Realty News Roundup: Model Tenancy Bill Will Soon Reach The Cabinet; Patna Might See A Realty Boom

July 20, 2015   |   Proptiger

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

 

Top News

 

The central government might soon approve the norms proposed by the Model Tenancy Bill, 2015. Rajiv Ranjan Mishra, Joint Secretary, Ministry of Housing & Urban Poverty Alleviation, said that the draft of the Model Tenancy Bill, 2015, will soon reach the union cabinet for approval. The Bill is expected to repeal some of the stringent regulations that govern the segment. Read more.

 

The real estate sector in Patna may soon witness a boom. The Patna Municipal Corporation (PMC) has initiated the process for registration of builders. Nearly three years ago, the Urban Development and Housing Department had imposed a ban on the approval of maps for multi-storied buildings taller than 11 meters. The city master plan that has been delayed for long is now high on PMC's priority scale. Read here.

 

When allegations that it favoured prominent builders who construct luxury residential towers surfaced, the Maharashtra urban development department reversed its controversial decision to exempt some builders from paying a hefty FSI premium to the BMC. Now, to increase the floor area, such builders will have to pay full FSI premium. Read here.

 

Off the front page

 

In the first quarter of 2015-16, the net profit of real estate player Oberoi Realty Ltd rose by 24%, to Rs 79.57 crore. In the same period, Oberoi Realty's balance sheet had recorded a net profit of Rs 64.33 crore. According to media reports, the gross income of the company rose to Rs. 215.78 crore during the Q1 of 2015-16 from Rs. 181.85 crore in the corresponding period of the previous year.

 

According to a real estate operations report released by realty major Shobha, its real estate projects in Bengalaru are a major factor behind the company's growth.

 

Private Equity firm Brick Eagle announced that it will form a special fund by raising Rs 5 crore in this fiscal year to finance homes that cost up to Rs 10 lakh. According to this report, Brick Eagle also plans to buy stakes of realty firms that invest in affordable residential units in various Indian states. As the NDA government plans to build homes for all by 2022, many development institutions and corporations are likely to undertake similar initiatives.

 

The Lodha group will divide its businesses among the two sons of its founder and chairman, Mangal Prabhat Lodha. The group will have two independent businesses in real estate and financial services. Real estate business will be headed by his eldest son, Abhishek. Read more.

 

Opinion

 

Do you wish to buy an apartment under the 80:20 scheme? Raghu Palat, author and MD of Cortland Rand, tells you certain facts you should be aware of. Read the article in DNA. 

 

Harsh Roongta, a SEBI-registered investment advisor, believes that residential societies must be allowed to invest in tax-free bonds. Read this article in the Business Standard to know why.

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