24-June-2019 · largest retail development 2.5-million-sq-ft LuLu International Shopping Mall in...
Transcript of 24-June-2019 · largest retail development 2.5-million-sq-ft LuLu International Shopping Mall in...
24-June-2019
Page 1 of 34
CREDAI Bengal Daily News Update | 24.06.19
MHADA LODGES COMPLAINT AGAINST UNISPACE
HEIGHTS' DIRECTOR FOR CHEATING
Hemant Arya, director of Unispace Heights Pvt Ltd, has allegedly violated agreement for 2
Matunga flats
The Matunga police have lodged an FIR against Hemant Arya, Director, Unispace Heights Pvt Ltd,
on charges of cheating and criminal breach of trust of IPC levelled by MHADA‘s Mumbai Building
Repairs and Reconstruction Board (MBR&RB). The charges were based on a complaint that the
developer has violated the preconditions of NOC for redevelopment by not executing an agreement
for two redeveloped flats in Annapurna Bhavan, a 12-storey cessed building in Matunga‘s
Mahilashram Road.
MBR&RB is the nodal agency for redevelopment of cessed buildings under DCR 33 (7) and one of
the preconditions for granting NOC to Unispace Heights in April 2010 was that the builder had to
sign a registered agreement for Permanent Alternate Accommodation of the rehab flats.
The complaint, lodged by MBR&RB Executive Engineer, F North Division BS Walekar, was filed
after repeated complaints by 52-year-old Dr Dipti Patankar and her 81-year-0ld mother Vibhawari
Naik, co-lessees of the building plot who were allocated flats 901 and 902, that the developer had
violated the agreement terms.
In her complaints to MHADA, Patankar and Naik had alleged that Unispace Heights Pvt Ltd had
agreed to provide 1000 sq ft flats to them, but actually provided rehab 693.95 sq ft carpet area for flat
901, and 693.63 sq ft carpet area for flat 902 in violation of the development agreement.
Though the mother-daughter took possession of the flats in November 2017 under protest, they
refused to sign the agreement for the new flats unless they were compensated for 307 sq ft of carpet
area for each flat lost. Their complaint says the developer included fungible, duct area, lift lobby and
other dry service area in the carpet area, and claimed flat 901 had 911 sq ft carpet, and flat 902 had
899 sq ft.
―How can other unusable and illegal areas be included in our carpet area? How can the lift lobby
outside my flat door be included in my carpet area? The development agreement says the lessee flats
will be 1000 sq ft including 880 sq ft plus 120 sq ft usable carpet area for duct, boxes, lift lobby,‖
said Dr Patankar, who had also demanded one year‘s outstanding rent from April 2017 when the
developer obtained Part OC till March 2018.
Newspaper/Online ET Realty (online)
Date June 24, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/mhada-lodges-complaint-against-unispace-heights-director-for-cheating/69920472
Page 2 of 34
Following the dispute, a joint measurement was carried out by MBR&RB‘s deputy engineer on
December 6, 2017, together with the resident architect of Unispace Heights which confirmed 693.95
sq ft and 693.63 sq ft carpet areas of both flats.
The MBR&B Chief Officer Dinkar Jagdale had on May 8 asked the developer to execute and register
agreements for the two flats as per ―the carpet area provided as per MCGM approved plans and
without including the other unusable areas‖.
Developer Hemant Arya, who was in Australia when contacted, denied that he has given less carpet
area and questioned the actions by MBR&RB and the Matunga police in lodging the FIR.
On behalf of Arya, his lawyer advocate Harshvardhan Salgaokar said, ―The allegation is false as the
carpet area is provided as promised. The BMC carpet measurement done by authorities confirms this.
The owner has been sent repeated requests, reminders for registering the flat but she has not replied
to those requests.‖
On the issue of rent, Salgaokar said ―Rent is payable until OC is received and that requirement has
been duly complied with. Also, this issue had been referred to the police by the complainant much
earlier, but the police closed that inquiry on the basis that the case is civil in nature.‖ He said the
agreement has an arbitration clause, but his client‘s offer to go for arbitration to resolve the dispute
was not accepted by the owners.
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JAYPEE BUYERS PROTEST AT JANTAR MANTAR,
SEEK GOVERNMENT INTERVENTION
In their petition to Sitharaman, the homebuyers have appealed to the government to direct
IDBI Bank and NBCC to resolve their differences on the resolution plan and IDBI Bank to
vote for NBCC's resolution plan.
NEW DELHI: Homebuyers of Jaypee Infratech Sunday urged the government to direct IDBI Bank
to vote in favour of state-run NBCC's bid for the acquisition of the debt-ridden firm and prevent it
from going through liquidation process. On Sunday, hundreds of Jaypee homebuyers held protest
at Jantar Mantar here and are planning to submit a petition to Finance Minister Nirmala Sitharaman
in this regard.
In their petition to Sitharaman, the homebuyers have appealed to the government to direct IDBI Bank
and NBCC to resolve their differences on the resolution plan and IDBI Bank to vote for NBCC's
resolution plan.
They also demand that the majority vote of homebuyers in the CoC be treated as the vote of the
whole voting sub-class of home buyers.
Debt-ridden realty firm Jaypee Infratech's creditors, which include banks and homebuyers, met last
week to assess the progress of the ongoing insolvency proceedings and decide the future course of
action.
According to sources, the Committee of Creditors (CoC) did not take any decision on the way
forward. The decision on whether to consider bids of Adani Group or Jaypee Group would be taken
after a hearing in this matter in the National Company Law Appellate Tribunal (NCLAT) on July 2.
This is the second round of bidding process to revive Jaypee Infratech, which went into insolvency in
August 2017 after the National Company Law Tribunal (NCLT) admitted an application filed by an
IDBI Bank-led consortium.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 24, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/jaypee-buyers-protest-at-jantar-mantar-seek-government-intervention/69920406
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DLF-GIC JOINT VENTURE TO BUILD OVER
2.5 MILLION SQ FT MALL IN GURUGRAM
The new project, to be known as Down Town, will be constructed on a 23-acre land parcel
owned by DLF in Gurugram.
GURUGRAM: Singapore‘s sovereign wealth fund GIC is strengthening its alliance with India‘s
largest listed realty developer DLF as it seeks to participate in helping build the country‘s
biggest retail mall of more than 2.5 million sq ft, said two persons with direct knowledge of the
development.
The new project, a retail and commercial-led mixed-use development to be known as Down Town,
will be constructed on a 23-acre land parcel owned by DLF in Gurgaon. The plot is on the highway
opposite DLF‘s 2.5 million sq ft commercial project Cyber Park.
―The retail mall will be part of this 8 million sq ft project that will also have component of serviced
apartments, five-star hotel and commercial development. The project will be developed in two-three
phases in more than five years,‖ said one of the persons cited above.
The development, to be executed through DCCDL, is expected to supersede the country‘s current
largest retail development 2.5-million-sq-ft LuLu International Shopping Mall in Kochi and DLF‘s
own 2-million-sq-ft Mall of India in Noida.
The DLF-GIC joint venture was formed in late 2017 after the promoters of the realty firm K P Singh
and his family had sold their stake in rental arm DLF Cyber City Developers Ltd (DCCDL) to the
Singapore investment firm.
In addition to their commercial leasing business engagement, GIC and DLF are already working on a
high-rise residential project with estimated saleable area of 7 million sq ft near Central Delhi. This
project in Delhi‘s Moti Nagar will be DLF‘s first residential project under the newly initiated
business model of selling ready-to-move-in homes.
―The DCCDL platform in joint venture with GIC has been designed to take the form of a business
trust, a private Real Estate Investment Trust (REIT),‖ said the other person.
ET‘s mailed queries to both GIC and DLF remained unanswered.
Under the agreement with GIC, DLF can sell completed, yielding commercial projects to this joint
venture or build-to-suite yielding commercial assets for this entity. It can also sell land parcels
earmarked for commercial development in the near future to this joint venture.
DLF has already identified certain assets and land parcels for transfer to DCCDL and has been in
talks with GIC for the same.
Newspaper/Online ET Realty (online)
Date June 24, 2019
Link https://realty.economictimes.indiatimes.com/news/retail/dlf-gic-joint-venture-to-build-countrys-largest-mall-in-gurugram/69920446
Page 5 of 34
As part of transaction between DLF and GIC in late 2017, the promoter family had sold the entire
40% stake in DCCDL for Rs 11,900 crore or $1.9 billion. This deal included sale of 33.34% stake in
DCCDL to GIC for Rs 8,900 crore or $1.4 billion and buyback of the remaining shares worth Rs
3,000 crore or $0.5 billion by DCCDL.
Global private funds, including Blackstone Group, Canada Pension Plan Investment Board (CPPIB),
APG Asset Management, Xander Group and GIC, have started investing in the retail sector to
diversify their investment portfolios in the country and more funds are eyeing such alliance
opportunities.
In one of India‘s biggest transactions to help build a property investment platform, private equity
major Warburg Pincus last month entered into a $1-billion alliance with Mumbai-based developer
Runwal Group to fund retail-led mixed-use projects across the country.
Leasing activity in retail real estate has been on the rise and several prominent malls are witnessing
robust inquiries for more space from leading brands. In the absence of incremental supplies, demand
is rising as existing occupiers are seeking larger spaces.
Private equity investors have revived their interest in retail real estate, after a few years of reduced
focus, as part of a strategy to diversify investment portfolios at a time when consumption levels are
on the rise. Indian retail real estate witnessed over 300% year-on-year jump in investments at Rs
1,000 crore during the quarter ended April, showed recent data from Cushman & Wakefield.
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STUDENT HOUSING SEGMENT CATCHING THE FANCY
OF GLOBAL FUNDS & BUILDERS
India has the youngest population in the world, with approximately 18% of the 1.3 billion-
strong population aged between 15 and 24 years.
BENGALURU: Institutional investors and builders are showing a lot of interest in India‘s
growing student housing segment as they look to tap the potential of this segment.
Global funds and local developers such as Warburg Pincus, Sequoia Capital, Goldman
Sachs and Shearwater Ventures are either invested or has firmed up plans to invest in this space.
Student accommodation across India is expected to reach 13 million beds over the next five years
from 8 million at present. Currently, the bulk of the student housing demand is serviced by the
unorganised sector comprising rented accommodations and private hostels which often fall short of
students‘ expectations, said a recent Knight Frank report.
―The Indian student population base is growing consistently; this growth coupled with push from the
government to promote more enrolment for higher education is a perfect recipe for the student
accommodation market to flourish. The forecast is promising and is likely to offer investment
opportunities in this alternate asset class for domestic and international investors,‖ said Shishir
Baijal, chairman & managing director, Knight Frank India.
While about $100 million has been invested into the
Indian student housing market in 2018, Knight Frank
estimates the current potential demand for student
housing in the country to be approximately $50
billion.
―The demand-supply gap along with huge demand
for shared accommodation has led to an increasing
interest from investors to build and operate high
quality alternative accommodation,‖ said Rajeev
Bairathi, managing director, Shearwater Ventures.
The firm plans to roll out 5,000 beds for student
housing in north India over the next year under the
MiNest brand.
―India has a large addressable rental population
across students and young professionals which is
expected to grow significantly as a result of rapid urbanization, increasingly unaffordable housing
prices/rentals and shortage of on campus housing infrastructure,‖ said Anish Saraf, managing
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/allied-industries/student-
housing-segment-catching-the-fancy-of-global-funds-builders/69900905
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director, Warburg Pincus, that has formed joint venture with Lemon Tree Hotels to set up rented
accommodation for students and professionals.
India has the youngest population in the world, with approximately 18% of the 1.3 billion-strong
population aged between 15 and 24 years. By 2020, the Indian government wants 30% of all in the
age group of 18 to 23 years to be enrolled in higher education courses. This would increase the
country‘s student population to 40 million, a figure which is nearly double the current number of
students studying in the US.
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Page 8 of 34
CREATE A 'STRESS FUND' FOR COMPLETING STUCK PROJECTS: HOME BUYERS
BODY TO GOVERNMENT
Forum For People’s Collective Efforts (FPCE), which was earlier known as Fight for RERA
and had taken lead to push for the real estate regulation law, has also suggested the
government to notify home buyers as “primary secured creditors” instead of the current status
of “unsecured creditors”, which puts them in disadvantage when insolvency proceedings start
against the builders.
NEW DELHI: An apex body of home buyers has demanded the government to set up a Rs 10,000
crore ―stress fund‖ for completing pending real estate projects in the next five years. It has suggested
government should strip off personal and company assets of promoters of delayed projects to recover
the amount spent for completing the works using the ‗stress fund‘.
Forum For People‘s Collective Efforts (FPCE), which was earlier known as Fight for RERA and had
taken lead to push for the real estate regulation law, has also suggested the government to notify
home buyers as ―primary secured creditors‖ instead of the current status of ―unsecured creditors‖,
which puts them in disadvantage when insolvency proceedings start against the builders.
A secured creditor is usually a bank or other asset-based lender that holds a fixed or floating charge
over a business asset whereas unsecured creditors include suppliers, customers and contractors. The
unsecured creditors rank after the secured creditors in insolvency proceedings.
Highlighting that homebuyers have put their lifetime savings and face risk of losing, the consumers‘
body in a letter addressed to finance minister Nirmala Sitharaman said, ―We suggest the government
should immediately, either through the Finance Bill or otherwise, move an amendment to the
Insolvency and Bankruptcy Code, providing for home buyers to be made ‗primary secured
creditors‘.‖
The consumers‘ organisation in its suggestion for the full Budget to be presented next week has
sought the government to constitute a task force under the housing ministry to identify projects
nearing completion and can be taken first using the ―stress fund‖. It also suggested that a public
sector company can be assigned with the task to complete them.
Earlier, a high-level panel set up by Uttar Pradesh government had recommended creating a similar
fund for viable stuck projects in Noida and Greater Noida.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 24, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/create-a-stress-
fund-for-completing-stuck-projects-home-buyers-body-to-
government/69920509
Page 9 of 34
INDORE CIVIC BODY DEMOLISHES TWO DANGEROUS BUILDINGS
Officials said that an illegally constructed two-storeyed building at Sikandarabad Colony in
Juna Risala and a triple-storeyed building of Abhimanyu Verma at Murai Mohalla in
Chhawani were demolished by anti-encroachment wing of IMC.
INDORE: Continuing with the drive against dilapidated structures, Indore Municipal
Corporation (IMC) on Friday demolished two residential buildings in Juna Risala and Chhawani.
The civic body had already declared both these multi-storeyed buildings as not fit for living.
Officials said that an illegally constructed two-storeyed building at Sikandarabad Colony in Juna
Risala and a triple-storeyed building of Abhimanyu Verma at Murai Mohalla in Chhawani were
demolished by anti-encroachment wing of IMC. Three families were living in the first building,
which was constructed next to a nullah. Officials claimed that the building was construction without
permission, and its foundation had become weak. ―The building had already tilted a bit, and posed
serious life risk,‖ said officials.
IMC vehicles and staff had to get into the nullah to bring the structure down as there was no space
for team to carry out demolition. The entire building came down within a few seconds after its
foundation was struck and it was pushed by an earth moving machine towards the nullah to prevent
any damage to property located next to it.
At Murai Mohalla, IMC staff had to face heavy opposition from occupants of a 60-year-old building.
Over 45 people including women and children lived in it. IMC had been requesting them to vacate to
avoid any untoward incident.
―The entire structure was in bad shape. Even our staff was scared to enter the building. Despite
repeated warning notices, occupants were not ready to leave, so we went ahead and forced them to
vacate before demolition,‖ said IMC deputy commissioner MS Chouhan.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/indore-civic-body-demolishes-two-dangerous-buildings/69899625
Page 10 of 34
KOLKATA CIVIC BODY TO DEMOLISH 'HIGHLY INSECURE' BUILDINGS
The mayor said that the civic body would take care of the rights of the tenants and ensure that
no tenants are evicted.
KOLKATA: The civic body has decided to demolish ‗highly insecure‘ buildings which have
become vulnerable in the monsoon. Mayor Firhad Hakim announced this at the civic body‘s monthly
meeting on Saturday. Hakim was replying to a query from Prakash Upadhyay, a Congress councillor,
who sought to know about the fate of insecure buildings across the city.
Hakim conceded that it was becoming extremely difficult for the Kolkata Municipal
Corporation (KMC) buildings department officials to protect several dilapidated buildings which
have grown old and developed major cracks. ―We don‘t want loss of lives following collapse of
insecure buildings — particularly in monsoon. I have asked the buildings department officials to
identify extremely vulnerable buildings and demolish those at the earliest to save the lives of the
inmates,‖ Hakim said.
However, the mayor said that the civic body would take care of the rights of the tenants and ensure
that no tenants are evicted. ―In most cases, tenants die every time an insecure building collapse
because. The residents insist to stay in the dilapidated buildings and seldom move out in fear of
losing the property,‖ Hakim said.
After identifying and demolishing a dilapidated building, the KMC buildings department will set up
makeshift homes for the tenants at the site. This apart, the KMC assessment department will record
names of each tenant to protect their interest. Finally, the buildings department will be asked not to
sanction plans of any buildings or structures on the same land without a proper rehabilitation of the
tenants. ―We need to take these measures to safeguard the interests of tenants. Otherwise, the tenants
may get deprived of their rights once a dilapidated building is demolished,‖ Hakim said.
A KMC buildings department senior official conceded that over 100 buildings were in vulnerable
state and needed to be demolished immediately.
―Going by the borough-wise list of insecure buildings, we need to demolish over 100 buildings to
save the residents. But in most cases, tenants resist any demolition drive fearing that they would be
rendered homeless,‖ a KMC buildings department official said.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 23, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/kolkata-civic-body-to-demolish-highly-insecure-buildings/69912723
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KOLKATA CIVIC BODY STARTS DRIVE AGAINST PROPERTY TAX DEFAULTERS
The KMC assessment department has chosen 10 wards across central and south Kolkata as
part of a three-month drive to mop up over Rs 100 crore from prime commercial properties.
KOLKATA: In a bid to augment revenue, Kolkata Municipal Corporation (KMC) has launched a
drive against major property tax defaulters in the city. According to a KMC revenue department
official, majority of the defaulters own commercial properties and each of them owes tax worth Rs 1
crore or more to the civic body.
The KMC assessment department has chosen 10 wards across central and south Kolkata as part of a
three-month drive to mop up over Rs 100 crore from prime commercial properties.
The drive that had started on June 18 has yielded results. According to a KMC assessment
department official, the civic body has already mopped up Rs 9 crore from a well-known property
located on Middleton Street. The entire property (G + 18 storey building) was rented to several
private and government offices.
The dues had been pending for a decade. Promit Chatterjee, a deputy assessor-collector of the KMC
assessment department, said that more prominent properties would be raided in the next two months
to mop up the pending revenue. ―We have formed several crack teams to take on the habitual
property tax defaulters,‖ Chatterjee added.
As part of the drive, the KMC has been taking several steps to make the defaulters pay up the
pending taxes. The civic authorities will first put up posters on the defaulters‘ properties. In the next
step, they will send distress warrants, asking the owners to pay the dues within a stipulated time.
Failure to pay outstanding property tax on time, even after being served the distress warrant, will
attract final punitive step, which will empower the civic body to auction the properties of the
defaulters to realize the dues.
The KMC has planned to send distress warrants to many properties in the Central Business District
(CBD), including in areas like U N Bramhachari Street, Camac Street, Chowringhee Road and
Theatre Road. Besides, many properties in prime commercial areas like Park Circus, Ballygunge,
Elgin Road, Bhowanipore and areas located off Eastern Metropolitan Bypass will also be raided as
part of the stringent drive, said a KMC assessment department official.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/kolkata-civic-body-starts-drive-against-property-tax-defaulters/69901937
Page 12 of 34
MAHARASHTRA GOVERNMENT GETS RAILWAY
LAND FOR DHARAVI PROJECT
The rehabilitation process can be started without further delay with this land, he said.But the
government will have to see if this violates the sanctity of the bid that was already floated by
the state
MUMBAI: Chief minister Devendra Fadnavis, while replying to the Opposition in the legislative
assembly, said the state government had acquired 45 acres of land from the Railways for Rs 800
crore for the Dharavi redevelopment project.
The rehabilitation process can be started without further delay with this land, he said. But the
government will have to see if this violates the sanctity of the bid that was already floated by the
state.
"We will seek the advocate-general's opinion if fresh tenders have to be invited or the process can be
carried out with the two bids we have received before obtaining the railway land," he said.
The state government had sought around 107 acres of land, but the railways made available 45 acres
only.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/maharashtra-government-gets-railway-land-for-dharavi-project/69902561
Page 13 of 34
LUDHIANA: GLADA OFFICIALS DEMOLISH
MORE THAN 30 ILLEGAL COLONIES
The demolition was carried out in villages Kutbewal Arian, Noorwala, Bahadurke, Kasabad,
Jamalpur Leli, Sujatwala, Khawajke, Rahon Road, Gaunsgarh, Meharban , Kakka, Dhoula,
Bhamian Kalan and Hawas of Ludhiana district under the supervision of GLADA officials.
LUDHIANA: The officials of Greater Ludhiana Area development Authority (GLADA) cracked
down whip on under construction illegal colonies at various places in the city on Friday. The officials
demolished more than 30 illegal colonies with the help of police force. The demolition was carried
out amidst resentment in the colonizers.
The demolition was carried out in villages Kutbewal Arian, Noorwala, Bahadurke, Kasabad,
Jamalpur Leli, Sujatwala, Khawajke, Rahon Road, Gaunsgarh, Meharban , Kakka, Dhoula, Bhamian
Kalan and Hawas of Ludhiana district under the supervision of GLADA officials. More than 35 cops
from police station Meharban and Jamalpur and security personnel from Pesco accompanied in the
process.
Sonam Choudhary, estate officer (regulatory) said that more such demolition drives will be carried
out in the coming days.
Bhupinder Singh, additional chief administrator, GLADA, appealed colonizers to stop such illegal
development of colonies and apply for regularization in the current regularization policy. He also
appealed the residents not to buy plots in such unauthorized colonies.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/ludhiana-glada-
officials-demolish-more-than-30-illegal-colonies/69902035
Page 14 of 34
BRING DOWN CONSTRUCTION CAP IN RED ZONE
TO 600 YARDS IN MAVAL: SHRIRANG BARNE
Red zone is an area around defence plots like ordnance factories, where construction is not
allowed. Areas around Dehu Road and parts of Talawade have been facing issues due to the
limitations in red zones.
PUNE: Maval MP Shrirang Barne raised the issue of red zone in the Lok Sabha on Friday,
suggesting that the limit of construction from these areas be brought down to 600 yards (0.54 km)
against 2,000 yards (1.8 km) from the outer crest wall of certain defence establishments in Maval.
Red zone is an area around defence plots like ordnance factories, where construction is not allowed.
Areas around Dehu Road and parts of Talawade have been facing issues due to the limitations in red
zones.
Barne said in his 2-minute speech that many people had houses within the red zone and most of them
were registered legally with the local authorities. ―Many of the houses and factories are within what
Army defines as a red zone. Yes, the security concerns are also important but these houses and lands
have been registered by local authorities and people have paid for them. In 2013, the armed forces
had increased the red zone area to 2,000 yards from 600 yards. This needs to be scaled back,‖ he
said.
Industry representatives said they were unable to get government clearances or bank loans as many
micro, small and medium enterprises had land in the red-zone area.
Experts, however, said the MP would have to fight a long battle for it to be resolved. ―I have already
taken it up 7-8 times with the ministry of defence in the previous tenure. The ministry had assured
action as late as in April 2018 meeting,‖ Barne told the lawmakers.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/bring-down-
construction-cap-in-red-zone-to-600-yards-in-maval-shrirang-barne/69902246
Page 15 of 34
CITIZENS & SMALL BUILDERS IN VIJAYAWADA
HIT BY NON-AVAILABILITY OF SAND
However, since the officials are not making the sand available to anyone other than those with
valid permissions, citizens constructing their houses face a problem.
VIJAYAWADA: Citizens of Vijayawada and those in Krishna district continue to suffer as the state
government reviews the existing free sand policy. Citizens constructing their houses and numerous
small builders in the city are hit by non-availability of sand.
While announcing the scrapping of existing sand policy, the government directed all district
collectors to continue the free sand policy and ensure uninterrupted supply of sand. Accordingly,
Krishna district collector Mohammed Imtiaz held a meeting with officials and allotted sand reaches
in the district to the companies carrying out various infrastructure works.
However, since the officials are not making the sand available to anyone other than those with valid
permissions, citizens constructing their houses face a problem.
In Krishna district, there are four sand reaches operated by the government at Chevitikallu, Kanchala,
Kasarabada and Sanagapadu. All the four reaches are allotted to companies executing big infra
projects like Kanaka Durga flyover, Benz Circle flyover and national highway expansion. Anyone
who wants sand from these reaches will need approvals from revenue department. Those in need of
sand for construction are, therefore, running from pillar to post to get approvals. This has angered
locals who cannot mine sand now. ―It will cost me a lot to fetch sand from Kanchala. The process of
taking approval itself is time consuming and my project got delayed. I thought I will complete the
works before the onset of monsoon,‖ said M Sambasivarao, an irked city resident who was building
his house.
Recently, angry locals stopped vehicles carrying sand at Kanchala.
Mohammed Imtiaz, on the other hand, said they are facilitating everyone including individuals in
need of sand. ―Some reaches are located far away and here, the people are suffering. However,
situation will stand like this till the new policy comes into force. We are expecting new policy to
come in a day or two,‖ he said.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/citizens-small-
builders-in-vijayawada-hit-by-non-availability-of-sand/69901283
Page 16 of 34
BUILDERS WILL HAVE TO REVEAL DRINKING WATER SOURCE: KARNATAKA
DEPUTY CM
According to sources, the statement came after a few apartment dwellers made oral complaints
about not getting adequate Cauvery water.
BENGALURU: Deputy chief minister G Parameshwara, who also holds the Bengaluru development
portfolio, on Friday sent builders into panic mode by announcing they will soon have to give an
undertaking revealing from where they plan to source potable water for apartment complexes they
develop on the city‘s outskirts.
―Apartment complexes are coming up everywhere and Bengaluru‘s growth is unstoppable. The
source of drinking water for apartment dwellers on the outskirts is the biggest concern. We want to
resolve the issue by getting builders to reveal from where they plan to provide potable water. They
(builders) can‘t wash their hands of the responsibility by providing only borewell water,‖
Parameshwara said at an event in Malleswaram.
According to sources, the statement came after a few apartment dwellers made oral complaints about
not getting adequate Cauvery water. The increasing level of total dissolved solids (TDS) in borewell
water, which ups the risk of skin diseases, is among the primary complaints from people living on the
outskirts.
The Confederation of Real Estate Developers Association of India, however, is not amused. Suresh
Hari, chairman, Credai-Karnataka chapter, said it‘s the government which needs to provide potable
water to every citizen and not builders.
―All adequate measures are taken till the project is under builders. Once it‘s handed over to the buyer
association, we don‘t know they tackle the water crisis and from where tankers are called. We do
provide Cauvery water connections to apartment complexes and each unit by paying pro rata charges
to the BWSSB, and it‘s their responsibility to provide water,‖ he explained.
Credai-Karnataka chapter president Kishore Jain echoed his views. ―If Cauvery water is not enough,
it‘s the government‘s responsibility to find other sources,‖ he added.
Parameshwara is expected to meet water board and urban development department officials to
discuss amendments to the Bangalore Water Supply and Sewerage Board (BWSSB) Act. Tushar
Girinath, BWSSB chairman, said: ―This is a multi-departmental issue. The urban development
department, housing department, BWSSB and law department need to take a call.‖
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/builders-will-have-
to-reveal-drinking-water-source-karnataka-deputy-cm/69901220
Page 17 of 34
STPs mandatory for high-rises
Parameshwara said BWSSB will make it mandatory for builders to construct sewage treatment plants
in highrise apartments so that treated water can be utilised for gardening and other purposes.
According to norms, new complexes with 20 or more units need to have their own STPs.
___________________________________________________________________________
Page 18 of 34
GURUGRAM: HOUSING FOR OFFICERS NEXT TO ADMIN HUB
Beside the proposed administrative tower that will house government offices in a single
complex, there will also be a residential complex with 1,500 flats, said an official on Saturday.
GURUGRAM: The city will soon get a residential complex for government officers working at mini
secretariat and other employees of the Gurugram administration.
Beside the proposed administrative tower that will house government offices in a single complex,
there will also be a residential complex with 1,500 flats, said an official on Saturday.
This was discussed in a meeting chaired by additional secretary (revenue) Keshni Anand Arora on
Saturday.
According to the layout plan, there is a proposal to construct a women‘s police station. A community
centre will also come up inside the complex, the official said. Moreover, the flats are expected to be
in a 15-storey building. However, the architect of the structure said the number of floors is subject to
change.
Arora said the new administrative and residential complex will have 25-metre to 30-metre wide roads
on four sides of the complex. ―A three-level parking has also been planned for the complex. The
basement of the tower will have the parking space of around 4,000 vehicles,‖ said an official.
Arora, in a meeting in March this
year, had formed a committee
under PWD superintending
engineer Chandramohan to
prepare a layout for the
administrative tower.
The officials in that meeting
were also told to come up with
a comprehensive traffic
mobility plan for the area
around the administrative tower. Besides this committee, Arora had also formed another committee
to draw up a list of all the government departments, which will be housed at the tower.
While the departments at the mini secretariat will get a new administrative complex, the demand for
an office for the Municipal Corporation of Gurugram is not being fulfilled.
Newspaper/Online ET Realty (online)
Date June 23, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/gurugram-
housing-for-officers-next-to-admin-hub/69912771
Page 19 of 34
On June 22, mayor Madhu Azad raised the issue with MCG commissioner Vinayak Singh. The
commissioner had told Azad that he has spoken to the officials and was told that the office will be
built in the Vyapar Bhawan at the Mehrauli road.
A proposal to develop a complex to house HSVP, MCG and GMDA were also discussed in a house
meeting of the MCG.
___________________________________________________________________________
Page 20 of 34
CHANDIGARH HOUSING BOARD TO OFFER 3 BHK FLAT FOR RS 1.76 CRORE
Earlier, the CHB had estimated Rs 2.08 crore for a three BHK flat, Rs 1.64 crore for a
two BHK flat, Rs 1 crore for a one BHK flat and Rs 60 lakh for one BHK (EWS) flat.
CHANDIGARH: The Chandigarh Housing Board (CHB) would provide a three-bedroom
hall kitchen (BHK) flat for Rs 1.76 crore and a one BHK flat for Rs 99 lakh to allottees under
a housing scheme in rates double of similar flats in the market and even of some of the CHB.
The CHB through a public notice has asked all successful applicants of the UT Employees
Self Finance Housing Scheme 2008 to give their consent within 21 days for payment in five
instalments with applicable interest.
Earlier, the CHB had estimated Rs 2.08 crore for a three BHK flat, Rs 1.64 crore for a two
BHK flat, Rs 1 crore for a one BHK flat and Rs 60 lakh for one BHK (EWS) flat. As the
decision was taken to construct the flats for UT employees on ―no profit no loss‖ basis, the
prices were calculated to Rs 1.76 crore for a three BHK flat, Rs 1.35 crore for a two BHK
flat, Rs 99 lakh for a one BHK flat and Rs 58.07 lakh for a one BHK (EWS) flat. When the
scheme was
announced in 2008,
the rates were Rs
34.70 lakh for a three
BHK flat, Rs 24.30
lakh for a two BHK
flat, Rs 13.53 lakh for
a one BHK flat and Rs
5.76 lakh for a one
BHK (EWS) flat.
Raj Kumar Pal, chief
patron, Property
Consultants
Association,
Chandigarh, said, ―The
CHB is not a private builder but a government body. The rates finalised by it are on the
higher side. A three BHK flat is available in CHB‘s own scheme in Sector 63 between Rs 80
lakh and Rs 1.05 crore. The CHB should reconsider its decision.‖ A successful applicant of
UT‘s employees housing scheme said when the scheme was floated in 2008, the price of a
two BHK flat was around Rs 24 lakh. He was hopeful of owning a house in Chandigarh.
Newspaper/Online ET Realty (online)
Date June 23, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/chandigarh-
housing-board-to-offer-3-bhk-flat-for-rs-1-76-crore/69912740
Page 21 of 34
―After 11 years of struggle, the CHB is asking me to pay an unrealistic amount. This is not
acceptable,‖ he said.
On the other hand, a senior CHB official explained the prices are on the higher side because
the ministry of home affairs had permitted the UT administration to allot land only on
collector‘s rate. As the collector‘s rate was higher, the prices of the flats had also increased.
―We cannot do anything as we are constructing the flats on no profit-no loss basis,‖ he said.
Housing scheme approved on Jan 2
On January 2, the cabinet chaired by Prime Minister Narendra Modi approved the proposal of
UT employees‘ housing scheme pending since 2008. Recently, the Centre had submitted
before the Punjab and Haryana high court that the proposal to allot 61.5 acres of government
land to the CHB for the purpose had been sent to the cabinet secretariat.
Total land of 73.3 acre was earmarked for the construction of 3,930 dwelling units for the UT
employees. Out of which, 11.8 acre was already in the possession of the Chandigarh Housing
Board (CHB). Around 61.5 acre of government land was to be allotted to the Chandigarh
Housing Board.
The Chandigarh Housing Board (CHB) was appointed as a nodal agency for implementation
of the scheme. Accordingly, it advertised the scheme on leasehold basis for 99 years for the
employees of the administration in 2008.
_____________________________________________________________________
Page 22 of 34
NAVI MUMBAI: WITH 16 PROPOSALS VASHI TOPS LIST OF REDEVELOPMENT
PROJECTS
The identification committee, appointed by the state government, has cleared 18 proposals as
of now, of which 16 are in Vashi, one each in Koparkhairane and Nerul nodes.
NAVI MUMBAI: The oldest and the most developed node, Vashi has sped ahead with
redevelopment plans of dilapidated buildings.
The identification committee, appointed by the state government, has cleared 18 proposals as of now,
of which 16 are in Vashi, one each in Koparkhairane and Nerul nodes.
There are some 30-40 redevelopment proposals sent to the committee for scrutiny, according
to NMMC.
A civic source said, ―redevelopment will now speed up because the relaxations made for obtaining
clearances from high-rise and environment committees.‘‘
Redevelopment of Cidco buildings has got a boost with the state government granting 2.5 FSI and
relaxing the norm of consent of two categories of condominiums—housing societies and
associations.
The societies now require 70:30, while associations 51% consent of flat owners.
The slump in the construction industry was expected ease and the changes effected by the Fadnavis
government for easing redevelopment in 2017 is now expected to yield the desired result, said
observers.
An earlier study conducted by the civic body had stated that the redevelopment was the future of the
city involving huge investments.
The NMMC confirmed that a branded real estate developer (Godrej) has entered the redevelopment
sector in housing construction, and currently the proposal for redevelopment of a cluster of buildings
on two adjacent plots in sector 9, Vashi has been moved by the housing society.
Redevelopment proposals are largely moved by developers, but in this case the agreement between
flat occupants was yet to be inked with the developer, the civic body said.
The Cidco buildings in Vashi have often reported ceiling collapse and injuries sustained by
residents.
They are decrepit run down and were declared ―unfit for human habitation'' way back in 1997 by
Bombay IIT in its audit report.
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/navi-mumbai-
with-16-proposals-vashi-tops-list-of-redevelopment-projects/69899451
Page 23 of 34
These are largely JN 1, JN 2 and some JN 3 type buildings. JN 1, JN 2 are very small and will now
stand to benefit through 2.5 FSI for redevelopment. There are 135 buildings in sectors 9 and 10 in
Vashi.
___________________________________________________________________________
Page 24 of 34
MAHARASHTRA'S RATIONING OFFICE TO GET BACK
FLOOR IN RELIANCE CENTRE AFTER 22 YEARS
The past two years have been riddled with legal notices going back and forth, and now the food
and supply department has paid Rs 22.34 crore to the land acquisition officer in the District
Collectorate for reoccupying the space.
MAHARASHTRA: Government‘s Food and Supply department is all set to take physical
possession of the prime 6,216 sq feet space on the third floor of Reliance Centre in Ballard Estate.
The department occupied the floor until January 1997, when Reliance asked them to vacate the
building owing to repairs and renovation. When the building was ready to reoccupy in 2002, the
department, then called the rationing office, was allegedly denied re-entry. The matter went to court
and Reliance lost the case in 2017.
The past two years have been riddled with legal notices going back and forth, and now the food and
supply department has paid Rs 22.34 crore to the land acquisition officer in the District Collectorate
for reoccupying the space.
Kailash Pagare, controller of rationing and director of civil supplies, confirmed to Mumbai Mirror
that his department has completed the payment as per the award announced by the Collector‘s office
and they are waiting to get physical possession of their original office space.
Milind Ingle, superintendent of Mumbai city land records, told Mirror that a two-day notice will be
issued to the parties concerned before physically occupying the building. ―If the other party refuses
to accept the notice, then our officer will stick a copy of it on the building and take one-sided
possession after 48 hours,‖ Ingle said.
The story so far
Built on Bombay Port Trust land, Reliance Centre (Crescent House in 1997), was owned by ICI, a
Kolkata-based company. The State Controller of Accommodation, a dedicated department involved
in allocating space to various government departments, earmarked 6,216 sq feet in the building for
the controller of rationing in 1970.
The property came into Reliance‘s possession when an undivided Reliance Industries took over some
ICI businesses in the early 1990s. Until 1997, the third floor of the building was occupied by the
deputy controller of rationing. That year, Reliance decided to rebuild the place and asked the
department to temporarily vacate the premises and offered them alternate space in Mistry building on
Gunpowder Road, in Mazgaon.
However, the department‘s bid to reclaim the floor was allegedly blocked in 2002 when the building
was ready. A bitter legal battle ensued and the Supreme Court ordered in favour of the state
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/commercial/maharashtras-
rationing-office-to-get-back-floor-in-reliance-centre-after-22-years/69901098
Page 25 of 34
government. Meanwhile, the food and supply department has had offices at Khanna building in
Worli and Supply House in Parel.
Mumbai Mirror sent an email questionnaire to a Reliance spokesperson but did not receive any
response till the time of going to press.
___________________________________________________________________________
Page 26 of 34
TWO CRORE HOUSES TO BE BUILT IN VILLAGES
UNDER PMAY IN THREE YEARS: PRESIDENT
Addressing the joint sitting of both Houses of Parliament, the President said women are being
given priority in the registration of houses being built under the PMAY in the rural areas.
NEW DELHI: Nearly two crore houses will be built in the villages under the Pradhan Mantri Awas
Yojana in the next three years, President Ram Nath Kovind said Thursday.
Addressing the joint sitting of both Houses of Parliament, the President said women are being given
priority in the registration of houses being built under the PMAY in the rural areas.
The Pradhan Mantri Awas Yojana has two parts -- PMAY (Gramin) and PMAY (Urban). Under the
mission, the government aims to ensure 'Housing for All'.
"Under this scheme, nearly two crore new houses will be built in the villages during the next three
years," Kovind said.
In his speech, he also stressed on the urban transport infrastructure to cater to present and future
requirements.
While developing infrastructure, attention is also being given to address the challenges posed by
pollution, he said.
On the issue of the National Common Mobility Card (NCMC), the President said, "The facility of
'One Nation, One Card' has been launched to realise the dream of seamless mobility.
In March this year, Prime Minister Narendra Modi had launched the indigenously-developed NCMC
to enable people to pay multiple kinds of transport charges, including metro services and toll tax,
across the country.
Dubbed as 'One Nation One Card', the inter-operable transport card would allow the holders to pay
for their bus travel, toll taxes, parking charges, retail shopping and even withdraw money.
The President said the government was developing a transport system, which is not only fast and
safe, but also environment friendly.
"For this, special emphasis is given to public transport. The metro rail network is being expanded
rapidly in several cities," he said.
__________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 22, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/two-crore-
houses-to-be-built-in-villages-under-pmay-in-three-years-president/69883701
Page 27 of 34
DDA TO TURN AREAS AROUND METRO
STATIONS INTO COMMERCIAL HUBS
A DDA official told TOI that this TOD policy was put in the public domain for suggestions and
criticism, which have been received.
NEW DELHI: As part of its Transit Oriented Development (TOD) policy, Delhi Development
Authority plans to turn areas around busy Metro stations into commercial and residential hubs. As
part of a pilot project, these hubs are expected to come up at the metro stations at Mayur Vihar
Extension, Dwarka Sector 21, Rohini Sector 18, Mukundpur, Sarojini Nagar and INA.
A DDA official told TOI that this TOD policy was put in the public domain for suggestions and
criticism, which have been received. The official added that the final draft will soon be put before the
DDA board for approval, following which work on developing the areas near the five metro stations
will begin. These stations have been chosen keeping in the mind their high footfall.
The plan to develop high-density commercial-cum-residential areas near metro stations was initiated
to reduce congestion and pollution on Delhi roads. With areas near the metro stations being
developed as TOD nodes, people will be able to visit them for work, shopping or recreation by the
metro, thereby reducing pressure on the roads.
These hubs will be built by private developers by following the guidelines laid down by DDA and
Unified Traffic and Transportation Infrastructure (Planning & Engineering) Centre. Builders will
develop them on their own or form a consortium with other developers if required. They will have to
submit detailed plans and designs of the hub to a committee, which will have officials of the land-
owning body and local civic agencies. Once the NOC is given, work will go on under the supervision
of DDA.
While the TOD policy earlier focused on mixed development along transit corridors, its objective has
now been changed to focus on high-density, mixed-use developments around transit nodes. As part
of the policy, apart from busy metro stations, areas near transit nodes such as railway stations and
rapid rail stations will also be developed.
With the draft policy now nearly ready, work on the project is expected to begin as soon as the draft
is approved during the authority's meeting chaired by Delhi LG Anil Baijal.
The policy allows a high floor area ratio of 500 for development of areas around such nodes.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 21, 2019
Link https://realty.economictimes.indiatimes.com/news/commercial/dda-to-turn-
areas-around-metro-stations-into-commercial-hubs/69887101
Page 28 of 34
ONLINE PROPERTY CARD APPLICATION SYSTEM
SOON IN MANGALURU: DISTRICT COMMISSIONER
The district will also introduce SMS alert system to share updates on the status of property
card applications to the applicants.
MANGALURU: Soon, the property owners in Mangaluru will be able to submit applications for
property card online.
Dakshina Kannada district administration is preparing to launch the online application portal for the
convenience of property owners under the Urban Property Ownership Records(UPOR) project of the
department of survey, settlement and land records.
The district will also introduce SMS alert system to share updates on the status of property card
applications to the applicants.
Property card has been made mandatory for all land transactions in Mangaluru city from June 10.
Deputy commissioner S Sasikanth Senthil said while the SMS alert system will be launched within a
week, the online application portal will be ready within two weeks.
―Property owners may submit applications for property cards online by uploading the copies of sale
deed, khata and other documents. After the verification, the applicants will be given draft property
cards within 48 hours if all records are in order. The final property cards will be issued within 30
days after the issue of draft property cards. In case of any shortcomings in the documents, applicants
will be given an appointment to visit the property card registration centre,‖ the DC said.
On current status of property card distribution in Mangaluru, Senthil said out of 1,53,466 properties
in 32 villages within Mangaluru City Corporation (MCC) limits, final property cards have been
distributed to 22,206 applicants as on June 17.
While documents have been collected from applicants of 88,031 properties, approval has been given
for 41,579 draft property cards, wherein 28,584 cards have already been distributed.
After making property card mandatory for land transactions, 43 property registrations took place in
the Mangaluru Sub-Registrar Office, the DC said.
―Property card is a very useful revenue record, which every property owner should obtain. However,
people need not rush to the property card registration centres in a hurry. Only those who are making
property transactions need to obtain the same immediately and others may apply for it in the days to
Newspaper/Online ET Realty (online)
Date June 21, 2019
Link https://realty.economictimes.indiatimes.com/news/technology/online-
property-card-application-system-soon-in-mangaluru-district-
commissioner/69891014
Page 29 of 34
come. We have made all arrangements to speed up the process of property card distribution. While
four tahsildars and 40 surveyors are working for the purpose, an average of 80 – 100 applications are
being processed every day,‖ he added.
___________________________________________________________________________
Page 30 of 34
CHENNAI: SUNDARAM FINANCE TO ACQUIRE SUBSIDIARY, SUNDARAM BNP
PARIBAS HOME FINANCE
The acquisition will make the housing finance company a wholly owned entity of Sundaram
Finance.
CHENNAI: BNP Paribas Personal Finance has agreed to sell its entire 49.9% stake in mortgage
lender Sundaram BNP Paribas Home Finance Limited to its partner Sundaram Finance Limited
(SFL), for Rs 999.67 crore.
This sale comes amid BNP Paribas Personal Finance decision to exit housing finance business in the
retail sector.
The acquisition will make the housing finance company a wholly owned entity of Sundaram
Finance.
―Given the strong synergy with the SFL‘s auto lending and related businesses, this acquisition will
further strengthen our footprint in the retail financial services space,‖
T. T. Srinivasaraghavan, managing director of SFL, said.
―We have built up a successful and respected brand in the housing finance sector in India. BNP
Paribas Personal Finance has added a lot of value to the technical aspects of the business and been a
valued business partner,‖ he added.
The housing finance company, had reported a net profit of Rs 146 crore in FY 2019.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 21, 2019
Link https://realty.economictimes.indiatimes.com/news/allied-industries/chennai-
sundaram-finance-to-acquire-subsidiary-sundaram-bnp-paribas-home-
finance/69883600
Page 31 of 34
KMDA STARTS FEASIBILITY STUDY FOR RUBY
FLYOVER AND FOOT OVERBRIDGE
_________________________________________________________________________
Newspaper/Online The Times of India
Date June 24, 2019
Link https://timesofindia.indiatimes.com/city/kolkata/kmda-starts-feasibility-study-
for-ruby-flyover-and-foot-overbridge/articleshow/69920380.cms
Page 32 of 34
BUILDING WITH 150-YR-OLD HOSP GETS ER MAKEOVER
_________________________________________________________________________
Newspaper/Online The Times of India
Date June 24, 2019
Link https://timesofindia.indiatimes.com/city/kolkata/building-with-150-yr-old-
hosp-gets-er-makeover/articleshow/69919909.cms
Page 33 of 34
OYO SEES SPACE FOR A GLOBAL HOSPITALITY PROPERTY FUND
___________________________________________________________________________
Newspaper/Online The Economic Times
Date June 24, 2019
Link https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-sees-
space-for-a-global-hospitality-property-fund/articleshow/69920495.cms?from=mdr
Page 34 of 34
NBFCS ASK RBI TO RELAX TIMELINE FOR LIQUIDITY COVERAGE NORMS
___________________________________________________________________________
Newspaper/Online The Economic Times
Date June 24, 2019
Link https://economictimes.indiatimes.com/markets/stocks/news/nbfcs-ask-rbi-to-
relax-timeline-for-liquidity-coverage-norms/articleshow/69920840.cms