#RealtyNewsRoundUp: PE Investments In Realty Up 17% In 2017

Private equity (PE) investments in residential real estate declined almost 29 per cent in 2017 to Rs 15,600 crore as against 2016, mainly due to subdued market sentiment and implementation of various reforms that resulted in delay of home launches, a recent study said. According to the report by a global property consultant, PE investments in the realty sector, however, grew 17 per cent in 2017 to Rs 42,800 crore as against Rs 36,590 crore last year. The investment into the real estate sector in 2017 had risen a whopping 52 per cent since 2014 aided by better ease of doing business, relaxation in foreign direct investment norms, the introduction of the Goods and Services Tax, and defining norms for Real Estate Investment Trusts listing, the report said.

***

The Supreme Court on January 15 said that authorities did not appear to have carried out their statutory duties in preventing illegal construction in Delhi. The apex court made it clear that the setting up of a monitoring committee to oversee the implementation of the law relating to sealing of offending premises did not mean bodies such as the Municipal Corporation of Delhi, the Delhi Development Authority, the New Delhi Municipal Council and the Land and Development Office would not do their statutory work.

***

After hanging fire for nearly two months, the Delhi government's ambitious programme for doorstep delivery of public services has been cleared by Lt Governor (L-G) Anil Baijal who had red-flagged a few provisions in the scheme. The L-G Office issued a statement on January 15, announcing the decision. The scheme was cleared by the State Cabinet on November 16 last year. Under the scheme, assistants will turn up at the doorstep of individuals willing to avail certain government services and upload requisite documents online, ending the need for them to visit government offices.

***

The Kamala Mills compound blaze that claimed 14 lives had shaken the conscience of society, and was an eye-opener, the Bombay High Court (HC) said on January 15, and held that the tragedy was a result of the administration's failure to ensure strict adherence to fire safety norms. While directing the civic body to bring its house in order, the HC asked the Brihanmumbai Municipal Corporation to carry out fire safety audit of all eateries and restaurants.

Source: Media reports