#RealtyNewRoundup: SBI Set To Form Its Real Estate Arm
Public lender State Bank of India (SBI) has announced the formation of a fully-owned subsidiary that will manage real estate. The new entity, to be named SBI Infra Management Solutions Pvt Ltd, will manage its premises and other real estate properties across the country. The move is seen as the state lender's efforts towards improving its balance sheet while doing away with the huge pile up of bad assets. "The primary role of the new entity will be to handle transaction management/ advisory services, project management, facility management and implementation of policies and initiatives," SBI said in a media statement.
Bengaluru-based real estate developer RMZ Corp has started the process of shortlisting the investment banks that will manage its upcoming initial public offering (IPO) for its proposed real estate investment trust (REIT). The developer expects to raise Rs 2,000 crore through its initial public offering. Additionally, RMZ may also sell a stake in its 20 million sq ft of commercial rental property to raise funds.
Following protests from consumer rights groups, the Maharashtra government is learnt to have plugged certain pro-developer clauses in its draft for the new Real Estate (Regulation & Development) Act (RERA) rules. The final rules, likely to be approved by Chief Minister Devendra Fadnavis soon, will come into effect on May 1.
The state Assembly passed the West Bengal Land Reforms (Amendment) Bill on March 10 that will allow the use of land of closed or partially-shut factories to set up new units. The new law is expected to open up locked lands, adding value to it by creating necessary infrastructure. This will also boost socio-economic conditions of the areas around and create more job opportunities.