09 - 08 - 2021

CREDAI Bengal Daily News Update | 09.08.21

Changing Realty: Home buyers now look beyond metros

The current expansion pipeline clearly indicates that strong, listed developers will continue

to dominate the new residential supply and accelerate their market share gain, Anarock

pointed out.

Prominent real estate developers are firming up plans to launch residential projects of around 92.5

million sq ft (MSF) in the next two fiscal years across the top seven markets as well as in tier-II

and -III towns, with the country’s IT capital Bengaluru emerging as a preferred choice.

As Covid rejigged personal and professional priorities, particularly among the migrant workforce,

many professionals have either invested or are planning to invest in their dream home. Data

compiled by Anarock Property Consultants revealed that leading listed players were now

increasingly focusing on expansion into tier-II and -III towns.

“Listed players now have their cross hairs trained on tier-II and -III cities. For instance,

Bengaluru-based Puravankara and Sobha will expand into Kochi, Coimbatore, GIFT City, Hosur,

Thrissur and Thiruvananthapuram,” Anarock said in a report.

Data analysed from financial presentations of the top seven listed real estate companies showed

that they were gearing up to launch around 92.5 MSF of residential space within the next one-

two years. Apart from the top seven cities, they are also zeroing in on major tier-II and -III towns.

At least 70-75% (64.75-69.40 MSF) of this supply may be launched in FY22, it added.

An analysis of numbers from previous financial years indicates a steady annual growth in

launches. Despite Covid-19 in FY21, the total new launches by the top seven listed players rose

11% Y-o-Y — from around 28.3 MSF in FY20 to about 31.37 MSF in FY21.

The consultancy analysed data from Brigade Enterprises, Godrej Properties, Kolte-

Patil, Mahindra Lifespace Developers, Prestige Estates, Puravankara and Sobha.

Newspaper/ Online Financial Express (Online)

Date August 08, 2021

Link https://www.financialexpress.com/industry/changing-realty-home-buyers-now-look-beyond-metros/2306442/

The current expansion pipeline clearly indicates that strong, listed developers will continue to

dominate the new residential supply and accelerate their market share gain, Anarock pointed out.

Robust housing sales by the top seven listed players in previous financial years have proved to be

a huge confidence booster. Data indicated that these firms cumulatively sold around 32.61 MSF

of housing in FY21 despite the pandemic, 7% growth over FY2020, when about 30.45 MSF area

was sold, Anarock Property Consultants chairman Anuj Puri said.

“Covid has driven a lot of latent demand into tier-II and -II cities. This demand is driven by

improved economic growth, infrastructural developments, lower cost of living and more

attractive real estate prices in these cities. However, it is the new work from home (WFH)

dynamic which has worked most strongly in their favour as they continue to attract migrant

professionals,” Puri explained.

The days when these cities’ residential supply was dominated by local players will soon be over.

Demand is also chasing projects by leading developers, so their expansion into such cities is a

given, he emphasised.

Among the major markets, Bengaluru is the most preferred with the realty firms, while the

Mumbai Metropolitan Region (MMR) and Chennai are part of five listed developers’ expansion

plans, Anarock said.

Kochi, Coimbatore, GIFT city, Hosur, Thrissur and Trivandrum appear prominently in the

expansion plan of these players into tier-II and -III cities, it added.

_____________________________________________________________________

Amend IBC code for builders to give details of all buyers:

Parliamentary panel

According to a 2018 amendment to the IBC, a minimum of 100 homebuyers or 10% of the

total purchasers, whichever is less, are needed for initiating the insolvency process.

A parliamentary panel has recommended the government to introduce a provision in

the Insolvency Bankruptcy Code (IBC) making it mandatory for builders to provide details of all

customers in a project, if a single homebuyer decides to file for the

builder’s bankruptcy resolution in the NCLT.

According to a 2018 amendment to the IBC, a minimum of 100 homebuyers or 10% of the total

purchasers, whichever is less, are needed for initiating the insolvency process. The Forum for

People’s Collective Efforts (FPCE), which had campaigned for the enactment of the real estate

law (RERA), had submitted to the Parliamentary Standing Committee on Finance how this

provision is impractical and puts homebuyers in a disadvantageous position compared to builders.

The panel, which studied the “pitfalls” in the implementation of IBC, said in its report that

homebuyers are facing practical difficulties in gathering the required number of purchasers to

initiate insolvency proceedings against the real estate owner.

“The committee therefore recommend that once a single homebuyer decides to initiate insolvency

proceedings in NCLT, the real estate owner should be obliged in the Rules and Guidelines to

provide details of other homebuyers of the project to the homebuyer concerned so that the

required 10% or 100 homebuyers can be mobilised, which will thus ensure that the interest of

homebuyers,” the panel said in the report, which was tabled in Parliament last week.

National convener of FPCE and member of Central Advisory Council, RERA, Abhay Upadhyay

said they expect the government to find a solution to the problem. “If they can reduce the ceiling

to 10 homebuyers it will help people whose savings are stuck in real estate projects for no fault

of theirs,” he said.

________________________________________________________________

Newspaper/ Online Financial Express (Online)

Date August 08, 2021

Link https://realty.economictimes.indiatimes.com/news/industry/amend-ibc-code-for-builders-to-give-details-of-all-buyers-parliamentary-panel/85147075

India’s real estate industry, long resistant to tech, is now embracing

it big time

India’s legacy real estate businesses have resisted adopting technology for long. Is this

about to change?

For developers too, a data-driven digital approach that offers granular insights can result

in improved predictability of the market value of a property and better risk management.

Imagine a giant ballroom at an upscale hotel in south Bengaluru, Karnataka. A few hundred

people have gathered for the launch of a real estate project. On the stage, there is an auction-like

mood. The developers’ team drums up excitement and drama. The base price of the premium

homes on offer is about to be revealed. The crowd cheers as the rate changes, until it stops at the

final cost tag.

This was how real estate firm Puravankara Ltd launched its projects in pre-pandemic times. The

mega launches were held alongside multi-city broker meets. But when the pandemic struck in the

summer of 2020, all the glitz and showmanship came to a grinding halt.

In June 2020, Ashish Puravankara had to make a critical decision. Sales had taken a hit due to the

nationwide lockdown, but there was demand and customer queries were still pouring in. He

decided not to hold back on launches, even though everything seemed to have changed in the

blink of an eye. In June and July, the publicly listed firm Puravankara launched three projects

virtually. The online launches were attended by about 30,000 participants. The projects were

launched on the firm’s website as well as on YouTube, Facebook and other digital platforms. “In

2019, we had created an online launch platform but didn’t launch any project. The digital tools

were there but we used them only now," said Puravankara, managing director of the Bengaluru-

based real estate firm. “The virtual launches reinforced our trust that this could be done."

Newspaper/ Online Live Mint (Online)

Date August 09, 2021

Link https://www.livemint.com/news/india/inside-realty-s-pivot-from-touch-to-tech-11628438939228.html

In March 2021, just before the jolt from the second wave of covid-19, the company launched

Purva Clermont, its first project in Mumbai. It was launched virtually, and small batches of

customers and investors were also invited to the site.

Within India’s real estate ecosystem, where good news has been hard to come by over the past

year, virtual project launches and online sales have been the talk of the town. Puravankara, 42,

said it’s only a small part of the larger tech stack that his firm is planning to put in place to future-

proof the business.

The developer is looking to deploy an enterprise resource planning (ERP) system with the aim to

go fully paperless and launch a new app with an in-built payments mechanism for prospective

customers. Already, the firm has implemented an artificial intelligence-based tool called

Neurovision to improve its external communication and increase the odds of converting an

advertisement into a sale.

All this talk of artificial intelligence (AI) and new tech is, in some ways, a radical departure.

India’s real estate sector, which is dominated by family-run legacy businesses, has resisted

adopting technology for the longest time. Amid the consumer internet boom and digitalization of

other traditional sectors such as manufacturing and agriculture, the housing industry has mostly

remained a largely touch-and-feel business. After all, customers still want to see and experience

a home before committing to what could be their most expensive purchase. Naturally, while the

use of technology in real estate has ballooned globally, India has been a laggard due to low

acceptance and a high dependence on intermediaries in a highly fragmented sector.

But the pandemic has changed everything. Virtual tours, drone site visits and videoconferences

that simulate the physical experience of a property are becoming increasingly common.

According to a recent Housing.com survey, proptech or property technology companies raised

$551 million in 2020 despite the pandemic, the highest ever compared to $549 million in 2019.

So far, $2.4 billion has been invested in India’s proptech industry across 225 deals as of March

2021. According to data from Tracxn, around $268.18 million has already been raised by proptech

firms this year.

First connect is online

After the second wave-induced lockdowns and restrictions were lifted in June 2021, about 2,000

homebuyers visited the Mumbai project sites of Macrotech Developers Ltd, which operates under

the ‘Lodha’ brand, every weekend. In the pre-covid era, customers would visit the site first, and

then engage with the developer. But now, the first connect is online.

“This is a paradigm shift for the housing sector, and it has changed the way we work," said

Prashant Bindal, chief sales officer, Macrotech. “Virtual visits or sales were negligible earlier.

Now, there is a detailed discussion on Google Meet or Zoom and the quality of (the) customer

connect has improved a lot. By the time they come on site in person, most queries have already

been taken care of," he added.

Earlier, if 2,000 people visited a project site, it would finally convert to about 120 bookings,

which has now gone up to 180, Bindal said. “It’s a 50% upswing."

Mumbai-based Macrotech, which is the largest residential developer in terms of sales and has

homes in the affordable as well as ultra-luxury segments, has also been organizing drone shoots

so that customers can see the outside view from every unit, besides getting a sense of the home’s

interiors. The residential sector was severely hit last year due to the pandemic-led lockdowns but

surprisingly it recovered swiftly, aided by pent-up demand, lower home loan rates and a stamp

duty cut in states such as Maharashtra. Recovery was robust until the second wave.

Proptech and covid

If proptech platforms were popular only to find and finalize properties in the pre-pandemic era,

now full-stack solutions that support discovery, advisory as well as transactions are gaining

ground, said Dhruv Agarwal, chief executive officer, Elara Group, in the Housing.com report.

The Elara Group owns Housing.com, Proptiger.com and Makaan.com.

For developers too, a data-driven digital approach that offers granular insights can result in

improved predictability of the market value of a property along with better risk management and

consumer engagement.

In July, Anarock Property Consultants launched an AI and machine learning-based proptech

solution ‘Astra’ that claims to boost primary housing sales by 12-15%. Developed with its data

analytics partner G-Square Solutions, the system’s algorithm can analyse customer behaviour

data to yield accurate leads, thereby boosting marketing efficiency, reducing costs, and delivering

an engaged user experience to developers and their customers. It will be open for commercial use

from September.

Anarock typically gets thousands of customer leads across multiple projects, following which the

call centre identifies serious buyers and then, the sales wing usually conducts a follow-up. After

this, the process moves towards site visits. Anarock’s chief strategy officer Sunil Mishra said that

the new tool will help in predicting leads that have a higher propensity to convert into bookings.

“We have used this program on the huge data that Anarock has for over a year."

Out of 100 leads, roughly 20-25% would fall under the “serious" category. The whole system

then tries to engage with them more seriously. “Secondly, the program also searches for rejected

leads in the first attempt, and we revisit them with a different sales team. With every builder we

work, Anarock will use the AI-machine learning program to help lift revenues," Mishra said. The

new tools that have come into vogue over the past year are also constantly evolving. Drone site

visits, for instance, are being offered in real-time to improve the quality of a virtual tour. Heavy

investments are also going into cloud computing to improve user experience of features such as

payment gateways, chatbots and customized search.

Amit Bhagat, chief executive officer and managing director, ASK Property Investment Advisor,

said digital sales is the new reality post-covid and specialized organizations such as Xanadu

Realty, Justo and Anarock are increasingly becoming more relevant for mid-segment and large

developers since they have realized that the digital reach of these consultancies is wider than the

internal database of a single firm.

“The sales engine is not only in-house but also outsourced to the digital sales verticals of

specialized outlets by developers who still want to preserve the brand name by delivering on time.

Everyone went to social media because it is the best way to advertise. Developers also didn’t have

the money to go back to print advertising," Bhagat said. “Covid may have accelerated tech

adoption but in terms of on-site technology, there’s still a lot (that can) happen."

Xanadu, which offers large and mid-sized developers a slew of integrated services including

sales, marketing, pricing and customer engagement, saw a spike in business since the first wave

of the pandemic as stress rose in the sector, said Vikas Chaturvedi, chief executive officer,

Xanadu Realty.

As people stayed isolated, proptech firms used a variety of means to enable social interaction.

Tech-led shared-living firm Colive recently launched a social networking app for students and

young professionals. ‘Club Colive’ also offers thousands of curated co-living spaces across cities,

organized by property type, meal plans, locations and budget. Its users can make a choice based

on these parameters.

NoBrokerHood, the society super app by NoBroker.com, even launched features to enable access

control via integration with Aarogya Setu to ensure that people with high covid risk are stopped

at the gate. The app also helped housing societies manage the quarantine of covid-positive

residents and organize vaccine camps.

The future is ‘phygital’

No matter how crucial technology may have become in the post-covid world, it’s certain that it

will not deter homebuyers from physically checking properties and browsing sample flats.

Karle Infra Pvt. Ltd, which is developing a 62-acre township in north Bengaluru, has been

offering virtual site visits for all potential customers, although earlier such visits were restricted

to non-resident Indians (NRIs) mainly. It collected customer information and preferences through

its Sales Buddy app, which assisted its sales team to deliver a more personalized pitch. “Going

forward, the process will be a combination of virtual and physical but at some point of time,

people will buy a home online," Anilcy Varghese, assistant vice-president, sales and marketing,

Karle Infra, said. “It’s like buying insurance, where you don’t need an agent and you just do it on

your own. Customer trust is still low towards developers. As that improves, the virtual play will

evolve further."

The survey by Housing.com also noted that 37% of homebuyers were willing to close the deal

after one site visit. About 60% were willing to use a digital platform to buy or rent a home.

Developer credibility and virtual tours were among the top drivers for closing the deal online.

Respondents in the 25-35 years age group were more open to closing the transaction online.

Lodha’s Bindal said customer behaviour and preferences have changed drastically in a few

months. In pre-covid times, a weekend visit would last an hour and the discussion would be

dominated by a male member of the family with price being the key concern. “Virtual discussions

sometimes last 2-3 hours and the whole family participates. Women today are an active part of

the discussion, and a lot of (the) focus is on amenities, decks or balconies and there are questions

about schools and hospitals in the vicinity. If virtual (negotiations) comprised just 5% of the

whole process, it is 30% now. It will evolve further," Bindal said. Most of Lodha’s virtual meets

are led by closing managers who are women. About 50% of its sales managers who close

transactions are also women.

However, Bindal said that in the few cases where a token amount is deposited after a virtual sales

meet, it often gets cancelled. It is only when a customer pays a physical visit that a deal is assured.

Technological advancements are expected to continue as homebuyers prefer reviewing projects

online. “Tech-enabled developments such as home automation, contactless elevators, Wi-Fi-

enabled self-sustained complexes and voice-enabled homes are the way forward," said Reeza

Sebastian Karimpanal, president, residential business at the real estate firm Embassy Group.

This year, Puravankara plans to launch about 14 million sq ft of premium, mid-market residential

and plotted projects and it will be a physical-virtual process. “We are deploying some amount of

AI that will analyse data and customer behaviour," Puravankara said. “We also want to apply

more technology on our project sites and create a dashboard to see how many engineers reported

to work, how much material was used, how much sq ft of tiles were laid. Based on that, the

demand note should be sent, not just via the (current) monthly basis. In the next 6-8 months, we

are also aiming to go fully paperless and digital…and that includes customer application forms."

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Low interest rates to boost housing demand during festival season:

Realtors on RBI policy

With home loans still remaining at bottom levels, Sunteck Realty CMD Kamal Khetan believed

that the buying activity would soon be accelerated by those who have not used this favourable

scenario to their advantage yet.

Real estate industry on Friday welcomed the RBI’s decision to keep key policy rates unchanged,

saying low interest rates will boost home buying sentiment and drive demand especially during

the upcoming festival season.

However, builders demanded that steps should be taken to enhance liquidity in the real estate

sector.

The Reserve Bank of India (RBI) expectedly kept interest rates unchanged at a record low as it

chose to support economic revival over inflation. The reduction in repo rate by 250 basis points

since February 2019 has resulted in a cumulative decline by 217 basis points in the weighted

average lending rate (WALR) on fresh rupee loans.

Commenting on the monetary policy, CREDAI National President Harsh Vardhan Patodia said:

“With the outbreak of the second wave and the fear of a third wave, RBI’s guarded move to hold

the repo rate at 4 per cent reflects the continuation of its accommodative stance ensuring the

lowest lending rates to keep business operational across sectors.”

“We are optimistic that home loans will continue to be affordable, thereby propelling the growth

of the housing segment,” he added.

Naredco President Niranjan Hiranandani said the low interest rate will augment the home buying

sentiment and facilitate financial cushion to log the deals in backdrop of festive tailwinds.

Newspaper/ Online Financial Express (Online)

Date August 06, 2021

Link https://www.financialexpress.com/money/low-interest-rates-to-boost-housing-demand-during-festival-season-realtors-on-rbi-policy/2305814/

“Also, if regulators can enhance credit supply to the stalled projects via permitting more

SWAMIH funds; will go a long way in resurrecting the prolonged sluggish real estate market and

ensure customer delivery,” he added.

Among developers, Bengaluru-based Puravankara Ltd MD Ashish R Puravankara said the

continued accommodative stance by RBI to keep the REPO rates unchanged has been a catalyst

for the revival of the real estate sector. “The decadal low-interest rates have helped sustain

homebuyers’ interest in the residential segment, positively impacting the overall demand over the

last two quarters.”

With home loans still remaining at bottom levels, Sunteck Realty CMD Kamal Khetan believed

that the buying activity would soon be accelerated by those who have not used this favourable

scenario to their advantage yet.

Gaurs group CMD Manoj Gaur said there was expectation of sector-specific measures that could

trigger healthy growth. “The upcoming festival season will likely bring in more demand, and we

are hopeful that the low home loan interest rate will make the buyers go for real estate assets,” he

added.

Gurugram-based Experion Developers CFO Atul Banshal said the RBI policy would continue to

support the low interest rate environment. He hoped that banks will transmit the benefits of low

interest rate and liquidity in its onward lending to the sector.

Runwal group MD Sandeep Runwal said it was imperative that low mortgage rates continue for

at least some more time now or maybe until the end of the year, while Sterling Developers CMD

Ramani Sastri said a cut in rates could have sent positive signals to the industry and bolstered

greater demand for homes.

Poddar Housing and Development MD Rohit Poddar felt that more efforts were needed to restore

the supply-demand balance in the real estate sector but continuation of lowest lending rates will

help builders in facing the challenges.

Property consultants, too, hailed the RBI policy and hoped that low interest rates on home loans

would drive demand in the upcoming festival season.

Anarock Chairman Anuj Puri said: “The unchanged repo rate regime works well for home loan

borrowers as the floating retail loan rates have been at the lowest level in the last two decades.

The continuation of this low interest rate regime supports the environment of affordability which

has become the new hallmark of the housing market – during the pandemic, and even before.”

Keeping interest rates benign will keep the housing momentum going, said Amit Goyal, CEO,

India Sotheby’s International Realty.

Knight Frank India CMD Shishir Baijal said the extended period of historic low interest rates

would ensure home loan rates remain at current benign levels and aid the revival of the real estate

sector.

Vikas Wadhawan, Group CFO, Housing.com and PropTiger, said the decision augurs well for

the industry in general and home buyers in particular, since the record low interest rate regime

would enable a large number of buyers to invest in property.

Square Yards Co-founder and CFO Piyush Bothra said the RBI’s decision to maintain the repo

rate status quo is a strong signal that growth is important. The soft interest rate environment will

benefit home loan borrowers and sustain homebuying sentiments that have picked up post the

second covid wave, he added.

Samantak Das, Chief Economist and Head Research at JLL, said that prevailing lower home loan

rates, stable prices and attractive payment plans and schemes of developers are aiding the

translation of pent-up demand into sales.

Investors Clinic founder Honeyy Katiyal said the festival season is the make and breaks for the

housing segment and some rate cut no doubt would have sent a strong signal to the investors and

buyers, but unchanged rates is also a welcome step.

Kaushal Agarwal, Chairman of The Guardians Real Estate Advisory, said the banks should now

further sweeten the lending rates, at least till such time that the economy gets back to the pre-

COVID levels.

OwnersTown CEO Abhishek Jindal said termed it as good news for aspiring homebuyers who

can leverage the prevailing low home interest rates to buy flats.

_____________________________________________________________________

Goa RERA frames rules to extend deadlines for housing projects

by a year

The builder or real estate firm will have to apply to Goa RERA Authority at least three

months before the validity of the registration period expires and only in exceptional and

unforeseen circumstances the three-month period may be waived, Goa RERA chairperson

S Kumaraswamy said.

The department of urban development has notified rules to extend the completion timelines for

real estate projects, which are registered with the Goa Real Estate Regulatory Authority (RERA).

As per the rules, the builder will be given an additional period of one year to complete the project

with any further extension being given on a case to case basis.

The builder or real estate firm will have to apply to Goa RERA Authority at least three months

before the validity of the registration period expires and only in exceptional and unforeseen

circumstances the three-month period may be waived, Goa RERA chairperson S

Kumaraswamy said.

The rules — Extension of Registration of Real Estate Project by the Goa Real Estate Regulatory

Authority Regulation, 2021 — provide guidelines to extend the validity period already approved

for completion of the real estate project.

Goa RERA will charge Rs 10 per sqm of the land proposed to be developed with a minimum of

Rs 50,000 and a maximum of Rs 10 lakh for extending the project completion deadline.

Kumaraswamy said that the builder will have to provide a proposed plan of the project showing

the most recent stage of development along with an explanation for the delay in completion of

the project.

“An explanatory note regarding the state of development works in the project and reason for not

completing the development works in the project within the period declared at the time of making

registration of the project has to be submitted,” he said.

Real estate firms will have to obtain all other approvals and extensions before they approach Goa

RERA for extension.

Newspaper/ Online ET Realty (Online)

Date August 09, 2021

Link https://realty.economictimes.indiatimes.com/news/industry/goa-rera-frames-rules-to-extend-deadlines-for-housing-projects-by-a-year/85169058

“Extension may be considered which shall in aggregate not exceed a period of one year. Extension

beyond one year will be decided on case by case basis,” Kumaraswamy said.

________________________________________________________________

RBI plans to buy additional office space in Mumbai

According to the RBI, it wants office space with a size of 2,601 to 7,681 square metres, for

which it has issued a Request for Proposals (RFP) for "outright purchase of office premises"

in Mumbai.

The Reserve Bank of India (RBI) is looking for additional office space in the financial capital

near its head office in south Mumbai, or in the Bandra Kurla Complex area. According to the

RBI, it wants office space with a size of 2,601 to 7,681 square metres, for which it has issued a

Request for Proposals (RFP) for "outright purchase of office premises" in Mumbai.

The central bank "intends to purchase vacant and peaceful possession of office space having clear

and marketable title, for its use in south Mumbai and/or in Bandra Kurla Complex (BKC) area

near to its existing establishments...," the RFP document said.

As per the RFP, the RBI is looking for office premises with minimum 2,601 sq/mtr(28,000 sq/ft)

and maximum 7,618 sq/mtr (82,000 sq/ft) carpet area located in south Mumbai within a radius of

1.5 km from its Central Office Building in Fort, Mumbai and/or in BKC.

Offers of property situated on leasehold land with residual lease period at least 30 years will also

be considered by the RBI, the document added.

Anuj Puri, chairman, ANAROCK Property Consultants, said that as per ANAROCK Research,

total leasable space at BKC is approximately 8.7 million sq/ft area out of which 8-10 per cent is

lying vacant.

In the Central Business District (CBD) area, total leasable space is approximately 2.1 million sq/ft

area out of which 10-12 per cent is lying vacant, he said.

Karan Singh Sodi, Regional Managing Director, India, JLL, said these micro markets (Old CBD/

Fort and New CBD/ BKC) are starved of any single owned assets that may be in the position to

meet such a requirement, as there is an extremely low supply of Grade A offices here matching

the requirement.

"The rates for Grade A offices in 'Old CBD' area will be in the range of Rs 25,000-Rs 50,000 on

the carpet. However, when we look at the New CBD (BKC), there are a few Grade A buildings

that may meet this need. Typical Grade A pricing in the BKC micro-market ranges between Rs

45,000 to Rs 65,000 on the carpet," he said.

Since land development in BKC falls under the purview of the Mumbai Metropolitan Region

Newspaper/ Online ET Realty (Online)

Date August 09, 2021

Link https://realty.economictimes.indiatimes.com/news/commercial/rbi-plans-to-buy-additional-office-space-in-mumbai/85168977

Development Authority (MMRDA), development in this micro-market is more regulated and

hassle-free and always with a clear title deed, Sodi said.

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of

the Reserve Bank of India Act, 1934.

The Central Office of the Reserve Bank was initially established in Kolkata but was permanently

moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are

formulated.

Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully

owned by the Government of India.

The RBI has 27 regional offices, most of them in state capitals and 4 sub-offices.

________________________________________________________________

Bank, buyer entitled to relief for delay in handing over flat:

TNRERA

The complaint pertains to ‘BBCL Breeze Residences’ on Poonamallee High Road at

Kilpauk developed by BBCL Developers (India) Pvt. Ltd., with HDFC granting loan to the

buyers.

The Tamil Nadu Real Estate Regulatory Authority has directed a developer to repay two

homebuyers and a bank due to delay in handing over an apartment. While the bank took over

possession of the flat, the buyer approached TNRERA for delay in delivery, charging the

developer and the bank were in collusion.

The complaint pertains to ‘BBCL Breeze Residences’ on Poonamallee High Road at Kilpauk

developed by BBCL Developers (India) Pvt. Ltd., with HDFC granting loan to the buyers.

The buyers said they paid Rs 5.4 crore for the flat to be handed over by December 2018 with a 6-

month grace period. Pointing out that construction was not completed in the agreed time, they

said they were entitled to relief.

Terming the allegations false and noting there was a slight delay due to reasons including GST,

demonetization, shortage of input material and Covid-triggered lockdowns, the developer said

the buyers too delayed payment.

The banker charged that the buyers were loaned Rs 5.75 crore, but they defaulted in loan payment

and it was classified a Non-Performing Asset and they were issued notice. The bank took

symbolic possession of the property in December 2020, saying the amount due from the buyers

was more than Rs 6 crore.

After hearing both sides, TNRERA adjudicating officer G Saravanan ruled that the buyers can’t

be blamed for not adhering to the payment schedule when the project itself was delayed due to

circumstances not in their control. “… it is held that the complainants are entitled to return of the

amount paid to the developer with interest including compensation on ground of failure to

complete the construction as per the construction agreements,” the order said.

Newspaper/ Online ET Realty (Online)

Date August 09, 2021

Link https://realty.economictimes.indiatimes.com/news/regulatory/bank-buyer-entitled-to-relief-for-delay-in-handing-over-flat-tnrera/85147381

The amount due to the complainants under this order is to be paid to the bank towards the

satisfaction of the loan. The remaining amount is payable to the homebuyers, it added.

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