#RealtyNewsRoundUp: Blackstone Group To Launch India’s First REIT By Diwali

Embassy Office Parks will on September 24 file the documents with the Securities and Exchange Board of India to launch the country’s first real estate investment trust. Embassy Office Parks, a joint venture between US private equity company Blackstone Group and Bengaluru-based realtor Embassy Group, plans to raise over Rs 5,000 crore through the REIT, which is also the second-biggest in Asia in terms of square footage.

***

A fluctuating rupee and introduction of various regulations to bring in transparency and accountability are making real estate more lucrative for non-resident Indians (NRIs), experts say. The fall in the rupee will definitely boost the demand of properties in India and NRIs are willing to invest in realty market, especially in the metro cities to get good returns, say experts.

***

The President Donald Trump-led US administration has proposed a new rule denying visas and green cards to legal immigrants, who are likely to claim government benefits such as housing vouchers. The new rule would apply to those seeking visas or legal permanent residency, but it would not affect people anyone applying for the US citizenship.

***

The Chennai Bench of the National Company Law Tribunal (NCLT) has directed start of insolvency proceedings against Green Peace Construction Private Limited in a case filed by a group of flat owners. In their petition, members of Ajanta Flat Owners Association claimed non-payment of outstanding dues of Rs 1.15 crore along with interest of about ₹31 lakh by the builder. The members represented themselves as operational creditor of the company.

Source: Media reports