In 2011 six big ticket real estate IPOs was expected to raise over $2.9 billion or Rs.13,000 crore. Emaar MGF, which could not raise money in the capital market in consecutive attempts even when market conditions were conducive.
The Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the draft Real Estate Bill should not penalise only the developer for time overruns but instead cover the liability of all stakeholders, including government agencies and urban local bodies.
Real estate agents, gems and precious metals traders will soon come under the ambit of country’s anti-money laundering law.
Diversified Indian conglomerate Piramal Group plans to lend up to $193 million to real estate projects in the current fiscal year to March as it focuses on building its newly launched financial arm, its Chairman said.
CREDAI has opposed the proposed Land Acquisition and Rehabilitation & Resettlement (R&R) Bill, and said with proposed R&R to the farmers the construction industry would become an unviable proposition.
The Government will make public the draft Real Estate Regulation and Development Bill, 2011 for comments from stakeholders this week and may subsequently introduce it in the forthcoming winter session of Parliament.
HDFC Realty, the private equity arm of Housing Development Finance Corporation, is in talks with the world’s largest sovereign funds to raise its fourth real estate fund.
Morgan Stanley Real Estate Investing Managing Director Naresh Naik has resigned to set up a real estate fund house that will invest exclusively in India.
The festival of Diwali has a direct bearing on the property market, and irrespective of the overall macro economic scenario the property transactions around this time of the year have been the maximum.
As the realty major DLF moves the Compat to challenge the CCI penalty of Rs.630 crore, the real estate sector will soon get an answer as to whether their business falls under the service sector.