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Model Tenancy Act to boost investment, formalisation
Realty players expect the Model Tenancy Act, cleared by the Cabinet on Wednesday, to increase private investment in rental projects and formalisation in rented property.
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NEW DELHI: Realty players expect the Model Tenancy Act, cleared by the Cabinet on Wednesday, to increase private investment in rental projects and formalisation in rented property. According to realtors, the new Act erases many legacy issues associated with renting residential properties and goes a long way in formalising the sector.
“The Act will enable institutionalisation of rental housing by gradually shifting it towards the formal market. There was a need for a new law, which would make things easier for all stakeholders – tenants, landlords and investors – to tansact and deal in rental housing,” said Niranjan Hiranandani, National President of NAREDCO.
DLF rental arm prepares for REIT launch; ropes in consultants
DLF s whole-time director Ashok Tyagi said the consultants have been appointed to restructure the business and be ready to launch the REIT whenever the two shareholders decide
PTI | January 30, 2021 | Updated 19:39 IST
DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore sovereign wealth firm GIC
Realty major DLF s rental arm DCCDL on Friday said it has appointed consultants, including banker, tax advisor and law firm, to prepare itself for the launch of its Real Estate Investment Trust (REIT) but the timing of the public issue will be decided by its shareholders. DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore sovereign wealth firm GIC. While DLF holds 66.67 percent stake in the JV, the GIC has 33.33 percent shareholding.
DLF rose 5.26% to Rs 238 after the company s subsidiary DLF Cyber City Developers (DCCDL) signed agreement with Hines to acquire 51.8% stake in Fairleaf Real Estate for 780 crore.
In a BSE filing made during market hours today, the realty major said that DCCDL currently held 48.2% stake in Fairleaf Real Estate. Fairleaf is a joint venture company, with funds managed by Hines, which owns and operates One Horizon Center, Gurugram.
One Horizon Centre is an asset forming part of a larger mixed-use development located in DLF 5, Gurugram. The leasable area of the property is approximately 8,13,000 square feet offering high-end Grade A office spaces along with complementary retail space.
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