PS Group

World’s largest alternative asset manager Blackstone Group and its Indian partner real estate major Embassy Group has open its initial public offering for India's first real estate investment trust (REIT) on March 18 and will close on March 20. The group is planning to raise Rs 4,750 crore from this REIT out of which Rs 876 crore has been allocated to strategic investors.

The National Company Law Tribunal has scrapped the insolvency proceedings against realty arm of Sikka Group, Sikka Infrastructure, after the homebuyers who had initiated the move submitted they had settled the matter with the realtor. Last month, the tribunal had initiated insolvency case against Sikka Infrastructure over project delays.

Three years from now, state-owned NBCC plans to deliver all Jaypee projects. For this, Mumbai-based Suraksha Group has made an offer of Rs 20 crore as upfront payment and land which is worth Rs 5,000 crore. The decision was taken at a meeting convened by the NBCC on March 11 that was attended by over 300 homebuyers.

To provide quality affordable housing to the people in the state, the West Bengal Housing Board, under state urban development department, comes up with housing schemes from time to time. The housing board provides units under four category- economically weaker sections, lower income groups, middle income groups and higher income groups. Under the Nijashree scheme, each block consisting of 16 flats will be built, each having 1BHK of 378 sq ft and 2HK flats of 559 sq ft. The units will be allotted through a lottery in the respective district/sub-division

The Goods and Services Tax (GST) Council on March 19 approved a transition plan for the implementation of new tax structure for housing units, Revenue Secretary A B Pandey said. Reasonable time for transition would be given to developers in consultation with states, he said. Developers of new projects would, however, have to offer the GST benefit to buyers starting April 1 only.