Homebuyers to be treated on a par with lenders

The government on Wednesday moved to amend the Insolvency and Bankruptcy Code and treat homebuyers as financial creditors or on a par with banks, a move that will give them a say in the resolution process of ailing realty firms such as Jaypee Infratech and Amrapali.

Although the amendments through an ordinance that was cleared by the Union Cabinet will be prospective, it will have a bearing on cases that are already facing insolvency proceedings and the resolution plan is in the works, experts said. The amendments will enable representatives of homebuyers to be part of the committee of creditors, which finally approves a resolution plan based on a bidding process and is meant to ensure that banks do not secure only their interests while the most-aggrieved player gets a raw deal.

 Source: The Times of India, Thursday 24 May 2018  

‘India Billionaire Count to Increase 3 Times by 2027’

India has the third largest number of billionaires in the world, and in the next decade, as many as 238 additional ultra high net worth individuals will join this elite club, says a report. According to AfrAsia Bank Global Wealth Migration Review, India currently has 119 billionaires, and this number is expected to swell to 357 by 2027.

Over the next 10 years, while India is expected to create 238 additional billionaires, its neighbour China is likely to add 448 such individuals. By 2027, the United States is likely to have the maximum number of billionaires at 884, followed by China (697), and India (357) in the second and third positions, respectively. Billionaires refer to individuals with net assets of $1 billion or more.

Source: The Economic Times, Thursday 24 May 2018

DP help desk at BMC bldg from Monday

To clarify doubts citizens may have regarding the development plan (DP-34) published by the government, the BMC will set up a help desk from Monday. The help desk will be housed on the second floor of the BMC headquarters and it will have civic engineers present between 3 pm and 5 pm on each working day. The DP is the city’s development plan for the next 20 years

After publishing the final DP, the government had given citizens 30 days to give their suggestions or raise objections. BMC officials said they will clarify doubts that citizens may have.

 Source: The Times of India, Friday 25 May 2018

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