Realty cos to come under sebi scanner after Maytas: Hudco chief
The Financial Express, March 5, 2009, Page 2
fe Bureau, Kolkata
After the Maytas episode, books of listed real estate companies might come under the scanner of the Securities & Exchange Board of India (Sebi), said D Subrahmanyam, executive director, Housing & Urban Development Corp of India.
“Regulators have increased their activity. The next target would be the realty sector,” said D Subrahmanyam. He was speaking at an interactive session organised by the confederation of real estate developer’s association of India Bengal.
Talking to reporters after the seminar, he said that there are realty groups whose balance sheets are not very transparent.
“We receive proposals from companies whose balance sheets are not very transparent. Realty players need to maintain transparency,” Subrahmanyam said.
Apart from Sebi there are other regulatory bodies like the National Housing Bank and Competition Commission of India, he said. On a different note, Subrahmanyam said that realtors need to concentrate more on housing for the middle-income group. “That market has an untapped potential,” he said.
According to Harsh Neotia, managing director, Bengal Ambuja Housing Development Ltd, there had been an unusual spurt in real estate sector prices. “There had been astronomical increase in land price in the last few years… prices were spurred by investor interest. But now the prices will not go up. They might come down or stay flat,” he said.
“There is a sense of uncertainty leading to caution among the buyers. They are hope of further price correction and have deferred their decision to buy property,” Neotia said.
The Financial Express, March 5, 2009, Page 2
fe Bureau, Kolkata
After the Maytas episode, books of listed real estate companies might come under the scanner of the Securities & Exchange Board of India (Sebi), said D Subrahmanyam, executive director, Housing & Urban Development Corp of India.
“Regulators have increased their activity. The next target would be the realty sector,” said D Subrahmanyam. He was speaking at an interactive session organised by the confederation of real estate developer’s association of India Bengal.
Talking to reporters after the seminar, he said that there are realty groups whose balance sheets are not very transparent.
“We receive proposals from companies whose balance sheets are not very transparent. Realty players need to maintain transparency,” Subrahmanyam said.
Apart from Sebi there are other regulatory bodies like the National Housing Bank and Competition Commission of India, he said. On a different note, Subrahmanyam said that realtors need to concentrate more on housing for the middle-income group. “That market has an untapped potential,” he said.
According to Harsh Neotia, managing director, Bengal Ambuja Housing Development Ltd, there had been an unusual spurt in real estate sector prices. “There had been astronomical increase in land price in the last few years… prices were spurred by investor interest. But now the prices will not go up. They might come down or stay flat,” he said.
“There is a sense of uncertainty leading to caution among the buyers. They are hope of further price correction and have deferred their decision to buy property,” Neotia said.
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