Page 20 - Banking Finance MAY 2017

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Indian real estate to see Telangana govt. to notify real estate rules soon
$7 billion investment in The Telangana government will notify the Real Estate (Regulation and Develop-
ment) rules soon. Minister for municipal administra-
2017 tion and urban development K T Rama Rao has di-
Indian real estate is expected to see $7 rected officials to prepare draft rules and submit it to
billion invest- the government for approval, an official release said.
ment this year "The government is closely studying all the rules no-
which is likely tified by various state governments and also the rules notified by the Centre for
to be a revival union territories. Protecting the interest of the buyer is of paramount impor-
in the sector, tance for the government," the release said quoting the minister.
according to property consultant CBRE.
Rao however, felt that the genuine concerns of the real estate sector which is a
"The year 2017 to witness about $7 huge provider of employment should also be addressed duly protecting buyers
billion of investments; expected to hit while framing the rules.
the magic $10 billion by 2020," CBRE
said in a report - Asia Pacific Real Es- Sotheby's is in expansion mode to 8 metros
tate Market Outlook 2017 - India. Sotheby's International Realty, the real estate arm of the auction house
India continues to hold its position as Sotheby's, said it is expanding its presence in the
the world's fastest growing G-20 domestic market with offices in top eight metros.
economy, on the back of improved in- Even as the company plans to open its Mumbai of-
vestor confidence and better policy fice by mid-2017, it also plans to add two more India
reforms, it added. desk targeting Indian diasporas in Canada and Singapore.
"With 2016 being the year of landmark "Unlike other property consultants, our focus is totally on the luxury real estate.
decisions for the Indian real estate in- Hence, our client is HNIs from metro cities. Our client base also includes 20-25
million non-resident Indians. We cater to both these audiences," Ashwin Chadha,
dustry, the sector saw concerted ef-
President, Sotheby's International Realty, told. In India, Sotheby's International
forts by the government to bring in
Realty is led by Amit Burman of the Dabur family, who is the Honorary Chair-
transparency as well as boost con-
sumer sentiment in the sector, espe- man, while Amit Goyal is the CEO, and Ashwin Chadha is the President.
cially in the residential market," CBRE Indiabulls Real Estate shares surged 100% in March
Chairman, India and South East Asia,
Shares of Indiabulls Real Estate Ltd surged over 100% in March. The stock price
Anshuman Magazine said. The outlook
started rallying after its board approved restructuring of its leasing and commer-
for the year 2017 is positive with an
cial operations into a separate entity. The stock hit a high of Rs 163.20, a level last
expectancy of steady growth, stability seen on 12 November 2010, and gained as much as 11% within a day. Since 29
and revival in the market, he added.
March, it has gained over 103% and so far this year, it has surged 118.74%.
20 | 2017 | MAY | BANKING FINANCE

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