Sunday, 17 July 2016

Mumbai: Jaydev Mukund Mody, a gambler-turned-entrepreneur and the founder of Delta Corp. Ltd, the company focused on casinos in Goa, has entered the real estate investment business through his new Rs.500 crore private equity fund.

Eagle Capital Advisors Pvt. Ltd has launched the fund, Alpha Advantage Real Estate Fund, with a green shoe option of an additional Rs.500 crore, a senior executive said.

A green shoe option allows the fund to raise more money than originally planned. The fund, headed by Sudarshan Bajoria, former director and co-head, real estate, at ICICI Venture, will focus on domestic mid-sized projects. It has a tenure of six years that can be extended by a further two years.

Mody, who cut his teeth in the real estate development business (he developed Mumbai’s iconic Crossroads Mall), will be the non-executive chairman of the fund, while Bajoria will be the managing director.

Mody has also been involved in the development of several large residential and commercial complexes in Mumbai, including Peninsula Corporate Park, Ashok Towers, Ashok Gardens, and Peninsula IT Park.

BEIJING, July 17 (Xinhua) -- Poly Real Estate Group, one of China's leading real estate companies, saw revenue and profit both grow in the first half of 2016 (H1), despite headwinds in the property sector.

Poly posted total profits of 9.79 billion yuan (about 1.46 billion U.S. dollars), up 21.3 percent from the same period last year, according to a statement on the Shanghai Stock Exchange on Sunday. The Beijing-based company generated total revenue of 55.17 billion yuan, up 30.3 percent year on year, said the company.

The developer said the surge in its revenue was mainly due to the completion and sale of more estate projects during the six months. Slower profit growth was mainly caused by declining gross profit rate, the company said. The company's new performance sheet came amid a wider slow down in the real estate sector in China.

Following the NDA government’s “Ease of Business” mantra, the environment ministry has proposed that the entire construction sector could be exempted from mandatory environmental clearances if states impose pre-specified and standard green conditions under their building bye-laws.

But, even before the environment ministry carries out mandatory public consultation and notifies these proposed changes, the urban development ministry has already amended its model Building bye-laws public announcing the relaxation for the construction industry.

It has asked the states to adopt the model bye-laws to avoid the mandatory environmental clearances. Taking cue, the Delhi Development Authority has adopted these amended building bye-laws without awaiting a final notification of the changes by the environment ministry.

Business Standard reviewed documents that show the two ministries consulted repeatedly to decide that the changes would be made to ease the business for the entire real estate and construction industry though the environment ministry’s draft said the purpose of the changes was to provide houses to the weaker section under the ‘Housing For All’ scheme.

There’s likely no sector as important to the U.S. economy as housing.

In the first quarter of 2016, residential investment accounted for roughly half of the 1.1% increase in real GDP. Historically, this is on the high side, but when you count spending on housing services as well as spending on various kinds of housing construction, the home construction industry can account for as much as one fifth of overall output in the U.S. economy.

That’s why housing has traditionally powered the American economy out of recessions, and that’s why housing’s role as the trigger of the Great Recession was so damning to the subsequent recovery. While housing prices have improved—with home values in some markets higher than before the crisis—there’s evidence that the housing bust has inflicted long-term damage on the home building industry and therefore the American economy. Here are 6 charts from Torsten Slok, Deutsche Bank’s Chief International Economist, that show the state of the housing market and how it’s powering, and holding back, the rest of the economy.

Three years after tragedy first struck outside the building of S K Brothers Builders & Developers at Sector 28 in Vashi, a nervous energy still prevails within its walls. When we enter the reception area, an armed cop relaxing on a sofa, is suddenly alarmed. He sizes us up, but is assured by the receptionist. We are then led into the spacious chamber of 28-year-old Sandeep Kumar Lahoria aka Sunny. "No cameras, please," he insists. "I am wary of getting photographed," he says. But, the fear Sandeep reveals is in glaring contradiction to the battle he has been fighting since February 2013, when his developer father, Sunil Kumar Lahoria (51), was killed by a spray of bullets.

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