11-July-2019 - CREDAI€¦ · Amazon eyes four million sq ft work space in Bengaluru This deal is...

11-July-2019

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CREDAI Bengal Daily News Update | 11.07.19

Builders to face separate trials on victims' complaints: Delhi HC

In such cases, many people are left in the lurch if the sole complainant withdraws the case or

reaches a settlement with the builder/accused.

Builders who dupe thousands of homebuyers, or those accused of ponzi schemes to defraud investors,

will now face multiple prosecutions in Delhi — based on complaints of individual victims — and can

be awarded long, consecutive prison terms.

In a landmark verdict, the Delhi high court ended the current practice of Delhi Police (mostly EOW

and crime branch) to lodge a single FIR in case of cheating of a large number of investors/depositors

where, for instance, a lone homebuyer is treated as the complainant while other affected persons are

shown as witnesses in a criminal case.

In such cases, many people are left in the lurch if the sole complainant withdraws the case or reaches a

settlement with the builder/accused.

A bench of Justices Vipin Sanghi and I S Mehta termed as ―clearly erroneous and not sustainable in

law‖ the practice ―of registering a single FIR on the basis of the complaint of one of the complainants/

victims, and of treating the other complainants/victims merely as witnesses.‖

The court said it ―raises very serious issues with regard to deprivation of rights of such complainants

to pursue their complaints, and to ensure that the culprits are brght to justice.‖

Spelling out the law in this regard, HC was categorical that in a case of inducement, allurement and

cheating of a large number of investors/ depositors, ―each deposit by an investor constitutes a separate

and individual transaction‖ and noted that ―all such transactions cannot be amalgamated and clubbed

into a single FIR by showing one investor as the complainant, and others as witnesses.‖

―In respect of each such transaction, it is imperative for the state to register a separate FIR if the

complainant discloses commission of a cognisable offence,‖ the court observed.

The court rejected the police‘s stand that only a single FIR is required in cases where all

investors/depositors were cheated in pursuance of a single conspiracy. The EOW argued that

commission of multiple acts did not require the registration of separate FIRs for each victim.

In its ruling, the HC highlighted how such a procedure denies other victims the right to ―oppose, or to

seek cancellation of bail that the accused may seek in relation to their particular transaction.‖

Newspaper/Online ET Realty (online)

Date July 11, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/builders-to-face-separate-trials-on-victims-complaints-delhi-hc/70166952

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The court‘s answer came on a reference sent to it by additional district and sessions judge Kamini Lau

while dealing with a case involving 1,852 different victims cheated in a ponzi scheme.

In the process, the high court also made it clear that police or any investigating agency probing such

an economic offence ―cannot amalgamate the separate offences investigated under separate FIRs, into

one chargesheet‖, as is the current practice.

The HC also held that a limit on the quantum of sentence imposed by the CrPC (where courts award

concurrent jail terms in a single trial for more than one IPC section) won‘t apply in these cases, where

an economic offender faces multiple trials that result in more than one conviction. This means trial

courts can now give consecutive prison terms where the second term starts only once the first sentence

ends, making the punishment much more rigorous.

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DHFL lenders meeting Thursday to cobble up a resolution plan

"The meeting is to discuss and decide on a resolution plan for DHFL," a senior banker told .

The consortium of 31 lenders to the troubled Dewan Housing Finance (DHFL) are meeting Thursday

to discuss a resolution plan for the third largest pureplay mortgage lender, sources said Wednesday.

The lenders, which had last met on July 1, are still in the process of signing an inter-creditor

agreement for the company, a must to decide on a resolution plan under the June 7, revised NPA

circular from of the monetary authority.

"The meeting is to discuss and decide on a resolution plan for DHFL," a senior banker told .

At the July 1 meeting, lenders had decided to sign the inter-creditor agreement by July 5 but could not

do so yet.

"The process signing the mandatory inter-creditor agreement is still on. A majority of the banks have

signed the agreement," said another banker.

According to the Reserve Bank's revised framework for NPA resolution, dated June 7, if a borrower is

reported to be in default by any of the lenders, other lenders should undertake a review of the account

within 30 days from the default, which will be called as review period.

During the review period, banks may decide on a resolution plan and wherever a plan has to be

implemented, all lenders will have enter into an inter-creditor agreement within those 30 days to

provide for ground rules for finalisation and implementation of a resolution plan.

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

ways of coming out of the stress which first came to light late last year following the IL&FS

bankruptcy. These include selling stakes in group entities, inclduing in the flagship to the extent of

giving up half of their stake.

DHFL has seen a rash of rating downgrades last month after it defaulted on Rs 1,150 crore to its

bondholders due on June 4. This led to a downgrade of its Rs 850-crore commercial papers to 'default'

by three rating agencies.

Following this on June 11, it had paid Rs 962 crore of the Rs 1,150 crore debt towards interest on

NCD repayment, but again on June 25, it failed to fully redeem another CP worth Rs 225 crore.

DHFL owes nearly Rs 90,000 crore to banks and other financial institutions, according to its FY18


Date July 11, 2019

Link https://realty.economictimes.indiatimes.com/news/allied-industries/dhfl-lenders-meeting-thursday-to-cobble-up-a-resolution-plan/70166964

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annual report.

Meanwhile, DHFL denied reports in a section of the media that Deloitte has resigned as its auditor.

When contacted a company spokesperson said, "these are absolutely unfounded rumours."

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IL&FS puts 2,880-acre land parcels in Kutch for sale

The company has invited expressions of interest from interested parties for selling the land

parcels owned by three subsidiaries of IL&FS Group in the state.

In an attempt to its monetise assets, the bankrupt IL&FS group has put its 2,880-acres of non-

contiguous land banks spread across seven villages in the Kutch region of Gujarat for sale.

The company has invited expressions of interest from interested parties for selling the land parcels

owned by three subsidiaries of IL&FS Group in the state.

The three subsidiaries-- Avash Logistic Park, Sealand Ports and Gujarat Integrated Maritime

Complex-- collectively own these 2,880 acres of non-contiguous landbank spread across Mota Layja,

Godhra, Bayath, Undoth, Ratadiya, Nana Layja and Kathda villages in the Kutch district.

Property consultant Jones Lang LaSalle is assisting the group for potential transactions.

The IL&FS group owes close to Rs 1 trillion to over 40 banks and financial institutions, and was sent

to bankruptcy court last October after a string of defaults by a few of its 348 subsidiaries and the

resultant credit downgrades.

In newspaper advertisement,the company said large land parcels are connected to NH-8-A and are in

close proximity to the Mundra and Kandla ports, are suitable for heavy industries, warehousing or for

setting up solar/wind farms.

Apart from this, the company has also offered contiguous land parcels of 150-450 acres.

As per statistics of JLL, the Kutch region has around 4,000 industries employing 3.75 lakh. In the past

five years, as many as 133 projects worth USD 7.5 billion were set up in the district, which is nearly

22 percent of investments that the state received during the period.

________________________________________________________________________________


Date July 11, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/ilfs-puts-2880-acre-land-parcels-in-kutch-for-sale/70167010

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Amazon eyes four million sq ft work space in Bengaluru

This deal is being touted as the largest single office space transaction in India in terms of area.

US-based online retailer Amazon.com is set to pick up more than 4 million square feet (m sq ft) of

built-to-suit office space in Bengaluru, in what is being billed as the largest single office

space transaction in India in terms of area.

The ecommerce behemoth already occupies over 5 m sft of office space in Bengaluru, Chennai,

Hyderabad and Gurugram and has been serving the rest of the world from India. ―The request for

proposal (RFP) has been floated for 5 m sq ft, but the office part of it will be 4 m sft. The bid has

started to come in and will take another 2-3 months to close,‖ people aware of the deal said. This will

make Amazon the fourth largest office space occupier in India.

―We do not comment on what we may or may not do in the future,‖ an Amazon spokesperson said. In

the past three years, it has rented 2.7 m sq ft in Bagmane constellation in Bengaluru, 700,000 sq ft in

Brigade World Trade Centre, 500,000 sq ft in TRIL Chennai and 2m sq ft campus in Hyderabad.

―Amazon usually follows 1:120 sq ft ratio per employee. The new facilities can seat around 33,000

employees once completely operational,‖ said one of the people.

In the first half of this year, Bengaluru retained its top position as India‘s healthiest office space

market due to availability of technology talent, a well-entrenched R&D ecosystem, and lower costs.

The city‘s booming commercial market houses all the big technology firms — Facebook, Apple,

Microsoft and Google.

Amazon plans to utilise the new space to grow in India and cater to its global operations. ―It will also

house technology development and back-end operations of Amazon‘s global business. The new

campus will also be used to develop newer products for the company,‖ said another person who did

not wish to be named.

At 155 m sq ft, the city has the largest office stock in the country, with more than 30 m sq ft due for

completion before 2021, according to industry tracker CBRE.

__________________________________________________________________________________


Date July 11, 2019

Link https://realty.economictimes.indiatimes.com/news/commercial/amazon-eyes-four-million-sq-ft-work-space-in-bengaluru/70167070

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DLF yet to submit completion report of deficit infrastructure of its

Gurugram colonies

The authority reviewed progress of the development work being carried out by DLF in phases 1,

2 and 3, and also the status of the condition of assets offered by Unitech for auctioning to

recover the cost of deficit infrastructure in South City 1 and 2.

The MCG has directed developers to complete pending infrastructure work in the city‘s licensed

colonies so that residents can be provided better civic amenities.

During a meeting on the takeover of licenced colonies by the corporation on Wednesday, MCG

commissioner Amit Khatri reviewed progress of the development work being carried out by DLF in

phases 1, 2 and 3, and also the status of the condition of assets offered by Unitech for auctioning to

recover the cost of deficit infrastructure in South City 1 and 2.

Speaking to TOI, Khatri said the core objective is to provide better civic amenities to residents of all

licenced colonies. ―We also review the progress made by corporation in takeover of colonies,‖ he

said.

In accordance with the government‘s directions, the director of town and country planning has

transferred the maintenance responsibility of Palam Vihar, Sushant Lok 1, Suncity, DLF 123 and

South City 1 and 2 to the corporation.

According to the mandate, MCG will take over the colonies — Palam Vihar and Sushant Lok Phase

1— developed by Ansal Properties and Infrastructure Limited. The cost of deficit infrastructure shall

be recovered from the developers by DTCP, and the same will be transferred to MCG in a phased

manner, said a senior official.

The colonies developed by Unitech — South City 1 and 2 — shall also be taken over by MCG. The

cost of the deficit infrastructure shall be recovered by the corporation by auctioning properties offered

by Unitech.

In case of deficit recovery, the remaining amount shall be recovered by DTCP and transferred to the

corporation in a phased manner.

The corporation shall also take over the colonies — DLF 1, 2 and 3 and Suncity — after verification

of the deficit work completed by the developer. In pursuance of the directions given in the order, the

corporation has already taken over maintenance of Suncity, while DLF has been carrying out deficit

infrastructure work in phases 1,2 and 3.


Date July 11, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/dlf-yet-to-submit-completion-report-of-deficit-infrastructure-of-its-gurugram-colonies/70167026

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The corporation has also started carrying out deficit work in Palam Vihar and Sushant Lok 1, and

South City 1 and 2. The officials have been asked to update status report on development work done

by DLF and apprise MCG of the condition of the assets offered by Unitech so that these can be

auctioned. Meanwhile, the executive engineer of MCG wrote to DLF on Tuesday regarding the non-

submission of completion report of deficit infrastructure.

The corporation reminded DLF that it was decided in the meeting led by DTCP director KM

Pandurang in Chandigarh that DLF will complete the deficit infrastructure in all three phases — I, II

and III — as per specifications given in DPR and to the satisfaction of MCG.

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Centre‟s draft tenancy law proposes cap on security amount, penalty

for overstaying tenants

The draft Model Tenancy Act, which states will be free to adopt, says overstaying tenants would

end up paying double the rent for two months and four times after that period.

The Centre has proposed a model tenancy law to regulate renting of premises and seeking to balance

the interests of both tenants and landlords by proposing to limit advance security deposits to two

months‘ rent and suggesting heavy penalties for tenants who overstay.

The draft Model Tenancy Act, which states will be free to adopt, says overstaying tenants would end

up paying double the rent for two months and four times after that period. The housing and urban

affairs ministry put the draft law in public for stakeholder consultation and will later seek the

Cabinet‘s approval.

Interestingly, to avoid stirring a controversial debate, the draft legislation proposes that the laws to be

notified by states won‘t have any retrospective effect. This means thousands of landowners in Delhi

and Mumbai, getting meagre rents for properties in prime business and commercial areas are not

being considered for relief. They would have to continue their legal battles. Though the housing

ministry had first come out with a similar model Act, it faced stiff opposition from traders in Delhi

and Mumbai since it proposed to bring existing contracts under its purview.

Officials said the main aim of the fresh draft is to make lakhs of properties, lying locked as owners

prefer to keep them empty rather than risk likely litigation, available for rent. ―The provision of

retrospective effective would result in litigations. We want to put a system in place that encourages

people to rent out their properties,‖ said an official.

Finance minister Nirmala Sitharaman had announced a model law for states in the Budget. According

to the last government survey, about 1.1 crore premises are lying vacant in urban areas as landlords

fear the tenants may usurp their properties once they rent them out.

The draft model Act proposes setting up of authorities in states to regulate renting of premises and to

balance interests of both owners and tenants. The states will also establish adjudicating mechanism for

speedy dispute redressal by setting up Rent Courts and Rent Tribunals to hear appeals.

Both tenants and landlords would have to inform the authority concerned after signing an agreement,

which specifies the monthly rent, tenure of tenancy and the responsibility of each side for carrying out


Date July 11, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/centres-draft-tenancy-law-proposes-cap-on-security-amount-penalty-for-overstaying-tenants/70167032

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minor and major repair on the premises. In case of disputes, both parties can approach the rent

authority concerned.

It also proposes that the rent court can be moved if a tenant does not pay rent for two months without

forceful eviction. If the tenant pays dues within one month after the matter has gone to the authority,

he would be allowed to stay. But the tenant won‘t get this relief if there is more than one default in a

year.

The draft Act specifies that if the land owner does not accept rent physically or through postal order,

this can be deposited with the rent authority. Similarly, if the land owner refuses to carry out repairs,

the tenant can deduct the amount from the periodic rent. It proposes that the tenant can vacate

premises, if it becomes inhabitable after giving 15 days‘ notice with the rent authority‘s permission.

Similarly, if a tenant refuses to carry out repair, which is specified in the agreement, the landlord can

deduct the amount from the security deposit.

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UP-RERA issues show-cause notice to Three-C Green Developers

According to UP-RERA, Three C Developers is trying to implement the project with the help of

Prateek Group, which is not permissible under the terms and conditions of the lease.

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) on Wednesday issued a show-cause

notice to Three-C Green Developers asking as to why the registration of its project Lotus Yardscape

Phase-I in Noida be not revoked.

The authority also asked why penalties of 5 per cent of the cost of the project be not imposed under

the Section 60 and 61 of RERA.

The order relates to a land parcel situated in Sector 78,79 and 101 to Xanadu Estates by Noida

authority in 2011. The land parcel was alloted to the developer to develop a sports city under which 28

per cent was earmarked for group housing.

Three C Developers were made special purpose vehicle (SPV) for the project which got the layout

plan approved in 2012 and revised it in 2014. About 15 per cent of the sport facilities were supposed

to be completed within 3 years as part of the lease deed with authority.

Comptroller and Auditor General (CAG) in its audit had questioned the process of development of the

project. Noida authority also wrote letter to promoter of Three C in 2017 and 2018 but the builder

didn't respond.

According to UP-RERA, Three C Developers is trying to implement the project with the help

of Prateek Group, which is not permissible under the terms and conditions of the lease.

On Noida authority's request, a joint site inspection was carried out which found that the promoters

have not developed the scheme as per the terms and conditions of the lease deed and the sanctioned

plan. The builder also failed to get the revised plan for subdivided plots approved by the authority.

The report also found that the builder has shown no inclination to complete the project.

Three C Developers also uploaded incomplete, misleading and wrongful information even after the

order passed by UP-RERA in May 2018. Hence, the builder has been served a show-cause notice and

has been asked to reply within a period of 30 days.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/up-rera-issues-show-cause-notice-to-three-c-green-developers/70163091

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Mumbai: Bungalow belonging to Parsi trust up for sale, may fetch

crores

Trustees who briefed this correspondent about the sale on Tuesday evening, said they want to

monetize this "dead asset" and use the proceeds to expand the trust's charity work for the Parsi

Irani community.

A dilapidated, early 20th century bungalow property belonging to a Parsi trust in the prime sea-facing

Bandra Bandstand area is on sale and could fetch a couple of hundred crores given its location. The

property is situated close to Taj Lands End hotel.

The one-acre plot is controlled by the Bandra Parsi Convalescent Home Trust, which ran a

convalescence home here for poor women and children from the community for over a century. It shut

down around 15 years ago due to poor occupancy.

Trustees who briefed this correspondent about the sale on Tuesday evening, said they want to

monetize this "dead asset" and use the proceeds to expand the trust's charity work for the Parsi Irani

community.

"We currently provide medical help, funds for education and amelioration of poverty. With the sale of

this property, we hope to expand the scope of our trust and help Parsi institutions and NGOs," they

told TOI.

Global property consultant CBRE has received the mandate to market and sell the plot. Bids will be

opened on August 22. When asked how much the plot would fetch, one of the trustees said, "We do

not want to put a figure or speculate in any way."


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/residential/mumbai-bungalow-belonging-to-parsi-trust-up-for-sale-may-fetch-crores/70158224

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One of the reasons for disposing the property, they added, was the "unaffordable high ground rent"

charged by the collector. "It increased from Rs 4,600 a year to Rs 16 lakh," they said.

The property has a long history going back to the beginning of the 20th century when social worker

Shirinbai Mancherji Cama, started the Bandra Parsi Convalescent Home in 1903.

Parsi historian Marzban Giara said, "She was born on August 4, 1857. After being widowed at a very

young age, she dedicated the rest of her life to public service and community service true to her motto:

'To serve one's people is to serve God'."

"She toiled night and day for it and considered all in the home as her children. She devoted her

attention like a mother for their care, happiness and medical treatment. Sir Dorab Tata donated Rs

50,000, from which she bought Jalbhai Sett's bungalow at Bandra," said Giara.

Bai Avabai Faramji Petit, too, donated Rs 1,500 to purchase furniture for the home.

"The chief aim of this home was to restore the health of poor and weak women desirous of

maintaining their family rather than depending on others, but due to poor physique are unable to do

so. The objective is to empower them so that they can lead an industrious and useful life," said Giara.

In 1932, Shirinbai started another Convalescent Home for Poor Parsi Men and Boys at Bandstand in a

bungalow called Sea Breeze. This home is functional till date.

Meanwhile, as news of the sale spread within the community, murmurs started about the need to

dispose of its assets. Community activist Rayomand Zaiwalla alleged, "The builders and their usual

property fixers must have worked really hard behind the scene to target this vast property. Where can

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you get an acre of land in Mumbai and that too in a place like Bandra Lands End? One by one, they

are targeting every Parsi trust property."

The trustees, though, said the entire sale process is being done in a transparent manner. "We have put

all the cards on the table," they said, adding that the charity commissioner's permission will be sought

to sell the property too.

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Page 16 of 47

SC dismisses RLDA plea against arbitral award of Rs 1,034 crore to

Parsvnath

Parsvnath Rail Land Project Pvt Ltd (PRLPPL), a special purpose vehicle (SPV) created to

develop this project, had gone into the arbitration process to settle the issue.

The Supreme Court has dismissed the appeal of the Rail Land Development Authority (RLDA)

challenging a Delhi High Court order asking it to pay Rs 1,034 crore to realty firm Parsvnath Ltd in

relation to a project in the national capital. In February 2016, Parsvnath Developers had terminated its

development agreement with RLDA due to a title dispute related to a 38-acre land stretch that the

company had bought for Rs 1,651 crore.

Parsvnath Rail Land Project Pvt Ltd (PRLPPL), a special purpose vehicle (SPV) created to develop

this project, had gone into the arbitration process to settle the issue.

A division bench of the Delhi High Court dismissed the RLDA plea, which had challenged a single

judge bench order that upheld the arbitral award of Rs 1,034 crore in favour of the real estate major.

The RLDA moved the apex court which also dismissed the appeal on July 8.

"We see no reason to interfere with the impugned order of the High Court. The Special Leave Petition

is, accordingly, dismissed," a bench of Justices L Nageswara Rao and Hemant Gupta said.

The high court had dismissed the RLDA's appeal and had upheld the arbitral award of November 25,

2017.

As per the arbitral award, the claim of Rs 1,034.53 crore made by the company and PRLPPL was

upheld and payment of this amount was directed to be made by RLDA along with 4 per cent interest

per annum from July 15, 2015 till the date of payment.

In 2010, Parsvnath through an auction had bought this land located at Sarai Rohilla-Kishanganj here

from RLDA and in May 2013, a development agreement was executed between RLDA and PRLPPL.

The company had paid over Rs 1,150 crore against the purchase of this land parcel. Parsvnath had

proposed to develop luxury apartments, commercial/ shopping areas, railway housing, railway service

building and common facilities, hospital/school and other amenities in this project.

___________________________________________________________________


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/sc-dismisses-rlda-plea-against-arbitral-award-of-rs-1034-crore-to-parsvnath/70155185

Page 17 of 47

Builders settle 99% of cases filed by citizens Gujarat RERA

“There is still lack of awareness among citizens regarding RERA Act,” says Ravindra Parmar a

lawyer in Meghaninagar who assists citizens file complaints under RERA.

In more than a year since Gujarat‘s Real Estate Regulatory Authority (GujRERA) has begun hearing

citizen‘s grievances, records suggest that builders are more than willing to settle disputes if citizens

approach GujRERA. Between July 2018 and now GujRERA has heard and disposed of 220 cases

filed by citizens under Section 31 of the act. Remarkably, out of 220 just one case, from Surat, was

decided on merits and Rs 5,000 fine was levied by the GujRERA. The rest 219 cases were settled by

and between the parties before the final order.

―There is still lack of awareness among citizens regarding RERA Act,‖ says Ravindra Parmara lawyer

in Meghaninagar who assists citizens file complaints under RERA. Citizen complaints constitute just

24% of total cases disposed by GujRERA.

In only few cases has GujRERA taken a stern stance like on June 12, the authority had issued a

warrant of recovery against a Vadodara-based builder for not giving possession of a flat for which the

citizen had paid over Rs 20 lakh. The authority issued the warrant to the Vadodara district collector

asking him to recover Rs 28.27 lakh from the builder.

The cases largely include issues related to possession of property, lack of amenities within flats,

tenements or bungalows, poor construction material used, poor bathroom fitings, poor quality street

furniture, missing facilities like gymnasiums, pools, children play area as promised in advertisements

and brochures. The highest complaints originated from Ahmedabad with 71 cases filed. According to

GujRERA website cities like Rajkot, Valsad are yet to see any case disposals while Bhavnagar has

witnessed the disposal of a single case.

More than citizens complaints, GujRERA has taken up 707 cases suo motu where it has pulled up

builders for non-compliance of filing of quarterly returns and general violations brought to the notice

of the regulatory authority. The violations include under Section - 63 for not obeying the GujRERA

authority instructions, advertising or marketing of projects without RERA Registration, under Section

11(2) for publishing advertisements without RERA registration number or booking or selling of real

estate project before RERA Registration.

___________________________________________________________________


Date July 11, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/builders-settle-99-of-cases-filed-by-citizens-gujarat-rera/70166926

Page 18 of 47

Now, no stamp duty on land transfer to development agencies in

Maharashtra

The policy is applicable prospectively. The state cabinet on Tuesday approved the proposal to

waive off the stamp duty on such transfers.

Land owners who transfer their land to development authorities, including Mumbai Metropolitan

Region Development Authority (MMRDA), for 'public good' will no longer be required to pay stamp

duty on the transfer.

The policy is applicable prospectively. The state cabinet on Tuesday approved the proposal to waive

off the stamp duty on such transfers.

Revenue officials said the waiver is on land on which a reservation for a public amenity has been

marked in the Development Plan. "This land is acquired by the authority in lieu of transfer of

development rights. An agreement is signed and it is on this instrument that a stamp duty of 5% of

Ready Reckoner rate is made applicable. It is only in such cases that stamp duty has been waived,"

said an official.

"Often, the land owner would be...reluctant to pay stamp duty owing to which the transfer would be

stalled."

A similar policy was made applicable to all civic bodies in 2003, and now has been extended to public

authorities, including Maharashtra Industrial Development Corporation, and the development agencies

in Pune and Nagpur.

___________________________________________________________________


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/now-no-stamp-duty-on-land-transfer-to-development-agencies-in-maharashtra/70161540

Page 19 of 47

Bombay HC directs flat buyers of Orbit Haven to fund removal of rusty

crane

The court was hearing an application filed by owners of adjoining Ruby Mansion, a heritage

property, who expressed fear that the crane, scaffolding and other construction equipment on

the 30th floor, which are "extremely corroded", may crash.

In a relief for SoBo residents, Bombay high courtdirected flat purchasers fighting a legal battle for

allotment of apartments in the stalled Orbit Haven building at Nepean Sea Road to deposit Rs 50 lakh

to fund removal of a rusty crane and scaffolding from the 30-storey structure. The under-construction

building had been abandoned after the developers went into liquidation. There is a dispute between

the flat purchasers, who claimed they paid Rs 12-30 crore, and creditor Axis Bank.

The court was hearing an application filed by owners of adjoining Ruby Mansion, a heritage property,

who expressed fear that the crane, scaffolding and other construction equipment on the 30th floor,

which are "extremely corroded", may crash. "Photographs BMC has obtained are very revealing and

instil fear of harm if these structures fall from 30 storeys above," observed Justice Anil Menon. "The

consequences could be the loss of many lives, apart from damage to adjoining buildings," the judge

said.

Axis Bank had refused to fund costs for removal of the equipment and for securing the premises. The

court said the buck rested with the flat purchasers, who were directed in 2017 to pay for maintenance

of the structure but failed to do so. "The present state of affairs has occasioned due to failure of the

(flat purchasers), who claim interest in the property, and they are responsible for its deterioration due

to their inaction and lethargy, despite expressing willingness to maintain it," the judge said. The court

said that if the flat purchasers fail to deposit the Rs 50 lakh required for the work, the court would

dismiss their suits seeking allotment of the apartments.

Orbit Corp, run by Pujit Aggarwal, had launched the project in 2009 as a 32-storey luxury residential

tower at Darabshaw Lane. The project envisaged duplex flats from the 16th floor and upwards, with

parking facilities and a club house in lower floors. The builder collected around Rs 200 crore from the

buyers. Axis Bank, which had loaned Rs 150 crore to the builder, had taken symbolic possession of

the building following defaults.

The Supreme Court had recently ruled that the flat purchasers, in their suits for delivery of apartments,

could name the bank as a party.

__________________________________________________________________


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/bombay-hc-directs-flat-buyers-of-orbit-haven-to-fund-removal-of-rusty-crane/70158759

Page 20 of 47

ED summons actor Prosenjit Chatterjee to probe Rose Valley PMLA

case

Sources said the actor he been asked to depose before the investigating officer of the case at its

zonal office here for questioning, after which his statement will be recorded under the

Prevention of Money Laundering Act (PMLA).

The Enforcement Directorate has summoned Bengali film superstar Prosenjit Chatterjee to appear

before it on July 19 for questioning in connection with its money laundering probe into the Rose

Valley ponzi scam case, officials said Tuesday. The agency has speeded up its investigation into the

case and has deputed a special team for the purpose.

Sources said the actor he been asked to depose before the investigating officer of the case at its zonal

office here for questioning, after which his statement will be recorded under the Prevention of Money

Laundering Act (PMLA).

Apart from acting, Prosenjit Chatterjee, the son of veteran actor Biswajit Chatterjee, has been a

producer of a number of films.

The agency wants to question Prosenjit Chatterjee about Rs 2.75 crore received by his company, Idea

Locations and Production Pvt Ltd, from the Rose Valley group between 2010-11.

Out of this, Chatterjee is suspected to have received about Rs 23.5 lakh and the central probe agency

wants to understand the purpose of these funds, a source said.

The ED has already grilled officials of the company and Chatterjee is expected to be confronted with

their statements.

It had on Monday interrogated senior Trinamool Congress leader Madan Mitra for the first time in

connection with the Rose Valley scam.

The agency, meanwhile, has set up a special team to take forward the probe in the case, look for assets

that can be attached in the future and file prosecution complaints before the court, the source said.

It had registered an FIR against the firm, its chairman Gautam Kundu and others in 2014 under the

PMLA. Kundu was arrested by ED in Kolkata in 2015.

Multiple charge sheets have been filed in Kolkata and Bhubaneswar courts by the ED in this case. It

has also attached assets worth Rs 4,200 crore in the case till now.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/ed-summons-actor-prosenjit-chatterjee-to-probe-rose-valley-pmla-case/70159638

Page 21 of 47

The group had reportedly floated 27 companies to allegedly run the chit fund operations.

The ED has alleged that the scheme floated by the group promised investors in various states inflated

returns between eight and 27 per cent.

The company had allegedly pledged astronomical returns to depositors on land and assets, and

bookings done in the real estate sector. It has also been accused of making "cross investments" in its

various sister firms to suppress its liabilities towards investors.

The Securities and Exchange Board of India (SEBI) had probed the company before the ED and the

CBI registered cases against the group. The ED has pegged the total volume of the alleged

irregularities at Rs 15,000 crore, including interest and penalties.

____________________________________________________________________

Page 22 of 47

CBI recovers important documents in Manesar land case

A senior CBI official here said that the agency has registered around 30 separate cases relating

to corruption, criminal misconduct and arms smuggling among others.

The Central Bureau of Investigation (CBI) has got massive leads in Haryana's Manesar land grab case

during widespread searches carried out at 110 places across 19 states and Union Territories, in what is

being viewed as the Modi government's biggest-ever action against corruption.

A senior CBI official here said that the agency has registered around 30 separate cases relating to

corruption, criminal misconduct and arms smuggling among others.

During searches at the official premises of Krish Buildtech Pvt Ltd. in Jasola district centre here, the

agency recovered 14 documents pertaining to land deals in Manesar, the official said.

The CBI has booked former Haryana Chief Minister Bhupinder Singh Hooda and T.C. Gupta, the then

Chief Administrator, HUDA and Director, Urban Estate, Town and Country Planning Department,

and others, including 15 private builders, on charges of criminal conspiracy, cheating, pecuniary

advantage and criminal misconduct in connection with alleged irregularities in allotting over 1,417

acres of land in Gurugram during 2009-12. It has carried out raids at over 20 places in Haryana, Delhi

and Punjab.

"One crucial document has been recovered pertaining to land deal case which points the finger

towards the then Chief Minister and Gupta," the CBI official said.

The agency registered the case on January 29 this year on the November 1, 2017 order of the Supreme

Court to investigate the acquisition process of over 1,417 acres of land between 2009 and 2012 in

Gurugram's Sector 58 to 63 and Sector 65 to 67.

The agency has carried out searches at over 20 places in January this year, including the DLF office in

Gurugram, and in Chandigarh, New Delhi and Mohali as well as Hooda's residence in Rohtak.

The agency had earlier registered a preliminary enquiry to probe into the allegations.

The CBI had received a go-ahead to file a charge sheet against Hooda in connection with the case.

The former Chief Minister faces allegations of using his influence to allot a plot for Associated

Journal Ltd (AJL), the parent company of the National Herald newspaper.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/cbi-recovers-important-documents-in-manesar-land-case/70159488

Page 23 of 47

Besides, the searches in Delhi, the agency has also carried out searches across the country in its

investigation into several other important cases.

__________________________________________________________________

Page 24 of 47

Thika Tenancy Bill passed in West Bengal

State urban development minister Firhad Hakim said this while passing a new Thika Tenancy

Bill on Tuesday in the state assembly that will now allow construction of multi-storeyed

buildings on leased or „thika‟ land in Kolkata and Howrah.

The state government on Tuesday indicated it was considering giving out land rights on long-term

lease to encroachers on unused government plots.

State urban development minister Firhad Hakim said this while passing a new Thika Tenancy Bill on

Tuesday in the state assembly that will now allow construction of multi-storeyed buildings on leased

or ‗thika‘ land in Kolkata and Howrah.

The ‗thika‘ system allows lease of vacant land by the landlord to a tenant with the liberty to erect

temporary structures. Till now, there was a ban on constructing buildings on such plots exceeding a

height of 9.5m. The new law lifts that ban and entitles the ‗thika‘ tenants to construct buildings up to

five storeys, each floor measuring around 385 sq ft. The vertical growth is largely expected to help the

government, which has been trying to unlock over 2,500 acres of real estate in Kolkata and Howrah.

Referring to the unused government land that has been encroached upon, Hakim said, ―If the land is

not required by the government, it can lease it out to the people who have been staying there. This is a

cabinet decision and we have instructed the Block Land Revenue Officers (BLRO) to start the

process. The government is also ready to provide financial assistance to the people under ‗Nijo Bhumi

Nijo Griha‘ and ‗Banglar Bari‘ schemes. Our government has always made allowances so that people

can live a better life.‖

According to senior officers, the government was trying to free up land in Kolkata and the suburbs.

―Government needs to clear the land of encroachers, which they can do by first providing them with

homes or land and then building vertical buildings to accommodate them,‖ he said. An example is the

pilot project at Duttabad in Salt Lake, where a multi-storeyed building now accommodates local

families, who had to give up their homes and land to make way for the East-West Metro. In the

second stage, such apartment complexes would be built in Chetla, Kidderpore and Howrah. Each floor

of a six-storey complex would have four 1BHK flats, each of approximately 300 sq ft.

Urban development officials said some of the major government projects had been suspended because

of encroachment. By leasing out encroached-upon land, the government is trying to get the projects

completed. ―There is a huge encroachment on the government land on the two sides of Tolly‘s Nallah.

Once the encroachment is removed, a project there can be completed,‖ a senior official said. The

nearly 13-km stretch along Tolly‘s Nallah starts from Hastings and ends in Garia.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/thika-tenancy-bill-passed-in-west-bengal/70157947

Page 25 of 47

The government also tabled The West Bengal Municipal Amendment Bill that empowers councillors

to elect any person as the chairman, provided he/she gets himself/herself elected within six months.

The information and cultural affairs department also tabled The Technician Studio Private Limited

(Amendment) Bill through which the state will form a seven-member autonomous body with chief

minister Mamata Banerjee as the chairperson that will regulate and control the activities of the studio.

____________________________________________________________________

Page 26 of 47

Property tax may be hiked 33%-or-above in South Delhi

A notice issued by SDMC on June 17 states that residents can suggest modifications to the

interim provisions to the accessor and collector‟s office till July 16.

If the recommendations of the interim Fourth Municipal Valuation Committee (MVC) — which have

been put up in the public domain by South Delhi Municipal Corporation (SDMC) to seek feedback,

suggestions and criticism from residents — are accepted in their current form, then it will lead to a

hike of at least 33% in property tax.

A notice issued by SDMC on June 17 states that residents can suggest modifications to the interim

provisions to the accessor and collector‘s office till July 16. The MVC will consider the feedback

before finalising its report. The civic body hasn‘t received a single suggestion so far.

―The biggest changes have been proposed in the unit area value and use factor. The age factor,

occupancy and structure factors have remained unchanged,‖ an official said.

The committee has justified the 33% hike based on assessment of the civic body‘s finances. ―It is

alarming to observe that the projected deficit is going to be 20 times more than what it is today. There

has been no change in the unit area value since 2004 even though inflation has increased by 33% on

average,‖ the report observed.

As per the unit area method, calculation of property tax is based on the multiplicative factor of six

components — total covered area, unit area value (in Rupees per square metre), age, occupancy,

structural and use factors.

In the report, a new category — H1 (130) — has been carved out for unauthorised colonies, JJ

clusters, etc keeping in mind that tax compliance by them is the lowest. The MVC has also changed

the categories of many colonies. Some areas have also benefited as they have been downgraded due to

absence of metro, commercial streets, etc. While the number of A category colonies remains the same,

B category colonies have dropped from 51 to 44.

The interim report shows the largest jump in the number of E category colonies and the largest drop in

F category. For example, Vasant Enclave has moved from A to B category, Sarita Vihar from C to D,

Safdarjung Enclave from B to A, GK-I from A to B and Green Park from A to B.

The factors considered for change in category included new metro corridors, conversion of residential

areas to mixed land use/commercial, higher FAR benefits, economic status of residents, proximity to

commercial centres, infrastructure, age of colony and capital value of land.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/property-tax-may-be-hiked-33-or-above-in-south-delhi/70151679

Page 27 of 47

―The colonies that are not on the list should be brought to the notice of the accessor and collector

otherwise they will be classified on the basis of the highest classification in the surrounding area,‖ the

public notice states.

Another significant change has been in the use factor for non-residential properties. Residential

properties will continue to have the same use factor of 1. However, multiplicative factor for banks,

ATMs, telecom towers and banquet halls has been increased to four, hoardings five, guesthouses two

and 0.5 for vacant land, which earlier used to be 0.3.

Delhi Municipal Corporation Act (2003 amendment) recommends that a new MVC should be

constituted every third year.

__________________________________________________________________

Page 28 of 47

Appellate tribunal to be functional soon: Bihar RERA Chairman

Amanullah said the appellate tribunal is headed by Justice (retd) Arun Kumar with two more

members. He said the real estate buyers or builders unsatisfied with the RERA judgement can

appeal to the tribunal.

The appellate tribunal of Real Estate Regulatory Authority (RERA) in state will officially start

functioning within the next 15-20 days, RERA (Bihar) chairman Afzal Amanullah said on Tuesday.

Amanullah said the appellate tribunal is headed by Justice (retd) Arun Kumar with two more

members. He said the real estate buyers or builders unsatisfied with the RERA judgement can appeal

to the tribunal.

Amanullah said all the ongoing registered projects will have to complete their construction work by

December 2020. ―Of total 654 registered real estate projects, 50% are new,‖ he said.

―Besides, the accounts and finance team of RERA will now keep a tab on the accounts of builders to

ensure that all the money invested by the consumers is being used for that project only. About 70% of

the amount realized from the consumers shall be deposited in a separate bank account to be solely

used for the particular project,‖ he said and added: ―Builders failing to follow the norms will be

penalized.‖

Highlighting the achievements of RERA, its member Rajiva Bhushan Sinha said when it came into

existence in Bihar in April 2018, only a handful of projects were registered. ―Now more than 1,100

builders have applied for registration. Total 438 complaints have been received in the last one year

and 322 of them are in the hearing stages while judgement has been delivered in 70 cases,‖ he said.

RERA member Subodh Kumar Sinha said, ―We are not only helping the buyers, but also the builders

in getting loan from the banks and meeting other construction-related requirements.‖

____________________________________________________________________


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/appellate-tribunal-to-be-functional-soon-bihar-rera-chairman/70155355

Page 29 of 47

No sanction, yet 3,502 homes built close to HT lines in Nagpur

Taking suo motu cognisance of TOI reports on death of 11-year-old twins Priyansh and Piyush

Dhar and five-year-old Umesh Pande due to electrocution from HT wires in June 2017, the high

court had set up the panel to identify such violations in the city.

Throwing all rules to the wind, 3,934 persons have constructed their homes in proximity of high

tension (HT)/low tension (LT) lines in the city endangering the lives of its occupants. Not just this,

nearly 90% of the violators (3,502) have constructed their houses without sanctioned building plan,

revealed the fifth status report of a panel appointed by the Nagpur bench of Bombay high court.

Taking suo motu cognisance of TOI reports on death of 11-year-old twins Priyansh and Piyush Dhar

and five-year-old Umesh Pande due to electrocution from HT wires in June 2017, the high court had

set up the panel to identify such violations in the city. Shreerang Bhandarkar was appointed as amicus

curiae.

After perusing the report, a division bench comprising Justice Sunil Shukre and Justice Shreeram

Modak adjourned the hearing on PIL (No 70/2019) till July 18.

The report also slammed local authorities, including Nagpur Municipal Corporation (NMC), Nagpur

Improvement Trust (NIT), MSEDCL and SNDL for the apathy that led to such large scale violations.

The Development Control Regulation (DCR) only remains in the books of statute, the panel said.

―There seems to be systemic failure and local authorities will have to be held accountable for violation

of prescribed electrical safety norms,‖ the panel said.

As all these violators were given power connections in violation of rules, the panel suggested

recovering cost of rectification from them and also from the entities like MSEDCL, SNDL, NMC and

NIT.

The panel identified exceptionally high risk feeders where electrical accident is imminent. There are

12 such HT feeders out of 126 involving 1,367/3,466 violators. Estimated cost of their rectifications is

Rs11.90 crore, which are categorized in ‗Priority-I‘. Cost of remaining 114 feeders involving 2,099

violators, categorized in ‗Priority-II‘, is Rs14.10 crore. The total cost of all rectifications under 126

feeders is around Rs26 crore.

The panel has completed survey of almost two-thirds of the city and remaining areas are likely to be

covered by August end and the final report is expected to be submitted by September.

The panel members have also come out with a formula to recover rectification expenses from the civic


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/no-sanction-yet-3502-homes-built-close-to-ht-lines-in-nagpur/70159878

Page 30 of 47

and power entities apart from the violators. Accordingly, the NMC and NIT need to make assessment

of plot area and category of use of electricity. The civic agencies were asked to make contribution

from their own kitties and then recover the same from the individual violators.

Out of 3,934 violators, 3,912 are MSEDCL, SNDL consumers while rest do not have power

connections. Of them, 3,100 are in residential category, 650 in commercial and 122 in industrial.

Despite issuing notices to all of them for public hearing, only 625 turned up and agreed to share the

cost for rectification of HT lines.

The report also mentioned that power connections were granted to violators ignoring their dwellings‘

proximity with the HT/LT lines, but possibility of unauthorized construction cannot be ruled put.

____________________________________________________________________

Page 31 of 47

Alcon partner denied pre-arrest bail in Pune's Kondhwa wall collapse

case

“The court held that the matter was serious considering that 15 people died in the incident and

the investigation was going on. As such, the bail relief cannot be considered at this stage,”

lawyer Rajendra Daundkar.

Additional sessions judge S R Tamboli on Tuesday rejected the anticipatory bail application

of Rajesh Jadgishprasad Agarwal, one of the partners of Alcon Landmarks realty firm, who is among

the eight persons named in the FIR in connection with the Kondhwa wall collapse incident that

claimed 15 lives on June 29.

―The court held that the matter was serious considering that 15 people died in the incident and the

investigation was going on. As such, the bail relief cannot be considered at this stage,‖ lawyer

Rajendra Daundkar, who represented Agarwal, told TOI., ―We will move the Bombay High Court for

relief,‖ he added. In a related development, Vivek and Vipul Agarwal, the two Alcon partners who

were arrested on June 29 on charges of culpable homicide and common intention, moved their bail

pleas in the sessions court. ―The court has directed the Kondhwa police to make their written

submission on the bail pleas at the next date of hearing on July 11,‖ their lawyer Sanjay Agarwal said.

Apart from Vivek, Vipul and Rajesh, police have named another two Alcon partners in the FIR,

besides, naming Pankaj Vohra, Rashmikant Gandhi and Suresh Shah, all partners of Kanchan Group,

which is developing the site where the building workers died under the debris of the collapsed wall.

On Tuesday, Rajesh Agarwal‘s lawyers, Amol Jog and Daundkar, mentioned his anticipatory bail plea

before judge Tamboli and submitted that the applicant had no connection whatsoever with the incident

as he had retired as a partner in Alcon Landmarks way back in 2012 and even gave a written

intimation to this effect to the Pune Municipal Corporation (PMC) and other authorities.

___________________________________________________________________


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/alcon-partner-denied-pre-arrest-bail-in-punes-kondhwa-wall-collapse-case/70155027

Page 32 of 47

DDA gives nod to reduce cost of EWS flats in Narela

The scheme, which ended on June 10, is for sale of nearly 18,000 newly-built flats in Delhi's

Vasant Kunj and Narela residential areas, for which the DDA has received about 50,000

applications.

The Delhi Development Authority (DDA) on Tuesday decided to reduce cost of EWS flats in

Narelabeing offered under the new Online Housing Scheme 2019, by giving a concession of up to 40

per cent to allottees, officials said.

The scheme, which ended on June 10, is for sale of nearly 18,000 newly-built flats in Delhi's Vasant

Kunj and Narelaresidential areas, for which the DDA has received about 50,000 applications.

In the authority meeting of the urban body, chaired by Lt Governor Anil Baijal at Raj Niwas in Delhi,

"the DDA approved a proposal to reduce cost of EWS Flats in Narela, part of the online Housing

Scheme 2019, by up to 40 per cent of the construction cost," the DDA said in a statement.

The decision was made taking into consideration the income criteria of allottees of EWS category,

which is Rs 3 lakh per annum, officials said.

"It was considered appropriate to reduce the cost of EWS flats by offering 40 per cent concession, in

construction cost for 6,536 EWS flats at Pocket 1A, 1B and 1C, Narela, and similarly 10 per cent

concession in construction cost for EWS flats at Pocket G7/G8, Sector V, Narela to offer affordable

housing to economically weaker section as a one-time measure," the statement said.

The modified rates would apply to allottees of the current scheme. In case of left over flats, it would

be re-advertised soon at reduced rates. This will help in making these flats at concessional rates to

economically weaker section, 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.

"As many as 17,922 flats are on offer in four categories -- HIG, MIG, LIG and EWS," a senior DDA

official had earlier said. The flats available in these categories are - 488 (HIG), 1,555 (MIG), 8,383

(LIG) and 7,496 (EWS)

For the economically weaker section (EWS) category, the application fee was fixed at Rs 25,000, for

the LIG category it was Rs 1 lakh and for MIG and HIG flats Rs 2 lakh.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/residential/dda-gives-nod-to-reduce-cost-of-ews-flats-in-narela/70151911

Page 33 of 47

DDA's vice-chairman Tarun Kapoor had on June 11 attributed the poor response by applicants to bulk

of the flats being located in Narela area in outer Delhi, among other factors.

____________________________________________________________________

Page 34 of 47

Not just flats, Mhada has delayed bungalows too in Nagpur

Comptroller and Auditor General of India (CAG) in its report submitted in the state legislature

on July 2 said Mhada had not taken any action to expedite the works except penalizing the

contractor appointed for execution of the project.

Yet another case of Nagpur board of Maharashtra Housing and Area Development Authority (Mhada)

not completing works and giving possession to buyers years after receiving payments has come to

fore. Mhada accepted Rs 5.87 crore from 29 people over four years ago and is yet to give possession

of their bungalows to them.

Comptroller and Auditor General of India (CAG) in its report submitted in the state legislature on July

2 said Mhada had not taken any action to expedite the works except penalizing the contractor

appointed for execution of the project. As per CAG report, Mhada announced construction of 29

bungalows for high income group (HIG) at mouza Waddhamana. The contractor was appointed in

March 2013. Mhada invited applications and received payments from 29 people up to March 2015. It

meant Mhada was supposed to give possession in 2015.

―Mhada has not even applied for occupancy certificate (OC) in respect of 29 HIG bungalows.

Infrastructure works such as internal roads, retaining wall and drainage works are still incomplete.

The allottees have been deprived of their home three to four years after paying the full price to the

board,‖ CAG observed.

In their response to CAG, Mhada official only assured to obtain OC for the entire project shortly. The

project is situated on city‘s outskirts between Waddhamana and Surabardi. The bungalows have been

constructed some 500 metres from Amravati road. It‘s approach is yet to be developed properly. Most

of the lands in the area are lying vacant.

A visit to the project revealed all bungalows were in abandoned condition. Each bungalow is having a

compound wall and some space on four sides. Weed and grass have grown in entire premises. No

security guard was seen in the area.

Mhada chief officer Sanjay Bhimanwar told TOI, work on the project was completed. ―Process to

obtain EC from Nagpur Metropolitan Regional Development Authority (NMRDA) will begin soon.

The project got delayed due to some problems about land that were resolved,‖ he said.

TOI on Monday had reported Mhada had taken payment of Rs 118.33 crore from 314 people 5-7

years ago for flats at housing scheme constructed on Empress Mill land at Ganeshpeth but was yet to

give possession.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/residential/not-just-flats-mhada-has-delayed-bungalows-too-in-nagpur/70157715

Page 35 of 47

New school built in sanctuary area

CAG report has revealed that the state Tribal Development Department constructed a new school at a

cost of Rs 3.94 crore despite being aware that the village land was to be acquired for Bor Wildlife

Sanctuary.

The department used to run an ashram shala in small building at Navargaon village in Seloo tehsil,

Wardha district, which was in buffer zone of the sanctuary. Department got new school building

approved and obtained Rs 3.80 crore from state government in November 2010. Forest department

had proposed to move the village out of the sanctuary in November 2011 and a notification for the

same was issued in February 2012. Still, work order for school was issued in March 2011 and work

completed in November 2015. The school was shifted to nearby village in December 2015. Since

then, the new building has remained unused.

CAG said forest department should examine using the building for permitted wildlife related

activities.

Hostel building in good condition proposed for demolition

The social justice and special assistance department (SJSAD) had proposed to demolish Sant

Chokhamela Hostel near Deekshabhoomi despite it being in good condition and building a new one.

An inspection by SJSAD secretary saved the building, as per CAG report.

The state government had approved Rs 24.61 crore for construction of hostel for 1,000 students in

February 2007. Approval was given to demolish existing building and construct new one through

NIT. SJSAD secretary directed that existing building be renovated and a new one built in adjacent

space. Rs 58.42 crore were released in March 2016 and passed on to NIT after two years in February

2018. Final decision on whether existing building is to be demolished or not is awaited. Due to delay,

SJSAD opened four new hostels for 150 students in rented structures and paid Rs 3.32 crore as rent till

February 2018.

____________________________________________________________________

Page 36 of 47

Varachha residents fume over 35% increase in property tax by Surat

civic body

They had taken out a rally on Monday to oppose the hike and threatened to intensify their

agitation if it was not withdrawn by the civic body.

Residents of Varachha have locked horns with Surat Municipal Corporation (SMC) over three-fold

increase in property tax.

They had taken out a rally on Monday to oppose the hike and threatened to intensify their agitation if

it was not withdrawn by the civic body.

Sources said most of the residentialsocieties were served with property tax notices with increased user

charges, including for water and drainage. Compared to last year, the civic body had increased

property charges by almost 35%.

Ashok Jirawala, municipal councillor from Varachha, said, ―Residents in Varachha are up in arms

against municipal authorities for steep increase in property tax charges in 2019-20. There has been

three-fold increase in water and drainage charges compared to previous year. We have asked

municipal authorities to withdraw the hike.‖

NV Upadhyay, deputy municipal commissioner, told TOI, ―Varachha zone was declared water zone

in 2016. However, the civic body had not collected water charges of certain areas in Varachha zone,

including Sarthana, Simada and Puna etc. This time around, water charges of three years have been

added in the property bill.‖

________________________________________________________________


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/residential/varachha-residents-fume-over-35-increase-in-property-tax-by-surat-civic-body/70151999

Page 37 of 47

Dharavi residents demand quick decision on redevelopment from

Maharashtra CM

The residents have stood by Seclink, the company which is supposed to get the bid and told the

government not to waste time in seeking legal opinion due to which the decision has been

delayed.

After an inordinate delay in decision on Dharavi redevelopment, Dharavi residents have put pressure

on the state government to hand over the project to the rightful bidder. Dharavi Redevelopment

Committee has written a letter to the Chief Minister Devendra Fadnavis asking him to take a decision

in a month's time else they will protest. The residents have stood by Seclink, the company which is

supposed to get the bid and told the government not to waste time in seeking legal opinion due to

which the decision has been delayed.

The Dharavi Redevelopment Project is at a crucial stage. After Seclink Technologies Corporation

emerged as the highest bidder in January this year. The state government even purchased 46 acre of

plot from railway in Matunga to construct transit shelters. However, the purchase cost and the land

were not part of the tender process. So, the state government referred the file to the State Advocate

General for legal opinion on whether fresh tendering should be done for the project. Another bidder

was Adani Infra.

Referring to the development, the letter dated July 2 said, "This kind of lack of decision making by the

government has delayed the process. Instead of going for re-tendering, the government should declare

master plan for the development and complete the project."

President of Dharavi Redevelopment Committee, Raju Korde said that the residents are not against the

development. "We are not opposing the development. We want quick decision making and transparent

process. If the Seclink is rightful bidder then they should get the work order. Why the government is

delaying the entire process by seeking a legal opinion and mulling re-tendering? We want all the

residents and businesses should be rehabilitated without any cut off date," Korde said.

When contacted, a senior official from the housing department refused to comment on the issue, as the

matter has been referred to the state Advocate General. "It is premature to comment on the issue

now," he said.

On Saturday, during his speech at a BJP programme, the Chief Minister had mentioned the

redevelopment of Dharavi. "The project which was halted for so long has got a new lease of life after

the state government purchased 46 acres of railway land for Dharavi redevelopment. Now, there are

no more issues left in Dharavi redevelopment. I am confident that in the next 10 to 12 years Dharavi


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/residential/dharavi-residents-demand-quick-decision-on-redevelopment-from-maharashtra-cm/70160203

Page 38 of 47

will be transformed and become a new BKC of Mumbai. Every business would be rehabilitated there

with more employment generation," the CM had said.

____________________________________________________________________

Page 39 of 47

Co-working and co-living spaces changing the way you work and live!

Co-working and co-living spaces ensure these facilities to occupants. Between 2011 to 2016,

interstate migration in India touched 9 million annually.

Co-working and co-living are two innovations which are redefining the way people live and work.

While choosing a location for living and working, there are many factors such as proximity to work,

safety, social infrastructure, cost, security deposits and rentals which play a big role.

Co-working and co-living spaces ensure these facilities to occupants. Between 2011 to 2016, interstate

migration in India touched 9 million annually. To meet the housing demand of this mobile population,

a cost-effective and flexible lifestyle solution was required. This proves that there is significant

opportunity for co-living operators in India.

―Co-living, like car-pooling and co-working, is the result of demand for more evolved rental housing

solutions from millennials, students and young working professionals whose choices differ vastly

from those of previous generations. Going by recent trends co-living may offer a higher rental yield of

as much as 8-11%, as compared to the current average yield of 1-3% in residential properties. It is

definitely paving the way for a new asset class in real estate investing. Interestingly, co-living spaces

can also bring down the average cost of living for consumers by as much as 10-15% on the back of

optimal real estate utilisation and the economies of scale,‖ says Anuj Puri, Chairman - ANAROCK

Property Consultants.

Rising demand for co-working space is changing the dynamics of office space in India. According to

Knight Frank data, while co-living segment is set to offer a business opportunity of INR one trillion

and 5.7 mn beds by 2023; co-working spaces already have a 12% share in total office leasing. The

growth of co-working spaces is likely to push property prices of projects located around them.

People are likely to live near locations with proximity to job hubs and economic activity. Commuting

for long hours is something people want to avoid. Therefore, both co-living and co-working spaces are

likely to push the demand in locations where these can be encouraged.

Samantak Das, Chief Economist and Head of Research & REIS, JLL India, says ―With these two

innovative segments (co-living and co-working), Indian office and residential real estate is set to grow

bigger and better. However, stakeholders need to address the existing challenges such as data privacy,

the conservative approach of property owners and relevant supply observed across co-working and co-

living, respectively.‖

Knight Frank report reveals some key trends:


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/commercial/co-working-and-co-living-spaces-changing-the-way-you-work-and-live/70156498

Page 40 of 47

• In co-living, in value terms, Delhi NCR will constitute nearly 40% of this potential market

opportunity

• Affordability, convenience and community – pull factors for the migrant millennial

work force. This will drive growth in the co-living space

• Share of co-working space in office leasing to increase manifold in the near future

• Mumbai records the highest proportion of co-working space to office leasing in 2018

As the co-working spaces expand, new offices are going to come up giving a boost to commercial and

residential projects.

Nakul Mathur, MD, Avanta India says, ―Co-working segment is growing in India and is expected to

witness a further growth of 40-50 per cent in the next one year. With the growth of co-working space

demand for residential houses around it also increases as it gives an opportunity to live near the place

you work. Most of the people using co-working space are freelancers or startups. These people try to

save every penny and that also includes unnecessary travel expense to the office.‖

Mathur further adds, ―Currently, there are a little over 200 premium business centres and 150

aggregated shared offices across the country. These figures are likely to see a marked change as

premium business centres are set to double by 2020 and aggregated shared offices will reach a figure

of 500 by that time. Around 42 per cent of India‘s population will live in urban centres by 2025. This

growth of co-working centres will further fuel demand for the residential segment.‖

There are many challenges that these two innovations have to go through before they finally prove

successful in the Indian scenario. However, trends appear to be positive for these two innovations and

likely to bring down cost for consumers in future.

___________________________________________________________________

Page 41 of 47

New Delhi's Connaught Place ninth costliest office market globally:

Report

Mumbai‟s Bandra-Kurla Complex (BKC) and Nariman Point Central Business District ranked

at 27th and 40th positions, respectively, showed CBRE‟s annual Global Prime Office Occupancy

Costs survey.

Rising demand for office spaces has kept the lease rentals firm across India‘s key cities New Delhi,

Mumbai and Bangalore. New Delhi‘s Connaught Place - CBD has emerged as the ninth most

expensive office market globally with annual office occupancy cost of $143.97 or Rs 9,875 per sq ft.

Mumbai‘s Bandra-Kurla Complex (BKC) and Nariman Point Central Business District ranked at 27th

and 40th positions, respectively, showed CBRE‘s annual Global Prime Office Occupancy Costs

survey.

In the given position, the current annual prime rent of BKC is valued at $90.67 or Rs 6,219 per sq ft

and the Central Business District Nariman Point is valued at $68.38 or Rs 4,690 per sq ft.

―Indian markets continued to have greater investment grade space in the CBDs of the different cities

as prominent domestic and global corporates continued to favour investment grade space for setting

up front offices in these cities. Commercial office market remains a strong growth propeller for the

real estate sector,‖ said Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle

East and Africa, CBRE.

Highlighting Asia‘s performance in the prime office space leasing segment, the survey showed that 6

of the world‘s 10 most expensive office markets are found in Asia. For the second year, Hong Kong‘s

Central district retained the top spot as the world‘s most expensive market for prime office rents, with

the prime occupancy costs valued at $322 per sq ft.

London (West End) and Hong Kong‘s Kowloon with per sq ft annual rentals of $222.70 and $208.67,

respectively emerged as the world‘s second and third costliest office markets globally. The report also

suggests very minimal shifts in the top 10 most expensive market globally, with most countries

demonstrating a firm hold on their global positioning as last year.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/commercial/new-delhis-connaught-place-ninth-costliest-office-market-globally-report/70159997

Page 42 of 47

DDA to develop two model sectors to push land pooling

On February 5, DDA had launched a web-enabled, single-window portal for inviting

registration for participation in land pooling.

Delhi Development Authority is planning to develop two ―model sectors‖ to promote its land-pooling

policy. These sectors will be constructed on the land pooled till now and showcase the development

that DDA envisages under the policy. The authority believes that these model sectors will encourage

owners to come forward and aggregate their land.

On February 5, DDA had launched a web-enabled, single-window portal for inviting registration for

participation in land pooling. Any land owner whose plot falls in the five planning zones in the city

can participate. The portal was scheduled to be open for six months, i.e. till August 4. However, as the

response has been rather tepid, DDA now plans to keep the portal open for a longer period.

DDA vice-chairman Tarun Kapoor told TOI that while the portal was initially planned to be kept open

till August, but it was just a suggestion. ―We wanted to see the response and, then, take a decision. We

don‘t expect a large area to be aggregated in such a short time,‖ he said.

As of now, DDA has received 1,300 paid registrations and 1,100 hectares of land has been pooled.

However, the land parcels are scattered across different zones, making it difficult to carve out sectors

with an area of about 200 hectares as 70% of the land must be congruous according to the norms.

Sources in DDA said that there are plans to tweak the norms.

―We are looking at three sectors, mainly. Two sectors in Kanjhawla, near Rohini, have 30% of

aggregated land,‖ said Kapoor. A source said a sector may come up near Dwarka too.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/infrastructure/dda-to-develop-two-model-sectors-to-push-land-pooling/70160106

Page 43 of 47

These sectors would be developed as ―model‖ ones, a DDA official said. ―We are confident that once

the model sectors come up, owners will flock to get their pooled land,‖ the official said. ―We will

develop roads, drainage, water pipelines, etc, as soon as a sector is marked. We are in talks with Delhi

Jal Board for the provision of water.‖

The unavailability of adequate water and other resources had forced DDA to decrease the initially

planned floor area ratio (FAR) of 400 for areas to be developed under land pooling to 200.

The authority is also taking other measures to promote land pooling. ―We have created pamphlets,

presentations and a film, and now plan to organise meetings in villages,‖ Kapoor said. ―We will open

helpdesks in a few days and also intend to start two DDA offices in these areas, which will have

revenue staff‖.

He said that registration of 1,100 hectares of land was a small victory. ―The only problem is that the

land parcels are scattered and not congruous,‖ the official said. ―The development process is time

consuming and we hope that 19,000 hectares of land will be pooled eventually‖.

Page 44 of 47

About 20 more homes coming in way of Dwarka Expressway link

demolished

As many as 40 houses in Kherki Daula were coming in the alignment of the 150-metre-wide

Dwarka Expressway.

The authorities have made some progress in clearing buildings that come in the alignment of Dwarka

Expressway. Haryana Shahari Vikas Pradhikaran (HSVP), earlier known as Huda, on Tuesday

demolished 20 homes that come in the way of the road that will connect the upcoming expressway

with NH-8 in Kherki Daula village. The authority had already allotted alternative plots to the house

owners in Sector 37C.

As many as 40 houses in Kherki Daula were coming in the alignment of the 150-metre-

wide Dwarka Expressway. Of them, owners of nine homes had dispute over the allotment of

alternative plots, and they had secured a stay on demolition from Punjab and Haryana high court.

Elaborating about the dispute, HSVP officials said around five house owners have been allotted

alternative plots under a high-tension line in Sector 37C, and four house owners were allotted corner

plots in violation of the policy. These allotments were challenged before the court, and the HC had

stayed the demolition of their homes. Of 31 houses, which are to be demolished, around 20 houses

were razed on Tuesday and the remaining houses will be demolished on Wednesday. The drive, which

started around 12 noon on Tuesday, continued for around two hours. People had already vacated their

homes. Around 400 police personnel were deployed at the spot to avert any untoward incidents.

HSVP administrator Chandrashekhar Khare said houses coming in the alignment of the road had been

removed. ―House owners were allotted alternative plots around six months ago,‖ he said.

As per the rule, HSVP can take possession of the land after six months of allotment of the alternative

plots. HSVP had issued notices to these house owners, asking them to vacate the land.

Sumer, one of the house owners, who had secured a stay from the high court, said they were allotted

alternative plots under the high-tension line in Sector 37C. ―We cannot construct homes, and for last

one and a half years, we are requesting HSVP officials to allot suitable plots,‖ he said, adding that the

matter is pending before the HC and the next hearing is scheduled for September 24.

The e-way starts from Kherki Daulaa in Gurugram and ends at NH-8 near Shiv Murti near Mahipalpur

in Delhi. In Gurugram, it is 18km long, of which 1km falls in Kherki Daula area.


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/infrastructure/about-20-more-homes-coming-in-way-of-dwarka-expressway-link-demolished/70161566

Page 45 of 47

A four-foot wall was constructed at the end of the road obstructing the connectivity of expressway

with NH8 before Kherki Daula toll plaza. HSVP had earlier removed several encroachments to ensure

smooth flow of traffic on the road and residents of new sectors have been using this route to bypass

the toll plaza. ―Now, only one vehicle can move at a time. Now with the removal of homes, the width

of the road can be increased,‖ said Ramesh Sharma, a resident of the sector 84.

____________________________________________________________________

Page 46 of 47

Oriental Bank of Commerce cuts MCLR by up to 10 bps

Earlier, MCLR for overnight and one-month tenor was 8.30 per cent and 8.35 per cent,

respectively.

State-owned Oriental Bank of Commerce (OBC) has cut the marginal cost of funds-based lending rate

(MCLR) by up to 10 basis points (bps) for various tenors with effect from Thursday. MCLR for

overnight and one-month loan tenor has been reduced by 10 bps to 8.20 per cent and 8.25 per cent,

respectively.

Earlier, MCLR for overnight and one-month tenor was 8.30 per cent and 8.35 per cent, respectively.

Similarly, for three-month, six-month and one-year tenor loans, MCLR has been decreased by 5 bps

to 8.45 per cent, 8.55 per cent and 8.65 per cent, respectively.

Earlier, MCLR for three-month, six-month and one-year tenor loans were at 8.50 per cent, 8.60 per

cent and 8.70 per cent, respectively.

"This is to inform that the bank has revised MCLR for different tenors with effect from July 11," the

bank said in a regulatory filing on Wednesday.

Earlier this week, RBI Governor Shaktikanta Das said he expects faster transmission of the three

successive repo rate cuts totalling 75 basis points.

On Tuesday, the State Bank of India had lowered its lending rates by 5 basis points across all tenors.

After the 25 bps repo rate cut in the Monetary Policy review held in June, Bank of Maharashtra,

Corporation Bank and IDBI Bank had reduced their MCLR by 5-10 bps.

The next meeting of the monetary policy committee is scheduled for August 5-9, when majority of

analysts expect another rate cut.

Banks review MCLR every month.

____________________________________________________________________


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/allied-industries/oriental-bank-of-commerce-cuts-mclr-by-up-to-10-bps/70157803

Page 47 of 47

Pune: Proposal to give homes on rent to building workers

Deputy Mayor Siddharth Dhende has tabled a proposal to provide rental accommodations to

construction workers employed at various building sites in the city. The general body will soon

take this proposal up for discussion.

Deputy mayor Siddharth Dhende has tabled a proposal to provide rental accommodations to

construction workers employed at various building sites in the city. The general body will soon take

this proposal up for discussion.

The proposal said the funds for building such accommodations can come from a ―welfare fund‖, to be

collected from developers while allotting building permissions.

―Many small developers do not take adequate measures to ensure safe housing for workers. The state

government has collected nearly Rs 18,000 crore in the welfare fund, which should be put to use for

the benefit of workers,‖ the proposal stated.

The proposal — which also calls for state government assistance in building these housing projects —

was tabled after two recent cases of wall collapse in Kondhwa Budruk and in Ambegaon Budruk, in

which 21 workers had lost their lives.

In the proposal, Dhende suggested that the developers will have to bear the rental costs as well as the

cost of transporting workers from their rented homes to construction sites.

―The civic administration will forward the proposal to the state government after getting a green

signal from the general body. The directives of the general body and the government will be followed

while constructing the projects,‖ a senior official said.

Activists and developers have welcomed the move. ―Even if on a rental basis, the availability of a safe

living space will help the workers in a major way,‖ said Ajit Abhyankar, president of Bandhkam

Kamgar Sanghatana.

Suhas Merchant, president of Credai-Pune metro, said they will support such projects. ―Such houses

should be maintained properly,‖ Merchant said.

___________________________________________________________________


Date July 10, 2019

Link https://realty.economictimes.indiatimes.com/news/allied-industries/pune-proposal-to-give-homes-on-rent-to-building-workers/70157603

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