--nov oct--2019credaibengal.in/.../06nov19-cb-daily-news-update.pdf · nashik civic body collects...

10-Oct-2019 06-Nov-2019

CREDAI Bengal Daily News Update | 06.11.19

Sitharaman signals next dose of reforms to target realty sector

Govt is working closely with RBI to address sector’s problems, says the Finance

Minister

The focus on real estate is part of govt’s broader plan to kick-start economic growth,

which has slowed to a six-year low

The government‘s next round of reforms is likely to be focused on real estate, with finance

minister Nirmala Sitharaman saying that the prevailing slowdown in the sector needs to be

addressed soon.

The government is working closely with the Reserve Bank of India (RBI) to address issues

faced by the sector, Sitharaman said at an event marking the silver jubilee celebration of the

National Stock Exchange of India on Tuesday.

―Real estate sector requires a lot more attention because the sluggishness which prevails there

has got to be addressed," she said. ―The government is very keen and is working very clearly

together with Reserve Bank of India (RBI) to see how best we can make necessary tweaks to

the existing blocks to help the people who are affected in this one sector which I have not really

completely addressed till now."

The real estate industry has failed to recover from the twin shocks of the ban on high-value

currency notes in November 2016 and the goods and services tax that was introduced in July the

following year.

This has resulted in piling inventory, stagnant-to-falling property prices and dwindling funding

for developers.

Real estate projects worth ₹1.8 trillion are stalled across India, according to Anarock Property

Consultants.

The focus on real estate is part of the government‘s broader plan to kick-start economic growth,

which has slowed to a six-year low of 5% in the quarter ended 30 June.

―There are drastic measures that are needed now to infuse liquidity into the sector. If there is

zero GST implemented for real estate projects at least for six months, it would make a marked

difference. There is an urgent need for active lenders in real estate, with existing banks not

lending enough," said Niranjan Hiranandani, co-founder and managing director of Mumbai-

based developer Hiranandani Group.

Newspaper/Online Live Mint (online)

Date November 05, 2019

Link https://www.livemint.com/industry/infrastructure/sitharaman-signals-next-dose-of-reforms-to-target-realty-sector-11572974601103.html

The finance minister said alternative funds have approached the government with proposals to

invest in the sector as long as there is some support mechanism available for reviving the real

estate sector.

Sluggish demand and the consequent liquidity crunch in the real estate sector have also affected

non-bank lenders and banks through increasing slippages in their loan books. Several realty

firms are struggling to repay loans.

According to a Fitch Ratings report in October, around $10 billion of development loans are

coming up for repayment in the first half of 2020 and this may impact mainstream banks that

have lent money to shadow lenders or invested in their bonds. Sitharaman said the government

wants to ensure that the crisis in the real estate sector does not spill over to other industries.

Defaults by Dewan Housing Finance Corp. Ltd and Altico Capital have aggravated the issue,

making banks excessively cautious in extending loans to housing finance companies (HFCs)

and non-banking financial companies (NBFCs).

Private sector lenders, including Yes Bank Ltd and IndusInd Bank, have the largest direct

exposure to the commercial real estate sector and would be susceptible to ―asset-quality

difficulties" if the sector continues to struggle, according to a mid-September Moody‘s report.

A study jointly conducted by industry body Ficci, National Real Estate Development Council

and consultant Knight Frank has stated that the outlook for the country‘s real estate sector in the

September quarter has fallen to the level that was recorded during the uncertain times before

general elections in 2014.

The number of property developers reporting bankruptcy has doubled during the past nine

months, which has added to the woes of NBFCs, according to a 14 October Reuters report.

As of 30 June, 421 developers are under the corporate insolvency resolution process, up from

209 as of September-end of last year, according to data from the Insolvency and Bankruptcy

Board of India.

Sitharaman said that India is still dependent on banks for debt functions. ―Banks alone cannot

serve that cause. And that is why I am very happy that even as I stepped into this ministry, there

were enough efforts being made by the bureaucracy—and I credit them for it—for looking at

deepening the debt market in India," she added.

In September, Sitharaman announced a ₹20,000 crore special funding boost for stalled projects

that are in the affordable and mid-income category, those that are 60% complete and aren‘t non-

performing assets or in the National Company Law Tribunal.

Essentially, the government cherry-picked the safest options among stressed projects, said

property analysts and experts. Also, that is yet to be implemented.

―The money needs to reach the hands of the developers. Demand is slowly coming back in

residential, but projects are stuck because there is no liquidity. If the government could

encourage banks to start lending again, that would be a huge boost," said Ramesh Nair, chief

executive and country head of JLL India.

__________________________________________________________________

Realtors in NCR enter into joint ventures to tide over cash crunch

Financially strong firms like Prestige Group, Godrej Properties and Kalpataru Group

have entered into joint ventures, joint development and development management

agreements in the country’s largest property market by volume.

Property developers in the Delhi-NCR region are partnering large builders from the country‘s

South and West to restart projects, in the backdrop of a severe cash crunch, the stringent Real

Estate Regulatory Act and the threat of being taken to the National Company Law Tribunal.

Financially strong firms like Prestige Group, Godrej Properties and Kalpataru Group have

entered into joint ventures, joint development and development management agreements in the

country‘s largest property market by volume.

AJV or development management agreement puts alarge developer in the driver‘s seat as the

new entrant gains control of the new entity. Additionally, the established developer‘s track

record and ability to maintain cash flows help bolster project execution and marketing.

―Local developers are unable to develop on their own and are under threat of being taken to the

NCLT as buyers prefer corporate developers with better track record. Southern developers, who

have better finances, are able to get good projects with lower risks as the local partner takes care

of the permissions,‖ said Mudassir Zaidi, executive director (North), Knight Frank India.

The Internal Rate of Return for projects has also halved to almost 18% over the last decade, he

added.

________________________________________________________________

Newspaper/Online ET Realty(online)


Link https://realty.economictimes.indiatimes.com/news/industry/realtors-in-ncr-enter-into-joint-ventures-to-tide-over-cash-crunch/71931679

Get fire NOC in 90 days or face action: Indore civic body to

building owners

The applicant will have 90 days of time to obtain NOC and submit its copy to building

permission branch.

Indore Municipal Corporation (IMC) on Monday issued guidelines and set a timelimit for

owners of multi-storey buildings, which is at least 9m high or is a venue of gathering of 50 or

more people, to apply for fire NOC in next 45 days and complete other formalities in three

months. Failing to do the same will invite action under MP Land Development Rules – 2012.

Issuing a public notice, IMC said that all multi-storey buildings (15 m/above height) along with

hotel, educational, commercial, industrial or buildings being used for storage of explosive or

such mixed items, which are situated at more than 500 square meter of area will have to obtain

fire NOC.

Fire NOC will have to be acquired by applying at www.mpenagrpalika.gov.in and will have to

install fire equipment as per set guideline. On failing to do it, the owner, developer and

occupants will be held responsible under Section 87 of MP Land Development Rules 2012.

IMC asked the applicants to apply for NOC to ‗firefighting official‘ (additional commissioner,

urban administration and development department, Bhopal) and submit receipt at the building

permission branch (of the zone) in next 45 days. The applicant will have 90 days of time to

obtain NOC and submit its copy to building permission branch. The state government has

authorized 14 engineers in Indore to help the applicants as fire consultant.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/regulatory/get-fire-noc-in-90-days-or-face-action-indore-civic-body-to-building-owners/71922185

Nashik civic body collects Rs 87.67 crore property tax between

Apr-Oct 2019

This year, till October, the civic body has collected Rs 87.67 crore as against Rs 86 crore

during the corresponding period in the year 2018.

The property tax collection of Nashik Municipal Corporation (NMC) has increased marginally

by Rs 1.67 crore from April to October this year in comparison with the same period last year.

This year, till October, the civic body has collected Rs 87.67 crore as against Rs 86 crore during

the corresponding period in the year 2018.

Owing to the recently introduced amnesty scheme, the NMC has collected around Rs 28 crore

in the past one-and-a-half month.

In the last financial year (2018-19), the NMC had collected Rs 112 crore as property tax and it

was for the first time that the collection target had touched Rs 100.

Now, the NMC has set a property tax collection target of Rs 250 crore for the current financial

year 2019-20, but it has so far collected only Rs 87.67 crore.

Interestingly, the NMC‘s property tax collection till July 4 was only Rs 20 crore. Taking serious

cognizance of this, municipal commissioner Radhakrishna Game directed the officials

concerned to start stern recovery drive against the defaulters.

After the issuance of public notice for auctioning of properties of tax defaulters, people started

clearing their dues. The NMC collected Rs 38 crore in just one month between July 04 and

August 04, taking the total tax collection to Rs 58 crore.

The NMC had also issued warrants to over 1,000 defaulters thereafter in August, giving them a

deadline of a month to pay their dues or face seizure of properties. But before taking action

against the defaulters, the NMC launched an amnesty scheme in September.

The NMC recovers 2% fine per month on the tax dues from the last day of paying taxes.

Moreover, it also recovers expenses of notices and warrants issued to the defaulters.

But as per the scheme, rebate was given to defaulters in penalty, warrant and notice fees if they

cleared their total dues. ―We recovered around Rs 28 crore through amnesty scheme. This has

led to marginal rise in property tax collection during the April-October period, as compared to

the corresponding period last year,‖ an NMC official said.



Link https://realty.economictimes.indiatimes.com/news/regulatory/nashik-civic-body-collects-rs-87-67-crore-property-tax-between-apr-oct-2019/71919107

―We will soon start a drive against property tax defaulters in a bid to achieve property tax

collection target for the current financial year,‖ he added.

Nashik East division has garnered the highest property tax collection of Rs 17.25 crore among

six divisions, followed by Nashik West division with Rs 16.41 crore.

________________________________________________________________

NGT suggests allowance for labourers affected by construction ban

in Delhi

The green panel said daily-wage workers who depend on construction sites to make a

living are worst sufferers of the ban on construction activities as they have been rendered

jobless.

The National Green Tribunal on Tuesday recommended to the Centre that a stipend or

compensation be given to daily-wage labourers who have become unemployed as a result of the

ban on construction activities to bring down the severe pollution levels in Delhi.

"Huge welfare funds are lying unused under Building and Other Construction Workers

(Regulation of Employment and Conditions of Service) Act. Can there be some stipend when

construction is stopped?" a bench headed by NGT Chairperson Justice Adarsh Kumar

Goel said.

The green panel said daily-wage workers who depend on construction sites to make a living are

worst sufferers of the ban on construction activities as they have been rendered jobless.

"We have been informed that construction activity has been banned. Once construction is

stopped, people involved in manual labour suffer the most. They become unemployed," the

bench said.

The NGT was deliberating on the issue of air pollution in Delhi-NCR.

The tribunal said deterioration in air quality has not been caused in a single day but is the result

of continuous negligence and apathy of statutory authorities in law enforcement.

It said every citizen has a fundamental right to a clean environment under the Constitution.

During the hearing, Delhi Chief Secretary Vijay Kumar Dev, a senior official from the Ministry

of Environment and Forests, the member-secretary of Central Pollution Control Board and the

chairman of the Delhi Pollution Control Committee were present in pursuance of an NGT order.

The chief secretary told the bench that authorities are taking strict action against those burning

waste. Anybody who witnesses an incident of burning can report it directly through 'Sameer'

app and action will be taken against the violators, he said.

In 2017, the tribunal had said that labourers working at construction sites should be paid their

daily wages for the period the construction ban is enforced.



Link https://realty.economictimes.indiatimes.com/news/regulatory/ngt-suggests-allowance-for-labourers-affected-by-construction-ban-in-delhi/71923141

The then LG had lifted the ban on construction and demolition activities in the city in view of

loss of income to daily-wage labourers.

The tribunal had, however, said, "Under Industrial Disputes Act and labour laws you have wide

powers. Why can't you order builders to pay money to labourers in spite of stoppage of work?

"The work at construction sites has not been halted due to these people (labourers). It has been

stopped because builders have caused air pollution. They must be asked to pay wages as part of

corporate social responsibility," the NGT had said in 2017.

________________________________________________________________

Yamuna Expressway authority directed to refund Rs 41.14 crore to

Jaypee Infratech

The majority order was passed last week, with presiding arbitrator Justice O P Garg and

co-arbitrator Justice V K Gupta ruling in favour of this refund while another co-

arbitrator Justice P K Srivastava dissenting.

An arbitrational tribunal has directed Yamuna Expressway Industrial Development Authority to

refund Rs 41.14 crore along with interest to bankruptcy-bound Jaypee Infratech, saying the

demands raised by the authority against the builder are illegal and invalid.

The majority order was passed last week, with presiding arbitrator Justice O P Garg and co-

arbitrator Justice V K Gupta ruling in favour of this refund while another co-arbitrator Justice P

K Srivastava dissenting.

As per the judgement, the authority had demanded Rs 2,591.78 crore in January 2015 and

another Rs 247 crore in May 2017 from Jaypee Infratech as 'no litigation incentive' or additional

compensation to be paid to the farmers whose land was acquired by the authority and then

allotted to the developer for constructing Yamuna Expressway projects and other purposes.

However, Jaypee Infratech, a subsidiary of Jaypee group firm Jaiprakash Associates, had in its

plea sought relief saying that these demands raised by the authority were contrary to the

provisions in the concession agreement and therefore illegal. The company sought refund of the

amount paid by it along with the interest.

The realty firm said that it paid Rs 41.14 crore against the Yamuna Expressway Industrial

Development Authority (YEIDA) demand under compulsion and economic duress to obtain

sanctions, approvals, completion certificates from Noida Development Authority for its various

real estate projects.

In a 31-page majority order, the arbitrator tribunal said, "We, therefore, have no hesitation in

holding and coming to the conclusion that the claimant (Jaypee Infratech) was not at all liable

and is not at all liable to pay" the demanded additional compensation of 64.7 per cent.

The concession agreement does not authorise the YEIDA to impose and recover the impugned

demand, it said. "Accordingly the two impugned demand communications dated January 20,

2015, and May 31, 2017, raised by the respondent (YEIDA) are hereby declared as illegal,

invalid and non-est as well as unenforceable against the claimant," the order said.

Stating that the claimant (Jaypee Infratech) paid the amount under protest, the tribunal directed



Link https://realty.economictimes.indiatimes.com/news/regulatory/yamuna-expressway-authority-directed-to-refund-rs-41-14-crore-to-jaypee-infratech/71924016

the YEIDA to refund, within three months of passing the award, the amount of Rs 41.14 crore

to the company with interest at the rate of 9 per cent per annum from the dates of actual

payment.

The tribunal further said that if the YEIDA fails to refund this amount within three months, then

the authority would be liable to pay the principal amount and the interest, with further interest

of 12 per cent per annum till the amount is actually refunded to the company.

In the order, the tribunal also directed the YEIDA to ensure that the development work is not

obstructed by the Noida development authority.

As per the concession agreement, Jaypee Infratech was granted a concession for a period of 36

years commencing operation from the date of August 9, 2012. Under the agreement, 25 million

square metres of land was transferred to Jaypee Infratech for development of expressway as

well as housing, amusement, commercial, institutional, areas.

Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal

(NCLT) admitted an application by an IDBI Bank-led consortium seeking resolution of the

firm.

During the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of

Suraksha Group, was rejected by lenders.

In October 2018, Interim Resolution Professional (IRP) Anuj Jain started a fresh initiative to

revive Jaypee Infratech on the NCLT's direction. In the second round, lenders rejected bids of

Suraksha Realty and state-owned NBCC received through the bidding process.

The matter is currently pending before the Supreme Court, which had asked the NBCC to

submit its revised bid.

________________________________________________________________

Mahindra Lifespaces' JV firm buys over 8 lakh sq ft land in Thane

In a filing to the BSE, the company said Mahindra Happinest Developers Ltd has

executed a conveyance deed with the land owners for acquisition of a land parcel situated

in Mumbai Metropolitan Region at Village Ranjnoli.

Realty firm Mahindra Lifespace on Tuesday said its joint venture has acquired land

in Thane, Maharashtra, that has a potential to develop housing project comprising over 8 lakh sq

ft.

In a filing to the BSE, the company said Mahindra Happinest Developers Ltd has executed a

conveyance deed with the land owners for acquisition of a land parcel situated in Mumbai

Metropolitan Region at Village Ranjnoli, Taluka Bhiwandi, District Thane having residential

development potential of up to 0.84 million sq ft.

Mahindra Happinest Developer is a joint venture between HDFC Capital Affordable Real

Estate Fund -1 and a subsidiary of Mahindra Lifespace.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/industry/mahindra-lifesapces-jv-firm-buys-over-8-lakh-sq-ft-land-in-thane/71931652

Bankers expect resolution of DHFL issue by December-end

The Inter-Creditor Agreement (ICA) is in place for the resolution of the account and

banks are looking at it, the senior banker said.

Bankers expect the resolution of debt-ridden mortgage lender DHFL to be finalised by the end

of next month, according to a banker who is part of lenders' consortium.

The Inter-Creditor Agreement (ICA) is in place for the resolution of the account and banks are

looking at it, the senior banker said.

The resolution would be reached by December 31, the banker expressed hope amidst SFIO

probe of alleged financial irregularities committed by DHFL.

Asked if the NCLT route could be taken for resolution, the banker said that all aspects are being

examined, it is pre-mature to comment at the moment.

According to the Reserve Bank's June 7 NPA resolution framework, for a resolution plan to be

passed, 75 per cent of lenders by value and 60 per cent by numbers must approve it and sign the

ICA.

The banker also said that mutual funds as a category of debtors are still not on the same page.

In September, DHFL had proposed a resolution plan that converted debt to equity, following

which lenders would acquire 51 per cent of the company. It also sought a Rs 15,000-crore

lifeline from the lenders as they finalise the resolution plan.

The resolution plan offered by DHFL proposed to convert 2.3 per cent of each lender's exposure

into equity at Rs 54 per share.

The beleaguered home financier owes Rs 83,873 crore as of July 6, 2019 to banks, the National

Housing Board, mutual funds and bondholders, including retail bondholders.

The company has been facing liquidity issues since last September and yet has paid back Rs

41,000 crore of its financial obligations through a combination of securitization of assets and

repayment collections.

The Wadhawan family, who owns a little over 39 per cent in the company, has been looking at

various ways to come out of the stress which first came to light late last year following the

IL&FS bankruptcy. These include selling stakes in group entities, including in the flagship to

the extent of giving up management control.



Link https://realty.economictimes.indiatimes.com/news/allied-industries/bankers-expect-resolution-of-dhfl-issue-by-december-end/71931623

Earlier this week, the government has ordered an SFIO probe into alleged financial

irregularities at mortgage lender DHFL after finding instances of suspected fund diversions.

DHFL came under the scanner in the wake of allegations that the company had siphoned off Rs

31,000 crore worth bank loans through layers of shell entities.

The Ministry of Corporate Affairs carried out a detailed examination of the allegations of

financial misdoings against the company's promoters through the Registrar of Companies

(RoC).

The RoC report indicated suspected fund diversions at the company, following which the

ministry has asked the Serious Fraud Investigation Office (SFIO) to probe the case, as per the

source.

________________________________________________________________

Chandigarh administration yet to issue notification of construction

debris policy

The municipal corporation, in June, had passed the draft bylaws, but the administration is

yet to issue a notification.

While the Chandigarh Pollution Control Committee (CPCC) has been repeatedly raising the

issue, the UT administration is sitting over draft construction and demolition (C&D) waste

bylaws.

The municipal corporation, in June, had passed the draft bylaws, but the administration is yet to

issue a notification.

The construction and demolition plant at Industrial Area, Phase I, can process 150 metric tonnes

of waste every day, but processes a mere 50 MT these days, working at a third of its capacity. In

the absence of notified bylaws, residents are unmindfully dumping construction waste in the

city.

As per an estimate, the city generates over 100 tonnes of waste, which is being illegally thrown

mostly across the green belt and forest area in southern sectors. CPCC officials had recently

maintained that construction and demolition waste gets glued to tyres of vehicles, and

ultimately becomes a suspended particulate matter in the air. This particulate matter is

calculated in air pollution and is harmful to health.

A senior MC officer said the matter was pending with the administration. As the UT estate

office is also part of the entire exercise, the final notification will be issued by the

administration, he added. The municipal corporation had proposed to levy a cess on any

renovation and fresh construction in Chandigarh in its bylaws. It had also proposed that the

money collected from the cess would be used to run its C&D waste processing plant.

As per the draft bylaws, the cess will be charged at Rs 16 per square feet per storey on any kind

of re-construction of residential, commercial, institutional or government buildings. The fee is

Rs 2 per square feet per storey for construction of new buildings, which is comparatively less

since there is not much demolition debris.

The MC had proposed that the cess would be collected at the time of building plan approval

from the UT estate office.

Contact for lifting waste



Link https://realty.economictimes.indiatimes.com/news/industry/chandigarh-administration-yet-to-issue-notification-of-construction-debris-policy/71915244

As per the draft, the MC will charge Rs 1,000 per tipper per trip to collect debris from the

construction site, subject to a condition that total availability of waste should be minimum of 18

to 20 tonnes. Two rounds of MC vehicles are required to transport 20 tonnes of waste.

However, in the absence of UT‘s notification, the MC, for the time being, has started a facility

wherein any resident can contact on 72771-90788 and the waste will be lifted only if its

quantity can fit in two tippers. The civic body charges Rs 1,000 for each tipper visit. Otherwise,

residents can make their own arrangements to dump waste at the MC‘s plant at Industrial Area.

________________________________________________________________

Tree plantation, rainwater harvesting must for PMAY subsidy in

Agra

According to the district urban development authority (DUDA) records, 19,214 applicants

are being benefited under the central government scheme.

To get Rs 2.5 lakh subsidy under the Pradhan Mantri Awas Yojna (PMAY) for construction of

houses, each applicant will have to plant at least two trees and develop rainwater

harvesting system.

According to the district urban development authority (DUDA) records, 19,214 applicants are

being benefited under the central government scheme.

As per the norms, the PMAY beneficiaries will get subsidy in installation of solar power

system. They will also get priority under various government schemes including Ujjwala yojna

and Ayushman Bharat Yojna.

Under the PMAY-U, eligible beneficiaries are provided with a combined monetary assistance of

Rs 2.50 lakh for construction of a house by the central and state government. The funds are

disbursed in three installments. The first is of Rs 50,000, the second of Rs 1,50,000 and the

third of Rs 50,000. Over 10,000 applicants in the district have received two instalment.

Sanjay Pathariya, project director, DUDA, said, ―The beneficiaries under the PMAY will have

to plant at least two trees and provide details about them. They will also have to develop rain

water harvesting system in houses. We are also updating them about waste management.

Beneficiaries are being asked to place two dustbins. One for wet waste and the other one for dry

waste. They are also made aware about the benefits of other government schemes.‖

To ensure that benefits of the scheme effectively reaches those who need it, PMAY

beneficiaries are selected from among BPL households, using housing deprivation parameters

as per the Socio Economic and Caste Census (SECC), 2011.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/tree-plantation-rainwater-harvesting-must-for-pmay-subsidy-in-agra/71919221

OTP-based property registrations soon in Karnataka

The Department of Stamps and Registration is geared up to roll out the new system based

on one time password (OTP) across Karnataka in about two weeks.

Karnataka has added two more layers of security in property registrations to lift the integrity of

property transactions. This initative is probably the first by a state government, officials said.

The Department of Stamps and Registration is geared up to roll out the new system based on

one time password (OTP) across Karnataka in about two weeks. The department, which only

recently unearthed a series of tampering with the property data on its software system, hopes the

new OTP system will prevent any attempts at impersonation and forgery of documents.

The first layer of security involves seller uploading the scanned property documents including

khata certificate, tax receipt and the RTC, where applicable, on the website ahead of registration

of transfer of property ownership. Once launched, both buyer and seller in a transaction will

receive one-time password (OTP) to authenticate the registration of the deed.

The system was introduced on a pilot basis in Shivamogga, the home district of chief

minister BS Yediyurappa, about two weeks ago. ―Our experience has been positive. We plan to

introduce it in two more districts before launching it full-fledged across the state,‖ inspector

general of registration KV Thrilok Chandra told ET.

The two features, officials believe, will act as a solid proof in the event of any attempts at

impersonation or forgery of land documents. The Kaveri software presently takes only the

photo, thumb impressions and identity proof of the buyer and the seller of a particular property.

The uploading of documents and OTP will further enhance the security features.

Karnataka records about 10,000 property registrations every day, with Bengaluru making up

about 70% of the total registrations.

The upgraded system is expected to be of use, especially in urban areas where complaints of

impersonation and forging property documents are high. ―As the property documents including

RTC, khata certificate and property taxes paid to the BBMP are all available on the website, we

have seen several cases of people faking up ownership by creating duplicate identity cards.

Since the deal is between the buyer and seller, we do not verify the credentials unless someone

complaints,‖ a sub-registrar in Bengaluru told ET.

He, however, said they would like to see how the new system will play out, and to what extent,

it will be able to keep fraudsters under leash.



Link https://realty.economictimes.indiatimes.com/news/technology/otp-based-property-registrations-soon-in-karnataka/71921936

Godrej Properties' net profit up 66% in Q2 FY20

Its profit after tax (PAT) was Rs 34.19 crore as against Rs 20.57 crore it recorded in the

corresponding quarter last year, the company said in a BSE filing.

Godrej Properties has reported a growth of 66 per cent in its net profit during the second quarter

of the financial year 2019-20.

Its profit after tax (PAT) was Rs 34.19 crore as against Rs 20.57 crore it recorded in the

corresponding quarter last year, the company said in a BSE filing.

The company's net income was Rs 395.11 crore in Q2 FY20, a dip of 19 per cent from Rs

487.07 crore it registered in the similar quarter last year.

During the half year ended September 30, 2019, the company has granted 50,069 new stock

grants to eligible employees and allotted 70,363 equity shares upon exercise of stock grants

under the Employee Stock Grant, the company said in a BSE filing.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/industry/godrej-properties-net-profit-up-66-in-q2-fy20/71920587

--nov oct--2019credaibengal.in/.../06nov19-cb-daily-news-update.pdf · nashik civic body collects...

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