Environmental clearance delays in PCMC have stalled over 100 housing projects worth Rs 30,000 crore, creating severe inventory shortage and pent-up buyer demand for past 7-8 months.
The real estate sector's growth has been significant, but challenges due to varying laws across states hinder a national presence for developers.
DLF Ltd and Prudential Financial Inc have received initial regulatory approval for their mutual fund venture, DLF Pramerica, aiming for a launch in 2009.