27-June-2019 · Under the agreement with Godrej & Boyce, Godrej Properties pays 10-15% revenue of...

27-June-2019

of 25

CREDAI Bengal Daily News Update | 27.06.19

Lodha battles bond slump amid cash crunch

Lodha‟s 2020 dollar-denominated notes have fallen to a record low this month.

India‟s property tycoon Mangal Prabhat Lodha‟s company just can‟t catch a break in the bond

market as liquidity risk has roared back amid stress in the sector.

Lodha Developers International Ltd.‟s 2020 dollar-denominated notes have fallen to a record low this

month, according to Bloomberg prices going back to August 2016. That reflects deepening problems

in the country‟s real-estate sector which is facing a funding crunch on top of lackluster home sales,

climbing inventories and declining prices.

The developer‟s 12% notes have slumped more than 14 cents to 82.9 cents on the dollar since May 2,

when Moody‟s Investors Service revised parent company Lodha Developers Ltd.‟s outlook to

negative, citing weakening liquidity. Fitch Ratings also changed its outlook to negative last month.

The debt problems may rein in founder Lodha‟s attempts to take his company public and hurt his

leading position in the South Asian nation‟s real-estate market. His wealth was estimated at about

271.5 billion rupees ($3.91 billion), according to the GROHE Hurun India Real Estate Rich List

released last year, making him India‟s richest developer at the time.

Newspaper/Online ET Realty (online)

Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/lodha-battles-bond-slump-amid-cash-crunch/69958493

of 25

There was no immediate reply from Lodha Developers to an emailed request for comment.

Indian property companies, which have been increasingly relying on shadow banks for borrowing,

are struggling to roll over debt as the lenders themselves are facing a cash squeeze, raising prospects

of a wave of defaults. The problems have worsened in recent weeks as non-bank financier Dewan

Housing Finance Corp. had its rating cut to default.

Lodha Developers‟ cash and operating cash flow will be “insufficient” to meet 69 billion rupees of

debt repayments due this financial year, Fitch wrote in its May note. “A failure to execute its

refinancing plan may result in the rating being downgraded by one or more notches.”

The real-estate company is developing the Trump Tower in India‟s commercial capital Mumbai.

Shadow lender Piramal Capital & Housing Finance Ltd. said last month that it planned to cut its

exposure to Lodha Developers by Rs 1,200 crore even after the Mumbai-based developer sold 28%

of its London arm earlier this year to pare debt and planned further stake sale. The firm is also trying

to monetize projects in India to meet refinancing needs.

________________________________________________________________________________

of 25

Delhi: TDI Infrastructure booked for duping buyers

According to the police, the complainant alleged that the builder sold them plots which were

never owned by the company.

The Economic Offense Wing of the Delhi Police on Wednesday booked infra company TDI

Infrastructure for allegedly duping two people to the tone of Rs 40 lakh for over a decade.

According to the police, the complainant alleged that the builder sold them plots which were never

owned by the company.

Additional Commissioner of Police (Economic Offense Wing) Suvashis Choudhary told IANS that

the builder has been accused of pretending to own the plots and later selling them to innocent

buyers.

"We have filed two FIRs in which the complainant alleged that TDI builders proposed them plots in

the TDI City projected in Haryana's Kondli area," Choudhary told IANS.

In one of the FIRs, the complainant, identified as Charan Singh Verma, alleged that he had purchased

a 250 square yard piece of land in the said township and paid Rs 17 lakh for the same in 2009.

He was supposed to pay Rs 2 lakh more after getting the possesion of the land. According to Charan,

when he visited the site after a few days, he came to know that the site was neither owned by the

builder, nor did the builder have any permission to develop a township in the area.

Charan then contacted the builder and asked for a refund, which he is yet to receive.

In another FIR, a lady alleged that she had paid a sum of Rs 21 lakh to the builder for a 350 square

yard plot in the same township in 2005. However, she has not got possession of the land till date. She

added that the plot was not owned by the builder and repeated attempts to get the deposit money back

didn't yield any result.

_________________________________________________________________________________


Date June 27, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/delhi-tdi-infrastructure-booked-for-duping-buyers/69966951

of 25

Godrej company may rework pacts after rift over land

Concentration of the family‟s land holding in Godrej & Boyce and its commercial exploitation

by Godrej Properties.

The Godrej family, which controls the eponymous soaps-to-aerospace group, is discussing ways to

rework certain family agreements after differences cropped up among members over development of

land holdings owned by Godrej & Boyce.

The crux of the issue appears to be the concentration of the family‟s land holding in Godrej & Boyce

and its commercial exploitation by the group‟s listed arm Godrej Properties, two officials close to the

development said.

While the Jamshyd Godrej family faction is believed to be against excessive development, Adi and

Nadir Godrej would like the land to be developed. It is also important for them as Godrej Properties

is a listed company and has stated publicly its intention to be a big developer in Mumbai.

“The strategy is largely undisputed but more clarity has been sought on it by Jamshyd whose children

are now not in active roles,” one of the officials said. Navroze, son of Jamshyd Godrej and heir

apparent at Godrej & Boyce, has relinquished his role as executive director, paving way for the

elevation of cousin Nyrika Holkar to a leadership role.

A group spokesperson said both sides of the family will issue a statement on Thursday. “Some talks

have taken place. It‟s a complicated structure. Godrej & Boyce is closely held by the Godrej family

which owns tracts of land,” another person involved in the negotiations said, on condition of

anonymity.

The family has sought the help of outside advisers to help them understand and navigate the tricky

process of changing these pacts and making new ones, people familiar with the development said.

Agreement with Godrej & Boyce

Kotak Mahindra Bank CEO Uday Kotak, JM Financial chairman Nimesh Kampani and Cyril Shroff

of Cyril Amarchand Mangaldas are believed to be helping the family untangle the situation.

Godrej & Boyce owns more than 3,400 acre land parcel in Mumbai, the country‟s most expensive

property market. Over 3,000 acre of this land is in Vikhroli suburb, while the rest is in the suburbs of

Bhandup and Nahur. Godrej Properties, the group‟s real estate arm, has been developing these land

parcels through a development management agreement.

Family patriarchs Adi and Nadir Godrej control the group‟s three listed companies — Godrej

Consumer Products Ltd (GCPL), Godrej Properties and Godrej Agrovet. Godrej & Boyce, the


Date June 27, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/godrej-company-may-rework-pacts-after-rift-over-land/69966965

of 25

holding company of the Godrej Group with more than a dozen diverse business divisions including

aerospace, consumer, office and industrial products, furniture and appliances, is owned by all family

members with Jamshyd Godrej as its chairman.

The family‟s trust also owns 8.66% in Godrej Industries, which in turn holds 53.65% in Godrej

Properties and 23.75% in GCPL. The Jamshyd Godrej controlled Godrej & Boyce holds 4.64% in

Godrej Properties and 7.34% in GCPL.

The mediators from both sides are still trying to understand the various points of views and the assets

owned by Godrej & Boyce group, the person citied above added. “Nothing has been decided yet.

Hopefully, it will be resolved amicably. The family is old school and will not look at approaching the

courts for resolution,” he said.

of 25

Under the agreement with Godrej & Boyce, Godrej Properties pays 10-15% revenue of the project to

the land owner. Godrej Properties was essentially formed not just to monetise the land holding but

also the Godrej brand. Pirojsha Godrej, Adi Godrej‟s son, is the current executive chairman of the

company.

Godrej Properties‟ umbilical cord is strongly attached to Godrej & Boyce. It had entered into an

agreement with the flagship to act as its development manager for “some of its lands and has entered

into limited liability partnership agreements with Godrej & Boyce and Godrej Industries for the

development of certain real estate projects”, the real estate developer said in its prospectus at the time

of its initial public offering. “These transactions in the present and future may potentially involve a

conflict of interest which may adversely affect our business or harm our reputation,” it had warned

then.

Nearly a decade ago, the family run conglomerate set up a separate body as family board to serve as

counsel for growth and deftly handle the tricky issue of succession. Over the past few weeks, the

family business board has discussed these issues regarding redevelopment of land parcels and

whether there is a need to tweak the existing agreement, two officials aware of the situation said.

“The active participation of the next generation in the businesses also has necessitated a relook at

group strategies and plans. The boards have discussed the matter a couple of times already and

sought help from external legal luminaries best placed to advise them,” said an official.

The family business board is led by group chairman Adi Godrej and includes his brother Nadir,

cousin Jamshyd and brother-in-law Vijay Crishna. The fourth generation of the family, which

includes the children of Adi, Jamshyd, Nadir and Crishna who are past 18 years, attend meetings as

invitees.

“When a promoter has a family constitution and family agreement, it always encompasses clauses

regarding potential or future disputes within family and how to deal in such situations,” said Mita

Dixit, co-founder, Equations Advisors, a family business advisory firm. “Due to such clauses, the

dispute gets settled within a family with the help of mediators and hence chances of bitter litigation

get substantially reduced.”

Also, Mangrove forests occupy a significant part of this land and cannot be developed. The

industrialist family had acquired this land parcel in eastern suburbs of Mumbai from the Bombay

High Court receiver in the early 1940s. The British East India Company had allotted this land to a

Parsi merchant in 1830s. Godrej also acquired more plots adjoining this land parcel later. The group

also holds land parcel in few more Indian cities including Hyderabad.

________________________________________________________________________________

of 25

Lt Governor launches Delhi RERA portal

"Launched official portal of RERA, Delhi (https://rera.delhi.gov.in ). The website will help

promote transparency & accountability in real estate sector.

Lt Governor Anil BaijalMonday lunched the official portal of RERA Delhi and saying it will

promote transparency and accountability in the real estate sector. The Government of India has

implemented the Real Estate (Regulation and Development) Act 2016, RERA, to check malpractices

in the sector. The Act came into force on May 1, 2017.

"Launched official portal of RERA, Delhi (https://rera.delhi.gov.in ). The website will help promote

transparency & accountability in real estate sector. Advised to provide an interactive forum for

knowledge sharing with other RERAs... I congratulate the RERA team for the initiative," the L-G

tweeted after the launch.

The RERA Act aims to reform the real estate sector in the country, encouraging greater transparency,

citizen centricity, accountability and financial discipline.

_______________________________________________________________________________


Date June 27, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/lt-governor-launches-delhi-rera-portal/69966899

of 25

DHFL to soon complete full stake sale in two subsidiaries

The company has resorted to various modes of fund mop-up including selling stake in

subsidiary firms to meet its debt obligations.

Dewan Housing Finance Corporation Ltd (DHFL) Wednesday said it will shortly divest its full

stakes in subsidiary firms DHFL Pramerica Asset Managers and DHFL Pramerica Trustees. The non-

banking finance company has been facing liquidity crisis and has recently defaulted on its repayment

obligations.

The company has resorted to various modes of fund mop-up including selling stake in subsidiary

firms to meet its debt obligations.

The Securities and Exchange Board of India (Sebi) vide its letters on June 25, 2019 addressed to

DHFL Pramerica Asset Managers Pvt Ltd (DPAMPL) has granted its prior approval for proposed

change in controlling interest of DPAMPL and for amendment in trust deed, subject to certain

conditions, DHFL said in a regulatory filing.

DHFL has already entered into binding term sheet with PGLH of Delaware Inc (Prudential) for

divestment of its stake entire shareholding of 50 per cent in DPAMPL (17.12 per cent being held

directly and 32.88 per cent being held by its wholly owned subsidiary, DHFL Advisory &

Investments Pvt Ltd).

The term sheet agreement also applies for selling DHFL's entire shareholding of 50 per cent in

DHFL Pramerica Trustees Pvt Ltd (DPTPL).

Further, the share purchase agreements for the said transactions has also been executed by the

company.

"The divestment of the company's entire shareholding in DPAMPL and DPTPL to Prudential is

expected to be completed shortly," it said in the filing.

In a latest, the company Tuesday defaulted on 60 per cent of principal repayment on its commercial

papers worth Rs 375 crore.

The company had said that it defaulted on principal repayment on Commercial Papers (CPs) worth

Rs 225 crore, while the payment on rest of Rs 150 crore (40 per cent) was done.

DHFL also said the balance of Rs 225 crore will be paid once the surplus cash flow position

improves over the next couple of days.


Date June 27, 2019

Link https://realty.economictimes.indiatimes.com/news/allied-industries/dhfl-to-soon-complete-full-stake-sale-in-two-subsidiaries/69966931

of 25

Its shares closed 5.77 per cent up at Rs 79.75 apiece on the BSE.

_________________________________________________________________________________

of 25

PE investments up 26% at $3.9 billion in the first half of 2019

According to the report, Mumbai, India‟s financial capital, accounted for 27% of total inflows,

garnering roughly $1.05 billion of investments.

Private equity investment in the first half of 2019 witnessed a jump of 26% as compared to the same

period last year. The rising confidence of institutional investors saw funds investing $3.9 bn across

India‟s grade A offices, retail properties and the warehousing segment, said Colliers International.

According to the report, Mumbai, India‟s financial capital, accounted for 27% of total inflows,

garnering roughly $1.05 billion of investments. This was followed by Pune that saw investments rose

tenfold to $237 million in H1 2019.

“We expect investments in 2019 to create a new record, led by the commercial office sector, even as

foreign investors hone their focus on the retail and logistics sectors,” said the report.

During the first six months of the year, investments in commercial office assets accounted for 42%

share of total investments “The sector is at an inflection given the 3Rs - Reforms, REITs, and Results

of the recently concluded elections. The year 2019 will see the bulls at play, with phenomenal capital

influx in the office and logistics space”, says Suresh Castellino, Executive National Director, Capital

and Investment Services at Colliers International India.

The year 2019 began with several large-ticket deals in the real estate sector, which is expected to

continue well into the second quarter. During the first six months of the year, investments in

commercial office assets accounted for 42% share of total investments, while retail investment was at

$1.2 billion, mentioned the study.

“Foreign investors are placing their bets on India, led by a strong surge in the commercial office

demand, policy and reforms initiated by the government. We foresee the current year to create a new

record for investments in real estate, with investors viewing retail and logistics assets favorably in

addition to commercial office assets”, says Megha Maan, Senior Associate Director, Research at

Colliers International India.

______________________________________________________________________________


Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/pe-investments-up-26-at-3-9-billion-in-the-first-half-of-2019/69954487

of 25

JM Financial ARC says acquired Unitech's loan in 2016; no new debt

taken over

The funds were disbursed by JM Financial ARC over a period of time from the date of taking

over their debts, it further said.

Asset restructuring firm JM Financial ARC Wednesday said it had taken over Unitech's loan from a

financial institution in November 2016 and no new debt of the realty firm has been acquired

thereafter by it.

The company disbursed some funds over a period of time to help Unitech restart/complete certain

projects, JM Financial ARC said in a statement.

"JM Financial ARC had taken over debts pertaining to Unitech Group from a financial institution in

November 2016. As part of restructuring of the debts so taken over, some funds were provided to

them to help them restart/complete certain of their projects," the statement said.

The funds were disbursed by JM Financial ARC over a period of time from the date of taking over

their debts, it further said.

JM Financial ARC has taken over debts and provided additional loans as a lender and has not taken

over projects, it said adding that the asset restructuring firm does not control or manage the projects.

The Gurugram-based developer had 74 pending real estate projects, comprising 16,500 housing

units, in August 2017, when its two managing directors Sanjay Chandra and Ajay Chandra were

arrested.

In the last two years, the company has completed about 22 projects comprising 4,000 units, while 52

projects are still incomplete, according to sources.

Chandra brothers were arrested after some homebuyers dragged the company and its directors to

court for non-delivery of their apartments and sought refund.

A bail application was filed before the Supreme Court, but the apex court had directed Unitech to

first deposit Rs 750 crore in the registry. The realty firm has so far deposited about Rs 480 crore.

To secure bail of its two directors, Unitech is in process of monetising its land bank to raise funds

and deposit the same with the registry, they added.


Date June 27, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/jm-financial-and-suraksha-arc-to-take-control-of-23-realty-projects-of-unitech/69961348

of 25

Godrej Properties plans Rs 2,100-crore QIP issue, promoters to pare

10% stake

The company in an exchange filing said it had fixed the floor price for the issue at Rs 928,

which is a 5.8 percent discount to Tuesday's closing price of Rs 982 a share.

Realty player Godrej Properties is planning to raise up to Rs 2,100 crore through a share sale to

institutional investors.

The company in an exchange filing said it had fixed the floor price for the issue at Rs 928, which is a

5.8 percent discount to Tuesday's closing price of Rs 982 a share. But did not disclose the amount it

is planning to raise.

The city-based developer company also informed BSE that its board will again meet on June 28 to

finalise the date of the issue as well as the issue price.

The promoter Godrej family's holding in the company will get diluted by 10 percent after post-the

qualified institutional placement, according to i-banking sources.

Even though an exact quantum of the shares to be sold is not disclosed, the sources said the company

is planning to raise up to USD 300 million from the issue.

"As per the listing obligations and disclosure requirements of the Sebi, the board is scheduled to meet

on June 28 to consider and approve the issue price for the qualified institutional placement," Godrej

Properties said in the filing Tuesday.

It can be noted that on April 30, the company had said it got the board approval to raise up to Rs

2,500 crore through various instruments, including a QIP issue.

The Godrej Properties counter closed over 2.2 percent up on the BSE at Rs 982 on a day when the

benchmark rallied 0.80 percent.

If the company retains the issue price Rs 928 a share, it will be at a 5.8 percent discount to the

closing price Tuesday at Rs 982.

As per the Sebi norms, the issue price normally is arrived by taking the average trading price of the

share in past 15 trading sessions. But the issuer can lower the price depending on the market


Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/godrej-properties-plans-rs-2100-crore-qip-issue-promoters-to-pare-10-stake/69955958

of 25

sentiment closer to the issue date.

Bank of America Merrill Lynch, Axis, CLSA and Kotak are joint book running leading managers for

the issue.

In FY19, the company's income rose 57 percent to Rs 3,236 crore, while profit jumped to Rs 253

crore from Rs 87 crore in FY18.

____________________________________________________________________________

of 25

Illegal commercial buildings demolished in Coonoor

The buildings were constructed on the land classified as „water channel poramboke‟ belonging

to the department.

Revenue department officials on Tuesday demolished 42 commercial buildings on a poramboke land

near the Coonoor Bus Stand.

The buildings were constructed on the land classified as „water channel poramboke‟ belonging to the

department.

“As per a high court order, buildings constructed on water channel poramboke are highly

objectionable and authorities concerned should take action to remove the constructions,” Coonoor

revenue divisional officer (RDO) Ranjith Singh told TOI. “We identified 55 buildings constructed

illegally on the water channel close to the Coonoor River running adjacent to the bus stand and TTK

Road. The building owners were issued notices . Many approached the HC. But the appeals were

duly rejected. They then moved the revenue secretary, but in vain. For the other 13 illegal buildings,

cases are pending in the court,” said the RDO.

Most of the buildings were over 50 years old and some of them were three-storeyed, the official said.

“Many shopkeepers appealed to the Nilgiris district collector, but the appeals were rejected.”

The demolition drive, which used three earthmovers, started at 6am. Municipal and TNEB officials

oversaw the drive. Water and power connections were disconnected before it began.

“Coonoor lacks a parking lot. The cleared area could be used as a parking area in future,” the RDO

said.

Apart from the commercial buildings, there are over 200 houses on the slope of the water channel.

“The 200 families will be shifted soon as they have been roped in with the slum clearance board. A

housing scheme for them is getting ready,” the official added.

____________________________________________________________________________


Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/commercial/illegal-commercial-buildings-demolished-in-coonoor/69958478

of 25

Six months more to regularize illegal buildings in Tamil Nadu

The housing and urban development department passed the extension order last Friday, when

the fourth extension for the amnesty scheme lapsed.

The Tamil Nadugovernment has extended the deadline to regularise unauthorised buildings — built

on or before July 1, 2007 — by another six months. Applications can be submitted on or before

December 21, 2019.

The housing and urban development department passed the extension order last Friday, when the

fourth extension for the amnesty schemelapsed. The Madras high court had passed an interim order

in 2017 on a petition that applications for regularization may be entertained and proceeded, but no

final decision should be taken. “Because of the uncertainty, a lot of people have not applied, as they

have to pay the regularization fee along with the application. Unless they are sure that the scheme

will come through, they are not going to pay the fee,” said an official.

The response for the scheme has not been impressive. Chennai Metropolitan Development Authority

received only 4,000 applications, while the directorate of town and country planning got 1,000

applications to regularize such buildings. Given the uncertainty over the scheme, the officials

justified its extension till the matter was taken up by the court.

_____________________________________________________________________________


Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/six-months-more-to-regularize-illegal-buildings-in-tamil-nadu/69956605

of 25

Agra realtors oppose steep hike in circle rates

K.C. Jain, President of Real Estate Developers and Colonisers Organisation (REDCO) said:

"The property business is already in dumps and facing a serious crisis. If Circle Rates are

revised upwards, the move will sound the death knell of this sector."

Builders and realtors in Uttar Pradesh's Agra have opposed the proposed hike in Circle Rates of land

in the Taj city.

In memorandums and petitions to government agencies, they pleaded for a review and postponement

of any decision that would adversely affect the growth of this vital sector.

K.C. Jain, President of Real Estate Developers and Colonisers Organisation (REDCO) said: "The

property business is already in dumps and facing a serious crisis. If Circle Rates are revised upwards,

the move will sound the death knell of this sector."

A large number of incomplete projects are waiting for buyers. City flats are lying vacant as there are

no buyers. Even hotels and hospitals are not coming up due to restrictions on construction in the Taj

Trapezium Zone, members of the REDCO said.

States like Madhya Pradesh and Haryana have reduced Circle Rates to boost the sagging real estate

business so why are we being punished, they asked.

__________________________________________________________________________


Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/agra-realtors-oppose-steep-hike-in-circle-rates/69957909

of 25

Online bid for 259 residential plots in Noida to be held July 19-23

In December 2018, the Authority held online auction for the sale of land and around 440 plots

across sectors 12, 31, 33, 39, 47, 48, 49, 51, 52, 55, 70, 72, 93B, 99, 100, 105 and 122 were to be

sold.

The Noida Authority is going to hold online auction of 259 residential plots in the developed sectors

from July 19 to 23. While most plots in the area have already been allotted, the ones to be auctioned

are unsold/vacant till now.

Since Noida hardly has any land to sell, the auction is being seen as a means to generate revenue.

The officer on special duty, Noida Authority, Avneesh Kumar said: “Only those people or applicants

who would have applied for the plots till July 8 and completed all requisite online formalities, would

be eligible to take part in the auction.”

In December 2018, the Authority held online auction for the sale of land and around 440 plots across

sectors 12, 31, 33, 39, 47, 48, 49, 51, 52, 55, 70, 72, 93B, 99, 100, 105 and 122 were to be sold. This

time, the auction will include some plots that were part of the previous lot but remained unsold.

While the plot sizes vary from 100 sqm to 500 sqm, the price range is from Rs 55,000 per sqm to Rs

1 lakh per sqm. While rates in Sector 44 are highest, sector 122 has the lowest price.

Applicants for the residential plot scheme had to register themselves and obtain a user identity

number and password and file necessary documents details between June 17 and July 8.

________________________________________________________________________________


Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/residential/online-bid-for-259-residential-plots-in-noida-to-be-held-july-19-23/69951912

of 25

Sewage plant norms being violated, say Noida residents

The residents from Pan Oasis society in Sector 70, Paramount Golf Foreste society, and

UPSIDC site C also demanded action from the authority on untreated water from STPs.

A day after the Uttar Pradesh Pollution Control Board‟s district pollution centre issued a report on

seven highrises flouting sewage treatment plant (STP) norms, residents of more apartments in

Greater Noida have complained about the same issue.

The residents from Pan Oasis society in Sector 70, Paramount Golf Foreste society, and UPSIDC site

C also demanded action from the authority on untreated water from STPs.

The sewage water is dumped in the neighbouring green belts, which kill the plants, they said.

“I am a resident of Pan Oasis society in Sector 70. The STP in our society is not working to its full

capacity. All STP norms are being violated in terms of requisite discharge of chemical oxygen

demand and biological oxygen demand levels. The sewage water is being pumped by the builder into

the adjoining green belt without qualms,” said Shambhu Sharan.

“It is affecting the health of the residents. Further, this is a breeding ground for mosquitos,” he said,

adding that no action has been taken by the authorities, despite MP Mahesh Sharma taking

cognisance of their complaint.

A similar problem was reported by Mohit Agrawal, a resident of Paramount Golf Forest Society, in

Greater Noida. “The STP built under the children‟s park is not sufficient. Dirty, untreated water from

the STP is released in the park,” said Agrawal.

The apartment complexes do not have designated resident welfare associations (RWAs).

President of Noida Federation of Apartment Owners Association, Rajiva Singh said since operations

of STPs have a lot of inherent challenges, first-time defaulters should be exempt from fines or

penalties.

“We need more education in the matter that should be imparted to the residents and various

Apartment Owners Associations so that corrections can be made in their system. However, for

regular defaulters, action should definitely be initiated,” said Singh.

__________________________________________________________________________


Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/residential/sewage-plant-norms-being-violated-say-noida-residents/69960248

of 25

Bihar UDH department sanctioned 2.39 lakh housing units for urban

poor

“Around 21,278 houses have been completed and 1,02,936 are under construction,” Chaitanya

Prasad, principal secretary UDHD, said after videoconferencing with Union ministry of

housing and urban affairs (MoHUA).

The state government has sanctioned 2,39,538 houses under „affordable housing in partnership‟

(AHP) and „beneficiary-led individual house construction or enhancement‟ schemes for urban people

belonging to economically weaker sections of society, urban development and housing

department (UDHD) principal secretary Chaitanya Prasad said on Tuesday.

“Around 21,278 houses have been completed and 1,02,936 are under construction,” Prasad said after

videoconferencing with Union ministry of housing and urban affairs (MoHUA) on the status of three

urban flagship missions — Atal Mission for Rejuvenation and Urban Transformation (AMRUT),

Smart City Mission and PM Awas Yojana.

“Six lakh affordable houses are needed in Bihar. Four lakh houses will be covered under BLC and

credit-linked subsidy scheme while other 2 lakhs will come under AHP and slum redevelopment

scheme,” he said.

Prasad said the projects under AHP have been proposed in Patna, Damodarpur, Muzaffarpur,

Sasaram, Samastipur, Dalmianagar, Gaya and Bhagalpur. “Project for affordable housing in Kamla

Nehru slum area of Patna will be executed with an estimated outlay of around Rs218 crore,” he said.

He said 27 cities in Bihar have been selected for implementation of AMRUT, including water supply

scheme and Patna, Bhagalpur and Muzaffarpur are covered under stormwater drainage scheme.

“Total 6,05,288 households spread over 21 cities and 837 wards are fully covered under water supply

scheme,” the principal secretary said.

He added: “Water supply schemes could not be taken up in six AMRUT towns of Patna, Bodh Gaya,

Muzaffarpur, Gaya, Bhagalpur and Danapur because they were either covered earlier under

Jawaharlal Nehru National Urban Renewal Mission (JNNURM) or some other schemes.”

Under AMRUT, the department has also signed an agreement with Energy Efficiency Services

Limited (EESL) to replace the sodium vapour street lights with the energy-efficient light emitting

diode (LED) bulbs. Total 2.5 lakh LED bulbs have been installed in Patna and other cities and 3 lakh

more will be installed soon.


Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/residential/bihar-udh-department-sanctioned-2-39-lakh-housing-units-for-urban-poor/69955144

of 25

Prasad said under the smart city project, schemes worth Rs1,000 crore have been sanctioned,

including construction work on Integrated Control and Command Centre (ICCC), Railway Station

Area Redevelopment Project, smart roads, covering of Mandiri and Bakerganj nullahs, among other

schemes.

________________________________________________________________________________

of 25

Allottees to move court against Chandigarh housing board over high

flats' prices

The CHB had finalized a three-bedroom hall kitchen (BHK) flat for Rs 1.76 crore, Rs 1.35

crore for two BHK flat, Rs 99 lakh for one BHK flat and Rs 58.07 lakh for one BHK (EWS)

flat.

The UT Employees Self Finance Housing Scheme 2008 has hit another hurdle as the allottees have

decided not to give consent to the high prices fixed by the Chandigarh Housing Board (CHB) for the

flats.

The CHB had finalized a three-bedroom hall kitchen (BHK) flat for Rs 1.76 crore, Rs 1.35 crore for

two BHK flat, Rs 99 lakh for one BHK flat and Rs 58.07 lakh for one BHK (EWS) flat. The CHB

through a public notice had asked all successful applicants of the scheme to give their consent within

21 days for payment in five instalments with applicable interest.

Dr Dharmendra, general secretary, UT Employees CHB Housing Welfare Society, said a meeting of

all the allottees was held in Sector 20 on Tuesday. More than 1,000 members unanimously decided

not to give consent letters to the CHB. Besides, they would move court against the high prices, he

said, adding they are in touch with advocates and would file a case against the CHB within a week.

A CHB official maintained the prices are on the higher side because the ministry of home affairs had

permitted the UT administration to allot land only on collector's rate. As the collector's rate was

higher, the prices of the flats had also increased, he said.

Earlier, the CHB had estimated Rs 2.08 crore for a three BHK flat, Rs 1.64 crore for a two BHK flat,

Rs 1 crore for a one BHK flat and Rs 60 lakh for one BHK (EWS) flat. As the decision was taken to

construct the flats for UT employees on "no profit no loss" basis, the prices were calculated to Rs

1.76 crore for three BHK, Rs 1.35 crore for two BHK, Rs 99 lakh for one BHK and Rs 58.07 lakh for

one BHK (EWS).

When the scheme was announced in 2008, the rates were Rs 34.70 lakh for three BHK flat, Rs 24.30

lakh for two BHK flat, Rs 13.53 lakh for one BHK flat and Rs 5.76 lakh for one BHK (EWS) flat.

On January 2, the cabinet meeting chaired by Prime Minister Narendra Modi approved the proposal

of UT employees' housing scheme pending since 2008. Recently, the Centre had submitted before

the Punjab and Haryana high court that the proposal to allot 61.5 acres of land to the CHB for the

purpose had been sent to the cabinet secretariat.

A total of 73.3 acre land was earmarked for the construction of 3,930 dwelling units for the

employees. Out of which, 11.8 acre was already in the possession of the CHB.


Date June 26, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/allottees-to-move-court-against-chandigarh-housing-board-over-high-flats-prices/69955606

of 25

Government may deliver one crore houses two years before 2022 date

The Housing Ministry on June 25 announced to advance the deadline for delivering one crore houses

under PM Awas Yojna (PMAY) in urban areas by almost two years to 2020. The government had set

the 2022 deadline for PMAY.

Union Housing Minister Hardeep Singh Puri said he was confident that sanction for almost all

required number of houses will be received by the first quarter of next year and completion of

constructions will be achieved by the end of the year.

Earlier in the day, PM Narendra Moditweeted, "No stone will be left unturned to fulfil the dream of

Housing for All, which will give wings to crores of aspirations."

PM said his government is committed to further improving urban infrastructure while citing that

PMAY (Urban), AMRUT and Smart Cities missions were launched four years back "with the aim of

transforming urban landscape".

Newspaper/Online The Times of India

Date June 27, 2019

Link https://content.magicbricks.com/property-news/government-may-deliver-one-crore-houses-two-years-before-2022-date/107129.html

of 25

Puri said so far more than 81 lakh houses have been sanctioned with investment of Rs 4.83 lakh crore

out of the validated demand for one crore dwelling units. He said under credit-linked subsidy scheme

of PMAY, more than 6.32 lakh families have availed interest subsidy.

"We have achieved the progress only by taking states on board unlike the UPA when projects were

approved from the Centre. Real practice of cooperative federalism has worked," he said.

________________________________________________________________________________

of 25

KMDA starts feasibility study for Ruby flyover and foot overbridge

The Kolkata Metropolitan Development Authority (KMDA) has started exploring on the possibilities

of a north-south flyover over Ruby Island crossing and a foot overbridge at the intersection to

decongest both vehicular and pedestrian traffic at the crossing. The authorities have engaged the

highway division of RITES last week to conduct surveys and prepare a feasibility-reportcum detail

project report (DPR) on both the proposals.

The authorities had conceptualised the proposal last year to move over Ruby intersection on north

south direction to decongest the increasing vehicular traffic on Ruby crossing. According to plans,

the flyover will start from Kalikapur and will end near VIP Bazar crossing over Ruby and Tagore

Park crossings.

"Vehicular traffic and congestion has increased significantly over the years on the intersection of

Ruby crossing with vehicles coming on from north, south and Rashbehari connector. The flyover will

move over the crossing and ease out vehicular traffic, specially during the rush hours," said a KMDA

official.

Officials said with the Metro alignment moving over EM Bypass, the area is set to witness more

pedestrian movement near the Ruby intersection. “The necessity of FOB is very important since

50,000 pedestrians cross the Bypass flanks of the Ruby crossing on a daily basis.

KMDA officials said that with the New Garia-Airport Metro alignment moving over the same

direction on EM Bypass, the officials will have to figure out the height at which the proposed flyover

can be built.

Newspaper/Online The Times of India

Date June 26, 2019

Link https://content.magicbricks.com/property-news/kolkata-real-estate-news/kmda-starts-feasibility-study-for-ruby-flyover-and-foot-overbridge/107124.html

of 25

The proposed flyover could also move parallel maintaining same height with a slight curvature. "The

feasibility study will contain all these issues. They will also make a traffic study to determine

vehicular and pedestrian traffic volume for future," said an official.

As per plan, the FOB will have escalators, ramps and staircase and will disperse the pedestrian traffic

that moves on the east-west direction crossing the sides of the EM Bypass flanks.

"Thousands of pedestrians, who cross over the Bypass flanks using the zebra crossing now waits for

the signal to turn red," an official said.

______________________________________________________________________________

27-June-2019 · Under the agreement with Godrej & Boyce, Godrej Properties pays 10-15% revenue of...

Documents

Transcript of 27-June-2019 · Under the agreement with Godrej & Boyce, Godrej Properties pays 10-15% revenue of...