Welcome back to the Weekly News Round up! Let’s see what’s in the bulletin for this week.
The central government is set to launch an e-commerce platform for the real estate sector in India in January 2020 to make the process of buying and selling houses transparent. The platform would enable buyers from all over the world to buy property anywhere in India and this e-commerce portal will carry full information pertaining to all the real estate projects that have been completed, projects that have received occupancy certificates, size of the houses, prices and precise location.
Bahrain- based alternative investment manager Investcorp aims to grow its business in India to $1.5 billion in assets under management over the next five years. Investcorp forayed into the Indian market through the acquisition of the private equity and real estate investment businesses of IDFC Alternatives. This formed part of the firm’s global expansion plans under which it plans to nearly double its global AUM to $50 billion by entering new geographies and new lines of business. Investcorp currently has $28 billion worth of assets under management.
Indiabulls Real Estate has sold its property in London to a promoter group firm for 200 million pounds (about Rs 1,830 crore) as part of its plan to focus on the India business and cut debt. To reduce debt and to focus more on Mumbai and NCR (National Capital Region) markets, the board, had on earlier date authorized and approved divestment of the company’s direct or indirect stake in London property.
Property developers in the Delhi-NCR region are partnering large builders from the country’s South and West to restart projects, in the backdrop of a severe cash crunch, the stringent Real Estate Regulatory Act and the threat of being taken to the National Company Law Tribunal. Financially strong firms like Prestige Group, Godrej Properties, and Kalpataru Group have entered into joint ventures, joint development and development management agreements in the country’s largest property mark.
That was all for this week, we’ll be back next week until then stay happy and spread happiness in your surroundings.