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10-Oct-2019 12-Nov-2019

CREDAI Bengal Daily News Update | 12.11.19

WEST BENGAL NEWS

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Newspaper/Online The Times of India(online)

Date November 12, 2019

OTHER NEWS

HFCs to soon get Rs 20,000 crore under credit guarantee scheme:

Finance secretary

The measure was announced to help ease the tight liquidity condition that shadow banks

have been facing since the fall of segment major IL&FS in September 2018.

Finance secretary Rajiv Kumar on Monday said the government is in the process of approving

Rs 20,000-crore of lifeline to the fund-starved NBFCs under the partial credit guarantee scheme

announced in the budget.

The budget had proposed a partial credit guarantee scheme worth Rs 1 lakh crore under which

public sector banks would buy high-rated pooled assets of financially sound NBFCs, including

housing finance companies, amounting to Rs 1 lakh crore this year under which government

will provide a one-time six months partial credit guarantee to public sector banks for first loss

of up to 10 percent.

The measure was announced to help ease the tight liquidity condition that shadow banks have

been facing since the fall of segment major IL&FS in September 2018.

"We have supporting sanctions of over Rs 20,000 crore and the guarantee is being extended,"

Kumar told reporters on the sidelines of the 101st foundation day of state-run Union Bank of

India here this evening.

He said some of the formalities are being worked now post which the scheme will get rolling.

Kumar said banks have been buying pooled assets since August last year after defaults by

IL&FS began.

He said since the past five years, the government has been cleaning up the balance sheets of all

financial sector players, such as public and private sector banks, all India financial institutions,

NBFCs, cooperative banks, auditors and rating agencies.

"There is no way that the system can be gamed now," he warned.

It can be noted that in August, government had issued guidelines to operationalise Rs 1-lakh

crore partial guarantee scheme under to address temporary asset liability mismatches of

otherwise solvent NBFCs/HFCs.

Newspaper/Online ET Realty(online)


Link https://realty.economictimes.indiatimes.com/news/allied-industries/hfcs-to-soon-get-rs-20000-crore-under-credit-guarantee-scheme-finance-secretary/72015572

The partial guarantee would help rework the asset liability structure within three months to have

positive asset liability management in each bucket for the first three months and on cumulative

basis for the remaining period.

"At no time during the period for exercise of the option to buy back the assets, should the

capital to risk weighted assets ratio go below the regulatory minimum. The promoter shall

ensure this by infusing equity, where required," an official statement said on August 19.

As per the guidelines issued, the window for one-time partial credit guarantee will be for six

months, or till such date by which Rs 1 lakh crore assets get purchased by banks.

Assets originated up to March 31, 2019 will only be eligible under this scheme, it said, adding

assets should be standard in the books of NBFCs/HFCs on the date of sale.

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RBI withdraws some exemptions granted to HFIs

Like every NBFC, housing finances are too now mandated to create a reserve fund and

transfer minimum 20% of its net profit every year to the fund before any dividend is

declared.

The Reserve Bank of India has withdrawn some exemptions granted to mortgage finance

companies in terms of complying with regulations such as provisions and creation of reserve

fund that would put them on par with other non-banking finance companies.

This has followed the shift of regulation of housing finance companies to the Mint Street from

the National Housing Bank. Many of the changes are technical in nature.

Like every NBFC, housing finances are too now mandated to create a reserve fund and transfer

minimum 20% of its net profit every year to the fund before any dividend is declared. Earlier,

HFCs were exempted from this clause.

These entities are now barred from appropriating sum from the reserve fund, unless there is

specific direction from RBI. Every such appropriation has to be reported to within 21 days from

the date of such withdrawal, RBI said,

Following the withdrawal of exemptions, the winding up clause for NBFC will also be

applicable to housing finance companies if one fails to pay debt.

The government in its budget announced in July took away powers of the NHB to regulate

mortgage finance companies. In step, RBI will now have the power to inspect HFCs statements

submitted by HFCs.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/rbi-withdraws-some-exemptions-granted-to-hfis/72015558

Construction ban may delay projects in NCR

Environment Pollution (Prevention and Control) Authority, or EPCA, had last Tuesday

imposed construction ban till Monday when further decision will be taken depending on

the situation.

Homebuyers awaiting possession of their dream home in Delhi-NCR will have to wait for about

three months longer because of a ban on construction activities in the region to combat air

pollution, leading developers said.

Environment Pollution (Prevention and Control) Authority, or EPCA, had last Tuesday

imposed construction ban till Monday when further decision will be taken depending on the

situation.

Even if the ban is lifted soon, reorganising labour will be a difficult task and several projects in

the National Capital Region, which are already marred with delays, will have to push their

deadline further, developers said.

“One day ban is equal to 10 days of delay since work has to be stopped completely and starting

it again and bringing it back to the same pace take time,” said Getamber Anand, chairman of

Noida-based developer ATS Infratech. “The biggest problem is arranging construction

labourers, who leave once the ban is imposed and there is no work for them.”

Parveen Jain, vice chairman of National Real Estate Development Council (Naredco), said, “We

are expecting the construction ban to result in delay of at least 2-3 months.”

According to Anarock Property Consultants, more than 540,000 housing units are under various

stages of construction in NCR. Out of these, 200,000 units are chronically delayed as these were

launched in 2013 or before. This means the construction ban will not impact them much as they

have been delayed for long.

EPCA had earlier banned construction and operation of hot mix plants and stone crushers from

6 pm to 6 am from October 26 to October 30. The ban was extended till 10 am from October

31, before EPCA enforcer a complete ban on construction on November 5.

“In the long run, developers might be able to reduce the delay, but projects which are near

completion will definitely get delayed,” said Manoj Gaur, managing director of Noida-based

Gaur Group. “In that case buyer will go to Rear Estate Regulatory Authority (RERA) and the

developer‟s reason for delay will not be accepted. In such cases, developers should get extra

time to complete the project.”



Link https://realty.economictimes.indiatimes.com/news/industry/construction-ban-may-delay-projects-in-ncr/72003748

DDA to present 60-layered digital map of Delhi in a year

The first of its kind digital map, being created by Delhi Development Authority (DDA),

would have 60 different layers, which would be created with the help of aerial drone

surveys and ground surveys.

For the first time, the capital is going to get a comprehensive map showing not just built-up

areas, land parcels and roads but also power lines, drainage system, water pipelines etc.

The first of its kind digital map, being created by Delhi Development Authority (DDA), would

have 60 different layers, which would be created with the help of aerial drone surveys and

ground surveys.

“We have engaged IIT Roorkee as our consultant for the project,” DDA‟s vice chairman Tarun

Kapoor told TOI.

Kapoor said that DDA has already carried out a drone survey of nearly half of Delhi‟s northern

zone, which includes areas such as Bawana, Qutub Garh, Sawda Gheda Sultanpur Dabas,

Harawali etc.

“The next process is to create layers on the map. After the drone survey, a house-to-house

survey will be carried out,” he said. Kapoor said that DDA has now understood the whole

process. “Now we will carry out this exercise for the entire city,” he said.

Kapoor said that around four to five zones of Delhi will be given to IIT Roorkee for the

mapping process and for the resrt of them, tenders would be given out. The entire process of

creating the multi-layered map of Delhi is expected to be completed in a year.

The lack of detailed maps of the city is a major hindrance in carrying out infrastructure projects,

including redevelopment projects.

“The map will not only show all buildings and roads in the city but different layers would also

show power lines, green areas, hospitals, halls etc. It will also show layout plans along with

district and revenue boundaries,” Kapoor said. “Except for some layers, most of the map would

be available to the general public,” he said.

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Link https://realty.economictimes.indiatimes.com/news/technology/dda-to-present-60-layered-digital-map-of-delhi-in-a-year/72000054

Krishna administration launches helpline to assist booking sand

online

Addressing the media on Sunday, Imtiaz said that 18,200 tonne sand is available at the

sand depots across the district and asked people to place online orders.

Krishna district administration on Sunday launched a dedicated helpline number to help those

facing problems in booking sand online.

Addressing the media on Sunday, Imtiaz said that 18,200 tonne sand is available at the sand

depots across the district and asked people to place online orders. “Around five reaches have

come into operation since flood waters receded,” he added.

Imtiaz hoped that sand mining in patta lands will help overcome sand shortage in the district.

“Around 32 patta landowners have come forward with the plea to mine sand in their lands. We

are verifying the possibilities to mine in these lands following the guidelines. Directions of

the National Green Tribunal (NGT) are being strictly followed,” the collector went on to say.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/krishna-administration-launches-helpline-to-assist-booking-sand-online/72004689

Isprava plans to enter rental accommodation

Through Lohono Stays, Isprava will establish contractual deals with independent owners

and developers of high-end or ultra-luxury homes in India and Southeast Asia.

Godrej Industries and Piramal Family Office-backed luxury holiday homes builder Isprava is

venturing into rental accommodation to expand its portfolio. The company plans to enter Goa,

Alibaug in Maharashtra, Bali in Indonesia, Phuket and Ko Samui in Thailand, with over 250

homes under the new rental model.

Through Lohono Stays, Isprava will establish contractual deals with independent owners and

developers of high-end or ultra-luxury homes in India and Southeast Asia.

"Many rich Indians buy holiday homes in different locations and it becomes an expense centre,"

said Isprava CEO Nibhrant Shah. Isprava has 110 holiday homes across India and it plans to

take it up to 150 by the current fiscal end.

Besides, the prestige properties also offer a good refresh option to a hectic city life. "It is a

revenue share model with landlords and Isprava," said Shah.

According to a report by Kotak Wealth Management, the number of high networth individuals,

with assets worth $50 million and above, is set to double by 2022. This is reiterated by another

recent report by PwC, which estimates that India's economy is set to go past the US' by 2040 in

purchasing power parity terms and will be the second in this ranking.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/isprava-plans-to-enter-rental-accommodation/72015649

Greater Noida development body to penalise societies failing to

install waste treatment plants

Since March this year, officials involved with enforcing the Solid Waste Management

Rules (2016) have examined 161 group housing societies in Greater Noida.

If fines don‟t work, may be shame will. The Greater Noida Industrial Development

Authority (GNIDA) has started penalising housing societies that have failed to install waste

treatment plants. Just in case that fails to make builders fall in line, the development agency

plans to award ranks to each housing society based on how they dispose of trash and put up the

results on its website for everyone to see.

Since March this year, officials involved with enforcing the Solid Waste Management Rules

(2016) have examined 161 group housing societies in Greater Noida. The revised rules put the

onus on gated housing societies developed on plots measuring more than 5,000 sqmt to process

and treat bio-degradable waste within the compound. Only recyclable waste can be handed over

to ragpickers or agencies collecting them.

During the survey, it was found that a total of 155 societies produced more than 100 kg of waste

daily. Notices were issued to societies that were still to install waste treatment plants and they

were warned about steep fines if they violated the rules.

A similar drive was also initiated against 202 educational institutes and 9 shopping malls

operating under the Authority.

The erring societies and educational institutions were given time till September to put in place a

waste management system. After segregating dry and wet waste, housing societies are required

to process, treat and dispose of the trash themselves. According to the revised rules, a large

housing society can only pass on non-biodegradable waste to the local civic administration

(GNIDA in Greater Noida) for disposal.

“We have been trying to create awareness among societies and have given them enough time to

put a waste treatment system in place,” said GNIDA general manager (project) Samakant

Srivastava. The Authority has also handed over a list of empanelled agencies that can set up

waste treatment plants.

The development agency has already started a crackdown on erring societies and imposed

penalties. A fine of Rs 25,000 can be slapped on big societies for the first violation while for the

second and third violation, the amount increases to Rs 50,000 and Rs 75,000, respectively.



Link https://realty.economictimes.indiatimes.com/news/regulatory/greater-noida-development-body-to-penalise-societies-failing-to-install-waste-treatment-plants/72004845

A plant having a capacity to process and treat 100kg of waste daily can cost anything between

Rs 1.5 lakh and Rs 6 lakh to be set up. By the end of this month, officials would be done

imposing the first round of penalties on violators. By December 10, the officials hope to come

out with a ranking system for group housing societies. “If fear fails to work, we will try

shaming them,” said a GNIDA official.

Housing societies that have performed better in terms of treating waste would be incentivised in

the form of taxes. “But rental values of the lower rung societies might be impacted,” said

Shailendra Chaturvedi, a resident of a society in Omicron III and property agent.

________________________________________________________________

Guntur civic body rejects nearly 50% applications for housing

scheme

Sources said that GMC has rejected 66,704 of the 1,39,903 applications it received till last

week.

Nearly 50% of applications received by the Guntur Municipal Corporation (GMC) for grant

of house sites have been rejected by the civic body.

It cited state government rules while rejecting the applications and now the hundreds who

thronged the GMC office in past several weeks, filing their applications, are pleading with the

newly-recruited ward volunteers to help them out.

Sources said that GMC has rejected 66,704 of the 1,39,903 applications it received till last

week. With the scheme being declared „open-ended,‟ people are reportedly filing multiple

applications with a hope to get at least one approved. GMC had in fact conducted special ward

sabhas to receive the applications. While it received nearly 20,000 applications in ward sabhas,

about 7,000 were found ineligible.

Meanwhile, people are complaining that their applications are being rejected on technical

grounds without proper verification of actual status. Sources said that the applications of those

whose names were not found on Praja Sadhikara Survey, those with domestic power

connections, and property tax-payers are being rejected.

Some applicants are arguing that they owned small thatched houses in the past and sold them.

Since the new owners have not changed the names in the property tax and power connection

papers, records continue to show the earlier names.

Rules say that having household electricity connection means that the person has a house and

hence he is not eligible to get the house site, said a GMC official.

“We are taking every possible care to include all eligible people in the list. Many are missing

out due to various reasons including owning houses in the past. We need fresh guidelines to

resolve the issue,” said a senior official.

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Link https://realty.economictimes.indiatimes.com/news/regulatory/guntur-civic-body-rejects-nearly-50-applications-for-housing-scheme/72000038

India Cements posts Rs 5 crore profit in Q2 FY20

The company had posted a net loss of Rs 5.03 crore for July-September period a year ago,

India Cements said in a BSE filing.

India Cements on Monday posted a consolidated net profit of Rs 5.07 crore for the second

quarter ended September 30, 2019.

The company had posted a net loss of Rs 5.03 crore for July-September period a year ago, India

Cements said in a BSE filing.

Revenue from operations was down 11.20 per cent to Rs 1,269.40 crore during the quarter

under review as against Rs 1,429.57 crore in the year-ago period.

Total expenses stood at Rs 1,271.02 crore during the quarter as against Rs 1,439.27 crore in the

same period a year ago.

Shares of India Cements were trading at Rs 84.35 apiece on the BSE, down 1 per cent from the

previous close.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/india-cements-posts-rs-5-crore-profit-in-q2-fy20/72007642

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