22 - 10 - 2020 - CREDAI
Transcript of 22 - 10 - 2020 - CREDAI
www.credaibengal.com on Social Media May you and your family be blessed with the sweetness of #DurgaPuja this
year!
#ShubhoShashthi #CREDAIBengalHomes
CREDAI Bengal Daily News Update | 22.10.20
IFSCA prescribes regulatory framework for REITs, InvITs in
IFSC
The REITs and InvITs registered in International Financial Services Centre (IFSC) have
been permitted to invest in real estate assets and infrastructure projects respectively in
IFSC, India and other foreign jurisdictions.
The International Financial Services Centres Authority (IFSCA) on Wednesday prescribed the
regulatory framework for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in IFSC.
"IFSCA has permitted global participants i.e. REITs and InvITs incorporated in FATF compliant jurisdictions to list on the stock exchanges in GIFT IFSC. Additionally, InvITs have been
permitted to raise funds through private placements also," an official statement said. The REITs and InvITs registered in International Financial Services Centre (IFSC) have been
permitted to invest in real estate assets and infrastructure projects respectively in IFSC, India and other foreign jurisdictions, which is in line with the framework provided in the global financ ia l
centres, it said.
Additionally, it said, the REITs and InvITs that are already listed in any of the permissib le
jurisdictions other than IFSC (currently US, Japan, South Korea, UK excluding British Overseas
Territories, France, Germany, Canada and India) or India have been permitted to list and trade on
the recognised stock exchanges in IFSC, subject to compliance with their respective laws of home
jurisdiction.
The listing of REITs and InvITs in IFSC shall be in accordance with the requirements of the stock
exchanges in IFSC, it said, adding, the entities in IFSC can participate and benefit from the growth
of real estate and infrastructure sector in international jurisdictions .
The IFSCA was established on April 27 this year with head office in Gandhinagar with an
objective to develop the financial products and services in the Gujarat International Finance Tec-
City International Financial Services Centre (GIFT IFSC).
In December 2019, Parliament passed a Bill to set up a unified authority for regulating all
financial activities at the IFSCs in the country.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date October 22, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/ifsca-
prescribes-regulatory-framework-for-reits-invits-in-ifsc/78801212
Properties worth Rs 773.63-crore registered in Gujarat in last six
months
More than 4.76 lakh documents were registered through e-payment system, reveals Office
of Registrar General
In what can be seen as a positive sign for the realty sector in Gujarat, property worth Rs 773.63
crore was registered in Gujarat over the past six months.
Amid the coronavirus pandemic, between April 24 and October 20, more than 4.76 lakh documents were registered and the money paid through e-payment, stated a list issued by the Office of the Registrar General.
CREDAI Chairman Jaxay Shah said, "If the government reduces stamp duty in the State, which
is currently 4.9 percent, then the figures can be doubled."
Agreeing with him, President of National Real Estate Development Council (Gujarat) Suresh
Patel said, "E-payment figures show positive sign for the realty sector in Gujarat because demand
in the residential segment is increasing. This figure may also include commercial, resale and land
deals.
However, if the Gujarat government reduces the stamp duty, it can improve the sentiments of the
buyers here and increase government's income. Maharashtra government reduced stamp duty
which helped in boosting property sales in Pune."
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date October 22, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/properties-
worth-rs-773-63-crore-registered-in-gujarat-in-last-six-
months/78801238
Upload land records of all villages by Oct 31: Gurugram deputy
commissioner
DC Amit Khatri instructed the revenue department officials to work at a faster pace to
complete the work of making jamabandis (land records) online in a time-bound manner.
Deputy commissioner has directed the revenue department officials to upload land records of all
villages in the district online by October 31.
The directions were given in a meeting chaired by the DC recently. DC Amit Khatri instructed the revenue department officials to work at a faster pace to complete
the work of making jamabandis (land records) online in a time-bound manner. He reviewed the work done in tehsils and sub-tehsils and issued directions to first clear the pending cases.
“The state government’s focus is to make all land records online ensuring transparency. It is
therefore important the district’s land records are uploaded online,” said Khatri, adding that the
sub-divisional officers should review this work of uploading land records online at regular
intervals.
“We have been directed to upload jamabandis of all the villages in Gurgaon district online. There
are a total of 291 villages. Our revenue recoveries were also reviewed in the meeting,” said Basti
Ram, district revenue officer.
As per the state government,“Jamabandi is a document prepared as part of record-of-right in every
revenue estate. It contains entries regarding ownership, cultivation and up-to-date of various
rights in land.”
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date October 21, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/upload-
land-records-of-all-villages-by-oct-31-gurugram-deputy-
commissioner/78789565
Over 60 dilapidated buildings razed in past one week in Hyderabad
The drive is being continued to save the lives of people living in these old buildings, the
GHMC said in a statement. Municipal administration minister KT Rama Rao had
instructed the officials to take up a special drive to demolish the old buildings.
Following incidents of people living in dilapidated buildings losing their lives in the incessant rains, the Greater Hyderabad Municipal Corporation (GHMC) continued its demolition drive on
Tuesday.
GHMC commissioner Lokesh Kumar said 65 dilapidated buildings had been razed in the last one week.
The drive is being continued to save the lives of people living in these old buildings, the GHMC said in a statement.
Municipal administration minister KT Rama Rao had instructed the officials to take up a special
drive to demolish the old buildings.
People have been asked to vacate the old buildings in Nacharam, Yakutpura, Sri Nagar Colony
near Ramanthapur, Balagunj, Karmanghat, Gowlipura and other areas.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date October 21, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/over-60-
dilapidated-buildings-razed-in-past-one-week-in-hyderabad/78781537
Office rentals in NCR slip by over 5% as companies relocate to
cheaper locations
The rentals dipped even as landlords across markets exhibited flexibility in providing
increased rent free periods, reduced rental escalation and providing fully furnished
workspace to prominent occupiers to reduce their net outgo.
Office rentals in clusters of high-profile companies in Delhi-NCR have reduced by more than
5%, highest among top cities, following a move by companies to relocate to a cheaper location within the region, according to leading real estate consultants and brokers.
The rentals dipped even as landlords across markets exhibited flexibility in providing increased rent free periods, reduced rental escalation and providing fully furnished workspace to prominent
occupiers to reduce their net outgo. At 28%, NCR has the highest vacancy among top 7 cities, which gives tenants an opportunity to
bargain. While rentals at Bengaluru, Hyderabad, Pune and Chennai have either remained stable or
increased, the lease rates in Mumbai have reduced by 1%. DLF, which operates a large chunk of the grade A office space in NCR, escalated rentals by 5%-
7% on a year-on-year basis, but has said it may not happen this year.
Consultants said that with rentals being half at Noida in comparison with Gurgaon, many offices have started relocating to save costs.
“The pandemic has seen enhanced cost-conscious occupiers, making Noida more preferable to Gurugram at the macro level. Rentals for comparable properties, the cost of living is also lower
in Noida, thereby reducing the cost of talent significantly at the entry and marginally at mid-levels,” said Avishek Banerjee, Partner - Business Consulting - Real estate sector, EY India.
According to a JLL report, except for Bengaluru which witnessed a marginal increase in rents, office rents in Q3 2020 vs Q2 2020 remained stable across all markets under review.
“If you consider the rental fall in Gurgaon, it has fallen more than 5% as companies have started moving to Noida. Rental at Golf course road in Gurgaon is now Rs 75 per square feet against Rs
95 per square feet in pre pandemic era. In Noida, companies get space at less than a dollar per square feet, which is driving the demand and impacting the rental prices in other regions of NCR,”
said Anckur Srivasttava, chairman of GenReal Property Advisers, a real estate advisory firm.
Newspaper/Online ET Realty ( online )
Date October 21, 2020
Link https://realty.economictimes.indiatimes.com/news/commercial/office -
rentals-in-ncr-slip-by-over-5-as-companies-relocate-to-cheaper-
locations/78790074
According to a Knight Frank report, the recovery in office transactions and new completions
helped rental values remain stable in Bengaluru (4%) followed by Hyderabad (2%), Chennai
(0.5%), and Pune with 0% Year-on-Year growth (YoY).
NCR and Ahmedabad have seen a decline of 5% in Grade A office space rental.
The JLL reports points that increased office space consolidation and optimisation strategies of
corporate occupiers resulted in subdued net absorption levels, which could not keep pace with
new completions.
This resulted in overall vacancy increasing from 13.1% in Q2 2020 to 13.5% in Q3 2020.
Despite the rise in vacancy levels in southern markets, Bengaluru, Chennai and Pune continued
to hover in single digits, with NCR having the highest vacancy level at 28%.
________________________________________________________________
NGT junks plea to check alleged illegal constructions in
Dharamshala
"Such 'single cause of action' has not been mentioned in the application. Omnibus
allegations, without particulars and without relevant parties being impleaded, cannot be
entertained," the bench said.
The National Green Tribunal has junked a plea seeking check over alleged illegal and
unauthorised constructions of hotels and other buildings at Dharamshala in Himachal Pradesh. A bench headed by NGT Chairperson Justice Adarsh Kumar Goel said the petition is absolutely
vague and merely based on newspaper reports without any further verification or particulars .
"No alleged violator has been made a party. The National Green Tribunal (Practice and Procedure) Rules, 2011 lay down procedure for filing of application. Rule 14 requires that the application has to be based on a 'single cause of action' .
"Such 'single cause of action' has not been mentioned in the application. Omnibus allegations,
without particulars and without relevant parties being impleaded, cannot be entertained," the
bench said.
The NGT said the plea has many reference to many orders of the High Court, without the orders
being availab le.
"Unless such orders are available, possibility of conflicting orders and multiple proceedings on
the same issue may not be ruled out.The application is accordingly dismissed," the bench said.
The tribunal was hearing a plea filed by Delhi resident Rajeev Suri seeking control of alleged
illegal and unauthorised constructions of hotels and other buildings at Dharamshala in Himacha l
Pradesh.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date October 21, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/ngt-
junks-plea-to-check-alleged-illegal-constructions-in-
dharamshala/78790028