Indian real estate market may touch $180 bn by 2020: Report
New Delhi: The real estate sector in India is likely to reach a market size of $180 billion by 2020, from $126 billion reported in 2015, a report said.
"The housing sector's contribution to the Indian GDP is expected to almost double to more than 11 per cent by 2020, up from estimated five to six per cent," said the CREDAI-JLL report released at the inaugural session of CREDAI Conclave 2018 here on Wednesday.
The Confederation of Real Estate Developers' Association in India (CREDAI) is the apex body of private real estate developers in the country, while, JLL is a professional services firm specialising in real estate.
According to the report, the Real Estate Regulatory Act is expected to consolidate the real estate sector in the country as it would force out unscrupulous developers.
The report further said: "Private equity and debt investments in real estate increased by 12 per cent on year-on-year (basis) across 79 transactions in 2017."
"Private equity inflows in office and information technology and information technology enabled services during 2014-2017 (year-to-date) are 150 per cent higher than the previius seven years' inflow combined," it added.
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US SEC summons Gautam Adani, nephew Sagar in bribery case
New York (PTI): Adani group founder and chairman Gautam Adani and his nephew Sagar have been summoned to explain their stand on the US Securities and Exchange Commission (SEC) allegation of paying USD 265 million (Rs 2,200 crore) in bribes to secure lucrative solar power contracts.
Summons have been sent to Adani's Shantivan Farm residence in Ahmedabad and his nephew Sagar's Bodakdev residence in the same city for a reply to SEC within 21 days.
"Within 21 days after service of this summons on you (not counting the day you received it)...you must serve on the plaintiff (SEC) an answer to the attached complaint or a motion under Rule 12 of the Federal Rules of Civil Procedure," said a November 21 notice sent through the New York Eastern District Court.
"If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint. You also must file your answer or motion with the court," it added.
Gautam Adani, 62, and seven other defendants, including his nephew Sagar, who is a director at the group's renewable energy unit Adani Green Energy Ltd, allegedly agreed to pay about USD 265 million in bribes to Indian government officials between approximately 2020 and 2024 to obtain lucrative solar energy supply contracts on terms that expected to yield USD 2 billion of profit over 20 years, according to an indictment unsealed in a New York court on Wednesday.
Separate from the indictment brought by the US Department of Justice, the US SEC has also charged the two and Cyril Cabanes, an executive of Azure Power Global, for "conduct arising out of a massive bribery scheme".
The ports-to-energy conglomerate has denied the allegations and said it will seek all possible legal resources.
"The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations. We assure our stakeholders, partners and employees that we are a law-abiding organisation fully compliant with all laws."
An indictment in the US is basically a formal written allegation originating with a prosecutor and issued by a grand jury against a party charged with a crime. A person indicted is given formal notice to reply.
That person or persons can then hire a defence lawyer to defend.
Prosecutors said the investigation started in 2022 and found the inquiry obstructed.
They also allege that the Adani Group raised USD 2 billion in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm's anti-bribery practices and policies, as well as reports of the bribery probe.
"As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and... lied about the bribery scheme as they sought to raise capital from U.S. and international investors," US Attorney Breon Peace said in a statement announcing the charges on Wednesday.
"My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets."
