Realty News Roundup: Sriram Kalyanaraman Appointed Finance Sector Regulator For Homes; QVC Realty To Launch Rs 500 Cr Real Estate Fund
Realty News Roundup is PropGuide's selection of top stories from the real estate sector
Top News
Sriram Kalyanaraman has been appointed as the finance sector regulator for homes. Presently serving as the director, business development, at Equifax Credit Information Services, Kalyanaraman is the first person from the private sector to be appointed as head of a public sector financial institution. He will soon take charge as managing director and CEO of the National Housing Bank for a period of five years. Read here.
QVC Realty, the Bengaluru-based real estate firm, is reportedly launching a Rs 500-crore real estate fund. Reports suggest that the fund will have a green shoe option of Rs 300 crore. QVC Realty is the first venture capital-funded real estate firm in India. "We have received approval and are targeting a first close of Rs 150 crore by the end of October," CEO and founder of QVC Realty, Prakash Gurbaxani, said here.
In Maharashtra, the state government is reportedly planning new policy to make green buildings compulsory in cities. This reports states that "if the policy is put in place, it will be mandatory for builders to incorporate facilities such as rainwater harvesting, solid waste management and compost manure plants, solar energy and sewage recycling units in their upcoming residential or commercial complexes". Read more.
Beyond The Home Page
Even as more and more cities compete to clinch the Centre's Smart City project, people of Kolhapur have gone a step ahead and chipped in ideas to make their city 'smart'. This report states that they shared interesting ideas for the Smart City project with the Kolhapur Municipal Corporation officials. Suggestions ranged from offering online tax payment to starting English-medium civic schools and placing garbage bins every 500 metres on roads.
Good news for those who intend to buy industrial plots in Chennai. The Chennai Metropolitan Development Authority (CMDA) has invited applications for sale of industrial plots developed by it at Chithamanur village, near the Maraimalai Nagar industrial estate cluster. Read here.
Opinion
In an interview with the Hindu Business Line, News Corp's Senior Vice-President (Strategy) , Raju Narisetti, gives an outline of the company's roadmap for India. In the context of News Corp recently upping its stake in Elara (the parent company of PropTiger.com) , Narisetti asserts that much of realty activity in India will now begin and end online. When asked about the roadmap for a platform like PropTiger.com, he said, "...in the long term, there will be a huge demand for new homes in India, with about 5 million homes required by people. So fundamentally, there is a demand." Read the full interview here.
In an article in the Economic Times, Jasmeet Chhabra, Managing Partner, real estate private equity firm Religare Global Asset Management, talks about the risks and opportunities of investing in real estate."Common sense tells us that there is no return without risk," he says, adding, "Real Estate is the most desired possession we all aspire for, but it is by no means a magic wand or the proverbial kiss of the princess leading to riches." Hard talk but thought provoking. Read more here.