Track2Realty: The formation of REITs – funds that own real estate but have shares that are listed on the stock market – will encourage the creation of big-ticket institutional-grade buildings, and will give developers a ready outlet for development projects.
Track2Realty Exclusive: The Government of India has been re-evaluating policy measures and modifying these or initiating fresh mandates in order to give a boost to the industry. Changes in policies pertaining to SEZs towards reducing area requirements, the easing of norms for external commercial borrowing (ECB) for development of affordable housing and the augmentation of limits for listed NCDs will go a long way in clearing bottlenecks faced by the sector.
Track2Realty Exclusive: The real estate sector in India today is developing at a scorching pace. Factors such as higher levels of income and purchasing power and the growing need for entertainment, leisure and shopping, the government’s focus on infrastructure development, rapid urbanisation driven by rural-urban immigration and an emerging trend of nuclear families, greater availability of loans to finance real estate purchases, amongst others, have been instrumental in this development.
Track2Realty-Agencies: Mantri Realty on Friday, Dec 7, said it will invest up to Rs 750 crore to develop three housing projects in Maharashtra and Karnataka over the next 2-3 years.
Track2Realty-Agencies: The Sahara group today moved the Supreme Court seeking review of the verdict ordering it to refund Rs. 24,000 crore, raised from investors through optionally fully convertible debentures (OFCDs).
Track2Realty-Agencies: Sahara Group on Friday, Sep 28, assured the Supreme Court that its two companies, which had raised Rs 24,000 crore through Optionally Fully Convertible Debentures (OFCDs) from their investors will refund the amount within three months.
Sahara India has accused market regulator SEBI of not accepting data, since Monday, of the three crore investors of the company who had invested in its optionally fully convertible debentures (OFCDs). Sahara sent the data to SEBI following a Supreme Court order to furnish documents relating to investors, supporting redemption documents, application forms, approval and allotment of bonds to the market regulator.
The Sahara Group has clarified their stand in public after the jolt by the Supreme Court asking them to refund within three months Rs. 24,029 crore it had collected between 2008 and 2011 from over 2.96 crore investors, flouting mandatory regulatory provisions and the Company Act. In the wake of media onslaught after the Court asked two Sahara Companies to pay 15% interest on the amount, the Group in a statement has following version in its defence.
The Sahara Group, fresh after a string of acquisitions of Marquee Hotel properties in the UK and the US, is in talks with US-based Oasis West Realty to pick up a controlling stake in Beverly Hilton Hotel, a landmark Los Angeles property that has been hosting the Golden Globe Awards.
A White Paper on black money tabled in Parliament on Monday, May 21, has named real estate among others as most vulnerable to menace of black money. Given that land is part of the top black money generators, the white paper suggested that states could consider taxing farm income to curb black money.