Noida Expansion: Authority Initiates Land Survey for Future Development

11/20/2024 12:00:00 PM

Noida: The Noida Authority has started a survey of the land set to be acquired for the development of the Dadri-Noida-Ghaziabad Investment Region (DNGIR) – commonly referred to as New Noida. The Noida Authority CEO, along with other officials, carried out a preliminary survey on Monday in Bulandshahr before the land acquisition begins. Noida CEO Lokesh M said, "We inspected the proposed land in the Sikandrabad area of Bulandshahr. We also inspected the land in Jokhabad village for a temporary office of the Noida Authority, which will supervise the land acquisition and development works in the area. The officials have been directed to start the land acquisition process. Soon, we will hold meetings with the local landowners, village residents, and gram pradhans to get their consent for land acquisition." Land measuring 209.11 sqkm across 80 villages from the Gautam Budh Nagar and Bulandshahr districts has been notified for this. Of these 80 villages falling under the DNGIR area, 63 are in Bulandshahr while the remaining __ are in GB Nagar. The Authority plans to develop the area in four phases - 3,165 hectares will be acquired in Phase 1 by 2027, 3,798 hectares in Phase 2 by 2032, 5,908 hectares in Phase 3 by 2037, and 8,230 hectares in Phase 4 by 2041. In Oct, the state govt approved the Authority's Master Plan 2041. Under this, the Authority has earmarked 40% of the acquired land for industrial purposes, 13% for residential purposes, 18% for green and recreational areas, 4% for commercia use, 8% for public institutions, and the remaining for other development projects. According to officials, the DNGIR area has been identified as one of the key proposed investment regions in the first phase of the Delhi-Mumbai Industrial Corridor (DMIC). This area has excellent connectivity through road and rail links to the rest of the state as well as the country. It will have Noida, Greater Noida, YEIDA area, and also the Noida International Airport in its vicinity. These adjoining urban areas have a well-evolved road network, state-of-the-art physical and social infrastructure along with some of the best residential, commercial, institutional, and entertainment areas, officials added. The Noida International Airport is scheduled for its commercial operation from April next year. Source : Times of India INDIA

PMAY-G Phase 2: Self-Survey and Facial Recognition to Enhance Transparency

11/20/2024 11:59:00 AM

New Delhi, Nov 19 (PTI) With the Centre approving construction of additional two crore houses under the PMAY-G, a fresh list of beneficiaries will be created after a survey as per updated criteria, which will for the first time allow 'self-survey' for those wanting to enroll in the scheme. According to a source from the Rural Development Ministry, for the first time, facial recognition technology will be used for both surveyors and those surveyed to maintain transparency. The Pradhan Mantri Awas Yojana-Gramin (PMAY-G), the flagship rural housing scheme launched in 2016, had a target of construction of 2.95 crore pucca houses in five years. According to the Rural Development Ministry, 2.67 crore houses have been constructed under PMAY-G since the launch of the scheme, while around 77 lakh houses pending under the Indira Gandhi Awas Yojana have also been completed. According to government officials, remaining 35 lakh houses that were not built by March 31 would also be completed to achieve the cumulative target of 2.95 crore houses of the previous phase. The second phase of the scheme, approved by the Union Cabinet earlier this year, targets construction of additional two crore houses, for which Rs 1.20 lakh is given to eligible families in plain areas and Rs 1.30 lakh in Northeastern states and the hill states of Himachal Pradesh, Uttarakhand, and Union Territories of Jammu and Kashmir, and Ladakh. The rural housing scheme allocations were earlier made on the basis of the Socio-Economic Caste Census (SECC) 2011 Permanent Wait List (PWL), and then on the basis of the Awaas+ (2018) list. However, in 20 out of 35 states, both lists have saturated, leading to the requirement for a fresh survey. This time, as the criteria to qualify for the scheme has been relaxed, with certain caps being removed, the official source said a fresh survey was required to ensure no eligible beneficiaries are left out. "The last survey was done in 2018; the situation has changed since then. So fresh surveys will be undertaken through the Awas plus app," the source said. To ensure transparency, surveyors have been identified across the over 2.5 lakh panchayats in the country, while more than one surveyor may be appointed for panchayats with higher population. The ministry aims to complete the survey in three months. "To ensure transparency, we have for the first time added a face-based authentication feature. Earlier we used to find difficulties in identifying the surveyor. This time, surveyors have been appointed at different panchayats, who will perform a face authentication of the beneficiary, along with Aadhaar verification," the source said. "The surveyor will also have to undergo a face authentication while submitting the survey, this will ensure that the surveyor is physically present," the source added. For those who may miss getting surveyed can do so through the Awas plus application themselves. However, only one self-survey can be done from a phone. The source added that the process of the survey has already begun and a workshop was held for the surveyors through video-conferencing last week to train them on using the mobile application. Under the updated criteria for eligibility, certain conditions, which earlier made people ineligible for PMAY-G, have been removed. These include families having two-wheelers, refrigerators, mechanised fishing boats, and landline phones. While earlier those who had a family member earning more than Rs 10,000 a month were ineligible, this cap has been increased to Rs 15,000 under the new criteria. Those with irrigated land under 2.5 acres, or unirrigated land under 5 acres are also now eligible for the scheme. Under the second phase of PMAY-G, two crore more houses will be constructed in the next five years from FY 2024-2029 to address housing needs that have arisen over the years. This is expected to benefit nearly 10 crore individuals. Source : Economic Times INDIA

Unitholders of Four Listed REITs Get Rs 2,754 Crore During First Half of FY25

11/19/2024 12:27:00 PM

The listed real estate investment trusts (REITs) in India distributed Rs 2,754 crore to their unitholders in the first half of the financial year 2025 (H1 FY25), up 14 per cent year-on-year (Y- o-Y), as per data provided by the Indian REITs Association (IRA). The REITs had distributed Rs 2,417 crore in the first half of FY24. There are four listed REITs in India, viz., Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. As per the Securities and Exchange Board of India (Sebi) regulations, the REITs are mandated to distribute at least 90 per cent of their taxable income. A REIT owns, operates, or finances real estate properties that generate income and allows investors to invest in real estate without having to buy and manage properties directly. Further, the IRA’s data shows that, in the second quarter of the financial year 2025 (Q2 FY25), the four REITs distributed over Rs 1,383 crore to more than 2,55,000 unitholders. Meanwhile, in Q1 of this financial year, the REITs together distributed about Rs 1,371 crore to around 2,45,000 unitholders. As per the IRA, the Indian REITs market manages assets worth over Rs 1,52,000 crore. Moreover, since their inception around five years ago, the REITs have collectively distributed more than Rs 19,000 crore to their unitholders. The portfolios managed by these REITs cover over 125 million square feet (msf) of premium office and retail space across India. According to the IRA, industry experts believe that the government's recent decision to reduce the holding period for determining long-term capital gains on REITs to 12 months is likely to broaden the investor base for this financial instrument. As per the Union Budget document, the government shortened the holding period for determining long-term capital gains for business trusts, including REITs and Infrastructure Investment Trusts (InvITs), from 36 months to 12 months. Source : Times of India INDIA

MC of Gurugram: Over 4.5 Lakh Defaulters Owe 1,881 Crore Property Tax

11/19/2024 12:25:00 PM

Gurgaon: The municipal corporation is owed Rs 1,881 crore property tax, of which 15% is owed by 100 defaulters, each of whom has to pay more than Rs 1 crore. According to the corporation data, 100 major defaulters owe the corporation Rs 288.4 crore. The remaining Rs 1593 crore is owed by 4.9 lakh property owners. Newly appointed MCG commissioner Ashok Kumar Garg, at the time of joining, told TOI in an interview that the civic body will target large defaulters to increase its revenue. Property tax remains a crucial revenue stream for the corporation, which has estimated earnings of Rs 300 crore from property tax in the current fiscal (2023-24). In the fiscal year 2022-23, MCG had set the target to generate Rs 500 crore from property tax, but it earned just half of it. A senior corporation official on Monday told TOI that the defaulters with large dues have been served with multiple notices. "At this stage, we intend to implement strict measures against the defaulters to secure outstanding payments. Action against them includes sealing their properties, disconnecting water supply, and auctioning the properties if they still fail to pay their property tax," the official said. The MCG chief told TOI on Monday that action will be initiated against the defaulters in the next 3-4 days. "Our focus will be on major defaulters with substantial outstanding payments. We will begin with serving them notices and subsequently take action against them," Garg said. Asked about outstanding dues, residents' welfare associations said many defaulters are unable to pay their dues because of errors in property IDs. Earlier this year, MCG also received complaints from property owners that their dues were pending due to discrepancies in property ID data. They said that since their contact details, property size and addresses were incorrect, they could not pay the tax. "The count of property tax defaulters undoubtedly rose over the past two years due to unresolved data inconsistencies. The situation remains problematic when property dimensions are inaccurately recorded, alongside incorrect names and contact information in the system. We have been running from pillar to post to fix the errors in property IDs but no significant work has been done to fix this," said Pawan Yadav, president of Sushant Lok Extension RWA. Source : Times of India INDIA

GRAP stage-4 restrictions come into force in Delhi-NCR from November 18

11/18/2024 11:58:00 AM

The "severe" air pollution level in Delhi has triggered the implementation of GRAP Stage 4 anti-pollution measures in Delhi-NCR. The air quality in Delhi worsened further, recording an Air Quality Index (AQI) of 481 by 6 am on Monday morning, placing it in the "severe plus" category. • Diesel-run medium and heavy goods vehicles registered in Delhi (BS-IV or below) are banned, except those carrying essential goods. • Non-essential light commercial vehicles from outside Delhi are prohibited unless they use cleaner fuels like CNG, BS-VI diesel, or are electric vehicles. • Trucks carrying non-essential items are barred from entering Delhi unless they operate on LNG, CNG, or BS-VI diesel. • Schools and workplaces face adjustments as well. The CAQM panel recommended shifting classes 6 to 9 and class 11 to online mode. • Offices in NCR are advised to operate at 50 per cent capacity, with the remaining workforce working from home. Delhi's AQI readings, derived from 34 out of 40 monitoring stations, show that 32 stations reported "severe" levels above 400, according to data from the Central Pollution Control Board (CPCB). An AQI of 401 to 450 is considered "severe," while above 450 is "severe plus," posing health risks for healthy individuals and serious impacts for those with pre-existing conditions. According to the Centre's Decision Support System for Air Quality Management, vehicles contributed 15.8 per cent of Delhi's air pollution on Sunday. Stubble burning was a significant factor on Saturday, accounting for 25 per cent of total pollution. PM2.5 remains the prominent pollutant, with particles small enough to penetrate deep into the lungs, creating major health risks. Source : Economic Time INDIA

Chandigarh Administration Forms Special Panel to Look Into Metro Feasibility

11/18/2024 11:53:00 AM

Chandigarh: The Chandigarh administration has constituted a special committee of senior officers of UT and Punjab and Haryana governments with the approval of Punjab governor and UT administrator Gulab Chand Kataria. The committee will look into aspects related to financial viability & feasibility of the Metro project and will coordinate with the Chandigarh International Airport Limited (CHIAL), Air-Force Station Chandigarh and National Highways Authority of India (NHAI) to resolve inter-governmental coordination issues related to alternate route to Chandigarh airport and development of ring road around UT. The officers in the committee have been directed to give a report on all such issues in two months. The shorter route to the Chandigarh airport and ring road around Chandigarh are crucial projects to ease out traffic. The project of the ring road will be executed by the NHAI. Even as some issues regarding land acquisition have been resolved, many inter-related issues among Punjab, Haryana and NHAI haven’t found a way forward. “With the project of ring road, the outer traffic won’t have to enter Chandigarh to go to other states. The project will provide a major relief to Chandigarh. Similarly, the project of shorter route also requires active coordination with Punjab government as well as Air Force and airport authority” UT sources said. The minutes of the meeting, chaired by Kataria, read as, “The UT administrator is pleased to constitute a committee to study the feasibility of Metro project thoroughly, from all the aspects, including CAG reports on other Metro projects, and to submit its reports as to whether the Metro is financially viable in UT or some other means of transport may also be explored to decongest traffic in the city.” “The committee will also examine the relevant issues and suggestions as mentioned in the minutes of meeting of UMTA and will coordinate with officials of Chandigarh International Airport Ltd (CHIAL), Airforce Station Chandigarh and NHAI to resolve inter-governmental coordination issues related to alternate shorter route to Chandigarh airport and development of ring road around UT. The committee to submit its report within two months,” minutes of meeting added/ The committee includes secretary, Urban Planning of Chandigarh administration; secretary transport, Chandigarh administration; administrative secretary transport, Government of Haryana; administrative secretary transport, Government of Punjab; administrative secretary, town and country planning, Government of Haryana; administrative secretary, housing and urban development, Government of Punjab; chief engineer, Chandigarh administration; chief architect, department of urban planning, Chandigarh Source : Economic Time INDIA

Parsvnath Developers Eyes Turn Around Strategy as Q2 Loss Reaches Rs 128 Crore

11/16/2024 12:18:00 PM

Realty firm Parsvnath Developers Ltd's consolidated net loss widened to Rs 128.03 crore during the September quarter. Its net loss stood at Rs 74.85 crore in the year- ago period. Total income declined to Rs 48.37 crore in the second quarter of the current fiscal year from Rs 117.67 crore in the corresponding period of the preceding year, according to a regulatory filing on Thursday. Delhi-based Parsvnath Developers has built many projects in Delhi-NCR and other states. Source : Economic Times INDIA

Suraj Estate’s Profit Soars by 88% in Q2 FY25, Reaches Rs 31.8 Crore

11/16/2024 12:17:00 PM

Realty firm Suraj Estate Developers Limited has reported an 88 per cent increase in its consolidated net profit to Rs 31.8 crore in the September 2024 quarter. Its net profit stood at Rs 16.96 crore in the year-ago period. Total income rose to Rs 109.63 crore in the second quarter of this fiscal compared to Rs 103.7 crore in the corresponding period a year ago, according to a regulatory filing on Thursday. Since incorporation, Suraj Estate Developers has completed 42 projects with a developed area of more than 10.47 lakh square feet in the South-Central Mumbai region. In addition to the completed projects, the company has 13 ongoing projects and 18 upcoming projects. Source: Economic Times INDIA

Haryana RERA Update: Pareena Infrastructure to Dilver Flats to Buyer Witin 30 Days

11/15/2024 12:00:00 PM

Gurgaon: In a relief to buyers who were waiting for possession of their dream home units for over four years, the Haryana Real Estate Regulatory Authority (H-Rera) passed an order directing Pareena Infrastructures Private Limited to hand over the units to them within 30 days from the date of the order pronounced on Nov 8. While adjudicating the matter, chairperson of the Authority, Arun Kumar, also directed the city-based real estate promoter to pay the delayed possession charges (DPC) to the buyers. "The respondent, Pareena Infrastructure Pvt Ltd, is directed to also execute the conveyance deed in favour of the complainants after settling the dues, if any, within 90 days from the date of this order," stated the Authority. The DPC interest must be paid at the 11.1 percent prescribed annual rate of interest. One of the buyers and the complainant in the case, Tarakeswar Das, booked his home unit in the group housing project Micasa, being developed in Sector 68, by Pareena Infrastructure Pvt Ltd in 2016. The possession was due to take place in 2020, but when the promotor failed for deliver, the complainant filed a case against them in H-Rera court in Dec 2023. The Authority said the promoter delayed the delivery of the allotted units to bereaved, flouting the terms and conditions of their agreement. "The promoter failed to fulfil their obligations and responsibilities as per the agreement and hand over the possession within the stipulated period," the Authority stated. Pareena Infrastructures Private Limited could not be reached for comment. Source : Times of India INDIA

Grasim Industries Reports Rs 1,100 Crore Profit in Q2 FY25 Despite Market Challenges

11/15/2024 12:00:00 PM

Aditya Birla Group flagship holding firm Grasim Industries Ltd on Thursday reported a 45.64 per cent decline in consolidated net profit to Rs 1,100.16 crore for the September quarter, impacted by lower profitability in the cement business and investments in the Building Materials and Renewables businesses. The company had posted a net profit of Rs 2,024.05 crore during the July-September period a year ago, according to a regulatory filing by Grasim Industries -- the holding firm for leading group companies such as UltraTech, Aditya Birla Capital, and Aditya Birla Renewables. Its revenue from operations was up 11.05 per cent to Rs 33,562.85 crore during the quarter under review from Rs 30,220.68 crore a year earlier. The revenue growth was "driven by the superior performance of financial services, cellulosic staple fibre and specialty chemicals businesses", Grasim Industries said in an earning statement. However, consolidated EBITDA declined "as a result of lower profitability in the cement business and initial investments in the paints business under brand Birla Opus", it added. "Further, higher interest and depreciation charges on account of investments in the building materials and renewables businesses has led to lower PAT," said Grasim. Total expenses of Grasim Industries rose 15.75 per cent during the quarter under review to Rs 31,993.03 crore. Its total income, which includes revenue from other sources, was at Rs 33,958.21 crore, up 11.31 per cent in the September quarter. Shares of Grasim Ltd on Thursday settled at Rs 2,528.55 on the BSE, up 0.79 per cent from its previous close. Source : Economic Times INDIA

SEBI Eases Lock-In Period Regulations for InvITs and REITs under Employee Benefit Schemes

11/14/2024 12:24:00 PM

Markets regulator Sebi on Wednesday exempted InvITs and REITs from specific lock-in and allotment restrictions when issuing units to an employee benefit trust under unit-based employee benefit (UBEB) schemes. This will facilitate easier acquisition and distribution of units to employees. "In order to promote ease of doing business and to facilitate the acquisition of units by the employee benefit trust and the subsequent transfer of units to the employees as per the terms of the UBEB scheme, it is proposed that the ... lock-in and allotment related restrictions shall not apply to the employee benefit trust," Sebi said in separate circulars. Standardizing quarterly reporting format, Sebi has mandated that Bharat InvITs Association and Indian REITs Association specify a uniform format for quarterly reports and compliance certificates. These updates are to ensure that all InvITs and REITs comply with the set format, which will be publicly available on the associations' websites. These measures are aimed at promoting operational efficiency, transparency, and consistency across the infrastructure investment trust (InvIT) and real estate infrastructure trust (REIT) sectors. REITs allow investors to pour funds in commercial real estate options, while the InvIT provides the option of investing in a portfolio of infrastructure assets. Source : Economic Times INDIA

Eight Authorized Structures Removed from Aravali Protected Area in Gurugram for Environmental Conservation

11/14/2024 12:23:00 PM

Gurgaon: Eight unauthorised structures built on around 10 acres of land at Ansal Aravali Retreat in Raisina were demolished on Wednesday by a team of Sohna municipal council officials. This was the third demolition drive carried out in Raisina this year. Officials got the illegal structures cleared using earthmovers. "Demolition is being carried out by the municipal council officials. It will continue tomorrow as well. Today, eight unauthorised constructions were demolished," deputy commissioner Ajay Kumar told TOI. The area where the action was taken comes under the Aravali notification of 1992, which prohibits construction and felling of trees without permission in protected areas. Non-forest activities are not allowed on land classified as ‘gair mumkin pahad' (uncultivable hill). The National Green Tribunal (NGT) in 2022 directed the Haryana and Rajasthan govts to set up a monitoring committee and conduct periodic reviews till all encroachments were cleared from the affected areas. In July, TOI reported that barely two weeks after the district administration demolished farmhouses deemed illegal at Ansal Aravali Retreat in Raisina, reconstruction efforts were going on in full swing. Demolished buildings were being rebuilt, more forestland was cleared, new roads came up, and electricity poles were erected. In Feb, it was also found that on a 20-acre plot in a protected area of the Aravalis, there was an airstrip that stretched up to 550m and a hangar for small planes. Approximately 800 unauthorised farmhouses, banquet halls, boundary walls, and other structures have been identified in various Aravali villages of Gurgaon and Faridabad. According to a forest department survey, at least 500 farmhouses were illegally built in areas around Gwalpahari, Abheypur, Gairatpur Bas, Sohna, Raisina, and Manesar. Demolitions were carried out in Raisina last week. Environmentalists said despite demolition drives, the area is witnessing encroachment on a massive scale. "NGT in 2022 directed illegal buildings to be razed, and the area to be restored. This has not happened yet. These periodic demolition drives will not help curb encroachments," said colonel SS Oberoi (retd), an environmentalist. Source : Times of India INDIA

Uttarpradesh Government Requests List of Builders Handover Flats Without Registry

11/13/2024 12:37:00 PM

Ghaziabad: UP govt has asked development authorities to prepare a list of builders who have handed over flats to buyers on the basis of occupation certificates but without executing registries. This, officials said, has caused significant loss to the state exchequer in terms of stamp duty. Section 13 of the UP Apartment Act and provisions of the Stamp Act, 1899, make it mandatory for any developer to get their flats registered before handing over possession to them "But many builders, who have secured occupancy and completion certificates, are handing over flats through agreement of sale despite their registries pending. The govt is losing out on a lot of money like this. According to an estimate, some 600 flats in Ghaziabad have been handed to owners without registries, causing a loss of Rs 12,000 crore. The housing and urban planning department has now sought details of such flats. We are in the process of preparing a report," a GDA official said. In 2018, the district administration got FIRs lodged against three developers for failing to get flats and properties registered with the govt even after receiving full payment from buyers and handing over possession. Ashish Kumar, a homebuyer, alleged that developers had ulterior motives in delaying the registration of flats. "That's because a developer gets to maintain the society until much of it is registered with the govt, charging a hefty amount from residents and raking in profits. Once the registry is done, the AOA or RWA takes over maintenance of the society. Developers also earn profit from inflated power bills. They take electricity connections at govt rate and supply it to residents for a higher price. But after registry, the buyer gets ownership rights of a flat. The builder stands to lose in such cases," said Ashish Kumar, a homebuyer. Source : Times of India INDIA

Sunteck Realty Reports Rs 34.62 Crore Profit in Q2 FY25

11/13/2024 12:37:00 PM

Mumbai-based Sunteck Realty’s pre-sales for the second quarter of the financial year 2025 (Q2 FY25) grew 32.7 per cent year-on-year (Y-o-Y) to Rs 524 crore. The company’s revenue from operations also grew sixfold Y-o-Y, to Rs 169.04 crore. Further, the real estate firm’s net profit attributable to the owners stood at Rs 34.62 crore, compared to a loss of Rs 13.94 crore during the year-ago period. The company’s earnings before interest, tax, depreciation, and amortisation (Ebitda) stood at Rs 37 crore, up 364 per cent Y-o-Y. Meanwhile, its collections grew to Rs 267 crore, up 24.8 per cent Y-o-Y. As per the company statement, after the first half of the ongoing financial year, its net debt-to-equity ratio stands at zero, with a net cash surplus of Rs 98 crore. Overall, during the first half, on an annual basis, the company’s pre-sales grew to Rs 1,026 crore, up 31.2 per cent, while its collections grew to Rs 609 crore, up 21.3 per cent. Additionally, the company has a city-centric development portfolio of about 52.5 million square feet (msf) spread across 32 projects. The company has developed several luxury residential, retail, and commercial projects across the Mumbai metropolitan region (MMR), Nagpur, and Goa. The company has differentiated its projects under six brands: Signature (Uber luxury residences), Signia (Ultra luxury residences), Sunteck City and Sunteck Park (Premium luxury residences), Sunteck Beach Residences (Marquee luxury destination), Sunteck World (Aspirational luxury residences), and Sunteck (Commercial and retail developments). Source : Business Standard INDIA

Haryana’s Mukhyamantri Shehri Nikay Swamitva Scheme: 2,100 Applications Await Clearance

11/12/2024 1:23:00 PM

Gurgaon: Haryana has a backlog of 2,100 applications and 122 conveyance deeds are yet to be given despite full payments being made by applicants under the Mukhyamantri Shehri Nikay Swamitva scheme. In the city, 102 applications of the 705 submitted till Aug 31 this year are pending, govt data shows. "We have 102 applications pending in Gurgaon, and we are expeditiously working to clear the backlog. Out of 705 applications that we have received, 418 were approved and 185 were rejected. The application portal is no longer accepting new submissions," an MCG official said on Monday. Launched in June 2021, the state scheme gives ownership rights to individuals who rented or leased commercial properties from municipalities for more than two decades. The individual can get ownership of the property by paying up to 80% of its collector rate. Conveyance deed is the official document that transfers the ownership of the property from one party to another. The problem of pending applications was raised by chief minister Nayab Singh Saini at a review meeting in Chandigarh on Oct 24. The CM instructed officials that the execution of conveyance deeds under the scheme should be implemented through elected representatives. Displeased about the time being taken to clear the applications, CM Saini on Nov 9 punished the joint commissioners of Gurgaon and Ambala, and an executive officer of Nuh corporation by ordering deduction of 15 days of their salaries. Subsequently, the commissioner and secretary of urban local bodies (ULB) department Vikas Gupta instructed officials to execute conveyance deeds for pending cases under the scheme by Nov 12. Individuals who apply for the scheme can get ownership rights on payment of collector rate and the duration for which the land was rented by them. The payment amount reduces in a graded manner depending on the time that the property has been rented for. For instance, those who rented the property for 25 years have to pay 75% of the collector rate for ownership, and those who rented for 30 years have to pay 70%. In April last year, the vigilance department found in an inquiry that an MCG zonal taxation officer (ZTO) transferred the ownership of a shop to his son's name through the Swamitva scheme by allegedly misusing his official position. Source : Times of India INDIA

DTCP Initiates Measures to Address Illegal Construction in Palam Vihar

11/12/2024 1:22:00 PM

Gurgaon: The department of town and country planning (DTCP) has sent a reminder to various departments, urging them to take strict action against unauthorised buildings in Palam Vihar. The case concerns 11 plots in C-2 Block, each measuring 500 sq yards, where 16 flats were constructed illegally per plot. The enforcement wing had earlier advised MCG, DHBVN and local tehsildar to disconnect utilities such as sewer, water, drainage, and electricity to these properties and halt property registrations. Following inaction from these departments, the district town planner (enforcement) has issued a formal reminder, seeking immediate action. C-2 Block residents have voiced concerns about these illegal structures, which they said, are affecting services and causing overcrowding in the area. Residents had staged a protest last month against rampant unauthorised constructions. Officials initiated proceedings against specific plots with numbers 913, 1310, 921, 1251, 924, 979B, 956, 1226, 922, 935, and 951. The Punjab and Haryana high court is set to hear the case on Dec 16. The Palam Vihar C-2 Block RWA and residents have submitted a petition to the high court seeking curbs on illegal construction. The district town planner has registered several FIRs against property owners and requested resealing of unlawfully opened buildings. DTP (enforcement) Manish Yadav confirmed ongoing enforcement activities. RWA president Sandeep Lamba condemned developers for breaching building regulations by constructing multiple units per floor against permitted single-unit norms. He suggested that collaboration with local tehsildars facilitated illegal registrations and subsequent electricity connections. "Such rampant unauthorised construction is turning the city into a slum," Lamba said. Yadav confirmed that the DTCP has prompted all concerned departments to implement enforcement measures, while actively addressing the illegal construction situation in Palam Vihar. Source : Times of India INDIA

DTCP Clears 30 Acres of Illegal Colonies in Gurugram

11/9/2024 12:26:00 PM

Gurgaon: The department of town and country planning (DTP) conducted a large-scale demolition drive in unauthorised colonies in the city, dismantling illegal structures across approximately 30 acres. The two-day drive, led by the enforcement wing with police support, targeted constructions in Gwal Pahari, Bhondsi, and Alipur villages. Ten unauthorised colonies in Bhondsi and Alipur were removed on Nov 6 and in a separate drive conducted in Gwal Pahari the next day, structures spread across 3.5 acres were demolished and unauthorised alterations in Block A, DLF Phase-1, sealed. In Alipur, three colonies spanning 7 acres were dismantled and an under-construction structure, 400 metres of boundary walls, and a road network were removed. On Jail Road in Bhondsi, three colonies were demolished, including two against which complaints were filed through the CM window. On Maruti Kunj Road in Bhondsi, four colonies covering 7.5 acres were dismantled, including five under-construction structures, 30 DPCs, a tin shed, and a network of roads. DTP (enforcement) Manish Yadav said, "The drive sent out a message to the perpetrators. that we strongly advise the public to verify property legality before making any investments." Source : Times of India INDIA

Noida Records 16,500 Properties Registrations in October 2024

11/9/2024 12:24:00 PM

Noida: A record 16,500 properties were registered in the city in Oct as stamp duty revenue peaked for the financial year — an almost 70% rise than the corresponding period last year. Officials said festivals like Navratri and Diwali in Oct this year led to this increase as people prefer to get their properties registered during this auspicious time. Assistant inspector-general of registration Shashi Bhanu Mishra said the department mopped up a revenue of Rs 513.4 crore, about 22% more than the target of Rs 421.5 crore set for the month. This is a 101% year-over-year increase compared to the same period last year. Data shared by the revenue department shows 16,512 properties were registered in Oct, compared to 9,792 in the same month last year. Though Navratri was celebrated in Oct last year too, the department had collected only Rs 255.3 crore in stamp duty that month. Last year, Diwali was celebrated on Nov 12 and the department saw a total of 10,722 property registrations and mopped up a revenue of Rs 237.6 crore that month. "Stamp duty has the largest share in revenue, with other income streams including registration fees and justice fees. The festive period, traditionally a time when families consider new property investments, likely played a major role in boosting the month's registries," he said. Data also shows that in the first seven months (April to Oct) of the 2024-25 fiscal year, the department collected Rs 2,496 crore in revenue, which is about 51% of its annual target of Rs 4,880 crore. Of this, Rs 1982.7 crore was collected between April and Sept this year, up from Rs 1871.6 crore in the same period last year. "Oct alone accounts for 20.6% of the total revenue generated by the department in the current fiscal year. The department saw the highest number of property registrations for this month," said the official. Despite the gains, the department still faces a cumulative shortfall of Rs 313.2 crore against a target of Rs 2,809 crore between April to Oct. A total of 1.2 lakh properties were registered in the financial year 2023-2024, while 87,983 properties were registered in the current financial year between April and Oct. Source : Times of India INDIA

Unified Land Allocation Policy Resumes in Noida Greater Noida and YEIDA

11/9/2024 12:23:00 PM

Noida: After more than 14 years, the three development authorities of Gautam Budh Nagar — Noida, Greater Noida, and Yamuna Expressway — have resumed work on a unified policy on land allocations across various categories, be it industrial, group housing or commercial. The plan was initiated in 2010, aiming to streamline eligibility criteria, lease terms, rent structures, and procedural formalities across the authorities. Last month, talks resumed on the unification of policies at a board meeting of Greater Noida Authority chaired by chief secretary Manoj Kumar Singh. A document — Unification of policies of Noida, G Noida & YEIDA — was presented to him. "If adopted, the proposal promises to create a standardised regulatory framework for industrial land allocations and facilitate a more consistent and transparent process for businesses and investors," an official said. The need for a unified approach was felt a decade and a half ago as the three authorities struggled to maintain clear and consistent policies for industrial land allotments. Over the years, the allotment criteria changed multiple times — from that based on objectives to interviews and then e-tenders. Finally, they settled for objective-based criteria. But this back and forth came at a cost — industrial land allotments remained suspended for almost 10 months. Industries minister Nand Gopal Gupta (Nandi) raised objections on the authorities' plan to adopt the objective criteria without a formal approval from the CM. It was in 2010 that Greater Noida Authority hired Sarc & Associates — a chartered accountancy firm — to draft a standardised approach involving land allotments. This was after officials raised concerns that varied policies were causing inconsistencies and causing operational inefficiencies and confusion among businesses and investors. A formal contract was executed with Sarc in Oct 2010. The agency initiated work, but could not complete the project because of logistical reasons. In Sept last year, Singh wrote to the authorities to renew the contract with Sarc for a uniform policy. Each Authority designated a nodal officer — Soumya Srivastava (Greater Noida), Sanjay Kumar Khatri (Noida) and Kapil Singh (Yamuna Expressway). Interestingly, Sarc agreed to resume work at the rate decided 14 years ago — Rs 36.5 lakh — plus GST. A meeting was convened in Dec last year among the nodal officers and finance controllers of all three authorities. The key agenda was to assess current policies, streamline procedures, and draft the new SOPs. The Greater Noida Authority's board approved a proposal to share the consultancy cost with its counterparts. A letter dated Feb 29 this year commissioned Sarc to carry out the task. It included aligning the criteria for eligibility, lease terms, rent structures, and other procedural formalities to ensure a consistent regulatory framework for land allotments across the district. The unified policy proposal is now awaiting approval from the boards of all three authorities. Source : Times of India INDIA

Zirakpur Bypass Project Moves Closer to Completion

11/8/2024 12:35:00 PM

After an 11-year wait, the Zirakpur bypass project will finally see the light of day, as the National Highways Authority of India (NHAI) has invited bids for the construction of the six-lane bypass to ease traffic congestion in Zirakpur. The bids will be opened on December 3. The project, likely to cost nearly ₹1,329 crore, will provide an alternative route to commuters going to Shimla from Ambala side. During a recent meeting of the 23-member Unified Metro Transportation Authority (UMTA), chaired by UT administrator Gulab Chand Kataria, the NHAI delivered a presentation on the project. The NHAI stated that a plan has been prepared to construct a bypass connecting Zirakpur and Panchkula. The route will provide a direct connection to the traffic heading to Himachal Pradesh, thereby reducing congestion in the tricity. Moreover, it is strategically important as it will offer signal-free connectivity from the Chandimandir Western Command headquarters to the Chandigarh airport. Spanning nearly 19.2 km in Punjab and Haryana, the bypass will start from junction with NH-7 on Zirakpur-Patiala road and end at junction with NH-5 on the Zirakpur-Parwanoo road. It will cross McDonald’s on Ambala-Zirakpur highway and pass through Peer Muchalla, Sanoli, Gazipur, Nagla and Panchkula, before merging with the Zirakpur-Parwanoo road. An official said the project, a part of the ring road to be developed around Chandigarh, will remove traffic bottlenecks from several places in Zirakpur and Chandigarh, including the Zirakpur-Patiala light point, Big Bazaar traffic lights, K Area point and Airport Road lights, etc. To further reduce travel time for Himachal Pradesh residents coming to the PGIMER, the NHAI is all set to construct a four-lane road from Majri Chowk in Mullanpur to Baddi via Siswan. The 18-km stretch is also part of the ring road to be constructed around Chandigarh to decongest traffic. Presently, motorists have to manoeuvre through a single road from Baddi to New Chandigarh to reach PGIMER. During the meeting, the NHAI had highlighted that the rapid development of Mohali, Zirakpur and Panchkula around Chandigarh had led to a significant increase in traffic. Further, Dera Bassi, Kharar, Morinda, New Chandigarh and Pinjore had also developed as suburbs. The official added that six projects were under the execution stage, while the DPR of one projects was being prepared. Source : Hindustan Times INDIA

High Court Notice to ED and Ireo Group MD for Property Transfer Case

11/8/2024 12:31:00 PM

Chandigarh: The Punjab and Haryana high court has issued notice to the Enforcement Directorate (ED) and Lalit Goyal, MD of Ireo Group, on a plea alleging that the latter transferred his properties worth hundreds of crores to third parties in violation of conditions imposed upon him. Justice N S Shekhawat has issued the notice while taking cognizance of a petition filed by Gulshan Babbar, a resident of Mukherjee Nagar, Delhi. The matter has been fixed for Nov 14, by when ED and Goyal will have to submit their replies. Goyal has been facing a money-laundering case in relation to a cheating case registered against him in Pinjore, Panchkula district, for cheating buyers of a housing project allegedly launched by him. According to the petitioner, Goyal had been misusing conditions imposed upon him by the court while releasing him on bail. It includes selling off properties of the Ireo Group and doing every effort to leave the country. It has been alleged that Goyal has created an antedated document dated Feb 9, 2021, to transfer shares in the favour of his mother, Rama Goyal, whereby huge number of shares of New Era Buildwell Private Ltd have been transferred and value around Rs 10,000 crore. “Surprisingly, the alleged transaction of share transfer was uploaded on the website of the Union ministry of corporate affairs on Jan 31, 2023. It is apparent that the transaction has been shown dated Feb 9, 2021, to defy the order through which he was granted bail. The information about the transfer of such shares was not uploaded on the site of the ministry till Jan 31, 2023,” the petition has alleged. HC has also been informed that Goyal sold 14.816 acres of land, which is around 59,956.20 square metres, in Gurgaon, Haryana to Oberoi Realty Limited, Mumbai, for Rs 597 crore. “Not only this, but Goyal has also sold 28.49 acre of land to DLF for a total consideration of Rs 1,241 crore. Ireo Private Ltd issued bonds (listed debentures) in 2017 and mortgaged 73 acres in 2017, which were purchased by Axis Trustees Services Ltd (Bond trustee) for an amount of Rs 600 crore. Now, DLF has bought the bonds from Axis Trustees Services for Rs 825 crore. Consequently, a settlement agreement has been entered between DLF Home Developers Ltd (DHDL), Axis Trustees Services Ltd (bond trustee) and Ireo Private Ltd (bond issuer). The possession of 17 acres of land is already transferred in the month of Feb 2024. Possibly, the remaining land has also been transferred to DHDL. The act and conduct of Lalit Goyal reflects scant regard for the majesty of law. Goyal openly violated the order and is fully liable to be dealt with in the harshest manner by HC,” petitioner has said, seeking cancellation of Goyal’s bail. Source : Times of India INDIA

Ghaziabad Earns Record Rs 58 Crore Revenue from Auction of 23 Plots

11/8/2024 12:31:00 PM

Ghaziabad: GDA managed the highest single-day revenue collection in recent memory — mopping up Rs 58 crore from the auction of properties in various housing schemes, including Indirapuram Extension. "The development authority auctioned 23 properties on Wednesday, primarily residential plots. A maximum of 14 plots were auctioned under the Karpuripuram housing scheme, generating a revenue of Rs 18.2 crore. Two plots under the commercial category and three residential ones were auctioned at the Indirapuram housing scheme, fetching Rs 37.9 crore," said Pradeep Singh, additional secretary at GDA. One residential plot each was auctioned in other housing schemes such as Govindpuram, Radhakunj, Shastri Nagar, and UP Border, generating revenue of Rs 57.2 lakh, Rs 1.4 crore, Rs 2 crore, and Rs 21 lakh, respectively. "GDA garnered a revenue of Rs 58 crore in a single day, the highest in recent times. This will help us build a financial reserve for our Harnandipuram township," Singh said. Indirapuram Extension is one of GDA's recent schemes. The project will be developed on 30,000 sqm, which will be divided into 47 residential and three commercial land parcels. Earlier in Aug, the GDA board approved a proposal to divide the Indirapuram Extension land parcel into smaller plots. The DM circle rate in the area is Rs 95,000/sqm for residential properties and Rs 1.15 lakh/sqm for commercial plots. Sources in GDA said the authority was eyeing a revenue of over Rs 285 crore from the housing scheme. With this renewed interest in GDA properties, prospects look brighter for Harnandipuram, which is being developed across 521 hectares. Around Rs 10,000 crore is likely to be spent on developing the township, with a significant portion needed for acquiring land at mutually agreed rates from farmers. GDA and the state govt will equally share the cost. Source : Times of India INDIA

Gurugram : DTCP Issuing OCs for S+4 Buildings

11/7/2024 12:58:00 PM

Gurgaon: After a delay of a year and a half, the department of town and country planning (DTCP) has finally started issuing occupation certificates (OCs) for stilt-plus-four-floor (S+4) buildings constructed without approved plans. The district town planner (planning) has so far received around 50 applications, of which 25 have been granted OCs, while demand notices were sent for other buildings that are expected to receive the documents once the fees are paid. Some applications are still under scrutiny, an official said. On Feb 23, 2023, a govt order restricted construction of four-storey buildings without proper approvals, leading to several of them in licensed colonies going unfinished without OCs. Many of these buildings had permits for two or three storeys but owners went on to construct four floors, resulting in over 100 structures left standing without permissions. In response, on July 2, the Haryana govt introduced a compounding policy to regulate such cases, allowing buildings to obtain OCs through an additional fee within 60 days. However, the matter was delayed further due to litigation in the Punjab and Haryana high court. Last month, with the HC lifting its stay, DTP (planning) resumed processing pending applications on a priority basis, aiming to bring long-awaited relief to building owners. The department has received around 50 applications in the past month and a half. Each case undergoes a detailed inspection, including verification of any neighbour complaints, before issuing OCs. The ongoing scrutiny and compliance requirements led to some applications being granted OCs, while others await fee submissions or further documentation. "We are handling all compounding applications within stipulated timelines. Most applications received have been resolved. We are now scrutinising pending cases, advising property owners on necessary documentation and fee payments," said DTP (planning) Praveen Chauhan. This accelerated issuance of OCs marks a significant shift, promising long-awaited compliance and assurance for building owners in Gurgaon's real estate sector. Rajiv Malhotra, a property owner, said, "The development has been a huge relief for us. After waiting over a year and a half, finally seeing the occupation certificate process move forward. We invested everything into this property, and not having OC meant constant uncertainty. Now, with the govt's renewed action and the high court's clearance, we're hopeful that our property will finally be fully recognised." In July this year, the DTCP additional chief secretary had issued a standard operating procedure for granting approval for building plans with four-floor and stilt parking. According to it, in colonies where the layout plan allows for three floors with stilt parking and a 10m-wide road, plans for four floors can be approved now. Source : Times of India INDIA

DTCP: All Sites Over 500 Sq Meter Must Be Listed on Pollution Portal

11/7/2024 12:57:00 PM

Gurgaon: In a significant move to curb pollution levels across NCR, the department of town and country planning (DTCP) has mandated registration of all construction and demolition (C&D) sites over 500 square metres on the Haryana State Pollution Control Board's (HSPCB) dust portal. This directive follows a similar order recently issued by the Haryana Shahari Vikas Pradhikaran (HSVP), which instructed sixteen developers to register their ongoing projects on the same platform to help monitor and control dust emissions. The decision, aimed at improving air quality, is part of the state's adherence to the Graded Response Action Plan (GRAP), a framework designed to tackle pollution in NCR's most affected areas. Rising levels of dust and particulate matter, largely originating from C&D activities, put people's health at risk, making them vulnerable to respiratory and cardiovascular conditions. As the number of infrastructure projects continues to grow in urban centres like the city and other areas of NCR, residents have raised concerns over declining air quality and its adverse health impacts. Commenting on the department's decision, a senior DTCP official said, "The mandatory registration of all construction and demolition sites on the dust portal is a step towards enforcing stricter environmental standards. By monitoring and regulating these sites, we aim to mitigate the dust that significantly contributes to air pollution. This is a proactive measure, and we expect full compliance from developers across the region." The dust portal registration will facilitate real-time monitoring of C&D activities, enabling authorities to take prompt action if emissions exceed permissible limits. Registered sites are also expected to adopt dust suppression measures like water sprinkling and covering of materials to minimise airborne particulates. For residents, this initiative provides a much-needed relief. "Pollution from construction sites is a health hazard for us," said Neha Arora, who lives near a large development site in the city. "I hope this directive is strictly enforced to keep the air cleaner. We've seen how dust levels rise every day, especially during peak construction hours. It's a relief to know that the govt is taking steps to address this." With the directive in place, the DTCP has also ensured that any new C&D projects or land-use change applications in the NCR will be approved only if they are registered on the dust portal. Source : Times of India INDIA

Haryana CM to Announce 100 Sq Yard Plots For 2 Lakh Eligible Beneficiaries Soon

11/7/2024 12:56:00 PM

LADWA: Haryana chief minister (CM) Nayab Singh Saini said that the state government will soon give the gift of 100-yard plots to 2 lakh eligible applicants who do not have residential land under the CM Rural Housing Scheme in the first phase. The CM said the state government has issued orders to the officials to implement the scheme, under which, about 5 lakh people applied for the plots. The CM clarified that all the eligible beneficiaries will be given 100-yard plots in different phases. Saini also said that the government has also ordered to make arrangements to release the amount of Rs 2,100 to women to fulfil its election promise and soon this gift will be given to the women of the state in a big event. CM Saini on Wednesday attended nine thanksgiving events in Umri, Bir Mathana, Dabkhera, Waraichpur, Chhalaundi, Dhyangla, Bartauli, Ram Saran Majra and Bint villages of his Ladwa constituency in Kurukshetra district. He thanked the villagers for electing him their MLA from Ladwa, making the BJP government for the third time in Haryana and giving him an opportunity to serve them as CM. The CM was warmly welcomed by the village representatives with flowers and robes of honour. The CM also announced grants of Rs 21 lakh each to these villages and assured the village panchayats that all their demands will be fulfilled soon. The CM completed his tour in Ladwa constituency till late evening. “Development works will be done at a fast pace and orders have been issued to the officials to renovate and repair all the roads in the state besides Ladwa. Strict orders are issued to the officials to set a time limit for completing all the development works in the state and if works are not completed within the stipulated time period, then the officers of the concerned department will not be spared under any circumstances”, said Nayab Saini adding that the state government has adopted passage of non-stop Haryana. He said earlier the officials were limited to making estimates of the development works. “Now the officials will make a complete plan in advance to finish the development works. With this working system, development works will be completed at a fast pace in the state. Now in this state, the double engine government will work day and night to complete small and big projects under the leadership of Prime Minister Narendra Modi”, CM Saini said. The CM also stopped his convoy on the road to listen to the public at the bus stand of Mathana village. During his visit, CM Saini also flagged off Ladwa to Jodhpur bus service via Salasar besides local service from Ladwa to Jyotisar. Taking a jibe at the opposition, CM Nayab Saini said that during the elections, many candidates had already assured their favourites of government jobs. “But the people of the state showed the mirror to the opposition parties and sent all the parties on a ventilator. Many opposition parties have not come to their senses yet. The Congress party had gone to the Election Commission before the assembly elections to ensure that the youth do not get jobs and due to the code of conduct, the jobs had to be stopped. This has also made the Congress's double policy towards the youth clear”, said Nayab Saini. Punjab government did not purchase farmers' crops CM Nayab Saini said that even during the assembly elections, every grain of the farmers' crop was purchased in Haryana state and no problem was allowed in any market, while there were no elections in Punjab, yet the Punjab government did not procure the farmers' crop nor did it give the fixed price for the crops. The BJP government had already made arrangements to procure the farmers' crops before the elections. Source : Times of India INDIA

Embassy REIT's CEO steps Down Following SEBI's Order

11/6/2024 12:44:00 PM

Embassy REIT (Real Estate Investment Trust) shares lost 2.7 per cent in Tuesday's trade and registered an intraday low of Rs 392 per share on NSE. The weakness in the stock can be attributed to CEO Aravind Maiya's resignation post market regulator Securities Exchange Board of India's (Sebi) direction of suspension for failing to meet its “fit & proper” criteria for top executives. Around 11:53 AM, Embassy REIT shares were down 2 per cent at Rs 395 per share on NSE. In comparison, the NSE Nifty was down 0.55 per cent at 23,862.6. The market capitalisation of the company stood at Rs 37,441.8 crore. The 52-week high of the stock was at Rs 405 per share on NSE and 52-week low of the stock was at Rs 284 per share. The largest real estate investment trust (REIT) in India, Embassy REIT, today, announced that the company's CEO Aravind Maiya has resigned effective immediately. "While we are reviewing the order and evaluating all options, in compliance with SEBI’s directive, effective immediately, Aravind Maiya will be stepping down as CEO of Embassy REIT. He will assume the role of Head of Strategy for Embassy REIT," the filing read. It added: The REIT’s Board, and the Management team will oversee all its operations and capital allocation to ensure that normal business is not compromised in any manner whatsoever, while evaluating the most appropriate approach for the interim CEO position. Maiya’s departure follows a directive from the Sebi, which ordered the management of Embassy REIT to suspend him in an interim capacity. Sebi has also mandated that an interim CEO be appointed without delay. This regulatory action comes after the National Financial Reporting Authority (NFRA) imposed a ten-year debarment on Maiya and levied a fine of Rs 50 lakh for ‘professional misconduct’ related to the audit of 'Coffee Day Enterprises', which is alleged to have concealed a significant fraud. Sebi’s interim order is based on an order by NFRA that barred Maiya from auditing for professional misconduct relating to a Rs 3,535-crore unauthorised fund diversion by subsidiaries of Coffee Day Enterprises to related entities. Embassy Office Parks REIT primarily invests in income-producing office assets across India. It is a part of Embassy Group, one of the leading commercial real estate developers in the country. In the past one year, Embassy Office Parks REIT shares have gained 28.6 per cent against Nifty's rise of 23 per cent. Source : Business Standard INDIA

Oberoi Hotels & Properties Appoint New Directors for Growth

11/6/2024 12:43:00 PM

Amid the inheritance battle over the Oberoi hotel empire, the Delhi High Court on Tuesday allowed Anastasia Oberoi, daughter of the late hotelier Prithvi Raj Singh (PRS) Oberoi, to attend the November 5 Annual General Meeting (AGM). She has also been assured by her step-siblings and cousin that she will be appointed as a director of Oberoi Hotels and Oberoi Properties at the AGM. Anastasia is contesting her stepbrother Vikramjit Oberoi, stepsister Natasha Oberoi, and cousin Arjun Oberoi over the will of PRS Oberoi, the founder of Oberoi Hotels. She sought a stay on various agenda items, including the retirement and re-appointment of her siblings Vikramjit Singh Oberoi, Natasha Oberoi, and cousin Arjun Singh Oberoi as directors of Oberoi Hotels and Oberoi Properties, at the AGM. The high court had earlier temporarily restrained the transfer of shares in EIH Ltd and EIH's holding companies, Oberoi Hotels Private Limited and Oberoi Properties Private. Senior lawyer Mukul Rohatgi, representing Anastasia's siblings, informed the court that Anastasia will be appointed as a director of Oberoi Hotels and Oberoi Properties at the November 5 AGM. "As far as today’s meeting is concerned, she [Anastasia] will be appointed as a director. She has not disclosed this in her application," Rohatgi told the court. EIH Limited manages the Oberoi and Trident hotel chains. The court ruled in favour of Anastasia Oberoi, who had approached the court claiming rights in shares of the companies as per the will of the late Oberoi. Anastasia and her mother alleged that her brother, sister, and cousin (defendants) were obstructing the execution of the will. Prithvi Raj Singh Oberoi passed away on November 14, 2023. The parties have each produced a will to support their case. Anastasia and her mother are basing their claims on the October 25, 2021 will, while the defendants rely on the will dated March 20, 1992. The High Court on Tuesday ruled that Anastasia Oberoi can attend the November 5 AGM and participate and vote on the re-appointment of all directors for the limited purpose of the AGM. However, it clarified that this order is limited to the AGM of November 5 and shall not act as a precedent. The defendants "had assured the Plaintiff No. 1 [Anastasia] that she will be appointed as director of Defendant No. 7 and 8 Companies at the forthcoming AGM on 05.11.2024 and that this assurance continues today as well," the court order noted. Source : Business Standard INDIA

H-RERA Directs Four Developers to Complete Flat Handover

11/5/2024 12:44:00 PM

Gurgaon: H-Rera has ordered four prominent developers — Raheja Developers, Ramprastha Developers, Tashi Land Developers, and Sunrays Heights — to deliver flats to their buyers within 90 days and pay approximately 11% annual interest on investments. Rera also issued a warning that non-compliance will result in legal proceedings. The regulator's investigation of individual cases revealed that investors, who had paid amounts ranging from Rs 13 lakh to Rs 1 crore, experienced substantial delays beyond the contractually agreed delivery dates. In the first case, H-Rera penalised Raheja developers as they failed to hand over a Rs 74 lakh flat to Delhi residents Dharampal Singh and Manjeet Kaur Swami. They bought the flat in Shilas, Sector 109, in 2010 and paid Rs 66 lakh, but did not receive possession due to the absence of an occupancy certificate from the Department of Town and Country Planning. HRera member V.K. Goyal ordered the developer to grant possession within 90 days and pay interest for the delay. In another case, Vijay Kumar and Sonali Rajak from Dwarka booked a flat in Primera Society of Sector 37D in 2013 and paid Rs 1 crore. They were supposed to receive possession in 2018. HRera mandated Ramprastha Developers to pay 11.1% annual interest from Feb 2018 until possession is granted. Dwarka 9 resident Sushma Rani, who also paid Rs 76 lakh to book a flat in Capital Gateway of Sector 111 in 2015, is yet to receive possession. H-Rera member Ashok Sangwan ordered Tasha's Land Developers to pay 11.1% per annum interest from 2015. A warning of legal action under the H-Rera Act has been issued if possession and interest payments are not made within 90 days. Ruchika Yadav, a resident of Krishna Colony in Gurgaon, paid Rs 13.5 lakh for a flat in 63 Golf Heights, Sector 63A, and was scheduled to receive possession in 2021. As per H-Rera's order, Sunrise Heights Pvt Ltd must hand over the flat and provide interest within 90 days. Source : Times of India INDIA

Anastasia Oberoi Requests AGM Agenda Review For Oberoi Hotels & Properties

11/5/2024 12:44:00 PM

NEW DELHI: In an ongoing Oberoi group family inheritance tussle, Anastasia Oberoi, daughter of late PRS Oberoi, moved a fresh plea in the Delhi High Court seeking stay on various agendas, including retirement and re-appointment of her siblings Vikramjit Singh Oberoi, Natasha Oberoi and Properties, in the Annual General Meeting that is scheduled for Tuesday (November 5). She has also sought a direction to her siblings to maintain status quo on the board of directors of the two companies till the final disposal of the case. The HC will hear the case at 10 Am on Tuesday. The dispute is over control of the family's substantial holdings in EIH Ltd, which manages the Oberoi and Trident hotel chains. Anastasia also wants the HC to take appropriate action against Oberoi hotel group COO Rajaraman Shankar for “disobedience” of the September 12 order and “insisting on exercising voting right and participating” in the November 5 AGM of the two companies which allegedly is in violation of the HC order. The HC had in September clarified that for other agenda items, Shankar will not be deemed to be present in such general meetings while exercising his rights as a holder of the Class A share. In an interim order, the HC had then also held that shares in EIH Ltd, Oberoi Hotels and Oberoi Properties held by the late PRS Oberoi can’t change hands. The order was passed on a petition by Anastasia against her siblings. According to her, the new draft of AGM notices has changed and now provided for retirement of all directors, including her, Shankar and her sister Natasha, purportedly in terms of the Articles of Associations of the companies and for reappointment of directors in place of the retiring directors. “This is contrary to the prior practice followed by the companies in this regard. However, after passing of the order on September 12, the position has since been changed and the Defendant No.1 (Shankar) and Defendant No. 3 to 8 (Natasha, EIH Ltd, Vikramjit, Arjun, Oberoi Hotels and Oberoi Properties) are now creating a situation that was not contemplated on September 12 i.e. to retire the plaintiff (Anastasia) as director and put her re-appointment to vote,” the application stated. “Under the statutory scheme in terms of Section 152(7) of the Companies Act 2013 and principles analogous thereto, all directors shall be deemed to be reappointed if Shankar complies with the September 12 order and does not participate in the agenda items,” she said. Anastasia has a “strong prima facie case and being entitled to the class-A shares bequeathed to her, and has an inherent right of participation in the family companies. However, due to the illegal actions on the part of the defendants, in particular, the false and fabricated claims raised by Vikramjit and Arjun, the transmission in favour of plaintiffs (Anastasia and her mother Mirjana Jojic) is not yet complete and the plaintiffs have been constrained to file the present suit seeking to protect their rights and interests in relation to the bequests under the Will of Late PRS Oberoi,” it added. Anastasia had earlier moved the High Court alleging that her siblings were attempting to obstruct the execution of her father's will. She and her mother, while seeking permanent restraint orders related to the estate of PRS Oberoi, who died on November 14 last year, also accused Vikramjit and Arjun of conspiring with the executors appointed by their late father and attempting to interfere with their right to “peaceful enjoyment of the immovable properties.” Vikramjit and Arjun had contested the genuineness of the October 2021 will read with codicil of 2022 presented by Anastasia and her mother and had instead submitted a will of March 20, 1992, of the testator. They had contended that the testator did not have any right, title or interest in the shares held by him in Oberoi Hotels. They had challenged the maintainability of the suit filed by Anastasia in terms of the settlement that had been arrived at between the testator (PRS Oberoi) and his father, Rai Bahadur MS Oberoi. The shares of Oberoi Hotels and Oberoi Properties were held by the testator in trust for Vikramjit and Arjun and were to devolve upon the death of the testator on Vikramjit and Arjun, they said. Source : The Economic Times INDIA

Allahabad HC Approves Experion Developers’ Possession of 4.8 Acres in Noida

11/4/2024 12:54:00 PM

Noida: The Allahabad high court has allowed Experion Developers Pvt Ltd to take possession of 4.8 acres in Sector 45 that was allotted to it for a group housing project more than a year ago. This court dismissed a petition filed by residents of the adjacent Kanshiram Yojana EWS colony claiming that the land should be used for building civic amenities and an approach road for them. The residents who moved the petition against the land allotted to Experion live in a colony that was developed by the Authority in 2008 for widows, those physically challenged and people living below the poverty line under the Manyavar Shri Kashi Ram Ji Shahari Gareeb Awas Yojana. In Dec 2022, the Authority invited e-bids for the allotment of this plot. Experion secured the land after paying a premium of Rs 200 crore. The possession letter was issued to the company in July 2023. A group of residents, however, challenged the allotment, arguing that the land should have been reserved for a community centre and an access road to the EWS colony. A few residents allegedly broke through the wire fencing surrounding the project site, trespassed on the land, staging protests, and halting construction work. Some even attempted to construct temporary structures on the site illegally, the Authority informed the court. While the residents moved three petitions against the land allotment, Experion moved one in response. During the course of the hearing, the court underscored that Noida Authority was well within its rights to allot the land to Experion because it was never considered a part of the EWS colony. "Nothing has been brought on record to show that this land has ever been earmarked for future development or could be used as a road," the court observed. The HC also noted that the Authority had tried to reach a compromise with the residents, offering to widen a 9m road to 12m by utilising land from the compound of a nearby water tank. The residents, the court observed, had agreed to the arrangement. However, during the hearing, one petitioner retracted from the settlement. The Authority argued that this single objection had stalled the entire project. It also argued that the petitioners, who were allotted houses free of cost, were "trying to extract additional concession". The court backed the Authority's decision to reach a compromise. "This court considers it to be a very positive gesture on the part of Noida Authority to allow or give benefit to the allottees of EWS colony, which was not earlier granted," read the Oct 25 order by Justices Mahesh Chandra Tripathi and Prashant Kumar. The court asked the Authority to ensure Experion was handed the land peacefully and could proceed with construction without any interference. The bench also ordered the Authority to complete the widening of the 9m road within two months. Source : Times of India INDIA

700+ Construction Sites Inspected in Delhi-NCR for Clean Air Initiatives

11/4/2024 12:53:00 PM

New Delhi: Commission for Air Quality Management (CAQM) in NCR and Adjoining Areas announced on Sunday that a GRAP monitoring control room was set up on Oct 15. The control room is monitoring targeted actions being taken in Delhi and NCR states under stages I and II, which are currently in force. CAQM said over 7,000 construction and demolition sites were inspected in Delhi-NCR from Oct 15 to 31. Of these, environmental compensation was levied on 597 sites, while authorities ordered the closure of 56 sites. To control dust pollution at its source, the deployment of mechanised road sweeping machines (MRSMs), water sprinklers, and anti-smog guns (ASGs) has been increased across NCR. "In Delhi alone, on average, 81 MRSMs were deployed daily, while in Haryana and UP, 36 MRSMs were deployed daily to arrest dust pollution from roads. Similarly, on average, around 600 water sprinklers and ASGs each were also deployed on a daily basis across NCR," said CAQM. For enforcing action in the vehicular sector, approximately 54,000 vehicles were challaned for non-possession of PUCs, and around 3,900 overaged vehicles were impounded across NCR during the last fortnight. "For the management of municipal solid waste, intensive inspections were carried out for illegal dumping sites across NCR, and necessary action was taken against illegal sites. Over 5,300 such inspections were carried out. Accordingly, action against defaulters for MSW burning during the GRAP period was also taken," said the commission. Source : Times of India INDIA

SEBI Suggest Interest Rate Derivates to Protest REITs & InVITs

11/4/2024 12:52:00 PM

The Securities and Exchange Board of India (SEBI) has proposed measures aimed at enhancing the operational framework for (REITs) and Infrastructure Investment Trusts (InvITs). These proposals, outlined in two consultation papers, seek to improve business flexibility while safeguarding investor interests. SEBI is considering allowing REITs and Small and Medium REITs (SM REITs) to utilize interest rate derivatives, such as swaps, to hedge against fluctuations in interest rates. This shift aims to stabilize cash flows and mitigate risks associated with long-term infrastructure projects .Additionally, the regulator proposes recognizing fixed deposits as cash equivalents in leverage calculations for REITs and InvITs. This clarification, along with refined credit rating requirements for borrowings, is expected to enhance financial management within these entities. To facilitate better management of holdings, SEBI suggests enabling locked-in units for REITs and InvITs to be transferred among sponsors and their affiliates, akin to existing rules for promoters of listed companies. This initiative aims to maintain "skin in the game" for sponsors while providing them with greater flexibility. The governance norms for quarterly reporting of InvITs are also set to be amended. The proposed changes will mandate that quarterly results reflect the performance of the InvITs themselves, aligning them more closely with REIT regulations. Furthermore, the regulator recommends allowing a mix of independent and non-executive directors in Nomination and Remuneration Committees (NRCs) of REIT and InvIT managers, mirroring the governance structure of listed companies. SEBI’s proposals extend to defining "Common Infrastructure" to include facilities like power plants and water treatment systems that serve multiple REIT assets. These facilities can operate independently from specific project locations, thereby enhancing operational efficiency. Additionally, the introduction of liquid mutual fund investments for REITs is expected to provide further diversification options for managing cash flows. SEBI is seeking public comments on these proposed changes until November 13. Source : Economic Times INDIA

YEIDA to Offer Over 800 Plots Near Noida Airport

10/30/2024 12:43:00 PM

Noida: On the eve of Diwali, the Yamuna Expressway Industrial Development Authority (YEIDA) is set to launch a residential plot scheme offering 821 plots in Sectors 18 and 24A near the Noida International Airport. Applications for the same will open on Oct 31 and close on Nov 30, with a draw scheduled for Dec 27. The scheme emphasises smaller plot sizes, officials said. YEIDA CEO Arun Vir Singh said that this initiative provides another chance for those eager to build homes close to the airport. The finalised brochure for the scheme lists plot sizes of 120 sqm, 162 sqm, 200 sqm, and, for the first time, 250 sqm. Sector 24A will have 344 plots on offer, while Sector 18's Blocks 9A and 9B will feature 477 plots, Singh added. YEIDA's previous scheme, launched in July this year for 361 residential plots, attracted nearly 1.9 lakh applicants, averaging 518 applications per plot. This trend is expected to continue, driven by the area's rapid development with the airport and film city projects underway. The previous scheme offered plot sizes ranging from 120 to 4,000 sqm, priced at Rs 29,500 per sqm. According to officials, interest in plots around the airport has grown significantly since the airport foundation was laid in Nov 2021. Prior to this, response to YEIDA's schemes was lukewarm due to the area's perceived distance from Noida and Greater Noida. Source : Times of India INDIA

Uttar Pradesh Government Reinstates Wave Group's Lease for Commercial Land in Noida

10/30/2024 12:43:00 PM

NOIDA: The state govt has reversed Noida Authority's Feb 2021 order cancelling Wave Group's lease of 1.08 lakh square metres of prime commercial land in the heart of the city, emphasising it was giving "fair chance" to the company and the economic benefits and investment boost to Noida in allowing the project to proceed. The land was allotted to Wave Mega City Centre Pvt Ltd in 2011 for its mixed land-use project in sectors 25A and 32. The state govt reinstated Wave's lease in an order dated on Aug 25 and introduced updated compliance requirements for the project. Wave had approached the govt against Noida's order with a revision plea, arguing, among other things, that there were procedural flaws in the cancellation of lease. It filed the plea under Section 41(3) of the Uttar Pradesh Urban Planning and Development Act, 1973, and Section 12 of the Industrial Area Development Act, 1976. A report was submitted by Noida Authority on Nov 17, 2023, and a hearing took place on June 11 this year before the final order was passed. Under the revised terms, Wave's total dues of Rs 1,156 crore will be recalculated under the project settlement policy (PSP) framework with a committee led by the Greater Noida Industrial Development Authority chairman providing guidance. No interest or penalties will apply to the portion of the land whose lease was scrapped for the duration of the cancellation. However, till it complies fully with the revised terms, the developer cannot create third-party rights on the land. Wave Mega City Centre Pvt Ltd, part of Wave Group, launched Mega City Centre project in sectors 25A and 32 in 2011-12, including high street stores and Amore residential society. Initial delivery was expected by 2014, but units in residential towers and other commercial spaces remain incomplete, though some shops in Sector 32 have been completed. In response to these delays and financial constraints impacting many developers in Noida, which together with Greater Noida has the largest number of stalled projects in the country, the state govt brought PSP on Dec 15, 2016, allowing partial surrenders and restructuring of projects. Wave Mega City Centre applied under PSP in 2017, seeking to retain only 1.57 lakh sqm of the original allotment. The company had paid Rs 1,469 crore, which included Rs 650 crore in standard interest and Rs 109 crore in penal interest. Under PSP guidelines, 15% of the deposited amount, totalling Rs 106 crore, was forfeited. For the balance, Noida subsequently allocated 56,400 sqm at the original allotment rate, with an additional 1 lakh sqm available for purchase at a revised rate. During subsequent proceedings, Wave Mega City Centre raised concerns over high interest charges and requested reconsideration. After back and forth on this, on Dec 3, 2020, the Noida Authority board decided that the principal paid by the developer would be credited toward premium payments, while interest dues would remain untouched. After this, Noida issued a final notice for payment of around Rs 2,500 crore for 1.08 lakh sqm. It issued a cancellation order and reclaimed the land due to non-payment after this. In its petition, Wave argued it was actively addressing financial obligations and making payments despite challenging market conditions, and attributed project delays to external regulatory factors beyond its control. It argued that it had already made a heavy investment and warned cancellation would harm retail unit buyers. Source : Times of India INDIA

Noida authority approves reallocation of data centre plots to IT and ITES sector

10/29/2024 12:30:00 PM

Noida: Two prime plots in Sector 154, initially designated for a data centre, are likely to be reallotted to the IT and IT-enabled services (ITES) sector after Noida Authority's two unsuccessful attempts to attract investors. The proposal was presented at the board meeting on Saturday and approved. In 2022, on the heels of the Global Investor Summit, the land parcels, spanning over 29,000 sqm, was offered for setting up data centre units under the UP data centre policy, 2021. The Authority expected to draw in both national and international investors for data centre projects in the region, capitalising on the growing global need for data storage solutions fuelled by emerging technologies like artificial intelligence (AI) and cloud computing. However, the plots did not attract any applications. A second round too failed to get bidders. According to Authority officials, over the past two years, national and multinational companies have shown a greater interest in IT/ITES. A recent intra-department report too, highlighted Noida's rapid growth in the sector over the past two decades and noted that numerous IT/ITES companies set up operations in the region, contributing significantly to revenue and employment. Based on the demand and market trends, the Noida Authority board approved the decision to reallot the plots under the IT/ITES category. Before adopting the data centre policy in its 208th meeting on Dec 28, 2022, the board had designated these plots for IT/ITES sector. Source : Times of India INDIA

PNB Housing Finance to raise $125 million via ECBs

10/29/2024 12:25:00 PM

NEW DELHI: PNB Housing Finance has received external commercial borrowings (ECB) sanction of USD 125 million at a very competitive rate during the quarter ended September 30, 2024, the company said in its earnings call. Its affordable segment loan book crossed Rs 3,000 crore mark in October 2024. It aims to reach target of Rs 15,000 crore affordable loan book by FY27. Retail loan book grew by 16.2% to Rs. 67,970 crore as on September 30, 2024. This is against the stated guidance of 17% for the financial year 2024-25. The corporate loan book was at Rs 1,531 crore, total loan was at Rs 69,501 crore, asset-under-management (AUM) was at Rs 74,724 crore as on September 30, 2024. During the quarter, the company disbursed Rs 5,341 crore. The disbursement in the affordable segment grew at 68.5% year-on-year to Rs 630 crore in Q2 FY25. In Q2 FY25, operating expenses have grown by 19% year-on-year to Rs 199 crore. "This is largely due to branch expansion done in “Roshni” and emerging vertical during Q4 of the last financial year wherein we have added 100 branches. Excluding fresh investments done in these 100 branches, operating expenses would have grown by around 9%. This fresh investment will definitely help in profitable growth going forward," said Vinay Gupta, CFO of the company. The company has maintained an average daily LCR of 193% against the regulatory requirement of 85%. It has also maintained SLR of 15% on public deposits as of September 30, 2024 against the regulatory requirement of 13%. PNB Housing expects to start corporate business in the next few months to further help in yield and retail business. Gross non-performing assets (GNPA) improved by 11 bps to 1.24% in Q2 FY25. Last quarter, the GNPA was 1.35%. Cost of borrowing reduced by 8 bps sequentially to 7.82%. During the quarter, it recovered Rs 48 crore from retail written-off pool in comparison to Rs 28 crore in Q1 FY25. The company has a written-off pool of around Rs 1,250 crore in corporate and Rs 500 crore in retail. Source : Economic Times INDIA

Noida : Approves Two More Projects Under Co-Development Policy

10/28/2024 12:59:00 PM

The Noida authority on Saturday announced plans to formulate a co-developer policy aimed at reviving stalled housing projects, a move that could benefit thousands of homebuyers who have been awaiting completion of their apartments, officials said on Saturday. The decision was taken during a board meeting on Saturday, chaired by Uttar Pradesh chief secretary Manoj Kumar Singh at Noida authority’s Sector 6 headquarters, with key officials, including Noida authority CEO Lokesh M, Gautam Budh Nagar district magistrate Manish Kumar Verma in attendance. The Noida authority board roped in two co-developers to restart the construction on two stalled housing projects by Sunworld Residency Private Ltd. in Sector 168 and Ambience Private Ltd. in Sector 115. Two co-developers to help with stalled projects The authority appointed two co-developers to expedite construction on two long-delayed housing projects—Sunworld Residency in Sector 168 and Ambience in Sector 115—where development had stalled due to insufficient last-mile funding, officials said. Nimbus Projects Limited will oversee the Sunworld project, while Theme County Private Limited has been assigned to the Ambience project. Despite multiple attempts, Sunworld Residency, Ambience, Nimbus Projects Limited and Theme County Private Limited did not respond to HT’s request for comments on the matter. Chief secretary Singh directed the Noida authority to draft a dedicated co-developer policy to address specific financial and technical issues that have hindered the completion of various housing projects. Lokesh M, CEO, Noida authority, said that the existing co-developer policy, outlined in the state’s December 21, 2023, guidelines, does not sufficiently address the unique challenges of each stalled project. “The new policy will be made in view of the issues being faced by the delayed housing projects,” the CEO said. However, the policy is still in development with no fixed timeline for implementation. The state government has introduced Nimbus Projects Limited for the Sunworld project and Theme County Private Limited for the Ambience housing project as part of a policy announced on December 21, 2023, said officials. This initiative aims to secure funding and ensure timely delivery for apartment buyers, benefiting an estimated 2,000 homebuyers across these two projects, they added. Additionally, the authority has mandated that property buyers and realtors execute agreements only after proper registration. This change addresses the current practice of unregistered property sales. Consequently, buyers will now have to pay stamp duty based on agreement amount. Assets of defaulting developers to be sealed Furthermore, the authority has decided to seal the assets of 49 property allottees who owe approximately ₹1,560 crore in financial dues. This action follows a final notice issued to those failing to settle their debts. The meeting also saw progress on Dadri-Noida-Ghaziabad Investment Region (DNGIR), also known as New Noida. Following UP government’s recent approval of the master plan for DNGIR, the Noida authority board granted permission to procure land for development, a step expected to spur regional growth, officials said. Covering 20,911 hectares across 84 villages in Bulandshahr and Gautam Budh Nagar, including the Noida international airport, the new area will be equal to Noida’s current developed land area, they added. “The board has allowed us to directly purchase the agricultural land from the farmers at the prevailing circle rate in these villages, which have been notified by the government. We will soon start buying the land following the laid-down rules,” said Lokesh M. However, the board did not address issues related to the long-delayed Sports City project. “The issue will be looked into by the state,” officials added. Source : Hindustan Time INDIA

Noida Makes Registering Flat With Government Mandatory During Purchase

10/28/2024 12:58:00 PM

NOIDA: Signing a tripartite ‘sale agreement' at the time of purchase will be mandatory for builders and homebuyers in all new housing projects in the city. The Noida Authority board on Saturday made a basic change in the way real estate transactions are conducted in the city, through which it will know who a flat has been sold to at the time the first payment is made and not at the time of completion, like it is now. The decision, announced by CEO Lokesh M after the board meeting chaired by the chief secretary Manoj Kumar Singh concluded, will remove opacity at the transaction stage and will help stop dubious sales in a city whose real estate sector is the most troubled and marred by some of the most high-profile malpractices in the country. It will, said officials, protect homebuyers' interests, boost govt's stamp duty revenue, and ensure better oversight of project development. The ‘sale agreement', in essence a registry before the actual registry, will be drawn up in line with Section 13 of RERA, which mandates that a promoter cannot accept more than 10% of an apartment, plot, or building's cost as advance payment or application fee without first entering into a written agreement for sale. "In light of this, a decision has been taken that a tripartite agreement between the buyer, builder and Noida Authority will be executed in the registry department once the homebuyer pays 10% of a property's amount," Lokesh M said. During this agreement, 2% of the stamp duty will be paid upfront, with the remaining amount to be paid at the time of possession and final registry. While the govt-certified agreement will give buyers concrete proof at the time of the first payment about them being authentic buyers of the property with their name going into tamp and registry department records, it will prevent developers from reselling the same unit to multiple buyers or cancelling the sale on arbitrary grounds like payment delays, missed project timelines, industry watchers said. In the past, there have been cases where developers have fraudulently sold the same flat to multiple buyers, the issue only coming to light when buyers tried to take possession. Transactions under the radar can also happen the other way – a buyer may sell a unit back to a builder or another entity before taking possession without paying stamp duty, allowing the same unit to be resold without the govt receiving taxes. This, said an official, will also not be possible to do once a tripartite agreement is signed. Sale agreements once a deal is struck are signed even now, but those are between a builder and a buyer. What buyers and developers typically do now is enter into an initial agreement on a Rs 100 stamp paper. Govt's involvement in the registration process, through Noida Authority, only begins after the developer has obtained an occupancy certificate (OC) and completion certificate (CC) for the property. A ‘sale agreement', besides being legal proof of the transaction to purchase the property, includes important details such as property specifications, total cost, payment terms and possession date. BS Verma, assistant inspector general (stamp and registry), said, ‘This move aims to benefit buyers as builders will not be able to change the sale agreement unilaterally." The state govt rolled out a rehabilitation package last year based on recommendations of the expert committee led by bureaucrat Amitabh Kant. But it has delivered a mixed bag with 29 out of 57 defaulting projects in Noida signing up for it. Between Feb 26 and Oct 18, this year, the stamp department managed to register just 5,925 flats in Greater Noida and 1,643 in Noida under this scheme. The board discussed additional issues, such as dues yet to be recovered from various stakeholders. It decided to allocate two plots measuring more than 14,000 sqm each in Sector 154 to IT/ITeS firms. Earlier, these plots were planned for data centres. Source : Economic Times INDIA

Haryana Rera Recovers Only Rs 225 Crore Out of Rs 1043 Crore Owed to Homebuyers

10/28/2024 12:57:00 PM

Gurgaon: The Haryana Real Estate Regulatory Authority (HRera) has issued 1,190 recovery certificates to reclaim Rs 1,043 crore owed to homebuyers by defaulting builders. However, despite these efforts, only Rs 225 crore has been recovered so far, covering just 261 cases. A significant Rs 800 crore is yet to be recovered. H-Rera was set up following the Real Estate (Regulation and Development) Act of 2016 to protect the interests of homebuyers and ensure accountability in the real estate sector. However, the authority faces substantial challenges in enforcing its recovery orders. Of the total amount, Rs 148 crore was recovered through the initial 170 recovery certificates. The appointment of an adjudicating officer boosted recovery efforts slightly, leading to an additional Rs 49 crore being recovered from 91 more cases. Most pending recoveries involve high-profile builders, many of whom operate in Gurgaon. Despite legal orders, these builders continue to resist compliance, leaving numerous homebuyers in financial limbo. The stalled projects and unfulfilled promises have led to growing frustration among investors. Deepak Dinesh, a homebuyer who invested in a residential project over 10 years ago, expressed his frustration, saying, "I put my faith in this project and waited patiently for a decade, but I have neither received the flat nor a refund. We are being dragged through a lengthy process without any tangible results." Another homebuyer, Shweta Kapoor, shared a similar sentiment. She invested her life savings in a project that has been stalled for years. "We are helpless. It feels like we are stuck in an endless loop of court orders and legal notices, but there is no actual resolution. I've lost hope of ever getting my flat or my money back," Kapoor said. Some of the builders have substantial dues ranging up to Rs 100 crore and arrest warrants pending against them. Despite Rera issuing over 200 arrest warrants, enforcement remains a significant hurdle, with only 20% of cases seeing any positive outcomes for homebuyers. Rajendra Kumar, H-Rera adjudicating officer, affirmed that the authority is continuing its efforts to ensure recoveries, stating, "We are taking all necessary legal steps to bring defaulting builders to task and provide justice to homebuyers." However, with Rs 800 crore still owed, the path to recovery appears long and uncertain. Source : Times of India INDIA

Macrotech Developers Q2 Results: Profit Up 108% , Achieves 47% Pre-Sales Guidance

10/26/2024 11:59:00 AM

During the quarter, Macrotech’s consolidated revenue from operations grew by a healthy 50% year-on-year to Rs 2,626 crore - up from Rs 1,750 crore in the same quarter previous year. According to the company, it achieved its best ever pre-sales performance of Rs 4,290 crore during the quarter. “We achieved our best ever quarterly pre-sales performance of Rs 42.9 billion in Q2, FY25 which is a seasonally weak quarter due to monsoons. Additionally, the quarter was impacted by the inauspicious ‘Shraddh’ period in September this year (vs. October in FY24) as well as excessive rains. Despite this disruption, we achieved our third consecutive quarter of Rs 40bn+ pre-sales,” said Abhishek Lodha, MD & CEO, Macrotech Developers Ltd. Its EBITDA margin stood at 34%. In the first six months of FY2025, Macrotech’s pre-sales surged to Rs 8,300 crore. “With the festive season well underway, we are on track to achieve our guidance of Rs 175 billion pre- sales for FY25. Early signs of festive season suggest robust demand for quality branded housing on the back of strong affordability and consumer optimism. Intense competition among mortgage providers coupled with the expected downward trajectory for rate cycle in the H2, FY25 will provide further tailwind for the sector especially in the mid-income segment where we have a sizable presence,” Lodha added. During the period, Macrotech added added two projects each in Pune and Bengaluru with gross development value (GDV) of Rs 1,700 crore and Rs 3,800 crore, respectively. According to Lodha, its project additions in Bengaluru will enable its planned acceleration from next year onwards. Overall business development for the first half of the fiscal stood at Rs 16,600 crore, which was over 75% of the full year guidance of Rs 21,000 crore. “We continue to see a strong pipeline of business development opportunities for our residential business giving us a strong growth visibility,” he said. Macrotech completed its first transaction for setting up data centers at Palava, Maharashtra. According to the management, it expects demand for this asset class to scale up significantly with the artificial intelligence and data revolutions that is underway. Source : Economic Times INDIA

Noida Authority Demands Recovery of Rs.1.9 Billion from Controversial Lotus 300 Developer

10/26/2024 11:58:00 AM

Noida: After directions from the Supreme Court, registrations for flats at Lotus 300 began on Thursday, with the process concluding for 16 of 100-odd homebuyers in the first phase. The Supreme Court on Sept 27 upheld an order by the Allahabad high court and directed the Noida Authority to proceed with registries at the Sector 107 society regardless of pending land dues by the developer. The decision ended a decade-long fight for homebuyers. President of Lotus 300 AOA Bhuwan Chaturvedi said the interim resolution professional Ayyagari Vishwanandha Sarma travelled to the city from Hyderabad to verify all documents, including original allotment letters, builder-buyer agreements and possession certificates, for the 16 flats. Sarma, he said, is expected to return next week to continue the process. It will take multiple visits to complete the registration of all 102 flats in two towers of the society's six. Sarma has been authorized to sign documents on behalf of the builder under the Corporate Insolvency Resolution Process. It was in March 2010 that Noida Authority allotted 17 acres of land in Sector 107 to Hacienda Project Private Limited (HPPL), led by consortium member Pebbles Infosoftech, for the development of Lotus 300. The developers collected Rs 636 crore from homebuyers of 330 flats across six towers and gave an initial completion time period of 39 months. This was later extended to July 2017. While HPPL completed four towers and transferred partial possession to buyers, the developer failed to complete the remaining towers or provide the promised amenities. In 2018, homebuyers filed an FIR with the Economic Offences Wing of Delhi Police against HPPCL directors for cheating, criminal breach of trust and criminal conspiracy. Insolvency proceedings for Lotus 300 began in Nov 2022. The AOA president said on Friday that the court rulings and beginning of the registry process was a "major victory" for homebuyers after an 11-year struggle. "Homebuyers are finally able to secure registrations for their properties," Chaturvedi said. Efforts are also underway to facilitate registrations of flats in the remaining four towers. Noida Authority has appointed senior manager Vaibhav Gupta as the nodal officer to oversee preparation of occupation certificates (OC) and completion certificates (CC) for these towers, and this process is expected to take 15-20 days. Gupta is responsible for coordinating with the AOA and Sarma to prepare necessary building drawings and arrange certificates with the support of a structural engineer. Source : Economic Times INDIA

Goderj Properties Acquires 7.5 Acres for Group Housing in Gurugram

10/25/2024 12:48:00 PM

Godrej Properties has won a bid to acquire 7.5-acre land in Gurugram to develop a luxury housing project with a revenue potential of more than Rs 5,500 crore. In a regulatory filing on Friday, Godrej Properties said it has emerged as the "highest bidder for a luxury group housing plot on Golf Course Road in Gurugram with a revenue potential in excess of Rs 5,500 crore." The company has secured the Letter of Intent to develop a group housing plot at Golf Course Road through an e-auction conducted by the Haryana Shehri Vikas Pradhikaran (HSVP). The plot, measuring 7.5-acre, has a development potential of over 1.7 million square feet, comprising luxury residential apartments of varied configurations. Godrej Properties has acquired 11 new land parcels so far this fiscal. These projects are estimated to generate a total revenue of Rs 22,950 crore. The company had given guidance that it would add various land parcels this fiscal, with a total revenue potential of Rs 20,000 crore. In the last fiscal, Godrej Properties acquired two prime parcels measuring 5.15-acre and 2.76-acre in the Golf Course Road micro-market from HSVP through auction and plans to launch both these projects in the current financial year. The estimated revenue potential of its developable land on Golf Course Road in Gurgaon is in excess of USD 1.5 billion. Gaurav Pandey, MD & CEO, Godrej Properties, said, "We have witnessed strong demand for our projects in the NCR market demonstrating the huge trust and confidence, which our customers have placed in us." Earlier this week, Godrej Properties reported a five-fold jump in its consolidated net profit to Rs 335.21 crore for the quarter ended September on higher income. Its net profit stood at Rs 66.80 crore in the year-ago period. Total income more than doubled to Rs 1,346.54 crore in the second quarter of this fiscal from Rs 605.11 crore in the corresponding period of the previous year. Godrej Properties' sales booking increased 89 per cent to over Rs 13,800 crore during the April-September period of this fiscal. The company has set a target of achieving Rs 27,500 crore worth of sales bookings in the current 2024-25 financial year as against Rs 22,527 crore in the preceding year. Godrej Properties is one of the leading real estate developers in the country. Source : Economic Times INDIA

Punjab Governor Approves Bill For Easier Property Registration Without NOC

10/25/2024 12:47:00 PM

Chandigarh: Punjab governor Gulab Chand Kataria has accorded his consent to the Punjab Apartment and Property Regulation (Amendment) Act, 2024 to do away with the condition of no objection certificate (NOC) for registration of land deeds. Punjab chief minister Bhagwant Mann called it ‘Diwali Bonanza’ for people of the state. Earlier, on Sept 3, the Punjab assembly had passed the amendment bill, giving relief to those owning plots up to 500 square yards bought before July 31 in the around 14,000 unauthorised colonies in the state by waiving off the condition of NOCs. On Thursday, the governor’s office issued a letter to the special chief secretary to the CM to communicate that Kataria had signed the bill. Thanking the governor for approving the bill, Mann said that the amendment was aimed at ensuring stringent control over illegal colonies while giving relief to the small plot holders. He said, “It is a major reprieve for the common man as it aims to overcome the problem being faced by the general public in registration of their plots and to put a check on development of unauthorized colonies. It stipulates provisions of penalty and punishment to offenders.” Mann said that while some colonisers minted money illegally, people had to bear the hardships. He added that illegal colonies had mushroomed up during the “long misrule” of the previous govts as illegal colonisers were patronised. He said that the move would give a major relief to crores of people who had mistakenly invested their hard-earned money in the illegal colonies. Earlier in the day, cabinet minister Aman Arora shared the information “on behalf of the state govt”, adding that those living in unauthorised colonies would no longer face difficulty in getting their property registered. He blamed the previous Akali and Congress govt for mushrooming of more than 14,000 unauthorised colonies in the state. As per the amendment any person who up to July 31, 2024, for an area up to 500 square yards situated in an unauthorised colony, has entered into a power of attorney, agreement to sell on stamp paper, or any other such document will not require any NOC for registration of land. Such property owners will be entitled to get registration of such an area executed. In 2014, The Punjab Apartment and Property Regulation Act, (PAPRA) 1995, which provides for setting up of new colonies, was amended to curb proliferation of unauthorised colonies and making the Act investor friendly. However, the previous amendment led to “undue hardship” to the small plot holders to get NOC for registration of sale deed or getting power connections while it did not control mushrooming of unauthorised colonies. Source : Times of India INDIA

Greater Noida to Host E-Auction For Premium Commercial & Institutional plots

10/24/2024 12:31:00 PM

Lucknow: Aimed at integrated development of Greater Noida, the Uttar Pradesh govt on Wednesday introduced a new e-auction scheme for institutional plots in various sectors, according to an official spokesperson. The scheme, launched by the Greater Noida Industrial Development Authority (GNIDA) in key areas such as KP-05, MU, Sector 10, ETA-02, KP-01, and Techzone-4, offers 13 institutional plots for bidding, with applications opening on Thursday. "These plots are expected to attract crores of rupees in bids, as they are set to be used for establishing higher secondary schools, hospitals, nursing homes, paramedical and training institutes, vocational training centres, and other educational institutions. The total reserve price for the plots is Rs 170 crore, making this a major opportunity for institutional investors," the spokesperson said. In addition to the institutional plots, the authority is also fast-tracking the process for the allotment of 43 commercial shops, offices, and 20 dhabas and kiosks. "Under this scheme, plots ranging in size from 1,000 to 10,005 square metres will be made available for allotment. The Greater Noida Industrial Development Authority has set the reserve price for these plots between Rs 2.99 crore and Rs 35.17 crore," the spokesperson said. Officials concerned said that as per CM Yogi Adityanath's vision, the e-auction scheme offers a variety of plots, with the largest and most expensive plot being HO-2 in the MU sector. This plot spans 10,005 square metres and has a reserve price of Rs 35.17 crore. Another large plot, HO-2 in Sector 10, measures 4,439.50 square metres and has a reserve price of Rs 19.52 crore. Both plots are designated for the establishment of hospitals. Also, plot NH-01 in ETA-02, measuring 2,511.40 square metres, is reserved for a nursing home with a reserve price of Rs 10.70 crore. Similarly, plots 06 and 07 in Techzone-4, each measuring 2,000.27 square metres, are priced at Rs 5.99 crore, while plots 26 and 27 in the same area, with 4,000.39 square metres each, have a reserve price of Rs 11.44 crore. The final date for submitting applications under this e-auction scheme is Nov 18. Source : Times of India INDIA

Noida Authority Offers Prime Commercial Plots starting at Rs 3 Crore

10/24/2024 12:30:00 PM

Noida: The Noida Authority a new commercial plot scheme, with eight plots covering a total area of over 1.6 lakh sqm in Sector 25A on offer. The plots collectively carry a reserve price of Rs 3,103 crore. Officials said these plots are designed for large-scale commercial projects and range in size from 17,645 sqm to 25,572 sqm. They have a Floor Area Ratio (FAR) of 4.5 and 45% ground coverage. The reserve price starts at Rs 1.83 lakh per sqm and extends up to Rs 1.86 lakh per sqm, with individual plot reserve prices ranging between Rs 328 crore and Rs 468 crore. Among the offerings are three mid-sized plots, each measuring 17,645 sqm. These plots are priced between Rs 1.86 lakh and Rs 1.86 lakh per sqm, with a total reserve price of approximately Rs 328 crore each. The earnest money deposits for these plots exceed Rs 32 crore. Another notable plot spans 23,160 sqm, priced at Rs 1.83 lakh per sqm, with a total reserve of Rs 425.8 crore. Additionally, two expansive plots, each measuring 25,572 sqm, are available at a reserve price of Rs 1.83 lakh per sqm. These plots are priced at Rs 468.25 crore each, with earnest money deposits of Rs 46.82 crore. The last plot, covering 22,780 sqm, is priced at Rs 1.83 lakh per sqm – bringing the total reserve to Rs 419.1 crore. According to officials, these plots provide another substantial opportunity for developers aiming to capitalise on Noida's rapidly growing commercial landscape. Bid submissions for the scheme open on Oct 29, with the deadline set for Nov 22. Interested bidders must submit a non-refundable processing fee of Rs 5.9 lakh, along with an earnest money deposit (EMD) ranging from Rs 32 crore to Rs 46 crore, depending on the plot size. The plots under this scheme are located near key urban infrastructure, including the Noida Stadium, City Centre Metro Station, and major roads. Meanwhile, the Greater Noida Authority has also announced a new institutional plot scheme, offering 12 plots across various sectors, covering over 50,000 square meters, with a total reserve price of Rs 163 crore. These plots are designated for educational and healthcare facilities, providing opportunities for senior secondary schools, hospitals, nursing homes, and vocational training institutes. Of the 12 plots, two are reserved for senior secondary schools, two for hospitals, one for a nursing home, and the remaining seven are intended for vocational and educational institutes. Applications for this scheme will open from Oct 24, with the last date for registration being Nov 16. The senior secondary school plots, measuring 10,000 sqm and 6,200 sqm, are located in Knowledge Park 5. Hospital plots include one of 10,005 sqm in Sector MU and another of 4,439 sqm in Sector 10. The nursing home plot, sized at 2,511 sqm, is located in Sector Eta-2. The seven vocational and educational institute plots range in size from 1,000 sqm to 4,000 sqm and are spread across Techzone IV, Knowledge Park 1, and Knowledge Park 5. Source : Times of india INDIA

New Delhi Sunder Nagar Bungalow Sold for Rs 100 Crore

10/23/2024 12:08:00 PM

Upscale residential colony Sunder Nagar in New Delhi has reportedly witnessed a big-ticket deal with an around 900 square yard bungalow getting sold for nearly Rs 100 crore. Market sources told PTI that a bungalow at Sunder Nagar, owned by Sunil and Ravi Sachdev, has been sold for around Rs 96 crore. Real estate consultant CBRE facilitated the sale of this bungalow. Bungalows in Sunder Nagar have become one of the sought-after residential addresses in central Delhi. Sunder Nagar remains a preferred choice for the country's top lawyers, judges, bureaucrats and businessmen, according to property brokers. The last big-ticket deal in Delhi NCR was in Gurugram. A 10,813 square foot apartment in DLF The Camellias in Gurgaon sold for Rs 95 crore in January 2024. The apartment was purchased by Smiti Agarwal, the wife of Hemant Agarwal, the CMD of V Bazaar Retail Pvt Ltd. The sale price was Rs 87,857.20 per square foot. The buyer also paid a stamp duty of Rs 4.75 crore and registration fees of Rs 50,003. Sales of luxury properties have surged across major cities in the last few years. The national capital, especially South and Central Delhi, has also seen many large property deals. Earlier this month, a CBRE report said that sales of luxury homes, each priced Rs 4 crore and above, rose 38 per cent in January-September this year across seven major cities. Sales of luxury homes, costing Rs 4 crore and above, rose to 12,630 units in January-September 2024 compared to 9,165 units in the year-ago period. CBRE noted that Delhi-NCR recorded the highest sales in this price bracket at 5,855 units against 3,410 units in the year-ago period, a 72% Y-o-Y increase, followed by Mumbai at 3,820 units, recording 18% Y-o-Y growth. The surge in demand for luxury housing has been primarily attributable to a growing preference among affluent buyers for enhanced amenities and more spacious living areas that complement their multifaceted lifestyles. Moreover, the increasing aspirational class has significantly contributed to the increased demand for luxury properties. Furthermore, the rise in NRI and astute domestic investors in the Indian real estate market has considerably fueled the heightened demand for luxury residences. Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE, foresee heightened demand in the high-end and premium segments, with traditional mid- range markets like Noida, Bengaluru, Pune, and Chennai increasingly gravitating towards luxury developments. According to a report published by Cushman and Wakefield, Delhi-NCR is surging ahead among India’s major cities to offer luxury homes with prices to the tune of Rs 15,000 per sq. ft, accounting for 61 percent of all new residential project. Data from the real estate consultancy firm Anarock also indicates that out of NCR's total housing sales of approximately 32,200 units during January-June 2024, over 45 per cent share was in the luxury segment, and 24 per cent in the affordable segment. Back in 2019, sales of luxury homes were a mere 3 per cent while the affordable sales share stood at 49 per cent. Source : Economic Times INDIA

Noida Increase Circle Rates by Up to 30% in Residential Areas

10/23/2024 12:07:00 PM

Noida: The stamps and registration department has submitted to the district magistrate a proposal to revise circle rates, which have remained the same for the past five years. The proposal aims at increasing the circle rate by 25-30% in residential areas, 10% in industrial, commercial and IT sectors, and 15% in case of farmland. The revision of circle rates will affect overall property prices across various categories as buyers will have to shell out more stamp duty. Stamp duty for a property is collected on the circle rate announced by the district administration or land allotment rate decided upon by three development authorities — Noida, Greater Noida and Yamuna Expressway — in their areas, which is higher. The three authorities usually revise their allotment rates every six months or a year. Shashi Bhanu Mishra, assistant inspector-general of registration, said the last time circle rates were revised were on Aug 8, 2019. "Yes, the stamps and registration department has submitted a proposal to the district magistrate to revise the rates. Circle rates have remained unchanged since 2019. The cost of flats has gone up considerably in Noida and Greater Noida over the past few years. In comparison, the stamp duty collected — which is based on the circle rate — is much lower. The rates should be revised to close this gap somewhat," Mishra told TOI. Officials said the administration decided not to change the circle rates between 2020 and 2023 as the lockdown-hit real estate sector faced a slump. Usually, circle rates are revised annually and implemented from Aug 1. In Noida, the rates will vary for sectors and categories like residential, commercial, industrial, and IT. For instance, the rate for residential plots in Noida sectors 14 and 14A is around Rs 1,1 lakh per sqm, while it is Rs 79,200 in Sector 19. In Greater Noida's Alpha 1, 2, and Gamma 2, the circle rate is Rs 37,000 per sqm. District magistrate Manish Verma said the new circle rates would be announced for public feedback in two days. "We are currently studying the proposal. In the next two days, they will come out in the public domain for objections from people, if any. Residents will have a 15-day window to register any objections. Once the new rates are notified, no objections will be entertained," he added. In neighbouring Ghaziabad earlier this year, the stamps and registration department proposed to hike circle rates between 15% and 20% across residential and commercial properties. This was after a two-year freeze. Source : Times of India INDIA

Real Estate Challenges: Stalled Projects and Need for Distress Funds

10/22/2024 12:28:00 PM

India's thriving housing market faces the key challenge of a widening demand-supply gap due to a large number of stalled or unsold projects and a shortage of distressed funds, say industry leaders. They believe the government needs to create a comprehensive turnaround platform to fully unlock India's real estate potential and ensure the sector's growth. Currently, only a few dedicated funds such as Nisus, Piramal Distressed Asset Fund, Kotak Special Situations Fund, SWAMIH (Special Window for Affordable and Mid-Income Housing) Fund, and 360 One Assets are actively involved or venturing into funding such projects. "Rescuing a stalled project requires significant time, effort, and resources, yet the returns may not stack up proportionately to the inherent potential liability of such projects," said Amit Goenka, MD and CEO of Nisus Finance. "Without strong regulatory incentives, clear profitability, and ring fencing, the risk and liabilities, many developers shy away from taking on these projects despite the market potential and haircut by lenders," he said. Currently, there are more than 1,981 stalled projects across Tier I and II cities. These projects comprise more than 500,800 unsold or incomplete units, according to PropEquity, a data analytics and research firm. Industry experts estimate the total value of these homes at $40 billion at ₹1 crore per unit-almost equivalent to the combined market capitalisation of India's top 15 realty firms. Of the total, 1,636 stalled projects comprising 431,946 units are in 14Tier-I cities, while 345 projects totalling 76,256 units are in 28 Tier-II cities. "The sheer size of this backlog underscores a systemic issue. Stalled projects often arise due to financial mismanagement, regulatory hurdles, or delayed approvals. Many of these developments, comprising 300-350 units each on average, have been left in limbo for years, leaving both developers and homebuyers in a state of uncertainty," said Sankey Prasad, CMD, Colliers India. The gravity of the situation underscores the inadequacy of current interventions. While the SWAMIH Fund has been a game changer for the affordable and mid-income housing segments, delivering over 32,000 units so far, its strict eligibility criteria exclude many projects. The fund mainly focuses on near-completion projects registered under the Real Estate (Regulation and Development) Act (RERA), leaving a major share of stalled premium and luxury projects outside its scope. Source : Economic Times INDIA

Delhi High Court Directs Ansal Properties to Maintain Current Asset Status

10/22/2024 12:27:00 PM

NEW DELHI: The Delhi High Court issued a directive requiring Ansal Properties and Infrastructure Ltd. on Monday to maintain the status quo on all its unencumbered assets. The order was issued in response to a petition filed by Debenture Trustee Vistra ITCL, acting on behalf of the debenture holders. The petition sought to enforce an order from an Arbitral Tribunal, which required Ansal Properties and Infrastructure Ltd. to furnish security amounting to Rs 503 crores. The bench of Justice Jasmeet Singh stated that the judgment-debtor, Ansal Properties, and Infrastructure Ltd., must maintain the status quo concerning all unencumbered assets as of today. The court has scheduled the next hearing for January 20, 2025, to further review the case and any developments that may arise. According to the directive, Ansal Properties and Infrastructure Ltd. Is prohibited from dealing with its unencumbered assets in any manner starting today. The court's directive aims to ensure compliance with the tribunal's ruling and to safeguard the interests of the debenture holders during the ongoing legal proceedings. Sidhant Kumar, Advocate, represented Vistra ITCL, while AshwKumar Mata, Senior Advocate, appeared on behalf of Ansal Properties and Infrastructure Ltd. during the proceedings. Vistra ITCL had initiated proceedings to recover its dues under a Corporate Guarantee executed by Ansal Properties in its favor. Last year, the Delhi High Court appointed former Supreme Court Judge Justice M.R. Shah as the sole arbitrator in a case involving disputes between Vistra ITCL India Limited and Ansal Properties & Infrastructure Limited (APIL). The dispute centers on a project undertaken by APIL for the development of a group housing project spanning 41.16 acres in Ghaziabad, Uttar Pradesh. This project was executed by Ansal Urban Condominiums Private Limited (AUCPL), the principal borrower in this matter. Source : Economic Times INDIA

UP Government Approves ‘New Noida Plan’ Featuring Global City Standards and Olympic Park

10/22/2024 12:26:00 PM

UP govt approved two master plans listing development projects to be carried out by Noida Authority and Yamuna Expressway Industrial Development Authority (YEIDA) over the next 15 years. The Noida master plan 2041 focuses primarily on the expansion of the Dadri-Noida-Ghaziabad Investment Region (DNGIR), commonly referred to as New Noida. The project will involve acquiring land from 80 villages across Gautam Budh Nagar and Bulandshahr districts. It was in Aug last year that the Authority board approved the plan. After public feedback, it was submitted with the state govt, which granted its final approval last week.New Noida will come up in four phases – the first one across 3,165 hectares by 2027. Between 2027 and 2032, another 3,798 hectares will be developed, followed by 5,908 hectares by 2037 and 8,230 hectares by 2041. The Authority has so far allocated around Rs 1,000 crore for land acquisition.Of the total land, 40% is designated for industries, 13% for residential development, and 18% for green areas and recreational spaces. The new city, designed to accommodate around 6 lakh residents, will also have commercial zones covering 4% of the total area and institutional areas spanning over 8% of the land. YEIDA’s master plan will include 55 villages of Bulandshahr, taking the total area to be covered by it to 226 – 131 of them from GB Nagar. The area covered by phase 1 of the project has been increased from 583sqkm initially to 769sqkm. As a result of this expansion, the population in the YEIDA region is expected to reach 37 lakh by 2041. A major highlight of this master plan is the expansion of the aviation hub around Noida airport in Jewar, with the total area dedicated to the airport increasing from 5,000 to 6,286.7 hectares. Apart from expansion of the airport, industrial units related to aviation, such as those involved in aircraft engine manufacturing, will be established in the region.The plan also introduces two new land-use categories – multiple use hospitality and multiple use industrial, both of which will be developed near the airport. These areas will combine residential and industrial zones, providing housing for workers and space for industries.To prevent illegal constructions around the airport, land will be acquired for industrial sectors 8A, 8B, 8C, 8D, 8E, and multi-use sectors 7, 8, and 31B. Additionally, land has already been allocated for hospitality sectors like 23G, 23I, and 23E. The master plan area has been extended up to the Delhi-Howrah route, with a proposal for direct railway connectivity, and a logistics hub spanning 1,500 hectares adjacent to Chola station near the airport railway line. The plan will include provision for an Olympic Park in sectors 22F and 23B, where Olympic-level sports infrastructure will be developed. Furthermore, two new sectors — Sector 4A (365 hectares) and Sector 5A (395 hectares) — are planned for multiple land-use industries, with proposals for the development of a Korean City in Sector 4A and a Japanese City in Sector 5A. Source : Economic Times INDIA

Haryana : DTCP Hold Hearing for Architects Issuing OCs

10/21/2024 12:25:00 PM

Gurgaon: The department of town and country planning (DTCP) in Haryana has decided to offer architects, who issued occupation certificates (OCs) for four-storey buildings with stilt parking in violation of regulations, a chance to be heard. The director of the department, who took the decision, proposed imposing a fine of ₹2 lakh for each violation. Senior town planners (STPs) have been directed to conduct hearings for 18 architects involved in the issuance of illegal OCs. After these hearings, it will be determined whether their registrations will remain cancelled or if they will be allowed to continue by paying the penalty. STP, Gurgaon, Renuka Singh confirmed that "all legal procedures and investigations will be completed before any action is taken". OCs Despite Ban On Feb 23, 2023, the Haryana govt imposed a ban on the construction of four-storey buildings with stilt parking. However, several buildings in the city managed to bypass this regulation. These structures initially had plans approved for two or three floors but went ahead to construct four floors. With the connivance of certain architects, occupation certificates were issued for these illegal constructions. Following investigations, 18 architects were blacklisted for issuing OCs in these cases. Next Step One of the architects appealed to the director, saying he had issued the OC for only one building, which was later cancelled. "I acknowledge the mistake and have already cooperated by cancelling the OC. I request the department to consider my record and reinstate my registration," he said. He assured that no registration of any floor took place in that building and promised not to repeat the mistake in the future. Another blacklisted architect defended his actions, saying, "The department's guidelines were unclear when the OCs were issued. I acted in good faith, based on the approvals given at the time. It's unfair to blacklist us now for past decisions." He also called for clarity in the future to avoid similar issues. Action Taken The blacklisted architects include Pankaj Kumar, Amit Bhardwaj, Gajendra Kumar, Arun Kumar, Gaurav Singla, Neeraj Dixit, Anuj Yadav, Krishna, Manveer Bhardana, Prabhat Kumar, Puneet Kochar, Ritika Anand, Saurabh Kathuria, Himani Gupta, Vikrant Pundir, Ravi, Rohit Chugh and Ujjwal Saini. These architects were found complicit in issuing illegal OCs in collaboration with builders. In light of the violations involving four-storey constructions with stilt parking, the state govt has introduced new compounding rules. The hearing process will ensure that architects are given an opportunity to present their case before a final decision on their registrations is made. SOURCE : TIMES OF INDIA INDIA

Prestige Estate to Invest Rs 7000 Crore in Ghaziabad Township

10/21/2024 12:24:00 PM

Realty firm Prestige Estates Projects Ltd will invest around Rs 7,000 crore to develop a township in Ghaziabad as it looks to expand business in Delhi-NCR property market. Bengaluru-based Prestige Estates is building a commercial project at Aerocity in the national capital. It has also forayed into Delhi-NCR housing market by acquiring three land parcels in Delhi, Noida and Siddharth Vihar, Ghaziabad. Prestige Group Chairman and Managing Director Irfan Razack is bullish on Delhi-NCR residential market and said there is a potential to achieve Rs 10,000 crore worth of housing sales annually if the company is able to acquire land parcels consistently. In March, Prestige Estates Projects acquired 62.5 acres at Siddharth Vihar, Indirapuram Extension, Ghaziabad to develop a township. The township project 'Prestige City' is expected to be launched this quarter after getting all the necessary approvals. "We bought this land parcel for more than Rs 450 crore. We will be developing 10 million square feet of residential space in this large format project. There will be some component of retail and education as well," Razack said. Asked about project cost, he said it should be around Rs 6,000-7,000 crore. Razack said the land has already been purchased and the construction cost will be met through collection of funds from customers against sales bookings. He said the company would be targeting end users primarily, offering two, three and four bed room apartments in this township project. At the time of land acquisition, Prestige Estates had said that the company expects revenue of more than Rs 10,000 crore from this project. Asked about other housing projects in Delhi-NCR, Razack said the company has bought one acre land parcel in central Delhi to develop an ultra-luxury housing project. The company is waiting for approvals. That apart, he said the company few years ago tied up with a landowner for a housing project at Sector 150, Noida. He said the Noida project has not been launched yet in the absence of approvals, but hoped that the Noida authority would soon start giving approvals in Sector 150 Noida. On the commercial project at Aerocity, Delhi, Razack said the hotel would be completed by end of the next year. He said the 7 lakh square feet office space in the Aerocity commercial project has been fully leased to marquee corporate clients. Razack said the company is evaluating more land parcels in Delhi-NCR to create pipeline for future development. "There is a huge business potential in Delhi-NCR. We can easily do sales of around Rs 10,000 crore every year in Delhi-NCR," he said. Asked about challenges in entering a new market, Razack said the company studies local market dynamics and customers preference before foraying into new geographies. Prestige Group, one of the leading real estate developers in the country, has a legacy of over three decades in real estate development. It has diversified business model across various segments -- residential, office, retail, hospitality, property management and warehouses with operations in more than 13 major locations in India. The Prestige Group has completed 300 projects spanning a developable area of 190 million square feet as of June 2024. During 2023-24 fiscal, Prestige Estates clocks a record sales booking of Rs 21,040 crore and has given a guidance of Rs 24,000 crore for the current financial year. Prestige Estates recorded sales of Rs 4,022.6 crore during July-September as against Rs 7,092.6 crore in the year-ago period. During April-September, the company's sales bookings fell to Rs 7,052.2 crore as against Rs 11,007.3 crore in the corresponding period of the preceding year. Source : Times of India INDIA

Oberoi Realty Reports 29% Increase in Net Profit, Reaching Rs 589 Crore

10/19/2024 12:39:00 PM

Real estate major Oberoi Realty posted a net profit of Rs 589 crore for the second quarter of financial year 2025 (Q2 FY25), up 29 per cent year-on-year (Y-o-Y). The company’s total revenue for the quarter stood at Rs 1,358.62 crore, up 9.23 per cent on an annual basis. The company’s total expenses declined by 10.6 per cent Y-o-Y to Rs 578.64 crore. Segment-wise, the company’s real estate business generated revenue of Rs 1,276.14 crore, almost 94 per cent of its total revenue. The company also reported a bookings value of Rs 1,442.46 crore during the quarter, almost 50 per cent more than the corresponding period of the last financial year. Vikas Oberoi, chairman and managing director of Oberoi Realty, said, “Our commitment to delivering exceptional living experiences has solidified our position as a leading player in the market. With a robust launch pipeline, we are well-positioned to capitalise on the growing demand for premium residential properties and drive sustainable growth.” Moreover, the company’s board of directors, in its meeting held on Friday (October 18), declared a second interim dividend for FY25 at the rate of Rs 2 per equity share, which is 20 per cent of the face value of equity shares of Rs 10 each. The company stated that November 4 is the record date for the purpose of payment of the said interim dividend, and the interim dividend will be paid starting from November 14, 2024. Earlier, the company’s board approved a plan to raise funds of up to Rs 1,500 crore by way of the issue of senior, rated, listed, secured, tenable, redeemable, and non-convertible debentures on a private placement basis. The company’s board had also previously approved raising funds of up to Rs 6,000 crore by way of equity and/or equity-linked instruments through private placement, including a qualified institutional placement. Additionally, during the quarter, the company entered into two major development agreements in the Mumbai metropolitan region. One agreement was for the development of land measuring about 12,790 square metres at Adarsh Nagar, Worli, and another for the development and redevelopment of land measuring around 2,576 square metres in Bandra West. In August 2024, the company acquired Nirmal Lifestyle Realty Private Limited (NLRPL) under the Insolvency and Bankruptcy Code, 2016. The acquisition involves paying creditors Rs 273 crore as well as the Corporate Insolvency Resolution Process (CIRP) costs. Source : Economic Times INDIA

Greater Noida Authority Achieves Rs 533 Crore in Commerical Plot Auction

10/19/2024 12:38:00 PM

Greater Noida Industrial Development Authority (GNIDA) has auctioned 9 plots for commercial development for Rs 533 crore against the reserve price of Rs 458 crore. The biggest of these plots was secured by Adamant Construction while Noida based Nirala World has emerged as the highest bidder for two plots. The auction comes days after the authority auctioned three plots for residential development for Rs 521 crore against the reserve price of Rs 262 crore. Eldeco Infrastructure and Properties Ltd, while Prasu Infrabuild and Divyansh Infraheight jointly and Purvanchal Projects were the winning bidder for the third and smallest of the three plots. “We have recently acquired a land parcel in Greater Noida West through an auction process. On the purchased land, we intend to build a commercial project (a mall or a high-street), with a construction budget of roughly Rs 250–300 crore,” said Suresh Garg CMD of Nirala World. It has acquired a land parcel of 10,600 sq meter for Rs 180 crore including GST, lease rent and stamp duty. The company is the successful bidder for another commercial plot of a similar size. Nirala World had recently launched a luxury residential project situated in Greater Noida West. Nirala World has already developed a 25-acre project comprising 4050 homes out of which possession of 3600 units has been given to the buyer and 450 units to be delivered soon. Earlier, Mumbai-based Godrej Properties and Bengaluru-based Sobha acquired three land parcels in an e-auction conducted by GNIDA. The authority had come up with an auction of five land parcels for Rs 738 crore and managed to sell them for a total of Rs 1,500 crore. Source : Economic Times INDIA

Gurugram’s Paradiso Tower A Deemed Unsafe for Living

10/18/2024 12:31:00 PM

Gurgaon: The Central Building Research Institute (CBRI) has deemed Tower A of Chintels Paradiso unfit for living, marking the eighth tower in the nine-building complex to be declared unsafe. The recent audit revealed significant structural deterioration in Tower A, primarily because of severe corrosion caused by high chloride content and poor-quality concrete — similar to issues found in the other towers. Tower A comprises 64 flats, 60 of which are occupied. Structural audits by IIT-Delhi earlier had already declared six other towers — D, E, F, G, H, and J — unsafe, with the demolition of these buildings expected to start next month. IIT had then classified Towers A, B, and C as safe, but warned of potential deterioration in the future. In response, Chintels India initiated a new round of audits through CBRI to further assess the condition of all towers. The CBRI report highlighted that almost all structural elements in Tower A were compromised because of corrosion and poor concrete quality, making the structure non-compliant with Indian safety standards, especially in seismic zone IV. A spokesperson for the developer said, "Once Tower A is vacated, we will offer compensation to flat owners or allow them to opt for reconstruction. The audit report for Tower B, the last remaining tower, is expected in 10 days." Source : Times of India INDIA

SC Confirms Demolition of 41 Illegal Buildings in Mumbai’s Agrawal Nagari

10/18/2024 12:29:00 PM

Mumbai: The Supreme Court recently dismissed a Special Leave Petition filed by families residing in 41 illegal buildings in Agrawal Nagari, Nalasopara, allowing the Vasai Virar Municipal Corporation (VVMC) to proceed with the demolition of the structures. The occupants, who were given a 24-hour notice by the VVMC on July 2, had sought relief from the Bombay High Court, which extended the eviction deadline to Oct 30 but refused to halt the demolition. The apex court, in its ruling, noted that the buildings were constructed without the necessary permissions from the authorities and that a site earmarked for a public project cannot be occupied by unauthorized structures. Justices Hrishikesh Roy and SVN Bhatti presided over the case. The writ petition that led to this action was filed by three elderly brothers, Mohanlal Patel, Ramanlal, and Dhirajlal, who reside in Canada and New Zealand. They had entrusted their youngest brother Ramdas, a Vasai resident, with power of attorney, which he further granted to his son Piyush and Ajay Sharma. The illegal constructions span across 60 acres, including 30 acres of private plots allegedly encroached upon by Sitaram Gupta, a former Bahujan Vikas Aghadi corporator, who was arrested by the Economic Offences Wing in Sept last year. The petitioners claim ownership of the property since 1977, which is classified as wetlands. However, in the 2010 development plan, their entire land was reserved for a dumping ground and sewage treatment plant without prior notice or compensation. Despite a 2013-14 demolition of 200 structures following a writ petition by Harit Vasai Saurakshan Smirti, illegal chawls have continued to be constructed on the site. The occupants, who belong to the labour class and have been living in the area for the past 15 years, claim to have purchased their homes through cash payments at regular intervals. They are now demanding alternate accommodation from the govt. The SC observed that while the occupants are at liberty to approach the govt for rehabilitation, the authorities can proceed with the demolition. The civic body has sought police protection to carry out the demolitions and has written to the electricity department to disconnect power connections, with water supply also set to be halted soon. Source : Times of India INDIA

ED seizes assets worth Rs 42 crore linked to ex-IAS officer, others in fraud case

10/17/2024 12:14:00 PM

Lucknow: The Enforcement Directorate (ED) Lucknow unit grilled Mohinder Singh, a former IAS officer and the former CEO of Noida Authority, at its Lucknow office on Wednesday. The former officer, along with promoters and directors of Hacienda Projects Private Limited (HPPL), is accused of a scam worth Rs 636 crore. Sources in the ED said that the former IAS officer was grilled for eight hours by the ED sleuths. Sources mentioned that verification of documents was done, and some were left to be completed. He will be called again as and when the need arises. Last month, the ED conducted raids at 12 locations in Meerut, Noida, Goa, Delhi, and Chandigarh. It also included promoters and directors of the private company Hacienda Projects Private Limited (HPPL). The ED started a probe in the case based on the order of Allahabad High Court on March 1, 2024. A consortium of companies was allotted land in Sector 107 under a scheme for group housing floated by Noida Authority in 2010-11. Hacienda Projects Private Limited (HPPL) was made a special purpose company for building and developing a residential project. However, the promoters, without investing any amount, first got huge tracts of prime land allotted, launched a project, and collected Rs 636 crore from the home buyers. Out of this, they siphoned off almost Rs 190 crore, then sold a portion of the land to a third company, pocketed and siphoned the entire sale proceeds (Rs 236 crore), and paid a pittance to Noida Authority towards the cost of land/premium for land and lease rent, which they were supposed to pay. They defrauded the home buyers, Noida Authority, banks, and other creditors. Source : Economic Times INDIA

Delhi's Civic Body Fines 30 Government Construction Sites for Dust Violations

10/17/2024 12:12:00 PM

The New Delhi Municipal Council (NDMC) has identified and penalised several government-related construction projects for failing to comply with dust control measures. This action comes as part of efforts to address escalating pollution levels, especially during the winter months when air quality deteriorates notably. Recent inspections revealed that several government construction sites, including the General Pool Residential Accommodation (GPRA) projects in Sarojini Nagar, Netaji Nagar, and Nauroji Nagar, were not adhering to dust control guidelines. These violations are particularly concerning given the scale and government affiliation of these projects. Additionally, construction activities at Lady Hardinge Hospital and Karnataka Bhawan complexes, both situated in Delhi's high-profile areas, were also found guilty of similar infractions. In total, NDMC identified 30 violators, imposing a fine of Rs 50,000 per infraction. The cumulative penalties have reached Rs 15 lakh, underscoring the council's commitment to enforcing environmental regulations. The fines are part of a broader initiative to promote sustainable construction practices and minimise airborne dust, which significantly contributes to Delhi's notorious air pollution. These measures align with directives from the Commission for Air Quality Management (CAQM), which has mandated the implementation of GRAP-1 (Graded Response Action Plan) measures starting October 15th in the Delhi NCR region. The GRAP-1 measures are specifically designed to mitigate winter pollution, a period when air quality in Delhi deteriorates to hazardous levels due to a confluence of factors, including construction dust, vehicular emissions, and industrial activities. The crackdown on these violations signals a strong commitment from local authorities to improving air quality and highlights the need for all stakeholders to adhere diligently to environmental regulations. As Delhi continues to battle pollution, such stringent actions are essential to safeguard public health and ensure compliance with environmental standards. Source : Economic Times INDIA

KBC Global Ltd Aims to Secure Rs 100 Crore Through Equity Issuance

10/16/2024 12:21:00 PM

KBC Global Ltd (Previously known as Karda Construction Ltd) BSE - 541161, in the business of construction and real estate development is planning to raise upto Rs. 100 crore by way of equity issue. Meeting of Board of directors of the company is scheduled to be held on October 16, 2024 to consider and approve the fund raising proposal. Company is exploring preferential allotment, warrants and other permissible mode or combination thereof in one or more tranches as decided in the board meeting subject to the approval of shareholders and regulatory authorities. The proceeds of the equity issue will be utilize for the repayment of debt. Recently, KBC International Ltd, Ghana drop-down subsidiary of KBC Infrastructure Ltd, UK (Wholly owned subsidiary of KBC Global) has entered to Memorandum of Understanding with Liberia Special Economic Zone Authority for construction and development of residential building complexes, low cost housing and Commercial space in SEZ with estimated cost of USD 12.5 million USD. The project is expected to commence from Q2 2025 and is expected to complete within three calendar years. Liberia Special Economic Zone Authority is entity established by Government of Liberia under Special Economic Zone Act 2017. This is a second prestigious international order received by KBC Global. In June 2024, KBC Global Ltd, through its subsidiary Karda International Infrastructure Ltd, has secured a $20 million civil engineering subcontract in the soft infrastructure segment from CRJE (East Africa) Ltd. CRJE, part of the China Railway Construction Group, has a strong legacy of building railways and five-star hotels across Africa. This contract marks KBC Global's entry into Africa's infrastructure development, positioning the company as a key player in the region's growth. Company has recently commenced a new project in Deolali, Nashik. The project is located at Survey No. 87/2/2B, Plot No. 4, on Jai Bhavani Road has a proposed area of 31,998 sq ft with six commercial and twenty-two residential units on the plot area of 761.32 sq meter. Established in 2007, the company specializes in developing and selling residential and residential-cum-office projects in Nashik, India. Key projects include Hari Gokuldham, Hari Nakshtra-II Eastext Township, and more. The company focuses on residential, commercial, and contractual projects and has announced strategic expansion plans domestically and internationally. On 21st September 2024, company has successfully fulfilled its payment obligation to Capri Global Capital Ltd and has fully regularized the default on September 19, 2024. Furthermore the company also entered into a favourable Memorandum of Understanding (MOU) with Capri Global Capital Limited, securing a waiver of non-financial penal interest. As of today, the outstanding balance with Capri Global Capital Ltd stands at Rs. 13.50 crore. This agreement underscores the strong relationship and trust between both parties, positioning the company for continued growth and stability. This will add more pace to construction activities of projects Hari Vasant, Hari Aakruti Phase II of the company. During the month of September, 2024 the company has successfully handed over possession of 13 units from its projects - Hari Kunj Mayflower - 5, Hari Krishna Phase IV - 4, Hari Vishwa - 1 and Hari Sanskruti Phase II 4. Since April 2024, the company has handed over possession of total 135+ residential and commercial units in Nashik, Maharashtra. This includes 91 units from the Hari Kunj Mayflower project (MAHARERA Reg no: P51600020249) and 28 units from the Hari Krishna Phase IV project, with the rest from other ongoing projects. The Board approved the appointment of Muthusubramanian Hariharan as Executive Director and CEO, effective July 09, 2024. He will serve until the next general meeting. Mr. Hariharan will lead global business development, execute the company's strategic plan, and oversee its vision, mission, and objectives. Source : Economic Times INDIA

Godrej Project Directed to Refund Rs 4 Crore to Buyers

10/16/2024 12:20:00 PM

New Delhi/Gurgaon: Country's apex consumer commission, NCDRC, has ordered realty major Godrej Projects to refund over Rs 4 crore to homebuyers in five separate cases for its failure to deliver its promises, which included a 24-metre-wide road and other essential amenities even seven years after making bookings. The homebuyers had booked flats in the ‘Godrej Summit' project in Sector 104 in Gurgaon. The National Consumer Disputes Redressal Commission (NCDRC) also directed the builder to pay 9% interest on the refund amount. As per the orders, the NCDRC panel, led by presiding member Ram Surat Ram Maurya and member Bharat Kumar Pandya, held the builder accountable for "failing to deliver on its promises", particularly the construction of a 24-metre-wide road and other essential amenities that the builder had promised. The bench observed that even after the offer of possession, seven years have expired, but the promised road has not been constructed on the spot. It said expensive flats were sold representing that the project is connected with Dwarka Expressway through the wide road. Separate entry and exit points were also promised for each of the three parcels — A, B and C — in the society. "The homebuyers agreed for sale price on these prime features. Now the OP (builder) has constructed an alternative entrance and exit gate to parcel A on 10.06 meters wide revenue road, which too is under encroachments. In order to reach the flats in parcel B&C, the buyers will have to enter through the gate of parcel A and travel across the narrow road. Thus there is shortcoming in fulfilling the obligations as per brochure, which amounts to deficiency in services. The decision of the homebuyer seeking refund doesn't amount to breach of contract on part of homebuyer," the panel said in its order. Despite the builder's claims that it was actively working on the road's construction and even filed a civil writ petition in Punjab and Haryana high court to push for the work completion, the NCDRC found these efforts insufficient. The commission ruled that Godrej could not shirk its responsibility by shifting the blame to govt authorities, saying that "it was the builder's duty to ensure the provision of the road as promised". A spokesperson for the developer said, "This refund has been ordered for non-construction of a 24-metre road, even though NCDRC in a previous order, for the same project, observed that the developer is not liable to construct the road falling outside the project. That matter is sub-judice. We are confident of our merits in the matter and are seeking advice for filing an appeal against the orders." Advocate Aditya Parolia, who represented the homebuyers, said the Commission noted that the builder had assured buyers between 2012 and 2014 that the housing project would have a direct access road connecting to the Dwarka Expressway via a 24-metre-wide link. "We can see that though the units were ready on time, amenities promised and approach road to the project envisaged could not be provided even after a considerable time. In such a situation now the law is clear that an allottee can invoke his rights to claim refund of money with penal interest from such builders," he added. Source : Times of India INDIA

Haryana RERA : Over 207 Arrest Warrants Issued Against Builders For Compliance Issues

10/15/2024 12:38:00 PM

Gurgaon: Haryana Real Estate Regulatory Authority (HRera) has this year issued 207 arrest warrants against 20 city-based developers for failing to comply with its orders to provide compensation due to delays in handover of flats to homebuyers. H-Rera officials said police had, however, not acted on the orders, prompting the regulator to move the Punjab and Haryana high court for its intervention. H-Rera has initiated contempt of court proceedings in three such cases against police for their inaction. Rajender Kumar, adjudicating officer of H-Rera said the arrest warrants were issued between Feb and Sept after developers repeatedly ignored directions. "The lack of police action has only worsened the plight of homebuyers," Kumar said. "We have referred the matter to the high court and police have yet not taken action. Thousands of homebuyers are suffering as a result." Asked about this, DCP headquarters Arpit Jain told TOI, "So far, we have not received any such notice from the court. If we receive an order, we will proceed as per the directions of the honourable court." Ritika Singh, a homebuyer who has been waiting for her flat for more than five years, said she was deeply disappointed in the redress system, which is failing homebuyers despite the govt appointing a regulator. "I invested my entire savings in this flat, but the builder has delayed possession repeatedly. H-Rera ordered compensation, but I haven't received a single rupee," she said. Ajay Mehra, another homebuyer said he was supposed to move into his apartment in 2018. "It's 2024 and I'm still waiting. I've lost faith in the process. We've done everything needed, but the developers keep getting away with it," he said. "We expect the law to be on our side, but when a govt authority takes action and it's still enough, what's the point?" asked Ankit Sharma, another homebuyer affected by the delays. H-Rera officials said they hoped moving the high court would bring urgency and make developers fall in line. Source : Times of India INDIA

Delhi Environment Minister Imposes Fine on Construction Company For Violation Anti-Dust Regulations

10/15/2024 12:37:00 PM

New Delhi: Delhi environment minister Gopal Rai conducted a surprise inspection of a sports complex construction site in Pitampura and directed a fine of Rs 50,000 on the private construction company that is involved with the project. The inspection was conducted under the govt's ongoing anti-dust campaign. "It is necessary to implement the 14 rules of dust control at construction sites. Action will be taken if these are violated. Officials have been instructed to regularly inspect construction sites," Rai said. Delhi govt's statement had said that the Delhi Pollution Control Committee will also issue a notice seeking an explanation of why the norms were flouted, and a financial penalty will be imposed on a daily basis for not giving a satisfactory reply to the notice. Rai said that as part of the anti-dust campaign, 523 teams from 13 departments have been deployed across the city for monitoring. He added that all construction sites larger than 500 square metres must now register on the construction and demolition (C&D) portal. A statement from Delhi govt further pointed out that a fine of Rs 1 lakh will be imposed on construction projects with an area of less than 20,000 square metres, and Rs 2 lakh on projects with an area exceeding 20,000 square metres, for not registering on the portal. A penalty of Rs 7,500 per day will be imposed for failing to install anti-smog guns at construction sites. "For not implementing dust mitigation measures, construction projects with an area of less than 500 square metres will be fined Rs 7,500 per day, while those with an area exceeding 500 square metres will face a fine of Rs 15,000 per day. Vehicles transporting construction materials must be properly covered. "A fine of Rs 7,500 will be imposed for any violation of this rule," read a Delhi govt statement. Delhi BJP president Virendra Sachdeva said the lieutenant governor should call a high-level, all-party meeting on air and water pollution in the city. "Two major festivals, Diwali and Chhath, are approaching in the next three weeks, but govt led by Atishi Marlena remains indifferent. Therefore, intervention from the LG is now essential," Sachdeva said. Source : Economic Times INDIA

Delhi Court Upholds Lookout Circular for ATS Infrastructure Promoter

10/15/2024 12:32:00 PM

A Delhi court has refused to cancel a lookout circular (LOC) against real estate company ATS Infrastructure Limited's promotor Geetamber Anand and his wife Poonam Anand in connection with multiple FIRs lodged against the builder. The FIRs include those lodged by the Economic Offence Wing (EOW) of Delhi Police for allegedly defrauding homebuyers, and another a money laundering case filed by the Enforcement Directorate. Judicial Magistrate Yashdeep Chahal, in an order passed on September 13, said the accused had appeared to join the investigation as and when required, however, "the LOC appeared to be a safeguard to ensure that judicial process is not frustrated in any manner". "Even if the applicants are directed to obtain prior permission of the court before travelling abroad, the accused could always travel without obtaining any such permission and there would be no way for the court to enforce a condition of that nature," he said. "So far as the personal liberty of the applicant is concerned, suffice is to say that reasonable restrictions could always be imposed on right to life and personal liberty in accordance with the procedure prescribed by law," the judge said. "In light of the above discussion, I do not see sufficient reasons to direct the recall or cancellation of the LOC", he added. The judge, however, said it was not proper for the authorities concerned to stop an accused person while travelling abroad without conveying the reasons for stalling the travel. It is a basic right of the accused to know the reasons for stalling his travel and the same must be conveyed, he noted. Advocate Sanjay Abbot represented the homebuyer complainants before the court. Source : Economic Times INDIA

Over 300 Flats Registered in Noida During Navratri Festivites

10/14/2024 12:12:00 PM

Noida: Over the past nine days of Navratri, the stamp and registration department registered 303 flats and collected Rs 103 crore stamp duty. The number of registrations is nearly three times of what is done on usual days. Assistant inspector general registration (I) BS Verma said, "Usually, we register 10-20 flats daily. However, we registered three times more than that during Navratri as people see it as an auspicious time for significant purchases. On some days, we registered 75-85 flats in a day." Apart from flats, 1,804 other properties were registered between Oct 3 and 11, totaling 2,107 property registrations. The stamps and registration department collected Rs 3,585 crore in 2023-24, up from Rs 3,018 crore in 2022-23. The department aims to collect Rs 4,880 crore for the current financial year. Meanwhile, the Noida Authority plans to refer developers of six residential projects to the economic offences wing (EOW) because they owe Rs 1,035 crore in land dues. These developers did not opt for the UP govt's rehabilitation package for stalled projects. Of 57 projects that defaulted on land dues, 29 accepted this package, which offers a two-year zero-period relief from April 2020 to March 2022, exempting developers from penalties and interest during the lockdown. Besides this, 17 developers made partial payments, while five gave consent but did not make payments. Six others did not give their consent. Under the rehabilitation and resettlement scheme, nearly 1,500 flats have been registered in Noida so far. In Dec last year, UP govt came out with a rehabilitation package to expedite flat registries in the state. The guidelines adopted several recommendations of the Amitabh Kant committee that drew up a roadmap for the revival of 2.4 lakh stalled or stressed housing units. The zero period waiver was on interest accrued during two years of the Covid pandemic. According to the rules, builders opting for the package were supposed to pay 25% of their recalculated dues within 60 days. Those who cleared the first tranche of dues were likely to be considered for another waiver on interest calculated during an NGT restriction on construction around Okhla Bird Sanctuary. Source : Times of India INDIA

SC Tax Ruling on ITC May Amplify Commerical Realty Investment

10/14/2024 12:07:00 PM

The Supreme Court's recent ruling allowing claiming of input tax credit (ITC) for construction of any property meant for the supply of taxable services such as renting has brought in clarity in terms of tax liabilities and is expected to drive further investments into commercial realty, said industry officials and analysts. Reduction in tax burdens may serve as a catalyst, encouraging new investments and revitalising interest from developers and institutional investors who may have stayed away due to higher costs. Offices, malls, and hospitality ventures focused on building and leasing properties are likely to gain the most from the top court ruling as these areas usually require substantial upfront investments and long-term financial commitments. "The SC acknowledging our stance on ITC marks a positive step for the commercial property sector, which is experiencing a resurgence in absorption and rental levels fuelled by the 'back to office' trend across industries such as IT, ITeS, and e-commerce, revitalising leasing velocity. This ruling is a boon for the realty industry helping attract new investment," said Niranjan Hiranandani, chairman of industry body Naredco. He said new commercial space supply has started catching up aided by enhanced connectivity and growth of the hub-and-spoke business model in the context of decentralisation, and the ruling will give more confidence to institutional investors in this segment. This has significant implications for business models that rely on leasing real estate. The most immediate effect is the financial relief for developers and investors. "Real estate firms that develop commercial, including co-living projects, specifically for leasing purposes will now be able to claim ITC, reducing their overall project costs. This is a major relief for capital-intensive businesses like these where the income will start after the completion, and hence it will provide a boost to investment," said Amit Bhagat, CEO of ASK Property Fund. The Supreme Court has held that curbs on claiming ITC for construction-related expenses should not apply when the end-use of the property is a taxable activity. In essence, it bridges the gap between the tax payable on rental income and ITC available on construction costs, allowing developers to offset their tax liabilities. With clearer tax benefits, developers are likely to be incentivised to expand their portfolios of malls, office complexes, and retail spaces. This could also boost supply of rental properties, providing more options to businesses and tenants, industry experts said. The reduction in tax liability for developers could also translate into more competitive rental rates. As developers pass on the benefits of reduced costs to tenants, the commercial real estate market could see more affordable rents, especially in large metro cities where rent for office spaces and retail outlets is typically high. The ruling brings much-needed clarity to an area of GST law that was previously uncertain. With the legal framework now better defined, developers and real estate companies can plan their tax compliance strategies with greater confidence. The decision also sets a precedent that could influence future litigation on similar issues, fostering a more consistent tax environment in the sector. Source : Economic Times INDIA

ED Raids on Vatika Limited and Identifies Rs 200 Crore

10/11/2024 12:54:00 PM

NEW DELHI: The Enforcement Directorate (ED) has identified properties worth more than Rs 200 crore during raids conducted at 15 premises in Vatika Limited and others under the provisions of the Prevention of Money Laundering Act (PMLA), the agency said on Thursday. The agency had carried out the searches on October 7 in the two cities in relation to a case wherein more than four hundred investors of various commercial projects did not receive assured returns as incorporated in the Builder Buyer Agents (BBAs), nor did the company hand over the commercial units to the buyers and investors. During the search operations, the ED said, various incriminating documents and records related to investments of the buyers, loans borrowed by the group companies from the financial institutions and digital devices such as pen drives, hard drive, laptops and mobile phones have been seized. ED initiated investigation on the basis of multiple First Information Reports registered during the 2021 by Economic Offence Wing, Delhi and Haryana Police under various sections of Indian Penal Code, 1860 against Vatika Limited and promoters Anil Bhalla, Gautam Bhalla and others related to offences of Criminal conspiracy, cheating and dishonestly inducing delivery of property. ED said its investigation revealed that the Vatika Limited is involved in "alluring the investors for making payments for future projects, against high value of returns like assured returns till completion and lease-rent return after completion of projects." "However, in mid-way, company stopped paying the assured return and didn't hand over the respective units in various projects in Faridabad and Gurugram thereby committed offences of criminal conspiracy, cheating and dishonestly inducing delivery of property," said the ED. Further, the agency said, it is revealed that Vatika Group of companies had availed loans of more than Rs 5000 crore out of which approximately Rs 1200 crore was waived off by the Indiabulls company in a settlement with Vatika group and its promoters. "It is also revealed during the investigation that the company has not followed the due procedures such as non-renewal of the licences from DTCP from time to time, lapses with respect to completion of the said projects within timeline," said the federal agency. So far, the agency also said, the investigation findings reveal the involvement of approximately Rs 250 crore generated as Proceeds of Crime. Source : Economic Times INDIA

Oberio Realty Receives Green Light for Rs 6000 Crore Fund Raising

10/11/2024 12:53:00 PM

The Board of Oberoi Realty at its meeting held on 10 October 2024 has approved the proposal for enabling raising of funds for an aggregate amount not exceeding Rs. 6,000 crore by way of issuance of equity shares, eligible securities, other securities or instruments or any combination of securities, in one or more tranche or tranches, by way of private placement including a qualified institutions placement. In August 2024, National Company Law Tribunal-Mumbai bench approved the resolution plan submitted by the company in relation to the corporate insolvency resolution process (CIRP) of Nirmal Lifestyle Realty (NLRPL). NLRPL holds development rights in respect of land admeasuring approximately 20,262.40 sq metres situated at L.B.S. Road, Mulund West, Mumbai, which land is contiguous to the lands owned by the company where the residential project ‘Eternia’ has been developed by the company. The resolution plan provides for payment on the effective date of an amount of Rs 273 crore to various creditors in full and final settlement. It will also subscribe to 100% equity share capital of NLRPL for Rs one lakh, making it a wholly owned subsidiary of the company. Source : Economic Times INDIA

Noida : 1.9 Lakh Applications for 361 Residential Plots Near Airport

10/10/2024 1:00:00 PM

Noida: Nearly 1.9 lakh applicants will be part of a draw of lots for allotment of 361 residential plots offered by the Yamuna Expressway Industrial Development Authority (YEIDA) near Noida International Airport. The draw of lots will be held on Thursday at the India Expo Centre located in Greater Noida. Interest in plots near the airport and along the Yamuna Expressway has increasingly gone up after the foundation laying ceremony of the airport was conducted in Nov 2021. On an average, 518 applicants have applied for each residential plot. Launched in July this year, YEIDA's latest scheme includes residential plots in sectors 16, 18, 20 and 22D. The plot sizes range from 120sqm to 4,000sqm, and are priced at Rs 29,500 per sqm. A YEIDA scheme introduced last year for 1,184 plots saw nearly 1 lakh applicants. In 2022, demand saw a surge for the first time, with the authority receiving 64,000 applicants for 477 plots. Response to schemes was lukewarm before late 2021, primarily due to considerable distance from Noida and Greater Noida. "The scheme has generated substantial interest among applicants primarily due to its strategic proximity to the upcoming Noida International Airport, which is poised to significantly enhance the region's real estate market. In addition to the airport, several major projects, including Film City, Semiconductor Park, Japanese City, Korean City, Software Park, and Medical Device Park are in the works," Avneesh Sood, director of Eros Group, said on Wednesday. Sood added that this interest in residential plots was also because of "competitive pricing". "Along with that, infrastructure and connectivity projects planned in the region are likely to have fueled interest among homebuyers and investors in the region," he added. One of the applicants told TOI that pricing was a key reason to go for the scheme. "It is hard to find such low prices in NCR. Second, the presence of Noida airport and other nearby projects along the Yamuna Expressway have made it an attractive investment. If allotted, it will be an asset for my family," he said. According to official data, 202,235 applications were received for the scheme. Of these, 187,000 chose the one-time payment option and 14,374 opted for installments. The highest number of applications received was for 120sqm plots (67,197), followed by 300sqm (59,163) and 162sqm (44,181). Another 9,777 applicants opted for 500sqm plots, 3,658 for 1,000sqm, 2,512 for 200sqm, and 1,089 for 4,000sqm. YEIDA officials said on Wednesday that given the overwhelming response, applicants who selected installments for payments would not be considered as this preference was specified in the scheme brochure. Among applicants, 264 had submitted multiple applications and 20 were rejected after they surrendered their applications. On Thursday, 1% of the applicants (around 1,900) will be present at the Expo Centre, where the draw of lots will take place. The remaining can watch the live telecast of the draw on social media. The draw will be carried out under the supervision of three retired judges of the high court. Unsuccessful applicants will get their registration amount back within 72 hours. Source : Times of India INDIA

Ghaziabad: House Tax Proposal Not Approved to Match Circle Rates

10/10/2024 12:59:00 PM

Ghaziabad: In a meeting on Wednesday, GMC board rejected a proposal to align house tax with the DM circle rate. This decision came amidst ongoing tensions between mayor Sunita Dayal and municipal commissioner Vikramaditya Singh Malik. State cabinet minister and Sahibabad MLA Sunil Kumar Sharma attended the meeting with Muradnagar MLA Ajitpal Tyagi. "Despite councillors opposing the hike, GMC had been sending notices arbitrarily, demanding house tax akigned with the DM circle rate. The GMC board on Saturday, however, struck down the proposal. The consumers can breathe easy," said Mayor Sunita Dayal. The GMC had implemented a 10% house tax hike in Jan 2023, and aligning it with the DM circle rate added further financial pressure on residents, added Dayal. GMC officials argued that the tax hike would have increased the corporation's revenue, as Ghaziabad's house tax rate is the lowest among 17 municipalities in the state. Over Rs 185 crore has already been collected this financial year, including from the hiked rate. A GMC official said that the residents who have paid the increased tax will see adjustments next year. The hike had become a major contention between GMC officials and the mayor. The matter had also reached the CM's office. Additionally, the board approved bringing 13 new commercial activities under the trade licence fee ambit. "A committee will be formed to assess the fees, with a final decision expected in the next board meeting," the official added. The state govt has mandated municipalities to levy a trade licence fee on commercial activities. A total of 39 such commercial activities were brought under the purview, which included hotels, private clinics, pathology centres, etc. However, a few commercial activities such as gymnasiums, beauty parlours, spa centres, coaching institutes, jewellery showrooms, and branded apparel and sportswear outlets, were not included in the list. Fees proposed by GMC include Rs 2,000 for non-air-conditioned gyms, Rs 5,000 for air-conditioned gyms, and Rs 3,000 for spa centres. Coaching institutes will pay Rs 2,000, while jewellery showrooms and branded apparel outlets will be charged Rs 5,000 and Rs 4,000, respectively. Sports academies offering single sports will pay up to Rs 10,000 annually while those offering multiple sports will pay up to Rs 20,000. Source : Times of India INDIA

Sobha Fall 32% in sales bookings to Rs 1,178.5 crore in Q2 FY25

10/9/2024 12:26:00 PM

Realty firm Sobha Ltd has posted a 32 per cent decline in its sale bookings to Rs 1,178.5 crore during July-September quarter despite strong housing demand. In a regulatory filing on Monday, Bengaluru-based Sobha Ltd informed that its sale bookings stood at Rs 1,178.5 crore in the second quarter of this fiscal as against Rs 1,723.8 crore in the year-ago period. "In Q2-FY25, we sold new area of 0.93 million square feet with sales value of Rs 11.79 billion at an average price realization of Rs 12,674 per square feet," the company said. In terms of volume, the sale bookings fell to 9,29,907 square feet during July- September 2024 from 16,86,196 square feet in the year-ago period. During the first six months of this fiscal, Sobha Ltd sold properties worth Rs 3,052.2 crore as against Rs 3,188.5 crore in the corresponding period of the preceding year. The company sold 21,05,268 square feet in April-September period of this fiscal as against 30,80,313 square feet in the corresponding period of the preceding year. In the entire 2023-24 fiscal year, Sobha sold properties worth Rs 6,644.1 crore. Sobha is one of the leading real estate firms in the country. It has a significant presence in south India. It has projects in Delhi-NCR, Pune and Gujarat as well. Source : Economic Times INDIA

Noida authority to refer developers owing Rs 1,035 crore to EOW for investigation

10/9/2024 12:25:00 PM

Noida: Noida Authority will write to the police's Economic Offences Wing (EOW) against the developers of seven residential projects that cumulatively owe it Rs 1,035 crore in land dues and did not opt for UP govt's rehabilitation package for stalled projects. On Tuesday, the Authority send the developers a final notice seeking details on unsold flats and shops, and unutilised sections of the project land. The cases will be referred to EOW if the data is not shared soon, officials said. In Sept, the Authority tasked EOW to investigate the defaulting developers, undertake financial audits and track if they had diverted funds received from homebuyers. The move coincided with CM Yogi Adityanath's directive to the three industrial authorities to enforce punitive measures — sealing vacant or unallocated flats and reclaiming unconstructed or vacant areas — outlined in the rehabilitation package against non-compliant developers. Of the 57 projects that had defaulted on land dues, 29 have accepted the rehabilitation package, which offers a two-year zero-period relief — from April 2020 to March 2022 — exempting developers from paying interest and penalties for the period when work was stalled due to the Covid-related lockdown. Twenty-nine realtors, who are yet to take up the package, cumulatively owe Noida around Rs 6,900 crore in land dues and have over 12,700 flats. Of these 29, seven projects — IVR Prime (Sector 118) which owes the Authority Rs 659.9 crore, Futech Shelters (Sector 75) Rs 114.84 crore, Gardenia India Ltd (Sector 75) Rs 111.84, TGB Infrastructure (Sector 50) Rs 55.27 crore, MPG Realty Pvt Ltd (Sector 137) Rs 38.92 crore, AGC Realty Pvt Ltd (Sector 121) Rs 20.80 crore and Manisha KB Projects (Sector 61) Rs 38 lakh — were issued final notices as the developers did not give consent to the rehabilitation package despite "repeated efforts", Noida Authority CEO Lokesh M told TOI. Together, the projects have 3,816 flats, all are pending registry. Officials told TOI that vacant properties associated with non-compliant builders are likely to be sealed. On Tuesday, the Authority sealed 31 unsold flats at Sikka Infrastructure Pvt Ltd in Sector 143 B over Rs 208.05 crore dues. The developer had opted for the govt's relief package but failed to deposit 25% of the outstanding amount upfront despite notices. Officials said the Authority will soon crack down on builders who have deposited only a part of the 25% of their total dues so far. The Authority will send them final notices soon and may even cancel their allotments and lease documents in case of non-compliance. Pratik Realtors India Pvt Ltd, Antriksh Developers and Promoters Pvt Ltd, Omaxe Buildhome Pvt Ltd, Perfect Propbuild Pvt Ltd, Imperial Housing Ventures, and Assotech Contracts India Ltd are among the developers that are yet to clear 25% of their total dues after opting for the relief package. Additionally, notice boards would be placed at the gates of builders who paid the initial 25% of their dues, instructing them to expedite the remaining flat registrations. Source : Times of India INDIA

Signature Global registers pre-sales of Rs 27.8 billion in Q2 FY25

10/9/2024 12:25:00 PM

NEW DELHI: Signature Global (India) has reported a 184% increase in pre-sales during the second quarter of financial year 2024-24 amounting to Rs 27.8 billion. The company registered pre-sales of Rs 59.0 billion in H1 FY25, a 217% year-on-year growth. With this, it claims to have already achieved 59% of its sales guidance of Rs 100 billion for FY25. Pradeep Kumar Aggarwal, chairman and whole-time director of the company said, "Our focus on premium and mid-housing projects, strategic land acquisitions, and the introduction of new customer-centric initiatives will ensure we stay ahead of the curve." The company’s collections in H1 FY25 grew by 60% to Rs 21.3 billion. Sales realization for H1 FY25 increased to Rs 13,379 per sq ft compared to Rs 11,762 per sq ft in FY24. Net debt stood at Rs 10.2 billion at the end of H1 FY25 in comparison to Rs 11.6 billion as at the end of FY24. Source : Economic Times INDIA

Noida : Amrapali Dream Valley Flats Handed Over After 10 year

10/8/2024 1:06:00 PM

NOIDA: After waiting for years, even a decade, 51 buyers of Amrapali Dream Valley Enchante in Greater Noida West finally received the keys to their apartments on Sunday. The National Buildings Construction Corporation (NBCC) began the handover process, four years after it was given charge of completing the stalled project. The remaining 833 homebuyers of this Amrapali project are likely to be handed over possession of their flats soon. Shailendra Bhadauri (56), a single parent, had booked his 3bhk flat in 2013 for Rs 38 lakh. He took a loan of Rs 12 lakh to pay for it and currently gives Rs 16,000 as monthly installment to the bank. Employed in the public sector, Bhadauri fortunately has a govt accommodation in Delhi but would need to vacate it when he retires in three years. On Monday, the 56-year-old said he was "overwhelmed" that he would finally get the flat he had invested in. "Purchasing this flat took nearly all of my life savings and I still continue to pay loan installments for it. As an Amrapali buyer, I also found it difficult to get a loan because banks demanded an official letter from a court or NBCC. From protests at Jantar Mantar to approaching the Supreme Court, our path was far from easy. The emotional and financial toll of this struggle has left an indelible mark on our lives. But at least now, there's a glimmer of hope," Bhadauri said. The Amrapali Dream Valley project in Greater Noida West was initiated in 2010, and it was supposed to be developed in three phases. Construction for Dream Valley Enchante, the third phase, began in 2014, with a promise by the developer to hand over flats in 36 months. But the developer had just excavated the site when construction was halted due to bankruptcy. The Supreme Court in 2019 assigned NBCC as the project management consultant for cash-strapped Amrapali projects. The company's responsibility was to finish construction of the developer's remaining 38,159 units and common facilities within the societies. NBCC in 2020 gave the tender for construction of Dream Valley Enchante to a private firm, but this company was blacklisted in 2022 due to construction delays and non-performance. The same year, NBCC roped in another firm, Gautam Builders, to complete work at the society. Of the five towers at the society, two towers – H5 and H6 – with 364 flats are complete, and the remaining three towers are in final stages of completion. All flats are 2BHKs. Anuj Maurya, who works in the financial sector, was another buyer. He too dealt with the financial burden of paying back a loan of Rs 15 lakh, and has been living on rent in Ghaziabad's Vaishali all these years. Just months before, he completed all payments for his Rs 33-lakh flat. "I had booked my flat in 2015, and by 2018, I thought I would never be able to get it. It was after I saw the determination of other homebuyers that my perspective shifted. I joined their protests and their support and camaraderie helped me persevere through these challenging times. Still, this wasn't an easy journey. The financial burden and lack of stability took their toll on me," Maurya said. Dipankar Kumar, among those spearheading the homebuyers' cause, said the "long battle is now bearing fruits". Kumar is one of the Dream Valley Enchante homebuyers who is yet to get possession of his flat. NBCC is currently handling 14 unfinished Amrapali projects in Noida. These include Sapphire 2, Crystal Homes, Golf Homes, Centurion Park 2, and the other two phases of Dream Valley. In its 2019 order, the apex court held Amrapali Group and its directors accountable for misappropriating homebuyers' funds for their own benefit and cancelled its licence under the RERA Act. Source : Times of India INDIA

HCFs Propose Higher Guarantee Cover for Home Loans Up to Rs 25Lakh

10/8/2024 1:05:00 PM

Housing finance companies (HFCs) have proposed to the government to revamp the Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) and increase guarantee cover for home loans up to ₹25 lakh from the current ₹5 lakh, two people aware of the development said. HFCs have sought a guarantee cover of up to 75% on a ₹25 lakh home loan. The current scheme, which has a budgetary allocation of ₹550 crores, provides up to 90% guarantee for home loans up to ₹2 lakhs, and up to 85% for loan amounts of ₹2-5 lakh. People said the revamped scheme will include a wider set of customers in the low-income housing category in 124 districts and it will be in addition to the Pradhan Mantri Awas Yojana (PMAY). "Chief executives of top housing finance companies have proposed to the government to revamp the scheme for low-income housing which presently has no takers and widen its scope to include home loans up to ₹25 lakh," the CEO of one of the largest affordable housing financing firms said asking not to be named. "The Union cabinet is considering the proposal, a note has been floated which has the contours of the proposed scheme.” As per the proposed scheme, the CRGFTLIH should be overhauled and replaced with a new scheme which will be widened to include home loans up to ₹25 lakh. While the proposal is to give a guarantee cover of 75%, the government could also be considering a 60% cover. A smaller loan will have a bigger guarantee. The recommendations by HFCs also talk about a 50-75 basis points guarantee cover fee that will be borne by mortgage lenders annually. CRGFTLIH was first introduced in 2012 but never took off due to the narrow scope of the scheme. "If the current scheme is widened to include a higher loan amount in housing-starved districts, it will give impetus to affordable housing companies to venture into these territories and take risks with new to credit customers," said the CEO of another housing finance company. Under the credit risk guarantee scheme, the trust gives a credit risk guarantee fund to lending institutions against their housing loans up to ₹5 lakh. The loans are granted to borrowers in the economically weaker section and lower income groups in urban areas without requiring any collateral security and a third-party guarantee. Source: Economic Time INDIA

CanFin Homes Fined by Consumer Court for Withholding Property Documents

10/7/2024 12:43:00 PM

Bengaluru: A housing finance company that failed to return the title deed and other documents pertaining to a site to a Bengalurean, though he had repaid the loan, was recently ordered by a consumer court to give him back all the papers and also pay him over Rs 1.3 lakh as compensation. C Sathyanathan, 58, a resident of MSR Nagar in Bengaluru, raised a loan of Rs 60 lakh from CanFin Homes Ltd, in Sept 2014 with an interest of 11.20% per annum to buy a site to build a house. The loan was for a tenure of 15 years and he had to pay an EMI of Rs 68,965. He quit his job and using all the money he got from the pension and savings, he cleared the loan in 2018, as he wanted to attend to other family commitments. He wrote to the company in Sept 2018, requesting that his property documents be returned to him but the company didn't respond. After waiting for a year in vain, Sathyanathan approached the IV Additional District Consumer Disputes Redressal Commission, Bengaluru with a complaint against CanFin Homes, seeking relief. He said that though he had cleared the loan, the company had not returned him the original documents of his property. The company alleged that the elderly man still had a balance amount of Rs 1.20 lakh as a penalty that needed to be paid. They further said that the borrower had violated the loan terms that required him to buy a site and construct a house on it, but he had only purchased the site. After examining all the documents provided by both sides, the commission recently declared that CanFin Homes was guilty of deficiency in the service provided and, had also failed to produce cogent documentary evidence to prove that the complainant still owed it money. The commission ordered the company to return the original title deed and other documents of the property, which he had deposited with it, while availing loan. It also said the company has to pay Sathyanathan Rs 100 per day from the day of the order till it returns all the documents. The court further directed the company to pay him a compensation of Rs 1 lakh for deficiency in service, Rs 20,000 for causing him mental agony, and Rs 10,000 as litigation costs. The company has been given 45 days to comply with the order. Source : Economic Times INDIA

Gurugram Homebuyers Protest Delayed Possession of Hero Home Flats

10/7/2024 12:40:00 PM

Gurgaon: Agitated homebuyers of Hero Homes in Sector 104 gathered at the project site on Sunday to protest the delayed possession of their flats. Armed with banners and slogans, the buyers expressed their frustration over the lack of communication from the developer, alleging a complete absence of updates on the project's completion timeline. Protesters held banners highlighting their grievances, with messages like ‘Rehne Ko Ghar Nahi... Baat Karne Ko Builder Nahi, Unfulfilled Promises, Unhappy Homeowner, and Deliver Amenities as Committed with Phase 1,' reflecting their mounting dissatisfaction. "Since Feb, there has been no clear update. We've tried reaching out multiple times, but all we get are vague promises with no specific timeline," said Mahesh Kumar, one of the protesting buyers. He added that despite the large gathering outside the premises, no official came forward to address their concerns, with the staff instead shutting the gates and deploying security personnel. The project consists of eight towers with approximately 1,100 flats. Many buyers have already paid up to 90% of the total cost of their homes. For those waiting for possession, the financial burden has been significant, as they are forced to pay both rent and EMIs. Some buyers have also raised concerns about the developer imposing penalties for delayed payments while remaining silent on compensation for the project's delays. "We have been waiting for our home for the last six years. The Sept deadline has passed, and despite the OC application in Feb, we still don't have our homes," said Manoj Khandelwal, another protester. Jatti Bhatia, another aggrieved buyer said that only minimal construction work had taken place in recent months. In response, a spokesperson for Hero Realty said that the company is committed to prioritising customer needs and that Phase 1 of the project, which includes four towers, has been completed. "We have submitted the necessary documents to obtain the Occupation Certificate, and the process of handing over possession will commence as soon as the OC is granted," the spokesperson said. Gurgaon: Agitated homebuyers of Hero Homes in Sector 104 gathered at the project site on Sunday to protest the delayed possession of their flats. Armed with banners and slogans, the buyers expressed their frustration over the lack of communication from the developer, alleging a complete absence of updates on the project's completion timeline. Protesters held banners highlighting their grievances, with messages like ‘Rehne Ko Ghar Nahi... Baat Karne Ko Builder Nahi, Unfulfilled Promises, Unhappy Homeowner, and Deliver Amenities as Committed with Phase 1,' reflecting their mounting dissatisfaction. "Since Feb, there has been no clear update. We've tried reaching out multiple times, but all we get are vague promises with no specific timeline," said Mahesh Kumar, one of the protesting buyers. He added that despite the large gathering outside the premises, no official came forward to address their concerns, with the staff instead shutting the gates and deploying security personnel. The project consists of eight towers with approximately 1,100 flats. Many buyers have already paid up to 90% of the total cost of their homes. For those waiting for possession, the financial burden has been significant, as they are forced to pay both rent and EMIs. Some buyers have also raised concerns about the developer imposing penalties for delayed payments while remaining silent on compensation for the project's delays. "We have been waiting for our home for the last six years. The Sept deadline has passed, and despite the OC application in Feb, we still don't have our homes," said Manoj Khandelwal, another protester. Jatti Bhatia, another aggrieved buyer said that only minimal construction work had taken place in recent months. In response, a spokesperson for Hero Realty said that the company is committed to prioritising customer needs and that Phase 1 of the project, which includes four towers, has been completed. "We have submitted the necessary documents to obtain the Occupation Certificate, and the process of handing over possession will commence as soon as the OC is granted," the spokesperson said. Source : Economic Times INDIA

Delhi court grants bail to senior official of Avantha Group in PMLA case

10/5/2024 12:37:00 PM

On Friday, the Rouse Avenue Court in Delhi granted bail to Madhav Acharya, a senior official of the Avantha Group, in a money laundering case. This case originated from a June 2021 FIR by the CBI against Gautam Thapar, CG Power and Industrial Solutions Ltd., and others. Senior Advocate Vikas Pahwa represented Acharya before Special Judge Sanjeev Agarwal, who granted bail under Section 45 of the Prevention of Money Laundering Act (PMLA). The judge noted that the evidence against Acharya was insufficient to meet the requirements of Section 45 of PMLA, indicating the case was not prima facie genuine. The court emphasized that further incarceration would violate Acharya’s right to a speedy trial and liberty under Article 21 of the Constitution. The case involves money laundering allegations linked to the Avantha Group and Gautam Thapar, amounting to approximately Rs. 1,929.88 crores and Rs. 6.33 crores. The Enforcement Directorate (ED) has provisionally attached properties worth Rs 678.48 crore belonging to Avantha Group entities in Haryana, Maharashtra, and Uttarakhand under PMLA. On August 19, 2019, CG Power and Industrial Solutions Limited disclosed findings to the Bombay Stock Exchange and the National Stock Exchange, potentially impacting the company’s financial position. Source : Economic Times INDIA

HC issues notice to Haryana government over revived S+4 floor policy

10/5/2024 12:35:00 PM

Gurgaon: Two weeks after the Haryana govt revoked its decision to pause implementation of the S+4 floor policy, Punjab and Haryana high court has issued a notice to it besides the department of town and country planning (DTCP) and the Haryana Shehri Vikas Pradhikaran, demanding responses on the issue following a petition which has challenged the revocation. The Public Interest Litigation (PIL) petition — challenging the construction of four-floor buildings with stilt parking in Gurgaon — has been submitted by a resident of Sushant Lok. Petitioner Sunil Kumar Singh argues that the state govt's decision to permit these constructions, despite a lack of adequate infrastructure, is detrimental to the city's overall well-being. The PIL was heard on Thursday by a bench led by Chief Justice Sheel Nagu, with senior advocate Meet Malhotra representing the petitioner. The bench has also agreed to hear a stay application filed as part of the petition, requesting an immediate halt to further four- floor construction approvals. The hearing for both the PIL and the stay application has been scheduled for Oct 23. In his petition, Singh has highlighted that the Haryana govt had initially set up an expert committee to review the feasibility of four-floor buildings in such cities as Gurgaon, which are already facing infrastructure challenges. The committee had recommended that before allowing additional floor constructions, an audit of the city's infrastructure, including drainage, waste management, roads and public utilities, should be conducted. Despite these recommendations, the state reintroduced the four-floor policy on July 2, 2024 without addressing these concerns. The petition argues that Gurgaon's infrastructure is already overwhelmed, with frequent issues like overflowing sewage, inadequate waste disposal, poor drainage and deteriorating roads. The city's electricity and water supply systems are strained and the situation will worsen if more multi-floor buildings are constructed without infrastructure upgrades, it says. The petitioner claims that such unchecked construction will eventually turn Gurgaon into an "urban slum," affecting the quality of life for all residents. In addition to the PIL, the Gurugram Citizens' Council and another petition have also raised concerns about the four-floor policy. These cases are expected to be heard alongside Singh's petition. The petitioner's legal counsel has urged the court to impose an immediate stay on the state's July 2 notification, which reopened the portal for approving four-floor buildings. According to the petition, DTCP has already begun approving new construction plans, ignoring the infrastructure concerns raised by both residents and the expert committee. Source : Economic Times INDIA

SC Grants ITC Claim on Construction Costs of Commercial Buildings

10/4/2024 12:14:00 PM

In a development that may encourage increased investment in commercial real estate, the Supreme Court on Thursday gave the industry relief by permitting input tax credit (ITC) on construction expenses for buildings meant to be leased. “If the construction of a building was essential for carrying out the activity of supplying services, such as renting or giving on lease or other transactions in respect of the building or a part thereof, which are covered by clauses (2) and (5) of Schedule II of the CGST (Central Goods and Services Tax) Act, the building could be held to be a plant,” said Justice Abhay S Oka and Justice Sanjay Karol. This ruling is expected to ease the financial strain of rent on tenants occupying commercial space. Real estate companies stand to gain because buildings can now be categorised as plant and machinery. Additionally, this advantage is not limited to commercial real estate. Various industries will be able to claim ITC on rentals for commercial properties. The ruling suggests ITC will be available retroactively. “This decision could have ramifications for hotels, infrastructure and logistics including warehousing. While the Supreme Court has upheld the constitutional validity of restrictions relating to input tax credit on construction- related procurement, it has been held that whether building constitutes ‘plant or machinery’ needs to be examined on a case-to- case basis,” said Pratik Jain, partner, PWC India. “It means where it falls in this category, credit would be allowed. It will be interesting to see if the government considers amending the GST laws after this decision,” added Jain. Saurabh Agarwal, tax partner, EY India, said: “The real estate industry should evaluate the implications of this ruling on ITC eligibility. It would be prudent for the GST Council to issue clarification allowing real estate players to claim ITC on rental income.” Tax experts pointed out the question was whether this ruling would apply to factory buildings, jetty, storage tanks, etc. Background of the case In the case of Safari Retreats, a mall owner approached Orissa HC, stating that when a mall was being built for providing commercial rental services for shop spaces, there should be no restriction on taking input credit/set-off for the GST incurred on construction. The Orissa HC upheld this argument, and the GST authorities appealed to the SC. Several such matters reached the SC, leading to the formation of a large batch of matters on this legal point. Some of these newer matters challenged the constitutional validity of restriction on input GST credit. “The biggest positive is that the court has held there is no blanket restriction on input credit/set-off of the GST cost incurred on the construction of civil structures/immoveable property, especially when the said structure itself is integral to providing the output services in question,” said Sudipta Bhattacharjee, partner at Khaitan & Co. Source : Economic Times INDIA

YEIDA Orders Probe Against Officials For Issuing False CCs

10/4/2024 12:13:00 PM

Noida: Yamuna Expressway Authority has formed a committee to investigate allegations involving senior officials, including an officer on special duty (OSD), for allegedly issuing completion certificates to 10 kiosk owners who were yet to initiate any construction. The Authority will also revoke the land allotted to the kiosks in sectors 32, 22D, 20 and 17A under various commercial department schemes. The completion certificates were issued to them between May and July. "Rules require all such files to be presented to me for approval, but that did not happen. the certificates were issued at the commercial department level," YEIDA CEO Arun Vir Singh said. He added additional CEO Shruti has been directed to investigate the charges. The certificates were issued by a manager of the commercial department and have the signatures of senior officials, including an OSD and DGM finance. Officials said the matter had repercussions on other YEIDA schemes as the 10 kiosk allottees, with their false functional certificates, could eat into the chances of other eligible applicants applying for residential plots. Once a completion certificate is issued, allottees are usually put in the reserve category for residential plot schemes too, which increase their chances of obtaining plots in the YEIDA region. Source : Times of India INDIA

Noida Authority Urges Uttar Pradesh Govt to Reconider Decision Granting Relief to Builder

10/3/2024 12:52:00 PM

Noida: Noida Authority has urged UP govt to reassess its rulings on revision petitions filed by allottees from industrial, commercial and institutional sectors. The request comes against the backdrop of around 20 adverse govt orders that caused financial losses for the Authority. Recently, UP govt's decision to grant financial relief to ET Infra Developers Pvt Ltd, the builders of the World Trade Tower in Sector 16, led to a Rs 63 crore loss. The relief was granted to compensate for delays caused by a National Green Tribunal (NGT) ban on constructions within 10km of Okhla Bird Sanctuary between 2013 and 2015. The Authority has written to the govt requesting it to reconsider the decision to grant financial relief to the developer as the developer had completed the towers before the NGT orders were imposed but failed to secure an occupancy certificate because of a lack of documents. This, the Authority argued, made the company ineligible for the waiver as the NGT ban had no effect on the project. In some cases, where the Authority extended the construction period for industrial plots from 2022 to 2024 upon payment of fees, the govt recently overturned the decision exacerbating the losses. Officials said the Authority has already suffered Rs 19 crore revenue loss in the institutional sector alone, as IT plot allottees received relief from UP govt during the recovery process. Noida Authority CEO Lokesh M said in several instances, where courts denied relief, allottees succeeded in obtaining favourable rulings by filing revision petitions against the Authority's decisions. "Allottees have filed revision petitions challenging decisions passed by the Authority under Section 41(3) of the Uttar Pradesh Urban Planning and Development Act, 1973, along with Section 12 of the Uttar Pradesh Industrial Area Development Act, 1976. After reviewing govt orders in cases related to group housing, commercial, industrial, and institutional properties, we have decided to request the govt to reconsider these cases, keeping the Authority's financial interests in mind," the CEO said. To discourage allottees from approaching the govt to secure relief, the Authority has also written to UP govt, seeking its intervention. Source : Economic Times INDIA

IIFL Home Finance to raise up to Rs 3,000 cr via public issue of bonds

10/3/2024 12:51:00 PM

India's IIFL Home Finance plans to raise up to 30 billion rupees ($358 million) through a public issue of bonds, according to a draft shelf prospectus filed by the company on Tuesday. Trust Investment Advisors and IIFL Securities are the lead managers to the home finance company's issue, which is rated AA by Crisil and India Ratings. The details of the bond issue have not yet been finalised. In September, Reuters had reported that IIFL Finance is planning to raise 100 billion rupees via debt in October-March period, as the non- bank lender looks to recover from a recent ban on issuing gold loans. In March, Reserve Bank of India had ordered IIFL Finance to stop sanctioning and disbursing gold loans, citing "material supervisory concerns". The ban was lifted last month. Source : Economic Times INDIA

Midwest Grainte Producer Files for Rs 650 Crore IPO

10/2/2024 12:40:00 PM

Upcoming IPO Alert! Leading Black Galaxy Granite producer, Midwest, is all set to go public as the company has filed its draft red herring prospectus (DRHP) with the market regulator, Securities and Exchange Board of India (SEBI), to raise Rs 650 crore through an initial public offering (IPO). With this issue, Midwest is offering a fresh issue of shares up to Rs 250 crore and an offer for sale (OFS) of up to Rs 400 crore by promoter offlaoding their stakes. The offer for sale consists of up to Rs 360 crore by Kollareddy Rama Raghava Reddy, and up to Rs 40 crore by Guntaka Ravindra Reddy. DAM Capital Advisors, Motilal Oswal Investment Advisors, and Intensive Fiscal Services Private are the book-running lead managers for the Midwest IPO, while KFin Technologies is the registrar for the public issue. Midwest said that, in consultation with the book-running lead manager, it may consider an issue of specified securities up to Rs 50 crore as a ‘pre-IPO placement’. Accordingly, if such placement is completed, the fresh issue size will be reduced. The offer is being made through the book-building process, wherein not more than 50 per cent of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15 per cent of the net offer shall be available for allocation to non-institutional investors, and not less than 35 per cent of the net offer shall be available for allocation to retail individual investors. Midwest proposes to utilize the net proceeds from the fresh issuance to the extent of Rs 127.05 crore for funding capital expenditure by Midwest Neostone, its wholly owned subsidiary, towards phase-II of the quartz grit and powder processing plant, and Rs 25.75 crore for capital expenditure for the purchase of electric dump trucks to be used by the company and APGM, its Material Subsidiary. The company also intends to use Rs 3.26 crore for capital expenditure for the integration of solar energy at certain mines of the company, and Rs 53.80 crore for pre-payment/re- payment of, in part or full, certain outstanding borrowings of the Company and APGM, as well as for general corporate purposes. Hyderabad-based Midwest Limited is one of the leading players in natural stone mining, including granite, marble, quartzite, quartz, and heavy mineral sands. Midwest has mined an average of 1.37 million cubic meters of granite annually, encompassing both marketable and waste granite between FY22-24. It is India’s largest producer and exporter of Black galaxy granite, a premium variety of granite, which has a sparkling feature with flakes of a golden hue. The company at present holds 20 mining lease licenses, five leases for which mining approvals are in the process, two granite processing units, one quartz crushing and processing unit, and one diamond tool manufacturing plant. Source : Economic Times INDIA

JSW Cement Boosts Vijayanagar Plant Capacity by 2 MTPA

10/2/2024 12:38:00 PM

JSW Cement, part of the JSW Group conglomerate, said on October 1 that it has commissioned an additional two million tonnes per annum (MTPA) capacity at its plant in Karnataka’s Vijayanagar with an investment of Rs 461 crore. With this expansion, the plant’s total capacity has increased to 6 MTPA, and the overall installed grinding capacity of JSW Cement has gone up to 20.6 MTPA, “reinforcing its focus on manufacturing green cementitious products,” according to a press release. “The new capacity addition is in line with JSW Cement’s goal of increasing the overall grinding capacity to 40.85 MTPA in the near term through greenfield and brownfield expansions across India, a growth driven by innovation, sustainability, and integrated business operations within the JSW Group,” JSW Cement said in the press release. This expansion at Vijayanagar is part of the company’s broader strategy to invest in brownfield and greenfield projects across northern and central India, including proposed units in Rajasthan, Punjab, Madhya Pradesh, and Uttar Pradesh, the statement added. “As we keep expanding, our focus will remain on innovative and sustainable manufacturing practices that support the global shift towards a circular economy,” said Nilesh Narwekar, CEO of JSW Cement. Source : Economic Times INDIA

Delhi : Housing Minister Said Draft Master Plan 2041 Likely to be Notified Soon

10/1/2024 12:18:00 PM

Ghaziabad: Shelved nearly five years ago due to perceived high costs, the 5km extension of Delhi Metro's Blue Line corridor from Noida Electronic City to Sahibabad may be revived. On Friday, Ghaziabad MP Atul Garg said a loan could be obtained from the NCR Planning Board for a period of 20 years and sought reports from GDA and Delhi Metro Rail Corporation (DMRC), which is to execute the construction. A revised project report submitted by DMRC in Jan had pegged the project's cost at Rs 1,873 crore, up from the estimated Rs 1,517 crore in a 2018 report. The report suggested that 80% of the project cost, which is Rs 1,225.34 crore, should be borne by the state govt through its agencies. UP will foot another Rs 111.8 crore in state taxes. Of the nearly 26,691 sqm of land required for the route alignment, nearly 7,690sqm is privately owned and is estimated to cost over Rs 223 crore. With funding a key hurdle, GDA had earlier considered obtaining a loan from the NCR Planning Board to finance the crucial corridor. Garg also reviewed work under 71 central govt schemes, including PMAY, under DISHA and was apprised of the measures to mitigate winter pollution. The MP was informed that PM2.5 and PM10 parameters had considerably come down — from 164.2 in 2017-18 to 77.8 last year. Between Apr 1 and Sept 19 this year, the PM levels were recorded at 45.8. "Even though particulate matter and AQI levels have come down significantly, effective steps are required to control air pollution. I have been told that the 25km stretch has been repaved, this is nearly 65% of the target. Potholes have been fixed on a 2.5km stretch, which is nearly 36% of the target," Garg said. The MP was informed that of the 296 polluting industries identified, 247 were converted to cleaner fuel and 49 closed or dismantled. An environmental compensation of Rs 6 crore was also imposed on 138 polluting units. Two traffic congestion points — Lal Kuan and Loni tri-section — were also identified and the traffic department directed to keep it free of traffic snarls. Meanwhile, Garg said efforts were being made to revive the Indirapuram extension project, which had to be placed on the back burner due to issues over compensation to farmers. The project, spread over 92 hectares of land in Mahiuddinpur Kanawani village, is among the properties the development authority is trying to monetize. In May, a GDA official told TOI that the Authority has reclaimed nearly 60 acres of land in Indirapuram and planned to auction it under commercial and residential categories, which could fetch it over Rs 1,000 crore. Source : Times of India INDIA

Delhi Metro Blue Line Extension From Noida to Sahibabad: Revitalization Plans Ahead

10/1/2024 12:18:00 PM

Union Housing and Urban Affairs Minister Manohar Lal Khattar on Monday said the draft Master Plan for Delhi-2041 (MPD) is currently under consideration and that it will be notified soon. Addressing a press conference on 100 days of the third term of the Modi government, Khattar said there have been some difficulties in preparing the final draft of the MPD, adding that some suggestions that have been received from the public are being considered. The approval of MPD has been pending for one-and-a-half years. In February last year, Delhi Lt Governor V K Saxena approved the draft MPD, saying that its thrust is on inclusive development, sustainability and innovative interventions such as transit-oriented development hubs, land pooling, heritage and Yamuna rejuvenation, and regeneration of the city. So far, the HUA ministry has not given its final approval to the MPD-2041. The MPD, prepared by the Delhi Development Authority, is a statutory document that facilitates city's development by assessing the present condition and guiding how to achieve the desired development. The first MPD was promulgated in 1962 under the Delhi Development Act, 1957. These plans are prepared for 20 years' perspective period and provide a holistic framework for planned development of the city. According to the DDA, the draft MPD-2041 is a "strategic" and "enabling" framework to guide future growth of the city, built upon the lessons learnt from the implementation of the previous plans and based on learnings from across the country with respect to implementation of various projects and schemes. Source : Economic Times INDIA

YEIDA Implements Stamp Duty for Builder-Buyer Agreements

9/30/2024 12:26:00 PM

Noida: The Yamuna Expressway Industrial Development Authority (YEIDA) has mandated that builder-buyer agreements for group housing projects will only be considered valid if stamp duty is paid. This requirement, already outlined in UP-Rera rules, ensures that buyers have valid proof of their flat registration and corresponding stamp duty payment at the time of booking. This will protect homebuyers from potential complications related to the sale or purchase of flats and plots from developers, officials said. The proposal was passed at a YEIDA board meeting on Thursday, making it applicable to all new group housing projects in Yamuna City. Builders will now be required to book flats for new buyers based on a registered builder-buyer agreement (BBA). Now, buyers will have to bear the cost of stamp duty for flat registration. While this may increase the initial financial burden, it also provides legal strength to the buyers, preventing builders from making arbitrary changes later on. Earlier this month, UP chief secretary Manoj Kumar Singh, who is also the industrial development commissioner, had directed the three industrial bodies — Noida Authority, GNIDA, and YEIDA — to take this effective step. The move aims to address the issue of realtors selling properties to multiple buyers through unregistered agreements, leading to long litigation and distress for property consumers. Additionally, the state govt seeks to minimise revenue loss associated with unregistered agreements. According to YEIDA CEO Arun Vir Singh, complaints are often received alleging that a buyer's registration was cancelled due to slight delay in depositing money. At the same time, many buyers also complain that they had booked the flat somewhere else, but the builder is giving them the keys of another flat after the payment is made. To deal with such cases, the authority has decided to enforce the rule. Under the prevailing process, buyers pay 10% of the total property cost and sign an agreement with the builder on Rs 100 stamp paper, detailing specifications about the property, including details of flats, their specifications, delivery date, and payment plan. Now, buyers will have to pay stamp duty on the 10% property cost at the time of agreement at the sub- registrar office. Source : Times of India INDIA

Supertech Challenges NBCC’s Takeover Plan to Complete 14,000 Flats

9/30/2024 12:25:00 PM

Noida: Supertech has raised questions about a proposal submitted by National Buildings Construction Corporation Ltd (NBCC) to complete 14,000 flats across 17 projects, pointing out that the state-backed company's approach would prolong timelines and keep homebuyers waiting indefinitely. The realtor also criticised NBCC's cost estimate to complete the projects, which is nearly double that of Supertech's. The developer suggested that stakeholders would benefit more if it was allowed to construct one project at a time, like that in the case of Doon Square. NBCC became involved with Supertech projects in May this year after a group of homebuyers moved the National Company Law Appellate Tribunal (NCLAT), seeking a resolution to their long-delayed flats. NCLAT asked the interim resolution professional (IRP) to explore the possibility of NBCC taking over the responsibility of completing the flats, just like it had done for Amrapali. NBCC agreed, and came up with a plan to complete 17 projects in three years. On Sept 19, the tribunal asked all stakeholders, such as homebuyers and lenders, to submit their feedback to NBCC's proposal before the next hearing on Oct 21. On Sunday, Supertech managing director RK Arora released a statement, opposing NBCC's resolution plan. According to him, the state-backed company's approach would extend construction timelines by at least six months. He noted that NBCC had decided to conduct afresh its own due diligence, despite the fact that reputable agencies like AECOM, EY and CBRE had compiled their own reports. Arora said the NBCC proposal would not only prolong the buyers' wait for flats, but it also lacked any specific timeline or repayment plan. "NBCC has no specific timelines and plans to repay banks and land authorities. The proposal has all the immunities to NBCC without any accountability towards homebuyers, banks, and land authorities. NBCC is not taking any responsibility and liability for the completion of projects and construction activities," Arora said in the statement. He also drew comparisons between NBCC's plan for Amrapali and Supertech. "The process proposed by NBCC is the same as in Amrapali, which is a failed process, causing delays in deliveries, conflict between NBCC and residents with respect to the handover of possession and maintenance. NBCC is not taking any responsibility for OC/CC and execution of sub-lease," Arora said. The Supertech MD also rejected NBCC's assertion that the projects were stalled by technical issues, claiming that the delays were because of lack of funds and not any other deficiencies. Arora highlighted Supertech's track record of completing 12 projects and delivering more than 80,000 flats, insisting that there were no complaints about construction quality. Arora, moreover, pointed out a stark difference in its cost estimate and that prepared by NBCC. According to Supertech, 16 projects – excluding Doon Square – having around 15,000 homebuyers can be completed for Rs 5,192 crore. NBCC, on the other hand, has said it will need Rs 10,378 crore — nearly double that of Supertech – for the projects, including GST and its fees. This increase in costs, Arora insisted, would directly reduce the surplus available to pay other stakeholders, such as lenders, land authorities, and operational creditors. Supertech also questioned NBCC's construction quality, claiming there were ongoing disputes over its work in Amrapali projects. Supertech plans to file its objections with the tribunal soon. The NCLAT will review the objections and suggestions on Oct 21, weighing them against NBCC's proposal. Source : Times of India INDIA

Noida Authority Asks ED to Recover Rs192 Crore From Hacienda Project

9/28/2024 12:43:00 PM

Noida: The Yamuna Expressway Industrial Development Authority (YEIDA) is set to establish its first software technology park in Sector 28. The park, which will span 100 acres, will cater to IT/ITeS companies. On Sept 11, during the inauguration of the three-day Semicon 2024 event in Greater Noida, chief minister Yogi Adityanath announced that the IT sector would be granted industry status. This will allow IT companies access to a range of benefits, including reduced plot rates and lower electricity tariffs, which are currently only available to the industrial sector. The move is expected to bridge the gap between IT and industrial sectors and meet a long-standing demand from the Noida Entrepreneurs Association and related organisations. The proposed IT park will feature 10 plots, each measuring 2.5 acres. YEIDA is currently in discussions with major Indian IT companies — including Infosys, TCS, and Wipro — for setting up operations. According to YEIDA CEO Arun Vir Singh, the development of the software park will address a critical gap in the region's industrial offerings. "The layout plan for the Software Park was approved by the YEIDA board on Thursday. Discussions are underway with major Indian IT companies such as Infosys, TCS, and Wipro for setting up operations. The development of this software park fills a missing link in the YEIDA region's industrial offerings," the CEO said. The allotment process for these plots was discussed during a review meeting led by chief minister Adityanath in Aug, CEO Singh added. At the meeting, it was decided that plots larger than 8,000 sqm will likely be allotted through an interview-based process, while smaller plots may be allotted through e-auctions. A govt order on this process is awaited. In addition to the IT park, YEIDA has approved a reduction in plot sizes for mixed-use land development in Sectors 24 and 24A. Plot sizes have been reduced from 10 acres to 2.5 acres in response to a decline in applications for larger plots in recent years. These mixed-use plots will integrate core industrial or institutional activities with residential and commercial facilities. YEIDA is also set to launch a scheme of 20 mixed-use land plots during the upcoming Navratri festival. These plots will allocate 75% of the land for core activities such as industry, business, or institutions, 12% for residential use, 8% for commercial purposes, and 5% for essential facilities like housing, malls and food plazas. Source : Times of India INDIA

YEIDA to Launch 100-Acre Software Technology Park

9/28/2024 12:43:00 PM

Noida: Noida Authority has requested the Enforcement Directorate (ED) to recover Rs 191.9 crore in dues from Hacienda Project Pvt Ltd (HPPL), the developer of Lotus 300 in Sector 107. The request, made by CEO Lokesh M, follows an order from the Allahabad high court and recent ED searches in which Rs 42 crore in cash, gold, and diamonds were seized from properties linked to former Noida CEO Mohinder Singh and the developers. Lokesh M told TOI that he wrote to the ED deputy director, Lucknow regional office, on Thursday and requested the central investigating agency to recover or seize dues from the developer. "We have urged the ED to deposit the amount to settle the outstanding liabilities with the Authority," he said. In 2010, a 17-acre plot was leased to HPPL with Nirmal Singh, Surpreet Singh Suri, and Vidur Bhardwaj as the promoters/directors, for a residential project Lotus 300 with 300 apartments. The three promoters allegedly got the prime land without investing any amount, launched the project and collected Rs 636 crore from homebuyers. Of this, they allegedly siphoned off about Rs 190 crore, then sold off a portion of land to a third company, pocketed the entire sale proceeds — nearly Rs 236 crore — and paid a petty sum to the Noida Authority towards the cost of land/premium for land and lease rent, which they were supposed to pay. After diverting the funds, the three directors resigned in 2015, pushing HPPL into insolvency — the corporate insolvency resolution was initiated after IndusInd Bank moved an application before NCLT in 2022 — to escape criminal and civil liabilities. In Feb this year, the Allahabad High Court, while hearing petitions filed by the former promoters challenging a Rs 63.7-crore recovery certificate issued by the Noida Authority in 2019, ordered an ED investigation into allegations of money laundering and diversion of funds from homebuyers. The court directed the former directors to cooperate with the investigation and authorised the ED to take legal action if they failed to do so. On Sept 18-19, ED searched 18 locations across Delhi, Noida, Meerut, Chandigarh and Goa, as a part of their investigation into a Rs 426-crore fraud involving homebuyers of the Lotus 300 project. The searches covered the offices and residential properties of HPPL, its three former promoters, and related entities, including Cloud 9 Projects Pvt Ltd and Sharda Exports, which is linked to carpet traders, its owners Aditya Gupta and Ashish Gupta in Meerut. Properties of former Noida CEO Mohinder Singh were also searched. The searches came on the heels of Supreme Court's Aug 30 order that tweaked its June order staying any further investigation by the ED against two former directors — Singh and Bhardwaj. The apex court observed that the stay on further probe did not prevent the central investigating agency from taking legal action against Vidur Bhardwaj and Nirmal Singh "in accordance with the law". This was after ED informed the SC that its preliminary probe, initiated on a Feb 2024 Allahabad high court order, had revealed financial irregularities by the former directors, which included diversion of funds. During its probe, ED reviewed nine FIRs filed by the Economic Offences Wing (EOW) of the Delhi Police between 2017 and 2020, which revealed that funds from homebuyers were diverted to entities like Three C Universal Developers Pvt Ltd and Granite Gate Properties Pvt Ltd. These funds were then funnelled through various companies in the form of unsecured loans and advances, with the original directors — Singh, Suri and Bhardwaj — or their proxies listed as directors. The ED's investigation also found that after siphoning off funds and selling the land, all three directors resigned from HPPL and appointed their employees as directors to evade liability. In its affidavit to the Supreme Court, the ED revealed that the directors had created several shell companies to launder the proceeds of the fraud. The agency also found a Rs 65-crore loan from IndusInd Bank, which was intended for the project's completion, had been misappropriated. The loan later became a non-performing asset, leaving the financial creditor in a vulnerable position. Source : Times of India INDIA

Chandigarh : Over 4000 Homes Ordered for Installations Rooftop Solar

9/27/2024 12:01:00 PM

CHANDIGARH: At least 4,000 households in Chandigarh have been served notices by the Union Territory (UT) administration, warning them of “resumption” or taking away of their property if rooftop solar power plants are not installed within two months. The notice has led to backlash from residents while Chandigarh MP Manish Tewari has called the move “coercive.” The notices, sent to owners of homes of 500 sq yard and above by UT estate department recently, have asked for installation of plants within two months under the Chandigarh Building Rules (Urban). On Tuesday, Tewari posted on ‘X,’ “A substantial number of citizens of Chandigarh are upset about coercive notices to install roof top solar plants or their properties would be resumed. They are not against renewables, but they are against coercion and they are right.” Residents expressed anger at a meeting on ‘PM Surya Ghar: Muft Bijli Yojana,’ a new scheme by Cent- re for subsidy on solar rooftop systems. Federation of Sectors Welfare Association-Chandigarh (Foswac) chairman Baljinder Singh Sandhu, who attended the meeting, said, “Residents should be free to opt for rooftop solar power plants. It involves major financial costs, which many may not be able to afford. Such notices are a scare tactic so that people opt for recently launched Central govt scheme.” A senior UT official said, “Final extension was given till March 2021 . Now, Centre is running PM Surya Ghar-Muft Bijli Yojana, which people should avail.” Sources said though installation of rooftop solar power plants was made mandatory in May 2016, response from residents was poor due to high capex cost. Source : Times of India INDIA

REPL Receives SEBI Approval for SM-REIT

9/27/2024 12:00:00 PM

Infrastructure consultants Rudrabhishek Enterprises Ltd (REPL) has announced that it has received approval for the Securities and Exchange Board of India (SEBI) to register a small and medium real estate investment trust (SM REIT), the second such application approved by the capital market regulator since finalising rules for the nascent segment earlier this year. The new SM REIT, under the name ImpactR SM REIT, will have REPL as its investment manager. SEBI had earlier approved the SM REIT application submitted by fractional ownership platform Property Share, licensed under the name Property Share Investment Trust. The latter is yet to be listed on the exchanges. "The ImpactR SM REIT will open up structured and transparent investment opportunities, making real estate accessible to a broader base of investors. With our extensive experience in real estate and urban infrastructure, we are confident this step will create a transformative impact for our stakeholders and the industry at large," said Pradeep Misra, chairman and managing director of REPL. REPL primarily works in providing consultancy services to a range of infrastructure and real estate projects. It is listed on the small and medium-scale enterprises platform on the National Stock Exchange. SEBI had finalised rules in March 2024 to bring fractional ownership platforms under the ambit of REITs through SM REIT, for assets valued between Rs 50 crore to Rs 500 crore. SM REITs, according to current rules, can launch schemes for owning real estate assets through special purpose vehicles. According to a recent report by the real estate consultants CBRE, the potential market size for SM REITs may exceed $60 billion by 2026, which can include around 350 million square feet of office space by the same year, of which 300 million square feet has been completed. The report identified Mumbai as the city with the most SM REIT-ready stock, at 75 million square feet till June 2024, followed by the National Capital Region, at around 70 million square feet. Source : Money Control INDIA

IBBI Updates Rules to Speed up Housing Sector Insolvency Resolution

9/27/2024 11:59:00 AM

The IBBI has amended the Insolvency Resolution Process for Corporate Persons norms to introduce significant changes to enhance creditor representation in the insolvency process. The board notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations 2024 on September 24. "The amendment regulations provide for the appointment of an interim representative who will act as a representative for a class of creditors during the period when the application for appointment of the authorised representative is under consideration of the adjudicating authority for approval," IBBI said in a release. The interim representative will have the same rights and responsibilities as a duly appointed authorised representative, particularly in the meetings of the committee of creditors. This move is aimed at facilitating the effective representation of creditors that are large in number, such as homebuyers, who often face delays and complications during the insolvency process. The amended regulations are effective from September 24, the board said. The corporate insolvency resolution process (CIRP) has been a crucial mechanism under the Insolvency and Bankruptcy Code (IBC) for resolving insolvency issues in India. With these changes, IBBI has taken a proactive step to ensure that large creditor groups are not left behind in the insolvency resolution process, maintaining the overall efficiency and fairness of the IBC framework. The Insolvency and Bankruptcy Board of India (IBBI) is a statutory body functioning under the corporate affairs ministry. Source : Business Standard INDIA

NGT Questions SEIAA’s Delay in Granting Environmental Clearance for Gurugram Colony

9/26/2024 12:24:00 PM

Gurgaon: The National Green Tribunal (NGT) has criticised the Haryana State Environmental Impact Assessment Authority (SEIAA) for its "procrastination" in determining whether a 225-acre licensed colony in Sector 47 required an environmental clearance. The tribunal's remarks come following SEIAA's failure to reach a resolution in the case despite a directive issued on July 25 last year. It has given SEIAA four weeks' time to take a call. A resident of Malibu Towne had in 2022 filed a petition with NGT alleging that 10 diesel generators were operating illegally in a green belt in the colony, and construction and demolition (C&D) waste dumping was rampant in the area. In March 2022, the Haryana State Pollution Control Board (HSPCB) carried out inspections and found that Malibu Towne was discharging untreated sewage into its drains. This prompted HSPCB to issue a closure notice to the colony's developer for failing to procure the requisite environmental clearances and other permissions in Dec 2022. Although residents remained unaffected, the board's directive prohibited any new property sales and stipulated that no new possession or occupancy would be permitted in the project. DHBVN was also instructed to refrain from releasing any new electricity connections, and all ongoing construc-tion activities were suspended. After the developer contended that there were no provisions of mandatory environmental clearance when the colony was developed decades ago, NGT had in July last year directed SEIAA to inspect the case and determine whether the permission was required. In March this year, the green tribunal also summoned officials from the Municipal Corporation of Gurugram (MCG), HSPCB, and the department of country and town planning after observing that the committee constituted to investigate the petition had provided "vague and evasive" responses. In a hearing on Sept 19, Rahul Khurana, representing SEIAA, entreated the tribunal for an additional four weeks to arrive at a conclusion. NGT, recognizing the exigency of the situation, stressed the im-portance of expeditious action, with judicial magistrate Sudhir Agarwal and expert member Dr Afroz Ahmad stating in the order, "Let it be done as stated." The order was made public on Wednesday, and the next hearing is scheduled for Oct 10. When contacted, a senior SEIAA official said, "We will follow the NGT's directions and submit our reply within four weeks." Source : Times of India INDIA

YEIDA Achieves Rs 982.51 Crore Profit in First Half of FY25

9/26/2024 12:22:00 PM

Noida: In the first half of the fiscal year, the Yamuna Expressway Industrial Development Authority (YEIDA) generated Rs 982.51 crore in revenue, marking an increase of over Rs 200 crore compared to the same period last year, when YEIDA earned Rs 708 crore. However, the Authority's expenses surpassed its earnings — with the total spending reaching Rs 1,301 crore in this period. A large portion of this expenditure, around Rs 799 crore, was directed toward land acquisition — more than double the Rs 362 crore spent on the same last year. According to officials, the Authority is focused on creating a substantial land bank to support future developments along the expressway corridor. Land acquisition was not the only segment that saw a rise in expenditure this year, with airport-related expenditures going up to Rs 204 crore from last year's Rs 164 crore. The budget allocated for development work also saw a slight increase, up by Rs 4 crore at Rs 214 crore, compared to Rs 210 crore last year. Meanwhile, the revenue for the first half of the fiscal year saw a significant boost due to a sharp rise in group housing projects. Revenue from this segment jumped from Rs 31 crore during this period last year to Rs 446 crore this year. This rise was thanks in part to the state govt's rehabilitation package for stalled projects, based on recommendations from the Amitabh Kant committee, officials noted. Other revenue sources included Rs 270 crore from industrial projects, Rs 10.14 crore from commercial developments, Rs 63 crore from institutional sectors, and Rs 114 crore from residential plots. YEIDA CEO Arun Vir Singh said, "The revenue and expenditure figures for the period from April 1 to Sept 20 will be presented at the board meeting on Thursday." For the current financial year, land acquisition remains the authority's largest expense, with a budget of Rs 6,063 crore allocated for this purpose out of the total Rs 10,000 crore. YEIDA has already submitted a proposal to acquire 1,700 hectares of land to the district administration as part of its ongoing strategy to build a robust land bank for future projects. Source : Times of India INDIA

Noida Authority Allocates New Hotel Plots to Boost City Development

9/25/2024 12:25:00 PM

Noida: The Noida Authority has launched a scheme to establish six new hotels across the city. Under this plan, plots have been marked for three budget hotels and three star-category hotels, situated in sectors 93B, 105, 135, and 142. The six hotel plots collectively span 42,790 sqm, with a total reserve price of Rs 781.48 crores. The allotment process will be conducted through an e-auction, with a pre-bid meeting scheduled for Oct 10 to address potential bidders' queries. Bid submissions will open on Oct 17 and close on Nov 9. Plots have a FAR of 3 and a 40% ground coverage. In Sector 93B, three plots have been allocated for budget hotels. For the star-category hotel, the Authority is providing three large plots in key sectors — sectors 105, 135 and 142. Meanwhile, GNIDA introduced a scheme for 20 BPO and ITES plots in Knowledge Park 5. Source : Times of India INDIA

Delhi Court Charges Supertech with Fraud: Latest Update

9/25/2024 12:24:00 PM

New Delhi: A Delhi court recently ordered the framing of charges for the offence of fraud against real estate company Supertech Limited, its managing director RK Arora, and two agents of the company. Gaurav Vij, the complainant, alleged that he was promised returns on investment and invested Rs 11.8 lakh in 2013, but the funds were diverted to another project without his knowledge. Later, he was promised a refund that was subsequently cancelled by the company. The court of judicial magistrate first class Yashdeep Chahal said that the act of diversion was a result of the direction of "Management". "For all intents and purposes, the word ‘Management' needs to be understood in a certain context and not in a general sense. It is so because the management of the company essentially vests in the managing director of the company, unless proved otherwise," said the court. The court, agreeing with the submissions of advocate Raajan Chawla, said that the counsel has rightly argued that in ordinary circumstances, the decisions of the company which are expressly attributable to the management of the company, essentially flow from the MD of the company, unless the company comes forward to show that the decision was taken by some other officer of the company. In the present matter, the proof of criminality allegedly committed by Arora lies in the e-mail communications between the complainant and the company, the court noted. Further saying that the e-mail communications categorically indicate that the case of the complainant was placed before "Management M/s. Supertech Limited", as made out from the e-mail dated July 19, 2014. At one stage, the complainant was informed on Oct 14, 2014 that his case had been processed for a refund. Thereafter, no refund was given and on Nov 20, 2014, the complainant was informed that his case had been put up with "Management" and the mandate given by the management was not to give any refund but to transfer the funds of the complainant to some other project of the accused company. The material on record does not appear to be groundless in nature and it cannot be said that no case is made out if the material is accepted as unrebutted, the court stated. Owing to the corporate veil enjoyed by a corporate entity, no outsider is expected to know meticulously about the internal affairs of a company and it would be unreasonable to expect the complainant, being an outsider/investor, to meticulously specify the acts and omissions attributable to the officer of the company, the court said. "Although the complete picture has not been revealed yet, the material on record so far is certainly not inadequate to completely absolve the accused persons. Accordingly, the accused persons are liable to be charged for the commission of offence under Section 420 read with Section 34 of IPC," the court concluded. Source : Times of India INDIA

Gurugram : DTCP Cracks Down on Eleven Illegal Buildings

9/25/2024 12:21:00 PM

Gurgaon: The department of town and country planning (DTCP) has initiated action against 11 illegally-constructed buildings in Palam Vihar's C2 block, ordering that their water, sewer and electricity connections be cut off. Each 500 sq yd plot, originally meant to have a single housing unit per floor, has as many as 16 unauthorised flats. District town planner (enforcement) Manish Yadav has written to the MCG commissioner, GMDA executive engineer and DHBVN requesting the disconnections. The tehsildar has also been instructed to halt any further registration of these properties. "All three departments have been instructed to take immediate action, and our enforcement office is actively working on the necessary measures," Yadav said. The case is currently pending in the Punjab and Haryana high court, following a petition by the Palam Vihar C2 Block RWA and other locals. Residents also took to the streets over the issue, after which the petition was submitted before HC. DTCP has named specific plots — 913, 1310, 921, 1251, 924, 979B, 956, 1226, 922, 935, and 951 — in the letters to the relevant authorities. It had also filed police complaints against several building owners for similar illegal constructions in the past. Some building owners allegedly illegally de-sealed their properties, prompting the department to take further sealing action and recommend additional FIRs. Residents have expressed concern about the impact of these illegal constructions on basic infrastructure in the area. Where only one unit per floor is permitted, the property owners constructed four to six units per floor. In alleged collusion with tehsil officials, these properties were registered and water and electricity connections issued, they said. Source : Times of India INDIA

ED Freezes Assets of Sai Construction Partner in PMLA Case

9/24/2024 12:01:00 PM

NEW DELHI: The Enforcement Directorate's Lucknow Zonal Office provisionally attached immovable assets amounting to Rs 14.89 crore (approx.) in the case of real estate broker, Rajeev Tyagi and others under the and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, informed a press release on Monday. According to the release, the assets include several immovable properties in the form of flats, commercial shops, residential and industrial plots, registered in the names of Rajeev Tyagi, partner of M/s Sai Construction and Builders, and his sons Amartya Raj Tyagi and Kanishk Raj Tyagi, M/s SKT Garments Private Limited, and M/s. SK Enterprises. ED initiated an investigation based on an FIR registered by CBI, Ghaziabad, (UP) under various sections of IPC, 1860, and the Prevention of Corruption Act, 1988, against M/s Sai Construction and Builders, Ghaziabad, and its partners and others for alleged loan fraud. ED investigation revealed that Rajeev Tyagi, along with his wife, Meenu Tyagi, through their partnership firm, viz., M/s Sai Construction and Builders, Ghaziabad, hatched a "criminal conspiracy" in connivance with other associates/guarantors and availed loans/financial facilities from the bank (erstwhile Corporation Bank and now Union Bank of India after the merger) by submitting fake/forged documents and inflated valuation reports of the mortgaged properties with the intention to defraud the bank, the release added. ED investigation also revealed that loans/financial facilities availed from the bank were allegedly layered/diverted/syphoned off through his accounts or accounts of associated persons/entities, and subsequently utilised the same for other than intended purposes, resulting in default of loan repayment, which caused a huge loss to the public sector bank. Further investigation is underway in the case. Source : Economic Times INDIA

Haryana to Blacklist 18 Architects for Issuing Illegal Occupancy Certificates

9/24/2024 12:00:00 PM

Gurgaon: Almost three months after they were blacklisted by the director of the department of town and country planning (DTCP), the Haryana Shahari Vikas Pradhikaran (HSVP) has taken action against 18 architects involved in issuing occupancy certificates (OC) for buildings with four floors, violating the govt's guidelines. The chief town planner of the HSVP has now written to the senior officials of the information technology department ordering removal of the blacklisted architects' IDs from the online building plan approval system. In addition, a detailed report on the removal process is expected to be submitted soon for further review by the DTCP director. A senior HSVP official said, "These architects, responsible for unlawfully certifying multiple residential structures, have been blacklisted and their details will soon be uploaded on the HSVP website." In July, the director had blacklisted these architects and written to the council of architecture, requesting the cancellation of the registration of these architects. The process of cancelling their registration is currently under review by the council and it is expected to take a few months. The architects approved OCs for buildings with four floors and stilt parking, bypassing regulations set by the authorities. The HSVP had already placed restrictions on the construction of four floors in Feb 2023. Despite this, these architects issued OCs under the Self-Certification Rules without ensuring proper compliance with building norms. They also issued OCs for buildings that didn't have sanctioned plans for four floors. Many of these structures had not even deposited essential fees like floor-area ratio (FAR) and external development charges (EDC), making their OC issuance illegal. During an investigation, about 58 houses were found to have received OCs in violation of rules. The then town planner had listed these properties, prompting the current action against the architects. The blacklisted architects include Anuj Yadav, Saurabh Kathuria, Pankaj Kumar, Himani Gupta, Amit Bhardwaj, Krishana, Ganendra Kumar, Manveer Bhadana, Vikrant Pundir, Arun Kumar, Ravi, Prabhat Kumar, Gaurav Singla, Puneet Kochar, Rohit Chugh, Ujjwal Saini, Neeraj Dixit and Ritika Anand. These architects face an uncertain future as the council of architecture continues its investigation into their misconduct. Source : Times of India INDIA