#RealtyNewsRoundup: Centre May Notify Real Estate Act Rules Within 10 Days

Description

Realty News Roundup is PropGuide's selection of the day's top stories from the real estate sector.

Moving a step closer to regulate the real estate sector, the Centre plans to notify the Real Estate Act soon. The legislation is likely to be notified by the Ministry of Housing and Urban Poverty Alleviation within 10 days. Real estate rules to be notified by the housing ministry will be applicable to Union Territories of Andaman & Nicobar Islands, Chandigarh, Dadra and Nagar Haveli, Daman & Diu and Lakshadweep. While the ministry will formulate the rules in this regard for the National Capital Region, other states and UTs will come out with their own rules.

Embassy Property Developments has filed an application before the Securities and Exchange Board of India (Sebi) for an in-principle approval to register a real estate investment trust (REIT) . If approved, Embassy REIT will be the first real estate sector REIT listing in the country.

In the backdrop of alleged corruption and procedural irregularities in its functioning, Delhi Lieutenant-Governor Najeeb Jung has dissolved the Delhi Waqf Board. Declaring the reconstitution of the board as illegal, the LG has referred the matter to the Central Bureau of Investigation for a probe.

Real estate company Sobha Developers' sales bookings rose by five per cent during the July-September over the corresponding period of the previous financial year to Rs 518 crore. The Bengaluru-based firm expects to achieve Rs 2,000-crore sales target this financial year. According to the company presentation, it sold more than 8,55,000 sq ft during the July-September quarter of 2016-17 as against 8,50,000 sq ft sold in the year-ago period. The bulk of new sales came from Bengaluru at over 6.37 lakh sq ft, followed by Chennai, the Delhi-National Capital Region and Cochin.

Source: Media reports