wishes and desires for your estate will be fulfilled. To avoid making mistakes, seek out professional advice from a qualified attorney who can help with the process and can help you get the most out of an estate plan.
The information you obtain from this article is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
By Law Article
July 16th, 2009 at 02:57pm
Under Criminal Law
Loss of freedom. Expensive fines. A criminal record. Restrictions on your future employment. If you face criminal charges in Minnesota, the consequences may change your life. You need a criminal defense attorney, and not just any lawyer will do. You’ll want to hire an experienced professional. You’ll require an attorney who knows the ropes in Minnesota — someone with deep knowledge of local laws and the ins-and-outs of the court system.
Here are the top 10 reasons to hire a criminal defense attorney in Minnesota.
1. You will have one person in the criminal justice system you know is on your side. When dealing with judges, prosecutors, the police and witnesses you will benefit from having an experienced professional who’s concerned with your best interests.
2. You will have hired an adviser who knows the local court system. Every court system has its unique aspects. Minnesota is no exception. Your criminal defense attorney will know which local laws are relevant to your case. He or she will examine the facts in the case and identify the evidence that is most effective for your defense.
3. An experienced criminal defense attorney will take the time to understand your case. Your attorney will not let you become just another statistic in the criminal justice system.
4. Hiring a criminal defense attorney means hiring an expert. You’ll have an adviser who understands the fine points of criminal law, especially Minnesota’s legal code. Your attorney will also have access to resources, including investigators and expert witnesses, who can participate in your defense if needed.
5. Your criminal defense attorney will guide you through the maze-like procedures that often surround criminal legal proceedings – entering a plea, attending hearings, obtaining bond, preparing testimony, locating witnesses, and evaluating the evidence.
6. Your attorney will take the lead in negotiations with prosecutors to potentially dismiss or reduce the charges against you. When you hire a qualified, experienced criminal defense attorney who practices in Minneapolis, you will benefit from having an advocate who knows the local prosecutors and has experience negotiating with them. Your attorney will advise you on your best options if you are offered a plea bargain or reduced sentence.
7. If your case goes to trial, your attorney will help you select the best approach, including whether to testify, and if you should request a judge or jury trial.
8. Your attorney will review all of the evidence against you and seek to dismiss anything that is unproven, unfair, or not allowed under Minnesota law.
9. Even if you have to face some consequences, your criminal defense attorney will help you make the strongest case for a reduced or suspended sentence, lower fines, less time on probation or fewer restrictions on your activities.
10. Your criminal defense attorney will allow you to face the Minnesota court system with confidence that you’ve done the most you can to protect yourself. The right to hire an attorney is a basic civil right, one that can help you to preserve your rights and safeguard your future.
The information you obtain from this article is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
By Law Article
July 15th, 2009 at 07:07pm
Under Labor Law
In Thailand, all of the rights and duties pertaining to employers and employees are usually governed by a series of laws and regulations. Among the different acts that govern labor issues in Thailand are Labor Protection Act BE 2541, the Labor Court and Labor Court Procedure BE 2522, Labor Relations Act BE 2518, Social Security Act BE 2533, Thai Civil and Commercial Code, Provident Fund Act BE 2530, and Workmen’s Compensation Act BE 2537.
Usually, according to the employment law in Thailand, an agreement that has been established between the employer and employee should not be less than the minimum requirements or standards devised by the law.
The Labor Protection Act and other relevant acts dealing with the labor issues have set some specific rules and regulations for each and every aspect with regard to an employment such as working hour, remuneration, child labor, female labor, sick and maternity leave, dismissal as well as termination of employees, welfare and social security of employees, and hiring of employees services.
Working hours in an organization is usually on the basis of nature and type of work. In most cases, working hours should not go above eight hours per day or 48 hours each week. In case of such works that are harmful for the health of an employee, then working hours should not exceed seven hours a day or 42 days a week.
Under the Thai employment law, an employee’s maximum probationary period is 120 days. Further, the Labor Law entails every employer in Thailand to provide its employees at least 13 public days each year and at least six vacation leaves on completion of a year’s services.
Likewise, employees are eligible for annual sick leave of 30 working days each year. Apart from sick leave, pregnant employees are eligible for maternity leave of 90 days with 45 days’ full wages. When comes to remuneration, an employer is required to pay all benefits, apart from normal salary, that form part of the employment. In addition, the basic remuneration paid by an employer must be in accordance with the minimum wage as prescribed by the Ministry of Labour and Social Welfare.
Al though, male and female employees are treated alike in a employment, a female employee is prohibited from working in certain organizations or work environments such as construction as well as mining work which are performed underwater, tunnel, or underground, and transportation and production working conditions in which it is necessary to deal with inflammable or explosive items.
Likewise, there are also certain exceptions for pregnant female employees. In other words, an employer should not ask a pregnant employee to work overtime as well as work on public holidays. Further, they are also not allowed to work in certain environments such as on plants, construction firms where it is necessary to carry loads on heads or shoulders, and ships and other water going vessels.
In the case of child labor, the minimum age in order to employ a child labor is 15 years of age. But, to employ a child below the age of 18 years, it is necessary for an employer to notify it to the labor inspector within 15 days as of the date that the child starts his work. An employer is required to give a child labor a rest period of one hour for every four hours he has worked.
Similarly, an employer should not ask a child employee below 18 years to work overtime or on holidays. Additionally, child labors below 18 years are not allowed to perform dangerous works such as rolling as well as stamping metal and works dealing with unsafe chemicals and poisonous microorganisms.
A child below the age of 18 years is also strictly prohibited from certain establishments such as gambling centers, slaughterhouses, dance clubs, and center where liquors and other related beverages are served. Above all, an employer is required to pay the remuneration or benefits of child employees only to child employees and not to any other persons other than the employees.
Now we will discuss laws and regulations pertaining to termination and dismissal. A notice in writing must be provided to an employee prior to his termination. However, according to the Labour Protection Act BE 2541 (1998), an employer can dismiss or terminate an employee without any notice or severance payment in any of these following circumstances such as
- Performing his or her duties and responsibilities dishonestly
- Committing any kind of criminal offense
- Negligence from the part of employee that leading to serious damage or loss to the employer
- Disobeying working rules and regulations devised by the employer
- On imprisonment as per the final judgment of imprisonment
Nowadays, a lot number of law firms are in Thailand to help you dealing with the Thai labor law. Usually, these law firms provide a continuum of services in connection with labor issues such as labor disputes, labor court representation, payroll issues, social security, labor law compliance issues, and more.
By Law Article
July 15th, 2009 at 04:38am
Under Estates Law
- Opportunities – Applicable Laws/Regulatory Policies. – Tax Benefits/ Incentives- Current Projections in the Budget. I. INTRODUCTION. Due to LPG policy particularly liberalized Foreign Direct Investments (FDI) regime the Indiaâs explosive economic progress has captured the worldâs attention and its property market has indeed emerged as one of the most appealing investment destinations for both domestic and foreign investors.
Indian Real estate is on the high growth path and the boom is mainly due to mall culture, multiplexes, hypermarkets and retail sector are growing in India and retail brands from all over the world are showing their keen interest to even setup their base in India especially MNCs apart from retail outlets coupled with rising demand for commercial and residential boosting the industry. It is expanding its wings even in remote towns. Leave aside metro cities, smaller towns have attracted construction activity from big developers. Shopping malls, skyscrapers and new infrastructures are shaping new India.
II OPPORTUNITIES Indian real estate has huge potential demand in almost every sector especially commercial, residential, hospitality, healthcare, retail and industrial etc. This is growing at a dizzying pace of almost 30 percent each year. The bulk of construction activity – 80 percent is dedicated to housing, while the rest is commercial, including offices, malls, hotels and hospitals.The Real Estate market is projected to grow to US$60 billion by 2010 at a CAGR of 40% Several factors are expected to contribute to the rapid growth in Real Estate Large demand-supply gap in affordable housing, with demand being fuelled by tax incentives and a growing middle class with higher savings. Increasing demand for commercial and office space especially from the rapidly growing Retail, IT/ ITeS and Hospitality sectors etc. Investment opportunities exist in almost every segment of the business as per the estimates of Investment commission of India particularly in the following sector. Over 20 million new housing units will require in next 4 years. Office space for IT/ITeS: Five-fold increase in office space requirement over the next 3 years Commercial space for organized retailing: 200 million sq. ft. by 2010. Hotels & Hospitality: Over 40,000 new rooms in the next 5 years Investment opportunity of over US$75 billion in will require in the next four years. Working Group on Urban Housing pertaining to the 11th Plan made assumptions on unit cost of construction of houses in million plus cities and other urban areas for estimating the investment required for overcoming the housing shortage. The total estimated investment for meeting the housing requirement upto 2012 was estimated to be of the order of Rs.3,61,318.10 crores consisting of Rs.1,47,195 crores for mitigating housing shortage at the beginning of 11th Plan and Rs.2,14,123.10 crores for new additions to be made during the 11th Plan period (this includes construction of pucca houses & upgradation of semi-pucca and kutcha housing units.Apart, India in the next two years period is estimated to require investments worth US$60 billion by 2010. This again has opened up opportunities for foreign investments in the realty sector. FDI liberalization in year 2005 has thrown open the lucrative parts of the Indian realty market to global investors. Foreign Direct Investments in the real estate sector in India would also contribute towards making the sector more organized. Besides increasing professionalism in the sector, it would bring in advanced technology and help in the creation of healthy and competitive market environment for both domestic and foreign investors.Real Estate companies have been successfully tapping the countryâs booming capital markets for funds. Commercial office space requirement is led by the burgeoning outsourcing and Information Technology Industry. The leaders of the IT/ITES world have set up or are setting up their centers in India. Estimated demand from IT/ITES sector alone is expected to be 150mn sq.ft. of space across the major cities by 2010. In residential sector there is housing shortage of 19.4 million units out of which 6.7 million are in urban India. High demand growth has led to prices doubling over 3 years in many cities. The increase in purchasing power and exposure to organized retail formats has redefined the consumption pattern. As a result the country has experienced mushrooming of retail projects across the cities.Growth is expected in the all following sectors and Foreign Direct Investment is encouraged and permitted these sectors subjected to certain conditions. ⢠Hotel Development⢠TourismIf you want to read article go to second part of this – Indian real estate investment policy India â Part II.
India Law offices wrote this article on behalf of real estate investment policy in
Indian Law. For more information on Indian real estate government policy for visiting
India law firms lawyer online directory and online legal services by helplinelaw.com.
By Law Article
July 15th, 2009 at 04:38am
Under Estates Law
- Opportunities – Applicable Laws/Regulatory Policies. – Tax Benefits/ Incentives- Current Projections in the Budget. I. INTRODUCTION. Due to LPG policy particularly liberalized Foreign Direct Investments (FDI) regime the Indiaâs explosive economic progress has captured the worldâs attention and its property market has indeed emerged as one of the most appealing investment destinations for both domestic and foreign investors.
Indian Real estate is on the high growth path and the boom is mainly due to mall culture, multiplexes, hypermarkets and retail sector are growing in India and retail brands from all over the world are showing their keen interest to even setup their base in India especially MNCs apart from retail outlets coupled with rising demand for commercial and residential boosting the industry. It is expanding its wings even in remote towns. Leave aside metro cities, smaller towns have attracted construction activity from big developers. Shopping malls, skyscrapers and new infrastructures are shaping new India.
II OPPORTUNITIES Indian real estate has huge potential demand in almost every sector especially commercial, residential, hospitality, healthcare, retail and industrial etc. This is growing at a dizzying pace of almost 30 percent each year. The bulk of construction activity – 80 percent is dedicated to housing, while the rest is commercial, including offices, malls, hotels and hospitals.The Real Estate market is projected to grow to US$60 billion by 2010 at a CAGR of 40% Several factors are expected to contribute to the rapid growth in Real Estate Large demand-supply gap in affordable housing, with demand being fuelled by tax incentives and a growing middle class with higher savings. Increasing demand for commercial and office space especially from the rapidly growing Retail, IT/ ITeS and Hospitality sectors etc. Investment opportunities exist in almost every segment of the business as per the estimates of Investment commission of India particularly in the following sector. Over 20 million new housing units will require in next 4 years. Office space for IT/ITeS: Five-fold increase in office space requirement over the next 3 years Commercial space for organized retailing: 200 million sq. ft. by 2010. Hotels & Hospitality: Over 40,000 new rooms in the next 5 years Investment opportunity of over US$75 billion in will require in the next four years. Working Group on Urban Housing pertaining to the 11th Plan made assumptions on unit cost of construction of houses in million plus cities and other urban areas for estimating the investment required for overcoming the housing shortage. The total estimated investment for meeting the housing requirement upto 2012 was estimated to be of the order of Rs.3,61,318.10 crores consisting of Rs.1,47,195 crores for mitigating housing shortage at the beginning of 11th Plan and Rs.2,14,123.10 crores for new additions to be made during the 11th Plan period (this includes construction of pucca houses & upgradation of semi-pucca and kutcha housing units.Apart, India in the next two years period is estimated to require investments worth US$60 billion by 2010. This again has opened up opportunities for foreign investments in the realty sector. FDI liberalization in year 2005 has thrown open the lucrative parts of the Indian realty market to global investors. Foreign Direct Investments in the real estate sector in India would also contribute towards making the sector more organized. Besides increasing professionalism in the sector, it would bring in advanced technology and help in the creation of healthy and competitive market environment for both domestic and foreign investors.Real Estate companies have been successfully tapping the countryâs booming capital markets for funds. Commercial office space requirement is led by the burgeoning outsourcing and Information Technology Industry. The leaders of the IT/ITES world have set up or are setting up their centers in India. Estimated demand from IT/ITES sector alone is expected to be 150mn sq.ft. of space across the major cities by 2010. In residential sector there is housing shortage of 19.4 million units out of which 6.7 million are in urban India. High demand growth has led to prices doubling over 3 years in many cities. The increase in purchasing power and exposure to organized retail formats has redefined the consumption pattern. As a result the country has experienced mushrooming of retail projects across the cities.Growth is expected in the all following sectors and Foreign Direct Investment is encouraged and permitted these sectors subjected to certain conditions. ⢠Hotel Development⢠TourismIf you want to read article go to second part of this – Indian real estate investment policy India â Part II.
India Law offices wrote this article on behalf of real estate investment policy in
Indian Law. For more information on Indian real estate government policy for visiting
India law firms lawyer online directory and online legal services by helplinelaw.com.
By Law Article
July 15th, 2009 at 04:38am
Under Estates Law
- Opportunities – Applicable Laws/Regulatory Policies. – Tax Benefits/ Incentives- Current Projections in the Budget. I. INTRODUCTION. Due to LPG policy particularly liberalized Foreign Direct Investments (FDI) regime the Indiaâs explosive economic progress has captured the worldâs attention and its property market has indeed emerged as one of the most appealing investment destinations for both domestic and foreign investors.
Indian Real estate is on the high growth path and the boom is mainly due to mall culture, multiplexes, hypermarkets and retail sector are growing in India and retail brands from all over the world are showing their keen interest to even setup their base in India especially MNCs apart from retail outlets coupled with rising demand for commercial and residential boosting the industry. It is expanding its wings even in remote towns. Leave aside metro cities, smaller towns have attracted construction activity from big developers. Shopping malls, skyscrapers and new infrastructures are shaping new India.
II OPPORTUNITIES Indian real estate has huge potential demand in almost every sector especially commercial, residential, hospitality, healthcare, retail and industrial etc. This is growing at a dizzying pace of almost 30 percent each year. The bulk of construction activity – 80 percent is dedicated to housing, while the rest is commercial, including offices, malls, hotels and hospitals.The Real Estate market is projected to grow to US$60 billion by 2010 at a CAGR of 40% Several factors are expected to contribute to the rapid growth in Real Estate Large demand-supply gap in affordable housing, with demand being fuelled by tax incentives and a growing middle class with higher savings. Increasing demand for commercial and office space especially from the rapidly growing Retail, IT/ ITeS and Hospitality sectors etc. Investment opportunities exist in almost every segment of the business as per the estimates of Investment commission of India particularly in the following sector. Over 20 million new housing units will require in next 4 years. Office space for IT/ITeS: Five-fold increase in office space requirement over the next 3 years Commercial space for organized retailing: 200 million sq. ft. by 2010. Hotels & Hospitality: Over 40,000 new rooms in the next 5 years Investment opportunity of over US$75 billion in will require in the next four years. Working Group on Urban Housing pertaining to the 11th Plan made assumptions on unit cost of construction of houses in million plus cities and other urban areas for estimating the investment required for overcoming the housing shortage. The total estimated investment for meeting the housing requirement upto 2012 was estimated to be of the order of Rs.3,61,318.10 crores consisting of Rs.1,47,195 crores for mitigating housing shortage at the beginning of 11th Plan and Rs.2,14,123.10 crores for new additions to be made during the 11th Plan period (this includes construction of pucca houses & upgradation of semi-pucca and kutcha housing units.Apart, India in the next two years period is estimated to require investments worth US$60 billion by 2010. This again has opened up opportunities for foreign investments in the realty sector. FDI liberalization in year 2005 has thrown open the lucrative parts of the Indian realty market to global investors. Foreign Direct Investments in the real estate sector in India would also contribute towards making the sector more organized. Besides increasing professionalism in the sector, it would bring in advanced technology and help in the creation of healthy and competitive market environment for both domestic and foreign investors.Real Estate companies have been successfully tapping the countryâs booming capital markets for funds. Commercial office space requirement is led by the burgeoning outsourcing and Information Technology Industry. The leaders of the IT/ITES world have set up or are setting up their centers in India. Estimated demand from IT/ITES sector alone is expected to be 150mn sq.ft. of space across the major cities by 2010. In residential sector there is housing shortage of 19.4 million units out of which 6.7 million are in urban India. High demand growth has led to prices doubling over 3 years in many cities. The increase in purchasing power and exposure to organized retail formats has redefined the consumption pattern. As a result the country has experienced mushrooming of retail projects across the cities.Growth is expected in the all following sectors and Foreign Direct Investment is encouraged and permitted these sectors subjected to certain conditions. ⢠Hotel Development⢠TourismIf you want to read article go to second part of this – Indian real estate investment policy India â Part II.
India Law offices wrote this article on behalf of real estate investment policy in
Indian Law. For more information on Indian real estate government policy for visiting
India law firms lawyer online directory and online legal services by helplinelaw.com.
By Law Article
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