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13-August-2019

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CREDAI Bengal Daily News Update | 13.08.19

WEST BENGAL NEWS

Kolkata: Upto Rs 1 lakh fine on delaying repairs of insecure buildings

The Kolkata Municipal Corporation buildings department has proposed imposition of hefty fine

against failure to repair, secure or demolish an insecure building that poses threat to its residents or

endangers public safety.

The civic body has proposed fines up to Rs 1,00,000 that can be imposed on the owner or occupants

of an insecure building which has been figured in the 'high-risk' category prepared by the civic body.

Failure to comply with the order will land the offender in jail for five years.

Similarly, the KMC will reserve rights to slap a penalty to the tune of Rs 50,000 on an owner or

occupants of such a building if they fail to secure the entire structure or its hazardous parts by fencing

it. The offender may also get a five-year jail term for failing to comply with this civic order.

Earlier, the KMC buildings department needed to appeal before the municipal magistrate for

imposition of penalty. And, it had the right to impose only Rs 1,000 for such an offence.

According to a KMC buildings department official, frequent collapses of insecure buildings leading to

deaths of several residents and pedestrians forced the civic authorities to act tough on a section of

owners or tenants/occupants who are either resisting or not willing to repair or demolish an insecure

building.

Accordingly, the KMC drafted an amendment of rules and sent the proposal to the civic body's legal

cell. After the legal cell okayed the proposal, it was brought to the mayor-in-council meeting on

August 9. The matter has been passed and it will now be placed before the KMC House next month,

said a senior civic official.

The amendments were proposed under sections 411(1) and 411(2) of the KMC buildings rules. These

sections have given absolute powers to the municipal commissioner to ask any owners or occupants of

an insecure building that is likely to fall to conduct repair of the hazardous parts and secure them for

public safety.

The commissioner can also give an order for demolition of the structure. He may also ask the owners

or occupants of a building to put a fence or guard the insecure parts of a condemned building to ensure

public safety.

"We had brought the matter to the MiC. Once it's passed in the KMC House we will start

implementing the same to prevent death of innocent people. The fear of paying a hefty penalty or

imprisonment may act as a deterrent," a KMC buildings department official said.

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Newspaper/Online The Times of India (online)

Date August 12, 2019

Link https://realty.economictimes.indiatimes.com/news/allied-industries/dhfl-says-it-may-not-be-able-to-fulfill-immediate-debt-payments/70590666

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OTHER NEWS

Woes pile up for DHFL, Deloitte resigns as auditor

The audit firm found significant deficiencies in the grant and rollover of inter-corporate

deposits.

Deloitte Haskins and Sells has resigned as auditor of DHFL after it failed to get sufficient information

and explanation to their enquiries and expressed concern over Rs 5,653 crore inter-corporate deposits

(ICDs).

It said that it failed to get information in relation to credit, legal and technical evaluation and evidence

for end use monitoring of project loans and mortgage loans aggregating Rs 24,07,772 lakh.

The audit firm found significant deficiencies in the grant and rollover of inter-corporate deposits.

The firm cited non-availability of evaluation of credit worthiness of borrowers, commercial rationale

forming the basis of granting of the ICD of Rs 5,653 crore, but noted that DHFL is working towards

correcting these deficiencies and that no adjustment is required to the carrying value thereof.

DHFL has incurred Rs 1,036 crore losses during the year and has net current liabilities of Rs 755 crore

as on March 31, 2019. The company's credit rating reduced to 'default grade' subsequent to the year-

end which may substantially impair its ability to raise or generate funds to repay its obligations.

Newspaper/Online ET Realty (online)


Link https://realty.economictimes.indiatimes.com/news/allied-industries/woes-pile-up-for-dhfl-deloitte-resigns-as-auditor/70651791

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Deloitte identified deficiencies in the historical data used for calculating provisioning based on

expected credit loss model in respect of loans carried at amortized cost.

The auditor has not been able to determine if these allegations have an impact on the financial

statement.

“In view of the foregoing, we have been unable to obtain sufficient appropriate audit evidence to

support the values of the loans and PTC and we are unable to determine if these matters would have

an impact on the statement including with regard to any adjustments to the carrying value of the loans

and Pass-through Certificates, restatement, related parties and other disclosures and compliances as

applicable,” said Deloitte in its statement.

It found multiple accounting entries initially recorded in certain customer accounts for receipts despite

the cheques, or negotiable instrument, not been deposited in the banks and were subsequently

reversed.

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CCI slaps Rs 14 crore fine on Jaiprakash Associates

The ruling came on a complaint filed by one Naveen Kataria who had booked a villa at Jaypee

Greens in Greater Noida, Uttar Pradesh, in 2011.

The Competition Commission of India(CCI) has imposed a penalty of nearly Rs 14 crore

on Jaiprakash Associatesfor abusing its dominant market position by imposing "unfair" and

"discriminatory" conditions on home buyers.

"The Opposite Party (Jaiprakash Associates) perpetrated undesirable industry practices causing

substantial harm to the competition and to consumers, ignoring its responsibility as a dominant player

to set fair standards of industrial practices for other players in the market to emulate," CCI said.

The ruling came on a complaint filed by one Naveen Kataria who had booked a villa at Jaypee

Greens in Greater Noida, Uttar Pradesh, in 2011.

In February 2019, the complainant informed the CCI that she did not wish to pursue the instant case,

since all the pending disputes with the firm have been settled.

Under the Competition Act, complaints filed under a certain section cannot be withdrawn.

It was alleged that conditions in Provisional Allotment Letter (PAL) were unfair, one-sided and

loaded in the favour of the company.

In 2015, the regulator ordered the Director General (DG), its investigation arm, to conduct a detailed

probe into the matter.

For the case, the CCI considered 'the market for provision of services for development and sale of

independent residential units such as villas, estate homes, town homes and row-houses in integrated

townships in Noida and Greater Noida regions' as the relevant one.

The regulator found Jaiprakash Associates to be in dominant position in the relevant market.

Based on the DG's reports and regulator's examination of the issues, CCI found clause pertaining to

defaults in the PAL was heavily in favour of the Jaiprakash Associates. Under the pact, there was only

a marginal penalty on the firm for any default while the allottees were to pay a huge fine.

Similarly, the fair trade regulator found that there were various clauses which were one-sided and

tilted in favour of real estate firm.



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"It is clear that the terms and conditions in the PAL are unfair and one sided and are couched in a

manner so as to unilaterally favour the OP and be unfavourable to the consumers. Moreover, the

allotment letter executed by the OP (Jaiprakash Associates) is vague and does not confer any

substantive rights on the buyers." CCI said in an order dated August 9.

By doing so, the real estate firm contravened Section 4 of Competition Act which pertains to abuse of

dominant position.

"Imposition of unfair and discriminatory condition by Jaiprakash Associates who was dominant player

in the relevant market at the relevant time has serious adverse effects on the market and on their

consumers," CCI said.

Accordingly, the CCI imposed a penalty of Rs 13.82 crore, arrived at by calculating 5 per cent of

turnover earned by the firm during relevant period (2009-10 to 2011-12) by the regulator.

Regarding the plea made in February 2019 to not pursue the matter, the Commission observed that

"the scheme of the Act and the regulations made thereunder do not provide for withdrawal of the

information filed under Section 19 of the Act".

Section 19 pertains to inquiry into certain agreements and dominant position of an enterprise.

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HDFC, Indiabulls Asset Reconstruction takes possession of Ansal

Housing properties

HDFC has also invoked 36 lakh shares out of total pledged 279.03 lakh shares. Out of 36 Lakh

invoked shares, 20.72 lakh shares has been sold by HDFC and adjusted against outstanding

principal till the quarter ended June 30, 2019.

HDFC and lndiabulls Asset Reconstruction Company have taken over the symbolic possession of

certain mortgaged properties of Ansal Housing, the company informed in its BSE filing.

"The company has received notice under SARFAESI Act where by lndiabulls ARC has taken over the

symbolic possession on August 5, 2019 of certain mortgaged properties. It also received notice that

HDFC has taken over the symbolic possession on August 8, 2019 of certain mortgaged properties,"

said the company.

The company is in discussion with the lenders to resolve the matter in best possible manner, it said.

HDFC has issued the demand notice under SARFAESI Act against the entire outstanding loans/dues

of Rs 150.19 crore. The outstanding liability as on June 2019 is Rs 148.31 crore.

HDFC has also invoked 36 lakh shares out of total pledged 279.03 lakh shares. Out of 36 lakh

invoked shares, 20.72 lakh shares has been sold by HDFC and adjusted against outstanding principal

till the quarter ended June 30, 2019.

Ansal Housing reported a loss of Rs 5.15 crore in Q1 FY20 as against a loss of Rs 1.61 crore it had

recorded in Q1 FY19. Its revenue in the quarter ended June 2019 was Rs 66.27 crore.

In April 2019, a notice was issued under (SARFAESI) Act by lndiabulls ARC to Ansal Housing under

which repayment of Rs 175.08 crore had been demanded within 60 days. The outstanding liability as

per books of accounts on June 2019 is Rs 158.63 crore.

IndiaBulls Commercial Credit recalled the entire outstanding principal of Rs 149.85 crore along with

accrued interest, penal interest and other charges in March 2019.

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Link https://realty.economictimes.indiatimes.com/news/industry/hdfc-indiabulls-asset-reconstruction-takes-possession-of-ansal-housing-properties/70646764

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Centre to tell Maharashtra to bring unregistered projects under

MahaRERA

The meeting was held under the chairmanship of Union finance minister, Nirmala Sitharaman,

to discuss various issues concerning the real estate sector and the steps to be taken to strengthen

it.

The Union minister of housing and urban affairs on Sunday said he would tell the state government‟s

housing department to look into bringing the unregistered projects under the Maharashtra Real Estate

Regulatory Authority‟s ambit.

Hardeep Singh Puri, the Union minister of housing and urban affairs, said he would be writing

to Maharashtra chief minister and the Maharashtra Real Estate Regulatory Authority (MahaRERA)

within the next fortnight to do the needful.

He made the commitment after hearing Shirish Deshpande, the chairman of Mumbai Grahak

Panchayat — the Maharashtra consumers‟ forum — in a meeting of the ministry of housing and urban

affairs in Delhi.

The meeting was held under the chairmanship of Union finance minister, Nirmala Sitharaman, to

discuss various issues concerning the real estate sector and the steps to be taken to strengthen it.

Deshpande told TOI that Section 4 (2)[c] of Real Estate Regulatory Authority Act requiring builders

to produce sanctioned building plan and commencement certificate for registration was not mandatory

in nature. This was also put forth by Madhya Pradesh RERA chief and RERA chiefs of other states

too echoed it, he said.

Against this backdrop, Deshpande expressed hope that there was no need to amend Section 4 (2) [c]

and projects could be registered with RERA without those certificates. “This will bring a huge number

of unregistered projects under the ambit of MahaRERA,” he said.

Another participating member said the act clearly stated that if any project had not received

completion certificate in 2017, when the act came into force, it would come under RERA irrespective

of registration. “If any such projects are not registered, they would have to be registered and if it is not

it is the duty of the authority to ensure registration,” said an activist.

Consumers have been approaching MahaRERA for registered projects so far.



Link https://realty.economictimes.indiatimes.com/news/industry/centre-to-tell-maharashtra-to-bring-unregistered-projects-under-maharera/70651767

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The state consumers‟ forum also put forth the delay in bringing redevelopment projects under

MahaRERA. The state real estate regulatory authority has proposed an amendment to the existing

rules to bring the rehabilitation and sale components of redevelopment projects under the ambit of the

Real Estate (Regulation and Development) Act. MahaRERA has sent a letter to chief minister

Devendra Fadnavis for his approval to the amendment proposal.

Shirish Deshpande, the chairman of Mumbai Grahak Panchayat, said rules would have to be amended

to consider any redevelopment project as “a whole project”

The components related to the rehabilitation for the owners and sale are now accounted separately

The developers now register only the sale component

It will bring all redevelopment projects, with the rehabilitation components, under RERA.

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Logistics leasing crossed 13 million sq ft in H1 2019: CBRE

During the first six months of 2019, investment of more than USD 200 million was recorded in

the industrial and logistics sector, according to the report.

Logistics leasing in India recorded a growth of 31% on a yearly basis and crossed 13 million sq ft in

H1 2019, according to a recent report by CBRE, a consultancy firm. As per the

report, Mumbai, Chennai and Bengaluru accounted for more than 60% of the leasing activity.

“The overall pipeline for the sector is expected to be around 60 million sq ft till 2020,”

said Anshuman Magazine, chairman & CEO (India, South East Asia, Middle East & Africa) of the

company.

During the first six months of 2019, investment of more than USD 200 million was recorded in the

industrial and logistics sector, according to the report.

Logistics space take-up was dominated by small-sized transactions (less than 50,000 sq ft), accounting

for about 38% of the leasing activity in H1 2019. The share of medium-sized transactions (ranging

between 50,000 sq ft and 1,00,000 sq ft) rose from 26% in H2 2018 to 32% in H1 2019. Large-sized

deals (greater than 1,00,000 sq ft) accounted for 30% of the leasing activity during H1 2019.

Supply addition rose by about 54% in H1 2019 as compared to H2 2018, with about 11 million sq ft of

projects completed. About 65% of the completions were reported in Mumbai, Chennai and

Ahmedabad.

Sustained occupier interest in locating in quality developments resulted in rental growth of about 5-

40% in NH-1 and NH-8 in NCR; about 3-24% in Eastern and Western Corridors in Bangalore; about

12-18% in Western and Southern Corridors in Hyderabad; about 5-7% in Western Corridor II and

Northern Corridor in Chennai and about 3-6% in Narol in Ahmedabad on a half-yearly basis.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/logistics-leasing-crossed-13-million-sq-ft-in-h1-2019-cbre/70640985

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Surat civic body to demolish dilapidated building on Tower Road

Surat Municipal Corporation (SMC) officers ordered demolition of a dilapidated commercial

building on Tower Road in Ganchi Sheri after it developed huge cracks and tilted to one side

here on Sunday.

Surat Municipal Corporation(SMC) officers ordered demolition of a dilapidated commercial building

on Tower Road in Ganchi Sheri after it developed huge cracks and tilted to one side here on Sunday.

Vehicles of Fire & Emergency Services department rushed to the building, which houses several

commercial offices and shops, for rescue operation. However, there were not many people in the

building.

Ketan Patel, SMC chief of central zone, said, “A portion of the building was demolished many years

ago for road alignment. The building was again constructed on iron girders and stone.

On Sunday, the building developed cracks and tilted to one side. We have decided to demolish it.

Shop owners have been asked to take out their belongings as the building will be demolished on

Monday.”

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Link https://realty.economictimes.indiatimes.com/news/regulatory/surat-civic-body-to-demolish-dilapidated-building-on-tower-road/70640942

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Poddar Housing & Development's net loss widens to Rs 6.73 crore in Q1

FY20

The company's net income stood at Rs 12.97 crore in the said quarter, a growth of 72 per cent

from Rs 7.50 crore it recorded in the similar quarter last year, the company said in a BSE filing.

Poddar Housing and Development reported a net loss of Rs 6.73 crore in the quarter ended June

2019. It registered a loss of Rs 2.74 crore in Q1 FY19.

The company's net income stood at Rs 12.97 crore in the said quarter, a growth of 72 per cent from Rs

7.50 crore it recorded in the similar quarter last year, the company said in a BSE filing.

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Link https://realty.economictimes.indiatimes.com/news/industry/poddar-housing-developments-net-loss-widens-to-rs-6-73-crore-in-q1-fy20/70647111

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Delhi University, NDMC spar over high-rise near Vishwavidyalaya

metro station

DU claims that the construction of a highrise at that location will not only violate the Master

Plan of Delhi 2021, but also compromise the safety of students with at least five women’s hostels

in its vicinity.

Even as the Supreme Court hears a case against the proposal to construct a 39-storey building right

next to Vishwavidyalaya metro station, the north corporation has approved its building plan.

After the Delhi high court dismissed its petition challenging the transfer of public land to a private

player and construction of a highrise there, Delhi University had moved SC earlier this year.

DU claims that the construction of a highrise at that location will not only violate the Master Plan of

Delhi 2021, but also compromise the safety of students with at least five women‟s hostels in its

vicinity.

A senior corporation official, however, said: “All issues have been settled. The builder has complied

with all formalities and, so, the approval was given. The allegations by DU are not true as all rules and

regulations have been followed.”

According to a DU official, the land was bought by DMRC from defence ministry for Rs 42.4 crore

for public purpose. But a portion of it was sold to a private builder for Rs 218 crore.

The university had moved HC in 2012, but lost the case before a single-judge bench in 2015. DU

moved against the order in HC itself. After a two-judge bench again dismissed its petition, questioning

the delay on DU‟s part to file an appeal, the university decided to move SC.

The court has asked the ministry of urban affairs and DDA to file their responses by August 23. The

next date of hearing is August 26. Another case is pending with NGT for which the hearing is

scheduled on August 19.

DU had also written to the PMO and the defence and home ministries on the matter. It stated that

building will have a bird‟s-eye view of Miranda House girls‟ hostel, the Central Institute of Education,

University Hostel for Women, Meghdoot Girls Hostel and the girls‟ hostel of the department of social

work, apart from several other university buildings.

The north corporation had earlier rejected the plan, prompting the builder to approach HC in 2018 by



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way of a writ petition. However, earlier this year, the writ petition was withdrawn and, now, the plan

has been given online approval.

An affidavit filed by ministry of defence in NGT and SC stated that the issue should be “decided as

per law”. Bipin Tiwari, deputy dean (works), questioned the urgency to give approval to the plan. “It

is surprising that the corporation has cleared the proposal, flouting all norms, and despite the

pendency of an SLP in SC and a writ in NGT. Land acquired for public purpose at public expense

can‟t be given to a private builder,” he said.

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Over 10,900 green houses built in Madurai in eight years

The scheme to build these houses, which are powered by solar energy for the benefit of the

people below poverty line, was introduced by late chief minister J Jayalalithaa in 2011-2012.

As many as 10,933 green houses have been constructed in Madurai district from the year 2011 to

2019 for the people living below the poverty line under the chief minister‟s solar powered green house

scheme.

The scheme to build these houses, which are powered by solar energy for the benefit of the people

below poverty line, was introduced by late chief minister J Jayalalithaa in 2011-2012.

These houses were built over an area of 300 square feet at a cost of Rs 1.80 lakh and are fully funded

by the government. It was proposed that three lakh such houses be constructed across the state at the

rate of 60,000 houses per year since the year of launching of the scheme.

In the year 2013-2014, the fund for the construction of these houses was raised to Rs 2.10 lakh by

Jayalalithaa, and Rs 30,000 was directly deposited with Tamil Nadu Energy Development Agency, for

providing solar lighting facilities. It was implemented through the district rural development agency.

Beneficiaries take part in the construction of these houses. All the houses have a rainwater harvesting

structure and each house is provided with five LED bulbs that work on solar energy. Provision is also

made for the beneficiary to obtain power supply from the TNEB if he or she requires the same, which

will be metered.

Two beneficiaries from Pottapatti village in Kottampatti panchayat union in Madurai, D

Janatha and K P Dinakaran, said that it was their lifelong dream to live in a house of their own in their

native village. “This was made true through this scheme,” they said.

Thirumalai Radhakrishnan of Varichur panchayat, another beneficiary, said that he is a daily wager

and could never have afforded a home if not for this outstanding scheme. The fund for the

construction of the houses is deposited directly in the bank account of the beneficiary in four

instalments.

Green houses are constructed either by replacing the dwelling structure of the beneficiary or in a land

owned by the beneficiary in the village panchayat.

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Navi Mumbai: Residents alleges buildings to be declared dilapidated to

evict them

The reason is that building plots, some of them located in prime areas of Vashi and Nerul, can

be opened for redevelopment.

Panic has spread among thousands of families across Navi Mumbai amidst allegations that local

politicians, civic officials and land sharks are colluding to get buildings declared „dilapidated‟ so that

residents are forcefully evicted.

The reason is that building plots, some of them located in prime areas of Vashi and Nerul, can be

opened for redevelopment.

Buildings that are barely 20 to 30 years old too have been put under the C1 category, a definition for

severely dilapidated buildings that are on the verge of collapse. Citizens and activists opposing what

they claim is the latest modus operandi to grab land said managing committees of housing societies

are being lured with money by land sharks.

“Their task is to procure consent from their members, mainly senior citizens, who are forced to sign

up for redevelopment under duress,” a civic activist said.

Annasaheb Misal, who recently took over as Navi Mumbai‟s municipal commissioner, told TOI

action will be taken against civic officials and structural engineers if they have fraudulently declared

buildings dilapidated. “If the C1 has been declared falsely for any structure, we will not spare them,”

he said.

The Navi Mumbai Municipal Corporation (NMMC) has about 55 buildings in the C1 category, but

residents claim the number runs into several hundred.

Said Navi Mumbai activist Jagdev Singh Thakur, “Many builders have started approaching apartment

associations and housing societies in Navi Mumbai for redevelopment projects even if buildings are

not in a dilapidated condition. These builders involve a few politicians and corporators and ask them

to get the minimum 51% consent approval from residents. Housing society committee members are

given huge bribes to get consent.”

B N Kumar, who runs a city-focused forum called Dil Se Navi Mumbai, said, “With the NMMC

hammer hanging over their heads, these flat owners have nowhere to go as neither Cidco nor NMMC

has made any arrangements for transit camps, thus leaving them at the mercy of builders.”



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Early this year, residents of Shree Ganesh Cooperative Housing Society in Nerul‟s Sector 28 panicked

when an eviction notice was slapped on them as their society was put under C1. “Our 18 buildings,

with 454 flats and two commercial buildings, were constructed in 1997.

Yet they have been declared dangerous and dilapidated,” said Mangal Gharat, a resident and local BJP

activist. Residents who have been in a long-running feud with their managing committee rushed to the

Bombay high court. On April 30, a division bench gave an interim stay against eviction.

Their petition said that though the buildings are barely 22 years old, the managing committee hasn‟t

carried out repairs or even painted the buildings and is now pushing for redevelopment. “The

committee with their mala fide intent of evicting residents forcefully and taking control of prime land

requested and asked the NMMC to declare the buildings C1,” the petitioners told the court. In its

response, NMMC said it has based its decision on a structural report by an expert panel.

But the petitioners said that NMMC had “not only failed to have any standard operating procedures

like professional, technical and legal team to carry out any independent study but had also

misinterpreted an IIT report which never indicated anything that points to buildings being categorized

as C1”.

On the contrary, the IIT report suggested repairs, but redevelopment only if the cost of repairs would

be 40% more than the cost of redevelopment and if the buildings were more than 30 years old, said

the petitioners. “However, the buildings are only 22 years old.”

Elsewhere in Navi Mumbai, hundreds of residents in the CIDCO-built JN2 type buildings in Vashi‟s

Sector 9 have been protesting the C1 category tag. Recently, they held a relay hunger strike to stall

redevelopment of their buildings, which were constructed in the mid-1980s.

In June, hundreds of angry residents of Gulmohar Housing Society in Sector 9 spontaneously

protested outside their homes. NMMC officials came with heavy police escort to cut off their water

and electricity supplies on the grounds that the buildings were declared „very dangerous‟.

George Soman, a resident of Ashirwad Society, which is under C1 category, said many residents are

blindly signing up for redevelopment without understanding the risks. “There is no transparency and

the builders are misguiding them,” he said.

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MahaMetro expedites buildings' survey on underground route in Pune

MahaMetro recently completed surveying 500 buildings along the Range Hills-Kasba Peth

section, and, in all, finished studying 50% of the 1,060 structures within a 50m radius of the

Metro route.

The Maharashtra Metro Rail Corporation Limited (MahaMetro) has expedited the remainder structural

integrity survey of buildings along a section of the underground route.

MahaMetro recently completed surveying 500 buildings along the Range Hills-Kasba Peth section,

and, in all, finished studying 50% of the 1,060 structures within a 50 m radius of the Metro route.

The officials have now shifted focus to the Kasba Peth-Swargate stretch and aim to complete the

survey here in time for the digging of the underground tunnel, expected to begin in November.

As a part of the study, MahaMetro‟s surveyors will comprehensively study each building and identify

vulnerable structures. MahaMetro will submit a report to the civic administration.

“MahaMetro has provided all the surveyors with authorization letters and identity cards, but residents

often don‟t cooperate,” an official said, explaining the delay in completing the survey, which had

begun in June this year.



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“The survey is the most crucial and challenging task,” a MahaMetro official said. “Every flat in each

building undergoes a thorough inspection. The surveyors also take photographs where needed, and a

copy of the surveys report is handed over to the flatowners. We are taking help from PMC where

required,” the official added.

The official added that the density of the buildings on the Kasba Peth-Swargate stretch is twice as

much as on the Range Hills-Kasba Peth stretch. “This is one of the most congested and oldest parts of

the city. The structures are numerous and of various types,” the official said.

MahaMetro has already assured that the buildings will not be damaged during the tunnel excavation

work, as the tunnel boring machines will operate 18 to 20 metres below the surface. “Similar digging

work has been completed in Delhi and Mumbai without any hassle,” the official said.

The survey covers the buildings at the sites of the five underground Metro stations — Swargate,

Mandai, Budhwar Peth, Civil Court and Shivajinagar. The MahaMetro recently shifted the location of

the Budhwar Peth Metro station to a vacant plot in Kasba Peth after protests by residents.

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HIL's profit dips 22% in Q1 FY20

The comany's net income stood at Rs 768.10 crore in the said quarter, a growth of 53 per cent

from Rs 501.24 crore it registered in the similar quarter last year.

HIL, a CK Birla Groupcompany, reported a dip of 22 per cent in its net profit during the quarter ended

June 2019. Its profit after tax (PAT) stood at Rs 40.63 crore as against Rs 52.04 crore it recorded in

Q1 FY19.

The company's net income stood at Rs 768.10 crore in the said quarter, a growth of 53 per cent from

Rs 501.24 crore it registered in the similar quarter last year.

Its revenue from roofing solutions segment dipped by 16 per cent in the quarter ended June 2019 and

stood at Rs 295.95 crore. The revenue in the said segment was Rs 352 crore in the corresponding

quarter previous fiscal.

HIL revenue from building solutions segment rose by 4 per cent in Q1 FY20 and stood at Rs 94.91

crore. The revenue in the said segment was Rs 90.97 crore in Q1 FY19.

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Akme Star Housing Finance's net profit rises 43% in Q1 FY20

The company reported net income of Rs 3.5 crore in the said quarter, a growth of 33 per cent

from Rs 2.64 crore it recorded in the similar quarter last year, the company said in a BSE filing.

Akme Star Housing Finance reported a 43 per cent growth in its net profit during the quarter ended

June 2019. Its profit after tax (PAT) stood at Rs 1.34 crore as against Rs 94.66 lakh recorded in Q1

FY19.

The company reported net income of Rs 3.5 crore in the said quarter, a growth of 33 per cent from Rs

2.64 crore it recorded in the similar quarter last year, the company said in a BSE filing.

It also approved appointment of Suresh Chandra Gupta as non-executive independent director of the

company.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/akme-star-housing-finances-net-profit-rises-43-in-q1-fy20/70646914

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About 45 units of unaccounted sand seized in Dharapuram

As the illegal sand mining was rampant in Amaravathi river especially in Dharapuram areas,

Dharapuram sub collector Pavankumar G Giriyappanavar directed the authorities to intensify

inspection in the vulnerable points in the river.

The revenue officials seized 45 units sand deposited for constructing a private housing apartment for

lacking of required documents in Dharapuram in the district on Saturday.

As the illegal sand mining was rampant in Amaravathi river especially in Dharapuram areas,

Dharapuram sub collector Pavankumar G Giriyappanavardirected the authorities to intensify

inspection in the vulnerable points in the river. A special team was formed for the purpose, and they

would inspect wherever the sand would be deposited.

The team led by sub collector Pavankumar and Dharapuram Tahsildar Ravichandraninspected in

NMP Nagar near Old housing unit, and they found the sand deposition. They learnt that the sand was

about to be utilised for constructing a private housing apartment.

When the revenue officials demanded the constructor to produce bills for purchasing the sand, the

latter failed. The officials suspected that the sand could have been mined illegally in Amaravathi river.

The officials estimated that the seized sand could be around 45 units, and it was taken into the public

works department. The officials warned that they would investigate about the sand supplier, and if the

illegal mining was found, the case would be registered.

Meanwhile, the revenue authorities warned the people to purchase the sand from registered sand

dealers and obtain bills for the purchase. The officials were sceptical that many people were connived

with the sand smugglers, and it was a hindrance in acting against the sand mafia.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/about-45-units-of-unaccounted-sand-seized-in-dharapuram/70641069

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Sundaram BNP Paribas cuts lending rates by 10 basis points

"The reduction in lending rates is in line with the current interest rate in the market,"

Sundaram BNP Paribas Home Finance, Managing Director, Srinivas Acharya said.

Sundaram BNP ParibasHome Finance Monday announced a 10 basis points reduction in its prime

lending rate on housing and non-housing loans with immediate effect.

"The reduction in lending rates is in line with the current interest rate in the market," Sundaram BNP

Paribas Home Finance, Managing Director, Srinivas Acharya said.

"We are hopeful that the government's favourable proposals in the recent budget for the housing

sector would improve the home buying sentiments and drive demand," he said in a company statement

here.

Acharya said the company did not face any liquidity related issues this year and was comfortably

placed in terms of fund raising.

"...we will continue to expand our presence in the affordable housing segment and newer areas," he

added.

Sundaram Home Finance posted net profits at Rs 145 crore for the year ending March 31, 2019. The

company has over 100 branches, the release added.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/sundaram-bnp-paribas-cuts-lending-rates-by-10-basis-points/70643884

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Around 54,000 tonnes of Malaysian sand stuck at Karaikal Port

TN lorry owners said the Tamil Nadu government has denied permission for movement of the

sand through the state.

Around 54,000 tonnes of river sand imported from Malaysiahas been stuck at Karaikal port since mid-

May, awaiting Tamil Nadu government‟s nod to transport it via road to Puducherry.

The consignment, sourced by a private importer for distribution in Puducherry, has to be transported

from Karaikal to the Union territory through more than 100 km of road under TN limits.

TN lorry owners said the Tamil Nadu government has denied permission for movement of the sand

through the state.

Karaikal Port Private Limited (KPPL) sources said the vessel carrying 54,692 tonnes of sand from

Pekan port in Malaysia reached Karaikal in mid-May.

“It is the first consignment of sand that the port has received. While the customs cleared the

consignment in two weeks, the Government of Puducherry also issued transit permit for the exit of the

sand from the port,” a KPPL official told TOI.

The sand has been sourced by a private importer based in Chennai, sources said, adding that the sand

was meant for construction activities in Puducherry. But restrictions placed over the movement of

imported sand within Tamil Nadu has come in the way of ferrying the sand from Karaikal to

Puducherry through TN roads.

In December 2017, the Tamil Nadu government made the public works department (PWD) the sole

custodian for storage, transportation and sale of imported sand. The Puducherry government,

however, allows individuals, private companies to import river sand and sell it to the public to tide

over the shortage of the key construction material in the Union territory.

Tamil Nadu State Sand Lorry Owner‟s Federation president S Yuvaraj charged that the Tamil Nadu

government was not allowing transportation of the imported sand. “We understand that the sand is

stuck at Karaikal due to the reluctance of the Tamil Nadu government to accord permission. We don‟t

see why the state government is delaying the process,” he said.

While senior PWD department sources refused to comment about the issue, the private importer could

not be reached for their reaction.



Link https://realty.economictimes.indiatimes.com/news/allied-industries/around-54000-tonnes-of-malaysian-sand-stuck-at-karaikal-port/70641388

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This is the third private sand consignment from Malaysia that has been denied entry into Tamil Nadu

in two years. In October 2017, first consignment of river sand imported from Malaysia arrived at

Tuticorin Port and remains idle there. Another consignment from Malaysia which was to arrive at the

Tuticorin Port in January 2018 was diverted to Mangalore.

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Panchkula civic body wants to share construction plant with its

counterpart in Chandigarh

The C&D plant will be used to dispose of all the non-hazardous solid waste from construction

and demolition activities.

The Panchkula municipal corporation wants to join hands with its counterpart in Chandigarh to share

the construction and demolition debris (C&D) plant, which the latter is going to set up in Chandigarh.

The C&D plant will be used to dispose of all the non-hazardous solid waste from construction and

demolition activities.

In a communication which the Panchkula MC wrote to the Chandigarh MC commissioner, K K

Yadav, it was stated that the latter had initiated steps for installing C&D waste processing plant of 100

thermal decomposition plant capacity.

This step is not only pursuant to the ministry of environment, forest and climate change, but also

addresses the already degrading environmental problems.

The Panchkula civic body likes to explore possibility to pool C&D waste in a scientific manner and

transport the waste to the Chandigarh plant. The NGT has also given directions from time to time to

address the problem of urban C&D waste.

In the letter, he mentioned that generation of C&D waste in Chandigarh is much below its requirement

to run the processing plant. Therefore, it is requested to accommodate C&D waste from Panchkula

MC to fulfil the requirement of plant and also the purpose of environmental rules.

Rajesh Jogpal, MC commissioner-cum-administrator, said he had written to the MC commissioner of

Chandigarh and the response was still awaited.

He said this would be first of its kind initiative in which both the MCs would be able to get rid of

construction waste.

K K Yadav, MC commissioner, Chandigarh, said the focus was to cater to the need of the city‟s C&D

waste and if they think they could accommodate waste from Panchkula, they would coordinate with

them.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/panchkula-civic-body-wants-to-share-construction-plant-with-its-counterpart-in-chandigarh/70640722

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