#RealtyNewsRoundup: Adani Group Submits Non-Binding Bid To Acquire Jaypee Infra

Adani Group on May 29 submitted a non-binding bid to acquire debt-laden Jaypee Infratech. The company is ready to invest Rs 1,700 crore to start the work on stalled projects of Jaypee and deliver flats to homebuyers. It will also infuse Rs 1,000 crore in two equal tranches to settle claims of workmen and financial creditors and meet the cost of insolvency proceedings.

Meanwhile, Jaypee Infra’s lenders have asked state-owned NBCC to offer 1,426 acre of land instead of 950 acre and also, take a lead in getting approvals from income tax and development authorities.

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The Reserve Bank of India has set up a six-member panel that would provide suggestions to strengthen the housing loan portfolio and deepen housing finance securitisation market. For a vibrant securitisation market to develop, the RBI said, it was imperative that the market moved to a broader issuance model with suitable structuring of the instruments for diverse investor classes.

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The finance ministry is likely to offer a 10-year tax break to developers earning profits from rental housing. The move will be aimed at reviving investment in the market and boost a slowing economy. The ministry has also asked developers to give their suggestions to address the challenges the sector is facing.

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The Central Pollution Control Board (CPCB) on May 29 said that water of the Ganga River in the Uttar Pradesh-West Bengal stretch was unfit for direct drinking and bathing. There are only seven spots along the river from where water could be consumed after disinfection. A map released by the CPCB shows high level of coliform bacteria in the river.

Source: Media reports