Current Happenings in the Indian Realty Sector

Current Happenings in the Indian Realty Sector


What happened recently in the Real Estate? Get to know here:

1. Dharavi (Mumbai) to be redeveloped: 16 developers shortlisted

MHADA ( Maharashtra  Housing Area Development Authority) has recently shortlisted 16 developers to redevelop Dharavi. The project aims to construct 1.08 lakh houses. Almost more than 50% will come under the affordable segment.

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2. Lodha Group sold 2,000 homes in the proposed 88-acre Thane project

Prior to the launch of it’s proposed project on 88-hectare land in Thane, Mumbai-based real estate developer, Lodha Group has sold more than 2,000 units. Currently, one phase of the project is offering 3500 units with 1BHK and 2BHK residence options.

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3. With a regulator in the offing, realty funds get a traction.

Realty funds have raised $420 million in the first quarter of 2016. According to the VC Circle report, last year it was $520 million.

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4. 10-acre residential projects to be developed in Gurgaon by IREO and Hines, jointly

Gurgaon gets foreign investment in the residential space by an international developer Hines and Abu Dhabi Investment Authority (ADIA)

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5. 300-acre industrial park to be developed in Gujarat by Mahindra Lifespaces

Mahindra Spaces has got government approvals to develop this project in Gujarat. Previously, they built a 650 acres industrial park in Chennai with Japanese company- Sumitomo Corporation.

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6. Revalued real estate investments of Rs 1,200Cr to be expected by UCO Bank

With the changed RBI guidelines, banks are enabled to recognise 45% of revaluation reserves which will be included in CET1 Capital.

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7. IBREL plans to elevate Rs 70 crore through private placements of NCD (Non-convertible Debentures)

Indiabulls Real Estate Ltd conveyed that they propose to issue 700 redeemable, secure and non-convertible debentures of face value worth 10 lakhs each.

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8. ICRA states that the Real Estate Bill has no provision for accelerating an approval process.

It states that the bill has provisions only for penalising developers in case of delays beyond the stated time. There is no clear distinction made in projects that face delays due to delayed approvals.

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