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CREDAI Bengal Daily News Update | 05.03.20
WEST BENGAL NEWS
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Newspaper/Online The Times Of India
Date March 5, 2020
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Newspaper/Online The Times Of India
Date March 5, 2020
OTHER NEWS
India has given us the strongest results globally: Stephen
Schwarzman, Chairman, Blackstone
Of the USD 15.5 billion of total investments it has made into 40 companies (and only six
record-breaking profitable exits), as much as USD 6 billion flowed into the country in 2019
alone, a record high for the firm.
The USD 572-billion private equity giant Blackstone, which has pumped in USD 15.5 billion into
scores of companies in the country since its entry 15 years ago, is bullish on the Indian market
which has given it the strongest results globally. Of the USD 15.5 billion of total investments it
has made into 40 companies (and only six record-breaking profitable exits), as much as USD 6
billion flowed into the country in 2019 alone, a record high for the firm.
Addressing a select group of media over lunch here, Stephen A Schwarzman, the chairman, chief
executive and co-founder of Blackstone, said, "India has given us the strongest results across the
world. And am optimistic this (will) continue going forward."
But Schwarzman, known for his 'don't lose money' way of risk taking, did not quantify the returns
he has made from the India investments.
Since his last formal visit to India in 2006, Schwarzman, who is spending hundreds of millions
of dollars on philanthropy, education and the arts, also said the India he visited then is not the
India of today.
The country has "changed enormously. India is a highly unusual market... despite the problems it
is facing today, which is exacerbated by the crisis in the banking system, this market can come
around for the better."
"India's education sector is doing well, producing seven times more engineers than the US does
annually. So it means it has all the preconditions for expansive growth as the economy has reached
an inflection point," said Schwarzman, who founded Blackstone 30 years ago with USD 400,000,
which has since grown to a USD 572 billion Wall Street gorilla.
"Despite some hiccups, growth is happening at a good pace. Last year was a record for us with
USD 6 billion investments. I see the same level of investment growth happening this year as
well," said Amit Dixit, one of the senior managing directors at Blackstone Advisors India.
The PE giant's largest exit was Intelenet Global Services, which was sold to French outsourcing
giant Teleperformance for USD 1 billion in August 2018. Blackstone acquired it in 2013 for
around USD 385 million and the return was its largest exit in Asia then.
Blackstone invested in Intelenet twice in the last decade. It first picked up a stake in 2007 before
selling to Selco in 2011. In late 2015, it bought the company back for USD 385 million.
Newspaper/Online ET Realty (online)
Date March 5, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/india-has-given-us-the-
strongest-results-globally-stephen-schwarzman-chairman-
blackstone/74485543?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-
05
Blackstone pumped in USD 6 billion into India 2019 when it picked up companies like Aadhar
Housing Finance from the troubled DHFL group for Rs 3,000 crore, stake in Essel Propack from
the debt-laden Zee Group for Rs 3,211 crore, Akash Education, Indiabulls realty arm (Rs 1,600
crore), the tony One BKC property (Rs 2,500 crore) and Future Lifestyle.
Blackstone is the largest realty investor in the country through its joint venture with the Embassy
group, having launched the country's first REITs.
Embassy Office Parks, the JV of Blackstone and Embassy, launched the first real estate
investment trust (REIT) in March 2019, raising Rs 4,000 crore.
Embassy Office Parks has a portfolio over 33 million sq ft comprising seven business parks and
four city-centric buildings spread across Mumbai, Bengaluru, Pune and Noida.
Besides the Embassy Group, Blackstone has also partnered with developers like Salarpuria Sattva
Group, Indiabulls Real Estate, Panchshil Realty and K Raheja Corp, among others, totalling over
USD 10 billion investments in realty sector alone.
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Cabinet clears proposal for direct overseas listing of Indian
companies
Amendment would be made in the Companies Act, 2013, for having enabling provisions
that would permit foreign listing of Indian corporates.
In a significant move, the Cabinet on Wednesday approved a proposal to allow direct listing of
Indian companies overseas.
Amendment would be made in the Companies Act, 2013, for having enabling provisions that
would permit foreign listing of Indian corporates.
Currently, quite a few Indian companies have American Depository Receipts (ADRs) that are
traded in the US. Some other corporates have their Global Depository Receipts (GDRs).
Briefing reporters about the Cabinet decisions, Union minister Prakash Javadekar a proposal
allowing listing of Indian companies abroad has been approved.
In a release, the corporate affairs ministry said listing of Indian companies in foreign stock
exchanges is expected to increase the competitiveness of Indian companies in terms of access to
capital, broader investor base and better valuations.
"The framework for enabling such listing under the foreign exchange and securities laws would
be finalised by the Ministry of Finance in consultation with Ministry of Corporate
Affairs, Reserve Bank of India and the Securities and Exchange Board of India," it added.
Amendment would be carried out in Section 23 of the Act to include enabling provisions to allow
direct listing of securities by Indian public companies in permissible foreign jurisdictions.
The ministry is implementing the Act.
Under the Act, public companies should have at least seven shareholders and have no restriction
on transferability of their shares, among other criteria.
Corporate Affairs Secretary Injeti Srinivas said the Act would have enabling provisions for listed
as well as unlisted companies in India to list their shares abroad.
These provisions would be subject to certain conditions.
"So making this enabling provision(s)... that is the proposal which Cabinet has approved," he
said.
According to him, there would be broad enabling provisions. The class of companies, types of
instruments that can be listed and other things would be notified in the rules.
Newspaper/Online ET Realty (online)
Date March 5, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/cabinet-clears-proposal-for-
direct-overseas-listing-of-indian-
companies/74485424?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-
05
The rollout of the scheme in this regard might take a few months, he added.
"Now, like just you had a scheme for GDR/ADR, what will be the tax treatment and other issues?.
Most of it (will) get covered in subordinate legislation. It does not involve any amendment per se
to the best of my understanding," Srinivas said.
Srinivas along with Finance Minister Nirmala Sitharaman were also present at the briefing.
A depository receipt is a foreign currency denominated instrument, listed on an international
exchange, issued by a foreign depository to a domestic custodian and includes GDRs.
________________________________________________________________________________________________
HC issues notice to Gujarat RERA for dismissing case against
builder
The petition was filed by an Uttar Pradesh resident, Yusuf Jamal, who booked a property
in a building project by East West Developments Pvt Ltd in Shilaj.
The Gujarat high court on Tuesday issued notice to the Gujarat Real Estate Regulatory Authority
(RERA) and sought a reply over a petition complaining that RERA dismissed a complaint on the
day of adjournment.
After announcing adjournment in a case, RERA dismissed the complaint on the grounds that the
party did not remain present, the petition said.
The petition was filed by an Uttar Pradesh resident, Yusuf Jamal, who booked a property in a
building project by East West Developments Pvt Ltd in Shilaj. When the developer did not supply
the unit to Jamal in time, he dragged the firm to RERA in Indore last year. The matter was
transferred to the Gujarat RERA.
According to Jamal’s advocate, Amiraj Barot, as the developer did not put up any construction,
Jamal filed a complaint. There was a hearing before RERA on December 11, 2019, but he
received an email on December 9 that proceedings were adjourned till December 17.
When Barot went to attend proceedings on December 17, he was told that the case had been
dismissed as default on December 11 because nobody turned up on behalf of the complainant.
The lawyer supplied a copy of emails he received from the official email ID of RERA, to prove
that his case was wrongly dismissed.
The petitioner requested the HC to quash the RERA’s order of dismissal and direct it to initiate
proper action against the developer within the stipulated three months.
The HC sought a reply from RERA and the developer in two weeks’ time, the petitioner’s lawyer
said.
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Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/hc-issues-notice-to-
gujarat-rera-for-dismissing-case-against-
builder/74468273?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-05
Karnataka state making changes to Land Reforms Act
Revenue minister R Ashoka will seek the Legislative Assembly’s approval to amend Section
109 of the Land Reforms Act to make purchase of farmland for industrial use, and later its
sale, an easier exercise. The Assembly session began on Monday.
The Karnataka government is making important changes to its Land Reforms Act, 1961, in a bid
to accelerate industrial projects already signed up, as well as prospective ones.
Chief minister BS Yediyurappa is pushing for changes after several senior executives of
multinational companies he had met at Davos in January complained about the difficulties they
were facing in getting possession of their preferred agriculture plots in the state to set up industrial
units. Soon after his return from the World Economic Forum tour, the chief minister got the
industries and revenue departments to work together and suggest changes in the processes as well
as amendments to the law.
Revenue minister R Ashoka will seek the Legislative Assembly’s approval to amend Section 109
of the Land Reforms Act to make purchase of farmland for industrial use, and later its sale, an
easier exercise. The Assembly session began on Monday.
The changes also provide for exempting industrial investments from Sections 63, 79A, 79B and
80 if the same had been cleared by the state’s high-level clearance committee, headed by the chief
minister, or the state-level single-window clearance committee led by the industries minister.
These sections deal with ceiling on land holding, and purchase of farmland by non-agriculturists.
Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/karnataka-state-making-
changes-to-land-reforms-
act/74477886?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-05
“We want to ensure our laws don’t throw up roadblocks to investments. We hope the amendments
we are making will speed up industrial development and add jobs,” Ashoka told ET.
Section 109 was a stumbling block for struggling industries to sell off, pay debtors and exit. The
new amendment will pave way for their smooth exit, however, after seven years of their operation.
The amendment would require the buyer to use the plot for the same purpose as before.
“When industries pass through hard times, they will have few options but sell assets to clear debts
and improve their financial health,” Ashoka said.
There are no such land laws in neighbouring Tamil Nadu and Andhra Pradesh, where investors
are free to negotiate with farmers, buy land and set up their industries. Since Karnataka does not
encourage industries in Bengaluru, investors keen on a site near Bengaluru would often choose
one in the border areas of Tamil Nadu or Andhra Pradesh, but not in Tumakuru or Kolar districts,
officials handling investments said.
Scores of farmers in Karnataka are willing to sell their land for a good price, and reinvest in
cheaper land elsewhere, but the laws come in the way, an official said. A large investor committed
to making a big-ticket investment in Koppal district has not been able to get possession of land
even after a year because of the interplay of revenue laws and cumbersome processes, an
industries department official said. “The government is pushing really hard for attracting
investments in the Kalyana Karnataka region, which is the most backward, but our revenue laws
are not making things work,” he said.
Chief secretary TM Vijay Bhaskar is working on simplifying processes so that the fruits of
changes in the law and procedures reach investors, officials said.
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Greater Noida development body to charge Rs 100 per month to
put up signage
Builders will not be able to put up direction boards to guide visitors in Greater Noida.
GNIDA has decided not to allow private builders to put up wayfinding boards apprehensive
about violation of guidelines.
The Greater Noida Industrial Development Authority (GNIDA) has announced that a minimum
of Rs 100 per month would be charged from builders and agencies for putting up signage or
boards.
Builders will not be able to put up direction boards to guide visitors in Greater Noida. GNIDA
has decided not to allow private builders to put up wayfinding boards apprehensive about
violation of guidelines. Interested builders would have to pay up the required charges to GNIDA
and the Authority would then get the boards installed according to the policy’s guidelines.
Builders would be allowed to put up hoardings only to promote under-construction project sites.
No charges would be levied for promotion of such projects if the hoarding measures less than 215
sqft.
Additional chief executive officer (CEO) of GNIDA, Deep Chandra, said the decision has been
taken to bring uniformity in the city and in order to reduce clutter.
For commercial operations, the agencies would have to pay up Rs 20,000 as annual registration
fee before putting up the boards. The minimum size of a board being 3X2 feet, the agency would
have to pay Rs 100 every month for a single piece. “Higher charges would be charged for bigger
boards, but the proportion of the board would be regulated by the policy. Nobody can put up
boards of random sizes,” added Chandra.
The wayfinding boards would be 6-foot-wide and 1-foot-long. Such boards would be put up at
roundabouts and rotary to guide visitors and commuters to housing societies, hospitals,
educational institutions and government establishments. For such boards, one will have to pay a
one-time fee of Rs 4,800 and an additional amount of Rs 7,200 as annual rent. Authority had
decided the charges while framing the policy in January.
________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/greater-noida-
development-body-to-charge-rs-100-per-month-to-put-up-
signage/74474013?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-05
Committee directs Thiruvananthapuram civic body to rehabilitate
polluting households Chief secretary Tom Jose, chairman of the committee, stressed the need to identify them
and arrange alternative locations for their rehabilitation at a review meeting held here on
Tuesday.
The monitoring committee set up by the state to review progress of national green tribunal (NGT)
cases has directed the city corporation to identify households and establishments, located near
waterbodies, which discharge effluents into canals and rivers.
Chief secretary Tom Jose, chairman of the committee, stressed the need to identify them and
arrange alternative locations for their rehabilitation at a review meeting held here on Tuesday.
The district administration which undertook a survey as part of the project to revive Parvathy
Puthanar had identified 1,700 households along the Kovalam-Akkulam stretch which require
rehabilitation.
In April 2019, the corporation was asked to rehabilitate 8,050 households near Karamana river
without septic tanks and which have been diverting sewage to the water body. In a meeting
convened by chief secretary in April following a spot visit by NGT’s state-level monitoring
committee, the corporation was directed to take preliminary steps towards rehabilitation of
households without septic tanks. It was estimated the corporation would have to acquire 48 acres
of land for the purpose. This assumes importance as the civic body is already facing difficulties
in purchasing land for the Life Mission.
Sources said a major issue in forcing residents to move is that many of them had been given title
deeds by the government in the past, in a way giving them legal right to reside near waterbodies.
The civic body will have to be backed by various departments and the government in its move to
identify households located close to waterbodies and initiate steps for rehabilitation.
Around 18,000 landless beneficiaries were identified under the Life Mission within corporation
limits and over 8,000 have received homes so far. The meeting also decided to engage consultants
for the preparation of DPR as part of laying sewage line in areas near polluted waterbodies. KWA
has been directed to ensure a sewer network in the city in such a way the treatment plant at
Muttathara works to full capacity. A DPR of the Rs 1,400 crore project will also have to be
prepared.
Rejuvenation of Karamana river and Killiyaar through a series of short-term and long-term
measures is expected to cost over Rs 1,500 crore.
________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/committee-directs-
thiruvananthapuram-civic-body-to-rehabilitate-polluting-
households/74474155?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-
03-05
HC refuses to grant relief to illegal structures near Chandigarh air
force base
In a strong observation in the matter, the high court said though no one is concerned about
national security and interest, everybody wants concession and compensation even after
violating laws.
The Punjab and Haryana high court on Tuesday refused to grant any relief to petitioners seeking
stay on demolition of 83 illegal structures situated within 100 metres from outer periphery of Air
Force base at Chandigarh.
In a strong observation in the matter, the high court said though no one is concerned about national
security and interest, everybody wants concession and compensation even after violating laws.
The HC, which had ordered demolition of illegal structures within four months, observed, "How
can we set aside our own orders?" The HC said despite having no stay or any other relief, "still
some super natural power seems to be with you" as things are still intact. The court later adjourned
the matter as the case is listed in Supreme Court on March 6.
A few persons had gone to Supreme Court against the demolition order passed by HC. The SC
had asked HC to dispose of the case while adjourning it till March 6.
During the resumed hearing on Tuesday, petitioners urged HC to stay demolition orders and
decide on giving compensation to those whose houses had already been demolished. But, the HC
observed that it was the same bench that had passed demolition orders and "since SC had put no
stay, so how can we go against our orders and set it aside."
The HC said after conducting proper inquiry and going through reports, the court had ordered
demolition of illegal structures as it was a matter of national security. As per Works of Defence
Act, no construction is allowed within 100 metres from outer periphery of Air Force Base, the
court said.
The high court said, "It is unfortunate that nobody is concerned about national security and
national interest. Citizens in this country are violating law and order and even do not want to
rectify the mistakes. But still everyone wants compassion and concession even after violating
law."
________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/hc-refuses-to-grant-relief-
to-illegal-structures-near-chandigarh-air-force-
base/74477991?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-05
Madhya Pradesh government plans to regularise illegal colonies,
buildings
Minister for revenue Govind Singh Rajput explained that those occupants who have been
served notices but have not paid their dues to regularize their buildings will be given a
specific period to pay for mutation and diversion at 12% interest for the first year and then
15% interest thereafter.
The state cabinet on Tuesday decided to regularise illegal colonies and buildings under the
provisions of the Urban Land Ceiling Act 1976.
"Illegal colonies and buildings will now be regularized. There are many such illegal residential
colonies and buildings that exist in big cities of Bhopal, Indore, Jabalpur and Gwalior.
Regularising these colonies will benefit thousands of families who have been residing on these
plots for decades," said law minister PC Sharma after the meeting.
Minister for revenue Govind Singh Rajput explained that those occupants who have been served
notices but have not paid their dues to regularize their buildings will be given a specific period to
pay for mutation and diversion at 12% interest for the first year and then 15% interest thereafter.
"Twelve months will be given for settlement of cases. Those who fail to make payment within
this time will be evicted," the revenue minister said. The land settlement for residential cases will
be made for the time being, and commercial cases will be dealt with later, the minister said.
In another major decision, the government approved setting up a Mental Health Authority for the
welfare and treatment of psychiatric patients. The authority on mental patients will have nine
government members and 11 non-government members. Review boards will be set up at the
divisional level. "The government wants to help mental patients and their families. The authority
will be set up to plan how such patients and their families can be helped. Also, the authority and
review boards will decide on treatment facilities for such patients," Sharma said.
The cabinet also approved setting up of a new super-specialty hospital in Indore at a cost of Rs237
crore, besides approving 970 posts for the hospital.
________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/madhya-pradesh-
government-plans-to-regularise-illegal-colonies-
buildings/74474116?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-
05
Not many takers at Jaipur development body's PRN regularisation
camps
The JDA is organising camps to regularise 24 colonies in the scheme. According to the
sources, there are approximately 3,000 houses in these colonies.
The Jaipur Development Authority’s attempts to fill its coffers by issuing lease deeds to Prithvi
Raj Nagar residents are turning futile as not many plot holders are coming forward in
regularisation camps.
The JDA is organising camps to regularise 24 colonies in the scheme. According to the sources,
there are approximately 3,000 houses in these colonies. However, so far less than 200 people have
applied and procured lease deeds. A source at JDA said, “The JDA has not even issued 200 lease
deeds (pattas) so far. The major reason is that many plot owners have expressed helplessness in
affording the cost.”
After JDA increased the development charges and regularisation fee, the plot owners got
discouraged. Giraj Singh Khangarot, president of Prithvi Nagar Sangharsh Samiti said, “The
people who have not taken lease deeds till date are really poor. The capable plot owners have
already procured lease deeds. The government should be providing relaxation to these plot owners
rather than increasing rates.”
The civic body has set a target to issue lease deeds to all the PRN plot holders till November
2020. Residents who will fail to procure lease deeds on time will have to pay double development
and regularisation rates to regularise their plots.
BJP former councillor, Maan Pandit who is protesting against the increased rates said, “The
people have understood the government’s intentions. The idea is to benefit the mafias and
suppress the poor. Our government had decided to acquire land above 1,000 sq yards and develop
the area by selling that land. However, the decision was reversed.”
For a 100 square-yard plot, JDA will charge Rs 300 regularisation charge (per square yard), which
will include allotment rates. Similarly, for plot size between 101 and 300 square-yards, JDA will
charge Rs 480.
The agency will charge regularisation rates of Rs 720 (per square yard) for plots bigger than 301
square yards and up to 1,000 square yards. Owners having a plot of more than 1,000 square yards
will have to give 1.5 times regularisation charges.
For regularising a marriage garden in the scheme, which has been developed on a plot size above
2,000 square yards, the JDA has fixed Rs 1,500 (per square yard) regularisation charge.
________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/not-many-takers-at-jaipur-
development-bodys-prn-regularisation-
camps/74478079?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-05
Mohali clueless on number of structures and building plans in
Kansal
Aashika said the Mohali administration would ensure compliance with the orders of the
high court through the municipal council concerned.
The Mohali administration seems to be clueless on the total number of structures and building
plans approved at Kansal village falling under the Sukhna catchment area. Officiating deputy
commissioner Aashika Jain has sought a report from Kharar sub-divisional magistrate (SDM)
Himanshu Jain on the number of structures that have come up in the area and how many building
plans have been approved.
Aashika said the Mohali administration would ensure compliance with the orders of the high court
through the municipal council concerned. The executive officer (EO) of Nayagaon MC has been
directed to make announcements regarding the HC order in the area so as to ensure awareness
and prevention of any further violation.
She said, "The SDM, Kharar, has been instructed to submit a detailed report on data collected
from MC Nayagaon to ascertain the total number of structures that have come up in the area and
how many building plans have been approved. We will comply with the high court orders and
ensure that no further construction is allowed in the area."
The sources in the Mohali administration said they have no information on number of structures
that have come up in the area or number of building plans approved in the area. The sources said
since 2004, building plans had been pending with MC Nayagaon awaiting approval.
Sources said revenue records reveal that in the past decade, only 500 building plans have been
approved whereas over 2,500 dwellings have been constructed in the area. The Mohali
administration will also ascertain that if the building plans were not approved then how power,
water and sewerage connections were provided to land owners.
The administration has woken up after the Punjab and Haryana high court ordered demolition of
all the structures which have come up after September 2004 in Sukhna catchment area within
three months. The order has spread panic and uncertainty among residents. The HC had also
penalised Punjab and Haryana governments Rs 100 each for being negligent in not saving the
Sukhna Lake environment.
Many have taken loans to construct houses
The Kansal residents' association has claimed that many land owners have taken home loans to
construct their dwellings in the area. The HC orders have left them panicky as they believe that
they would be homeless and yet they will have to pay the EMI. There is widespread panic at
Kansal and adjoining areas following the HC orders. Area MLA Kanwar Sandhu said that he has
been fighting for the rights of Kansal residents for the past several years and has been trying to
prevent them from being displaced. Some of residents of Kansal village - H S Oberoi, P S
Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/mohali-clueless-on-number-
of-structures-and-building-plans-in-
kansal/74477935?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-05
Bhinder, Anirudh Dhanda, Gaurav Aggarwal - said all the dwellers have spent fortunes in
constructing their houses and now it will be suicidal if they are displaced. They said, "It will be
suicidal situation especially for those who have taken home loans to construct their houses."
________________________________________________________________________________________________
Panchkula: 2,000 property tax defaulters get sealing notices
Sumedha Kataria, MC commissioner-cum-administrator, said if the defaulters fail to pay
up the amount within seven days, their buildings would be sealed.
The municipal corporation (MC) on Tuesday issued sealing notices to 2,000 commercial and
residential property tax defaulters.
According to the civic body records, the defaulters owe Rs 8.5 crore tax.
Sumedha Kataria, MC commissioner-cum-administrator, said if the defaulters fail to pay up the
amount within seven days, their buildings would be sealed. Recently, Kataria had held an 'open
darbar' in which all the defaulters were asked to put up their case and give reasons for not paying
the tax.
A notice under Section 104 of the Haryana Municipal Corporation Act, 1994, was issued.
The owners appeared for a hearing but still did not deposit the outstanding property tax. It was
then the decision was taken to issue them sealing notices under the Act.
The notice stated that defaulters were liable to invite action as per Section 130 of the Haryana
Municipal Corporation Act, 1994, which empowers the corporation to recover the tax with the
cost of recovery, including attachment and sale of immovable property of the defaulter. The notice
stated that they had defaulted in paying the tax for the last few years.
Last month, two hoteliers were issued sealing notice for not paying property tax even after the
MC commissioner had given them a personal hearing.
________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/panchkula-2000-property-
tax-defaulters-get-sealing-
notices/74468289?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-05
Landlord of Esplanade Mansion gets two weeks to come up with
restoration plan
The division bench of Justices SJ Kathawalla and RI Chagla, on Tuesday, granted the
landlord Sadik Ali Noorani two weeks’ time so that structural engineer Chetan Raikar can
come up a detailed plan for restoration of the building.
The landlord of the 150-yearold UNESCO World Heritage structure, Esplanade Mansion, has
appointed one of the experts named by the Bombay High Court as his conservation consultant to
restore it.
The division bench of Justices SJ Kathawalla and RI Chagla, on Tuesday, granted the landlord
Sadik Ali Noorani two weeks’ time so that structural engineer Chetan Raikar can come up a
detailed plan for restoration of the building.
Noorani’s counsel Cherag Balsara informed the court about Raikar’s acceptance of the offer made
by Noorani, after which the court adjourned the case to March 18.
Earlier, Noorani, along with bona fide and legal tenants, agreed to give Rs 50 crore for the
restoration of the building. Raikar, along with conservation architects Abha Narain Lambah and
Pankaj Joshi, was appointed by the court to visit the building and submit their reports – joint or
separate – answering the question whether the building can be restored, and if yes, then at what
cost.
All three experts, in two separate reports, answered the restoration question in the affirmative,
but cited different costs. While Raikar’s report, leaving certain things based on how the restored
building would be used, said it needed Rs 23 crore, Lambah and Joshi pegged the cost at Rs 98
crore. Raikar, following a query from the court, revised his estimate to around Rs 45-50 crore if
the building were to be used the way it was being used before it was vacated on the orders of the
high court last year.
Based on this, the bench last month asked the landlord’s lawyers to tell the court how much
Noorani was willing to pay, taking Rs 50 crore as the restoration cost.
The hight court directed the tenants that if they wanted to approach any court over tenancy rights
or issues regarding the restoration, they should give two weeks’ advance notice to the landlord
and his lawyer before approaching the court, so that the matter can be dealt with expeditiously.
Listed among top 100 endangered buildings
Esplanade Mansion is a Grade II-A heritage structure, which once served as Bombay’s first
luxury hotel – the Watson’s Hotel – and is listed among the top 100 endangered monuments in
the world. The building is also only one of the two cast iron structures in the world.
________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date March 4, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/landlord-of-esplanade-
mansion-gets-two-weeks-to-come-up-with-restoration-
plan/74478195?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-03-05
