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27-Aug-2019

CREDAI Bengal Daily News Update | 27.08.19

Newspaper/Online ET Realty (online)

Date August 26, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/maharera-directs-epitome-residency-to-refund-rs-2-4-crore-to-karan-oberoi/70841350

MahaRERA directs Epitome Residency to refund Rs 2.4 crore to

Karan Oberoi

MahaRERA member Vijay Satbir Singh directed the builder, Epitome Residency Pvt Ltd, to

refund principal amount with applicable interest, for delayed possession.

In a relief to actor Karan Oberoi, MahaRERA directed a builder to refund, with interest, almost Rs

2.4 crore paid for a flat booked on the 43rd floor of a skyscraper, Imperial Heights Tower „C‟, in

Goregaon (west). The possession was due in December 2017, his lawyer Mustafa Kachwala argued.

MahaRERA member Vijay Satbir Singh directed the builder, Epitome Residency Pvt Ltd, to refund

principal amount with applicable interest, for delayed possession.

However, the July 29 order also says, “Alternatively,‟‟ if the builder obtains “occupancy certificate

(OC), it can give possession of the flat with prescribed rate of interest for delay.”

Oberoi‟s complaint to Rera was that he was issued an allotment letter in December 2016 and due

date was of December 2017 with a six month grace period. A reply to his notice last November led to

a failed settlement attempt between the two for the flat valued at Rs 3 crore.

The flat was booked by Oberoi and his father, Bhupinderjit Singh Oberoi who jointly filed the

complaint against the builder. Maha-RERA said it passed similar orders in two other cases last year

and one more is pending before the authority.

The builder‟s lawyer, Vibhav Krishna, who dispute claims of any intentional delay, said the order

may be appealed. The delay was due to reasons beyond the builder‟s control. The builder had

approached Bombay high court against the BMC for its failure to issue the OC.

The HC, in May this year, directed the BMC to issue the OC for tower „C‟ immediately. Krishna also

argued that the project was delayed as certain permissions from the government were delayed.

In its order, MahaRERA said that even if it accepted the argument that the project got delayed for

reasons beyond the developer‟s control, “in view of strict provisions of section 18 of RERA Act, the

respondent (builder) cannot get any benefit.”

___________________________________________________________________

Hopes of lower home EMIs bring good times for realty

Confederation of Real Estate Developers of India (CREDAI) Indore chapter expects property

registrations to remain at around Rs 80 crore in August and the trend is likely to remain firm

for coming months.

A slew of proposed measures by finance minister Nirmala Sitharaman hinting at lower EMIs for

houses have lifted enquiries from home buyers for apartments and independent houses.

Confederation of Real Estate Developers of India (CREDAI) Indore chapter expects property

registrations to remain at around Rs 80 crore in August and the trend is likely to remain firm for

coming months.

The real estate body also demanded a cut in stamp duty to aid liquidate ready properties. CREDAI

Indore chapter chairman Liladhar Maheshwari said, “Actual users are coming in the market and the

trend looks firm. In August property registrations are likely to remain close to Rs 80 crore mainly led

by sale of flats and plots.”

In July, revenue from property registrations was reported at Rs 115 crore with 9,212 registries.

Developers said the proposed measures by government to boost the sector are seen pushing the real

estate market with homebuyers awaiting reduction in interest rate on housing finance.

They said as government has proposed to pass on benefits of rate cut to borrowers leading to

reduction in EMIs for home loans, demand for mid-range property has picked up.

Fresh deals are likely to pick up pace further from September with start of 10-day long Ganesh

festival followed by Navratri as festivals are considered auspicious to buy properties.

CREDAI said demand from genuine and first-time buyers have picked up while 20 per cent

reduction in property guidelines rate has given a major boost to consumer sentiment.

Developer Arun Mukati said, “Demand for flats and small size plots has picked up but high value

residential units are not fetching enquiries.” CREDAI suggested lowering of stamp duty rates from

current 12.5% in state to further push demand for property.

Maheshwari said, “Stamp duty rates are very high in state and it should be reduced. Stamp duty

should be fixed at 7 per cent on purchase of first Rs 125 lakh then gradually on higher purchases, the

percentage should be increased. It will boost sale of all property in the state.”

___________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/industry/hopes-of-lower-home-emis-bring-good-times-for-realty/70834908

Red flag to Birla Group's cement unit on diversion of Tiger reserve's

land

On January 23, 2018, the company was diverted 467.5 hectares of reserved forest land under

Forest (Conservation) Act, 1980 in the tiger-bearing Mukutban in Zari Zamni tehsil of

Pandharkawda division.

The greenfield cement project of Birla Corporation Limited‟s wholly-owned subsidiary Reliance

Cementation Company Private Limited (RCCPL) in Mukutban in Yavatmal district has got a red

signal for not procuring wildlife clearance.

On January 23, 2018, the company was diverted 467.5 hectares of reserved forest land under Forest

(Conservation) Act, 1980 in the tiger-bearing Mukutban in Zari Zamni tehsil of Pandharkawda

division.

There are 4-5 resident tigers including a male, female and sub-adult cubs in the diverted area.

The land diversion, which will lead to felling of 20,000 small and large trees, hit hurdles as it was

found that the entire forest area proposed to be diverted falls in the tiger corridor of Tipeshwar

Wildlife Sanctuary & Tadoba-Andhari (Chandrapur) and Kawal tiger reserves (Telangana).

The area is also a part of Tadoba‟s tiger conservation plan (TCP) approved by National Tiger

Conservation Authority (NTCA) in 2016.

The Section 38 (O)(1)(g) of the Wildlife Protection Act (WPA), 1972, calls to “ensure that tiger

reserves and areas linking one protected area or tiger reserve with another protected area or tiger

reserve are not diverted for ecologically unsustainable uses, except in public interest and with the

approval of the National Board for Wildlife (NBWL) and on the advice of the NTCA.” The NTCA

too had sought report about the project falling in the corridor.

The state‟s chief wildlife warden Nitin Kakodkar said, “As the proposed project falls in tiger corridor

and is also in the approved TCP of Tadoba, the company officials have been told to seek wildlife

clearance. I have sent my comments to the state government through nodal officer.”

He added, “The company will now will have to seek clearances from state board for wildlife

(SBWL) and National Board for Wildlife (NBWL).”

“The final approval for land diversion to the company in January 2018 was for forest clearance under

FCA. Based on PCCF (wildlife) comments, we have intimated the government about it,” said

APCCF & nodal officer Sanjeev Gaur.



Link https://realty.economictimes.indiatimes.com/news/allied-industries/red-flag-to-birla-groups-cement-unit-on-diversion-of-tiger-reserves-land/70839114

Last year, clearance to Reliance cement project had snowballed into a big controversy as wildlife

activists alleged that Pandharkawda tigress T1 was shot dead to pave way for the cement plant. But

the proposed area is 70km (aerial distance) from T1 territory. The forest to be diverted is high value.

There are resident tigers in the area and the forest is contiguous.

The application seeking diversion of forest land was officially moved in May 2011 and in-principle

approval came in 2012. Due to non-compliances, the proposal was pending. The final approval came

in January 2018 after all the formalities, including payment of net present value (NPV), was

completed. Birla Corporation plans to invest Rs2,400 crore in the project.

The said forest land, located near three villages — Pimparadwad, Hirapur and Govindpur — is at

least 50km away from Tipeshwar sanctuary but the presence of breeding tigers in the area could

trigger protests from environment activists.

“Due to better protection, Tipeshwar has become a big source population. Tigers have been

dispersing towards Tadoba and Kawal in Telangana while some have become residents of small

fragmented forest patches. The cement unit will break tiger corridor and increase already flared up

conflict in Pandharkawda,” said Ramzan Virani, honorary wildlife warden, Yavatmal.

___________________________________________________________________

One Industrial Spaces to focus on warehousing sector in India

The newly formed firm will focus on tier I and II towns and will deploy capital to unlock prime

lands via flexible models of partnerships.

Anshul Singhal — former CEO of Embassy Industrial Parks, the joint venture between Embassy

Group and Warburg Pincus has launched his entrepreneurial venture One Industrial Spaces, an

integrated organisation for fund, asset and end-to-end development management for the warehousing

sector in India.

The newly formed firm will focus on tier I and II towns and will deploy capital to unlock prime lands

via flexible models of partnerships, JVs and development management options — a first of its kind

in the country.

"We have access to high quality tenants who are looking for large format warehousing spaces for

long term lease on clean, compliant land. We are also partnering with landowners to unlock land

faster. Given a choice, they would like to partner or form a JV with a professional organisation to

develop a quality asset," said Singhal, founder and CEO, One Industrial Spaces.

The firm is also in the process of launching the first domestic warehousing funds to invest in the

warehousing segment in India.

Some of the bigger funds in this space include Ascendas Firstspace, LOGOS and IndoSpace.

"We will be the first warehousing company in India with focused partnership models for landowners

that help them make stable returns on their existing land. We will also provide investors and

financing tie-ups to capitalise each project with a combination of equity and debt," said Singhal.

Additionally, the firm has tied up with two Asset Reconstruction Companies (ARCs) and is now in

active talks with various banks on their stressed asset departments to buy out and develop these

industrial assets.

___________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/allied-industries/one-industrial-spaces-to-focus-on-warehousing-sector-in-india/70839953

Vijayawada civic body to conduct survey of applications seeking houses

The civic body is now looking to conduct a survey to identify the beneficiaries. For this work,

VMC plans to deploy the recently-recruited ward volunteers.

Since the government‟s in-principle approval to the project to construct 1 lakh affordable houses for

the poor in the city, the Vijayawada Municipal Corporation (VMC) has been flooded with thousands

of applications seeking houses, in its Spandana programmes.

The civic body is now looking to conduct a survey to identify the beneficiaries. For this work, VMC

plans to deploy the recently-recruited ward volunteers.

The VMC has received around 8,000 applications while it had received around 25,000 applications

for affordable houses in the TDP regime. The civic body had then allocated around 10,000 houses

after scrutiny and kept the remaining pending.

However, authorities are afraid that the number of pending applications might soon reach two lakh

and verifying so many applications might be a problem. To help with this, around 6,000 ward

volunteers will go door to door and verify the applications.

“We have one ward volunteer per 50 families and he will act as a facilitator for them. We will

process the applications received in Spandana through these volunteers as soon as we prepare the

action plan for the construction of G+3 apartments,” said Krishna joint collector Madhavi Latha.

Volunteers will directly collect applications and process them. “The process will start from Monday

and we request the public to submit necessary documents to the volunteers,” the JC said.

The other problem awaiting the VMC is identifying the land for the proposed houses. Officials are

planning to utilise government land situated in Nagara and Grama Panchayats surrounding the city

for the project. Speaking on the issue, endowments minister Vellampally Srinivas promised, “we will

soon identify 1,000 acres of land in the outskirts to construct one lakh affordable G+3 houses.”

The free houses project is much-awaited among the poor and the middle class in the city since the

house rents in Vijayawada have trebled in the last three years and many are struggling to put a shelter

above their head. TDP regime had started the work with construction of around 6,000 houses at

Jakkampudi.

___________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/vijayawada-civic-body-to-conduct-survey-of-applications-seeking-houses/70839314

UP-RERA member says realty regulator needs more teeth

UP-Rera member Balwinder Kumar, meanwhile, said the limited powers granted to Rera

needed a relook and a few changes in the law were necessary to make the regulator more

effective.

UP-Rera, the state‟s real estate regulator, has moved out of two stalled housing projects in Noida it

was supposed to complete by calling in a new developer and also withheld 55 notices and orders to

avoid an overlap with proceedings in the National Company Law Tribunal(NCLT) and other courts

where the same cases have been filed by homebuyers or investors.

UP-Rera member Balwinder Kumar, meanwhile, said the limited powers granted to Rera needed a

relook and a few changes in the law were necessary to make the regulator more effective.

The decision to move out of the two projects — Airwil Intellicity in Techzone 4 and Unnati

Buildtech in Sector 119 — is in keeping with a Supreme Court order, dated August 9, which ruled

that if there is an overlap of proceedings by Rera and those governed by the Insolvency and

Bankruptcy Code, the latter will hold.

Kumar said they had to step out of the projects after a buyer from Airwil Intellicity moved NCLT. In

the case of Unnati, a notice by UP-Rera to deregister the project was challenged by the builder at the

appellate tribunal.

“The Supreme Court order clears all ambiguity over the regulator and insolvency code. If there is an

overlap in a case where a project needs to be taken over and driven to completion, the NCLT

proceedings will prevail. The regulator now will mostly be hearing complaints and supervise

completion of projects. The NCLT-appointed IRP (insolvency resolution professional) has vested its

rights through Section 20 of the Act, under which it can push for completion,” Kumar said.

According to Kumar, there is need for a few amendments in the Rera Act to give the regulator more

teeth. “We have no powers to direct the Noida or Greater Noida authorities. Though we often interact

with each other to garner support for getting things done, we do not have the authority to direct them

for anything. Similarly, though we have the right to send summons to a builder, we do not have the

powers to order arrest in case of violation. To be able to make Rera applicable on the ground, there is

still scope for improvement in the Act itself,” Kumar said.

He added that buyers were increasingly moving the National Consumer Disputes Redress Court

(NCDRC) for refunds despite UP-Rera taking up their cases.

Lawyer M L Lahoty, who is representing buyers across multiple projects in the Supreme Court, also

cited limited powers vested with Rera for more and more homebuyers moving other courts.



Link https://realty.economictimes.indiatimes.com/news/industry/up-rera-member-says-realty-regulator-needs-more-teeth/70851062

“Without judicial powers, Rera orders are just pieces of paper. Also, when buyers are flocking to

NCDRC, the dates it has given are in 2020 for some projects. NCLT proceedings are mostly in

continuous cycles, like we have seen in the case of Jaypee, where the course has already run into the

third cycle. Thus, on the ground, the judicial process in only getting delayed for homebuyers,”

Lahoty said.

__________________________________________________________________

Motilal Oswal Real Estate rakes in over Rs 525 crore via seven exits

These exits have been made in projects of developers such as Casagrand Builders in Chennai,

ATS Group in NCR, Shriram Properties in Bengaluru and Rajesh Lifespaces in Mumbai, with

an average internal rate of return of 21%.

Motilal Oswal Real Estate, the real estate private equity arm of Motilal Oswal Group, has made over

Rs 525 crore of exits across seven investments through its India Realty Excellence Fund II and India

Realty Excellence Fund III.

These exits have been made in projects of developers such as Casagrand Builders in Chennai, ATS

Group in NCR, Shriram Properties in Bengaluru and Rajesh Lifespaces in Mumbai, with an average

internal rate of return of 21%.

“Our strategy has always been to partner with established developers in top six cities and invest in

their affordable or mid-income housing projects through different structures including equity and

mezzanine by providing capital at the right stage,” Sharad Mittal, director & CEO at Motilal Oswal

Real Estate, told ET.

“These exits, which have come at such a difficult cycle for the realty sector, lend credence to our

investment strategy and robust underwriting and asset management process.”

The sector has been grappling with liquidity woes following the IL&FS crisis. Fresh disbursements

by NBFCs and HFCs have slowed down and refinancing of projects has been tough.

“We are also looking at making two more exits in the next couple of months from our second fund,

IREF II. With those exits, there shall only be three investments left in the fund, which we would be

looking to wind up within a year,” Mittal said.

_________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/industry/motilal-oswal-real-estate-rakes-in-over-rs-525-crore-via-seven-exits/70851206

DHFL wants lenders to take 35% haircut

“DHFL has submitted a resolution plan from its side which will be discussed and debated by

the core committee of banks in the coming days,” said a person in the know of the

development.

Troubled mortgage lender Dewan Housing Finance Limited (DHFL) has proposed a 35 per cent

haircut to all lenders as part of its resolution plan submitted to Union Bank of India, said two people

close to the development.

As per the plan, there will not be any principal haircut. However, maturities are expected to be

elongated by five to 10 years with some coupon haircuts. On net present value basis, bond holders

may get a 30-35 per cent hit on principal.

“DHFL has submitted a resolution plan from its side which will be discussed and debated by the core

committee of banks in the coming days,” said a person in the know of the development.

DHFL had submitted the plan under the new resolution framework circular issued by the Reserve

Bank of India on June 7. According to the circular, 60 per cent lenders by number, or 75 per cent by

value, should approve of an inter-creditor agreement to be effective.

As per discussions with the lead lender, advisor SBI Capital Markets Limited, the process is expected

to be completed by October. Banks are working towards resolving the issue and also willing to

provide further funding for restarting the company‟s operations.

Banks will take equity into the troubled lender after conversion of debt to equity. Last week, SBI

Caps had held a meeting of all bond holders with the Union Bank of India, the leader in the

consortium of banks.

Out of the exposure of about Rs 1 lakh crore to the banking sector, 38 per cent is in the form of bank

loans and the remaining through debt markets, mutual funds, insurance companies and deposits.

“As part of the resolution plan, banks may end up owing majority stake in DHFL after conversion of

debt to equity,” said a bank executive, who did not wish to be identified.

DHFL started defaulting on payments after it failed to raise fresh funds or refinance lines from banks

and debt markets following the Infrastructure Leasing & Financial Services Limited (IL&FS) crisis.

It is looking at Rs 1,500-2,000 crore of fresh credit lines from banks every month to restart

disbursements.

Earlier this month, a special committee for debt resolution had approved the draft resolution plan that

the company had formulated in consultation with the committee and its financial adviser Ernst &



Link https://realty.economictimes.indiatimes.com/news/allied-industries/dhfl-wants-lenders-to-take-35-haircut/70838924

Young. DHFL has also sought a moratorium of more than six months on debt repayment.

Last month banks had signed the intercreditor agreement, paving the way for a resolution of DHFL‟s

debt. The embattled home financier has made lenders a number of offers, including the request that

banks convert a small portion of a 10-year long-term debt into fresh equity in the company.

In the past nine months, DHFL has securitised home loan assets worth over Rs 40,000 crore.

Bondholders have Rs 45,000 crore of exposure to the company while high street lenders have loaned

the home financier another Rs 35,000 crore.

_________________________________________________________________

Construction curbs imposed in 102 sq km area in Wayanad

It will make the hill slopes and areas within 500 m radial distance from the boundary points of

landslide-prone areas off limits to construction of tourism resorts and large buildings.

The order of the Wayanad district disaster management authority (DDMA), which has imposed strict

curbs on constructions in landslide-prone areas, will cover 102 sq km area of the hill district.

It will make the hill slopes and areas within 500 m radial distance from the boundary points of

landslide-prone areas off limits to construction of tourism resorts and large buildings.

Wayanad district collector A R Ajayakumar said that while the order strictly forbids large

constructions in the areas marked in red as high hazard zonation in the district‟s landslide zonation

map of the state disaster management authority (SDMA), the DDMA will make the restrictions and

prohibitions applicable to low hazard zonation areas (marked in orange) if it receives genuine

complaints of constructions or land use changes in such areas posing safety risks.

According to SDMA, around 196.6 sq km area in the district comes under low-hazard zonation area

for landslide susceptibility.

The district collector said that the order which put in place several restrictions and environmental

safeguards was issued after finding that such curbs are inevitable for the very survival of the district.

“Deforestation and reckless commercial interventions on land have destabilised the environment.

When rains of extreme intensity happens, the precarious hills inevitably succumb, causing casualties

and destruction. Going by the natural disasters that took place in Kurichiyarmala, Pancharakkolli,

Muttil, etc. in the recent past, coupled with the outrageous speed of environmental destructions, the

disaster that took place at Puthumala is a road-sign to the future,” said the DDMA order.

The district collector said that care has been taken to ensure that while enforcing disaster prevention

measures, the development needs of the local community is also taken into consideration, and

therefore, has allowed people to construct own residential buildings and buildings for educational

and healthcare needs and small-scale industries. However, the built-up area of such buildings shall

not exceed 200 sq m.

“Being a tourist destination, there has been proliferation of resorts in the district. Even there was a

resort within 500 m radius of the landslide spot of Puthumala which has also been damaged badly.

Construction of resorts in landslide-prone areas should have to be strictly controlled to prevent future

disasters,” he said.

He said that the existing properties in landslide-prone areas will be scrutinised by an expert

committee to see if the structures pose any serious threat of disaster.



Link https://realty.economictimes.indiatimes.com/news/regulatory/construction-curbs-imposed-in-102-sq-km-area-in-wayanad/70838066

District soil conservation officer P U Das and member of the expert committee said that almost all

the mountain slopes which have significant risk of landslides like Ambukuthi mala, Vaduvanchal,

Puthumala, Chooralmala, Elambilerikunnu, Vythiri, Lakkidi, Sugandhagiri, Pozhuthana,

Banasuramala, Thondermudi, Valad, Periya, Makkimala, Thondermala, Brahmagirimala, Muttil

mala, Kurumbalakkota and Gudalayikunnu have come under the high hazard zonation areas, where

the restrictions will be in place.

“The zonation map has to be interpolated into a toposheet of the areas so that we have a definite data

set complete with the slope of the hills and their other topographical features. All the landslides

witnessed in the district during the last two years were in the areas classified as high-hazard zones,”

he added.

Wayanad Prakrithi Samrakshana Samithi president N Badusha, however, called for updating the

landslide zonation map and also imposing the restrictions in 1km area around such areas.

_________________________________________________________________

Mumbai builder & landowner booked for building collapse in

Bhiwandi

Two people - identified as Siraj Anwar Ansari, 26, and Mohammad Aaqib Ansari, 27 - were

killed and five injured after the dilapidated four-storey structure collapsed on Saturday while

being evacuated by the fire brigade.

Thane police on Sunday filed charges against a builder following the death of two people in a

building collapse in Bhiwandi. The owner of the land on which the illegally constructed building

stood was also booked.

The builder, Munwar Ahmed Hussain Ansari, was booked under Sections 304 (culpable homicide

not amounting to murder) and 338 (causing grievous hurt by act endangering life or personal safety

of others) of the Indian Penal Code; the landowner, Salim Munisa Ahmed Hussain Ansari, under

Section 34 (common intention and common object).

The police said the two accused did not take necessary permissions from the local Bhiwandi-

Nizampur Municipal Corporation (BNMC) before constructing the building 10 years ago. They

allegedly used inferior quality cement, bricks and sand during the construction process, it said,

adding that the foundation was also not strong.

Two people - identified as Siraj Anwar Ansari, 26, and Mohammad Aaqib Ansari, 27 - were killed

and five injured after the dilapidated four-storey structure collapsed on Saturday while being

evacuated by the fire brigade.

BNMC said on Saturday that at around 1 am, it received a call from the residents of the building in

Shanti Nagar area saying chunks of plaster were falling off the walls and ceiling. A fire brigade team

immediately went to the area and started moving out the residents. Almost all families had been

rescued when the building suddenly collapsed.

"The walls of the building had developed cracks, so we decided to evacuate it. Almost all resident

had been moved out, but a few returned to collect their possessions. That's when the building

collapsed," a BNCMC official said.

Siraj and Mohammad were among those who returned. They went in to get their motorcycle from the

fourth floor.

There could have been more casualties but police and municipal authorities evacuated the building in

just one hour, a police official said, adding there were 22 families living in it. "People wanted more

time to retrieve their belongings, something the police were against," the official said.



Link https://realty.economictimes.indiatimes.com/news/regulatory/mumbai-builder-landowner-booked-for-building-collapse-in-bhiwandi/70839015

___________________________________________________________________

Release Rs 7.16 crore to NBCC to finish Amrapali projects: SC

The bench also directed the Noida and Greater Noida authorities to set up a nodal cell for

issuing completion certificate to home buyers and listed the matter for further hearing on

September 11.

The Supreme Court on Monday directed its registry to release Rs 7.16 crore to the NBCC for

completion of the stalled projects of the Amrapali group.

A division bench of Justice Arun Mishra and Justice U.U. Lalit also directed that to give a copy of

the forensic audit report to the Enforcement Directorate, Delhi Police and the Institute of Chartered

Accountants in India (ICAI) for taking appropriate action against Amrapali directors and auditors for

siphoning off over Rs 3,000 crore of home buyers' money.

The bench also directed the Noida and Greater Noida authorities to set up a nodal cell for issuing

completion certificate to home buyers and listed the matter for further hearing on September 11.

On July 23, the top court cancelled real estate company Amrapali Group's Real

Estate Regulatory Authority's licence and appointed state-run NBCC to complete all pending

projects.

The court has observed that the group prima facie committed violation of the FEMA (Foreign

Exchange Management Act) and other fraudulent activities, including money laundering, and

recommended a thorough investigation by the Enforcement Directorate to identify the culprits.

Noida and Greater Noida authorities had also been directed to execute the tripartite agreement within

one month concerning the projects where homebuyers are residing and issue a completion certificate.

___________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/regulatory/release-rs-7-16-crore-to-nbcc-to-finish-amrapali-projects-sc/70850996

Government to demarcate residential land: Kerala Chief Minister

He said the relief package for merchants and small-scale entrepreneurs, who suffered loss in

the heavy rain, will be announced soon.

The state government will categorize land in the state into two — those suitable for residential

purpose and those not suitable for it — said chief minister Pinarayi Vijayan.

“In view of the increasing natural disasters, an expert team will be constituted to categorize the land,”

said Vijayan while handing over the keys of houses constructed under Life Mission and

Rebuild Keralaprogramme at Vadakkekara in Kochi on Sunday.

“While landslides are reported from one side, there is sea surge on the other side. Sea erosion is also

on the rise. A study on this will be held using the expertise of scientists at national and international

level. It is necessary to speed up steps to mitigate the impact of climate change,” the CM said.

He said the relief package for merchants and small-scale entrepreneurs, who suffered loss in the

heavy rain, will be announced soon. There is national-level criteria for extending compensation to

merchants.

But the state has not received any directive from the Centre in this regard so far. The assembly sub-

committee has discussed the measures to be taken up for the welfare of merchants and small-scale

investors.

While inaugurating the business facilitation Centre of Norka Roots in Kochi, the CM said state

government will not compromise on matters related to the welfare of non-resident Keralites.

“Pravasis are strength of the state and the government is trying to support them in an exemplary

manner. The government is planning to implement some new projects for NRKs,” Vijayan said.

He said the second edition of Loka Kerala Sabha will be held in January next year. “In view of

bringing all Keralites living across the world under a single platform, we have decided to form an

NRI investment company. The government has already initiated steps to set up a cultural centre for

NRKs in Mavelikkara and to provide scholarships for children of pravasis,” Vijayan added.

___________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/industry/government-to-demarcate-residential-land-kerala-chief-minister/70839424

Construction continues in sealed building in Sector 12, Gurugram

In complaints to the CM Window and police, residents said a number of buildings are being

constructed in the area in violation of building by laws.

Even after being sealed by the MCG, construction work is continuing in an illegal building in Sector

12, residents of the area have complained.

In complaints to the CM Window and police, residents said a number of buildings are being

constructed in the area in violation of building by laws.

“Based on our complaint, MCG officials had sealed two plots at Mianwali Colony in June. But

construction is going on non-stop in one of the plots. The plot owner and his team of contractors and

workers are repeatedly entering the sealed premises, which is illegal.

To conceal the construction work, the owner has covered the building with canvas,” said Rajeev

Yadav, a resident.

He added that they had filed a complaint at the CM Window for an inquiry in the case on August 6.

Residents also filed a police complaint on the matter on August 16. “We have received the complaint

and have forwarded it to MCG because the building was earlier sealed by the civic agency,” said Ved

Pal, SHO of Sector 14 police station.

Meanwhile, MCG officials said “corrective action” will be taken if the owner is found violating their

orders. “We have sealed a number of properties in the same locality as they were illegally

constructed.

We will conduct an survey of the area on Monday and will check if anyone is violating the norms,

and take action against violators,” said MCG executive engineer Amit Sandila.

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Link https://realty.economictimes.indiatimes.com/news/industry/construction-continues-in-sealed-building-in-sector-12-gurugram/70838806

Mysuru development body not forthcoming about unallotted sites:

Realtors

In its budget presented in early March this year, MUDA claimed to have identified sites and

houses it built but lying vacant without any allotment. Those sites are in various locations.

There is trouble brewing in Mysuru Urban Development Authority(MUDA) over its ambiguous

stand with regard to unallotted sites and unallotted houses it has developed over the decades.

In its budget presented in early March this year, MUDA claimed to have identified sites and houses it

built but lying vacant without any allotment. Those sites are in various locations.

MUDA declared they have verified ledgers and obtained encumbrance certificates from sub-

registrars‟ office about these properties to get clarity whether they have been allotted or not.

Initially, it listed 441 houses but after verification, 208 houses were found unallotted. Also, 26,147

sites were identified but after verification, 9,508 sites were not distributed to anyone.

MUDA claimed it protected all those properties and measures would be taken to dispose them of this

year.

An RTI query by All-India certified realtor MD Adishsagar of Mysore Realtors‟ Association showed

that MUDA authorities are trying to avoid giving information about these sites and houses though

MUDA had claimed present ownership of these properties have been verified before budget

presentation on March 2, 2019. This has raised suspicion about a possible scam, claims the realtor.

Two separate RTI applications were filed by him seeking detailed information about numbers of

unallotted sites and houses that MUDA mentioned in its budget on June 19, 2016. A month later,

MUDA replied claiming that verification of sites and houses is still under way. Later, steps would be

taken to auction these properties. Once verification is complete, information will be given to the

applicant but Adishsagar said it‟s not clear how long this process will go on. Copies of applications

and MUDA replies are with TOI.

Adishsagar said MUDA is trying to delay giving information. “I suspect these sites have been

misused and allotted according to whims and fancies of MUDA and some workers are beneficiaries

of the scam,” he claimed.

Following the replies, the realtor knocked on the doors of appellate authority of MUDA but the

authority claimed the process is not complete and directed the applicant to obtain information from

each of the six zones on August 19.



Link https://realty.economictimes.indiatimes.com/news/industry/mysuru-development-body-not-forthcoming-about-unallotted-sites-realtors/70838643

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NCLT initiates insolvency proceedings against Raheja Developers

The court has appointed Jitesh Gupta as the interim resolution professional (IRP) for the case.

The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process

against Raheja Developersunder Section 7 of the Insolvency and Bankruptcy Code 2016.

The court has appointed Jitesh Gupta as the interim resolution professional (IRP) for the case.

The buyer had booked an apartment in Raheja's Sampada in August 2012 for Rs 86.62 lakh. The

project was to be delivered in August 2015 but the builder failed to do so. The buyer further pleaded

that the builder was to apply for water connections within 15 days and till then portable water

through tankers was required to be supplied to the residents, which has not been the case.

Raheja in its plea said that there is no default on part of the corporate debtor. The delay was on part

of the authorities as till date water and sewer line has not been provided.

NCLT however admitted buyer's petition and ordered the builder that the supply of essential goods

like supply of water, electricity to the buyer should not be terminated or suspended.

The buyer has been ordered to deposit Rs 1 lakh to the IRP to meet the expenses to perform his

function within three days of the order.

The ex-management has been directed to provide all documents in their possession and furnish every

information within a period of one week from the admission of the petition to the IRP.

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Link https://realty.economictimes.indiatimes.com/news/regulatory/nclt-initiates-insolvency-proceedings-against-raheja-developers/70839755

Chandigarh police arrests over 100 landlords for failing to provide

tenant details

Till August 20 this year, police have arrested 106 landlords and employers for failing to

provide details of their tenants and servants for police verification.

With people taking police verification of servants and tenants lightly, Chandigarh policehave gone

into an overdrive against house owners in 2019.

Till August 20 this year, police have arrested 106 landlords and employers for failing to provide

details of their tenants and servants for police verification.

The figure is more than half of the total (199) arrests made between January 1, 2015 and August 20,

2019. Out of them, 148 have been convicted and fined.

The police data of 2015 revealed that only seven FIRs were registered, eight landlords and employers

were arrested, a fine of Rs 1,500 was collected and all cases were disposed of in the same year.

In 2016 too, only seven FIRs were registered, three landlords and employers were arrested and a fine

of Rs 400 was collected.

In 2017, police held 39 house owners and collected fine of Rs 7,300 in 39 cases.

In 2018, the number rose further. As many as 43 cases were registered, 39 were arrested, a fine of Rs

27,500 was collected.

Tightening the noose this year, police have arrested 106 landlords and employers till August 20 this

year. Of them, 56 were convicted and fined Rs 27,500.

Manimajra police made maximum arrests (30), followed by IT Park police (28) and Sarangpur cops

(20).

While Sector 19 police station did not register any FIR against the violators in the past five years,

Sectors 49 and 36 police lodged just one and two cases, respectively.

UT SSP Nilambari Jagadale said, "Following the arrest of gangster Dilpreet Singh from Sector 38,

UT police had expedited the verification drive. Now, house owners have started getting their tenants

verified."

"Due to our drive, Sector 31 police, in a joint operation with Punjab Police, arrested two criminals

from Hallomajra on June 23. Their landlord was also arrested for giving police verification a miss.



Link https://realty.economictimes.indiatimes.com/news/regulatory/chandigarh-police-arrests-over-100-landlords-for-failing-to-provide-tenant-details/70839581

The checks also helped Manimajra police arrest a proclaimed offender from Jammu and Kashmir,"

she added.

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