The importance of strategy has led scholars, consultants and managers to explore the term more intensively. From some of the important words used in the definitions of strategy, differences in various approaches to strategy formulation can be analysed and specific approaches can be identified. Keeping this in view, 273 strategy definitions were analysed using major nouns appearing in these definitions. The study obtained six distinct approaches to strategy formulation namely: the planning approach – related to long-term planning and execution to achieve organisation goals; fit approach – concerned with matching internal strengths and weakness with that of external opportunities and threats; emergent approach – involving adapting to change when needed; positioning approach – involving placing company in such a position so that it gains maximum advantage vis-à-vis its competitors; resource-based approach – identifying and utilizing key resources efficiently and finally, stakeholders' approach – protecting the interest of stakeholders. Using Content analysis, this study shows that each of the approaches emerged and dominated at different periods. This study also shows that during the last four decades, the positioning approach has been the most dominant approach followed by the resource-based approach.
Purpose
This paper aims to discuss the essential features, merits and drawbacks of the recently enacted Indian Real Estate Act, 2016, an economic reform measure pertaining to the real estate sector (RES). This paper analyses the impact of the Act and Union Budget 2016 on the inflow of foreign d irect investment (FDI) in India, and examines its ramifications on the world economy.
Design/methodology/approach
The study is based on secondary data sources, including consumer forum reports, investigative reports from national agencies, court decisions, government websites, real estate companies and industry associations. A sample survey on the implications of the Act has been conducted using Facebook and and through personal interaction with various stakeholders.
Findings
The Indian RES was unregulated prior to the passage of the Act, which has several provisions aimed at protecting the interest of consumers by tightening fraudulent practices of promoters/developers. Stakeholders are hopeful, but there is some apprehension. The government’s budgetary and fiscal support for infrastructure development has had an impact on the FDI inflow.
Practical implications
The Act is new, so there is not enough data to judge its real impact on the economy. However, it has started showing evidence of impact through a recent judgment by the Supreme Court of India punishing a promoter.
Originality/value
Regulating the Indian RES is a challenging task, but the new regulations are likely to provide confidence to foreign investors who may see India as a safety net for investment. This paper is timely and may help move things in this direction.
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