#RealtyNewsRoundUp: New Accounting Rules To Hamper Developers' Valuation; Naredco Writes To Govt

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National Real Estate Development Council (Naredco) has written to the government regarding the implementation of a new accounting standard which will force listed real estate companies to write back profits made over the past few years from all under-construction projects. Under the new rule, buyer payments toward ongoing projects will be treated as advances or loans and not as income from sales.

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“Disturbed” by the West Bengal government notifying its own real estate Act despite a Central law in place, a team of officials of the Union government would visit that state. This team would urge the Mamata Banerjee-led government to switch to the Real Estate (Regulation & Development) Act, 2016, to protect the interest of homebuyers.

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Hundreds of people from residential societies and nearby villages organised a mega protest against the construction of a dumping yard at Sector 123 in Noida. They blamed the Noida Authority of violating the rules by building a landfill site in a residential area. While residents of Sectors 123, 120, 121 and nearby villages have refused to pay heed to local administration's repeated appeals to end their agitation, several housing projects in the locality are now staring at an uncertain future.

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Supertech will raise about Rs 500 crore through mezzanine funding for completing the ongoing projects, company Chairman RK Arora has said. It had previously raised Rs 430 crore in December 2017 from Altico Capital for its Capetown project

Source: Media reports