#RealtyNewsRoundUp: Only 3 States Have Permanent Real Estate Regulators So Far
Description
Even after one year of the implementation of the Real Estate (Regulation & Development) Act, 2016, only three states have appointed a permanent regulator, only 14 states have functional web portals and only 20 states have notified the rules. While Maharashtra, Madhya Pradesh and Punjab have appointed permanent regulators under the law, West Bengal has failed to notify the Act. The seven north-eastern states have also not notified the Act.
***
As many as 356 infrastructure projects, each worth Rs 150 crore or more, have shown cost overrun of Rs 2.19 lakh crore owing to delays and other reasons, says the Ministry of Statistics and Programme Implementation. According to the ministry, the expenditure incurred on these projects till January 2018 is Rs 6.61 lakh crore, 35.92 per cent more than the anticipated cost of the projects.
***
Mumbai-based Lodha Developers has overtaken DLF, the country’s largest real estate player by market capitalisation, in terms of revenues for the first nine months of the previous financial year. Lodha Developers posted revenues of Rs 6,600 crore, against DLF’s Rs 5,329 crore for nine months ended December 2017.
Meanwhile, Lodha Developers has filed draft documents with the capital markets regulator for a mega initial public offering, worth Rs 5,000-5,350 crore.
***
Housing Development Finance Corporation (HDFC) has reported a 39.2 per cent year-on-year (y-o-y) rise in its standalone net profit for the March quarter to Rs 2,846.2 crore. Despite increasing competition in the home-loan market with rivals, HDFC has managed to maintain its market share. HDFC has one of the best home-loan portfolios with the lowest level of NPAs that stand at around one per cent
Meanwhile, Dewan Housing Finance Corporation, one of India’s largest non-bank mortgage financiers, reported a 26 per cent growth in net profit in the fourth quarter, aided by home loans that make up two-thirds of its portfolio.
Source: Media reports