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21-August-2019

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CREDAI Bengal Daily News Update | 21.08.19

Income Tax department raids Oberoi Realty and Capacit'e

Infraprojects

Sources said searches were carried out at over 30 locations in Mumbai, Delhi and Hyderabad by

I-T sleuths.

The Income Tax (I-T) Department on Tuesday carried out searches at Oberoi Realty group and its

biggest vendor Capacit‟e Infraprojects for suspicious transactions, including alleged purchase from

dubious entities, receipt of „on-money‟ and price manipulation and cash deposits during

demonetisation period, sources in the know of the development told ET.

Sources said searches were carried out at over 30 locations in Mumbai, Delhi and Hyderabad by I-T

sleuths.

“While Oberoi Realty is being probed for various tax evasions, the purpose of Tuesday raids were to

probe if there were any suspicious funds from group entities and related party transactions.

This includes related entities advancing funds in the form of loans, purchase of flats, payment for

goods and services,” said one of the persons cited above.

Oberoi, which has developed over 40 projects in Mumbai, is also being probed on allegations of

receipt of „on-money‟ and price manipulation.

“There is information that at least eight prime projects of the realtor in Mumbai and its suburbs in

which there is suspicion of difference between sale prices shown in books and those of registered

prices vis-a-vis payment received,” added the official.

Emails sent to Oberoi and Capacit‟e did not elicit a response.

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Newspaper/Online ET Realty (online)

Date August 21, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/income-tax-department-raids-oberoi-realty-and-capacite-infraprojects/70763284

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NCLT admits Bank of India's insolvency plea against HDIL

The state-owned lender had approached the Mumbai bench of the National Company Law

Tribunal (NCLT) against the realtor after it failed to repay dues of around Rs 522 crore.

A dedicated bankruptcy court has admitted an insolvency plea against listed realty developer Housing

Development & Infrastructure (HDIL) after Bank of India sought recovery of its dues under

provisions of the time-bound resolution program.

The state-owned lender had approached the Mumbai bench of the National Company Law

Tribunal(NCLT) against the realtor after it failed to repay dues of around Rs 522 crore.

On Tuesday, NCLT admitted the insolvency resolution plea against Mumbai-based HDIL in an oral

order.

"The petition filed by Bank of India is admitted," said the tribunal. The committee is made up of

judicial member Bhaskara Pantula Mohan and technical V Nallasenapathy.

Besides Bank of India, the builder also faces resolution pleas by Corporation Bank, Syndicate Bank,

Indian Bank, and Dena Bank.

Last year, HDIL had settled two similar bankruptcy petitions by Jammu & Kashmir Bank and Andhra

Bank, paying the lenders Rs 334 crore and Rs 40 crore, respectively.

"We are waiting for the copy of the order and then we have decided to take appropriate legal action

and remedies available to us," said Subir Kumar, an advocate representing HDIL.

Nishit Dhruva, managing partner of law firm MDP & Partners that is advising the lender, confirmed

the development but declined to discuss details.

ET's mailed query to HDIL's vice chairman and managing director Sarang Wadhawan remained

unanswered.

"This is to inform that Housing Development and Infrastructure Limited has been admitted under the

provisions of the IBC," the company said in its exchange announcement. "The company is under the

process to file an appeal to the National Company Law Appellate Tribunal (NCLAT) against the order

passed by the National Company Law Tribunal."

HDIL, engaged in slum rehabilitation projects in Mumbai, has total debt of Rs 1,989.77 crore. In its

recently held investor conference call, HDIL announced that it has reduced a part of its debt and will



Link https://realty.economictimes.indiatimes.com/news/regulatory/nclt-admits-bank-of-indias-insolvency-plea-against-hdil/70763176

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focus on shedding loans further in the next three quarters.

Last quarter, HDIL had said it reduced debt by about a fifth as both consolidated and standalone

entities, in line with its guidance.

HDIL reported a 67% on-year decline in nprofit in the quarter ended June 30, at Rs 8.24 crore. Total

income was Rs 96.50 crore, declining 44% from a year ago.

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Noida authority begins verification of Amrapali Sapphire buyers

Once the buyers submit the affidavits, the Noida Authority will authenticate the ownership of all

flats and weed out ambiguity by verifying paperwork of dues paid and original ownership

papers.

The Supreme Court-appointed receiver met the buyers of Amrapali Sapphire I late on Monday

evening and asked them to file affidavits along with documentary proofs so as to facilitate the Noida

Authority authenticate the ownership of all flats and expedite the process of tripartite registration.

This was the first meeting held between the Sapphire buyers and court receiver R Venkatramani in

compliance with the July 23 orders of the Supreme Court that had directed the Noida and Greater

Noidaauthorities to immediately start registration of flats of homebuyers after cancelling the land

lease between the developer and the authorities.

Once the buyers submit the affidavits, the Noida Authority will authenticate the ownership of all flats

and weed out ambiguity by verifying paperwork of dues paid and original ownership papers.

Subsequently, the tripartite registry is to be signed between the Authority, the court receiver (now

officiating as builder) and the homebuyers.

The apartment owners association of Amrapali Sapphire I, who met the court receiver, said that “some

400 buyers have already submitted affidavits to their legal counsel”.

“The affidavits are with our lawyer, ML Lahoty, which will be forwarded to the court receiver. These

are the families which are currently staying in Amrapali Sapphire I. There are 1,033 flats, and the

remaining buyers will also submit their affidavits over the next few days,” said Ravi Kant, an

association member who was part of the meeting.Buyers said the court receiver has created a tentative

line-up for the execution of the registration.

According to the buyers, the verification of the owners will start by Wednesday. Noida officials will

set up a camp on Sapphire premises for verification. The court receiver will appoint a signatory to

sign the tripartite agreement. And pending work would be assessed and completed simultaneously by

the state-run NBCC.

“The concern for verification of ownership is to check that the buyers have settled all dues with the

builder and the property registration is being taken by the genuine buyer. For any ambiguity or

clarification regarding a buyers‟ transaction, forensic reports will be consulted,” Kant added.Of its

42,000 sold flats, there are about 14,000 buyers who are in possession of their homes in multiple

Amrapali projects.



Link https://realty.economictimes.indiatimes.com/news/residential/noida-authority-begins-verification-of-amrapali-sapphire-buyers/70763157

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The apartments where residents are already living are Sapphire phases I and II, Silicon City, Eden

Park, Zodiac, and Platinum.

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FIR against Noida's ET Infrastructure for forging Allahabad HC's

order

Sushant Agrawal, director of ET Infrastructure, owed the amount to the Noida Authority in

connection with Plot C1 in Sector 16, which houses the palatial World Trade Tower, they said.

A builder here, who allegedly tried to avoid paying dues of Rs 26.80 crore his firm owed to the Noida

Authority by forging an Allahabad High Court order, has been booked for fraud and forgery, officials

said on Tuesday.

Sushant Agrawal, director of ET Infrastructure, owed the amount to the Noida Authority in

connection with Plot C1 in Sector 16, which houses the palatial World Trade Tower, they said.

"Agrawal came to the Authority office on July 20 and met officials claiming he has an order from the

Allahabad High Court which states that his dues of Rs 26.80 crore not be taken. He said the court has

passed the order on March 14," a Noida Authority spokesperson said.

"However, when our officials from the Commerce Department probed the matter it turned out that the

Allahabad High Court had not passed any such order on March 14," the spokesperson said.

"It further emerged that Agrawal had tampered with another order of the court which was passed on

February 28 and he had presented that forged order to the Authority," he said.

A complaint was lodged by an authority official at the Sector 20 police station against Agrawal on

Monday, the spokesperson said. Agrawal has been booked under Indian Penal Code sections 420

(fraud), and 467, 468, 417 (all related to forgery of documents), according to the FIR.

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Link https://realty.economictimes.indiatimes.com/news/regulatory/fir-against-noidas-et-infrastructure-for-forging-allahabad-hcs-order/70763198

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DHFL lenders may be forced to convert their debt into equity: Union

Bank

DHFL owes over Rs 45,000 to banks, and the rest to other financiers including mutual funds,

pension funds and insurers, which are not regulated by RBI.

Resolving the crippled mortgage lender DHFL's over Rs 90,000 crore debt is "not so easy" and banks

are considering converting their outstanding into equity, Union Bank of India said Tuesday.

Rajkiran Rai, the managing director and chief executive for the state-run UBI, which is the lead-lender

to the crippled housing financier, Tuesday clarified that if the banks take equity stake in the company,

it will be for a short -term, which is till they get a suitor.

DHFL owes over Rs 45,000 to banks, and the rest to other financiers including mutual funds, pension

funds and insurers, which are not regulated by RBI.

"It's not a normal resolution process. It's a financial company. Here the creditors are banks, insurance

companies, pension funds and mutual funds. It is not so easy. In normal resolution, its banks and

NBFCs, so this is new to us also," Rai told reporters on the sidelines of the annual banking industry

event Fibac.

DHFL has become the poster-boy of the NBFC crisis that afflicted the financial sector after the infra-

lender IL&FS went belly up last September.

Rai said converting debt into equity is "one of the ideas" on the table as lenders seek to wriggle out a

solution.

"Even if banks acquire equity, it will be for a very short-term. But it will become a long-term pain if

banks fail to get a good investor and we are not ruling that eventuality as well," Rai said.

However, he did not offer specific comments on questions surrounding how other lenders to DHFL

like the debenture trustees and pension funds will be a part of the inter-creditor agreement, which is

essential before any resolution begins under the new RBI norms.

"So many regulators are involved in this. There is RBI, then there is Irdai and also Sebi It is not so

easy. But for us banks, thankfully it's easy as our regulator allows it," Rai said.



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It can be noted that earlier this month, governor Shktikanta Das had said on August 7 that the RBI was

in touch with capital markets regulator Sebi, and insurance watchdog Irdai to allow MFs and insurers

to become a part of the ICA.

Meanwhile, Arijit Basu, a managing director at SBI, which also has exposure to DHFL, said lenders

are "evaluating" resolution plan received from DHFL.

"We are bankers who have lent, there are others who have also lent like MF, insurers, pension funds.

All have to be brought on the same page if we have to have a resolution. Both the banks and the

regulators are looking at this issue very closely," Basu said.

When asked specifically if everybody is on board with the plan being discussed, Basu initially said

everyone is working "jointly to find a solution".

"...all the regulators have to come on board and give their approval. That is moving forward in a very

coordinated and systematic manner," Basu said.

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UP-RERA issues notice to Ghaziabad development body in housing

scheme case

The GDA, however, says the scheme doesn’t come under Rera’s purview.

The Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) has issued a notice to the Ghaziabad

Development Authority (GDA) over its failure to appear before the regulator in a case related to the

Indirapuram housing scheme for the economically weaker section.

The GDA, however, says the scheme doesn‟t come under Rera‟s purview.

The case was filed at the Greater Noida bench of UP-Rera by 60-year-old Ghaziabad resident Raj

Prakash Tyagi, who has not yet got the possession of his EWS house that he was allotted 30 years ago

by the GDA. The Rera bench issued five notices to GDA between February and June this year, asking

its representative to appear before the regulator.

The bench has now threatened to pass ex-parte order on the basis of available documents and facts, in

case GDA officials do not appear on August 29 and clarify their stand, sources told TOI.

As per RERA rules, all development agencies and private builders are required to update their projects

so that they can be accessed easily by the buyers and the status of the projects are in the public

domain.

However, GDA chief engineer VN Singh said the EWS Indirapuram scheme was launched in 1990

and completed by 2001. “So, it does not come under Rera. The agency cannot expect the department

to register the project that was completed 18 years ago. We have already submitted this reply, but

despite that, the notice has been issued.”

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Link https://realty.economictimes.indiatimes.com/news/regulatory/up-rera-issues-notice-to-ghaziabad-development-body-in-housing-scheme-case/70763231

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Altico Capital exits Phoenix Group's IT-SEZ project in Hyderabad

Phoenix is an existing development partner of Altico Capital as the NBFC has funded multiple

projects of the realty developer in the past and has been prepaid on several occasions.

Altico Capital, the non-banking finance company, backed by Clearwater Capital, Abu Dhabi

Investment Council and Varde Partners, has exited completely from realty developer Phoenix

Group‟s IT-SEZ project in Hyderabad‟s Hitec City. The developer has prepaid its Rs 250 crore loan it

had raised from Altico Capital.

Altico had sanctioned the facility in June last year for the land purchase and development of an IT

SEZ project forming extension of an existing 5 million sq ft project aVance Business Hub in Hitec

City, the commercial business district of Hyderabad.

Phoenix is an existing development partner of Altico Capital as the NBFC has funded multiple

projects of the realty developer in the past and has been prepaid on several occasions. “This

transaction, once again, underscores the robust underwriting and asset management standards we have

been following,” Sanjay Grewal, CEO of Altico Capital, told ET.

An official of Phoenix Group confirmed the repayment of loans ahead of schedule.

Hyderabad-based Phoenix Group has already entered into a forward sale agreement with Ascendas-

Singbridge for the sale of two buildings in the IT SEZ for Rs 1,400 crore following the completion

and leasing.

Ascendas-Singbridge has been recently acquired by CapitaLand in June 2019 in a Singapore $11

billion deal and with the acquisition the merged entity is now one of Asia's largest diversified real

estate groups with over S$123 billion of assets under management.

“For the full year 2018-19, like in each of the last several financial years, Altico‟s cash realisations far

exceeded its contractual cash flows. As against contractual cash flow totalling Rs 1,500 crore for the

full year 2018-19, we realised over Rs 3,000 crore on a loan book of around Rs 7,000 crore,” Grewal

said.

Over the past 10 months following the IL&FS issue, Altico has realised nearly Rs 2,500 crore of

which Rs 1,300 crore were prepayments. While the market for refinancing has been slow because of

the NBFC liquidity crisis, such prepayments came through multiple sources such as project cash

flows, property sales by borrowers, asset sell-downs and refinancing from several newer yield hunting

Foreign Portfolio Investors (FPIs), he said.



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Altico has received these prepayments from multiple loans spread across various Tier-I cities,

including Casa Grande in Chennai, Marvel in Pune, Skylark in Bangalore, Signature Global and

Ramprastha in NCR, Manjeera in Hyderabad across project types including residential, commercial

and affordable housing. All these exits have been made with returns ranging in the mid to high teens.

Altico has reported net profit of Rs 75 crore on the back of revenues worth Rs 306 crore for the

quarter ended June.

“We will use any surplus liquidity generated to deploy in our Board approved diversification strategy

moving away from lending to only residential RE segment. Nearly 45% of Altico‟s loan portfolio is

compliant with RBI definition of Infrastructure lending comprising mainly of affordable housing,

IT/IT-SEZ and warehousing/logistics,” Grewal said.

Altico plans to lend further to infrastructure sectors including education, hospitality, healthcare etc.,

along with diversification into retail mortgage lending.

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Housing for all target will be met two years in advance: Housing

Minister

Puri was speaking at the 15th National Convention organised by NAREDCO in New Delhi on

Tuesday.

The target of housing for all by 2022 will be met two years before deadline said Hardeep Singh Puri,

Minister of State (I/C) for Housing and Urban Affairs.

Puri was speaking at the 15th National Convention organised by NAREDCO in New Delhi on

Tuesday.

The government will also roll out 50 smart cities by December 2019, he added.

In relation to rental housing policy the minister said that the MoHUA has held consultations with the

states, during which some concerns have been expressed, but several positive suggestions too have

come up.

Puri further said that they are in the process of streamlining RERA procedures further. But by and

large, the regulator has come to be accepted by all stakeholders, he added.

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Link https://realty.economictimes.indiatimes.com/news/industry/housing-for-all-target-will-be-met-two-years-in-advance-housing-minister/70753532

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Gyan SP Developers altered BMC chief’s notings to usurp Jogeshwari

plot

The probe report, which was submitted to an Andheri court on July 31, shows the land is owned

by a Goa businessman, Vijay Misquitta (59), and his mother, Philomena.

The 3.4-acre Jogeshwari plot, which was in the news last year after the civic chief's notings on the

land's file were tampered with, was usurped by a builder using forged papers, a police probe has

established.

The developer, Gyanprakash Shukla, tampered with the remarks (see graphic) to prevent court

litigation on the Rs 500-crore land. Shukla and a civic official were arrested for the tampering.

The probe report, which was submitted to an Andheri court on July 31, shows the land is owned by a

Goa businessman, Vijay Misquitta (59), and his mother, Philomena. Cops repeatedly asked Shukla to

submit property papers, but he failed to do so before the July 31 deadline.

According to the police, Shukla, a partner in Gyan SP Developers, and his four aides forged property

documents. These papers were also submitted to the BMC and the HC, which is a cognizable offence,

said inspector Dinkar Raut. The forged agreement is on a Rs 5 stamp paper and is neither notarised

nor signed.



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Vijay's lawyers-Sonappa Nandrankar and Behzad Irani-have submitted the police probe report as well

as the forged and original copies of the property documents to the BMC.

Vijay learnt about the forgery when he received a notice from a lawyer in February 2018 regarding

sale of the land without intimating his tenants.

Vijay said Shukla's father Kamalshankar in 1979, moved court to protect his tenancy rights.

"Kamalshankar admitted he was tenant of Gilbert Misquitta. After my father's death in 1987,

documents were forged to show that they purchased the plot in 1978," he said.

Gyanprakash didn't reply to TOI 's email while BMC chief Pravin Pardeshi said he has to check with

his office.

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Maharashtra to charge stamp duty of Rs 1,000 for redevelopment

agreement

The state government has decided to take this decision to speed up redevelopment of MHADA

colonies.

The tri-party agreement for redevelopment between Maharashtra Housing and Area Development

Authority (MHADA), developer and flat owners will attract the stamp duty of just Rs 1,000.

The state government has decided to take this decision to speed up redevelopment of MHADA

colonies.

Similar decision was also taken for BMC owned properties by the state government in June this year.

Currently stamp duty is charged as per market rates which can run into crores and often become bone

of contention between residents and developer on how to share this stamp duty.

The stamp duty for redevelopment of MHADA colony at Kala Chowkie Abhydaynagar was around

Rs 50 crore and due to dispute between developer and tenants on how to share it, registration of

agreement has been delayed by more than year.

There are 104 MHADA colonies across the city and it has around 2.25 lakh tenaments and most of

them were constructed between late 1960s to 1990s and many of them need urgent redevelopment as

they are dilapidated.

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Link https://realty.economictimes.indiatimes.com/news/regulatory/maharashtra-to-charge-stamp-duty-of-rs-1000-for-redevelopment-agreement/70747003

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Ghaziabad: Consumer panel orders KDP Infrastructure to refund

buyers

In 2016, a group of 18 homebuyers had filed a petition in SCDRC, after the builder KDP

Infrastructure Pvt Ltd failed to give the possession of flats which was due on March 2012.

The woes of a group of homebuyers, who had bought flats in KDP Grand Savanna in Raj Nagar

Extension in 2012, are far from over despite two different orders issued from the State Consumer

Disputes Redressal Commission (SCDRC) and the National Consumer Disputes Redressal

Commission (NCDRC) to the builder to pay compensation to the homebuyers.

In 2016, a group of 18 homebuyers had filed a petition in SCDRC, after the builder KDP

Infrastructure Pvt Ltd failed to give the possession of flats which was due on March 2012.

Vinay Verma, one of the petitioners, said, “The allotment letters were also issued to us after we paid

95% of the basic sale price to the builders before the possession date. We kept pursuing the case and

in 2015 the builder promised to hand over the possession in July 2016, but it was not kept.

Consequently, we approached the SCDRC and filed a petition seeking compensation for the delay

besides immediate handover of the flats.”

In February 2018, the state commission directed the builder to hand over possession of flat to

respective allottee within three months.

However, the builder did not follow the court order, prompting the petitioners to once again approach

the commission. The case then went into the execution phase and on June 25, 2019, the court ordered

the Noida district magistrate to issue a recovery certificate to the builder.

In the meantime, the petitioners went to the NCDRC for enhancement in the compensation ordered by

the SCDRC and the commission awarded a relief of Rs 50,000 for each case for the mental

harassment, said Verma.

The petitioners said the RC was issued in July this year, but they are yet to get any response from the

builder.

Despite repeated attempts, the builder could not be contacted for a comment in the case.

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Mumbai: Over 500 residents of BDD chawls receive notices

The notices, which were sent by assistant commissioner of police Shashikant Dhengle of ACB on

August 7, were received by the residents earlier last week.

Many residents of the BDD chawls fear that they won‟t be eligible to get a tenement under the

redevelopment of BDD chawls as more than 500 of them have received notices from the Anti-

Corruption Bureau (ACB) asking them to prove that the transfer of tenements in their names is

legitimate.

The notices, which were sent by assistant commissioner of police Shashikant Dhengle of ACB on

August 7, were received by the residents earlier last week.

The transfer of tenement is allowed only among blood relatives and that too after a no-objection

certificate (NOC) from all the heirs of the person in whose name rent receipt is issued by the public

works department (PWD), which is the owner of these chawls.

However, many people sold their tenancy rights to third parties allegedly in connivance with PWD

officials. Such transfers were also legitimised by transferring the rooms in the names of the persons

who bought tenancy rights.

After a question was raised in the state Assembly on the issue in 2016, Chief Minister Devendra

Fadnavis asked the ACB to probe the allegations.

Maharashtra Housing and Area Development Authority (MHADA), the nodal agency for the project,

had earlier announced that only those people whose names figured in the PWD‟s list before 1996

would be eligible for getting tenements under the redevelopment programme.

After several protests from residents against this condition, the PWD issued a circular on May 29,

2019, asking all residents who have got the tenements transferred in their name in an unauthorised

manner should pay Rs. 22,500 to the state government, and if failed to do so, they would not get

tenements under redevelopment project.

Speaking with Mirror, Surayya Barshinge, who lives in room number 64 in chawl 99 at Worli, “There

is no third-party transfer in our case. The room was in my mother‟s name which was transferred in my

name after my brother gave NOC. We fail to understand why the ACB is sending us the notices.”

Kalpana Mane, resident of Chawl no. 94 at Worli, said, “The room was in my paternal aunt‟s name,



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and as her only heir, it was transferred in my name after her death. What purpose does it serve to send

us the notice?”

Raju Waghmare, president of All BDD Chawl Tenant Association, said, “As per our information,

notices to around 500 tenants have been served by the ACB. There are around 3,000 more residents to

whom notices will be served by the ACB.”

NCP leader Makarand Tasgaonkar, a resident of BDD chawls on NM Joshi Marg, said on the one

hand, the state government has asked for compounding fee from tenants to get their tenements

regularised and on the other hand, the ACB is trying to prove them as criminals. “If the state

government really wants to go ahead with the project, it must withdraw the notices, otherwise we will

not allow even a single brick of the project to be laid.”

There are 206 BDD chawls, spread across 92 acres. Out of these 120 are in Worli, 32 in NM Joshi

Marg, 42 in Naigam and 12 in Sewri. The state government has initiated the process of redevelopment

for all chawls except those in Sewri, which are built on Mumbai Port Trust land.

Mirror‟s text messages to CM Fadnavis, who also holds the home portfolio, remained unanswered.

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SIT arrests builder for unathorised construction in Shahberi

Noida police chief Vaibhav Krishna said a number of cases was registered at Bisrakh police

station regarding illegal projects in Shahberi over the past few years.

Police have set up a special investigating team for probing cases related to unathorised developers

in Shahberi. The team has five members — two inspectors, two sub-inspectors and another heading

the squad.

Police said Pradeep Tiwari, who was earlier the SHO of Sector 24 police station, will head the SIT.

The team made its first arrest on Monday itself —a female developer, Meenakshi, was picked up from

Bisrakh area.

Noida police chief Vaibhav Krishna said a number of cases was registered at Bisrakh police station

regarding illegal projects in Shahberi over the past few years. “We have formed the SIT keeping in

mind the number of cases registered in connection with illegal projects,” said Krishna.

Asked about Noida police‟s investigation into Shahberi buildings, Mukul Tyagi, the spokesperson for

Shahberi Sangharsh Samiti, said: “The issue certainly needed special investigation, but the job is only

half done. The investigation that the SIT will do must be transparent and it should find the right

culprits, and not harass the common people who have already lost their life‟s savings by buying a

house here.”

GNIDA had filed a total 44 cases against 181 people over allegations of illegally developing colonies

and housing projects in Shahberi. So far, five Authority officials have been removed over allegations

of conspiring with these illegal developers.

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Madras HC seeks periodical reports on Kodaikanal buildings

The court also directed the Dindigul district collector to publish a periodical report on the state

government’s website stating that no unauthorised buildings have been constructed, and on

pollution at Kodaikanal.

Stating that Kodaikanal has been witnessing systematic assault on its ecosystem due to indiscriminate

felling of trees and construction of buildings, the Madras high court has said that the hill station has

become a concrete jungle and before it becomes an eyesore, the situation has to be remedied.

The court also directed the Dindigul district collector to publish a periodical report on the state

government‟s website stating that no unauthorised buildings have been constructed, and on pollution

at Kodaikanal. It also directed to submit the same before it every six months and observed that public

can initiate contempt proceedings if the collector‟s report turns out to be incorrect.

On Monday, a division bench of justice N Kirubakaran and justice G R Swaminathan passed the order

on a petition filed by the secretary of Kodaikanal Hotel and Resort Owners Association, S Abdul Gani

Raja moved in 2018, seeking the secretary of housing and urban development department to modify

and approve the masterplan for Kodaikanal municipality.

Observing the need for periodical revision of masterplan, the judges cited, “Kodaikanal is not one

more piece of rural or urban land. It is a unique ecosystem by itself. The government has to plan for

the preservation of the unique natural heritage of Kodaikanal. Therefore, we cannot countenance the

contention that to meet the demands of urbanisation and the tourist industry, the masterplan will have

to be periodically modified and revised.”

“It is time to recognise and adopt the best practices followed by other nations. For instance, on

account of the intense movement of motor vehicles, there is a heavy emission of smoke vitiating the

air quality of Kodaikanal. If need be, the vehicles can be stopped at the foothills and tourists can be

taken in eco-friendly solar-based or electric public transport systems. The district administration will

have to come out with innovative measures and creative solutions,” observed the judges.

The judges further said that the solid waste generated by the inhabitants and the hotel industry cannot

be dumped in Kodaikanal. The cost of disposal and transportation will have to be borne only by the

waste generator. In other words, pollution of every kind will have to be put an end to.

The judges said that the authorities at the regulatory, supervisory and field level will have to ensure

that every norm laid down in the laws relating to planning and environment are scrupulously adhered

to and time has come to fix personal liability on the officials and make them accountable if there are

any violations in the norms.



Link https://realty.economictimes.indiatimes.com/news/regulatory/madras-hc-seeks-periodical-reports-on-kodaikanal-buildings/70750231

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Patna civic body to hire private firms for property tax collection

As of now, around 2.9 lakh households pay property taxes but the actual number is much

higher. The firm will be given a target to collect property taxes to the tune of Rs 120 crore in the

first fiscal.

Patna Municipal Corporation(PMC) will soon hire two private firms for collection of property taxes.

Executives of the firm will make survey for inclusion of households, which have not come under the

ambit of property tax, within three months.

As of now, around 2.9 lakh households pay property taxes but the actual number is much higher. The

firm will be given a target to collect property taxes to the tune of Rs 120 crore in the first fiscal.

PMC additional municipal commissioner Devendra Prasad Tiwari said only 60% residents pay

property tax in the city. “As per the data collected from different sources, there are around 5 lakh

households in the city. However, only 2.9 lakh people paid their taxes in 2018-19,” he said.

Sources in PMC said the new drive would increase the holding tax coverage by giving people more

avenues to pay tax according to their choice. The hired agency may adopt various methods for

collecting taxes, such as door-to-door visit, online payment and payment through post offices and

banks.

The property tax collection of PMC in 2018-19 fiscal stood at around Rs 80 crore. “We have set a

target of collecting Rs 120 crore as property tax in the 2019-20 fiscal. In a bid to achieve the target,

the civic body will rope in two private agencies to conduct survey of each and every household in all

six circles. The agencies will also collect the taxes from residents,” Tiwari said.

He added, “The agency will also ensure that digital collection is made from at least 50% taxpayers. If

the agency fails to achieve the target in any specific month, it will be asked to cover the shortfall in

the following month.”

To motivate digital payment through „City of Patna‟ mobile application or www.pmc.bihar.gov.in, the

agency will provide 2% discount to the taxpayers in the form of cash back.

The agency will also organise workshops for PMC staff and impart training to them to get tech-savvy.

Apart from property taxes, the agency will also collect trade licence fee, advertisement taxes, rental

income from municipal properties and licence renewal fee.



Link https://realty.economictimes.indiatimes.com/news/regulatory/patna-civic-body-to-hire-private-firms-for-property-tax-collection/70749930

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Kerala HC seeks Kochi civic bodies' views on illegal encroachment

According to the petition, Chilavannoor ‘lake’ is included under CRZ-I as it is ecologically

sensitive but several illegal encroachments have been carried out by ‘real estate land mafia

groups’.

The Kerala high court on Monday sought the views of the Kochi Corporation and Kerala Coastal

Zone Management Authority (KCZMA) on a public interest litigation (PIL) to stop encroachment of

Chilavannoor backwaters by „land mafia‟.

According to the petition, Chilavannoor „lake‟ is included under CRZ-I as it is ecologically sensitive

but several illegal encroachments have been carried out by „real estate land mafia groups‟.

Several complaints were filed to officials but no steps have been taken to stop the illegal

encroachments, the petitioner has alleged.

Regarding the specific area mentioned in the petition, the PIL said, “Several illegal encroachments in

Elamkulam Village are carried out by land mafia and it is still operational. Real estate land mafia

groups are dumping waste materials and filling this area violating the Kerala Coastal Regulation Zone

(CRZ) norms, so as to enable the illegal construction and to eliminate the puzha puramboke.”

The petitioner has further alleged that the Kochi corporation is dumping waste materials in a part of

the land included and filling the puzha puramboke so as to occupy the area.

The high court has directed for posting the petition along with connected cases for hearing.

____________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/regulatory/kerala-hc-seeks-kochi-civic-bodies-views-on-illegal-encroachment/70751716

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No construction till flood lines are fixed: Kolhapur civic body chief

As per rule, construction and re-development is restricted inside the flood-line of the rivers.

Civic chief Mallinath Kalshetti has directed the town planning department against issuing any

building permission until the flood lines are fixed by the water resources department (WRD).

As per rule, construction and re-development is restricted inside the flood-line of the rivers. Couple of

months ago, city-based developers met chief minister Devendra Fadnavisand objected to the flood-

line marked by the Kolhapur Municipal Corporation (KMC).

The recent floods covered more area than the deluge that occurred in the year 2005. And the illegal

construction activities in the flood zone of the river are being considered as one of the reasons for

aggravating the flood.

“As per directions of the state government, the WRD is finalizing the red and blue lines of

Panchaganga river. The references of floods in 1989 and 2005 are being taken. The recent flood has

also taken into consideration to mark the new flood lines. We are expecting the work to be completed

early and the final decision is taken by the state government. No new construction or the building

permission will be allowed till the flood lines are fixed. For those buildings that have already got

permission, construction cannot be started,” Kalshetti said.

Several developers claimed that the flood lines proposed by the WRD would halt development in the

city. After 2005 floods, the KMC, through a resolution, had decided to impose certain restrictions over

buildings in the blue line area of the river. However, activists criticized the civic administration for

not monitoring the construction activities in the blue-line area.

According to officials of the WRD, flood lines of the river will be finalized before September and the

urban development department has been directed to adopt modern techniques in combination with the

ground survey to fix the flood lines.

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Link https://realty.economictimes.indiatimes.com/news/industry/no-construction-till-flood-lines-are-fixed-kolhapur-civic-body-chief/70750348

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Damaged houses to be rebuilt under PMAY: Maharashtra CM

Besides, he said the loans on flood affected crops up to one hectare shall be waived or would be

borne by the state government.

Maharashtra Chief Minister Devendra Fadnavis on Monday announced that over 19,000 homes

damaged or destroyed due to the recent floods in the state will be rebuilt under the Prime Minister

Awas Yojana (PMAY).

“We shall also provide financial assistance of Rs 24,000 for rented accommodation to people in rural

areas and Rs 36,000 in urban centres to live till their new homes under PMAY are ready,” Fadnavis

told mediapersons here.

Besides, he said the loans on flood affected crops up to one hectare shall be waived or would be borne

by the state government.

For those farmers who have not availed of any loans, the government will give them triple the normal

compensation for the crop losses suffered by them, Fadnavis said.

People who have lost all their documents shall be provided free of cost the required duplicate papers

by the government.

The state cabinet last week had decided to seek financial help of Rs 6,813 crore from the centre for the

flood-ravaged districts of Sangli, Satara, Kolhapur, Nashik, Konkan and other affected areas, where

54 people have died so far.

As per official figures from the Konkan Divisional Commissioner, nearly 4.75 lakh people have been

rescued from the floods and housed in 596 temporary camps in the past few days.

Earlier on Monday, Fadnavis expressed gratitude to Reliance Industries Ltd scion Anant Ambani and

Bollywood megastar Amitabh Bachchan for their generous donations of Rs 5 crore and Rs 51 lakh

respectively, to the CM Relief Fund for the flood-hit people in the state.

____________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/damaged-houses-to-be-rebuilt-under-pmay-maharashtra-cm/70749726

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New Delhi world's 10th fastest growing prime residential market:

Report

The index tracks the movement in luxury residential prices across 46 cities globally.

New Delhi has emerged as the 10th fastest growing prime market in the world with an annual capital

value growth of 4.4% in the second quarter of 2019. However, the property market has slipped three

places in the overall ranking during the quarter from 7th position in the first quarter, showed Knight

Frank‟s Prime Global Cities Index.

Other key Indian cities Bengaluru with 2.8% rise and Mumbai with 0.8% appreciation were ranked

15th and 30th on the list, respectively, showed Knight Frank‟s Prime Global Cities Index.

The index tracks the movement in luxury residential prices across 46 cities globally. The index

highlights that luxury residential prices across these markets have registered an average increase 1.4%

in the year to June 2019 period.

New Delhi, by virtue of limited supply of luxury properties saw a rise in weighted average of capital

values which were recorded at Rs 33,511 per sq ft recording an annual rise of 4.4%. New Delhi has

slipped three places in the overall ranking during the quarter from 7th position in the first quarter to

10th position.

“The marginal increase in prices, along with poor buyer sentiment suggests that demand for luxury

homes is likely to remain tepid…Back home, the Indian residential market continues to focus on

affordable and mid-segments due to structural reforms supporting this segment. However, a growth in

the prime property markets in Mumbai and Bengaluru could be viewed as a sign of stabilisation,”

said Shishir Baijal, Chairman & Managing Director, Knight Frank India

Bengaluru that featured at the 15th rank of the Prime Global Cities Index as compared to 20th rank in

the first quarter of 2019. Bengaluru recorded a weighted average capital value of prime markets at

approximately Rs 19,000 per sq. ft. recording an annual increase of 2.8%. Mumbai featured at the

30th rank with a mere 0.8% 12-monthly change, recording a weighted average capital value for prime

properties at Rs 64,764 per sq. ft.

Berlin continued to lead the index. However, its rate of annual growth has slowed from 14.1% in

March 2019 to 12.7% in June 2019. Frankfurt, by comparison, has seen its annual price growth

increase from 9.6% to 12.0% over the same period and managed to secure second rank replacing

Moscow.



Link https://realty.economictimes.indiatimes.com/news/residential/new-delhi-worlds-10th-fastest-growing-prime-residential-market-report/70753645

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Central government to finalize agency for EWS housing projects in six

cities

These six cities were selected as ‘live laboratories’ for the pilot project to build 1,000 houses

using innovative technologies that are low-cost, sustainable and disaster-resistant.

The central government is expected to finalize on Tuesday an experiment on affordable housing in six

cities, including Rajkot, with implementation of agencies as well as global technologies.

These six cities were selected as „live laboratories‟ for the pilot project to build 1,000 houses using

innovative technologies that are low-cost, sustainable and disaster-resistant.

Earlier this year, the urban development ministry‟s technical evaluation committee had evaluated 54

proven technology providers with 32 new technologies for housing projects from 25 countries. Of

these six technologies were finalized and the agencies had displayed houses they built using these

technologies at IIT-Roorkee in March this year.

“Rajkot has seen some path-breaking work in technology adoption in public housing. We have already

implemented Smart Ghar 3 where all green building norms have been followed. In fact, ours is a

lighthouse project for other cities in public housing,” said Banchhanidhi Pani, municipal

commissioner, Rajkot.

Rajkot Municipal Corporation (RMC) is building Raiya Smart City, where nearly 1,200 houses will

be built using innovative technology. The selected agency will be responsible for implementing the

project that includes works like site cleaning, excavation, construction, procurement of material

among others using the chosen technology.

Pani said the beneficiaries of this housing project will mainly be those to contribute to the Smart City

area. “This project will serve as a lighthouse not only for government-funded housing projects, but

also for the private builders on adoption of technology and green building norms,” he added.

In the Smart Ghar projects implemented in the city till date, RMC has used the traditional principles

of sun path, wind path and exhaust in all the houses.

Apart from Rajkot, the other cities selected for the project include Indore, Chennai, Agartala and

Lucknow and Ranchi.



Link https://realty.economictimes.indiatimes.com/news/residential/central-government-to-finalize-agency-for-ews-housing-projects-in-six-cities/70750008

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Ulhasnagar residents to discuss redevelopment issue with Maharashtra

government

At the meeting, affected residents from building, representatives of NGOs and different political

leaders were present.

The residents of Mahak building in Ulhasnagar in Maharashtra's Thane district, which collapse last

week, has decided to form a committee of flat residents, politicians and NGOs to raise their demand

with the Maharashtra government.

The decision about forming a committee was taken on Monday evening during a meeting in

Ulhasnagar organised by Ulhasnagar Municipal Corporation mayor Pancham Kalani and deputy

mayor Jeevan Idnani.

At the meeting, affected residents from building, representatives of NGOs and different political

leaders were present.

During the meeting it was decided that the committee on Wednesday would meet secretary of town

planning department at Mantralaya with their demands for approval of Development Control rules for

Ulhasnagar city so that affected building can be redevelop using proper FSI.

In Ulhasnagar last week one building collapsed while three buildings have been sealed by UMC

making over 500 residents homeless.

In the last 10 years, the city has witnessed 38 building either collapsing or getting sealed by UMC.

____________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/ulhasnagar-residents-to-discuss-redevelopment-issue-with-maharashtra-government/70753046

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