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10-Oct-2019 16-Nov-2019

CREDAI Bengal Daily News Update | 16.11.19

Four real estate companies have approached to avail bailout fund:

FM

The Alternative Investment Fund (AIF) comprises of Rs 10,000 crore coming from the

government and the remaining being provided by state insurer LIC and the country's

largest lender SBI.

Finance Minister Nirmala Sitharaman on Friday said four real estate companies from three

cities, Mumbai, Bengaluru and Hyderabad, have approached to avail Rs 25,000 crore bailout

fund. More companies are likely to approach the nodal agency for taking benefit of this window

from next week, she said.

Earlier this month, the government approved a Rs 25,000 crore fund to help complete over

1,600 stalled housing projects, including ones that have been declared NPAs or admitted for

insolvency proceedings in a bid to boost growth by steering consumption in real estate and

associated sectors.

The Alternative Investment Fund (AIF) comprises of Rs 10,000 crore coming from the

government and the remaining being provided by state insurer LIC and the country's largest

lender SBI.

The fund, to be set up as Category-II AIF registered with SEBI, will be managed by SBICAP

Ventures Limited.

The AIF, which was first announced by the Finance Minister on September 14, will act as a

'special window' to provide loans to over 1,600 incomplete affordable and middle-lower income

housing projects.

She further said that she will be holding a meeting with banks next week to assess their lending

to the NBFC sector.

The ministry will seek disaggregated data on how much funds have been given to AAA-rated

NBFCs and NFBCs rated below AAA and also seek details from RBI and PSU Banks on funds

given to AAA-rated NBFCs, investment-grade NBFCs, she added.

________________________________________________________________________________________________

Newspaper/Online ET Realty(online)

Date November 16, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/four-real-estate-companies-have-approached-to-avail-bailout-fund-fm/72080000

New IBC rules to cover financial service providers

Financial service providers are ordinarily not covered under the Insolvency and

Bankruptcy Code.

The government has put out detailed rules for the resolution of systemically important financial

service providers under the bankruptcy law, opening the doors for resolution of stressed non-

banking finance companies under this framework.

Financial service providers are ordinarily not covered under the Insolvency and Bankruptcy

Code. Under the rules notified, the code can be invoked to find a resolution for stressed finance

companies such as Dewan Housing Finance Corporation Ltd. (DHFL). These rules will not

apply to banks.

Separately, the government will notify specific categories of financial service providers that do

not fall under the systemically important category to be resolved as ordinarily applicable to

corporate debtors.

―The government will notify specific categories of FSPs that do not fall under the systemically

important category and shall be resolved under the normal provisions of the Code as ordinarily

applicable to corporate debtors,‖ it said in a release, adding that the special framework will not

apply to banks.

This will be decided in consultation with the appropriate regulators, which, in most cases,

would be the Reserve Bank of India.

The rules were issued under Section 227 of the IBC, which allows the Central government to

notify FSPs or categories of FSPs for the purpose of insolvency and liquidation proceedings.

Corporate affairs secretary Injeti Srinivas said the special framework is essentially aimed at

serving as an interim mechanism to deal with any exigency pending the introduction of a

fullfledged enactment to deal with the resolution of banks and other systematically important

financial service providers.

The government will introduce the Financial Resolution and Deposit Insurance Bill in

parliament in the winter session.

Under the framework, the Corporate Insolvency Resolution Process will be initiated only on the

application of the appropriate regulator. The National Company Law Tribunal will appoint an

administrator proposed by the regulator for financial service providers admitted into insolvency



Link https://realty.economictimes.indiatimes.com/news/allied-industries/new-ibc-rules-to-cover-financial-service-providers/72080044

proceedings and will take on the management of the company, accept or reject claims of

creditors and handle liquidation proceedings.

Under the framework, approval of any resolution plan will also require the administrator to seek

‗no objection‘ from the regulator regarding the persons who will take over the management of

the FSP.

The regulator shall issue ‗no objection‘ on the basis of the fit and proper criteria applicable to

the financial service provider.

Experts said the framework will likely bring more interest in the resolution of distressed NBFCs

such as DHFL. ―A housing finance company like DHFL which is stressed and not getting

resolved may be admitted for insolvency resolution. This framework will allow external buyers

to enter,‖ said Manoj Kumar, a partner at law firm Corporate Professionals, adding that the

framework will provide potential players interested in acquiring DHFL assets immunity from

potential liabilities arising from investigations by government agencies.

________________________________________________________________

Unregistered residents' association can't make plaint with us:

Gujarat RERA

In absence of registration of association, the residents or allottees of the houses can file

complaints in individual capacity or through power of attorney.

In an important order, the Gujarat Real Estate Appellate Tribunal has said that if a group of

residents wants to file a complaint against a builder with the Gujarat Real

Estate Regulatory Authority (RERA), the group is required to be a registered association first.

In absence of registration of association, the residents or allottees of the houses can file

complaints in individual capacity or through power of attorney. The tribunal‘s verdict has come

as a warning for the residents of a newly constructed housing scheme that they should insist the

builder to form and register the association as soon as possible so that they can formally file a

complaint with RERA about the project.

In this case, some twenty allottees of a residential scheme in Vadodara formed an association –

Crystal Yaghnapurush Residential and Owners‘ Association. It was not a registered association.

It filed a complaint against the builder of the scheme, Manish Patel, about incomplete project

and that the clubhouse and various facilities were not completed.

On November 5, RERA passed an interim order asking the builder to complete the project in

two months by increasing the manpower at the site. RERA gave notice to complete pending

work at the earliest or provide the compensation to the residents.

The builder challenged the order before the tribunal and his advocate Vishal Dave submitted

that the association is not a registered one. According to Section 11(4)(e) of the Real Estate

(Regulation and Development) Act 2016, the promoter should enable the formation of an

association or society or cooperative society of the allottees, or a federation of the same.

Without a registered association, RERA cannot entertain the complaint of a group.

The tribunal accepted the argument and said that the complaint was not maintainable. The

tribunal further said that the complaint must not be allowed to fail due to technical grounds, and

it gave the group time till December 31 to amend the complaint by permitting each of the

members to file a complaint in an individual capacity.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/regulatory/unregistered-residents-association-cant-make-plaint-with-us-gujarat-rera/72079979

Chandigarh civic body to convert its leasehold properties to

freehold

The civic body has over Rs 500-crore worth commercial properties, which it could neither

sell nor rent out despite multiple efforts.

In a major decision, the general house of the municipal corporation on Thursday resolved to

convert all its leasehold properties to freehold. A proposal will be sent to the UT administrator

for consideration and approval.

The civic body has over Rs 500-crore worth commercial properties, which it could neither sell

nor rent out despite multiple efforts. The MC had been claiming that people were not interested

in taking leasehold properties.

The development has come a week after a delegation of councillors met UT administrator VP

Singh Badnore at Raj Bhawan for financial aid. They raised the issue and Badnore asked them

to take it up in the house and send him the proposal for examination.

The move is significant as it will help civic body tide over financial crisis. The MC had been

making efforts for the past about 10 years to sell or rent out these properties, but failed to attract

people. These commercial properties include showrooms, a hospital site and booths in different

markets. All these properties are situated at prime locations.

There are over 105 booths in Mauli Jagran, 20 shop-cum-flats (SCF) in Manimajra worth Rs 68

crore, 40 booths in Sector 17, booths of fish market in Sector 41, among others. The hospital

site in Manimajra is worth Rs 81 crore. The authorities have spent crores of rupees on the

projects.

Key properties

1: A private hospital site spread over 2.74 acres in Manimajra

2: Around 105 booths in Mauli Jagran

3: Twenty SCFs in Manimajra

4: Forty booths in Sector 17

5: Air-conditioned booths in Fish Market, Sector 41



Link https://realty.economictimes.indiatimes.com/news/regulatory/chandigarh-civic-body-to-convert-its-leasehold-properties-to-freehold/72069138

‘Admn discourteous to us’

Councillors on Thursday raised the issue of disrespect to them in events held by the Chandigarh

administration. They unanimously resolved to write to the UT adviser. They said they were not

being invited to the programmes of their wards and their names were missing from the plaques.

Even the mayor was being deliberately ignored by the UT engineering department, they added.

The mayor said he had already taken up the issue with the adviser.

________________________________________________________________

SC receiver asks NBCC to start eight Amrapali projects

The Supreme Court had about a year ago asked the state-run builder to complete 16

projects of the Amrapali group.

The Supreme Court-appointed receiver has asked NBCC (India) to start work on eight more

stuck projects of the Amrapali Group, a move that will offer relief to more than 9,300

homebuyers in Noida and Greater Noida.

The Supreme Court had about a year ago asked the state-run builder to complete 16 projects of

the Amrapali group. It has completed work on two of those, which will be handed over soon to

the court receiver.

―The court receiver has asked NBCC to proceed with tenders in order to commence the work by

the end of January 2020. He has also asked the company to furnish with him the details of the

tender processes in order to facilitate the working of the payment schedule,‖ said a person in the

know.

The receiver has given a list of eight projects having 9,306 flats. The cost of the current

package, including towards project management consultancy and GST, is about Rs 570 crore.

The projects are Zodiac, Sapphire One and Two, Silicon City Phase One and Two, Centurian

Park, Centurian Park Valley and Princely Estate.

―A meeting was held on November 11 and a day after the receiver wrote to the CMD (chairman

and managing director of NBCC) to start work on these project as part of phase one. Rest of the

projects will be taken up later,‖ said another person.

The projects that the Supreme Court asked NBCC to take over at Noida and Greater Noida are

expected to cost Rs 8,361 crore to complete.

The court had appointed R Venkataramani as the receiver to coordinate among all the

stakeholders and ensure completion of the projects for homebuyers.

The first two projects that NBCC took over, Eden Park and Castle, will soon be ready for

handing over to the receiver. Work on firefighting equipment, sewage treatment plant, waste

treatment plant and the final paint work in some of the flats of these two are nearing completion

The flat owners are expected to start registration from next month, almost six years after they

moved in to the flats.

They have so far been living there without some of the basic facilities.

More than 40,000 buyers were stuck with under-constructed projects after the Amrapali Group

was dragged to court for alleged fraud and money laundering.



Link https://realty.economictimes.indiatimes.com/news/regulatory/sc-receiver-asks-nbcc-to-start-eight-amrapali-projects/72080013

_______________________________________________________________________________________________

South Delhi civic body penalises violators for dumping construction

waste

On Wednesday, officials from the civic agency caught five such defaulters and shared

their details with the Delhi Pollution Control Committee.

South Delhi Municipal Corporation has initiated a special drive to penalise violators

dumping construction and demolition waste in the open during the night.

On Wednesday, officials from the civic agency caught five such defaulters and shared their

details with the Delhi Pollution Control Committee.

―Despite clearly mentioning the sites where people can dump their construction and demolition

waste on our website, there have been massive violations. People have been dumping waste

near open or isolated site within 10 minutes and it is really difficult to catch them red-handed.

During Wednesday night, however, patrolling was carried out and our teams found five people

dumping waste in open. We took the details of their vehicles, owners and forwarded the

information to DPCC, said a senior SDMC official.

The south civic body has undertaken strict action against them as they were in violation of

environment norms. ―Similar drive will be carried in the future,‖ the official added.

SDMC claimed to have filed 611 FIRs against violators, issued 6,953 challans and imposed a

fine of Rs 2.9 crore over the course of October.

―With Delhi‘s air quality slipping back to the ‗severe‘ range, the south civic body is intensively

following the Graded Response Action Plan. Officers have been asked to stimulate their efforts

and instruct the staff to pull up their socks,‖ the official said.

Of the total challans, the maximum number — 3,424 — was issued for dust pollution arising

from unpaved and broken roads. In garbage burning cases 1,802 challans were served resulting

in fine of Rs 2.93 crore.

Apart from its 57 water tankers, the South Delhi Municipal Corporation has deployed 40

additional tankers to control dust pollution. ―Over 90 water tankers have been deployed for this

purpose and 24 mechanical road sweepers are also involved in cleaning the road and collecting

dust,‖ the official added.



Link https://realty.economictimes.indiatimes.com/news/regulatory/south-delhi-civic-body-penalises-violators-for-dumping-construction-waste/72072859

HC sends notices to Haryana govt, HUDA, MCG over unauthorised

construction

The electricity, water and sewerage connections given to such unauthorised constructions

should been snapped and no fresh connections should be given to check the menace, it

suggested.

The Punjab and Haryana high court has issued notices to the state government, department of

town and country planning (DTCP) and other government agencies over unauthorised

construction in new sectors.

The notices were issued over a PIL filed by a Gurugram resident alleging active connivance of

the government officials and local land mafia leading to a mushrooming of illegal structures

which are adversely impacting the environment and causing air pollution.

Worried over unplanned development in the new sectors which threaten to compromise the

overall development of the area going against the Gurugram-Manesar masterplan, 41-year-old

Bhupender Pratap Singh, resident of Sector-67, filed a PIL against Haryana government, DTCP,

MCG, DHBVN, HUDA and 12 people from Maidawas and Ullawas villages for illegal

construction. The petition also attached the photographs of the unauthorised constructions.

It appealed for an immediate ban on and demolition of the illegal and unauthorised

constructions. ―Take action against the officials who have turned a blind eye to the illegal

constructions. Form a monitoring committee to provide complete list and details of all such

unauthorised constructions existing or being carried out in various areas of Gurugram,‖ said

counsel for petitioner, Jigyasa Tanwar.

The electricity, water and sewerage connections given to such unauthorised constructions

should been snapped and no fresh connections should be given to check the menace, it

suggested.

Gurugram falls under the Controlled Areas Act which means unplanned development cannot

take place in the city. However, lately, it has come to notice that rampant unauthorised

construction and encroachment, beyond the permissible limits and in violation of the rules is

being carried out in various areas of the city.

The petition also pointed out that the illegal constructions have also encroached upon the public

land, roads, pavements, green belts and create traffic bottlenecks.



Link https://realty.economictimes.indiatimes.com/news/regulatory/hc-sends-notices-to-haryana-govt-huda-mcg-over-unauthorised-construction/72070912c

The situation is even worse in the villages which are adjacent to sectors of Gurugram city like

Sikanderpur, Chakkarpur, Nathupur, Khandsa, Ghata, Wazirabad, Dundahera, Chauma,

Maidawas, Badhshahpur, Ulahwas, Maidawas, Dhanwapur, Fazilpur-Jharsa, Dhanwapur, and

some others, where many property owners have constructed up to eight floors in absolute

violation of building norms.

When TOI contacted officials of DTCP, MCG and Huda they said they are going through the

content of the petition and they will file their reply in court.

________________________________________________________________

Property tax may be hiked in coming days in Ludhiana: Sources

However, sources revealed that hike in property tax is also expected in the coming days,

along with announcement of a revised one-time settlement policy (OTS) for illegal

structures.

In order to come out of the financial crisis, the civic body is now eyeing at interest waiver on

pending water supply and sewerage dues, and property tax, as many people were not paying

their dues for fear of high interest rates.

Mayor Balkar Sandhu has requested the local bodies minister Brahm Mohindra to announce the

same shortly. He is requesting senior party leaders to meet the minister and request him for an

early announcement, so that MC can generate some funds for development works in the city.

However, sources revealed that hike in property tax is also expected in the coming days, along

with announcement of a revised one-time settlement policy (OTS) for illegal structures.

The civic body is managing with great difficulty the salary of employees, and it is totally

dependent on GST share, which comes through the state government. The payment to

contractors for works done till August last year has been cleared, but more than one-year

payment is pending from the civic body.

It is because of this reason that contractors do not show interest in doing work for the civic

body, and residents suffer when development works are pending. On Thursday, MLA Surinder

Dawar met Mohindra on Sandhu‘s request, and asked the minister for announcing the rebate or

waiver of interest.

Dawar said, ―If we have to ask the mayor for ward works in our constituencies, then there is no

harm in raising his voice at the government level. I met the minister and requested him to

announce the interest waiver.‖ He said every government has given relaxation in interest on the

actual amount because people are not ready to clear their dues, fearing higher interest, so it will

also help the civic body recover pending dues from defaulters.

Sandhu said in his last meeting in Chandigarh, the minister had assured him of announcing the

waiver soon, and he is also working on finalising the OTS for illegal buildings. He said cabinet

minister Bharat Bhushan Ashu had also asked Brahm Mohindra to hike property tax rates

because in some sectors, rates are too low, and the civic body is bearing the loss. He also

claimed there were chances now that property tax would be imposed on quarters and other

commercial properties.



Link https://realty.economictimes.indiatimes.com/news/industry/property-tax-may-be-hiked-in-coming-days-in-ludhiana-sources/72072183

Notably, since the Congress came to power in the MC general house and Sandhu was elected

mayor, development works remained on the back-burner at a time when even paying staff

salaries had become a herculean task for the civic body.

Though salaries have become smooth now, when it comes to carry new development works in

the city, the civic body is still in a tight position. For routine works like road marking on city

roads ahead of the foggy weather, the civic body relied on Smart City funds, just because they

did not have the funds for it.

TRIP TO KARTARPUR SAHIB

Mayor Balkar Sandhu has issued letters to all 95 councillors for filling in a registration form if

they are willing to go to Kartarpur Sahib in Pakistan in the coming days. Sandhu said he wanted

all councillors to take blessings at the holy shrine, and those who wanted to go should begin the

registration process. He said councillors would have to bear the fee expenses, but he would

arrange free transportation and food for them.

________________________________________________________________________________________________

Pune: Residents of 40 villages in Purandar taluka to get property

cards

The residents who lacked formal ownership records and documents except tax receipts

issued by the gram panchayats would finally have these cards, stated sources in the

settlement commissioner’s office.

The aerial survey of rural land in 40 villages in Purandar taluka over, the residents are set to

get property cards soon.

The residents who lacked formal ownership records and documents except tax receipts issued

by the gram panchayats would finally have these cards, stated sources in the settlement

commissioner‘s office.

According to the senior officials of the state government, the data of the aerial photos taken by

drones is being matched with the data of Survey of India and that with the gram panchayat.

Drone-mapping was undertaken in villages in Nagpur, Pune, Aurangabad and Ahmednagar

districts in the state. Forty drones were sanctioned by the state government for the aerial survey

of rural land. About Rs57 crore was sanctioned for the first phase. The survey will help generate

property cards for nearly 39,000 villages in the state.

The sources in the state settlement commissioner‘s office stated that the drone survey would not

map the lands just horizontally, but also vertically to ensure maximum accuracy. It can be used

for laying water and drainage lines.

The project would be rolled out in phases over three years. Three villages in Pune and

Aurangabad would be mapped first, said an official.

The Rs 373-crore project is set to ensure property cards for all residential and other properties in

gaothans (residential areas in villages) in 39,000 villages. The exercise will cover around two-

thirds of Maharashtra‘s population. The state cabinet approved it last year.

A Survey of India‘s drone was used last year in a pilot project at Sonori village in Pune‘s

Purandar taluka.

Surveys of gaothans are undertaken once they cross a threshold population of 2,000. But just

3,931 of the over 43,000 villages in Maharashtra have been surveyed manually in over 50 years

since the Maharashtra Land Revenue Code, 1966, was approved. The mapping is done to gauge

privately-owned and government properties, barren plots and open lands.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/industry/pune-residents-of-40-villages-in-purandar-taluka-to-get-property-cards/72068741

Standing panel chief tells Nagpur civic body to improve tax

recovery or face action

In the seven months of this financial year, the civic body has generated only Rs 125 crore

as against the target of Rs 452.69 crore.

Standing committee chairman Pradip Pohane has expressed anguish over poor revenue

generation by the civic administration. The main source of the NMC‘s revenue generation

is property tax.

In the seven months of this financial year, the civic body has generated only Rs 125 crore as

against the target of Rs 452.69 crore. As compared to the last fiscal in the same period, the

NMC had generated Rs 101 crore, the department informed the standing committee members in

its meeting held on Thursday.

Not satisfied over this, Pohane asked the civic administration to improve property tax recovery.

He directed the department to felicitate employees who are performing well in terms of property

tax recovery. However, Pohane asked the department to identify those employees who are poor

at their performance and punish them.

The standing committee gave nod to 45 proposals submitted by the administration, including

change of ownership of 86 properties in the name of NMC. Owners of these properties in

Satranjipura zone had defaulted property tax to the tune of Rs 57.61 lakh. Though NMC tried to

auction these properties three times, it found no bidders.

The panel gave nod to accounts and finance department‘s proposal to make provision of Rs

42.56 crore for many projects, including acquiring land for Sonegaon lake beautification (Rs

14.46 crore), Rs 5.10 crore for land acquisition for Pardi flyover in Bhandewadi and Rs 15 crore

payment to OCW as part of fourth one-time settlement.

It also cleared hotmix department‘s request to purchase four tippers costing around Rs 76 lakh

through e-tender process. Other proposals which were cleared were related to appointing two

firms for marketing and selling of its market complexes at Budhwar Bazaar (Mahal), Budhwar

Bazaar (Sakkardara), Kamal Chowk (Pachpaoli), Sokhta Bhavan (Gandhibagh), Rs 1.10 crore

financial provisions to purchase stationery, lab equipment and furniture for its 128 primary

schools, 29 secondary and four junior colleges, Rs 1.04 crore to purchase suction-cum-jetting

machine etc.

Transport committee chairman Bunty Kukde on Thursday convened transport committee‘s

meeting and expressed concern over less number of passengers travelling in city buses. He

advised the department to take necessary steps to appeal to citizens to commute in Aapli buses.

Kukde asked the department to submit a proposal on waiving off royalty of 60 bus shelters



Link https://realty.economictimes.indiatimes.com/news/industry/standing-panel-chief-tells-nagpur-civic-body-to-improve-tax-recovery-or-face-action/72064120

which were removed due to ongoing construction of cement roads and metro rail works before

the committee.

________________________________________________________________

Chandigarh: Residential plot in Sector 33 auctioned for Rs 15.30

crore

The UT administration’s estate office on Wednesday started the e-auction process of

properties in the city.

The 1014 square yard plot (which is around 1.5 kanal) in Sector 33 was auctioned for Rs 15.30

crore against the reserve price of Rs 7.53 crore, in the auction of properties by the UT estate

office. The two day process of e-auction was completed on Thursday evening.

The UT administration‘s estate office on Wednesday started the e-auction process of properties

in the city. The estate office had put up properties — 11 residential, 14 commercial and one

industrial — on auction for two days, ie, November 13 and 14.

While there were no takers for commercial and industrial properties, the estate office earns Rs

44.05 crore from the auction of 11 residential properties. The total reserve price of residential

properties was Rs 27.59 crore.

According to market experts, there were buyers for residential properties as all of them were

freehold and anyone who buys them will not have to shell out the exorbitant leasehold-to-

freehold conversion fee which is charged by the administration.

The total reserve price of the commercial and industrial properties was Rs 15.1 crore and Rs 33

crore respectively, but they did not find any takers. As these were leasehold, buyers didn‘t come

forward for them.

All residential properties were in southern sectors. One of them was a built-up house on a four-

marla plot in Sector 32A, which auctioned for Rs 1.68 crore against the reserve price of Rs one

crore.

The remaining properties were plots, whose reserve prices range from Rs 1.25 crore to Rs 7.53

crore. They were located in sectors 33, 35, 37, 38 and 40.

The UT estate office had even organised a workshop for interested persons on how they could

participate in the e-auction.

The estate office had also extended the last date for registration of e-auction. Earlier, the last

date for registering e-auction was October 31 and it was later extended to November 10.

An official said that a help desk was also set up at the estate office for residents wishing to

participate in the auction.



Link https://realty.economictimes.indiatimes.com/news/residential/chandigarh-residential-plot-in-sector-33-auctioned-for-rs-15-30-crore/72067685

The last auction was held in February this year when estate office had earned Rs 28 crore after

auctioning 10 residential properties.

________________________________________________________________

Odisha Co-operative unable to complete Dhauli Heights owing to

funds crunch

The body had taken up the project in a public-private-partnership mode in 2013.

The Odisha Co-operative Housing Corporation Limited has expressed its inability to complete

a housing project — Dhauli Heights — at Tomando owing to funds crunch and litigations,

putting 52 families who had booked flats there in a spot of bother

The body had taken up the project in a public-private-partnership mode in 2013.

In a letter to the department, the corporation said it would not be able to complete the project on

its own. ―The corporation is not in a position to bear any compensation to the homebuyers,‖ it

stated. The body said it wouldn‘t be able to bear the compensation in future as well.

Of the 54 flats (different types) available under the project, 52 had been booked.

The corporation had taken money from the buyers when the project was taken up. The flats

were supposed to be handed over to the buyers in December, 2016, as per the agreement.

However, the project was yet to be completed. Each buyer had paid between Rs 17 lakh and Rs

40 lakh.

―We have enquired into the matter and have all the details now. We will deliberate with our

officials to find out a solution. We will provision funds and complete the project if required,‖ a

senior cooperation department official said.

As work on the project has already begun, any delay in completion would adversely affect the

structure of the building. This may also escalate the project cost.

―The loss arising out of any escalation shall be borne by the corporation. This will affect the

financial health of the corporation, which is already in a bad shape,‖ it added.

Sources said the corporation had entered into an agreement with a private real-estate developer

— Ma Plaza — for the project. But the corporation decided to abort the contract as the private

agency had allegedly caused delay in completing the project.

Sources added that the private players later filed a writ in the Orissa High Court, resulting in the

stay of the project.

―They had collected about Rs 13 crore from us and started the project. When some of us

approached them because of the delay in handing over the flats, they avoided our queries. Later,

we found out that the corporation had problems with the private party. Where is our mistake in

this?‖ asked N Siva Shankar, one of the homebuyers.



Link https://realty.economictimes.indiatimes.com/news/residential/odisha-co-operative-unable-to-complete-dhauli-heights-owing-to-funds-crunch/72068978

Shankar added that it was a scam. ―We have approached different forums, including grievances

cells of the chief minister and the prime minister. When we approached the Odisha Real Estate

Regulatory Authority with our complaint, they issued an order, asking the corporation to refund

the money with interest. However, it did not comply with the order,‖ he said.

―I have invested all my life savings in the flat, hoping for a house in a city like Bhubaneswar.

We are a middle-class family. I have been running from pillar to post to get justice and I don‘t

know what to do to get the money back,‖ said Prafulla Behera. Behera had paid Rs 40 lakh for a

flat.

Another aggrieved homebuyer, Gokul Chandra Sahoo, blamed the state government for the

issue. ―It is our hard earned money. I hoped for a better house and comfortable living, but look

where it has got us into?‖ Sahoo said.

________________________________________________________________


NSSCDCL compensates owners after houses razed for Nagpur

smart city project

The monetary compensation will be deposited in the accounts of house owners in three

installments.

The Nagpur Smart and Sustainable City Develop Corporation Limited (NSSCDCL) has paid

compensation to owners of houses which were razed in areas — Pardi, Bharatwada, Punapur

and Bhandewadi — proposed under the Smart City project.

Seven houses were affected near Bhavani Mata Mandir. Six of them were razed and the

occupants shifted to rented accommodations. The rent will be paid by Nagpur Municipal

Corporation (NMC). The compensation includes providing a developed plot having an area

equal to 60% of the original plot and a house having equal area to the one demolished.

The monetary compensation will be deposited in the accounts of house owners in three

installments. The first installment will be deposited as soon as the owners sign a letter of

agreement on a stamp paper and submit it to the NMC.

The second installment will be deposited when the house is razed. The owners will get the third

one when they submit a clear title document (NA document and city survey record). So far, Rs

one crore has been deposited in the accounts of house owners.

_______________________________________________________________________________________________


Link https://realty.economictimes.indiatimes.com/news/residential/nsscdcl-compensates-owners-after-houses-razed-for-nagpur-smart-city-project/72071440

No conversion charges for commercial plots in Delhi

Rajender Sharda, who heads the GK-I M-Block market traders’ association, said that

those who have already paid conversion charges should get a refund or the amount should

be adjusted in floor area ratio.

In a major decision that would benefit large number of shops in local shopping centres (LSC) in

areas such as Greater Kailash, Defence Colony, South Extension etc, the Delhi Development

Authority (DDA) in its meeting on Thursday provided exemption from conversion charges to

shops that were originally auctioned as purely commercial properties.

―DDA wanted to bring an amendment earlier in which shops using upper floors for commercial

use had to pay conversion charges. However, when the proposal was put in the public domain,

many people objected to it, saying the plots on which these shops are built were already

commercial and upper floors were only used for residential purposes temporarily,‖ a senior

DDA official said. ―These plots were originally sold as commercial plots at a premium and the

lease deed mentions that. Such shops wouldn‘t have to pay conversion charges,‖ he said.

―There is, however, another category of shops, such as those in Sarojini Nagar and Khan

Market, where upper floor was originally approved as residential. These shops will have to pay

conversion charges,‖ he said.

―Shops in LSCs in Defence Colony and South Extension were sold as commercial plots at

premium rates, and residential activity was allowed for a limited duration. Those who had paid

premium commercial rates shouldn‘t be made to pay conversion charge,‖ said Rajinder Malik,

president of Defence Colony market association.

Rajender Sharda, who heads the GK-I M-Block market traders‘ association, said that those who

have already paid conversion charges should get a refund or the amount should be adjusted in

floor area ratio.

Another important decision taken in the meeting, which was chaired by Delhi LG Anil Baijal,

was the exemption from some statutory clearances for household industries. Household

industrial units with maximum nine workers and 11 KW power operating in residential areas

and new industrial units of the similar type would not need to take mandatory statutory

clearances from labour and Industries departments and Delhi Pollution Control Committee

(DPCC), with the condition that no polluting industrial units will be permitted as household

industry.

Institutional category plots for schools, hospitals and socio-cultural organisations will now be

auctioned on freehold basis instead of as leasehold plots. ―With freehold plots, we now expect



Link https://realty.economictimes.indiatimes.com/news/commercial/no-conversion-charges-for-commercial-plots-in-delhi/72068776

more developers to come forward,‖ the official said.

It will now be possible to amalgamate smaller residential plots into a bigger plot up to 200

square metres. ―The final proposal for amalgamation of two plots up to 200 square metres as

compared to 64 square metres existing in the Master Plan has been approved,‖ he said. Change

in the category of the land located in ash disposal area of Badarpur Thermal Power Plant also

got nod for the development of an eco-park.

________________________________________________________________________________________________

Dehradun civic body starts online property tax option for slum

dwellers

The slum residents will be able to pay the tax by logging on to the DMC website and filling

the form by the name ‘Malin Basti Property Tax Form’.

The Dehradun Municipal Corporation (DMC) has inaugurated the online facility for slum

dwellers to pay property tax from Thursday.

The slum residents will be able to pay the tax by logging on to the DMC website and filling the

form by the name ‗Malin Basti Property Tax Form‘.

The users will have the facility to upload all the required documents and after the payment, they

will be issued an e-receipt.

DMC Commissioner Vinay Shankar Pandey said, ―Due to some technical issues, we were not

able to provide this facility earlier, but from now onwards, residents of the slums will be able to

pay their house tax online. The slum dwellers still have the option to pay their house tax by

coming to the DMC office.‖

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/technology/dehradun-civic-body-starts-online-property-tax-option-for-slum-dwellers/72071258



Maharashtra: PWD directs local bodies to use 20% artificial sand

for infra projects

A senior state revenue department official said the policy regarding the use of artificial

sand, which is made out of crushed stones and boulders, was in place and the department

heads must implement it.

The public works department (PWD) on Wednesday directed all local authorities

in Maharashtra to use at least 20% crushed, artificial or manufactured sand for infrastructural

activities in their limits.

The government resolution (GR) in this regard was issued by the department under the guidance

of the governor. The GR stated that it was time to shift to environmentally viable options of

using artificial sand instead of the natural sand, which is excavated from rivers and creeks for

construction purposes, adversely affecting the environment.

A senior state revenue department official said the policy regarding the use of artificial sand,

which is made out of crushed stones and boulders, was in place and the department heads must

implement it.

―The excavation of sand from rivers has environmental implications, with riverside villages,

riverbeds and the ecosystem at large bearing the brunt. Due to this, erosion happens upstream or

downstream of water bodies due to change in the velocity of water flow, affecting the

riverbanks, land and structures. The groundwater and water table are also impacted due to the

excavation of sand,‖ geologist Suyog Jagtap from the Directorate of Geology and mining said.

Jagtap, also the former Pune district mining officer, was a part of the committee to decide on

use of artificial or manufactured sand. ―It is the need of the hour as vast infrastructure works are

being undertaken in the state,‖ he said.

―There is a need to increase awareness about use of artificial or manufactured sand among

people as this will help reduce the burden on sand excavation from the riverside. Especially in

the western parts of the state, most rivers are under tremendous burden as their river channels

suffer due to the excavation of sand, impacting their eco-system and environment at large,‘‘

Jagtap said.

Mahesh Makawana, associate professor in civil engineering from MIT College in Kothrud,

reiterated the use of artificial sand. ―Why just 20%, the artificial sand can be used for the entire

construction activity. It has been made mandatory in many states. As for the quality, the use of

artificial sand doesn‘t hinder the quality of construction in any way,‘‘ he said.

PWD officials alleged that powerful sand mining lobbies most often have links with politicians.

―People involved in illegal excavation of sand had also tried to mow down revenue officials

Link https://realty.economictimes.indiatimes.com/news/allied-industries/maharashtra-pwd-directs-local-bodies-to-use-20-artificial-sand-for-infra-projects/72064149

when they tried to stop them. These people violate all the norms, including the quantity of sand

to be mined and number of dredgers to be operated,‖ a PWD official said.

The cost of artificial sand depends on the distance from the site of the crushing to the end-use

location. ―If the site is nearby, the price is almost on par or close to that of natural sand,‖ the

official said.

Experts said the manufactured sand should be strongly recommended to be used in the real

estate sector. ―It is recommended as a substitute for river sand in production of concrete and

mortar mix, which can be used in any kinds of concrete member and masonry work in any

industry,‖ an expert said.

Several developers in Delhi, Mumbai, Pune, Bangalore, Chennai and Kerala have already

switched to manufactured sand in construction activities,‘‘ a city-based realtor said.

What can be gained?

As per experts, it is highly cohesive and compressive in strength. ―It has lesser impurities that

helps in producing better quality concrete. Nearly 30% increase in masonry strength can be

obtained obtained with the use of manufactured sand,‖ an expert said

Using manufactured sand also requires lower water-cement ratio, which also results in better

characteristics in the hardened state. ―Manufacturing sand also eliminates environmental impact

occurred due to lifting of natural sand from river bed,‖ the expert said.

________________________________________________________________________________________________

Facebook leases over 1.5 million sq ft office space in Hudson Yards

Hudson Yards is a $25 billion complex of commercial and residential skyscrapers built on

Manhattan's far west side above the rail yards.

Facebook Inc signed a lease for over 1.5 million square feet of office space across 30 floors and

three buildings in New York City's Hudson Yards, according to a statement by the luxury

and commercial real estate development on Thursday.

Hudson Yards is a $25 billion complex of commercial and residential skyscrapers built on

Manhattan's far west side above the rail yards.

"We're excited to expand our offices there starting in 2020", said John Tenanes, vice president

of Facebook's global facilities and real estate.

The deal includes about 1.2 million square feet in 50 Hudson Yards, about 265,000 square feet

in 30 Hudson Yards and about 57,000 square feet in 55 Hudson Yards, the statement added.

"It is yet to be determined which teams will be located in the new Hudson Yards location",

Facebook spokeswoman Jamila Reeves said.

_______________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/commercial/facebook-leases-over-1-5-million-sq-ft-office-space-in-hudson-yards/72073461


WeWork bond drops, spread hits a record on report of delayed

share tender

The Real Deal, citing anonymous sources, said Japan's SoftBank Corp has yet to

commence the tender offer that was part of a $9.5 billion rescue package for the money-

losing shared-office operator.

WeWork's junk bond price dropped and its risk premium shot to a record high on Thursday

following a report that its main backer still hasn't delivered on a plan to buy $3 billion of stock

from existing shareholders.

The Real Deal, citing anonymous sources, said Japan's SoftBank Corp has yet to commence the

tender offer that was part of a $9.5 billion rescue package for the money-losing shared-office

operator.

An investor who requested anonymity confirmed to Reuters that there have been delays, but he

had no more details.

"(The delays) will likely be resolved," the investor said in a text, asking not to be named

because the discussions between investors and SoftBank were confidential. "Lots of anxiety."

The We Company, owner of WeWork, told bondholders on Wednesday net losses in the third

quarter more than doubled to $1.25 billion as it added a record number of desks to its global

network but was unable to control rising costs.

SoftBank agreed in October to the rescue package that would result in it owning almost 78% of

WeWork if the tender were fully subscribed, according to a presentation to bondholders

reviewed by Reuters.

The tender was supposed to have begun five business days after an initial payment of $1.5

billion to WeWork was in place, The Real Deal said, citing a letter from SoftBank to WeWork

investors. The payment was made on Oct. 30, but sources told the publication that no tender

offer has been extended.

WeWork's 7.875% note due in May 2025 fell 2.25 cents on the dollar to a bid of 74 cents,

according to Refinitiv data.

The bond now yields a record 15.02% and its spread, a measure of the premium investors

demand for the added risk of holding WeWork's bond rather than safer securities like U.S.

Treasury debt, widened to a record 13.40 percentage points.

Losses have widened at WeWork as costs have outpaced the company's breakneck expansion,

which new management aims to curb after a disastrous effort to go public was shelved in

September.


Link https://realty.economictimes.indiatimes.com/news/commercial/wework-bond-drops-spread-hits-a-record-on-report-of-delayed-share-tender/72073565

A pipeline of existing leasing commitments suggests WeWork's rapid growth will likely

continue into 2020.

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