Page 18 - BANKING FINANCE November 2015 ONLINE

HOUSING
HOUSING
NEWS
Tata Housing plans to
develop 20 million sq/ft
land in 8 cities
Realty firm Tata Housing is planning
to develop 20
million sq/ft
land in eight cit-
ies including
Bengaluru,
Delhi-NCR and Mumbai over the
next few years.
The company, which was revived in
2006, presently has got 29 projects
and 70 million sq/ft land under vari-
ous stages of planning and execu-
tion across 13 cities.
Tata Sons holds 99.86 per cent eq-
uity shares in the company and is
eyeing to sell one-third of its prop-
erties through online mode by 2020.
"At Tata Housing, we have been
able to sell only 2,000 units through
online platform, so far, which com-
prises even less than 10 per cent of
the company's total sales.
"Still I do hope that the online sale
will go up to 50,000 units, compris-
ing around one-third of its total
sales, by 2020," Tata Housing man-
aging director and chief executive
Brotin Banerjee reported here.
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NBCC bags orders worth Rs 277 crore in September
State-owned National Buildings Con-
struction Corporation (NBCC) has suc-
cessfully bagged orders
worth Rs 277 crore during
the last month.
In the BSE filing, NBCC said
that "the company has se-
cured total business
amounting Rs 276.96 crore
(approx) from various clients in the
month of September, 2015".
Par panel recommends jail term for defaulting builders
A Parliamentary Committee had rec-
ommended a slew of measures
favouring property buyers, which in-
clude a three-year jail term or a fine
for a defaulting builder
under a new law which
will now cover projects
of 500 sqm or eight
flats.
The Select Committee
of Rajya Sabha, which examined the
Real Estate Bill 2013, also recom-
mended that 50 per cent of payments
made by homebuyers for a real estate
project should be kept in a separate
account and used for that specific pur- both can be imposed on a builder in
pose only while the rest can be spent
on other projects.
New Delhi-based NBCC is present in
three main segments - Project Man-
agement Consultancy
(PMC), real estate and engi-
neering, procurement and
construction (EPC contract-
ing).
NBCC recently said that the
company intends to foray
into new business venture of e-com-
merce.
The Bill aims at establishing the Real
Estate Regulatory Authority (RERA) for
regulation and promotion of the sec-
tor and setting up of an
adjudicating mechanism
for speedy dispute
redressal. It also aims at
establishing the appel-
late tribunal to hear ap-
peals against the deci-
sions of the RERA.
Under the proposed new law, a jail
term of up to three years or a penalty
of up to 10 per cent of project cost or
case of defaulting on commitments
made to a buyer.
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