Real estate news on Unitech to raise 200 cr for housing projects

Real Estate services, Venture funding / P.E, Delhi-Gurgaon, Unitech
Posted on Jun 22, 2015

Realty firm Unitech plans to raise about Rs200 crore from private equity players to part finance its ongoing housing projects as real estate market continues to remain sluggish.

The company has no plans to launch new housing projects this year and would focus on delivery of existing projects.

The company has been facing problems in one of its housing projects in Gurgaon and it recently lost a case at the National Consumer Disputes Redressal Commission (NCDRC). After being approached by the buyers in the project for delay in possession, the top consumer court ordered the company to pay a delay penalty of minimum 12 per cent.

Expansion plans

Gurgaon-based real estate portal will be spending Rs12 crore for its pan India expansion. According to a press note the business expansion will take place in a phase-wise manner. In the first phase the company will expand its presence by entering the markets of Bengaluru, Pune, Chennai, Hyderabad and Ahmedabad.

Training facility for brokers

RICS — a global professional body that promotes standards and chartered qualification in real estate & construction, has partnered with Tata Housing to impart knowledge and training to the broker community, as part of their initiative 'Bandhan'. Targeted exclusively for brokers, Bandhan — Indias first social network for brokers aims at introducing standardised and transparent brokerage practices amidst a very large unorganised broker community, for the eventual benefit of consumers. Through this platform, RICS will offer different training modules to upgrade broker knowledge and service levels.

This joint initiative targets training 1,000 brokers in the first year itself. “Brokers have played a crucial role in the evolution of the real estate market. Training would further strengthen their value and make them important in the decision making cycle,” said Devina Ghildial, MD South Asia, RICS.

Chinese realty co may invest $10 b in India

Top Chinese real estate player, Dalian Wanda Group, plans to invest $10 billion in India in the next 10 years to construct industrial townships and retail properties.

Wang Jianlin, Chairman of the Beijing-headquartered group, expressed his intent to explore business opportunities in India at a meeting with Prime Minister Narendra Modi in New Delhi earlier this week. The group is looking at building five industrial parks in India, besides shopping malls and theme parks. Wang also met officials of real estate developer DLF . acquires Realty Business Intelligence for Rs 10 cr

Property portal has acquired risk assessment service provider Realty Business Intelligence for Rs10 crore. “With this acquisition, customers will now be empowered with credible real estate market intelligence and risk assessment to aid informed decision making for investments in new projects”, Housing.coms Chief Executive Rahul Yadav said.

“This is in line with our vision to bring transparency into real estate that is fraught with risks when it comes to retail investments in new projects”, he added.

Earlier this year, had acquired Indian Real Estate Forum (IREF) to provide trustworthy information and end-to-end services to all stakeholders.

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