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09-August-2019

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CREDAI Bengal Daily News Update | 09.08.19

DHFL says it may not be able to fulfill immediate debt payments

This comes days after the company said its creditors would not have to take any haircut on

principal payments under its resolution plan.

India's debt-laden shadow bank Dewan Housing Finance Corp Ltd (DHFL) on Thursday said it may

not be able to fulfill its debt obligations due in the near future.

This comes days after the company said its creditors would not have to take any haircut on principal

payments under its resolution plan.

DHFL, the fourth-biggest housing finance company in India, has roughly 1 trillion rupees ($14.15

billion) of debt and is in the process of seeking lender approval on a restructuring designed to help it

ride out a liquidity crunch and restart its lending business.

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Newspaper/Online ET Realty (online)

Date August 08, 2019

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

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Puravankara forays into co-living Space

The Bengaluru-based company, which focuses mainly on residential housing, will soon launch

its first co-living project in Goregaon, Mumbai, spread over 350,000 sq ft.

Real estate developer Puravankara is venturing into the co-living and warehousing segments to

expand its business, its top executive said.

The Bengaluru-based company, which focuses mainly on residential housing, will soon launch its first

co-living project in Goregaon, Mumbai, spread over 350,000 sq ft.

―Going ahead, the buying behaviour of millennials will change. We are right now deciding whether

we should float our own brand or tie up with an operator,‖ said the company‘s MD Ashish R

Puravankara.

For its warehousing foray, Puravankara has entered into an agreement with Morgan Stanley‘s real

estate investment arm to jointly fund and develop warehousing assets across Mumbai, Chennai and

Bengaluru.

―The partnership is solely opportunity-based. We are currently evaluating a land parcel jointly in

Bengaluru,‖ he said.

The firm‘s first warehouse, spread across 42 acres, is coming up in Chennai. Morgan Stanley Real

Estate Investing, the global private real estate investment management arm of Morgan Stanley, has

been an active property investor for over two decades. Globally, it manages around $471 billion in

assets.

Puravankara also plans to double its commercial and retail portfolio to 10 million sq ft by 2023. The

builder has already acquired land in Bengaluru, Mumbai, Pune and Hyderabad to expand its

commercial portfolio.

The realty developer plans to launch 11.06 million sq ft over the next 12-15 months, with most of that

coming under its premium affordable housing segment Provident.



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―Currently, 50% of the company‘s revenue comes from Provident and we expect that to go up further.

Five years from now, Provident will become the largest housing company in India,‖ said Kuldeep

Chawla, CFO, Puravankara.

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NBCC's net profit dips 38% in Q1 FY20

Dhawan & Company, the independent auditor of NBCC, however pointed out that four

unregistered transactions were noticed in one of its subsidiaries, HSCC, in the first quarter.

NBCC witnessed a dip of 38 per cent in its net profit during the quarter ended June 2019. Its profit

after tax (PAT) stood at Rs 51.46 crore as against Rs 82.85 crore it recorded in Q1 FY19.

The company's net income stood at Rs 1,941.73 crore during the said quarter, a dip of 16 per cent

from Rs 2,307.81 crore it registered in the similar quarter last year.

Of the total income, it generated revenue worth Rs 1,801.78 crore from Project Management

Consultant (PMC) segment while the real estate and Engineering, Procurement & Construction (EPC)

segments generated revenue of Rs 4.83 crore and Rs 79.13 crore respectively.

In one of its Joint Venture (JV), NBCC R.K. Millen JV, the company has received an amount of Rs

15.69 crore under the arbitration award in favour of the company during the year 2018-19. "However,

due to pending decision in Delhi High Court, the same is not adjusted against the investments," the

company said in its BSE filing.

Dhawan & Company, the independent auditor of NBCC, however pointed out that four unregistered

transactions were noticed in one of its subsidiaries, HSCC, in the first quarter and were also confirmed

with the bank amounting Rs 1.89 crore against which a complaint has been lodged with SSP, Gautam

Buddha Nagar on May 13 2019.

In HSCC, reconciliation of three bank accounts with Indian Overseas Bank are under reconciliation as

well. "The un-reconciled bank balances may have impact on Profit & Loss and Balance Sheet of the

group and will be accounted in the year in which the un-reconciled transaction will be identified," said

the company in a BSE filing.

The company had acquired 100% of equity share capital in HSCC (India) (HSCC), which was

previously owned by Government of India, in December 2018.

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Link https://realty.economictimes.indiatimes.com/news/industry/nbccs-net-profit-dips-38-in-q1-fy20/70591297

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Ghaziabad development body not to hike circle rates

Some anomalies, though, have been rectified — circle rates in green belts have been abolished

and those for parking areas have been standardised across the district.

For the third year in a row, the district administration has decided not to hike circle rates.

Some anomalies, though, have been rectified — circle rates in green belts have been abolished and

those for parking areas have been standardised across the district.

Circle rate is the minimum value at which sale or transfer of property takes place. ―The circle rates for

2019-20 will come into effect from Thursday and this time again they have not been hiked. They

remain unchanged across the district,‖ KK Mishra, AIG, stamp and registration department, said,

adding, ―We found a few discrepancies which we have done away with this time.‖

In Ghaziabad, the circle rate of parking space is usually 3% of the area‘s circle rate. ―But in areas like

Sadiq Nagar in Raj Nagar Extension, Rajender Nagar and a few others, we were charging 4%. It was

putting unnecessary burden on buyers,‖ said Mishra.

In areas like Sahibabad, Indirapuram, Vaishali, Ramprastha and Jawahar Park, which are under the

jurisdiction of sub registrar 3, there was a provision under which circle rates of green belts were fixed

at Rs 10,000/sqm.



Link https://realty.economictimes.indiatimes.com/news/regulatory/ghaziabad-development-body-not-to-hike-circle-rates/70590809

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However, sale or purchase of property in green belts is not permitted. ―Fixing circle rate in green belt

was illogical as no one is allowed to buy property there as per an NGT order. We have removed this,‖

said Mishra. Circle rate in Kaushambi residential area will be between Rs 72,500/sqm and Rs

79,700/sqm. Rates under commercial head will vary from Rs 1,26,000/sqm to Rs 1,38,000/sqm. In

Indirapuram, residential rates will be between Rs 66,500/sqm and Rs 73,100/sqm and commercial

rates will be Rs 96,000/sqm to Rs 1,86,000/sqm.

In Vasundhara, the rates under residential category are between Rs 56,500/sqm and Rs 62,100/sqm

and between Rs 96000/sqm to Rs 1,20,000/sqm under commercial category. The revenue target set by

the government from stamp duty for 2019-20 is Rs 1,626 crore as against Rs 1,442 crore in 2018-19.

―In 2018-19, we were able to achieve about 88% of the target,‖ said Mishra.

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Godrej Properties reports net profit of Rs 90 crore in Q1 FY20

Total income of the real estate player decreased by 33 % YoY to Rs 708 crore in Q1 FY20 over

Q1 of FY19.

Godrej Properties on Thursday reported a 162 per cent year-on-year rise in consolidated net profit at

Rs 90 crore for the quarter ended June, 2019.

Total income of the real estate player decreased by 33 per cent YoY to Rs 708 crore in Q1 FY20 over

Q1 of FY19.

―In June of this year, we successfully raised rupees 2,100 crore through a Qualified Institutional

Placement. Our timely equity raise has significantly bolstered our balance sheet which we believe will

enable us to strengthen our portfolio with new projects at attractive terms.

The total value of bookings in Q1 FY20 stood at rupees 897 crore. Given our exciting launch pipeline,

we are confident of delivering significant increase in sales numbers in the months ahead,‖

said Pirojsha Godrej, Executive Chairman, Godrej Properties.

During the Q1 FY20 the firm witnessed total booking value of Rs 897 crore and total booking volume

of 1.35 million sq. ft. as compared to total booking value of Rs 820 crore and total booking volume of

1.17 million sq. ft. in Q1 FY19.

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Link https://realty.economictimes.indiatimes.com/news/industry/godrej-properties-reports-net-profit-of-rs-90-crore-in-q1-fy20/70587374

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Gurugram: DTCP to cancel OCs of 20 buildings for flouting norms

The DTCP recently conducted a survey in the licensed colonies along Golf Course Road (from

MG road till Ghata) and found commercial activities being carried from at least 20 residential

buildings.

Occupation certificates (OC) of 20 residential buildings are likely to be cancelled by the department of

town and country planning (DTCP) for flouting building norms.

The DTCP recently conducted a survey in the licensed colonies along Golf Course Road (from MG

road till Ghata) and found commercial activities being carried from at least 20 residential buildings.

The survey report claims that commercial activities were being carried out from 80 per cent of the

residential buildings in the area.

District town planner (planning) RS Batth said that around 50 residential buildings in the licensed

colonies were carrying out commercial activities. ―We have already cancelled the OCs of 30 buildings

and around 20 new buildings, that were identified in the survey, have been issued notices,‖ he said.

He added that the defaulters have been directed to furnish documents (permission certificate) that

justify the usage of a residential building for commercial purpose. ―In case they fail to furnish relevant

documents, their OC will be cancelled,‖ he said.

DTCP director KM Pandurang said the district town planners have been directed to check the menace

of commercial and other uses of the residential buildings on Golf Course Road.

The move comes after the department received several complaints highlighting the issue of residential

buildings being used for commercial purposes, causing loss to the state exchequer to the tune of

several crores every year.

As per the rules, commercial activities are not allowed in residential areas, be it licensed colonies that

come under the DTCP or plots in sectors falling under Haryana Shahari Vikas Pradhikaran (HSVP).

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Link https://realty.economictimes.indiatimes.com/news/regulatory/gurugram-dtcp-to-cancel-ocs-of-20-buildings-for-flouting-norms/70587574

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Capital gains tax exemption available even if loan used for new house:

ITAT

Capital gains are taxable under the Income-tax (I-T) Act. If on sale of a residential house (which

has been held for at least two years), the taxpayer makes a profit, then such profit is treated as a

long-term capital gain (LTCG).

The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has recently held that the

investment-linked capital gains tax exemption, which is available on purchase of a new house, cannot

be denied merely because the taxpayer has utilised a home loan instead of the sale proceeds of his old

house.

Capital gains are taxable under the Income-tax (I-T) Act. If on sale of a residential house (which has

been held for at least two years), the taxpayer makes a profit, then such profit is treated as a long-term

capital gain (LTCG). This gain is taxable at 20% with an adjustment for inflation, referred to as

indexation benefit.

Section 54 of the I-T Act provides for investment-linked capital gains tax exemption. If an investment

is made in another house in India, within the stipulated period of time, then the ‗cost of the new

house‘ is deducted and only the balance component of the LTCGs is taxable. Such deduction results in

a lower I-T outgo. If the amount of the capital gain is equal to or less than the cost of the new house,

the entire sum of LTCG is not taxable.

The new house needs to be purchased either within a period of one year prior to or two years from the

date of sale of the old house. This tax benefit is also available if the taxpayer within three years after

the date of sale of the old house constructs a new residential house.

In the case decided by the ITAT on August 2, Manish Sinha, the taxpayer, had claimed a capital gains

tax exemption under section 54, arising on sale of his old house. Instead of using the sale proceeds

aggregating to Rs. 55 lakh for investment in the new house, he utilised a home loan of Rs. 40 lakh

taken from HDFC Bank.

The tax tribunal noted that the only requirement to be eligible for exemption under section 54 is that

the taxpayer should purchase or construct the new house within the prescribed time. This condition

had been complied with by Sinha.

Gautam Nayak, tax partner at CNK & Associates, a firm of chartered accountants says: ―There is no

identity of funds required for claim of exemption. Section 54 recognises the fungibility of funds. In

fact, it even permits purchase of a new residential house up to one year prior to sale of the old



Link https://realty.economictimes.indiatimes.com/news/residential/capital-gain-exemption-available-even-if-home-loan-used-for-new-house-itat/70597323

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residential house, where obviously the same funds from the sale could not have been used.‖

Thus, merely because the taxpayer had availed of a housing loan from the bank, his claim for

exemption under section 54 cannot be denied, held the ITAT, which also relied on past judicial

decisions.

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Noida: Official faces suspension for illegal registries in Basai

The DM has written to the principal secretary and inspector general of registration department

in this regard.

The district magistrate on Wednesday ordered suspension of a sub registrar after a probe found that he

had allegedly registered 21 properties illegally in Basai villagethat were owned by Noida Authority.

The DM has written to the principal secretary and inspector general of registration department in this

regard. In his letter, a copy of which is with TOI, the DM sought an inquiry into the matter and said

the department suspects pressure from land mafia in the district for getting these registries done.

―In this area, registration is only allowed under category 12 and 62 related to title rights and

residential land, respectively. However, no registry of category 11 or unique code 11 property can be

done as that is government land. We found that sub registrar Hemendra Kumar registered 21 such

properties illegally within one month of his posting here,‖ said B N Singh, district magistrate.

He said Basai and neighbouring areas have land mafia groups and cases are also registered against

some. Officials are expected to verify details before registration of property, he said. However, illegal

registries were found to have been done throughout July, officials said. ―We have asked the board of

revenue for an inquiry and posting of another official,‖ he said.

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Link https://realty.economictimes.indiatimes.com/news/regulatory/noida-official-faces-suspension-for-illegal-registries-in-basai/70588277

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Maharashtra urban department to merge Nagpur civic body and NIT

The civic body is likely to get all the properties of the NIT after the merger.

The state‘s urban development department (UDD) has reportedly finalized process to merge Nagpur

Improvement Trust (NIT) with the Nagpur Municipal Corporation(NMC).

The civic body is likely to get all the properties of the NIT after the merger.

The UDD held a meeting with the officials of NMC and NIT at Mantralaya in Mumbai on

Wednesday. Now, the UDD will submit its report to CM Devendra Fadnavis. The UDD will issue a

notification announcing the merger after CM‘s approval.

In a meeting held on July 4, Fadnavis had set a deadline of August 15 for merging NIT into NMC.

Sources from the NMC and NIT told TOI that the civic body would get properties and also build-

operate and transfer (BOT) projects of the NIT. ―All layouts will be transferred from NIT to NMC.

Open spaces, gardens, playgrounds, halls, swimming pool etc under NIT‘s possession will also be

transferred to the NMC. BOT projects like parking plaza, Kalamna hall, private bus terminal etc will

also be handed over to the NMC. Some vacant land of NIT will be transferred to Nagpur Metropolitan

Region Development Authority (NMRDA) for the latter‘s revenue source,‖ sources said.

Sources added that employees of the NIT will get three option, either to work with NMRDA, NMC or

go for voluntary retirement scheme (VRS).

The fate of NIT‘s ground rent being levied annually on leasehold plots and flats could not be known.

Similarly, the decision on stamp duty revenue being earned by the NIT would be known only after

issuance of the notification.

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Link https://realty.economictimes.indiatimes.com/news/regulatory/maharashtra-urban-department-to-merge-nagpur-civic-body-and-nit/70588880

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Government institutions top list of property tax defaulters in Panchkula

Records of the civic body revealed that the top defaulter of the property tax was Shalimar Mall,

which owes the MC Rs 68 crore.

Government institutions are among the top defaulters who have not paid property tax to the municipal

corporation. Sources said office of the DSP, Gymkhana Club, Shakti Bhavan, all in Sector 6, Shalimar

Mall and Police Community Club, Sector 14, are among the top defaulters of the property tax.

Some municipal corporation officials said the target for the collection of the property tax 2018-19 was

Rs 9 crore in the budget but till date around Rs 1 crore has been collected in the kitty of the MC.

Records of the civic body revealed that the top defaulter of the property tax was Shalimar Mall, which

owes the MC Rs 68 crore.

Jarnail Singh, executive officer of the municipal corporation, said they were sending notices to the

institutions and residents who were in the defaulters' list. He said there was a sealing provision in the

norms of property tax. He said the Haryana government was conducting a survey of all cities in which

details of the property would be filled online and through online portal the bill would be generated

after the survey would be completed.

He further said at present the data on the basis of which the MC was acting upon defaulters was

almost 10 years old and there were many changes in the property which the authorities were not aware

of. He said time and again his office received a complaint that their tax was far more than the space

and the MC had to send a team to verify but after this survey there would be no issue and the

authorities could take stringent action against the violators.

Under Section 130 of the Haryana Municipal Corporation Act, 1994, a notice was issued MC

commissioner to the defaulters on Wednesday, which stated that, "You are informed that in case you

fail to pay property tax by August 31 the property mentioned in paragraph (1) of this order will be

attached and sold through public auction." The notice stated that it should be considered a final notice

as a number of notices had already been sent in the past also to the offices concerned.

As per the notice, the outstanding property tax is with respect to the buildings or properties of the

department concerned. A notice sent to the defaulters is available on the site of the municipal

corporation. It says that despite repeated requests no communication has come from the office

concerned, so due to that no option is left with the corporation except to seal this premises and further

to fix the auction of this property for sale as per provision of Haryana Municipal Corporation Act,

1994.



Link https://realty.economictimes.indiatimes.com/news/regulatory/government-institutions-top-list-of-property-tax-defaulters-in-panchkula/70590743

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Tamil Nadu Tenancy Act: Clueless authorities put landlords, tenants to

hardship

This has resulted in adjudicating officers, who are revenue department officials above the rank

of deputy collectors, performing the role of the authorities facilitating tenancy registrations.

Rent authorities, constituted to resolve disputes between landlords and tenants, are clueless about their

functions. While a section of the authorities was unaware about their responsibilities, many

underscored that they were ignorant about the procedures.

This has resulted in adjudicating officers, who are revenue department officials above the rank of

deputy collectors, performing the role of the authorities facilitating tenancy registrations. The rules of

the ambitious Tenancy Act that came into force in February brought the curtains down on rent control

courts, making rent authorities the first layer in the legal mechanism to resolve disputes over rental

issues.

A cross-section of rent authorities said lack of training has limited their role with regard to the Tamil

Nadu Regulation of Rights and Responsibilities of Landlord and Tenants (Amendment) Act, 2018.

―As of now, we are functioning as registration officers generating tenancy registration for the

applications. In some parts of the city, the respective rent authorities have not started the process of

issuing the tenancy registration number,‖ a rent authority in north Chennai said.

The Chennai collector had in May appointed eight rent authorities covering the 16 taluks in the city

with each authority, headed by officers above the rank of deputy collector, being assigned two taluks.

According to official sources, the authorities have not received any complaints from registered

applicants.

―There is absolutely no awareness about the act that mandates registration of all rental and lease

agreements among the public. We can only ask the complainants to approach the rent courts to redress

their grievances, due to our lack of training,‖ an rent authority official said.

T Sadagopan, president of Tamil Nadu Progressive Consumer Centre, said the rent authority is the

first legal body for redressal of rental and lease issues. Only appeals can be made in rent courts, he

added. The housing and urban development department could not be reached for comments.

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Ghaziabad development body will issue CC only after structural faults

are rectified

GDA officer on special duty Sushil Kumar Choubey said the completion certificate will be

issued to the society only after structural faults are rectified and other requisite norms fulfilled.

Worried over cracks appearing in the pillars of all nine towers in the society, residents of GH-7

highrise apartments in Crossings Republik on Wednesday met Ghaziabad Development Authority

(GDA) officials and raised the issue.

GDA officer on special duty Sushil Kumar Choubey said the completion certificate will be issued to

the society only after structural faults are rectified and other requisite norms fulfilled.

He said the developer has assured the authority of getting the structural inspection done by IIT

Roorkee and the faults rectified at the earliest. ―The residents and the developer were both heard

during the meeting. The developer has been asked to submit a time-frame under which it plans to get

the inspection done by IIT Roorkee and faults rectified,‖ Choubey said.

There are 1,980 flats in nine towers of the society, and nearly all of these have been occupied after

possession first started in 2010-11. A resident claimed that the cracks first started appearing after an

earthquake in 2012.

Rohit Chaudhary, president of the GH-7 RWA, said, ―For the past several years, we have been

pursuing this matter with the Crossings Infra Private Ltd (CIPL), a group of private developers that

provides and maintains basic amenities in the township for a monthly payment.‖

He added that in April, they were not informed about excavation of pits near tower 4, following which

they had sought a clarification from CIPL. ―We suspected that the work was related to retrofitting to

strengthen the structure but we were not given any intimation by the consortium,‖ Chaudhary said. In

June, a clarification was once again sought from CIPL through a letter by Crossings Republik

Infrastructure Apartment Owners Association. It was stated that residents of the society were worried

as the work, it seemed, was not part of regular maintenance, but a structural retrofitting. The

association also sought to know the details of the agencies appointed to carry out the work.

However, when they did not get a reply from CIPL, the residents complained to GDA. When

contacted, Ishwar Tyagi, CIPL vice-president, said, ―We have agreed to the directions and will submit

the report in the stipulated time period. The concerns of the residents will be addressed.‖



Link https://realty.economictimes.indiatimes.com/news/regulatory/ghaziabad-development-body-will-issue-cc-only-after-structural-faults-are-rectified/70585591

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Panchayat presidents misappropriating PMAY subsidy funds in Tamil

Nadu

In many cases dead people were shown as beneficiaries and funds were siphoned off. In some

cases, local officials looted funds without giving it to the beneficiaries.

At least five cases of elected panchayat presidents themselves misappropriating subsidy funds under

the Prime Minister‘s housing scheme – Pradhan Mantri Awas Yojana (PMAY) – have come to light in

five districts of the state.

Directorate of Vigilance and Anti-Corruption (DVAC) sources said the five cases revealed how

panchayat presidents, vice-presidents and local officials, who are mandated to verify antecedents of

the beneficiaries, siphoned off funds running into several lakhs of rupees in 2015-16. The cases,

however, were registered in June and July 2019, after preliminary inquiries by DVAC.

In many cases dead people were shown as beneficiaries and funds were siphoned off. In some cases,

local officials looted funds without giving it to the beneficiaries. In another case, officials took bribes

to add ineligible people as beneficiaries. The central government funds were rigged through the Public

Financial Management System (PFMS), DVAC said.

In a case in Nagapattinam, a panchayat president cited his own dead father as a beneficiary and took

the funds. He also sanctioned home subsidies for his second wife and daughter-in-law, and allotted Rs

70,000 each. This fraud, however, was stopped by bank officials who found that the duo received

government flood compensation only a few months ago.

Some of these cases were investigated based on complaints forwarded by the CBI‘s Chennai unit, a

local CPM leader and an RTI activist. FIRs have been registered by the Tuticorin, Nagapattinam,

Pudukottai, Thanjavur and Villupuram units of DVAC. The total value of the fraud is around Rs 40-

50 lakh in these cases alone. Under these central housing subsidy schemes, only people below poverty

line (BPL), having a small piece of land and living in non-pucca houses, are eligible for a maximum

subsidy of Rs 1.2 lakh.

The money is disbursed in 3–4 installments based based on the progress of construction. This is

executed and audited by the rural development and Panchayat Raj department of Tamil Nadu. As per

rules, the beneficiaries have to be identified and approved by the village panchayat, where a resolution

has to be passed mentioning the names of beneficiaries.

In Villupuram, a woman who benefitted under a similar scheme in 2010 was added as a beneficiary in

2015, while an 18-year-old living with his government servant-father also received Rs 1.2 lakh.



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Another beneficiary got the money despite having a concrete house.

In Thanjavur, DVAC is chasing a Rs 24 lakh scam, which involves money going to people who had

already built houses, those claiming money for building two houses and a government staff benefitting

from it. In Tuticorin, the PMAY and CM‘s solar-powered green-house scheme (CMSPGS) funds were

also misappropriated by a dead man‘s relative, DVAC found.

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DDA to refund unsuccessful candidates' money in a week

Even in the final draw of lots, out of 10,294, only 8,438 flats were allotted in various categories

from 45,012 applicants.

The DDA on Wednesday said it has planned to refund the registration amount in a week's time to

candidates who had unsuccessfully applied to the Housing Scheme, 2019. The Delhi Development

Authority(DDA) had on July 23 held the draw of lots for new online scheme for which only 10,294

flats were put on offer, out of the original kitty of nearly 18,000 units.

Even in the final draw of lots, out of 10,294, only 8,438 flats were allotted in various categories from

45,012 applicants.

"The applicants who were not successful in getting flats under the DDA Housing Scheme, 2019 will

not have to wait long for the refund of the registration amount as it will be refunding the amount

within a week positively," the DDA said in a statement.

Necessary instructions have already been issued to the designated banks to ensure refund of

registration amount to the unsuccessful applicants within a week, it said in the statement.

Besides, the successful applicants can also exercise the option of surrendering allotment or getting

refund of the registration amount without any deduction, up to 15 days from the date of issue of

demand-cum-allotment letter, issued on the DDA website, it said.

The DDA Housing Scheme, 2019 was launched on March 25, offering flats across four categories.

The deadline for application was extended by a month till June 10, after getting a low response. The

deadline for the same was May 10 earlier.

The flats were on offer in four categories - HIG, MIG, LIG and EWS. Of the 45,012 final applicants,

36,409 belonged to general category, 5,021 Scheduled Castes and 2,025 Scheduled Tribes and 97 war

widows, among others.

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Over 26,000 buildings lack rainwater harvesting system in Madurai

The 3.20 lakh assessments include residential houses, commercial buildings and various

government buildings, officials from the civic body said. So far, 60,743 assessments have been

checked.

The Madurai Corporationhas identified 26,571 buildings without rainwater harvesting (RWH) system

in the ongoing exercise of checking as many as 3.20 lakh assessments under the Jal Sakthi Abhiyan, a

central government scheme to conserve water.

The 3.20 lakh assessments include residential houses, commercial buildings and various government

buildings, officials from the civic body said. So far, 60,743 assessments have been checked.

Notices have been served to the 26,571 buildings to create RWH system in 15 days time. Officials

said that another round of inspection will be carried in these buildings to find out whether the system

has been implemented. Officials said that notices have also been served to 6,504 more buildings,

where RWH system is in place, but not in working condition. They too have to renovate the structure

before the deadline.

Eight weeks have been fixed to inspect all the buildings and assess RWH system. The inspection work

began from the third week of July and a target of 40,000 assessments were fixed for each week, with

10,000 for each of the four zones of the corporation, officials said.

The civic body first inspected its own building in order to set an example for other buildings. While

most of the buildings had the facility, a few required revamping, which has been completed now.

―There are as many as 602 buildings belonging to the corporation. Of these, 382 had

functional rainwater harvesting system and 66 buildings with non-functional RWH. All of them have

been renovated,‖ an official said.

Another official said that building owners will be given adequate time to renovate or install RWH

system. Those who fail to comply with the rule will be taken to task. In such cases, the corporation

itself will install the facility and collect the money from the owners.

―There is already a state government rule, which mandates buildings to have rainwater harvesting

structures. Many buildings, which have the structure at present had them installed because of the rule.

Under the Jal Sakthi Abhiyan, it is being reinforced,‖ the official added.

The official said that apart from houses and commercial buildings, many government (both state and

central) buildings too do not have RWH system.



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DDA to redevelop six more slums as per public-private partnership

model

Apart from carrying out the surveys, DDA will be roping in consultants to prepare detailed

project reports (DPR) of each slum redevelopment project.

After Kathputli Colony and Kalkaji Extension, Delhi Development Authority (DDA) will be carrying

out work on six new in situ slum redevelopment projects across the city based on the public-private

partnership model. The six locations are Rohini sectors 18 and 19, Kirti Nagar, Shalimar Bagh,

Dilshad Garden and Kusumpur Pahadi (near Vasant Vihar).

―We have engaged an agency to carry out surveys in the slum clusters at Rohini, Dilshad Garden,

Kirti Nagar and other areas to identify the beneficiaries as per Delhi Slum and JJ Rehabilitation and

Relocation Policy, 2015,‖ DDA vice-chairman Tarun Kapoor told TOI.

Apart from carrying out the surveys, DDA will be roping in consultants to prepare detailed project

reports (DPR) of each slum redevelopment project. ―We have already engaged a consultant for the

Dilshad Garden project and are in the process of engaging consultants for the others,‖ Kapoor said.

The land-owning agency will be engaging technical consultants-cum-transaction advisors for not only

the preparation of DPRs, but also initial feasibility reports and the bid documents. The projects would

be carried out on design, build, finance, operate and transfer basis.

The consultant will first conduct a feasibility study for determining the technical feasibility and

financial viability following which the projects would be awarded to a private entity selected through

a competitive bidding process.

―The redevelopment of slums situated on DDA land is being done to eventually make Delhi slum-free

and achieve the mission of housing for all by 2022,‖ a DDA official said. ―We are trying to attract

private investment by public-private partnership. We plan to reclaim encroached land and use it

optimally for creating maximum affordable houses and facilities,‖ he added.

There are 675 slums in Delhi out of which 499 are on central government‘s land, including DDA‘s. In

total, DDA will be carrying out rehabilitation work in 23 slum clusters in phases. The official said that

all beneficiary families of the in situ redevelopment projects will get a flat with two rooms, kitchen,

bathroom, water closet and balcony with basic amenities. ―We aim to provide a hygienic, healthy and

dignified lifestyle to the slum dwellers,‖ he added.

As per the public-private partnership model, a developer will be roped in to build housing facilities for



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slum dwellers. In lieu of this, the developer will get a part of the vacated land for commercial

development.

The feasibility studies of the slum clusters will identify if there is enough land available to create

remunerative components of these projects.

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Retailers look for rental relief as slowdown bites

With consumer sentiment at a low and sales sluggish, retailers are looking at renegotiating

rentals as part of their cost-cutting measures.

Ethnic-wear retailer Fabindia is said to have written to its various landlords seeking a renegotiation of

rentals. One of India‘s largest listed retailers plans to postpone paying upcoming rental increments.

With consumer sentiment at a low and sales sluggish, retailers are looking at renegotiating rentals as

part of their cost-cutting measures.

―We are going through a tough time,‖ said the top executive of one of India‘s largest retailers. ―We

are working on a strategy. First thing, we are postponing the rent increments that are coming… We

have discussed it at our last board meeting and there is no choice.‖

He said same-store sales growth — a performance measure for outlets that have existed for a year or

more — has fallen to below 5% at present from about 8-9% a year ago.

Retailers said things turned worse in July and even discounts of up to 50-70% didn‘t help much in

overcoming low consumer sentiment. According to a top executive of a fashion retailing group,

footfalls at stores have fallen by up to 20%.

―I think the landlords will also understand that business is slack,‖ he said, asking not to be identified.

He said things are relatively better at prominent malls where they have revenue sharing deals and do

not need to renegotiate.

―It is mostly for high street stores where we have pure rental agreements,‖ he said.

―A-category malls are still doing well but for other normal malls, they have seen a 3-7% drop in walk-

ins,‖ said Vasanth Kumar, MD of the Lifestyle department store chain. ―In normal malls where it is

not working out for us, we will reduce the space or release the area.‖

The Dubai-based group pruned the size of the Lifestyle store in Bhopal by 25% to 30,000 square feet.

It reduced the area of the Lifestyle outlet in Kalyan that stocks apparels by about 6,000 sq ft and

carved out a space to sell furniture and home products.

Fabindia has written to landlords seeking their ―cooperation‖ to make its business ―viable,‖ according

to a person familiar with the development. Fabindia did not respond to an email seeking comment on

the matter.



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―We are going for renegotiation on properties where the occupancy costs are high and where rentto-

revenue ratio is high,‖ said the business development head of a large listed retailer who is directly

requesting for rent reductions. ―We are telling them that we cannot survive with the current level of

rents. If the developers don‘t agree, we don‘t have any other way but to shut the stores.‖

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OBC, IDBI Bank cut MCLR up to 15 basis points

The rate cut follows an MCLR cut by the country's largest lender SBI post the RBI's decision to

reduce the key interest rate (repo) by 0.35 percentage point to a nine-year low of 5.40 per cent.

Oriental Bank of Commerce and IDBI Bank on Thursday announced a cut in the range of 0.05 to 0.15

percentage point in the marginal cost of funds based lending rates (MCLR) for various tenors.

The rate cut follows an MCLR cut by the country's largest lender SBI post the RBI's decision to

reduce the key interest rate (repo) by 0.35 percentage point to a nine-year low of 5.40 per cent.

Oriental Bank of Commerce has decided to decrease its MCLR by up to 10 basis points (0.10

percentage point) across various tenors, the bank said in a release.

The benchmark one-year MCLR is now 8.55 per cent, down by 0.10 percentage point from earlier

rate. Most of the consumer loans such as personal, auto and home are priced on the basis of the one-

year MCLR.

The MCLR for other tenors, overnight to up to six-month, will be lower by 0.05-0.10 percentage

point.

IDBI Bank announced a reduction of 0.10 percentage point in its one-year MCLR to 8.95 per cent.

The three-month to three-year rates are down by 0.05-0.15 percentage point to 8.35-9.10 per cent.

The MCLR rates for overnight and one-month MCLR's have been kept unchanged.

The new MCLR of OBC will come to effect from August 10, while that of IDBI Bank will be in place

from August 12.

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Ultratech Cement's net profit up 91% in Q1 FY20

The company's net income stood at Rs 10,308.79 crore during the said quarter, a growth of 15

per cent from Rs 8,972.85 crore it registered in the similar quarter last year.

Ultratech Cementwitnessed an increase of 91 per cent in its net profit during the quarter ended June

2019. Its profit after tax (PAT) stood at 1,208.03 crore as against Rs 631.21 crore it recorded in Q1

FY19.

The company's net income stood at Rs 10,308.79 crore during the said quarter, a growth of 15 per cent

from Rs 8,972.85 crore it registered in the similar quarter last year.

The National Company Law Tribunal (NCLT) approved the de-merger between Century Textiles and

the company on May 3, 2019.

During the quarter, the company has alloted 7,130 equity shares of Rs 10 each. As a result, the paid-

up equity share capital of the company has increased from 274,642,720 equity shares of Rs 10 each to

274,649,850 equity shares of Rs each.

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AkzoNobel India's net profit increases by 31% in Q1 FY20

The company's net income stood at Rs 727.63 crore during the said quarter as against Rs 724.83

crore it had registered in the similar quarter last year.

AkzoNobel India reported a growth of 31 per cent in its net profit during the quarter ended June

2019. Its profit after tax (PAT) stood at Rs 57.14 crore as against Rs 43.51 crore it recorded in Q1

FY19.

The company's net income stood at Rs 727.63 crore during the said quarter as against Rs 724.83 crore

it had registered in the similar quarter last year.

Rajiv Rajgopal, managing director of the company said, "The company continues to see growth in

decorative paints and protective coatings."

During the said quarter, the company recognised depreciation on right-of-use assets amounting to Rs 4

crore and finance cost amounting to Rs 1.4 crore against lease rent of Rs 5.3 crore which would have

been recognised under Ind AS 17. Consequently, profit before tax for the said quarter is lower by Rs

20 lakh, the company said in a regulatory filing.

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India Cements to acquire land in Madhya Pradesh to set up plant

Besides, the company was engaged in setting up a grinding unit near Allahabad in Uttar

Pradesh, India Cements Vice-Chairman and MD, N Srinivasan said.

India Cements Ltd is in the process of acquiring land as part of the cement major's move to set up an

integrated cement plant in Madhya Pradesh.

Besides, the company was engaged in setting up a grinding unit near Allahabad in Uttar Pradesh,

India Cements Vice-Chairman and MD, N Srinivasan said.

"We are in the process of buying the land required.We will also be setting up a grinding plant in Uttar

Pradesh. Investments will be Rs 1,300-Rs 1,400 crore," he said.

In November 2018, the company entered in to a share purchase agreement for acquiring the entire

shareholding of Springway Mining Pvt Ltd in a phased manner at a total consideration of Rs 182.89

crore.

The acquisition's objective was to set up a cement plant in Madhya Pradesh. Springway Mining is

involved in mining and quarrying business.

With the setting up of the two facilities, Srinivasan said it would take the firm's current capacity level

close to 20 million tonnes from 15-16 million tonnes.

The company was in the process of buying 500 acres with limestone deposits in Madhya Pradesh and

another 200 acres for setting up the cement plant, he said to a query. Commenting on the financials for

the April-June 2019 quarter, he said the cement business has improved overall.

"We had a very good first quarter. It is expected to continue the good performance in the coming

quarters with increasing demand for cement from housing and infrastructure sectors, steady cement

price and cost reduction measures," he said.

India Cements Wednesday recorded a jump in its standalone net profit to Rs 72.21 crore for the April-

June 2019 quarter from Rs 21.03 crore registered in the same period last year.

Total income for the April-June 2019 quarter grew to Rs 1,472 crore on a standalone basis from Rs

1,366.17 crore registered a year ago.

Expressing hope that it would be a good year for the cement sector, Srinivasan said, the industry was

poised for good growth as demand-supply was very good in West, North, South regions excluding



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Andhra Pradesh. "We expect demand to revive post monsoon and once the new governments in

Andhra Pradesh and Centre finalise their action plans," he said.

Srinivasan said the company's EBIDTA (Earnings before interest, tax, depreciation and amortization)

increased by more than 50 per cent in April-June 2019 quarter which is being recorded after a gap of

11 quarters. During the quarter under review, the capacity utilisation of the company's manufacturing

facilities was at 7 per cent.

The overall cement sales including clinker was at 30.42 lakh tonnes for the quarter under review as

compared to 30.75 lakh tonnes in same quarter of previous year. With the improved selling price of

cement, the net plant realisation went up by 11 per cent during April-June 2019 over the same quarter

of previous year.

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Lakshmi Vilas Bank working in close cooperation with Indiabulls

Housing

Early this year, the bank had announced its merger with Indiabulls Housing Finance Ltd in a

share-swap deal with an intent to create a combined entity with larger capital base and wider

geographical reach.

Private sector Lakshmi Vilas Bank (LVB) on Thursday said it was working in close cooperation with

the Indiabulls Housing FinanceLtd (IHFL)to ensure regulatory approvals were received at the earliest.

Early this year, the bank had announced its merger with Indiabulls Housing Finance Ltd in a share-

swap deal with an intent to create a combined entity with larger capital base and wider geographical

reach.

"We refer to our earlier announcement of a planned amalgamation with IHFL and Indiabulls

Commercial Credit Ltd. We have to say that the bank is working in close cooperation with IHFL to

ensure that all regulatory approvals are received at the earliest", the bank said in a regulatory filing on

Thursday.

On the recovery of bad loans, the bank said efforts to recover them have gained momentum and over

the last four quarters the bank had recovered Rs 783 crore bad loans.

The bank said consequent upon the completion of the preferential allotment of 1.68 crore equity

shares, aggregating Rs 188.16 crore to Indiabulls Housing Finance Ltd, the bank's tier I Capital and

Capital Adequacy Ratio was strengthened by 110 basis points.

"The Tier-I capital now comes to 5.56 per cent while the total CAR (capital adequacy ratio) to 7.56

per cent", it said

The bank is taking further steps to enhance the capital at the earliest, it said.

Shares of Lakshmi Vilas Bank ended at Rs 38.95 apiece down by 4.88 per cent over previous close

on BSE.

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Tata Group's Taj Hotel chain to sell assets as economy weakens

Indian Hotels plans to dispose of certain budget inns in the nation’s non-metro areas.

The luxury hotel chain controlled by India‘s Tata Group is looking to sell some assets and avoid

owning new properties in an effort to further pare debt, as it braces for a slump in consumer spending.

Indian Hotels Co. Ltd., Tata‘s listed firm that operates the Taj brand, plans to dispose of certain

budget inns in the nation‘s non-metro areas and lease them back for a fee, Puneet Chhatwal, managing

director and chief executive officer said in an interview.

―We are moving our focus to more management contracts rather than constructing hotels of our own,‖

Chhatwal said. ―We have no plans to put our legacy and flagship properties under sale and lease

back.‖

The Mumbai-based company‘s measures to cut costs and liabilities come at a time growth in Asia‘s

third-biggest economy has cooled to a five-year low, while a lingering shadow-bank crisis damps

discretionary spending. The nation‘s biggest carmaker, Maruti Suzuki India, reported the worst sales

drop since 2012 in July. Besides the slowdown, the grounding of Jet Airways India Ltd. has also hit

Indian Hotels, forcing it to write-off some dues.

The chain, which operates New York‘s The Pierre and St. James Court in the U.K., has been reducing

debt in the past few years by selling assets including apartments purchased for Tata Group‘s

executives. Consolidated net debt stood at Rs 2,000 crore ($282 million) at the end of March, down

from as high as 31 billion rupees two years earlier, according to the hospitality firm.

The efforts to pare borrowings at the hotel chain are also part of a wider drive at India‘s biggest

conglomerate. Tata Motors Ltd., the owner of Jaguar Land Rover, has said it is looking at options for

the struggling British luxury brands. Tata Steel Ltd. is in the midst of a revamp of its European

operations.

The hotel operator aims to reduce ownership of properties to 50% by 2022, from 70% at present,

Chhatwal said. The sale and lease-back plans include as many as six hotels at the group‘s Ginger

budget brand and a similar number held by joint ventures and associate companies, he said.

Indian Hotels, currently operates 151 hotels, including the Taj Mahal Palace that became the target of

terrorists during the Mumbai siege in 2008.

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WeWork wanted Ashton Kutcher and Martin Scorsese for video deals

WeWork teamed up with Ashton Kutcher to pitch a television show to NBC based on the

contest, known as the Creator Awards, according to two people familiar with the talks.

For the past two years, WeWork Cos. has spent more than $40 million to host a series of startup pitch

competitions around the world. The real estate company asks contestants to pitch apps or creative

projects to celebrity panels of judges and compete for cash prizes, in between musical performances

from the likes of the Red Hot Chili Peppers. This year, it hoped to go much bigger.

WeWork teamed up with Ashton Kutcher to pitch a television show to NBC based on the contest,

known as the Creator Awards, according to two people familiar with the talks. The show would be

similar to Shark Tank and have camera crews follow contestants around the events. The project hasn‘t

panned out, though, and is currently on hold.

As WeWork prepares for an initial public offering as soon as next month, the founders want their

creation to be seen as much more than a real estate business. The New York company generates most

of its revenue from renting office space to workers but also runs a gym, an app for organizing social

gatherings and an elementary school. The pursuit of a television deal illustrates the flashy, and often

expensive, way the company approaches many aspects of its business, including marketing.

In another example that hasn‘t been previously reported, WeWork explored a collaboration

with Martin Scorsese, the Oscar-winning director of films such as The Departed and the forthcoming

The Irishman. WeWork executives discussed hiring Scorsese to direct a series of videos promoting the

brand this summer, according to two people familiar with the plan, who asked not to be identified due

to disclosure restrictions around the IPO.

The idea came directly from the founders: Adam Neumann, the chief executive officer; Rebekah

Paltrow Neumann, his wife and a cousin of actress Gwyneth Paltrow; and Miguel McKelvey, the chief

culture officer. Other directors were also considered, though it‘s not clear what decisions the company

ultimately made. Representatives for Scorsese and WeWork declined to comment.

Neumann, the CEO, frequently portrays WeWork as a cross between a lifestyle brand and a

technology business. For a meeting with Wall Street analysts a week ago, WeWork initially sent some

invitations to tech and internet analysts, though in the end, several who cover real estate were able to

attend, said a person who was there. The IPO is likely to be the biggest of the year after Uber

Technologies Inc. and is slated to run alongside a $6 billion debt facility. All that cash has attracted

the attention of the world‘s biggest banks, some of whose CEOs have personally courted Neumann for

a shot at the business.

Inside last week‘s analyst event at a WeWork office in Manhattan‘s financial district, Neumann and



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his lieutenants held court for close to three hours. During the presentation, Neumann told the audience

to think of WeWork like Amazon.com Inc.—starting off in one business but rapidly expanding to

others, even while unprofitable, according to the attendee, who asked not to be identified citing a

nondisclosure agreement. (Uber made a similar pitch on its IPO roadshow.) Neumann then joked that

he wanted to move away from Amazon comparisons because he‘d been using them too often.

Attendees were invited to pick from an array of swag, including mugs, T-shirts, black tote bags and

umbrellas printed with the company slogan, ―Do What You Love.‖

Neumann, a 40-year-old Israeli immigrant with dark, flowing hair, has a star power of his own.

During a question-and-answer session at the event, no analysts asked him about the controversial

deals in which WeWork leased space in properties owned by Neumann. At the end of the meeting,

Neumann posed for pictures with some attendees—an uncommon practice for an executive pitching

his company to analysts.

For years, Neumann has used celebrities and glitzy performances to reward employees and appeal to

potential members. Until recently, WeWork held an annual, multi-day festival for thousands of staff

and customers called Summer Camp. The parties featured Neumann delivering inspirational orations

onstage, as well as musical headliners such as Lorde, the Chainsmokers and Florence + the Machine.

The company also held annual winter gatherings for its workers, usually in Los Angeles.

WeWork started the Creator Awards in 2017 as a way to expand the company‘s reach to entrepreneurs

who aren‘t already customers. That year, WeWork spent $16.1 million on the project and invested an

additional $2 million in the winning companies, according to financial documents reviewed by

Bloomberg. Startups, nonprofits and artists competed for prizes at regional events, and the grand

winners in 2018 and 2019 were awarded $1 million each. The final event of the first competition

featured Neumann, self-help author Tim Ferriss and Miracle Mop inventor Joy Mangano as judges, a

fireworks show and a live performance from rapper Macklemore.

The next year, WeWork spent $24 million on the awards, a figure that doesn‘t include the cost of its

final show early this year. Judges at the finals in Los Angeles included Sean ―Diddy‖ Combs and

Kutcher, who‘s an actor, investor and personal friend of WeWork‘s CEO. The Red Hot Chili Peppers

played an hour-long set.

For the TV adaptation of the Creator Awards, WeWork held discussions with Kutcher to serve as a

producer, along with Guy Oseary, a talent manager for Madonna and U2 who also runs a venture

capital firm with Kutcher, people familiar with the deliberations said. WeWork held talks early this

year with executives from Comcast Corp.‘s NBCUniversal, the people said. Representatives for the

network and WeWork declined to comment. Representatives for Kutcher and Oseary didn‘t respond

to requests for comment.

WeWork classifies the Creator Awards as ―strategic marketing events,‖ according to a document

relating to a 2018 bond offering. It told investors that the series, held in Berlin, Seoul, Tel Aviv and

other international cities, is ―a critical means through which we express our key values—inspiration,

entrepreneurship, authenticity, tenacity, gratitude and togetherness.‖

(With assistance from Gerry Smith, Eric Newcomer and Lucas Shaw.)

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