Son Wins Rs 37 Lakh Compensation for Property Possession Delay in Landmark NCDRC Ruling

12/7/2024 10:24:00 AM

In a significant judgment, the National Consumer Disputes Redressal Commission (NCDRC) has ordered a builder to pay Rs 37 lakh as interest compensation to a homebuyer for an inordinate delay in handing over property possession. The complainant, a son fighting for justice on behalf of his family, argued that the builder failed to meet the promised timeline for delivering the residential property, causing financial and emotional distress. The compensation was calculated based on the agreed interest rate on the amount already paid by the buyer. This case highlights the growing reliance on consumer forums like the NCDRC and the Real Estate (Regulation and Development) Act (RERA) to address grievances in the real estate sector. Such rulings are reshaping the landscape of Indian real estate by holding builders accountable and ensuring better protection for homebuyers. The decision reinforces the importance of timely project completion and adherence to contractual obligations, making it a landmark victory for consumers across the country. Learn how this ruling could influence future real estate disputes and improve transparency and accountability in the sector India

₹190 Crore Penthouse Sold in Gurugram’s DLF Camellias: A Record-Breaking Luxury Real Estate Deal

12/7/2024 9:41:00 AM

DLF Camellias, Gurugram's ultra-luxury residential project, has witnessed a record-breaking transaction with the sale of a ₹190 crore penthouse. Spanning an impressive 16,000 square feet, this opulent property features 8 spacious bedrooms, a private swimming pool, and a stunning terrace garden. This deal highlights the growing demand for high-end real estate in India, showcasing the allure of exclusive living spaces equipped with world-class amenities. Positioned as one of the most expensive residential property transactions in the country, it reaffirms Gurugram's status as a hub for luxury real estate. Explore the rise of premium property investments in India through this landmark sale. India

Gurugram DC Encourages Builder to Prioritize Timely Safety Audits

12/5/2024 12:07:00 PM

Gurgaon: Deputy commissioner Ajay Kumar, in a meeting with builder management teams, stressed the urgency of expediting the structural audit in residential societies. He expressed dissatisfaction with builders delaying deposit of their share of audit fees, calling such behaviour ‘irresponsible' towards citizens' safety. "Delaying the structural audit and fee deposits shows a lack of accountability towards citizens' safety. Such behaviour is unacceptable," he stated, directing the defaulting resident welfare associations (RWAs) to attend a separate meeting and instructed builders to ensure compliance swiftly. Additional deputy commissioner (ADC) Hitesh Kumar Meena clarified that in order to ensure faster completion of audits, builders were also given the option of choosing non-empanelled agencies with RWA approval. In the first phase, 15 societies were covered. District Town Planner (DTP) Manish Yadav said that while testing in 11 of these were complete and repairs initiated in two, pending fees in others was delaying the process. In the second phase, which included 23 societies, builders of 20 societies and RWAs of 22 societies were yet to submit their fees. According to the DC, structural audits were critical for identifying vulnerabilities and initiating timely repairs to prevent potential hazards. He warned builders of strict action if further delays occurred, reiterating the administration's commitment to safeguarding residents' well-being. He also stressed on the importance of builders and RWAs working collaboratively and complying with directives to avoid penalties. Source : Time of India INDIA

Gurugram : Buyers Alert! Orris Infrastructure Clarifies Impersonation Fraud Case

12/5/2024 12:06:00 PM

Gurgaon: Three men have been charged with cheating after they allegedly cheated property buyers of Rs 1 crore by posing as real estate company sales representatives. The fraudsters posed as agents of Orris Infrastructure and sold some plots on behalf of the company. This came to light after Puneet Sain, the company's representative, registered a cheating case against Gurmet Singh, Parminder from Palam Vihar, and others involved in the scam. Sain alleged that in April 2023, they found that the accused took cash in the name of token money from the victims to facilitate the plot allotment, and the buyers never received the confirmation letter, they visited the company's office and found out about the scam. "On April 4, two customers, Amit Jain, and Vipul Jain, approached us saying that they paid Rs 3.5 lakh in cash to Gurmet and Parminder. Each of them also gave checks for Rs 10.61 lakh in the company's name. The fraudsters used to ask victims to issue checks in the company's name to appear legitimate," the complainant said, adding that "the accused took a token amount in the form of cash from the victims for facilitating the plot allotment in one of our ventures, the Wood View Residency Project at Sector-89." The complainant explained, "The same fraudsters duped about 10 to 11 victims for about Rs 1 crore and collected cash towards the token amount for plot allotment." A case was registered on Tuesday under sections 420 (cheating and dishonestly inducing delivery of property) and 120-B (criminal conspiracy) of the IPC at Sector-10 PS against the accused. "We registered a case on the complaint of Orris Infrastructure Pvt Ltd, and now the Economic Offences Wing will investigate it," said police. Source : Time of India INDIA

YEIDA Hi-Tech Township: Over 34000 Registrations Highlight Strong Interest Near Jewar Airport

12/4/2024 1:01:00 PM

Lucknow: Over 34,000 people registered for YEIDA's hi-tech township coming up near the Jewar International Airport, an official spokesperson said on Thursday. "This ambitious project is situated in Sector-24A of Noida, which is one kilometre from the International Film City, 500 metres from the Yamuna Expressway, and close to the MotoGP track. As many as 62,865 individuals purchased brochures, while 34,180 people registered for it," the spokesperson stated, informing that the final date for registration is Nov 30, with the lottery draw scheduled for Dec 27. The township, which promises state-of-the-art amenities and enhanced living standards for residents in the region, will offer 451 residential plots in various sizes. The details are as follows: 100 plots of 120 square metres, 169 plots of 162 square metres, 172 plots of 200 square metres, 6 plots of 250 square metres, and 4 plots of 260 square metres. Additionally, 17.5% of these plots have been reserved for the state's farmers. TNN Source : Times of India INDIA

Gurugram Air Quality: Improvement Needed as Construction Continues Despite Measures

12/4/2024 12:15:00 PM

Gurgaon: One day after the city witnessed a short-lived respite with ‘moderate' air, the air quality again dipped to the ‘poor' category with no expected improvement. Continued construction activities, despite the enforcement of stage 4 restrictions under the Graded Response Action Plan (GRAP) across Delhi-NCR, only added to the woes. It continues in areas such as Sushant Lok, sectors 30, 51, 28, and 44. Due to their smaller scale of operations, house redevelopment and expansion sites often evade getting caught. Additionally, construction waste is dumped along roadsides, and workers are busy grinding stones. A fine layer of dust covers everything — buildings, trees, vehicles, and even the workers who continue working without dust masks. The air quality index (AQI) was recorded at 226 (poor) on Tuesday. At a reading of 267, Teri Gram was the worst hit, followed by Sector 51 (254), and Gwalpahari (247) -- all in the ‘poor' category. The monitoring station at Vikas Sadan recorded a ‘moderate' AQI of 108. Most construction sites operating despite the ban in Gurgaon do not follow the basic guidelines of the Union Ministry of Environment, Forests and Climate Change, including shuttering the construction area with green sheets, sprinkling water, and covering vehicles carrying construction and demolition (C&D) waste. As a result, their immediate vicinity has turned into dust bowls. "Seasons change throughout the year, but what remains constant are the lanes covered in dust. Nobody cares about the health of residents. The civic bodies do not visit the sectors to check whether the construction activities have stopped given the GRAP orders," said Sector 45 resident Amit Yadav. Rohit Rai, a resident of Sushant Lok, said, "Construction activities continue at night in residential areas, which also violates the norms. The sites do not have any covers to stop dust from dispersing. The HSPCB officials keep a tab on the large construction sites but the smaller ones operate without any checks." Though the norms are very clear, most of the sites that TOI visited were found transporting construction material in trucks without covering. The truck wheels were not washed, thus carrying dust outside of the premises. C&D waste was seen dumped along the roadsides, and stone grinding was being carried out in the open. The authorities, meanwhile, claimed they are taking measures to mitigate air pollution. "We are taking action against sites that are more than 20,000sqm in area. Smaller sites are under the jurisdiction of MCG. The civic agencies have been asked to ensure that their sites follow the norms," said Vijay Chaudhary, HSPCB regional officer of Gurgaon. Source : Times of India INDIA

Godrej Properties Raises Rs 6000 Crore for Expansion and Innovation

12/3/2024 12:16:00 PM

Shares of Godrej Properties Ltd are in focus on Tuesday morning after the company said it has concluded its qualified institutional placement (QIP), raising a total of Rs 6,000 crore from five qualified institutional buyers. Shares were issued to Franklin India ELSS Tax Saver Fund (20,84,584 shares or 9.01 per cent of total issue size), Government Pension Fund Global (15,41,425 shares or 6.66 per cent), BlackRock Emerging Markets Fund (14,53,233 shares or 6.28 per cent), Government of Singapore (14,07,618 shares or 6.08 per cent) and NPS Trust- A/C SBI Pension Fund Scheme - Central Govt (14,06,551 shares or 6.08 per cent). The issue ran from November 27 to December 2. Godrej Properties shares settled at 2,905 on Monday, up 4.64 per cent. The stock is up 45 per cent in 2024 so far and 52 per cent in the past one year. Godrej Properties said the QIP placement committee of its board has, at its meeting held today i.e. December 03, approved the issue and allotment of 2,31,21,387 equity shares to eligible qualified institutional buyers at an issue price of Rs 2,595 per equity share, which includes a discount of Rs 132.44 per equity share or 4.86 per cent over the floor price of Rs 2,727.44, as determined in terms of the SEBI ICDR Regulations. "Pursuant to the allotment of securities in the issue, the paid- up equity share capital of the company stands increased from Rs 139.03 crore, comprising of 27,80,62,112 equity shares to Rs 150.59 crore, comprising of 30,11,83,499 Equity shares," Godrej Properties said. Source : Economic Times INDIA

Smartworks Gets SEBI Approval for IPO, Unlocking New Growth

12/3/2024 12:15:00 PM

Logistics firm Ecom Express and coworking space provider Smartworks have both received approval from the Securities and Exchange Board of India (SEBI) for their initial public offerings (IPOs). Ecom Express, which filed its draft red herring prospectus (DRHP) in August, aims to raise Rs 2,600 crore through its IPO. This includes a fresh equity issue of up to Rs 1,284.5 crore and an offer for sale (OFS) totalling Rs 1,315.5 crore. As part of the OFS, Partners Group will divest shares worth up to Rs 931 crore, while Warburg Pincus and BII (formerly CDC Group) will sell shares valued at Rs 211 crore and Rs 137 crore, respectively. This marks the 13-year-old firm's second attempt at going public after pausing its Rs 4,860 crore IPO plan, which was approved in February 2022. In the logistics sector, Delhivery and Blackbuck are already listed, with Shadowfax also preparing for their IPO. Meanwhile, Smartworks, which filed its draft IPO papers in August, plans to raise Rs 550 crore through a fresh equity issue and an offer for sale (OFS) of 67.49 lakh equity shares by its promoters. As of March 2024, Smartworks operates in 13 cities, including Bengaluru, Kolkata, Delhi NCR, Mumbai, and Pune, with a portfolio of 41 centers covering 8 million square feet. Smartworks is set to become the second coworking firm to list on the stock exchanges, after Awfis. Other players like WeWork India, Simpliwork, Table Space, DevX, and Indiqube are also gearing up for their own IPOs. Source : Economic Times INDIA

Noida : YEIDA Launches 20 New Plots Across Three Sectors, Offering Fresh Investment Opporunities

12/2/2024 12:32:00 PM

Noida: To boost residential development, the Yamuna Expressway Industrial Development Authority (YEIDA) has launched a new group housing scheme, offering 20 plots across Sectors 17, 18, and 22D. The scheme features six plots in Sector 17, five in Sector 18, and nine in Sector 22D, with sizes ranging from 11,513.72 sqm to 89,034 sqm. In Sector 17, plots range between 11,513.72 sqm and 24,282 sqm, with a base price of Rs 32,375 per sqm. Sector 18 includes uniformly sized plots of 16,188 sqm, while Sector 22D offers the widest range, with plot sizes starting from 20,235 sqm and going up to the largest plot in the scheme, which spans 89,034 sqm. Meanwhile, developers are required to pay a registration fee or an earnest money deposit (EMD) ranging from Rs 3.73 crore to Rs 30.27 crore to participate in the scheme. The application process began Thursday and will remain open until Dec 18. An e-auction to allocate the plots is scheduled for Jan 20, and incremental bid values are set at 1% of the base price. Source : Times of India INDIA

Delhi Development Authority Empowers Residents with 83 Conveyance Deeds Under PM-UDAY

12/2/2024 12:31:00 PM

Noida: The Allahabad high court's Lucknow bench has quashed orders by Noida Authority and UP govt that rejected a building map application filed by two landowners. Kapil Misra and another villager — the petitioners — sought the Authority's permission to construct residential buildings on a Sector 45 plot that they received through an exchange agreement over a decade ago. The case dates back to 2011, when the two petitioners received land from the govt. They initially owned a 10,870sqm plot in Rohillapur village of Sector 132, which the state govt acquired from them in 2006 for development. But the high court quashed this acquisition in 2009. The Authority then compensated the villagers by transferring land of equivalent size in Sadarpur of Sector 45 through an exchange deed in 2011. In 2021, the petitioners sought the Authority's permission to develop group housing on the Sector 45 land. The Authority, however, rejected the application in Sept 2023, citing non- compliance with its 2010 Building Regulations — which require a lease deed to be signed for such applications. A revision petition filed with the state govt was dismissed as well in April 2024. The petitioners argued that the deed of exchange qualified as a valid transfer document, granting them full rights over the land that was handed to them. They contended that the Authority's rejection violated their constitutional rights to property under Article 300A, which includes construction rights. They also maintained that the Authority's interpretation of the building regulations was "overly restrictive and contrary to legal principles protecting property rights". The Authority argued that its rejection was based on three arguments — the mandatory requirement of a lease deed under building regulations, the undeveloped status of the Sector 45 plot with no designated land use, and a potential impact on its lease-based revenue model. The court, however, found these arguments insufficient. On Nov 22, the court of Justice Alok Mathur deemed the Authority's rejection "illegal" and asked it to conduct a fresh hearing on the petitioners' application, emphasising their constitutional rights as property owners. The court ruled that the deed of exchange between the petitioners and the Authority constituted a valid transfer deed under the Transfer of Property Act and UP Industrial Area Development Act, 1976. "We find no reason for the Authority not to consider the petitioners' application for building plan sanction, and the reasons for rejection are clearly illegal and arbitrary," the court observed. The Authority was told to pass a fresh order within four weeks of receiving a certified copy of the judgment. This ruling sets a significant precedent for similar cases and emphasises the need for administrative bodies to consider property rights while interpreting regulations. Source : Times of India INDIA

Allahabad HC: Reliefs for Developers as Noida Authority’s Building Plan Rejection Overturned

12/2/2024 12:30:00 PM

Lieutenant governor VK Saxena on Sunday inspected a special camp organised by the Delhi Development Authority (DDA) to dispose of applications under the PM-UDAY (Unauthorised Colonies in Delhi Awas Yojana) scheme. LG Saxena was accompanied by West Delhi MP Kamaljeet Sehrawat and former Delhi minister Kailash Gahlot. “Visited and oversaw the functioning of special camp organised by DDA for on-spot disposal of applications under PM-UDAY Scheme, at Shyam Vihar in Najafgarh...Also distributed certificate of ownership/coveyance deed to 40 residents of various unauthorised colonies, whose applications were disposed of at the special camp. 10 such camps were organised in different unauthorised colonies across Delhi,” LG Saxena posted on X. The PM-UDAY scheme was devised by the central government in 2019 for residents of unauthorised colonies in Delhi to allow ownership rights in these areas for residents. DDA is the nodal agency wherein residents can submit documents and apply to get land ownership. The LG has also directed DDA to form 10 teams that will be deputed at several locations over the next four weeks. The camps will be organised in various unauthorised colonies in Sant Nagar, Burari, Mukundpur, Ganesh Nagar, Pandav Nagar, Nilothi, Sangam Vihar, Nangloi, Baprola, Budh Vihar, Khirki Extension and Najafgarh, among others The camps will be held every Saturday and Sunday from November 30 to December 29 in the 10 processing centres located inside these unauthorised colonies. “I have directed officials to dispose of the 62,000 pending as well as fresh applications, in a mission mode. The camps at people’s doorsteps have a ‘Single Window Clearance Mode’ with facilitation for documentation and their uploading on the portal, scrutiny, notarisation and other ancillary activities along with on the spot regularisation of their properties in a flexible and humane manner, as the PM-UDAY Scheme envisages,” the LG added. DDA in a statement said that the camp received good response. “On day one, as many as 414 new applications/registrations were done, whereas 411 pending applications were cleared from deficiencies. In all, 113 applications were approved and 83 conveyance deed and authorisation slip were executed in various unauthorised colonies. LG also directed DDA to clear all pending 62,000 applications expeditiously while also disposing of the fresh applications in a mission mode so as to benefit the maximum number of people,” DDA said in a statement. “I urge people to come in large numbers and get their pending issues resolved as government has come to their doorstep,” the LG said. The details of the camps are available on DDA’s website Source : Hindustan Times INDIA

Circle Rates in Gurugram are Set to Increase by 10-30% Starting December 2024

11/30/2024 12:18:00 PM

GURUGRAM: Circle rates for registering properties are set to increase in a range of 10- 30%, a development that could drive up housing prices in the city, which is already among India's costliest real estate markets. The new circle rates, district administration officials said on Friday, will come into effect from Dec 1 and will be applicable at least till Mar 31, 2025. The decision to hike circle rate was taken at a meeting of deputy commissioner Ajay Kumar with sub-divisional officers and revenue department officials on Friday. Officials said most areas of the city will see circle rates hiked by 10% to 20%. But the city's most sought-after areas near Golf Course Road, Southern Peripheral Expressway and Dwarka Expressway will see hikes up to 30%. DC Ajay Kumar said the range was decided based on market value of properties within specific areas. "There are some key areas in the district where the market value is significantly high. This is why an increase of up to 30% in collector rate was decided for those locations," he said. Kumar explained that changes in collector rates, or circle rates, are recommended by a district-level committee that carries out market research before giving its advice. New rates come into effect after the state govt gives its final approval. Officials said they have received approval from the govt, but a detailed order on the exact hike in circle rates is awaited. Realtors said property prices in Gurgaon are only expected to go up. "Despite very high property prices, Gurgaon's real estate sector leads not just in NCR, but it's also among the top performers in the country. Therefore, an increase in circle rate will bring it on par with market rate," said Mohit Kalia, vice-president (sales), Raheja Developers. Sanjeev Arora, director of 360 Realtors, said the impact of circle rate on property prices will be limited. "In most of the major micro- markets of Gurgaon, such as Golf Course Road, Golf Course Extension Road, SPR and MG Road, property prices are already much higher than the existing circle rates. In other emerging areas also, such as Sohna, New Gurgaon and Dwarka Expressway, property prices are higher. That's why we don't foresee any major jump," Arora said. He said prices will continue to increase in the city due to high demand and limited supplies. "People across age groups and profiles take homeownership seriously. The market will continue to gain steam," he added. Those looking to buy houses in the city said property rates were already over-the-top in Gurgaon, and a consistent increase would make it completely out of reach for the middle class. "Property prices are in several crores, and it keeps on increasing. An Increase in circle rate will further increase prices and the dream of owning a house in Gurgaon will become a distant dream for common people," said Kamlesh Bist, a resident of Sector 84, who is looking for a new house to purchase. Source : Economic Times INDIA

Gurugram: Chintels Paradiso's builder seeks approval for phase-wise redevelopment

11/30/2024 12:17:00 PM

Gurgaon: Chintels Paradiso's builder has submitted an application with the department of town and country planning to redevelop the society in phases. DTCP (headquarters) is expected to send a report to the enforcement wing of the department in Gurgaon soon. If accepted, the builder will be able to reconstruct the towers declared unsafe at the Sector 109 society in one phase and repair the ones considered habitable in another. Of the nine towers at Paradiso, six have been declared unsafe by the district administration. Two others were also declared unsafe by CBRI, the organisation that the builder independently brought in to carry out structural audits, but these were not officially declared unfit for habitation. According to the builder, this approach will expedite reconstruction of unsafe towers. Homebuyers are closely following the process as phase-wise development could affect reconstruction and repair timelines. For homebuyers of the towers considered unsafe who opted for reconstruction, it could mean that they get their flats sooner. Residents of habitable towers are eager to see if there are any major changes in layout, and if there are infrastructural upgrades, would they require homebuyers' consent. "We've been living in uncertainty for far too long. The phasing process might be a step forward, but our main concern is the timeline for redevelopment and whether it will truly address the safety issues," said a resident of one of the habitable towers at Chintels Paradiso. Source : Times of India INDIA

Haryana RERA: Builders to Submit Reports within 30 Days

11/29/2024 12:19:00 PM

Gurgaon: The Haryana Real Estate Regulatory Authority (HRera) has issued a strict directive to real estate promoters, mandating submission of annual reports for their under- construction projects within 30 days. The move comes after the regulator observed widespread non-compliance by promoters, raising concerns about transparency and accountability in the sector. During a recent review meeting, Rera noted that several promoters failed to file these mandatory reports, despite repeated reminders. As a result, it's now issuing show-cause notices to defaulters. These notices demand compliance within the stipulated timeframe, warning that failure to do so will lead to significant financial penalties. In its order, Rera emphasised that non-filing of annual reports is a serious violation of the Real Estate (Regulation and Development) Act, 2016 (Rera Act). Promoters, who fail to file the reports within 30 days of receiving the notice, will face an initial penalty of ₹5 lakh. Moreover, an additional penalty of ₹10,000 per day will be imposed for continued non- compliance beyond 60 days. The submission of annual reports is a critical requirement under Section 4(2)(l)(d) of the Rera Act. Promoters are obligated to get their project accounts audited by a certified chartered accountant within six months of the end of each financial year. The audit must verify that the funds collected for a project are utilised exclusively for its intended purpose and that withdrawals are made in proportion to the project's completion status. Rera highlighted that any promoter providing false information or contravening Section 4 provisions could face penalties extending up to 5% of the project's estimated cost under Section 60 of the Act. This provision underscores the importance of maintaining financial integrity in project execution. The regulator has also reiterated that these measures are aimed at ensuring greater transparency and accountability in the real estate sector. Promoters are urged to comply with these regulations promptly to avoid severe financial and legal repercussions. Rera's warning reflects its commitment to safeguarding the interests of homebuyers and ensuring that project funds are utilised responsibly. Source : Times of India INDIA

Delhi Slum Redevelopment Approved: New Homes Under ‘Jahaan Jhuggi Wahin Makaan’

11/29/2024 12:18:00 PM

NEW DELHI: Lieutenant Governor VK Saxena on Thursday approved the redevelopment of slum areas under the "Jahan Jhuggi Wahin Makaan" Scheme, an official statement said. The modification in policy will allow projects to be more viable and more players could come forward for in-situ slum projects and thereby more houses could be built, officials said. The move comes ahead of the Assembly elections due in Delhi early next year. The Delhi Development Authority (DDA) in its meeting chaired by Saxena, who is also the chairman of the department, approved major changes in slum and JJ policy to make in-situ rehabilitation, as envisioned by the prime minister under Jahan Jhuggi Wahin Makaan Scheme, more viable and implementable, an official statement said. The modifications in terms of density relaxation, revised apportionment of land area for remunerative and non-remunerative components, floor area ratio (FAR), clubbing of clusters for redevelopment spread across a radius of five kilometres etc. were approved in the authority meeting, the statement said. This, apart from providing the right to dignified housing to the slum dwellers of the city, will also create affordable housing stock as well as commercial space for Delhi residents, it read. As per the modifications, an increased FAR of 500 has been allowed for the residential and remunerative components in the in-situ rehabilitation projects on plots measuring 2,000 square metres and above. This is a significant increase from 300 FAR to 500 FAR for the commercial component. For the rehab component, FAR has been increased from 400 to 500, it said. Under the new modifications, at least 40 per cent of the total plot area will be utilised for residential purposes while the remaining area could be utilised for remunerative or commercial purposes. Further, any unutilised FAR in the rehabilitation component will also be allowed to be availed by the developers in the remunerative or commercial plot area, the statement said. This decision will ensure more number of dwelling units for the slum dwellers as well as more commercial space to make the project financially viable for the developers. This will also ensure that 100 per cent of the beneficiaries (slum dwellers) will be accommodated in-situ, it said. In terms of allowing clubbing of plots over an area spread over five kilometres, the developer will be able to redevelop a particular site only for the rehabilitation of slum dwellers in modern multi-storey complexes. The other site could be utilised exclusively for the development of residential or commercial complexes for remunerative use by the developer, it said. This initiative will provide eligible residents of informal JJ clusters with modern housing, along with essential public amenities. This comes as a major step towards social empowerment, as the programme offers ownership titles to residents, giving them a sense of security and stability, it started. By upgrading housing and infrastructure, the In-Situ Slum Rehabilitation (ISR) programme supports the integration of slum dwellers into the formal urban fabric, contributing to social mobility and improving the overall quality of life for the urban poor. The approved proposal will now be sent to the Ministry of Housing and Urban Affairs, Government of India for issuance of final notification, it added. Source : Economic Time INDIA

Noida Authority to Develop Industrial Zone on 25 Hectares in Sector 165

11/28/2024 11:10:00 AM

Noida: The Noida Authority will soon acquire land off the Noida Expressway to develop an industrial zone in Sector 165. The acquisition will cover approximately 25 hectares of land spread across four villages – Mohiyapur, Gulawali, Dostpur Mangrauli, and Nalgarha. Land for the same will be bought from farmers through mutual consent, which officials noted is a collaborative approach to ensure smooth proceedings. Officials revealed that while the Authority already has a similar area under its possession for Sector 165, about 90% of the required land is located in Gulawali village. The remaining land is either encroached upon or inhabited. Some portions of land are already under the Authority's possession in Mohiyapur and Dostpur Mangrauli, while no land has yet been acquired in Nalgarha. The Authority had originally decided to expand its urban area by developing six new sectors – sectors 161 to 166 – along the Noida Expressway over four years ago. This expansion required the acquisition of about 540 acres of land. To date, around 40% of the land was acquired. DGM (Civil) Vijay Rawal said that land acquisition in sectors 163 and 166 was partially completed, while no progress has been made in Sector 161. Sector 164 remains inhabited, and plans are underway to allot land parcels in the acquired portions of sectors 162 and 164. According to officials, sectors 162, 164, and 165 will be dedicated to industrial units, while Sector 161 was designated for institutional purposes. Mixed-use development, comprising commercial and residential buildings, is planned for sectors 163 and 166. The institutional sector is expected to include IT/ITeS facilities, govt agencies, hospitals, gas stations, private institutes, and religious or spiritual centres. The Authority chose to acquire the land through mutual consent in order to address concerns and resistance from farmers over compensation and benefits. This staggered acquisition process aims to foster trust and minimise disputes, officials said. The Authority's focus for these new sectors is to attract industries with various incentives, thereby bolstering economic growth and infrastructure development in the region. Source : Times of India INDIA

Noida Authority Seeks Resolution for Issues with Logix Developers

11/28/2024 11:06:00 AM

The Noida authority on Tuesday said that it has decided to write to the economic offence wing in Delhi to launch an investigation against Logix Blossom Zest realty project that allegedly failed to clear its financial dues and also didn’t deliver apartments to homebuyers. The reality firm, however, has rejected the allegations. The move comes after the authority realised that the realtor Logix Group has allegedly misused funds collected from the homebuyers. The partially completed project -- Logix Blossom Zest – is located in Sector 143. On April 8, 2024, the Noida authority allotted 100,080.98 square metre land to develop the housing project along the Noida-Greater Noida Expressway. On June 14, 2011, the authority executed the lease deed of the land. “The realty firm Logix Group has not paid the land cost dues despite repeated notices served in the past. The realty firm neither paid the land cost dues nor delivered the project to the homebuyers within the fixed deadline,” said Lokesh M, chief executive officer, Noida authority. “Apart from this, promoters of the Logix Group that include Devendra Mohan Saxena, Shakti Nath, Vikram Nath, and Meena Nath sold the apartments to homebuyers thereby creating the third party interests on this land, without bothering to clear the financial dues of the Noida authority,” the CEO added. The promoters have used the funds collected from the homebuyers for different purpose than completing the project, said the authority officials. As a result, the homebuyers are made to suffer and financial interests of the authority have been affected. “In view of these anomalies including misuse of the funds, the authority has written to the economic offence wing of Delhi to probe into accounts of the realty firm to determine where the funds have gone,” the CEO said. Refuting the allegations made by the Noida authority, Shakti Nath, promoter, Logix Group, said, “The Delhi economic offence wing has already completed its probe and there were no irregularities of any kind established.” The Noida authority, meanwhile, has also decided to take action against two other housing projects -- Lotus Zing located in Sector 168 and GSS Procon in Sector 143B. “Promoters of these two housing projects have committed irregularities in valuation of their assets in these two projects to cause financial loss to the Noida authority and also the homebuyers. Therefore, the authority has decided to file a complaint before the insolvency and bankruptcy board of India (IBBI) for suitable action as the matters are pending before the national company law tribunal,” Lokesh M added. The developers of these two projects -- Lotus Zing and GSS Procon were unavailable for a reaction on the matter despite repeated attempts. Source : Hindustan Times INDIA

Punjab Government Eases Registration of Small Plots in Illegal Colonies Without NOC for 90 Days

11/27/2024 10:35:00 AM

In a significant move aimed at benefiting property owners in Punjab, the state government has temporarily removed the requirement for a No Objection Certificate (NOC) for registering small plots (up to 500 square yards) in illegal colonies. This decision, which is valid for a 90-day period, comes as part of an effort to streamline property transactions and provide relief to residents who have already made payments or acquired plots in unauthorized areas. This move is expected to impact thousands of property owners across the state, particularly in the 14,000+ illegal colonies in Punjab, though it does not imply regularization of these colonies. To deter the development of unauthorized colonies in the future, the government has also implemented stringent penalties for those involved in the illegal development of land. With this change, the government aims to simplify the property registration process while maintaining strict checks on future land development activities​ India

Odisha Government to Amend Real Estate Laws for Easier Sale Deed Registration

11/27/2024 10:30:00 AM

The Odisha government is set to revise its real estate laws to streamline the sale deed registration process, making it more transparent and buyer-friendly. This amendment aims to separate the registration charges for apartments and common areas, preventing homebuyers from incurring unnecessary costs. Additionally, a nominal fee model inspired by other states is being considered to ease financial burdens, especially for pre-RERA projects. In another major step, the Odisha Apartment Ownership Act will enforce certification for apartment associations, empowering them to manage shared amenities more effectively. By addressing compliance issues and ensuring a clear breakdown of costs, the government is working toward a more structured and fair real estate sector in Odisha, safeguarding homebuyers’ interests and boosting confidence in property transactions​ India

Noida Authority Takes Action Against Logix Developers for Financial Irregularities

11/27/2024 10:21:00 AM

The Noida Authority has lodged a complaint with the Economic Offences Wing (EOW) of the Delhi Police against Logix Developers, accusing them of financial irregularities and fund misappropriation in several real estate projects. According to the complaint, Logix Developers allegedly diverted funds meant for ongoing projects and formed unauthorized third-party agreements without proper approvals, violating established regulations. This misconduct has left numerous homebuyers stranded, with projects either delayed or incomplete, causing financial and emotional distress. Noida Authority CEO Lokesh M. emphasized that such actions undermine the trust of homebuyers and tarnish the image of the region’s real estate market. The Authority’s move to involve the EOW signals its intent to hold developers accountable and protect the interests of investors. This action reflects the Authority’s commitment to enforcing transparency and ensuring that developers adhere to legal and financial compliance standards. The case is expected to set a significant precedent for financial discipline and accountability within Noida’s booming real estate sector, reinforcing buyer confidence and market integrity. India

Union Minister Piyush Goyal Urges CREDAI to Tackle Pollution, Build Affordable Housing, and Formalise Real Estate Sector

11/26/2024 9:31:00 AM

Union Minister Piyush Goyal, at CREDAI's 25th foundation day, urged real estate developers to adopt sustainable practices to reduce air pollution, particularly in metropolitan cities. He recommended CREDAI establish a team to study the adverse effects of construction on air quality and encouraged the use of steel and precast fabrication for faster, cleaner construction. Highlighting the need for affordable rental housing to prevent slum proliferation, Goyal assured government support in creating such projects to rehabilitate slum dwellers with dignity. The minister emphasized greater formalization in the sector, such as digital payments, EPFO enrollment, and worker benefits like ESIC, to enhance real estate's contribution to India’s GDP. He lauded RERA's role in eliminating malpractice and strengthening buyer confidence. Additionally, Goyal encouraged developers to venture into international markets and contribute to service exports. The speech reflects a holistic approach to making real estate environmentally sustainable, socially responsible, and globally competitive. India

Yeida Finalises Blueprint for New Agra Urban Centre: A Modern Hub of Tourism, Heritage, and Industry

11/26/2024 9:27:00 AM

The Yamuna Expressway Industrial Development Authority (Yeida) has unveiled the blueprint for the New Agra Urban Centre, a transformative project along the Yamuna Expressway. Spanning 105,000 hectares across 60 villages, this ambitious initiative aims to urbanise agricultural land into a thriving hub of tourism, heritage, industry, and environment. The plan includes eco-friendly industrial units, theme parks inspired by international attractions, green belts, and modern transport systems, all designed to promote environmental sustainability and enhance connectivity. With a focus on preserving Agra’s rich historical legacy, including the Taj Mahal and Fatehpur Sikri, New Agra is set to become a vibrant, modern city that balances development with heritage conservation. India

Chandigarh Administration Forms Special Panel to Explore Metro Feasibility

11/25/2024 11:52:00 AM

In an effort to enhance public transport and address growing commuting challenges, the Chandigarh administration has formed a special panel to assess the feasibility of a metro project in the city. The panel will thoroughly evaluate critical factors such as potential metro routes, project costs, and the required infrastructure. This initiative aims to explore the viability of implementing a metro system to provide residents with a more efficient, sustainable, and modern mode of transportation. With an increasing population and traffic congestion, the metro could play a pivotal role in easing travel across Chandigarh, making it a more connected and accessible city. The findings of this feasibility study are expected to shape the future of Chandigarh’s public transport system, offering a long-term solution to the city's transportation needs. India

Luxury Real Estate: The Perfect Blend of Lifestyle and Investment in India

11/25/2024 11:09:00 AM

Luxury real estate in India is witnessing unprecedented growth, attracting high-net-worth individuals (HNIs), expatriates, and upper-middle-class buyers alike. Currently valued at $38.02 billion, the sector is projected to reach $101.92 billion by 2029, growing at an impressive 21.81% CAGR. These properties go beyond traditional investments, symbolizing a lifestyle statement with stunning architecture, exquisite interiors, and eco-friendly designs. Advanced technology and sustainable practices are reshaping the segment, offering enriched experiences and aligning with modern living trends. With 61% of new projects in Delhi-NCR classified as upscale, luxury properties are paving the way for a connected, joyful, and sustainable lifestyle, ensuring both lifestyle satisfaction and attractive returns for investors. India

UP's New Registration Policy: Impact on Homebuyers and Developers in Noida & Greater Noida

11/25/2024 10:34:00 AM

The Uttar Pradesh government’s new registration policy has brought a major shift in the real estate sector, particularly in key regions like Noida and Greater Noida. Homebuyers are now required to pay a 6% stamp duty and 1% registration fee at an early stage, making the cost of homeownership more challenging, especially for middle-income families. Developers face increased compliance demands, which could lead to delayed project timelines and higher operational costs. While the policy aims to enhance transparency and accountability in real estate transactions, it also raises concerns regarding upfront financial burdens and the lack of clear refund or cancellation guidelines. This article delves into the implications of the policy for homebuyers, developers, and the overall investment sentiment in the Delhi NCR real estate market, exploring its potential to reshape the housing ecosystem in the coming months. India

J&K : Landlords Encourage to Flow Tenant Registation Guidelines

11/23/2024 12:13:00 PM

Jammu, Nov 22 (PTI) Nine cases have been registered against landlords in Jammu and Kashmir's Samba district for allegedly failing to provide details of their tenants, mostly outsiders, to the local police for verification, officials said on Friday. The verification process was initiated following several instances of anti-national elements putting up in residential areas under the guise of tenant or domestic help. "Police have registered nine FIRs against house and land owners in Samba for not providing details of tenants during a verification drive launched across the district," a police spokesman said. Samba Police conducted the drive to monitor outsiders staying as tenants or domestic helps in the region. While five cases were registered at the Samba police station, two cases each were lodged at the Ghagwal and Bari Brahmana police stations under the relevant sections of the Bharatiya Nyaya Sanhita, he added. Police verification of tenants has been made mandatory by the district magistrate, a guideline which the booked individuals failed to comply with, the spokesman said. The Senior Superintendent of Police, Samba, has also urged the citizens to submit complete details of their tenants and domestic helps at their nearest police station to ensure timely verification. Source : Economic Times INDIA

UP Cabinet Greenlights Noida Metro Aqua Line Extension for Enhanced Connectivity

11/23/2024 12:12:00 PM

Lucknow: To boost urban connectivity, the Uttar Pradesh Cabinet on Friday approved the extension of Aqua Metro Line between Noida and Greater Noida. This would help ease traffic between Sector 51, Noida, and Knowledge Park-20 in Greater Noida. UP finance minister Suresh Khanna said the extension would be 17.435 km long. The central and state govts will spend Rs 394 crore each on the project. The state govt will allocate 40% of the funds from Noida Authority and 60% from the Greater Noida Authority. In addition to this, the Cabinet also gave clearance to a proposal to include 80 villages within the Kanpur Development Authority's limits with the aim of a holistic development of the region. The implementation of the proposal will take place under the Chief Minister Urban Expansion Scheme. Another Rs 3,000 crore was cleared for the expansion of other urban areas in the state, with 50% of the funds allocated for land acquisition for nine development authorities and the Housing Development Council. The proposal to provide Rs 4,164.16 crore as seed capital to various development authorities was approved, with Rs 1,285 crore for the current fiscal year. Khanna also announced the formation of a Guarantee Redemption Fund, in line with guidelines issued by the Central Finance Commission and CAG. This fund will cover any default in payment of loans by govt departments to banks or financial institutions. The govt will create a fund with Rs 8,170 crore, with Rs 1,634 crore to be budgeted annually. The minister clarified that no department in UP is currently in default. The Cabinet also adopted amendments to the Central Act, under which Extra Neutral Alcohol will move out of the GST ambit and be included under VAT. While this will make no difference to the consumer, the state, which so far received only 50% of the tax revenue, will now get 100% of it. Power minister A K Sharma said clearance has also been given for a solar project in Bundelkhand. Currently, solar projects of 4,000 MW capacity are at various implementation stages. An 800 MW project is under construction in Chitrakoot, with energy evacuation through the Indian Govt's Green Energy Corridor. The project, which costs Rs 619.90 crore, includes two lines of 400/220 kV and 500 MVA. The Indian govt will provide a 33% capital grant, the state govt will contribute 20% equity while 47% will be funded through a loan from Germany's KfW. The Indian govt has approved projects worth over Rs 4,000 cr under the Green Energy Corridor. Source : Times of India INDIA

Himachal Pradesh to Close 18 Underperforming Tourism Hotels

11/22/2024 12:52:00 PM

The Himachal Pradesh high court has directed Himachal Pradesh Tourism Development Corporation (HPTDC) to close 18 “loss-making” The directions were issued by Justice Ajay Mohan Goel on Tuesday while hearing a petition related to retired employees of the corporation not being given financial benefits. The court has asked the HPTDC managing director to ensure compliance with the orders to close these hotels by November 25. Notably, the HPTDC operates a total of 56 hotels in the state, many of which have been running in losses for many years. The corporation has also in the past had difficulties to pay salaries and pensions and the matter of service benefits of pensioners is also pending in court. “In fact, when this court firstly took up the issue and passed a detailed order on September 17, 2024, it expected the respondents to come up with something cogent and concrete, so as to augment the resources of the tourism development corporation, but as from September 17, 2024, till the time of dictation of this order, not even a small pebble has been moved/turned by the tourism development corporation in said direction,” the court order read. “Therefore, in order to ensure that public resources are not wasted by the tourism development corporation in the upkeep of these white elephants, it is hereby ordered that the following properties shall be closed forthwith w.e.f. November 25, 2024, as running of these properties is apparently not financially viable,” it added. The court dubbed the hotels a “burden on the state” and took into consideration hotels where occupancy was less than 50%, saying, “Tourism development corporation has not been able to utilise its properties to earn profit therefrom. The continuation of the functioning of these properties but natural is nothing but a burden on the exchequer of the state and the court can take judicial notice of the fact that there is a financial crunch which is daily being propagated by the State in the matters being listed before the court involving finances.” HPTDC, in compliance to HC’s earlier orders, had presented the information related to the occupancy of its 56 hotels. Among the hotels set to be closed include, The Palace Hotel, Chail; Hotel Geetanjali, Dalhousie, Hotel Baghal, Dadlaghat; Hotel Dhauladhar, Dharamshala; Hotel Kunal, Dharamshala; Hotel Kashmir House, Dharamshala; Hotel Apple Blossom, Fagu; Hotel Chandrabhaga, Keylong; Hotel Deodar, Khajjiar; Hotel Giriganga, Kharapathar; Hotel Meghdoot, Kiyarighat; Hotel Sarvari, Kullu; Hotel Log Huts, Manali; Hotel Hadimba Cottage, Manali; Hotel Kunjum, Manali; Hotel Bhagsu, Mcleodganj; Hotel The Castle, Naggar; and Hotel Shivalik Parwanoo. The HC has allowed “skeletal staff” necessary for the upkeep of the property to be retained in the premises. The order said the corporation shall be at liberty to transfer the remaining of its employees elsewhere. The order has also asked the MD to file a compliance affidavit on the implementation of the orders related to the closure of the hotels on December 3, 2024, and submit a list of retired Class-4 employees who have not received their financial benefits. Calls to the MD did not yield any results. The hotels run by HPTDC that have showed occupancy of more than 50% include Hotel Hamir, Hamirpur; Hotel Jwalaji, Jawalamukhi; Hotel Ros Common (Old) Kasauli; Hotel Tourist Inn, Rewalsar; The Suket, Sundernagar; and Himachal Bhawan, Chandigarh. Source : Hindustan Times INDIA

Home Prices in India’s Top Cities Rise by 23%, Reaching Rs1.23 Crore

11/22/2024 12:50:00 PM

With demand for luxury homes after the pandemic escalating, there have been record new launches and sales of costlier homes across the top 7 cities. The average ticket size of homes sold in these cities was Rs 1.23 crore in the first half (H1) of the financial year 2024-25 (FY25), against Rs 1 crore in the corresponding period of FY24, a rise of 23 per cent, according to Anarock data. “Over 2,27,400 units worth Rs 2,79,309 crore were sold across the top 7 cities between April and September of 2024. Contrastingly, the corresponding period of FY24 saw 2,35,200 units worth Rs 2,35,800 crore sold,” said Anuj Puri, chairman, Anarock group. Despite a 3 per cent drop in overall unit sales, the total sales value outstripped that of a year ago by 18 per cent, clearly underscoring the unrelenting demand for luxury homes.” A deep-dive reveals that at 56 per cent, NCR saw the highest average ticket size growth – from around Rs 93 lakh in the first half of FY24 to over Rs 1.45 crore in the first half of FY25. Further, 32,315 units worth RS 30,154 crore were sold in the region in H1 of FY24; in H1 of FY25, 32,120 units worth Rs 46,611 crore were sold. While the value of sold inventory increased by 55 per cent in this period, the total number of units sold declined by 1 per cent. “MMR (Mumbai Metropolitan Region) saw no change in average ticket size in this period,” Puri said. “In H1 of FY24, the average ticket size of sold units was Rs 1.47 crore. The region saw 76,410 units worth Rs 1,12,356 crore sold in H1 of FY24, while first half of this fiscal (year) saw around 77,735 units worth Rs 1,14,529 crore sold.” Bengaluru logs 2nd highest jump in average ticket size At 44 per cent, Bengaluru witnessed the second highest jump in average ticket size among the top 7 cities — it rose from Rs 84 lakh in the first half of last year to Rs 1.21 crore in H1 of FY25. Nearly 31,440 units worth Rs 26,274 crore were sold in the city in H1 FY24. The first half of FY25 saw nearly same number of units (31,381) sold, but their total value was higher at Rs 37,863 crore. In Hyderabad, the first half saw the average ticket size of sold units at Rs 84 lakh — this increased by 37 per cent to Rs 1.15 crore in H1 of FY25. And, 29,940 units worth Rs 25,059 crore were sold in Hyderabad last year while 27,820 units worth Rs 31,993 crore were sold this financial year. Chennai saw a jump of 31 per cent in average ticket size — from Rs 72 lakh in the first half of FY24 to Rs 95 lakh in H1 of FY25. Also, 10,435 units worth Rs 7,516 crore were sold in the city in H1 of FY24, while in the first half of FY25, 9,531 units were sold, but their total sales value was higher at Rs 9,015 crore. In Pune, the average ticket size in the first half of FY24 was Rs 66 lakh — it increased by 29 per cent to Rs 85 lakh in the current financial year. Further, 43,560 units worth Rs 28,590 crore were sold in the city in the first half of FY24, while H1 of FY25 saw 40,190 units worth about Rs 34,033 crore sold. Cities Avg. Ticket Size H1FY24 (In Cr.) Avg. Ticket size H1FY25 (In Cr.) Bengaluru 0.84 1.21 Hyderabad 0.84 1.15 Chennai 0.72 0.95 Pune 0.66 0.85 Kolkata 0.53 0.61 NCR 0.93 1.45 MMR 1.47 1.47 Total 1.00 1.23 Kolkata witnessed a 16 per cent jump in average ticket size — it rose from Rs 53 lakh in H1 FY24 to Rs 61 lakh in the first half of FY25. Around 11,095 units worth Rs 5,851 crore were sold Kolkata in H1 of FY24. In H1 of FY25, around 8,620 units were sold at lower sales value of Rs 5,265 crore. Source : Economic Times INDIA

Punjab & Haryana HC Calls For Enhanced Efforts in IREO Investigation

11/21/2024 12:21:00 PM

CHANDIGARH: Punjab and Haryana high court has termed ED probe against IREO and its functionaries in money laundering cases "slipshod and unprofessional" and asked the agency's director to explain the lapses. HC took cognizance of the fact that the accused company's real estate was "conveniently allowed to be disposed of". Justice Kuldeep Tiwari passed the orders after his bench's attention was drawn to a November 6 order passed by a coordinate bench of HC, wherein one Gulshan Babbar approached HC seeking cancellation of IREO MD Lalit Goyal's bail in money laundering and cheating cases in a real estate project. HC sought the entire record of the ongoing investigation from the ED director and asked him to file a personal affidavit explaining reasons for lapses, "besides the action proposed by him, in case he finds dereliction on the part of his officials/officers". Wing Commander Natarajan Monie (retd) had filed a PIL, saying he had applied for a plot in Project IREO Waterfront in Ludhiana, but it was abandoned in 2016 by the company directors, after allegedly diverting and siphoning off around Rs 300 crore. Source : Times of India INDIA

Insolvency Proceedings Begin For Raheja Developers: A Step Toward Financial Resolution

11/21/2024 12:20:00 PM

New Delhi, Nov 20 (PTI) Raheja Developers on Wednesday moved before the appellate tribunal NCLAT to challenge the initiation of insolvency proceedings against the realty firm over default on non-delivery of its Gurugram-based Shilas project. On Tuesday, the Principal Bench of the National Company Law Tribunal (NCLT) admitted a plea filed by over 40 of its flat allottees of Sector 109, Gurugram-based projects and directed to initiate a Corporate Insolvency Resolution Process (CIRP). Moreover, the NCLT had also appointed an Interim Resolution Professional (IRP), suspending the board of the realty firm and putting it under the protection of moratorium against lenders, as per the provisions of the Insolvency & Bankruptcy Code. The NCLT has also directed the IRP to submit a report on the progress of the CIRP by January 22, 2025. The said order has been now challenged by Navin Raheja, Chairman & Managing Director of the suspended board of the realty firm before the National Company Law Appellate Tribunal (NCLAT). Raheja's petition was presented before a three-member NCLAT bench, comprising Justice Rakesh Kumar Jain, which directed it to list on Thursday for a hearing. The matter relates to the Raheja Shilas project located at Sector 109, Gurugram, Haryana, where over 40 flat buyers have claimed a default of Rs 112.90 crore against the realty firm. On Tuesday, NCLT in its order had said Raheja Developers has a "debt due and default" against the flat allottees, who had made their payments and delivery of the units was not on time and referred it to CIRP. "There is a default on the part of the CD (corporate debtor), in terms of nonpayment of the debt due (delivery of the units) against the amount raised from them under the real estate project when the debt has become due and payable," said the NCLT. The NCLT in its 29-page-long order said possession was to be given in the year 2012-2014 with a grace period of 6 months. However, it was extended further. This debt has been acknowledged via various emails, and the default is continuing, it said. The petitioners had submitted before NCLT that they have paid over 95 per cent of the total sale price and 100 per cent of all the demand made to date as per the demand letter issued by Raheja Developers in the majority of cases. However, it completely failed to deliver the possession of impugned units even within the extended schedule, as per the agreement to Sell/Flat Buyers Agreement. While defending, Raheja Developers said the delay of over four years was on account of force majeure, a situation which is beyond its control, and it was covered in the agreement. It also contended that the petitioners' number is less than 10 per cent of the total buyers, hence the petition was not maintainable. However, rejecting it, the NCLT said the plea of delay being force majeure taken by the CD shall not apply to the facts of the present case because the difficulty is beyond the control of the CD. "In this case, CD has entered into a litigation with the government department. Therefore, it cannot be termed as force majeure clause," the NCLT said, adding that "the hurdles stated by CD in its reply, affidavits, and written submissions, are not something which can be termed as the force majeure or beyond the control of CD or unforeseeable". Such statutory compliances, NOC, occupancy certificates, etc are part and parcel of such real estate projects. "These hurdles are practical situations for which CD has to come forward for the resolution and he cannot wipe off its liability by taking the defence of force majeure or the defence of illegitimate claims by government/other appropriate authorities," said NCLT in its 29-page-long order. Earlier also, insolvency proceedings were initiated against Raheja Developers in 2019 over a delay in its Raheja Sampada project. However, in January 2020, it was set aside as the delay in the project was on account of the absence of clearance by the competent authorities, which was beyond its control. Source : Economic Times INDIA

Greater Noida Authority Pushes For Cleaner Cities: Action on C&D Waste and Encrochments

11/21/2024 12:18:00 PM

NOIDA: Seeking efforts to curb plummeting pollution levels in NCR, the CONRWA wrote to the Union minister for housing and urban affairs (MoHUA), Manohar Lal Khattar, calling for joint action by the Centre and state govt. The residents wrote against dumping C&D waste construction materials in public places, asked for regular cleaning of roads by vacuum suction machines, placing air filters in chimneys of power generation plants and removal of encroachment from roads to streamline vehicular movement. "It is not only in Delhi, but the entire NCR, where the level of pollution, both PM2.5 and PM10, remains much higher than designated standards throughout the year. At present, the level of pollution, both PM2.5 and PM10, has reached the danger level in NCR . Due to this, it has become difficult for citizens to breathe, leading to adverse effects on health. Therefore, there is a need for joint action by officers of all the concerned departments to prevent pollution," wrote PS Jain, president of CONRWA in his letter to Khattar. AS Gulati, senior vice president of CONRWA, asked for a policy to trace all sources of pollution and act simultaneously to curb it. Along with the govts of UP, Delhi, Rajasthan and Haryana, a copy of the letter was also sent to the Prime Minister as well. Source : Economic Times INDIA

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