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#RealtyNewsRoundup: Council Yet To Clear Draft Law, GST May Miss April 2017 Deadline [Video]

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Realty News Roundup is PropGuide’s selection of the day’s top stories from the real estate sector.

Post-demonetisation, it is now certain that the April 1 deadline for the roll out of the Goods and Services Tax will not be met. With the Centre and the states unable to come to a consensus on the relevant GST laws it is highly unlikely that the crucial bills would be introduced in the ongoing winter session of Parliament. The GST Council, which was unable to clear the draft GST law in its meeting recently, will again meet on December 22 to consider all the remaining issues. The winter session of Parliament ends on December 16.

Piramal Fund Management, the financial services arm of Piramal Group, has deployed Rs 700 crore against two commercial properties — Reliable Tech Park and Empire Towers in suburban Mumbai. Together the two properties spread over 2.2 million sq ft at Airoli are part of a complex called Cloud City Campus.

In one of the largest commercial real estate deals of the Asian subcontinent, the Canada Pension Plan Investment Board is in talks with Everstone Group to acquire its industrial and logistics real estate development platform, IndoSpace, as part of private real estate investment for Rs 15,000 crore.

Realty developer Sunteck Realty has reported a consolidated net profit of Rs 97.28 crore for the September quarter as against Rs 15.53 crore a year ago. The company said in a regulatory filing that its total income for the quarter rose to Rs 206.06 crore from Rs 30.20 crore.

Source: Media reports

Tags: Video, propguide, Sunteck Realty, Goods and Services Tax, Empire Towers in suburban Mumbai, Canada Pension Plan Investment Board, Everstone Group, GST Council


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