Real Estate Regulation Bill likely in Budget session
The government is likely to come up with a Bill in the forthcoming Budget session of the Parliament to regulate the real estate sector, Housing Minister Ajay Maken said. “Inter-ministerial consultations are still on. Cabinet clearance will be sought once inter-ministerial consultation is over,” Maken said. The draft legislation, pending since 2009, aims to establish a regulatory authority for the realty sector, ensure sale of immovable properties in an efficient and transparent manner and protect consumer interest. The most important proposal in the draft Bill is setting up a regulatory authority in every state.
New home launches drop 16% in top 8 cities
AROUND 1.62 lakh housing units were launched last year in India’s eight major cities – a drop of 16 per cent from 2011, global property consultant Cushman & Wakefield said. The cities tracked by the consultant are NCR, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata and Ahmedabad. A majority of the units were launched in the mid-price segment comprising about 83 per cent of total launches, it added. NCR, Chennai, Bangalore, Hyderabad and Ahmedabad witnessed decline in home launches compared with 2011, but Mumbai, Pune and Kolkata reversed the trend with higher number of launches. NCR saw maximum launches of new homes at nearly 54,500 units in 2012, followed by Pune (24,000), Mumbai (22,500) and Chennai (20,800). High inflation as well as home loan interest rates and slow economic growth had a strong impact on the end users making them more price sensitive than previously experienced, the report said.
Godrej Waterside to be merged with parent firm
Godrej Properties said the company will merge its fully-owned subsidiary Godrej Waterside Properties into itself. In a filing to the BSE, Godrej Properties has informed that its board, approved the scheme of amalgamation of Godrej Waterside Properties Pvt Ltd with Godrej Properties under sections 391 to 394 of the Companies Act, 1956.
IndiaHomes to foray into loan servicing biz
Real estate brokerage firm IndiaHomes will be investing $20 million through private equity infusion over next two years to fund its foray in home loan servicing as well as to expand geographical reach. IndiaHomes has so far invested around $14 million for
expanding its operations in the country. These funds were raised through a mix of private equity infusion from Helion Venture Capital India and US-based Foundation Capital and its promoters.
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