#RealtyNewsRoundup: Sebi Relaxes Infra Investment Trust Rules To Draw Business Houses
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
To help the newly introduced Infrastructure Investment Trusts (InvITs) gain further traction, markets watchdog Securities and Exchange Board of India (Sebi) has proposed ease of norms for these instruments. These include a reduction in the mandatory sponsor holding to 10 per cent, from the current 25 per cent. The Sebi, in 2014, had introduced InvITs — an investment vehicle which would enable promoters to monetise assets — to make it easier to raise funds for infrastructure projects. Read more
Under the Pradhan Mantari Awas Yojana (Urban), a minimum addition of 9 sq mt of carpet area to the existing house will be required for a unit to be eligible to the central assistance under the 'Beneficiary-Led Construction' component of the mission. The Ministry of Housing Urban Poverty Alleviation issued modified guidelines to this effect, urging states and union territories for compliance while sending affordable housing proposals. Read more
Rajasthan's urban housing and development (UDH) department has directed all development authorities and urban improvement trusts (UITs) to develop an online system to facilitate hassle-free monitoring of construction of buildings. The system is set to put an end to the role of town planners and engineers. Following the directions from the ministry of urban development, the state issued the directions under 'ease of doing business'. Read more
Taj Boston, a luxury hotel owned by Indian Hotels Company Ltd, is being acquired by a group of investors led by Boston-based real estate development firms New England Development and Eastern Real Estate. The buyers also included private equity company Rockpoint Group LLC and Philadelphia-based developer Lubert-Adler, said Boston media reports, quoting a New England Development press statement. According to reports, the statement did not disclose the terms of the agreement and the deal size. The hotel, however, will continue to remain a Taj-branded property. Read more