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05-August-2019

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CREDAI Bengal Daily News Update | 05.08.19

WEST BENGAL NEWS

Kolkata: Drive to raze unsafe buildings to pick up pace in August

According to a KMC buildings department official, the demolition drive had already started in some

boroughs based on calls received by Hakim during his interactive sessions with citizens on phone over

the past four weeks.

Prodded by mayor Firhad Hakim, the Kolkata Municipal Corporation (KMC) buildings department

officials have come up with a borough-wise list of highly insecure buildings across the city for

demolition as these structures may crumble during monsoon endangering lives of residents.

According to a KMC buildings department official, the demolition drive had already started in some

boroughs based on calls received by Hakim during his interactive sessions with citizens on phone over

the past four weeks.

“We have already visited some areas and taken stock of the dilapidated buildings, parts of which need

to be razed. In some cases, we have pulled down highly hazardous parts of the buildings under our

special drive before and during monsoon,” said a civic official.

Sources said some of the areas where the civic body has already conducted a demolition drive include

Sovabazar, Bentinck Street, Bansdroni and Lenin Sarani. “We have pulled down highly insecure parts

of at least eight unsafe buildings in the past one month. This month is going to be very crucial as the

vulnerable buildings will be more prone to collapse after spells of heavy showers. Now, we need to

demolish as many buildings as possible in a short span of time,” a KMC buildings department official

said.

A civic official conceded that the task of demolishing unsafe houses or parts of them would be an

uphill task. “We need to be selective in demolition of insecure buildings or highly dilapidated parts of

these buildings. We have identified 2,500 buildings across the city as insecure. Of them, condition of

over 300 buildings is pathetic and need urgent attention. But, we did not have the infrastructure or

time to raze so many hazardous buildings before monsoon. So, we have identified extremely

vulnerable buildings and will pull down parts of them in next one month,” said a KMC official.

A section of KMC buildings department officials are extremely worried over several highly

dilapidated buildings in areas such as Burrabazar, Chitpore, M G Road, APC Roy Road, B B Ganguli

Newspaper/Online ET Realty (online)

Date August 04, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/kolkata-

drive-to-raze-unsafe-buildings-to-pick-up-pace-in-august/70519099

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Street, Lenin Sarani, S N Banerjee Road, Elliot Road, Tiljala, Bhowanipore and Kidderpore.

“We have been striving hard to vacate a number of buildings in large areas of central Kolkata that

include S N Banerjee Road, B B Ganguli Street, Lenin Sarani, Taltala, Rafi Ahmed Kidwai Road,

Elliot Road and Ripon Street among other areas. But owing to resistance from a section of tenants we

could not demolish parts of these buildings which pose a threat to inmates’ safety,” said a KMC

official. However, the civic body was determined to pull down some parts of these buildings with the

help of police, the official added.

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OTHER NEWS

Blackstone to acquire 50% stake in Indiabulls Real Estate for Rs 4,800

crore

PE giant to acquire remaining 50% in Indiabulls Real Estate’s commercial properties.

US-based private equity giant Blackstone Group is set to acquire the remaining 50% stake

in Indiabulls Real Estate’s commercial properties for around Rs 4,800 crore, said three persons with

direct knowledge of the development. The deal is pegged as one the country’s largest real estate

portfolio transactions.

This will give Blackstone full control of the portfolio and further strengthen its position as the

country’s largest commercial property owner. Blackstone had concluded a similar deal for a 50%

stake in this portfolio for nearly Rs 4,750 crore in March 2018.

The transaction is part of the Indiabulls Group’s strategy of exiting real estate completely and

focusing on financial services as it seeks to merge with Lakshmi Vilas Bank. Also, Indiabulls Real

Estate is planning to utilise the proceeds from this deal to repay its debt and bring it down to zero.

Indiabulls Real Estate’s total net debt stood at Rs 4,590 crore at the end of FY19.

“The transaction is expected to be concluded over the next few weeks,” said one of the persons cited

above. “Both the parties have agreed in principle to conclude the deal. Indiabulls is expected to

present the transaction to its board soon.”



Link https://realty.economictimes.indiatimes.com/news/industry/blackstone-to-acquire-50-stake-in-indiabulls-real-estate-for-rs-4800-crore/70528871

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Asset may be Put in Embassy REIT

Apart from controlling 50% stake in this 5-million-sq-ft commercial portfolio — including two

marquee properties in Mumbai’s Lower Parel and Prabhadevi areas and one in Gurgaon —

Blackstone had also acquired a 100% stake in the developer’s Chennai commercial property for

around Rs 850 crore last year.

Blackstone declined to comment. Indiabulls Real Estate didn’t respond to queries.

The private equity firm is expected to add the assets to the portfolio of Embassy Office Parks Real

Estate Investment Trust (REIT), its joint venture with Bengaluru-based realty developer Embassy

Group.

Embassy Office Parks listed India’s maiden REIT in April. It has 33 million sq ft of office and

hospitality assets, comprising seven business parks and four city-centric buildings in Mumbai,

Bengaluru, Pune and Noida. The REIT raised Rs 4,750 crore through the issue that was subscribed

2.58 times.

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In June, Embassy Group entered into an agreement to acquire Indiabulls’ promoter Sameer Gehlaut’s

entire 39.5% stake in listed company Indiabulls Real Estate for Rs 2,700 crore. The transaction had

put an enterprise valuation of Rs 7,000 crore on Indiabulls Real Estate’s portfolio — 23.5 million sq ft

of residential projects and 2.4 million sq ft of commercial space under construction. These under-

construction commercial properties are separate from the 5-million-sq-ft office properties portfolio in

which Blackstone is picking up the remaining 50% stake.

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As part of that deal, Embassy has already bought over 14% stake in the listed Indiabulls Real Estate

through the open market. Embassy Office Parks REIT is expected to hold the right of first refusal on

Indiabulls Real Estate’s under-construction commercial portfolio, once ready and leased. However,

the decision will be taken independently by its board, ET had reported earlier.

The US-based multinational private equity, alternative asset management and financial services firm

has emerged as the most aggressive institutional investor in India’s real estate sector and owns the

biggest portfolio of income-producing office assets in the country. It has committed $5.3 billion in the

key markets of Mumbai, Noida, Pune, Bengaluru, Chennai and Hyderabad.

It has invested across more than 50 companies in India. It has deployed more capital in India than in

any other emerging market, with nearly $10.6 billion invested in the private equity and real estate

sector.

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Adani, NBCC among front-runners to acquire Jaypee Infratech

The state-run construction major NBCC whose previous bid was rejected by the CoC is likely to

present a fresh bid after the Bench said it could file a "fresh improved" resolution plan.

As the debt-ridden Jaypee Infratech (JIL) goes through another round of bidding after the National

Company Law Appellate Tribunal (NCLAT) extended its resolution process by another 90 days,

Adani Infrastructure and the state-run NBCC seem to be among the front-runners to bid for the

company and its projects.

The appellate tribunal in its July 30 order said the bidding process and approval by the committee of

creditors (CoC) should be complete within 45 days from the receipt of the order and the rest of the 45

days would be needed for approval by the NCLAT.

Adani Infrastructure, an Adani Group company, has shown interest in bidding for the company and its

counsel appealed for acceptance of its bid during the recent NCLAT hearing. The appellate tribunal

didn't consider its request, but said it could again submit its bid as fresh bids would be invited.

In its latest order the two-judge Bench, headed by S.J. Mukhopadhaya, said: "We have given

opportunity to all the eligible persons to file 'expression of interest'/(improved) 'resolution plan',

individually or jointly, or in concert with any person."

The Bench, however, barred Jayprakash Associates, the parent company of JIL, from filing any

resolution plan.

The state-run construction major NBCC whose previous bid was rejected by the CoC is likely to

present a fresh bid after the Bench said it could file a "fresh improved" resolution plan.

Although NBCC sources said the company would like to go ahead with a bid, it's unlikely to relent on

conditions over which the lenders voted against its plan.

In its previous bid the NBCC had sought cancellation of an estimated Rs 33,000 crore income tax

liability due over 30 years under the concession agreement for the transfer of land from the Yamuna

Expressway Industrial Development Authority (YEIDA) to JIL.

The NBCC also sought relief from taking consent of the YEIDA for any business transfer between JIL

and Yamuna Expressway SPV for transfer of assets as well as land parcels from JIL.

These two conditions were opposed by the JIL lenders, who in turn voted against the bid and NBCC's

resolution could not make the cut in the last round of voting.



Link https://realty.economictimes.indiatimes.com/news/industry/adani-nbcc-among-front-runners-to-acquire-jaypee-infratech/70528778

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It would be interesting to see how the public sector enterprise goes about with the conditions this time

around.

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Emaar Properties' profit dips 7.4% in Q1 FY20

The emirate's oversupplied residential real estate market, down by at least a quarter since the

middle of 2014, is showing no signs of a recovery.

Dubai's largest listed developer Emaar Properties' second-quarter profit fell 7.4% as the Middle East

financial hub's property market continues to cool.

The emirate's oversupplied residential real estate market, down by at least a quarter since the middle

of 2014, is showing no signs of a recovery.

Emaar made a net profit of 1.37 billion dirhams ($373 million) in the April-June period, according to

Reuters calculations based on a company bourse statement on Sunday, compared to 1.48 billion

dirhams in the 2018 second quarter.

EFG Hermes estimated Emaar would make 1.55 billion dirhams in net profit.

Second-quarter revenue contracted 3.6% to 5.68 billion dirhams, Reuters calculated.

The developer of the world's tallest tower, Dubai's Burj Khalifa, said half-year profit fell 4% to 3.1

billion dirhams, the company said, and half-year revenue declined 4% to 11.57 billion dirhams. Half-

year sales rose 52% to 9.4 billion dirhams. "The sales figures correspond to the residential units sold

by Emaar during the first half of the year which underline the strong fundamentals for future revenue

recognition," the company said in an email.

"Revenue and profit on property development is recognised based on the incremental construction

progress achieved on such projects subsequent to sales achieved." Total sales backlog was 49.2 billion

as on June 30, which Emaar said would be recognised as revenue within the next three to four years.

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Link https://realty.economictimes.indiatimes.com/news/industry/emaar-properties-profit-dips-7-4-in-q1-fy20/70528803

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Deloitte quits as auditor of crisis-hit DHFL: Sources

Communication regarding Deloitte quitting as DHFL's auditor has been sent to the Ministry of

Corporate Affairs, one of the sources said.

Deloitte has quit as the auditor of cash-strapped DHFL, sources said on Sunday.

Communication regarding Deloitte quitting as DHFL's auditor has been sent to the Ministry of

Corporate Affairs, one of the sources said.

Another source confirmed that Deloitte has quit, but without citing any reasons.

However, sources in DHFL denied to have received any such communication from Deloitte.

There have been reports that Deloitte Haskins & Sells and the company's second auditor, Chaturvedi

& Shah, may quit due to unsatisfactory responses from the company to their queries related to fund

deployment.

Cash-strapped DHFL sits on a debt pile of Rs 90,000 crore and has defaulted on its various repayment

obligations in a serial manner in the recent past.

Earlier, DHFL had said that the company was working with its lenders to work out a debt resolution

plan by July-end.

However, company sources said it is yet to be finalised and likely to be chalked out in the coming

week.

DHFL has been trying to generate funds through various means and has exited from its subsidiary

units to tide over the current financial crunch.

The company in mid-July posted its biggest-ever quarterly loss of Rs 2,224 crore for the quarter ended

March of 2018-19 fiscal. The financial results were delayed due to the ongoing concerns.

The company is yet to announce the first quarter results of the current financial year.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/deloitte-quits-as-auditor-of-crisis-hit-dhfl-sources/70528753

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Consumer forum slaps fine on Amrapali Group for not providing

penthouse

In Nagpur, too, after one of its buyers had lodged a complaint with the Additional District

Consumer Disputes Redressal Forum against the tainted group, it was slapped with a Rs 30,000

fine for physical and mental harassment.

Amrapali group was recently in the news after Supreme Court cancelled its licence and attached all its

properties for fleecing buyers and asked the National Building Construction Corporation (NBCC) to

take over its projects in Noida.

In Nagpur, too, after one of its buyers had lodged a complaint with the Additional District Consumer

Disputes Redressal Forum against the tainted group, it was slapped with a Rs 30,000 fine for physical

and mental harassment.

A bench comprising President Shekhar Muley and member Avinash Prabhune further asked the

Noida-based group to return Rs 9.8 lakh deposited by the customer along with 18% interest with

effect from May 2015.

Complainant Keshav Kumar Singh, who is a retired air force officer, booked a penthouse at Amrapali

Group’s proposed scheme in Bhilgaon Kamptee in January 2015 and paid an advance of Rs 40,000.

According to him, he was promised possession in April the same year and was again asked to deposit

Rs 8 lakh.

After one and a half years of not receiving possession of the penthouse, Singh approached the

consumer forum to lodge a complaint. He contended that the builder has been evading him by making

excuses and he hasn’t even received a sale deed till date, despite paying the entire advance amount in

2015. He claimed that he was never given any receipt or a copy of flat’s sale deed.

Frustrated over no response to his calls and letters, he finally issued a legal notice to the builder and

demanded the building permit, sanction map of the penthouse, occupancy certificate and sale deed,

among others. Being a retired officer, he had plans to spend the rest of his life at his permanent home,

however, he was forced to live in a rented accommodation because of the Amrapali Group.

When he didn’t get a response, Singh approached the forum for full refund of his deposited amount

with Rs 2 lakh towards harassment charges.

The builder replied to the forum, saying he never received full payment for the penthouse due to



Link https://realty.economictimes.indiatimes.com/news/regulatory/consumer-forum-slaps-fine-on-amrapali-group-for-not-providing-penthouse/70519067

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which the construction could not be completed. He contended that Singh himself lacked the financial

capability to pay up and even defaulted on the installments. He pointed out that the purchaser should

make payments at regular intervals as the builder doesn’t pay for the construction from his own

pocket. If he is required to do so, there is a 20% surcharge. He argued that Singh paid only Rs 9.8 lakh

whereas the cost of the penthouse is 26 lakh.

After hearing both sides, the forum ruled that it’s a case of an unfair trade practice on the builder’s

part and the manner in which he dealt with the complainant was inappropriate.

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Chandigarh Housing Board plans fresh survey of building violations

As the data prepared by the CHB was compiled few years back, the board is planning to

constitute different teams to prepare a report on fresh violations.

While the residents are continuing their protest against Chandigarh Housing Board (CHB) notices to

flat owners over violations, the board is now planning to carry out fresh survey to check violations.

As the data prepared by the CHB was compiled few years back, the board is planning to constitute

different teams to prepare a report on fresh violations.

Recently, to safeguard innocent buyers, the board had decided to give both sellers and purchasers the

option of filing a joint application, for flat inspection by the CHB for a certificate that says the unit is

free of building violations at that point of time. For the physical survey to begin, the house owner will

have to submit the application fee of Rs 5,000.

The UT administrator VP Singh Badnore had already put a stay on actions against additional

constructions, alterations and other violations till September 30.

The UT administration had also decided to extend deadline of allowing need based changes.

Recently, the CHB had issued demolition orders to 647 allottees of Sector 41 over building violations.

Over the years, residents of 50,000 CHB flats have made need-based changes in their flats. However,

UT administration had not regularised these changes and had issued notices to most of the allottees,

who are demanding regularisation of need-based changes.

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Link https://realty.economictimes.indiatimes.com/news/regulatory/chandigarh-housing-board-plans-fresh-survey-of-building-violations/70519123

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Bombay HC directs tenants of old Kalina building to vacate quickly

The Bombay high court on Thursday directed tenants of a 40-year-old dilapidated building in

Kalina, Santacruz, to vacate it immediately.

The Bombay high court on Thursday directed tenants of a 40-year-old dilapidated building in Kalina,

Santacruz, to vacate it immediately.

A division bench of Justice Satyaranjan Dharmadhikari and Justice Sandeep Shinde dismissed the

petitions filed by tenants of Omar Manzil, challenging the BMC's demolition notice.

"Once it is found that a building is in a ruinous condition, the corporation owes a duty to take

appropriate steps, to ensure and safeguard the public from likely danger. When there are conflicting

opinions of experts saying the building structure should be pulled down or removed, such opinion

cannot be discarded as the primary object of (the law) is to protect the public at large and passersby,"

said the judges.

Four-storeyed Omar Manzil was constructed around 40 years ago. There are nine residential flats and

five shops. In 2017, BMC issued notices to the tenants to vacate so that it could be pulled down.

The tenants got a structural report that said the building could be repaired, that would extend its life by

five to 10 years. The technical advisory committee of BMC said the building was "severely

dilapidated".

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Link https://realty.economictimes.indiatimes.com/news/regulatory/bombay-hc-directs-tenants-of-old-kalina-building-to-vacate-quickly/70506960

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NCDRC orders Pioneer Urban Land to refund home buyer's money

It is choice of a home-buyer whether to take possession in delayed housing project or to seek

refund of his money and a builder cannot refuse to give back the amount on the ground that flat

is ready, the National Consumer Disputes Redressal Commission has said.

It is choice of a homebuyer whether to take possession in delayed housing project or to seek refund of

his money and a builder cannot refuse to give back the amount on the ground that flat is ready,

the National Consumer Disputes Redressal Commission (NCDRC) has said.

A bench of justice V K Jain directed a Delhi-based builder Pioneer Urban Land and Infrastructure to

refund amount of Rs 4.43 crore to a homebuyer who had invested the money in 2012 to get a flat in

Gurugram. The flat was to be delivered in 2015 but the builder failed to fulfil its promise and the

buyer approached NCDRC in 2018 for refund of the amount.

Although the builder had constructed the flat and got occupation certificate from concerned authority

just a fortnight before the homebuyer filed the complaint, the commission directed the builder to

refund the money as there was delay of more than two years.

Referring to the judgements of the Supreme Court, the commission said that the builder had to refund

the money as it failed to fulfill its contractual obligation of obtaining 'Occupancy Certificate' and

offering possession to the buyers within the time stipulated in the agreement or within a reasonable

time thereafter. It said that flat purchaser could not be compelled to take possession of the flat as it

was offered more than two years after the grace period under the agreement expired.

“More than two years and four months from the stipulated date had already expired by the time the

Occupancy Certificate was obtained. Therefore, in this case as well the complainants were justified in

terminating the agreement by instituting the consumer complaint ... the complainants are justified in

insisting upon refund of the amount paid by them to the opposite party,” justice Jain said.

The builder contended that the buyer had no justification for refusing to take possession and insisting

upon refund of the amount and alleged that buyer had booked the flat for a “speculative purpose”. The

commission, however, refused to credence to its allegation as no evidence was placed before it to

prove that the flat was not booked for residential purpose.

It accepted with the contention of advocate Adity Parolia who appearing for the homebuyer submitted

that in case of unreasonable delay, the choice will be with the buyer whether to take a belated

possession or to seek refund with appropriate compensation.



Link https://realty.economictimes.indiatimes.com/news/regulatory/ncdrc-orders-pioneer-urban-land-to-refund-home-buyers-money/70514302

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The commission directed the builder to refund the amount with a simple interest at the rate of 10.65%

per annum.

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Gurugram development body sends notices to over 360 societies to

install STP

The decision was taken after the National Green Tribunal recently slammed GMDA for the

millennium city's contribution to polluting the Yamuna river.

The Gurgaon Metropolitan Development Authorityhas issued notices to 366 residential societies of

the city to install sewerage treatment plants (STPs) in their respective premises else sewerage

connection will be cut by respective civic agencies.

The decision was taken after the National Green Tribunal recently slammed GMDA for the

millennium city's contribution to polluting the Yamuna river.

The sewerage of the city reaches the river via the Najafgarh drain. The major concern for the authority

is the untreated sewerage water going into the Yamuna.

V Uma Shankar, the CEO of the development authority, said notices have been served to private

developers who had promised to install separate treatment plants in their respective premises to get

construction licenses from town and country planning department.

"Under this provision, we have directed our officials to conduct random checking in residential

societies to ascertain how many of them have not not installed STPs. The officials are also checking

the installed STPs. As running STPs may increase expenses, there could be a case of residential

societies may not operating STPs and directly throwing sewerage water into drains," Uma Shankar

said.

During inspection, GMDA officials have found 366 residential societies which had made commitment

but failed to install STPs yet, the CEO said.

"We are also providing options to take proper sewerage connection from GMDA and pay charges.

GMDA will not allow anyone to pollute the environment," Uma Shankar said.

The city has three main STPs at Dhanwapur, to treat of 300 million gallons of water daily.

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Link https://realty.economictimes.indiatimes.com/news/regulatory/gurugram-development-body-sends-notices-to-over-360-societies-to-install-stp/70507275

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Soon, rainwater harvesting must for buildings on 30x40 ft plots in

Bengaluru

The government has directed Bruhat Bengaluru Mahanagara Palike (BBMP) and Bangalore

Water Supply and Sewerage Board (BWSSB) to implement RWH for 30x40ft sites with

immediate effect.

With the plummeting groundwater table in Bengaluru setting off alarm bells, rainwater

harvesting (RWH) will soon be made mandatory even for buildings standing on 30x40ft sites.

Currently, the practice is a must for structures on plots measuring 60x40ft and more and new

buildings coming up on sites measuring 30x40ft and more.

The government has directed Bruhat Bengaluru Mahanagara Palike (BBMP) and Bangalore Water

Supply and Sewerage Board (BWSSB) to implement RWH for 30x40ft sites with immediate effect.

The directions came from chief secretary TM Vijay Bhaskar during an inter-departmental

coordination committee meeting held on Monday.

Acting on Bhaskar’s directive, BWSSB chairman Tushar Girinath has written to his counterpart,

BBMP commissioner N Manjunatha Prasad, to seek the civic council’s nod for the proposal and also

to make appropriate amendments in building bylaws. Prasad told TOI the Palike has decided to

implement the proposal with immediate effect. Appropriate procedures will be followed and approval

will soon be taken from the council.

According to BWSSB’s earlier circular, RWH was mandatory for sites measuring more than 2,325

sqft. While the board has now proposed to make it compulsory for sites measuring over 1,162.5 sqft, it

has sought BBMP’s intervention to bring about the amendments.

A BWSSB official said the board adopted RWH for buildings in Bengaluru after the law was

amended in 2011. According to Section 72A of the BWSSB Act, every owner/occupant of a building

having sital area of not less than 2,325 sqft or anyone who proposes to construct a building on sital

area of not less than 1,162.5 sqft shall provide an RWH structure for storage/use/groundwater

recharge within such date as may be notified by the government.

Dual piping system

BWSSB has also proposed to make dual piping systems mandatory for buildings coming up on plots

measuring 60ftx40ft or more. The proposal reads: “Every owner who proposes to construct a building



Link https://realty.economictimes.indiatimes.com/news/residential/soon-rainwater-harvesting-must-for-buildings-on-30x40-ft-plots-in-bengaluru/70507061

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on sital area of not less than 2,325 sqft) shall provide dual piping system and RWH structure for

storage based on roof area and ground water recharge based on paved and unpaved areas.”

Girinath said changes in the law require approval of the legislature, and as the procedure is likely to be

delayed, the chief secretary had directed BBMP to make amendments in the bylaws. “Once BBMP

does so, it’ll become mandatory for building owners to comply with the bylaws at the time of

sanction,” Girinath maintained.

STORAGE STRUCTURE

Present set-up: Currently, RWH storage structure should have capacity of 20 litres or more per sq m

(11 sqft) of roof area and 10 litres or more per sq m of land surface

Proposed change: Should have capacity of 60 litres or more per sq m of roof area and 30 litres or more

per sq m of land surface.

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Tulsi Niketan residents urge Ghaziabad development body to share

profit

The residents placed a set of demands to GDA officials, which the Authority will consider in due

consultations with the vice chairperson.

Officials from the Ghaziabad Development Authority(GDA) on Friday met a group of Tulsi

Niketan residents, with an aim to break the deadlock over modalities under which new flats in the

locality would be constructed.

The residents placed a set of demands to GDA officials, which the Authority will consider in due

consultations with the vice chairperson.

“On Friday, GDA vice chairperson Kanchan Verma and other officials held a meeting with Tulsi

Niketan residents in an effort to convince them to vacate the flats, which had been declared unsafe and

unfit to inhabit,” said V N Singh, chief engineer, GDA. “In the meeting, residents came up with their

charter of demands,” added Singh.

The demands put forth by residents include, action against GDA officials under whose watch Tusli

Niketan was constructed, provide legality to residents having power of attorney, sharing one-fourth of

profit with the residents which the GDA will earn from selling additional flats to private builders and

allow only 8-storey high buildings in the locality.

“Since we plan to demolish the existing flats and will construct additional flats, which would be sold

off to private builders, the residents has demanded one-fourth of the profit,” said Singh. “Initially we

had planned to construct 10-storey apartments, but residents want only 8-storey high buildings,”

added Singh, who also said that all demands will be scrutinized before ceding to any of them.

Kuldeep Kasana, an RWA member, said, “The demands we have raised are valid ones. We need some

security before GDA razes our flats. We need to have absolute clarity before GDA proceeds with

demolition.”

In February, Jamia Milia Islamia had carried out the safety audit of Tulsi Niketan flats had

recommended demolition of the existing structure. Close to seven thousand people live in the 2,004

EWS Flats and 288 LIG flats in Tulsi Niketan, which also has 60 commercial establishments.



Link https://realty.economictimes.indiatimes.com/news/residential/tulsi-niketan-residents-urge-ghaziabad-development-body-to-share-profit/70510045

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Mohali civic body may penalise UltraTech, ACC, JK Lakshmi, others

The five plants are under scanner as they produce the mix concrete which is then transported

through heavy-body concrete-mixer trucks, consequently damaging the roads.

The MC is planning to penalise the Ready-Mix Concrete (RMC) plants operating in Mohali for

damaging the roads in the city. As many as five plants belonging to various multi-national

corporations (MNCs) are under their scanner.

A discussion on the move is in the agenda for the MC house meet scheduled to take place on August

5.

The five plants are under scanner as they produce the mix concrete which is then transported through

heavy-body concrete-mixer trucks, consequently damaging the roads.

The MC is also planning to propose levying damages on such plants apart from ordering their closure.

There are around 300 vehicles of concrete plants, having a load of around 2 tonne each, plying within

the city.

The RMC plants under the scanner are Ultra Tech Cement plant, NUVOCO Vistas Corporation

Limited plant, Prism RMC plant, ACC plant and J K Lakshmi Cement plant, located in various

industrial areas across the city.

Mayor Kulwant Singh said: “We have been receiving numerous complaints from the residents about

the roads being damaged by the movement of concrete-mixer trucks and the pollution created by the

RMC plants in the city. The survey conducted by the MC officials revealed that the roads connecting

to the plants are in a very bad condition, all because of the movement of the trucks. So we have

brought up the agenda point to close such plants and ask them to go out of city limits.”



Link https://realty.economictimes.indiatimes.com/news/allied-industries/mohali-civic-body-may-penalise-ultratech-acc-jk-lakshmi-others/70507119

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RMC refers to the concrete that is specifically batched or manufactured for customers’ construction

projects and supplied to the customers on site as a single product on a specially designed vehicles.

The engineering department of MC has prepared a report which stated that these vehicles are

overloaded and water seepage from the vehicles is damaging the roads.

Superintending engineer Mukesh Garg said: “We have received several complaints about road

damage from Mohali industry association as well. Now the house will decide upon the action to be

taken, in the meeting on August 5.”

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LIC Housing Finance's net profit up 8% in Q1 FY20

Its total income for the said quarter was Rs 4,807 crore, a growth of 18% from Rs 4,059 crore

during the corresponding quarter previous year.

LIC Housing Financereported a growth of 8 per cent in its net profit for the quarter ended on June 30,

2019. The company's profit after tax (PAT) stood at Rs 610.68 crore as against Rs 567.94 crore it

recorded in the similar quarter last year.

Its total income for the said quarter was Rs 4,807 crore, a growth of 18% from Rs 4,059 crore during

the corresponding quarter previous year. Revenue from operations grew 19% from Rs 4,005 crore to

Rs 4,757 crore in Q1 FY20.

Siddhartha Mohanty, MD & CEO of the company said, “The business environment continued to be

quite challenging. However, despite that, the company’s outstanding loan book grew consistently,

especially on the home loan segment. The company has also performed quite well in the affordable

segment."

LIC HFL's total disbursements were Rs 10,261 crore as against Rs 9,594 crore for the corresponding

period in the previous year registering a growth of 7%. Out of that, disbursements in the individual

home loan segment was Rs 7,871 crore against Rs 7,260 crore. Total disbursements in project loans

were Rs 829 crore in Q1 FY20 as against Rs 889 crore for quarter ended June 30, 2018.

"The company is strongly focusing on asset quality and on recovery aspect and we are confident of

addressing the situation in current year. The budget this year proposes additional Rs 1.5 lac deduction

for interest on home loans, which will certainly trigger a strong demand from end-users in the

affordable category. Renewed emphasis on PMAY (Urban) is also encouraging," added Mohanty.

Company's total loan portfolio stood at Rs 1,97,768 crore as against Rs 1,69,866 crore, registering a

growth of 16%. The individual loan portfolio stood at Rs 1,84,155 crore. Out of that, home loan

portfolio registered a growth of 12.4%.

Developer loan portfolio stood at Rs 13,614 crore as of June 30, 2019 as against Rs 8,399 crore as on

June 30, 2018.

The Exposure at Default (EAD)-Stage 3 stood at 1.98% as against 1.54% as on 31st March, 2019, the

company said in its BSE filing.

"In the current financial year, we expect stabilisation of the financial sector. I feel the sector will not



Link https://realty.economictimes.indiatimes.com/news/allied-industries/lic-housing-finances-net-profit-up-8-in-q1-fy20/70513481

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only recover from the earlier stress, but also see opportunities for substantial growth in future,” said

Mohanty.

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