Daily Real Estate News Digest (12th March 2019)

GST Council to meet on March 19 to finalise real estate tax structure

In a first-of-its-kind meeting of a federal forum in the midst of the code of conduct of general elections, the Goods and Services Tax (GST) Council is scheduled to meet on March 19 to finalise guidelines to support the changed tax rate structure for underconstruction houses. 

Business Standard

Embassy Group to launch REIT to raise Rs 4,750 crore

Embassy Group will launch India’s first real estate investment trust (REIT) next week to raise about Rs 4,750 crore, according to two people familiar with the development. 

ET Realty

Puravankara partners Morgan Stanley fund for a warehousing platform

Puravankara and the Morgan Stanley fund will set up a warehousing platform that will build industrial parks in South India. This will be a long-term venture backed by equity investment, where the duo will look at greenfield development.

Livemint

Complete real estate projects or Authority will get them completed, UPRERA’s clear message to developers

Even as nearly 53,000 flats are likely to be delivered by December, in projects where promoters are not forthcoming Authority will get them completed, Rajive Kumar, Chairman, Uttar Pradesh Real Estate Regulatory Authority (UPRERA)

Financial Express

RERA yet to resolve malpractices in real estate sector.

Experts have said that the RERA, which was envisaged to usher in more transparecy in real estate industry is yet to an effective against malpractices.

TOI

Japan’s Voyage Group bets on StayAbode in maiden India investment

Bengaluru-based StayAbode Ventures Pvt. Ltd, which offers co-living spaces, has raised additional capital as part of its pre-Series A funding round from new investor Japanese media and advertising technology company Voyage Group..

VCCIRCLE

Co-living spaces startup StayAbode adds on to pre Series A funding

Recently, Asia’s largest co-living operator, has partnered with CP Developers to set up the largest co-living project globally, with 1400 people living in a community environment, in the heart of Bengaluru’s Whitefield – a professional hub neighbouring ITPL and large MNCs with a working population of over 50,000 millennials.

ET Realty

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