Realty News Roundup: Govt To Get GST & Realty Bill In Next Parliament Session; SEBI Penalises PACL For Rs 7,296 Cr

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

Top News

The Union Urban Development Minister M. Venkaiah Naidu said that the Centre is expected to take up the Goods and Services Tax (GST) Bill and the Real Estate Regulatory Bill in the next session of Parliament. These bills will help accelerate economic reforms, and raise economic growth and employment in the country. Read more

In Maharashtra, the state government, which had received an approval from the Centre to formulate rules for the implementation of the Housing Regulatory Bill, is now in a state of dilemma. The state now awaits the Centre to give a go-ahead on the formulated rules, while the Centre's Real Estate Regulatory Bill is still pending in the Rajya Sabha. But, the Centre wants the state government to accept the Real Estate Bill once Parliament passes it. Read more

For raising funds illegally, Securities and Exchange Board of India (SEBI) has fined property developer PACL a sum of Rs 7,269 crore. The four directors of PACL, also known as Pearls Group, were found guilty of illegal and fraudulent mobilisation of funds. SEBI said that the company should pay maximum penalty for defrauding the common man on such a large scale. Read more 

Off the front page

Standard Chartered Bank India plans to sell its iconic office in Kolkata. The Standard Chartered Bank has been inviting bids for the sale of this commercial property. This office, originally constructed in 1850s, is located in the city's central business district (CBD) in Benoy-Badal-Dinesh (BBD) Bagh area. Read more

Opinion

Read Madhura Karnik's opinion piece in Quartz on the Wall Street betting big on India's real estate sector. She points out that after years of subdued private equity investments in the sector, global giants like Goldman Sachs, Warburg Pincus and Blackstone have invested over Rs 6,000 crore in Indian real estate companies.