10 - 08 - 2020

CREDAI Bengal Daily News Update |10.08.20

WEST BENGAL NEWS

Kolkata: Land acquisition process starts for Joka-Esplanade Metro

Rail Vikas Nigam will start issuing notifications under the Metro Railway (Construction

of Works) Act 1978 to acquire parcels along a 1.5km stretch between Mominpore and

Ekbalpore.

The process of land acquisition for the underground section of the Joka-Esplanade Metro has

started. Rail Vikas Nigam Limited (RVNL), the agency tasked with implementing the city’s

Metro projects, has just completed a joint land survey with Kolkata Municipal

Corporation (KMC).

It will start issuing notifications under the Metro Railway (Construction of Works) Act 1978 to

acquire parcels along a 1.5km stretch between Mominpore and Ekbalpore.

The land is essentially being acquired for a 400m ramp from the elevated Mominpore station

and till the start of the underground tunnels at the DH Road-National Library Avenue crossing,

as well as the four entry points to Kiddepore station that will come up near Alipore Bodyguard

Lines.

Total length of the underground tunnels is 2.8km. But much of the stretch passes through land

belonging to the Ministry of Defence (MoD). RVNL already has MoD’s nod for using Army’s

land. Now it needs to acquire property belonging to other organizations and some private

individuals as well.

The list of these project-affected-persons (PAPs) and organizations was prepared after a joint

survey with KMC. It includes a few shopowners and organizations like the Nepal Consulate,

CMRI hospital, Kolkata Police, St Thomas School, St Teresa’s School and Bengal’s land

reforms and PWD departments.

An RVNL official said, “These are small pockets like a part of the courtyard inside CMRI

hospital for the ramp or the front side of St Teresa’s School.” A part of St Thomas’ School will

also be used for the station’s entry. RVNL and KMC officials recently met the school

authorities to get them on board before notifying the acquisition order.

Dialogues are being initiated with the Nepal Consulate and the individuals who need to give up

shops in the area. Getting possession of land from government agencies like Kolkata Police and

Newspaper/Online ET Realty ( online )

Date August 09, 2020

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

acquisition-process-starts-for-joka-esplanade-metro/77443535

the Bengal government will be a mere formality, officials said.

RVNL has the permission to use Army land for Victoria Memorial and Park Street stations. The

14.35km Joka-Esplanade Metro converges at Esplanade where a hub is coming up for three

corridors. The existing north-south line already has its station at Esplanade. The upcoming East-

West metro station is currently being built.

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OTHER NEWS

Centre approves construction of 10.28 lakh houses under PMAY-

Urban

The decision was taken at a meeting of the Central Sanctioning and Monitoring

Committee (CSMC) under PMAY (Urban). The meeting was attended by 19 states and

Union Territories.

Union Housing and Urban Affairs Ministry on Friday approved the construction of around

10.28 lakh houses under the Pradhan Mantri Awas Yojana (Urban), taking the total number of

houses sanctioned so far under the scheme to 1.06 crore.

The decision was taken at a meeting of the Central Sanctioning and Monitoring Committee

(CSMC) under PMAY (Urban). The meeting was attended by 19 states and Union Territories.

This was the first CSMC meeting held during the COVID-19 pandemic.

HUA Secretary Durga Shanker Mishra told states that by the end of this year, they should work

towards achieving the target of constructing 60 lakh houses while 80 lakh houses should be

grounded for construction, a statement by the ministry said.

It stated that about 67 lakh houses are currently grounded for construction and more than 35

lakh have so far been completed and occupied,

The ministry said the total number of sanctioned houses under PMAY(U) is now 1.06 crore as

against the validated demand of 1.12 crore.

"In the meeting, 1,589 proposals from participating states were approved for the construction of

nearly 10.28 lakh houses," the statement said.

These houses are proposed to be constructed across beneficiary- led construction and affordable

housing in partnership verticals under PMAY(U).

In the meeting, states also put in their proposals for revision of projects due to various issues

such as land, topographical hazards, inter-city migration, change of preferences of verticals and

loss of lives, among others.

The ministry said the total investment under the PMAY (U) is Rs 6.31 lakh crore which has

central assistance of Rs 1.67 lakh crore of which Rs 72,646 crore has been released.

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Newspaper/Online ET Realty ( online )

Date August 08, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/centre-approves-

construction-of-10-28-lakh-houses-under-pmay-urban/77430132

In the National Capital Region, migrant labourers start returning

to real estate projects

According to RK Arora, president of Uttar Pradesh chapter of apex real estate body

National Real Estate Development Council (NAREDCO), labourers who had left their

work places in the wake of COVID-19 and the lockdown, have started joining real estate

projects.

Hit hard by the exodus of migrant labourers, real estate developers in the NCR are offering free

transportation from their native villages to the place of employment, in addition to free ration and accommodation.

According to RK Arora, president of Uttar Pradesh chapter of apex real estate body National Real Estate Development Council (NAREDCO), labourers who had left their work places in the

wake of COVID-19 and the lockdown, have started joining real estate projects.

“Their recruitment is being done by various real estate developers in Uttar Pradesh in terms of a MOU between NAREDCO-UP and the Uttar Pradesh Government,” said Arora.

On Saturday, Supertech’s Supernova Project in Noida received a bus full of migrant labourers from Deoria, UP.

“Migrant labourers are returning to real estate projects where construction was completely stopped for want of workmen. Large numbers of labourers from Eastern Uttar Pradesh are now

wanting to join real estate projects and we are arranging their transportation and employment in coming days, to help them earning livelihood, and restore construction activities at project

sites,” Arora added. The return of labourers to project sites would enable the developers to complete construction

and the flat buyers get their flats at the earliest. NAREDCO had signed an agreement with Uttar Pradesh government to provide job to 2.5 lakh workers.

The entire 2.5 lakh workers will be inducted in various real estate projects in 2-3 months. The UP relief commissioner has given list of 9 lakh more workers to NAREDCO UP. ____________________________________________________________________________________________

Newspaper/Online Economic Times ( online )

Date August 08, 2020

Link

https://economictimes.indiatimes.com/industry/services/property-/-cstruction/in-

the-national-capital-region-migrant-labourers-start-returning-to-real-estate-

projects/articleshow/77429512.cms

Blackstone set to acquire Prestige Group's assets for Rs 12,745

crore

It will be Blackstone’s single largest realty investment in the country and will also eclipse

the $1-billion raised through listing of India’s two real estate investment trusts (REITs) —

Embassy and Mindspace Business Parks.

US private equity giant Blackstone Group is set to acquire property developer Prestige Group’s

rental income assets for more than $1.7 billion (Rs 12,745 crore) in the largest real estate portfolio buyout in India, said three persons with direct knowledge of the matter.

If the deal goes through, Prestige will use the money to repay all of its debt and deploy the rest as equity capital for growth, they said.

The transaction involves ready, income-producing and under-construction properties in key cities of south India, including Bengaluru, Chennai and Mysore.

It will be Blackstone’s single largest realty investment in the country and will also eclipse the

$1-billion raised through listing of India’s two real estate investment trusts (REITs) — Embassy and Mindspace Business Parks.

Blackstone declined to comment. Prestige Group didn’t respond to queries. “The term sheets have been signed and the deal is set to be concluded in the next few weeks,” said one of the

persons. Blackstone will acquire 100 per cent control of around 20 million square feet of commercial

space, including 16 million sq ft of ready and completely leased assets.

The deal will include the developer’s nine operational malls and the combined assets, after adding Blackstone’s retail entity Nexus Malls, will double the private equity firm’s retail portfolio size.

The acquisition will also include a portion of the group’s hospitality assets, said the people cited

above. “The deal is somewhat similar to the DLF-GIC investment. Prestige is looking to deleverage its balance sheet with this transaction and prepare itself for the next phase of growth,” said one of the persons. “Aided by its execution capability and funds, it is planning to

build another commercial assets portfolio over the next five years.”

Prestige Estates Projects closed at Rs 224.75, up 1.7 per cent, on the BSE Friday. Prestige Group’s net debt was Rs 8,174 crore at end of March at a debt-equity ratio of 1.46. It posted rental revenue of Rs 1,050 crore through its annuity portfolio in FY20. Once the transaction is

complete, the Bengaluru-based developer will go ahead with plans to build a commercial

Newspaper/Online ET Realty ( online )

Date August 10, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/blackstone-set-to-

acquire-prestige-groups-assets-for-rs-12745-crore/77455481

portfolio of a total 32 million sq ft in the next five years, said the people cited above.

Singapore’s GIC acquired a 33 per cent stake in DLF’s rental assets portfolio for $1.9 billion in 2017. However, the Blackstone-Prestige deal is a complete buyout and comparable with

Canadian alternate investment fund Brookfield Asset Management’s $1 billion purchase of Hiranandani Group’s commercial portfolio in Mumbai.

The Covid-19 pandemic has hit the realty sector, adding to liquidity pressure on leveraged businesses. Big private equity firms with dry powder at their disposal are evaluating large deals

and a chunk of this money is expected to be earmarked for emerging markets such as India. In the office segment, Prestige has a total 36 million sq ft of completed projects, 15 million sq ft of

ongoing projects and 22 million sq ft under planning. In retail, the company has 10 operational projects of 7.5 million sq ft space. In hospitality, the company has ready inventory of 1,262 keys, yielding revenue of Rs 327.5 crore annually.

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Greater Noida development body to launch builder, commercial &

industrial schemes

GNIDA CEO Narendra Bhooshan said, “We had announced a scheme for these two

commercial plots. We have now shortlisted the final allottee, which we informed the board

before announcing the name.”

The Greater Noida Authority held another board meeting on Saturday, where it addressed the

leftover agendas from the August 4 meeting. Officials said several new decisions, including the

launch of commercial, builder and industrial schemes, and auction of plots for religious

purposes, were finalised in the latest meeting.

In its previous meeting on August 4, the board cleared the Authority’s annual budget of Rs

4,370 crore, of which the major chunk of Rs 2,000 crore was set aside for acquiring agricultura l

land for various industries.

An amount of Rs 888 crore was also earmarked for new infrastructure projects, Rs 390 crore for

urban services, Rs 200 crore for village development and Rs 573 crore for new schemes.

Speaking to TOI, GNIDA CEO Narendra Bhooshan said that the board on Saturday reviewed

some of the steps taken in the last meeting as well as took new decisions, including the auction

of two commercial plots near Expo Mart. “We had announced a scheme for these two

commercial plots. We have now shortlisted the final allottee, which we informed the board

before announcing the name.”

The Authority has also got the go-ahead to launch commercial, builder and industrial schemes.

“Queries are coming in for setting up big industries. We are also in talks with industrialists and

will announce anything once something formalises,” said Bhooshan. The board has also

approved new IT and institutional plot allotment schemes, he said.

The decision to auction some six plots for religious purposes such as for setting up temples,

churches and gurdwaras, was also taken by the board in its 119th “We have five-six plots which

we will allot for religious structures,” the CEO said. Other decisions taken in the meeting were

related to solid waste management bylaws.

Also the issue of huge staff shortage was raised at the board meeting. “Noida has sanctioned

strength of 2,400 staff, while we have 298 posts, of which only 176 are filled. It’s a huge

problem,” said Bhooshan. Moreover, allottees of IT and institutional category plots have been

Newspaper/Online ET Realty ( online )

Date August 10, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/greater-noida-

development-body-to-launch-builder-commercial-industrial-schemes/77443360

extended relief in clearance of dues in view of the Covid-19 pandemic. The last date for

clearance of dues has been extended to September 30.

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Greater Noida: Residents' welfare associations seek guidelines on

upkeep duty

GNIDA wants to pass on at least three responsibilities to the RWAs gradually --

registration of pet dogs, sterilisation of stray dogs and keeping vacant plots free of garbage

and litter.

Office bearers of more than three dozen residents’ welfare associations (RWA)

reached GNIDA’s office in Knowledge Park IV to hand over a memorandum to the authority’s

chief executive officer denouncing its move to hand over the maintenance work

of residential sectors to them.

GNIDA wants to pass on at least three responsibilities to the RWAs gradually -- registration of

pet dogs, sterilisation of stray dogs and keeping vacant plots free of garbage and litter.

Residents said unless a clear cut policy or document to define financial an general liabil ities is

framed, they will continue to oppose the move.

CEO Narendra Bhooshan said, “A contract or memorandum of understanding will be signed

between GNIDA and willing societies. We will hold talks with the resident groups before

finalising the contract. Societies that are interested in taking up maintenance work, will be given

a chance to do so. Otherwise, the present arrangement will continue.”

About 80 groups who stay in residential colonies or apartment complexes in Greater Noida have

registered their associations with Uttar Pradesh registrar of firms, societies and chits. People

staying in 15 to 20 sectors are yet to register their association.

________________________________________________________________

Newspaper/Online ET Realty ( online )

Date August 10, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/greater-noida-

residents-welfare-associations-seek-guidelines-on-upkeep-duty/77430187

Penalty soon on several high-rises without STPs: Noida authority

Most of these 33 societies are located in Sector 7x area (referring to societies in sectors 74

to 79) and Sector 137 of the city, where the Noida Authority had carried out inspection on

August 2 and 8, they said.

Several high-rise societies in Noida lack sewage treatment plants, while those installed in some

societies are not working in accordance with the guidelines of the National Green Tribunal,

officials said on Sunday.

Most of these 33 societies are located in Sector 7x area (referring to societies in sectors 74 to

79) and Sector 137 of the city, where the Noida Authority had carried out inspection on August

2 and 8, they said.

The inspection was done to check the enforcement of the National Green Tribunal (NGT) order

in connection with water pollution. We will be soon penalising builders and the association of

apartments (AOAs) concerned for flouting rules, officials said.

"During the inspection, it was found that maximum societies have not even constructed sewage

treatment plants (STPs). Skytech Matrott, Amrapali Silicon in Sector 76, Assotech Windsor

Court, Sikka Karmic and Aditya Urban Casa in Sector 78 are major among them," the Authority

said in a statement.

"Some societies that have STPs were found to be functional but not in accordance with the NGT

guidelines. Major among such societies are Supertech Capetown, Antriksh Golfview - II,

Sunshine Heights, AIMS Max Gardenia, GH - 08 in Sector 75, Max Valis, Paras Tierra Sector

137, Blossom County, Ajnara Home in Sector 137, and Antriksh Forrest," it stated.

The Authority said a report is being presented to the Uttar Pradesh Pollution Control Board and

the NGT for action against the builders and AOAs concerned under the Water Conservation

Act, 1976.

"The penalty amount against offenders will be calculated and notices sent to them. Such

inspections would continue in the future also," it added.

________________________________________________________________

Newspaper/Online ET Realty ( online )

Date August 10, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/penalty-soon-on-

several-high-rises-without-stps-noida-authority/77455539

Hyderabad civic body's special drive to check building

regularisation applications

Since four years, new BRS applications are not being accepted, only the applications

where construction was started before October 28, 2015 were accepted and are eligible

under BRS scheme.

As a part of a special drive, Greater Hyderabad Municipal Corporation (GHMC) is

scrutinising Building Regularisation Scheme (BRS) applications. Since 2015, a total of 1.30

lakh BRS applications were received.

"Around 40% of total applications have been scrutinised. Scrutiny of applications does not

mean structures or additional floors will be regularised or are likely to be regularised, the

decision has to be taken by high court," said a GHMC official.

A total of 89 teams have been formed who are inspecting the sites. "We are measuring the

structures and verifying the details published in the application form. Based on the verification

report, a BRS fee is generated. The applicant will not be informed about the fee or the status of

the report," said a GHMC official.

Since four years, new BRS applications are not being accepted, only the applications where

Newspaper/Online ET Realty ( online )

Date August 09, 2020

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

bodys-special-drive-to-check-building-regularisation-applications/77443396

construction was started before October 28, 2015 were accepted and are eligible under BRS

scheme. The BRS scheme was rolled out in GHMC limits in 2015.

The scheme aimed to curb illegal constructions by regularising them. Government gave the

opportunity to builders/ individuals to regularise the illegal floors, b uildings and deviations

under the scheme by paying BRS fee, but the scheme did not take off due to a public interest

litigation filed in high court.

BRS applications are being scrutinised and a verification report of all the applications is being

prepared as civic officials expect a high court hearing pertaining to BRS applications in the

coming months. "We will submit the verification report to the court along with the application,

the court will decide the action that needs to be taken," said a GHMC offic ial.

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Jaipur development body plans to garner Rs 450 crore by

developing 1,800 plots

The civic body will develop colony named Hiralal Shastri Nagar in zone-14, Gokul Nagar

in Prithviraj Nagar Scheme (North zone), APJ Abdul Kalam Nagar in zone 11.

Cash-strapped Jaipur Development Authority (JDA) is planning to mop-up Rs 450 crore by

developing around 1,800 plots in new housing schemes. These schemes will be launched on

August 15. Allotment of plots will be done through lottery and auction.

On Saturday, Jaipur Development Commissioner (JDC) Gaurav Goyal inspected the sites of

these housing schemes. An official said, “A comprehensive plan will be drawn to develop

infrastructure in the area. This would attract more application from the buyers,” he said.

The civic body will develop colony named Hiralal Shastri Nagar in zone-14, Gokul Nagar

in Prithviraj Nagar Scheme (North zone), APJ Abdul Kalam Nagar in zone 11. Around 200

plots of Nilay Kunj Scheme which were developed earlier in zone-9 will be allotted after re-

planning.

Sources said, the reserve price of the housing schemes will be fixed between Rs 6,000 and Rs

8,000.

To sell the plots in its developed schemes, the JDA recently had reduced the reserve price of

uninhabited land in its region by 10% to 37%. The JDA is confident of selling the plots in these

schemes, looking at the previous response.

As these schemes will not be developed in far-flung areas, many buyers are expected to show

interest to buy plots at these locations.

A senior official said, “The move is expected to boost revenue that will be utilised to develop

infrastructure. As the market condition has improved, the JDA will also fill its coffers after

auctioning plots in its old scheme,” he said.

As the JDA has many schemes in far- flung areas, not many residents have applied to buy those

in the past as the authorities failed to provide even basic facilities.

Due to lack of power and water, the sites of these colonies continue to wear a deserted look. An

Newspaper/Online ET Realty ( online )

Date August 09, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/jaipur-development-

body-plans-to-garner-rs-450-crore-by-developing-1800-plots/77443512

official source said, since 2005, the civic body has launched 38 housing schemes, but most of

those are still unoccupied.

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