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11-Dec-2019
10-Oct-2019
06-Dec-2019
CREDAI Bengal Daily News Update | 11.12.19
Newspaper/Online The Times of India(online)
Date December 11, 2019
Noida authority to soon finalise policy to recover land dues form
government offices
The amount kept accruing over the years in the form of rent arrears and compound interest.
The Noida Authority will soon finalise its strategy to recover dues from government and public sector
institutions that had been allotted plots over a decade back in the city. In a review conducted earlier
this year, it was found that 76 government establishments or public sector undertakings owed the
Authority Rs 539.48 crore.
The amount kept accruing over the years in the form of rent arrears and compound interest. The
Authority had allotted land to most of these government institutions way back in the 1990s. However,
the arrears were not collected for several years at a stretch. Since June this year, the Authority has
stepped up efforts to recover dues from defaulters under various categories.
Having sent multiple notices, the Authority had issued recovery certificates against developers, private
institutions as well as individuals in order to claim its land back. “But since government institutions
are into public service and not profit making, we thought of adopting a different approach. Closure of
government offices would cause a lot of inconvenience to public,” said officer on special duty, Indu
Prakash Singh.
In the meantime, several banks and oil companies issued notices have knocked the doors of the
Allahabad high court for relief. In the next few days, the Authority would hold a meeting to decide the
next course of action to deal with government institutions.
The list of government defaulters include banks, oil and natural gas companies as well as different
government departments. While public sector banks make up for the highest chunk, state run oil and
gas companies come second.
______________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/noida-authority-to-soon-finalise-policy-to-recover-land-dues-form-government-offices/72456477
HC directs Nagpur civic body to conduct survey of buildings without
parking areas
Before scheduling the next hearing on December 19, the bench also asked NMC commissioner
Abhijit Bangar to submit the compliance report of 14 buildings which failed to provide parking.
Questioning the Nagpur Municipal Corporation (NMC) on the basis of its survey of 787 buildings in
the city, the Nagpur bench of Bombay high court on Monday directed it to conduct a fresh survey in
congested areas like Dhantoli which lack adequate parking facilities.
A division bench comprising justices Sunil Shukre and Rohit Deo instructed the civic body to give
priority to establishments like coaching classes, restaurants and hospitals during the new survey and
submit the report within a month.
Before scheduling the next hearing on December 19, the bench also asked NMC commissioner Abhijit
Bangar to submit the compliance report of 14 buildings which failed to provide parking. The buildings
would be demolished.
Bangar was present in court after being summoned for inaction by authorities in solving the parking
and congestion problems in Dhantoli since years.
The court was hearing a fresh PIL (No. 52/2017) by aggrieved citizens of Dhantoli Nagrik Mandal
through counsels Ashutosh Dharmadhikari and Ashwin Deshpande over parking problems faced by
residents due to a large number of hospitals that have cropped up in the area. The hospitals have
misused space meant for parking by opening canteens and other services at basements.
In his affidavit filed through counsel Sudhir Puranik, the NMC chief informed the court that as many
as 65 slums with multi-storey buildings in congested and commercial areas of the city were notified by
the Maharashtra Housing and Area Development Authority (MHADA) as per the HC’s judgment in
2012 in the Manohar Bhadad versus Madhuri Walokar case where the civic body was restrained from
taking action pertaining to demolition of such property.
After the HC’s directives, the NMC filed an affidavit on February 12, 2016, stating that 576 buildings
in all the ten zones were surveyed of which 408 were found with proper parking space in accordance
with the sanctioned plan.
In 148 buildings, illegal construction/encroachment in the parking area was found. Unauthorize
construction was removed from 131 structures. The NMC had directed every zone to constitute a
special squad for demolition of unauthorized constructions. The panel comprised PWD’s deputy
engineer as its head. The other members of the panel were the junior engineer, civil engineering
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/hc-directs-nagpur-civic-body-to-conduct-survey-of-buildings-without-parking-areas/72456859
assistant and sanitary inspector.
The NMC chief pointed out that there were two planning authorities — NMC and NIT — and that the
HC had directed both authorities to comply with its directives. “The buildings within the NMC’s
jurisdiction are inspected on a regular basis. Notices were issued to those occupying parking space,”
he said.
In the last hearing, the HC censured the civic body for only issuing notices to offenders who occupy
parking space for other means in blatant violation of norms. The petitioners are praying for ending the
menace of commercial establishments in Dhantoli which was once renowned as a locality of the ‘rich
and famous’. Now, it has completely turned into a concrete jungle after many hospitals, coaching
classes and food joints cropped up in the area, primarily because of permission granted by the NMC
without verification.
A majority of them have gobbled up the parking space and are using it for other purposes in gross
violation of norms.
Many hotels lack parking space
The petitioner pointed out the absence of stipulated parking places at popular eateries on the stretch
from Panchasheel Talkies to Mehadia Square. As a result of this mess, there is severe congestion and
frequent traffic jams throughout the day.
His counsels orally named Ganesh Sagar and other popular food joints that are operating from the
basement of various commercial complexes which don’t have parking space for the vehicles. The
petitioner also highlighted the fact that due to the NMC bus depot operating from Patwardhan ground
and a private depot of buses going to the Madhya Pradesh, there is total chaos in the area, particularly
during office hours and in the evening. The Dhantoli Mandal prayed for directives to the NMC to take
pro-active steps for easing the flow of traffic from the entire area.
______________________________________________________________________________________________________
Residents slam Bengaluru civic body over penalty for not composting
waste
The Bruhat Bengaluru Mahanagara Palike’s recent drive against apartments for not composting
waste within their premises has drawn flak from residents.
The Bruhat Bengaluru Mahanagara Palike’s recent drive against apartments for not composting waste
within their premises has drawn flak from residents.
The Bangalore Apartments’ Federation (BAF), with a membership base of over 500 complexes
representing about l lakh households, slammed BBMP for its “unilateral, unreasonable and illegal
penalisation of apartments” which haven’t been able to do in-situ composting.
Vikram Rai, treasurer and solid waste management head of BAF, said, “SWM rules of 2016 call for
only waste segregation. They don’t mandate that apartments do in-situ composting, nor give the
municipality the authority to levy a fine. Section 4 (7) of the rules merely recommend in-situ
composting can be done by gated communities as far as possible, and if not, waste should be disposed
of properly.” BBMP commissioner BH Anil Kumar clarified in-situ composting is mandatory for
apartments with 50 units and above.
______________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/residents-slam-bengaluru-civic-body-over-penalty-for-not-composting-waste/72457100
Trichy civic body's property tax collection centres face internet issues
When residents approached the corporation officials at the zonal offices, they were told that the
issue has halted tax collection in other offices as well
While Trichy corporation is reaching out to residents urging them to pay property tax on time, locals
are unhappy over frequent internet connectivity outages and failure of online tax payment software at
the civic body’s tax collection centres.
Residents said for the past three days officials at the tax collection centres have been turning them
back saying the software was facing server issues.
“I visited the tax collection centre at Woraiyur three days back to pay my property tax but officials
said the payment could not be made as the server was down. Though I provided my mobile number
with the officials to alert me once it was rectified, there was no communication from the tax collection
centre,” said K Suresh, district president of AITUC.
When residents approached the corporation officials at the zonal offices, they were told that the issue
has halted tax collection in other offices as well. Same was the case at several tax collection centres in
K Abishekapuram zone.
“There was some internet connectivity issue at a few centres but tax collection progressed in other
centres. The snags will be rectified. On Monday alone, we collected Rs 85 lakh as property tax,” a
senior official with Trichy Corporation said.
The civic body said residents can pay taxes themselves at home on www.tnurbanepay.tn.gov.in
without having to visit the tax centres and plan to spread awareness on it.
The civic body had embarked on an awareness drive on Sunday urging residents to pay taxes on time
apart from informing that the hike in property tax had been rolled back by the state government.
______________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/technology/trichy-civic-bodys-property-tax-collection-centres-face-internet-issues/72455678
Nagpur civic body seeks police's help to vacate over 80 buildings
flouting norms
Many property owners ignored several reminders sent by the fire department.
The Nagpur Municipal Corporation’s fire and emergency services department has sought city police’s
help to evict 81 establishments which have not followed firefighting measures. Despite declaring
1,416 out of 3,985 high rises, commercial and industrials units unsafe, many property owners are yet
to install firefighting system.
Many property owners ignored several reminders sent by the fire department. Later, the department
invoked section 1(A) of the Fire Act and declared the buildings unsafe. It also directed the water
works department and MSEDCL to disconnect water and electricity supply to these buildings.
Under section 8 (2), the department asked owners and occupants of 892 buildings to vacate their
premises. “As response from owners towards following the guidelines of Maharashtra Fire Prevention
And Life Safety Measures Act 2006 was very poor, the department decided to take the help of
Maharashtra police under section 8 (2) B,” said a senior official from the fire department.
Recently, the department submitted a list of 81 owners of such establishments and urged the city
police to forcibly remove them from the unsafe building. “The act empowers the fire department to
comply with its directives,” claimed the officer.
According to data from the fire department, there are 3,985 buildings in corporation limits where the
owners have procured primary no-objection certificates under the act. Of them, only 935 owners have
obtained compliance certificate by installing firefighting equipment on their premises.
During inspection of the buildings, fire personnel identified firefighting discrepancies in 2,647
buildings and subsequently issued notices under section 6 of the Act to their owners.
A government housing society situated off Amravati Road too has been declared unsafe and now,
police’s help was sought for forcible vacation of the building.
______________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/nagpur-civic-body-seeks-polices-help-to-vacate-over-80-buildings-flouting-norms/72453662
NCDRC orders Three C Shelters & Orris Infrastructure to refund
buyers' money
Both the builders have also been ordered to Rs 25,000 as the cost of litigation in each complaint.
The payment in terms of this order shall be made within 45 days.
The National Consumer Dispute Redressal Commission (NCDRC) has ordered Three C
Shelters & Orris Infrastructure to refund home buyers' money alongwith 10% interest per annum from
the date of the payment till the date of refund.
Both the builders have also been ordered to Rs 25,000 as the cost of litigation in each complaint. The
payment in terms of this order shall be made within 45 days.
The order relates to two separate compalints filed by two home buyers, through their advocate Aditya
Parolia of PSP Legal, who had booked apartments in Greenopolis in 2013. The project was to be
developed jointly by the builders in Sector 89, Gurugram.
The construction was to be completed within thirty six months with a grace period of six months from
the date of allotment. However possession has not been offered till date to both the buyers.
Three C Shelters in its plea had said that it is only the land owner and Orris Infrastructure is the
developer. There is a development agreement between them and this was in the knowledge of the
buyer. As per this development agreement, 35% units are to be sold by Three C and 65% units are to
be sold by Orris.
In this background, it is to be considered that the project has been delayed by Orris and therefore,
Three C is not responsible for paying any compensation for the delay in handing over the possession,
the builder said in its plea.
The builder further stated that the High Court of Punjab and Haryana imposed a blanket ban on the use
of ground water in the region of Gurugram and adjoining areas for the purposes of construction in
2012. Hence the delay has occurred due to conditions prevailing which were beyond their control.
Orris Infrastructure on the other hand pleaded that Three C is the owner of the project and entire
amount paid by the buyer has been taken by them. Hence it is their responsibility to refund the
amount.
The consumer forum however rejected builders' appeal and said that the project has been clearly
delayed by more than two years and complainant has right to seek refund. Even if the use of ground
water was restricted, there was no ban on construction. Builders should have put its resources and
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/ncdrc-orders-three-c-shelters-orris-infrastructure-to-refund-buyers-money/72459979
managerial skills to bring water from outside and to complete the construction in time.
In the first case Three C Shelters has been ordered to refund the entire principal amount of Rs 74.38
lakh along with 10 per cent interest per annum from the date of the payment till the date of refund.
While in the second case, Orris Infrastructure has been ordered to refund the entire principal amount of
Rs 85.71 lakh along with 10 per cent interest per annum from the date of the payment till the date of
refund.
____________________________________________________________________________________________________
UP-RERA de-registers Festival City phase-I; puts Mist Direct Sales in
defaulters list
The authority has also placed Mist Direct Sales in the 'defaulters list'. The bank account for the
project has been frozen. It has also formed a committee, presided over by Balwinder Kumar,
which will decide on the completion of the project.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has ordered de-registration
of Festival City phase-I with immediate effect. The project was being developed by Mist Direct Sales,
a sister concern of Bhasin Group.
The authority has also placed Mist Direct Sales in the 'defaulters list'. The bank account for the project
has been frozen. It has also formed a committee, presided over by Balwinder Kumar, which will
decide on the completion of the project.
In March 2019, the authority had issued a show-cause notice to the builder, under section 7 of Real
Estate (Regulation and Development) Act 2016 asking it to respond within 30 days as to why the
registration of their project-Festival City phase-I be not cancelled.
The notice was issued after about 19 home buyers of the project filed complaints against the builder
saying that only 15 per cent of the construction is complete till date and the promoter has misused
buyers' money. The registration department has also arrested the promoter of Mist Direct Sales as they
have not paid stamp duty worth Rs 12 lakh, the buyers said in their complaint.
Buyers have also claimed the construction work is stuck now and there had been changes in building
plan as well.
UP-RERA found that the builder has not given quarterly update about its project on authority's website
while the information given are also incomplete. The technical advisor of the authority in February
2019 said that the project which started in 2012 has Ground+26 floors and about 50 per cent project is
complete.
The builder had claimed that the project will be complete by 2022 as per the deadline given to UP-
RERA.
In April 2019, promoters in their clarification had said that Bhasin Group will complete the project by
March 2020 and had further invested Rs 16.22 crore in the project. They further said that the delay
was on par of Mist Avenue who was the co-developer in the project. But now the agreement has been
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/up-rera-de-registers-festival-city-phase-i-puts-mist-direct-sales-in-defaulters-list/72461083
terminated and the construction has been handed over to its sister concern Mist Direct Sales.
In May 2019, the builder informed that total expected cost to complete the project is Rs 373.83 crore
out of which Rs 157.90 crore has been invested so far. The builder offered to sell its Delhi-plot for Rs
45 crore while the rest will be arranged from banks/financial institutions/NBFCs.
During the same month, Bhasin Group further informed that they will arrange Rs 165 crore by selling
a plot situated in Greater Noida owned by its subsidiary Dhumketu Builders and Developers. They
also gave an affidavit of immediate investment of Rs 3 crore in the project. The builder further assured
that all the money will be kept in an escrow account and will be used only for the completion of the
project.
UP-RERA had then postponed its deregistration order for four months asking builder to give the
update in October 2019. It also formed a concillation committee presided over by RD Paliwal to look
after the progress of the project.
Concillation committee in Novermber 2019 presented its report which stated that the builder has failed
to open an escrow account and inform about the same to UP-RERA. They have also failed to construct
the project as per the plan proposed by them.
______________________________________________________________________________________________________
Union Bank of India cuts MCLR by 5-10 bps
One-year MCLR now stands at 8.20 per cent, down from 8.25 per cent, the public sector bank
said.
Union Bank of India on Tuesday said it has cut one-year MCLR rate to 8.20 per cent, down 0.05
percentage point. Union Bank of India has reduced marginal cost of funds-based lending rate (MCLR)
by 5-10 basis points (bps) across all tenors, it said in a release.
One-year MCLR now stands at 8.20 per cent, down from 8.25 per cent, the public sector bank said.
Overnight MCLR has been reduced by 10 bps to 7.75 per cent.
The one-month to six-month tenor MCLRs have been cut in the range of 7.80 to 8.05 per cent, it said.
Revised MCLR rates will be effective from December 11, the bank said.
The Reserve Bank in its bi-monthly monetary policy review last week had kept the key repo rate
unchanged at 5.15 per cent.
Following this, several public sector banks including the largest lender SBI, followed by Bank of
Baroda, Bank of India, among others, announced reduction in MCLR which will bring down the cost
of loans such as auto and home for consumers.
One-year MCLR is the benchmark to price most of the consumer loans.
______________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/allied-industries/union-bank-of-india-cuts-mclr-by-5-10-bps/72465738
Park Hotels plans public issue to raise Rs 1,000 crore
ICICI Securities and JM Financial are managing the issue. The company aims for a listing by
April 2020.
The Park Hotels, managed by the Apeejay Surrendra Group, is planning a Rs 1,000-crore maiden
public share sale and will file the initial document, called the draft red herring prospectus, for the issue
with the capital markets regulator later this month, said two people aware of the development.
According to one of the persons cited above, the company which runs luxury boutique hotels across
the country, is planning to raise Rs 500 crore through a primary issue and the remaining Rs 500 crore
via an offer for sale.
ICICI Securities and JM Financial are managing the issue. The company aims for a listing by April
2020.
Promoters of the company own a tad more than 90 per cent and they plan to divest 20 per cent in it,
said one of the persons cited above.
The Park Hotels currently runs 25 properties, including 12 under a sub-brand called Zone by The Park.
It is developing two properties under The Park brand in Indore and Pune and 10 more under Zone in
locations such as Tirupati, Dimapur and Srinagar.
It has signed a contract with the West Bengal government to manage a property called The Denmark
Tavern established in 1786 as a Danish storehouse of flagstaff and cannons and restored from the ruins
in 2010-11.
The Park has also taken up the management of a 150-year old mansion in Chettinad, Tamil Nadu. It
owns 50 per cent of its properties and is under management contracts for the rest.
The company started in 1967 with a property in Park Street, Kolkata, where it got its name. For the
first 20 years, it opened just three properties in Kolkata, Visakhapatnam and New Delhi.
After the current chairperson Priya Paul joined the company in 1988, it established itself as a so-called
design-led boutique hotel brand, stepped up its expansion, took up management contracts, launched
and rapidly added properties under the Zone sub-brand.
The company had a turnover of Rs 416 crore in FY19, up 10 per cent on year, according to documents
filed with the Registrar of Companies. Its net worth stood at Rs 589 crore at the end of FY19, up a bit
from last year. Debt totaled Rs 485.2 crore.
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/hospitality/park-hotels-plans-public-issue-to-raise-rs-1000-crore/72456371
The company earned 57 per cent of its revenue from accommodations while the remaining 43 per cent
came from food and beverage sales in FY19. The split was 60:40 in FY18, meaning food and beverage
sales have grown as contributors to revenue.
The Park follows Lemon Tree Hotels, which went public in March 2018 and Chalet Hotels that listed
in January this year. Lemon Tree had a market cap of Rs 4,773 crore as of Monday’s closure on the
Bombay Stock Exchange whereas Chalet has a market cap of Rs 6,815 crore.
______________________________________________________________________________________________________
Brazil-based Mitre Realty files for IPO
Proceeds raised from the primary offering will be used to buy land and pay down construction
costs and other operating expenses, according to the document.
Brazilian real estate builder and developer Mitre Realty has filed for an initial public offering,
according to documents registered with the country's securities commission (CVM).
The Sao Paulo-based firm, which specializes in property aimed at mid- to high-income earners, will
include primary and secondary share offerings in the deal which will be managed by Itau BBA, BTG
Pactual and Bradesco BBI.
Proceeds raised from the primary offering will be used to buy land and pay down construction costs
and other operating expenses, according to the document.
______________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/brazil-based-mitre-realty-files-for-ipo/72455865
Canada: Value of building permits fell by 1.5% in October
The value of building permits were down in five provinces, with British Columbia recording the
largest decrease.
The value of Canadian building permits fell by 1.5% in October from September, Statistics
Canada said on Monday.
The residential sector saw lower intentions for both the single-family and multi-family components,
while the institutional component of the non-residential sector saw an increase.
The value of building permits were down in five provinces, with British Columbia recording the
largest decrease.
Month on month (%) Oct Sep(rev) Sep(prev) Total -1.5 -5.9 -6.5 Residential -3.2 -10.5 -10.7 Non-
residential +1.1 +2.1 +0.9
NOTE: Analysts surveyed by Reuters had expected an increase of 3.0% in the value of building
permits in October. All figures are seasonally adjusted.
______________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date December 10, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/canada-value-of-building-permits-fell-by-1-5-in-october/72455993