19 - 09 - 2020

CREDAI Bengal Daily News Update | 19.09.20

Newspaper / Online ET Realty (Online)

Date September 18, 2020 Link https://realty.economictimes.indiatimes.com/news/regulatory/haryana-

rera-stays-e-auction-of-supertech-hues-by-pnb-housing/78187240

Haryana RERA stays e-auction of Supertech Hues by PNB Housing

Gurgaon bench of Haryana Real Estate Regulatory Authority has

threatened to take penal action against the banks if they auction the

project of any builder to recover dues, without taking the approval of the

authority.

Gurgaon bench of Haryana Real Estate Regulatory Authority has threatened to take penal action against the banks if they auction the project of any builder to recover dues, without taking the approval of the authority. The order came after PNB housing finance ltd decided to auction project of Supertech in order to recover its dues. One of the buyer approached the RERA and on Friday, the authority stayed the e-auction proceeding. The authority has also said that in future before auctioning any project, banks have to take prior approval of RERA and 2/3rd of home buyers. About 950 homebuyers have invested Rs 328.19 crore in the project. “The financial institutions/lending banks/creditors have to take prior approvals from the authority at two stages - first before initiating the auction of real estate project and second at the time of transferring the auctioned property to the new buyer,” Haryana RERA said.

The authority in its order dated September 11, has said that the rights of the allottees are not subservient to those of the bank and therefore, in case of failure of the banks to ensure that the funds were applied for the purpose they were granted, banks cannot be allowed to supersede the rights of the allottees. The authority has also clarified that the financial institutions are duty bound to ensure that the loan payments are released to the promoters after due verification of the fact that the payment so released is actually utilized towards the construction of the project. “The lending institutions/individuals shall be held equally responsible if the

amount, so released is not put into construction purpose and is allowed to be diverted,” authority has said. The order is expected to hurt the lending in situations who have been auditioning properties as many developers have failed to pay dues since the lockdown. According to the authority, promoters usually mortgage their project land as well as all receivables from the sold/unsold inventory to lending organisations to get loans to fund the construction costs. But when these promoters fail to repay the loans taken, then the financial institutions directly auction residential or commercial properties that have been pledged with them to recover loans from borrowers by invoking the SARFAESI Act, 2002.

“Such auctions invoke great anguish and distress to the allottees of the project as there is no acknowledgement of the huge investments made by the allottees into buying their dream home. The future of such allottees is in complete darkness and obscurity. Such aggrieved allottees are bound to languish for their own hard-earned money,” RERA said. Supertech Limited has approached PNB Housing Finance Limited for a construction loan for the project “Supertech Hues”. The promoter failed to repay the loans taken and the project was put for e-auction by the creditor company.

DHFL seeks loan dues of Rs 112 crore from Pune-based Landscape

Realty & guarantors Corporate guarantors include Gadgil Holdings Private Limited and

Dajikaka Gadgil Developers Private Limited, and also individual

guarantors Saurabh Gadgil and Radhika Gadgil, for paying dues of Rs 112

crore as of August 28.

MUMBAI: Dewan Housing Finance (DHFL) has issued a demand notice for loan overdues of over Rs 112 crore from Pune-based Landscape Realty and its guarantors, which include entities and individuals linked to the 187-year-old PNG Jewellers, a popular chain of gold retailing shops. In a newspaper advertisement, DHFL said it has classified a borrowing by Landscape as a non-performing asset (NPA) for non-payment of loan, and issued notice to the company and guarantors, including corporate guarantors Gadgil Holdings Private Limited and Dajikaka Gadgil Developers Private Limited, and also individual guarantors Saurabh Gadgil and Radhika Gadgil, for paying dues of Rs 112 crore as of August 28. In a statement, Saurabh Gadgil, who is the chairman and managing director of PNG Jewellers termed this news as "fake" and alleged that his company's name is being dragged into it with "malafide intent".

The PNG Jewellers statement said the company is neither an investor nor a partner in Landscape Realty, and added that the developer is an "independent entity in the real estate business". Landscape Realty is based in the PNG House in Pune's Narayan Peth, as per the advertisement. An attempt made to reach out to DHFL for the notice did not elicit any response.

Newspaper /

Online

ET Realty (Online)

Date September 19, 2020

Link https://realty.economictimes.indiatimes.com/news/allied-industries/dhfl-seeks-loan-dues-of-rs-112-crore-from-pune-based-landscape-realty-

guarantors/78198963

The borrower has availed a loan from DHFL and has failed to pay pre-equated monthly instalments (PEMIs)/ Equated Monthly Instalments (EMIs) of their loans to DHFL, the notice read. "...DHFL has issued a notice dated 28/8/2020 u/s 13 (2) of the SARFAESI Act to demand an outstanding loan amount of Rs 112,88,98,901/ as on 28/8/2020, with any further interest, non-compliance charges, incidental expenses, costs and any other charges etc, may accrue from 29/8/2020 till the date of repayment of liability in full," it added. The borrower, guarantors, and mortgagors have provided security of the immovable properties (secured assets) to DHFL, the notice further read. If the borrowers, guarantors and mortgagors fail to repay the outstanding dues within 60 days from the date of notice, DHFL will be constrained to initiate measures as per SARFAESI Act to recover the amount due, the notice mentioned.

The securities held by DHFL include a 14 lakh square feet plot at Pune district Maval tehsil which has a project by the name of 'Anantsrushti' where over 1,100 units are unsold, the notice said. "There is a strong reason for us to believe that this rumour mongering and dragging our name into this issue is done with malafide intent...these rumours are being spread with the intent to malign our reputation and hurt our business. We are not even borrowers of the said loan," Saurabh Gadgil said.

Mysuru development body to link Aadhaar to property ownership

Muda chairman H V Rajiv said the city urban authority has decided to

make rainwater harvesting mandatory to all new houses coming up in both

private and public layouts.

MYSURU: The Mysuru Urban Development Authority (Muda) has planned to link urban property ownership to Aadhaar in a bid crackdown on benami properties and regularise tax collection. Speaking to reporters at his office on Tuesday, Muda chairman H V Rajiv said the city urban authority has decided to make rainwater harvesting mandatory to all new houses coming up in both private and public layouts. Houses for urban poor

The civic body has identified 33 areas in the city to construct houses for the urban poor. As per the plan, one, two and three bedroom houses will be constructed and will be sold at affordable price for urban poor. In its general meeting on September 14, it was also decided to develop new layouts with 50:50 partnerships with land owners including Ballahalli and other new villages, he said. Muda has decided to provide Rs 5 crore for ‘Naada Habba’ Dasara celebrations and to fund the treatment and management care facilities at Vikram Jyesta Covid Care Hospital exclusively opened for corona warriors in city. Rajiv said the agency will distribute 250 Civic amenity sites to eligible organisations involved in development at various parts of the city. A notification will be announced in this regard next week, he added. The urban development authority has also decided to appoint a retired chief engineer Lakshmikanth to study and submit a detailed report to Muda on the development of underground drainage system and drinking water pipelines in all layouts.

Newspaper /

Online

ET Realty (Online)

Date September 19, 2020

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

development-body-to-link-aadhaar-to-property-ownership/78180967

Muda has planned to computerise all its properties and introduce online payment of tax to streamline the administration process. It will also resume its popular Janaspandana programme to redress the public grievances, he added.

Only 30% property tax collected by Trichy civic body in H1 of FY21

Between April and September, the corporation was supposed to collect Rs

53.7 crore as property tax from a total of 2.2 lakh property tax

assessments.

TRICHY: Trichy corporation has collected only 30% of the property tax demand meant for the first half of the financial year ending September. Although the civic body’s financial reserves remain critical, it has decided to go easy on commercial establishments in the tax collection drive considering the Covid-19 lockdown impact on traders. Between April and September, the corporation was supposed to collect Rs 53.7 crore as property tax from a total of 2.2 lakh property tax assessments. The total property tax demand in the first half stood at Rs 97.4 crore, including the arrear amount of previous years. Although revenue officials resumed the collection drive from June 1, sources said that the response from locals was poor. Compared to the tax collection drives of the corresponding period in previous years, the current tax collection was way behind. “We expect to collect around 70% of the total property tax demand only by December. Compared to the other cities, our drive yields fairly good results,” a senior corporation official said.

Around 60% of the corporation’s revenue through property tax comes from residential buildings and the remaining 40% from commercial. Even entertainment tax and non-tax revenue have taken a beating as commercial establishments operating from civic body’s buildings are closed. “We are not pressurising traders to pay their taxes as they were hit by the pandemic. Despite odds, tax collection is underway by insisting residential properties to pay the taxes,” S Sivasubramanian, corporation commissioner said.

Newspaper /

Online ET Realty (Online)

Date September 18, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/only-30-

property-tax-collected-by-trichy-civic-body-in-h1-of-fy21/78180934

Nashik civic body to float new bid for construction waste

management There have been many complaints against construction debris being

disposed along the roadsides. Currently, the Nashik Municipal

Corporation (NMC) does not have a proper system for disposal of

construction and demolition waste.

NASHIK: The civic administration’s bid to appoint a private agency to collect and transport construction debris and recycle the waste has received poor response. There have been many complaints against construction debris being disposed along the roadsides. Currently, the Nashik Municipal Corporation (NMC) does not have a proper system for disposal of construction and demolition waste. Despite lagging behind in this aspect during the cleanliness survey, Nashik city bagged the 11th rank in the country and second in the state among the top clean cities under the Swachh Survekshan 2020.

NMC has plans to appoint an agency for collection, transportation, processing and management of construction and demolition waste on design, build, operate and transfer (DBOR) basis. “We had invited bids last month and two agencies had submitted the bids. However, both the agencies could not fulfil the conditions of the bid. Hence, we are simplifying the bid conditions so that maximum agencies can participate in the bidding process,” said NMC officials. “We are in the process of floating a fresh bid. The bid will be floated in a week or two,” added officials.

Newspaper /

Online

ET Realty (Online)

Date September 18, 2020

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

body-to-float-new-bid-for-construction-waste-management/78181050

The NMC will provide the land where the contractor can recycle the construction, demolition waste. The construction waste, which is unusable and cannot be recycled, is to be placed at the dumping ground identified by the municipal corporation.

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Telangana HC seeks answers from state government on legal validity

of LRS Padmanabha Reddy in his petition said that though the state claimed in its

layout regularisation scheme that it wants to bring all unauthorised

layouts in a planned development stream, it runs counter to the idea of

planned development.

HYDERABAD: The Telangana high court on Thursday issued notices to the state and its municipal authorities asking them to explain their stand on a PIL filed by Forum For Good Governance questioning the legal validity of the state's latest policy decision to regularise illegal and unauthorised layouts in the state. Forum's general secretary M Padmanabha Reddy said that this decision of the state runs contrary to the spirit of the constitution. Hence we are questioning the constitutional validity of this policy as conveyed through GO MS No 131 on August 31, 2020, he said in his plea. Advocate General BS Prasad assured the court that they would file counter soon and sought time for doing that. Appearing for the petitioner forum, senior counsel S Satyam Reddy sought a restraint order from the court to prevent the state from going ahead in the meantime.

The bench of chief justice Raghvendra Singh Chauhan and Justice B Vijaysen Reddy however refused to grant any such interim relief at this stage. We have to first see the counter of the state, the judges said while asking the AG to file his counter within two weeks. The bench posted the case to Oct 8 for further hearing. Padmanabha Reddy in his petition said that though the state claimed in its layout regularisation scheme that it wants to bring all unauthorised layouts in a planned development stream, it runs counter to the idea of planned development.

Newspaper /

Online

ET Realty (Online)

Date September 18, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/telangana-hc-seeks-answers-from-state-government-on-legal-validity-of-lrs/78180858

Under this new scheme, the state says that it would regularise all unauthorised layouts that left no open spaces for roads and other amenities. By collecting money from the people, the state is seeking to affix a stamp of approval on all such illegal layouts, he said. Layouts that cropped up in conservation zones, waterbodies etc too would now seek regularisation and hence the question of planned growth will take a backseat, he added. This would also encourage people to resort to raise illegal layouts with a hope that one day the state would eventually regularise them as well, he said.

Gurugram: EOW tell government agencies to submit details of

permissions to buildings Those issued notices include the DTCP, HSPCB, GMDA, forest

department, revenue department and Dakshin Haryana Bijli Vitran Nigam

(DHBVN).

GURUGRAM: The economic offences wing (EOW) of Gurugram police issued notices to several government departments and civic bodies in the city on Wednesday seeking details of permissions given by them for construction of factories, warehouses and shops on vacant land in Sector 94. Those issued notices include the department of town and country planning (DTCP), Haryana State Pollution Control Board (HSPCB), Gurugram Metropolitan Development Authority (GMDA), forest department, revenue department and Dakshin Haryana Bijli Vitran Nigam (DHBVN). Sector 94 has been notified by the DTCP as “open space” under the Gurugram Master Plan, 2031. Carrying out any kind of construction in the area without permission is banned. The area in the sector abutting the Gurugram-Pataudi road has also been categorised as green belt.

Despite this, several warehouses, factories and shops have been constructed for commercial activities in contravention of the public policy and prevailing laws. Sources said the builders also got sale deeds registered in their favour in collusion with revenue department officials and also managed to get GST numbers issued for commercial activities in violation of the norms. Around 25 such warehouses that were illegally built and allegedly polluting the area were demolished by DTCP on Thursday, after a notice was issued by EOW.

Newspaper /

Online

ET Realty (Online)

Date September 18, 2020

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

tell-government-agencies-to-submit-details-of-permissions-to-

buildings/78180715

The notices were issued on the basis of a complaint by Raman Sharma, a resident of Malibu Town, filed in June. In July, Sharma had filed a separate case before a local court, and the court had directed police to file FIRs against 17 officials of different government departments, including several IAS and HCS officers. The order was stayed by the Punjab and Haryana High Court on a petition by government officials. Now, EOW had sought details from the departments concerned on permissions granted for construction of factories, warehouses and shops in Sector 94. These include details of services provided to these properties like water, sewerage and electricity connections, permissions granted to cut the trees, complaints received regarding violations, sale deeds registered in last five years regarding land on which these structures were raised, no-objection certificates issued by the district town planner (DTP) for registration of sale deed.

Police have also sought details of other violations in the area as per the Haryana Development and Regulation of Urban Areas Act, 1975, and also under the provisions of Punjab Scheduled Roads and Controlled, Areas Restriction of Unregulated Development Act, 1963. Besides, EOW has sought details of violations under Pollution Control Act, details of electricity connections granted and borewells dug up in the area.

“We are waiting for the details from different government departments to proceed with the investigation,” a senior police officer of Gurugram police. Raman Sharma, who had filed a complaint in the matter, said many land-

grabbers raised illegal structures in violation of the Master Plan and other norms. “The officials and staff of all the departments concerned abused and misused government powers. It is a clear case of conspiracy against the state,

forgery, cheating and corruption. The demolition of illegal structures does not erase the wrongdoings of the government agencies,”he added.

Residents not part of meet on MHADA colonies' development

Maharashtra housing department held a meeting with developers and even

approved some of their demands; activists questions non-inclusion of

residents

MUMBAI: The state housing department had earlier this year taken a slew of decisions regarding development of MHADA colonies in consultation with a delegation of developers. However, there were no representation of residents of the colonies in the meeting, which may trouble the state government. The meeting was held on January 21, 2020, headed by housing minister Jitendra Awhad with four developers Nayan Shah, Boman Irani, Shahid Balwa, Vinod Goenka backed by Maharashtra Chamber of Housing Industries-Confederation of Real Estate Developers Association of India (MCHI-CREDAI). The state government has already received flak for appointing controversial developers Balwa and Goenka as two of the members of a steering committee meant for ‘quick response’ on the real estate issues. Mirror has a copy of the minutes of the meeting held, which has 14 suggestions by the developers of which some were approved by the minister immediately. The meeting was also attended by then housing secretary Sanjay Kumar, then VP and CEO of MHADA Milind Mhaiskar and deputy secretary of housing, RK Dhanawade.

As per the minutes, the delegation of developers demanded that a government decision of August 2019 reducing the premium should be implemented with retrospective effect, even if the NOC has been given to the project. The minister agreed to the demand. Citing a Slum Rehabilitation Authority (SRA) notification permitting payment of various charges, premiums etc without levy of interest, the delegation demanded similar provision for MHADA projects. The minister said, “MHADA should examine the matter in terms of financial implications and, if necessary, proposal may be sent to the government.” In another demand, the delegation sought occupation certificate (OC) in

Newspaper /

Online

ET Realty (Online)

Date September 18, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/residents-not-part-

of-meet-on-mhada-colonies-development/78180797

instalments saying “if 50 per cent premium is paid then 50 per cent occupational certificate should be granted.” The minister said, “The occupation certificate to the proportionate built up area for which the amount is paid shall be issued.” Hitting out at the government for not transferring any benefits to the residents, former President, MHADA, Chandrashekhar Prabhu is upset that representatives of MHADA colonies were not included in the committee. “The decisions were taken in connection with MHADA colonies but their representatives were not included. Three government members and four builders were on the committee making a majority of builders recommending benefits for themselves - a clear conflict of interest,” he said.

Ramesh Prabhu, Chairman of Maharashtra Societies Welfare Association said the real estate sector needs help in this period. “The question is whether the decisions would benefit the residents of these MHADA colonies. Would the developers pass the benefits to them?” he asked. Housing Minister Jitendra Awhad said the decisions were taken to cut down the pendency of files. “We are not favouring the builders. The decisions would ultimately benefit the people in the colonies. The meeting was conducted under the ease of doing business to speed up the decision-making process,” he said. Boman Irani, one of the developers who attended the meeting, said the decisions in the meeting would benefit the people. “Due to the high premiums, the city is not viable for development, whether it is MHADA, BMC or cessed building. CREDAI-MCHI has been pursuing the government to have a more structured process so good developers can come forward. At the moment, many projects are languishing,” Irani said.

YEIDA to extend deadline for lease deed execution to March 2021

YEIDA CEO Arunvir Singh said, “The proposal to extend the deadline has

already been sent to the board. The meeting is scheduled on September

22.

GREATER NOIDA: In a big relief to people who had bought residential or industrial plots along the Yamuna Expressway several years back, the development authority is considering an extension of the deadline issued for getting the lease deeds executed to March 31 next year. Meanwhile, a probe has been initiated against two officials of the authority’s planning department for allegedly misleading senior officials and issuing notices to industrial allottees to get their land in Sector 32 registered at the earliest without developing the area properly. TOI had highlighted in its September 13 edition how industrial allottees were being forced to carry out lease deeds of industrial plots located in Sector 32 even though work on construction of sewerage, road network, drainage, electrification and water supply was incomplete.

YEIDA CEO Arunvir Singh said, “The proposal to extend the deadline has already been sent to the board. The meeting is scheduled on September 22. Deadlines for allottees under all categories will be extended up to March 31 next year. Pending work across half-a-dozen sectors will be complete before that. Developed plots will be given to the allottees before they are told to execute deeds.” Sources revealed that disciplinary action against the general manager and a senior manager of the planning department was recommended last week and a file noting against the two forwarded to the government.

Newspaper /

Online

ET Realty (Online)

Date September 19, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/yeida-to-extend-deadline-for-lease-deed-execution-to-march-2021/78199043

As 200 illegal colonies razed, thousands lose homes in Gurugram & Faridabad

“I had no idea that the colony was illegal and violated the norms. I had

contacted the developer after I saw a pamphlet pasted on the boundary

wall of a park. The price was around Rs 4.5 lakh,” he said.

GURUGRAM: Anuj Kumar, who works in a departmental store in the city, recently bought a 50-sq-yard plot in Bhondsi and was planning to start the construction of his dream home. His dream was shattered last week after the department of town and country planning (DTCP) demolished under-construction buildings in the colony where he had bought a plot. Kumar then came to know that the colony was illegal. “I had no idea that the colony was illegal and violated the norms. I had contacted the developer after I saw a pamphlet pasted on the boundary wall of a park. The price was around Rs 4.5 lakh,” he said. Hari Kishan, who lived in an illegal colony in Khori village, lost his home when the Municipal Corporation of Faridabad carried out a razing drive there. “I have nowhere to go with my family. I had invested my life savings in making a house here, which was razed without any intimation,” he said.

Thousands of families like these have been rendered homeless and lost their savings in Gurgaon and Faridabad after their homes were demolished by various civic bodies since the lockdown. DTCP officials said demolition drives have been carried out in 200 illegal colonies in Gurgaon in the past five months. They said the developers of such colonies targeted families from the low-income group looking for small residential plots. Nirmal Gorana of Working Peoples Charter, an NGO, said the eviction and demolition must be stopped immediately, and adequate measures should be taken to rehabilitate those affected. “Adequate and sustainable rehabilitation for the affected families in Gurgaon and Faridabad must be ensured before the threat of eviction is forced upon them,” he said. “A comprehensive rehabilitation and relocation policy that keeps the interests of the community at heart must be

Newspaper /

Online ET Realty (Online)

Date September 19, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/as-200-illegal-

colonies-razed-thousands-lose-homes-in-gurugram-faridabad/78199085

made at the central level,” he added. The state government upgraded the registry mechanism and launched a software earlier this month to check irregularities in registries of land. The government has also uploaded details of agricultural land, where registry is not allowed without a no-objection certificate (NOC) from DTCP.

District town planner RS Batth told TOI an NOC from the department is required

for registration deeds in villages that come under Section 7(1) of

the Haryana Regulation and Development of Urban Areas Act, 1975. “The

system has been updated to check mushrooming of illegal colonies,” he said.

On the issue of the families who lost their homes, he said they were duped by

property dealers and developers of illegal colonies. “We have recommended the

filing of FIRs against these property dealers and sought financial details from

them,” Batth said.

RS Rathee, councillor of Ward No. 34, said many families which have lost their

homes recently in demolition drives have approached him for help. “We are

trying to help and support them in all possible manner,” he said.

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The Executive Centre's south Asia revenue up 18% in H1 2020

Globally revenue was up 5% to $120 million. Total number of workstations

occupied as of June 30 increased by 14% compared to last year and client

renewals was up to 62%.

BENGALURU: Flexible workspace provider The Executive Centre said its revenue in south Asia rose 18% in the first half of the year to $21 million while occupancy was up to 89% from 87%. Globally revenue was up 5% to $120 million. Total number of workstations occupied as of June 30 increased by 14% compared to last year and client renewals was up to 62%. The company also opened 6 new centres in the same time. Notable new signings were from financial services & banking, IT and consulting sectors. “It cannot be denied that the Covid-19 pandemic has been the main external factor impacting the performance of companies. As a result, the world of work is changing dramatically as businesses focus on managing costs to survive and look for workspaces with greater flexibility to support in office and remote working.

We have seen stronger demand coming from MNCs and domestic corporates

since April across the Greater Bay Area and South-East Asia which helped to

drive sustainable revenue growth and profitability in the first half of the year,”

said TEC Founder and CEO, Paul Salnikow.

The company has 135 centres in 32 cities which include 30 centres spread over

8 lakh sqft in Mumbai, Gurgaon, New Delhi, Hyderabad, Bangalore, Chennai

and Pune.

Newspaper /

Online

ET Realty (Online)

Date September 18, 2020

Link https://realty.economictimes.indiatimes.com/news/commercial/the-executive-

centres-south-asia-revenue-up-18-in-h1-2020/78183233

The Executive Centre's south Asia revenue up 18% in H1 2020 Globally revenue was up 5% to $120 million. Total number of workstations

occupied as of June 30 increased by 14% compared to last year and client

renewals was up to 62%.

BENGALURU: Flexible workspace provider The Executive Centre said its revenue in south Asia rose 18% in the first half of the year to $21 million while occupancy was up to 89% from 87%. Globally revenue was up 5% to $120 million. Total number of workstations occupied as of June 30 increased by 14% compared to last year and client renewals was up to 62%. The company also opened 6 new centres in the same time. Notable new signings were from financial services & banking, IT and consulting sectors. “It cannot be denied that the Covid-19 pandemic has been the main external factor impacting the performance of companies. As a result, the world of work is changing dramatically as businesses focus on managing costs to survive and look for workspaces with greater flexibility to support in office and remote working.

We have seen stronger demand coming from MNCs and domestic corporates

since April across the Greater Bay Area and South-East Asia which helped to

drive sustainable revenue growth and profitability in the first half of the year,”

said TEC Founder and CEO, Paul Salnikow.

The company has 135 centres in 32 cities which include 30 centres spread over

8 lakh sqft in Mumbai, Gurgaon, New Delhi, Hyderabad, Bangalore, Chennai

and Pune.

Newspaper /

Online

ET Realty (Online)

Date September 18, 2020

Link https://realty.economictimes.indiatimes.com/news/commercial/the-executive-centres-south-asia-revenue-up-18-in-h1-2020/78183233

DDA holds online meet with residents of plotted housing

colonies The Delhi Development Authority (DDA), in partnership with the National

Institute of Urban Affairs (NIUA), is currently preparing the Master Plan for

Delhi 2041.

NEW DELHI: Seeking to engage the public and stakeholder groups in the formulation of the Master Plan of Delhi (MPD) 2041, a meeting was held on Thursday between DDA officials and several residents and representatives of resident welfare associations (RWAs) of plotted housing colonies. The Delhi Development Authority (DDA), in partnership with the National Institute of Urban Affairs (NIUA), is currently preparing the Master Plan for Delhi 2041. The day-long public consultation with residents and RWAs of plotted housing colonies of Delhi was held on WebEx online platform, in three batches, from 11 AM onwards. Around 120 people and RWAs had registered through emails and the meeting was also attended by senior officers from DDA and NIUA, a senior DDA official said.

The meeting was chaired by Leenu Sahgal, Commissioner (Planning), and H K

Bharti, Additional Commissioner (Planning) in the DDA.

"Participants were requested to share their suggestions towards improving built

environment and civic facilities and other planning concerns pertaining to these

colonies such as connectivity and linkages with public transport," the DDA said

in statement.

The main concerns highlighted by participants were about disconnected

sewerage and road network, encroachment in unused land parcels, air pollution

and parking management, it said.

Newspaper /

Online

ET Realty (Online)

Date September 18, 2020

Link https://realty.economictimes.indiatimes.com/news/infrastructure/dda-holds-online-meet-with-residents-of-plotted-housing-colonies/78187368

South Indian Bank cuts MCLR by 0.05% across tenors

Rates for all other tenor loans, from overnight to six-month period, have

been reduced by a similar quantum each to the range of 7.80 - 8 per cent,

the private sector lender said.

NEW DELHI: South Indian Bank (SIB) on Friday announced cutting its marginal cost of funds based lending rate (MCLR) by 0.05 per cent across all tenors. It has also cut its base rate by 0.10 per cent. "This is to inform that the bank has decided to reduce the base rate from 9.85 per cent to 9.75 per cent and marginal cost of funds based lending rates applicable for multiple tenors has been revised with effect from September 20, 2020," the bank said in a regulatory filing.

The benchmark one-year MCLR, which is mainly factored in to decide most

consumer loan rates, has been reduced to 8.20 per cent from 8.25 per cent.

Rates for all other tenor loans, from overnight to six-month period, have been

reduced by a similar quantum each to the range of 7.80 - 8 per cent, the private

sector lender said.

While base rate is calculated based on the average cost of funds, MCLR is

based on the marginal or incremental cost of funds.

MCLR came into effect from April 2016 in accordance with the RBI mandated

new interest rate calculation regime in order to facilitate effective transmission of

policy rate actions.

Stock of SIB closed 1.42 per cent down at Rs 6.95 a piece on BSE.

Newspaper /

Online ET Realty (Online)

Date September 19, 2020

Link https://realty.economictimes.indiatimes.com/news/allied-industries/south-

indian-bank-cuts-mclr-by-0-05-across-tenors/78199021

Coimbatore: GST officials seize incriminating documents from

four brick kilns As many as 196 brick kiln units are presently operting at Thadagam and

surrounding areas in Coimbatore district. The building bricks attract 5% of

GST.

COIMBATORE: A team of 60 GST officers conducted searches in 21 places of four major brick manufacturers in Thadagam and surrounding areas on Thursday. The officials seized incriminating documents and materials exhibiting tax evasion after search. “The tax evasion may run into atleast Rs 10 crore,” said an official. As many as 196 brick kiln units are presently operting at Thadagam and surrounding areas in Coimbatore district. The building bricks attract 5% of GST. “Many brick manufacturers did not maintain invoice for the sales and they involved tax evasion. Based on the intelligence received and developed by the Goods and Services Tax (GST) department, the search was conducted for the four major brick manufacturers,” said the official. GST joint commissioner VK Vamshadhara, issued a press note on Thursday night claiming that the brick kiln units have neither taken registration prescribed under section 22 of the Central GST Act, 2017 nor those that have taken registration have discharged the applicable duty as prescribed under section 9 of the CGST act. The units under the survey have been clandestinely removing the bricks without discharging the applicable tax causing substantial revenue loss to the exchequer.

The quantum of evasion is being ascertained and may run into a few crores.

The official added that one of the brick manufacturers owned a construction

company, bus services, petrol bunk and he was involved in other business also.

“Most of the brick kiln units did not get registration from the GST department.

Newspaper /

Online ET Realty (Online)

Date September 18, 2020

Link https://realty.economictimes.indiatimes.com/news/allied-

industries/coimbatore-gst-officials-seize-incriminating-documents-from-four-brick-kilns/78183120

Some of them registered their unit names and were involved in tax evasion. The

60 officers are ascertaining the tax evasion details. If a manufacturer is involved

in tax evasion of Rs 2 crore, he has to pay 100 % penalty (Rs 2 crore) and 18 %

of interest (Rs 36 lakhs) to the GST department,” said the official.

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ED attaches three hotels in Delhi worth Rs 100 crore in PMC Bank

PMLA case The three hotels have been identified by the agency as the Fab Hotels

group. "The attached three hotels are owned by Libra Realtors Pvt Ltd,

Deewan Realtors Pvt Ltd, Rakesh Kumar Wadhawan, Romy Mehra, Libra

Hotels Pvt Ltd and its directors," the agency said in a statement.

NEW DELHI: The Enforcement Directorate (ED) has attached three hotels worth around Rs 100 crore in Delhi in connection with its money laundering probe in the PMC Bank fraud case, the central agency said on Friday. The three hotels have been identified by the agency as the Fab Hotels group and are located in Kailash Colony, East of Kailash and Kalkaji areas of the national capital. "The attached three hotels are owned by Libra Realtors Pvt Ltd, Deewan Realtors Pvt Ltd, Rakesh Kumar Wadhawan, Romy Mehra, Libra Hotels Pvt Ltd and its directors," the agency said in a statement. It said the "market value" of these three properties is about Rs 100 crore.

It identified the assets as: Hotel Conclave Boutique, now known as Fab Hotels at A-20, Kailash Colony in Delhi; Hotel Conclave Comfort, now known as Fab Hotels at D-150, East of Kailash and Hotel Conclave Executive, now known as Fab Hotels at C-22, Kalkaji. The agency said its probe found that "proceeds of crime totalling Rs 247 crore were obtained fraudulently by Libra Realtors Pvt Ltd, Deewan Realtors Pvt from PMC Bank in the guise of loans". "These loans are part of the Rs 6,117 crores owed by HDIL group of companies to the PMC Bank," the ED claimed. The ED had filed a PMLA case to probe the alleged loan fraud in the Punjab and Maharashtra Co-operative (PMC) Bank in October last year against Housing

Newspaper /

Online

ET Realty (Online)

Date September 19, 2020

Link https://realty.economictimes.indiatimes.com/news/hospitality/ed-attaches-three-hotels-in-delhi-worth-rs-100-crore-in-pmc-bank-pmla-case/78198987

Development Infrastructure Ltd (HDIL), its promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan, its former chairman Waryam Singh and ex-managing director Joy Thomas. It took cognisance of a Mumbai Police economic offences wing FIR against them that charged them for causing "wrongful loss, prima facie to the tune of Rs 4,355 crore to PMC Bank, and corresponding gains to themselves". The ED has earlier attached properties of Rakesh Wadhawan and his family trust worth Rs 193 crore and had seized jewellery worth Rs 63 crore.

The Wadhawan father and son were also arrested by the ED last year in this

case and they are in judicial custody at present.

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Real estate can give the much-

required push to Indian economy The realty sector is the second largest employer in India after agriculture and its contribution to employment is expected to rise further owing to the shift in consumers’ preference towards owning houses over rental spaces.

Real estate is expected to contribute 13 per cent to India’s GDP by 2025. The growth of real estate will have a cascading effect on ancillary industries such as infrastructure and cement, leading to the creation of direct and indirect employment. The realty sector is the second largest employer in India after agriculture and its contribution to employment is expected to rise further owing to the shift in consumers’ preference towards owning houses over rental spaces.

Young working professionals had earlier contributed to rental yields for most realty players in Gurugram. The COVID-19 has pivoted the focus on financial security and sound investment backup. Now the same young lot is considering buying houses for both personal use as well as for investment purposes.

Another trend is the proliferation of technology that has automated certain tasks and somewhat reduced the dependence on labour. Technology service providers stand to gain immensely as all realty players are leveraging emerging technologies. Smart construction techniques such as steel framing, prefabricated steel floor decks have expedited the pace of construction, leading to the delivery of projects in record time. With sustainability gaining new currency in real estate, eco-friendly projects and energy-efficient buildings have found favour with consumers.

The value of real estate assets hinges on a robust infrastructure. The presence of schools, hospitals, connectivity to railway and airport boost the value of real estate properties. Additionally, consumers are looking for curated customer experiences and are ready to go the extra mile to afford it. Well-travelled,

Newspaper /

Online Financial Express (Online)

Date September 18, 2020

Link https://www.financialexpress.com/money/real-estate-can-give-the-much-

required-push-to-indian-economy/2086333/

business-savvy millennials are now eyeing premium housing that offers the best customer experiences such as futuristic approach in terms of automation; green practices, the efficiency of space so that it can be customized and so on. Moreover, the Walk-to-Work concept has gained momentum with the increase in well-planned mixed use developments. Real estate, whether commercial or residential, has been considered as a relatively safe asset class for investors. India’s growing economy and wide consumer base are conducive to investment in real estate. Renowned international architects are now eyeing the Indian market and are collaborating with leading real estate players to design remarkable projects. The clarion call towards ‘Local for Vocal’ by Hon’ble Prime Minister Shri Narendra Modi has boosted the consumer sentiment towards Indian companies with sound credentials. The backdrop of depreciating rupee and falling crude oil prices further accentuate the prospects of investment in India. Multiple job opportunities in Corporate Inc in India, job losses in the international market, and job insecurity induced by the pandemic will lead to NRIs wanting to come back to their homeland. This is an opportune time for them to invest and plan a comeback to the home turf. ----------------------------------------------------------------------------------------------------------

Real estate likely to bounce back

in Tier II & III cities post Covid-19 Realtors are optimistic about the real estate sector's recovery scenario particularly in Tier II and Tier III cities post Covid-19.

With the recently-issued Unlock 4.0 guidelines, it would be interesting to see how does the real estate market perform in the coming months and how much time does it take to bounce back. Realtors meanwhile are optimistic about the recovery scenario particularly in Tier II and Tier III cities, especially after a recent KPMG report ‘Time To Open My Wallet Or Not’ said that 22% consumers in Tier II and 30% consumers in Tier III cities felt that their spending would either increase or remain the same as before the spread of the COVID-19 pandemic.

Realtors say that if one takes the inflation into account, fixed deposits are yielding a negative rate of return currently. The equity market is way too volatile and even the RBI governor has recently warned about a possible correction as it is way too ahead of the fundamentals.

“Considering these aspects, real estate is being seen by many as an attractive investment option. According to a recent survey conducted by Housing.com in association with NAREDCO, around 35% of the participants consider real estate as one of the best investment options with 28% opting for gold. Lower interest rate along with stable prices also works in favour of the sector. Tier II and Tier III cities have witnessed rapid infrastructure development and are also emerging as new employment hubs. With the government’s focus on encouraging self-employment, these cities are also witnessing a kind of reverse migration and hence, it is expected that the demand for property is likely to improve soon. The upcoming festive season could be the biggest trigger towards the same,” says Mani Rangarajan, Group COO, Housing.com, Makaan.com & PropTiger.com. There is no denying the fact that the impact of the pandemic has been higher in metros than in Tier II and Tier III cities. Therefore, upon unlocking, these cities are witnessing favorably well consumer interest and willingness to spend.

Newspaper /

Online

Financial Express (Online)

Date September 18, 2020

Link https://www.financialexpress.com/money/real-estate-likely-to-bounce-back-

in-tier-ii-iii-cities-post-covid-19/2086676/

“It is also about moving forward with the digital wave and being prepared for the festive season. Business in malls is already touching 30-40% of sales registered in the same period a year ago. Our mall in Dehradun is running a campaign of never seen before offers with the help of various brands. It is time for collaboration, and retailers and mall authorities have to work together to drive customers. Organized retail offers more safety to shop and dine in these towns, we must capitalize on it. Facilities like Block & Shop, Video calling Shopping are adding value to our retail outlets. The key is to streamline your communication in a targeted way especially in Tier II and Tier III cities for motivating customers to visit the malls and experience the safety measures introduced personally,” says Abhishek Bansal, Executive Director, Pacific Group, who heads the operations of Pacific Malls in Delhi NCR & Dehradun. Explaining the market sentiment, Mohit Goel, CEO, Omaxe Ltd, says, “Being an end-user driven market, the demand has picked up faster in 2/3 cities due to a host of reasons like the government’s industry and infrastructure push, corporates looking for cheap real estate and skilled workforce that are staying back or returning and higher capital appreciation. Demand in cities like Indore, Lucknow, New Chandigarh, Ludhiana, Faridabad etc. is gravitating towards reputed developers – those with a strong balance sheet and good delivery record.” Retail and entertainment avenues in Tier II and III markets are scattered, and malls bring the luxury and convenience for customers to check out everything under one roof. Uddhav Poddar, MD, Bhumika Group, who is spearheading the development for one of the largest malls in Udaipur- Urban Square, says, “The residential and commercial real estate avenues in Tier II-III markets are scattered. On the other hand, commercial complexes and modern housing societies combine the values of urban lifestyle and convenience into one. Even for mall developers, the advantage remains, customers have the freedom to discover anything and everything under one roof. Mall authorities and developers presently are working relentlessly to ensure stern safety and hygiene measures even while they are in the construction phase. This trend will continue, efforts will be directed to create a haven for attracting customers and assuring them of their well-being all time in these newly-developed structures.” Raman Gupta, Director – Branding & Construction, GBP Group, says, “Reverse migration among the working professionals from metros and NRIs will lead to an increase in demand of property in Tier II and tier III cities. Talking especially about the northern region, Tricity and its peripheries are witnessing an upsurge laying the foundation for a market that is going to grow exponentially from here. Also, India is on its path of becoming the manufacturing hub, it will create significant demand for office spaces, business parks, and other commercial complexes in the coming years.”

Realtors say that consumers these days prefer to shop online and have compelled brick and mortar retailers to focus on a concrete strategy for Omnichannel Retail. It is imperative for retailers to evaluate the situation prudently in order to tackle the cash flow situation. The Indian retail sector is going through an adverse time and the need of the hour is that the government takes certain strong measures to ensure that the retail sector in the country does not go in a state of dormancy. The retail sector is not just one of the biggest sunrise sectors of the country, but also creates volumes of jobs. Ajay Rakheja, Sr. VP-Commercial Real Estate, 360 Realtors, says “The sector is already witnessing lower revenue and has not seen any benefits coming from the fiscal stimulus packages and now if banks do not extend the moratorium on loans announced in March beyond August 31, then the retail sector will find itself in the doldrums. And the recovery for the sector will take longer than what is predicted. The retail sector might see some recovery from the Q4 2020, but consumer sentiments in post-pandemic times will remain largely muted and some categories like luxury, travel, hospitality, movies, fine dine, white goods, expensive gadgets, might see a drop. So, mall owners need to re-evaluate their future strategies.”

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