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Realty Segment may have a standard uniform valuation which may come into effect soon

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Sooner a new standardized valuation code will come into effect in the country for the realty sector and as such a draft has been made by the National Housing Bank. Mr. Sridhar of FICCI (Federation of Indian Chamber of Commerce and Industries) says at www.propertykhazana.com unlike uniform accounting standard, a uniform valuation standard need to be introduced for the realty segment. Discussions on the draft with bankers and valuer’s are underway and after finalization a standardized code for valuation will make way in the realty sector.
He further stated at www.propertykhazana.com that the upcoming Mortgage Guarantee Company NHB was looking for a partner in which NHB has a hold of 43%. Due to financial constraint AIG opted out to have a hold in the company. Asian Development Bank (ADB) and International Finance Corporation (IFC) are having a hold of 8% each in the company. He also said that other realty firms have shown some interest in having their stake in the company. But Central Bank is ready to hold their stake if others opt out which may help Central Bank in housing finance. The stakeholders of Central Bank are HUDCO, UTI and NHB. For more and latest realty updates follow www.propertykhazana.com.
Source: NBTVLIVE

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