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icai clarifies on ind as 115 regarding real estate sector , real estate news, et realestate

new delhi: coming out with a clarification on ind as (indian accounting standard) 115 in the context of real estate sector, chartered accountants' apex body icai on friday said recognition of revenue as construction progresses is possible considering the circumstances of individual case. the ind as 115 pertaining to revenue recognition came into effect from april 1. "... the icai would like to clarify that the ind as 115 does allow recognition of revenue using percentage of completion method (pocm) and has explicit and specific requirements to recognise revenue, where performance obligation is satisfied over a period of time," the institute said in a release. the icai said an entity transfers control of a good or service over time and, therefore, satisfies a performance obligation and r...





noida authority to realtors, real estate news, et realestate

noida: the noida authority on thursday announced no construction in rural or urban areas can take place in the city without its approval but didn’t say how it planned to regulate buildings in villages, like the ones that collapsed in shahberi, in future. it has always been illegal to build in noida without the authority’s approval, so it was merely reiterating that. noida ceo alok tandon said it was mandatory for any developer to get a project’s map approved before starting any construction work. “only noida authority has the right to acquire the earmarked land for planned development. no builder, developer, organisation or society is authorised to launch any developmental project in the notified land without authority’s permission. they are also not entitled to float booking of ...





brookfield puts $100 million in incor’s projects in hyderabad, real estate news, et realestate

bengaluru | mumbai: canada-based private equity firm brookfield capital partners has invested $100 million in two residential projects of incor infrastructure in hyderabad.“this transaction will help us grow our portfolio of operating projects at a faster pace while creating more value for stakeholders, especially our customers,” said g anand reddy, cofounder of hyderabad-based incor infrastructure. “a proportion of the deal will also be used to give an exit to some of the current investors.”the two residential projects have developmental potential of 6 million sq ft and are expected to be completed by 2022, reddy said.“the money will be invested from the global pool of capital of brookfield. it is a structured instrument with equity upside,” two people aware of the development...





cci nod must before lenders finalise resolution plan, real estate news, et realestate

file photo new delhi: lenders will need to seek prior approval of the competition regulator before finalising resolution plans, according to amendments to the insolvency and bankruptcy code (ibc) that were approved by the cabinet on wednesday. the measure seeks to prevent litigation that can derail the resolution process at a later stage, said a top government official and two bank executives.the official said competition commission of india (cci) assent will be needed before the committee of creditors (coc) finalises a resolution plan. currently, the winning bidder approaches cci for clearance before formally taking over the asset.the cabinet approved the ibc amendment bill 2018 that will replace the ordinance the government had promulgated earlier.it recognises homebuyers as financial cr...





builders seek cut in gst rates, last-mile funding, real estate news, et realestate

new delhi: union housing and urban affairs minister hardeep singh puri convened a meeting on thursday with all stakeholders to discuss several measures, including an effective implementation of the rera, to "revive" the real estate sector. the ministry sources said that in the meeting, a suggestion to create "stress assets fund" was discussed to complete the stalled projects of builders by providing last-mile funding to them. builders suggested reduction in the goods and services tax (gst) as part of boosting the real estate sector, they said. the meeting was initially scheduled to be chaired by finance minister piyush goyal at rail bhavan, but puri presided over the meeting in his absence as goyal had some work. representatives of the finance ministry, the ministry of housing and urba...





shapoorji pallonji-allianz to buy 2.3 million sq ft office park for rs 1,800 crore in hyderabad, real estate news, et realestate

mumbai: construction giant shapoorji pallonji group and global insurance major allianz are jointly set to acquire waverock, a 2.3-million-sqft office park in hyderabad, from new york-based tishman speyer and singapore’s gic for over rs 1,800 crore, people directly aware of the matter saidthe sp-allianz combine has entered into a 90-day exclusive negotiation with waverock’s existing owners, beating other contenders canadian pension plan investment board (cppib) and a real estate unit of interglobe enterprises. toi reported about the three bidders lining up for the deal in april this year.international property consultant jll is running a sale process for waverock, located in the buzzing it and financial district of gachibowli, and houses the offices of apple, capgemini, tcs and accentur...





homebuyers' body fpce seeks pm, president's intervention on rera redundancy, real estate news, et realestate

mumbai | bangalore: homebuyers’ pan-india body forum for people’s collective efforts (fpce), which played a crucial role in pushing enactment of real estate (regulation & development) act, 2016, has approached prime minister and the president of india to intervene and not allow west bengal government to bypass rera through its separate state level legislation housing & industrial regulation act, 2017 (hira).in its letter, fpce has requested the president not to give assent to west bengal’s separate state-level legislation housing & industrial regulation act, 2017 (hira).the homebuyers’ body has raised concern that allowing state-level legislation would lead to rera getting redundant. the government is currently examining the possibility of existence of two separate central and stat...





maharashtra cm, real estate news, et realestate

nagpur: chief minister devendra fadnavis announced on wednesday evening that the controversial navi mumbaicidco land deals would be cancelled after taking opinion of law and judiciary department. “the allotment of land to farmers will, however, not be cancelled as farmers have already earned money through sale of land. only the builders will pay the price,” he said.he threatened to cancel all 200 controversial land deals that had taken place during congress-ncp regime. the opposition leaders had charged a few days ago that chief minister’s office was involved in the scam. fadnavis pointed out that the decisions were taken at additional collector level and cmo was not even informed. on ease of doing business, the cm said that state’s ranking had gone down from 10th to 13th because o...





report, real estate news, et realestate

new delhi: real estate sector has seen a drop in the number of job postings by 8% from may 2017 to may 2018, in the wake of the implementation of rera, according to the data from indeed."while the sector is still recovering from the aftermath of rera, the act’s stipulated compliances and regulations are expected to unlock potential job opportunities in various capacities. these measures have been taken by the government to facilitate a healthy restoration of the people’s confidence in the realty sector," said sashi kumar, managing director, indeed india.however, the number of job searches in the sector has increased by 8% during the same period, the report added."the industry as a whole has also taken to these measures in a positive manner and is collectively working to reinvent the...





cabinet nod for tabling bill recognising home buyers as financial creditors , real estate news, et realestate

file photo new delhi: a bill that seeks to recognise home buyers as financial creditors under the insolvency law will be introduced in the ongoing monsoon session of parliament, which has begun. the decision was taken at a meeting of the union cabinet, chaired by prime minister narendra modi, law minister ravi shankar prasad told reporters here. the bill seeks to replace the insolvency and bankruptcy code (amendment) ordinance, 2018, which was promulgated by president ram nath kovind last month. the bill aims to provide significant relief to home buyers by recognising their status as financial creditors. this would give them due representation in the committee of creditors (coc) and make them an integral part of the decision-making process. further, home buyers would be able to invoke sect...





sc, real estate news, et realestate

file photo new delhi: the supreme court on wednesday directed the centre to come out with proper guidelines within two weeks to blacklist builders, contractors and architects found to have constructed buildings against sanctioned plans.a bench of justice madan b. lokur and justice deepak gupta said that from now on the owner(s) of illegal or encroached constructions would be given only 48-hour notice to show cause why the building not be sealed or demolished and action shall be taken immediately thereafter.the court directed that wherever any unauthorised/illegal construction come to the notice of the authorities, it "should be stopped with immediate effect".the bench also sought the personal presence of councillor mukesh suryan, chairman of the najafgarh wards committee, after the bench...





amrapali in talks with nbcc to complete its under-construction projects, real estate news, et realestate

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sc, real estate news, et realestate

the supreme court today said there would be "no stopping of sealing or demolition" of unauthorised constructions in delhi. the apex court's direction came after the centre told a bench comprising justices m b lokur and deepak gupta that it had not given any instructions to authorities in delhi to stop their sealing drive against illegal constructions. the bench also directed that construction activity be stopped with immediate effect wherever any unauthorised construction is noticed or booked by authorities. the apex court said adequate police protection should be given to officials when they are carrying out a sealing drive against unauthorised constructions. besides, the bench asked the centre to contemplate blacklisting of builders, contractors and architects found responsible for un...





singapore’s gic set to buy up to 50% in provenance land, real estate news, et realestate

mumbai: government of singapore’s sovereign wealth fund gic is set to acquire up to 50% in provenance land that owns india’s first four seasons hotel and an underconstruction luxury development in mumbai’s sea-facing worli area, two persons familiar with the development said.this will be gic’s second-largest transaction in india after it agreed to buy 33.34% in gurgaon-based dlf’s rental arm for around $1.4 billion. “it’s almost done as the deal is in final stages and will be concluded anytime. the transaction is estimated to value the jatiafamily controlled company at over rs 2,000 crore,” said one of the persons mentioned above.gic and jatia’s provenance land will develop a commercial project on a two-acre land property adjacent to the existing hotel and residential pro...





self-certification has 'eased' oc, building plan approvals in gurugram, real estate news, et realestate

gurugram: the self-certification scheme introduced by department of town and country planning (dtcp) at the beginning of 2018 has reduced waiting time for house owners seeking occupation certificates, and speeded up the process of getting building permits, with permissions now being granted in almost one-fourth the time according to many. so far, around 552 people have applied for self-certified occupation certificates (oc) at the office of the district town planner (dtp) between january 1 and june 30 this year. of these, 466 have been given the certificates, while 51 were conveyed observations and 35 applications are being processed.the department has also received 1,021 applications for self-certification of building plans, with officials having approved 907 of these, while another 114 h...





banks to sc, real estate news, et realestate

sc (file photo) new delhi: banks and financial institutions (fis), which have lent money to jaiprakash associates limited (jal), today urged the supreme court that the assets of holding firm jal should not used for refunding money to home buyers of its subsidiary firm jaypee infratech ltd (jil).jal, which has already deposited rs 750 crore with the apex court registry, had told the bench headed by chief justice dipak misra that it was willing to deposit rs 600 crore more to refund money to the home buyers if it was allowed to dispose of its identified assets, including a cement plant at rewa in madhya pradesh.senior advocate shyam divan, appearing for the consortium of banks and fis led by icici bank, said while jal has moved the national company law tribunal (nclt), allahabad with its res...





delhi hc dismisses revival scheme of assoctech; buyers left in the lurch, real estate news, et realestate

file photo new delhi: delhi high court has dismissed a revival scheme filed by assotech stating that the scheme does not include all the creditors and home buyers of the company and hence must be dismissed.the court has now ordered assotech to consider all creditors and will hear the case next on july 26.the order comes after a petition was filed by homebuyers of windsor court (one of the assotech projects) through their counsel ashwarya sinha and ajit kumar sinha.the case relates to assotech defaulting on dues to over 30 secured creditors and delaying completion of three residential projects situated in ghaziabad and noida by over six years.in 2016, an official liquidator (ol) was appointed to acts as provisional liquidator and look into the matter against which senior advocate vikas sing...





nhb to give part-guarantee for bonds floated by hfcs, real estate news, et realestate

mumbai: in what could be a big boost for mortgages, the national housing bank (nhb) would provide part-guarantee for bonds floated by housing finance companies, potentially lowering the cost of funding by a minimum 45 basis points and providing home buyers sufficient incentive to borrow.the nhb would also help mortgage lenders take on commercial banks that have definitive regulatory advantage in accessing chapter funds.the regulator for housing finance companies has decided to part guarantee bond sales if half of the total proceeds are used to fund purchases of homes costing up to rs 50 lakh, three people with direct knowledge of the matter told et. for metros like delhi, kolkata, mumbai, hyderabad, bengaluru and chennai, the threshold is about rs 65 lakh.if a housing finance company, with...





maharera eyes 3,000 projects to be registered every year in the state, real estate news, et realestate

nashik: maharashtra real estate regulatory authority (maharera) said that around 3,000 real estate projects on an average would be registered with it every year.the chairperson of maharera gautam chatterjee, who was in the city recently for the two-day summit by credai, said that it is mandatory for developers to get registered with maharera. the event concluded on saturday.ever since maharera came into existence on may 1 last year 16000 projects have been registered with the authority, including the ongoing projects.“at present all new projects would have to be registered with us. the developers cannot launch or advertise their projects until they get registered. our aim is to see to it that on an average around 3,000 projects to be registered every year with maharera,” said chatterje...





ngt turns down review plea, ban on construction in himachal pradesh to stay, real estate news, et realestate

shimla: turning down the review application filed by the himachal pradesh government, the national green tribunal (ngt) continued the ban on the construction activity in the core and green areas falling within the jurisdiction of the shimla municipal corporation (smc). outside the municipal limits permission has been granted for the two-and-a-half storey construction only.ngt’s principal bench, headed by its chairperson justice adarsh kumar goel, on monday heard the matter and turned the review application down, thus allowing its november 16, 2017, to remain effective.the application was filed seeking review of the order prohibiting construction activity of any kind — be it residential, commercial, institutional or otherwise — within three meters of the national highways in the entir...