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24 - 08 - 2020
CREDAI Bengal Daily News Update | 24.08.20
Over 20 proposals worth Rs 8,594 crore of stressed NBFCs, HFCs
sanctioned: FM
The scheme, which was launched on July 1, permits both primary and secondary market
purchases of debt and seeks to address the short-term liquidity issues of non-banking
financial companies (NBFCs) and housing finance companies (HFCs).
The finance ministry on Saturday said 24 proposals worth Rs 8,594 crore of
stressed NBFCs and HFCs have been sanctioned under the special liquidity scheme announced
as part of the Rs 20.97 lakh crore 'Aatmanirbhar Bharat' package.
The scheme, which was launched on July 1, permits both primary and secondary market
purchases of debt and seeks to address the short-term liquidity issues of non-banking financial
companies (NBFCs) and housing finance companies (HFCs).
Sharing implementation status update of the Rs 30,000 crore Special Liquidity Scheme (SLS),
Finance Minister Nirmala Sitharaman in a tweet said that 24 proposals with a total sanctioned
amount of Rs 8,594 crore have been cleared as on August 21, while 17 more applications
seeking financing of up to Rs 3,684.5 crore are under process.
"The amount disbursed stood at Rs 3,279 crore as on 21.08.2020. Compared to 07.08.2020,
there is an increase of Rs 2,195 crore in the amount sanctioned & an increase of Rs 2,279 crore
in the amount disbursed," she tweeted.
NBFCs and HFCs came under stress following a series of defaults by IL&FS group firms in
September 2018.
NBFCs including microfinance institutions registered under the RBI Act, 1934 (excluding those
registered as Core Investment Companies) and any HFC registered with the National Housing
Bank under the National Housing Bank Act, 1987, which is complying with certain specified
conditions, are eligible to raise funding from this facility.
The Reserve Bank of India (RBI) has provided funds for the scheme by subscribing to
government-guaranteed special securities issued by a trust set up by SBI Capital Markets Ltd
(SBICAP).
The scheme is being implemented by SLS Trust, the SPV set up by SBICAP.
Newspaper/Online ET Realty ( online )
Date August 23, 2020
Link https://realty.economictimes.indiatimes.com/news/allied-industries/over-20-
proposals-worth-rs-8594-crore-of-stressed-nbfcs-hfcs-sanctioned-fm/77702135
The special liquidity scheme is open for three months for making subscriptions by the Trust.
Under the scheme, the government will provide an unconditional and irrevocable guarantee to
the special securities issued by the Trust.
The instruments will be commercial papers and non-convertible debentures with a residual
maturity of not more than three months and rated as investment grade.
Therefore, those market participants who are looking to exit their standard investments with a
residual maturity of 90 days may also approach the SLS Trust.
________________________________________________________________
Realtors see housing demand pick up with festive offers, stamp
duty cut
For instance, Hiranandani Group has launched an assured rental scheme for 1 bedroom
apartments at its project Regent Hill in Hiranandani Gardens Powai. The company will
offer rental of Rs 50,000 on this purchased apartment with 5% assured capital
appreciation for the next five years.
Realty developers are hoping for a fillip in the demand for affordable and mid-income housing
in the upcoming festive season after launching several offers and incentives coupled with a
possible reduction in stamp duties and current lower home loan interest rates.
Given the impact of the ongoing Covid-19 pandemic, many companies are offering discounts
with added incentives such as booking amount refunds, statutory fees waivers, cash-back
schemes, easy payment structuring and assorted freebies.
For instance, Hiranandani Group has launched an assured rental scheme for 1 bedroom
apartments at its project Regent Hill in Hiranandani Gardens Powai. The company will offer
rental of Rs 50,000 on this purchased apartment with 5% assured capital appreciation for the
next five years.
“The recalibrated economic restart has led the investor community to re-evaluate the investment
options for steady income. With festive season around the corner such assured yield generating
deals will uplift the consumer's confidence and increase the flow of property enquiries,” said
Niranjan Hiranandani, MD, Hiranandani Groups.
Realty developer Kalpataru is also launching a subvention scheme where the customer pays
10% now and nothing for the next two years.
The Wadhwa Group is offering homebuyers an option to move in ready apartments by paying
10% with no Goods & Services Tax payment. The offer is being offered at four completed and
OC received projects until September end. The company is assuring lowest price and no
payment before July 2021.
According to Wadhwa Group’s MD Navin Makhija, the company’s offer to move in now and
paying later across its projects solves customer’s current liquidity woes of paying everything
upfront.
Apart from such offers, property consultants expect a stamp duty rate cut could push sales into
the green during the festive season.
Newspaper/Online Economic Times ( online )
Date August 21, 2020
Link
https://economictimes.indiatimes.com/industry/services/property-/-
cstruction/realtors-see-housing-demand-pick-up-with-festive-offers-stamp-duty-
cut/articleshow/77677369.cms
“Apart from the obvious homebuyer benefits, the government can generate badly-needed
revenue via increased registrations after the most severe downturn in recent history. Affordable
and mid-segment properties, which are in maximum demand, would see the most traction from
such a move,” said Anuj Puri, Chairman, ANAROCK Property Consultants.
Various state governments including Maharashtra and Karnataka are considering reduction in
stamp duty rates in a bid to offer relief to homebuyers and prop up the market.
A 2-3% likely reduction in rates is expected to result in significant savings for homebuyers. For
instance, stamp duty charges in Maharashtra are 5% for key markets like Mumbai, Pune,
Nagpur and Nashik, and 6% in others.
Stamp duty rates in other major states largely hover anywhere between 5-8%, but they are lower
in Delhi, Uttar Pradesh, Rajasthan, Punjab and Haryana as they offer relaxation in stamp duty
for women buyers.
Given that the residential industry revival will necessarily be a collaborative effort involving all
stakeholders, there is anticipation that the government will provide this important nudge to what
is traditionally the period of maximum traction for the housing sector.
While the stamp duty reduction proposal is under consideration, developers believe the lower
home loan rates are also expected to prompt more end users to buy homes than depend on rental
accommodation in the backdrop of the pandemic experience.
"Of course, due to the pandemic, sales volumes are affected but users are coming back as things
are opening up. Also, home loans interest rates are at an all time low and with reduction in
stamp duty the sector should get a much needed boost as we enter the festive season," Makhija
of Wadhwa Group added. ____________________________________________________________________________________________
Over 600 of 916 EWS flats already booked: DDA
A total of 916 flats have been included in the scheme. The scheme has elicited encouraging
response and as of now 627 flats have been booked, it said.
The DDA has received a good response to its online scheme for disposal of 916 flats in the
EWS category, with 627 of those already booked, officials said on Saturday. The tentative cost
of a flat is Rs 10.89-12.29 lakh after concession, the DDA said.
"The DDA had launched an online scheme for disposal of EWS flats at Pocket- 1A Sector A1-
A4 Narela at concessional rates with 40 per cent concession on construction cost on a first come
first serve basis on August 7," the housing authority said in a statement.
A total of 916 flats have been included in the scheme. The scheme has elicited encouraging
response and as of now 627 flats have been booked, it said.
The income of the applicant in this category should not exceed to Rs 3 lakh per annum and
family income should not exceed to Rs 10 lakh per annum, officials said.
Booking amount of Rs 10,000 has been taken for a flat and it is not refundable, the statement
said.
Buyers can download demand-cum-allotment letters online from the DDA website using their
login id and password from August 28, for making timely payment as per the demand-cum-
allotment letter, it said.
"Demanded amount is to be deposited within a period of three months otherwise alloted flat will
be cancelled," the DDA said.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date August 23, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/over-600-of-916-
ews-flats-already-booked-dda/77701841
Delhi government to register construction workers from August 24
The construction work which was halted due to the pandemic has restarted and there is a
demand of workers at construction sites, elhi's Labour and Employment Minister Gopal
Rai said.
The Delhi government will launch a 15-day-long campaign starting Monday for registration
of construction workers in all the 70 assembly constituencies in the city. Delhi's Labour and
Employment Minister Gopal Rai said the construction workers may apply to get registered with
the Delhi Building and Other Construction Workers Welfare Board at these camps from August
24 to September 11.
If proper documents are furnished, the process of registration and verification will be completed
on the spot, he said.
"In each of the 70 Assembly segments, a camp will be set up in a local school for registration of
construction workers. The local MLAs, trade unions, engineers of agencies like PWD, MCD,
Flood and Irrigation department have been asked to get the workers registered at these camps,"
Rai said in a press conference.
The online registration process that was started during the pandemic will continue and the
construction workers can go to the camps for verification after applying online, he said.
The construction work which was halted due to the pandemic has restarted and there is a
demand of workers at construction sites, he said.
Rai said the Board had provided Rs 5,000 to each of the 40,000 registered construction workers
for two months during the lockdown period.
It also undertakes various welfare measures like providing financial assistance for education
and marriage of children, old age pension and accidental insurance to the registered
construction workers, Rai added.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date August 23, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/delhi-government-to-
register-construction-workers-from-august-24/77713151
UP-RERA urge state government to fix all dues to be paid at
MCLR
According to UP-RERA these recommendations if approved will help stuck or delayed
projects, financial stress of various projects and reduce the disputes between home buyers
and builders.
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has urged the state
government to direct all development authorities and housing boards to charge interest on all
dues at marginal cost of funds based lending rate (MCLR) of SBI from home buyers, promoters,
as well as group housing societies.
The recommendations have been made as per the Supreme Court's February and July 2020
order to Noida and Greater Noida authorities to restructure all dues from developers and link it
to the MCLR from January 1, 2010. For period prior to 2010, the authorities were directed to
charge as per allotment terms.
UP-RERA also impose penalties at MCLR.
According to the apex court's order, both the authorities must recalculate due amount within one
month and developers must pay 25 per cent of the dues within three months and rest of the
amount in one year. If the payment is not made within one year, the rebate will stand cancelled.
UP-RERA has hence made a similar recommendations to the state government to direct all
development authorities and housing boards to pass the same benefit to all home buyers and
developers.
In a separate letter written to chief secretary, housing and urban planning department and
industrial development authorities, UP-RERA has also recommended that all dues from April 4,
2016 of allottees of group housing and independent plots/apartments be charged at MCLR of
9.35 per cent.
According to UP-RERA these recommendations if approved will help stuck or delayed projects,
financial stress of various projects and reduce the disputes between home buyers and builders. It
will also help development authorities to recover their stuck dues
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date August 23, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/up-rera-urge-state-
government-to-fix-all-dues-to-be-paid-at-mclr/77703529
Gurugram: Volunteers help RWAs meet property tax collection
target
As soon as the announcement was made, RWAs started strategising on how they should
approach the residents to pay property tax.
A month after the municipal corporation of Gurgaon (MCG) had announced an incentive of 5%
of the total property tax collected in the area -- with a cap at Rs 50 lakh for the ward committees
and Rs 5 lakh for RWAs, two RWAs have already crossed 80% of the benchmark and five have
completed 60% of tax collection in their areas.
Tax collection in Ambience Island and Sector 30 has already reached 82% (Rs 3.7 crore) and
95% (Rs 3.77 crore) respectively. DLF-3 collected 65% (Rs 9.83 crore) of property tax,
followed by DLF- 5 at 60% (Rs 8 crore), Jalvayu Vihar at 60% (Rs 36.64 lakh), Sector 21 at
60% (Rs 1.37 crore) and Sector 54 at 55% (Rs 1.46 crore).
As soon as the announcement was made, RWAs started strategising on how they should
approach the residents to pay property tax. The RWA of DLF-2, which collected 60% of
property tax (Rs 9.79 crore) made digital posters to reach out to the residents.
As 70% of the RWA members of the DLF-2 are on Telegram, the RWA sent messages to the
residents on the platform asking them to pay their property tax in time and avail of the rebate.
The incentive announced by civic commissioner Vinay Pratap Singh for the RWAs was also
communicated to the residents.
CP Singh, general secretary of the DLF-2 RWA, said that they didn’t face any resistance from
the residents. “In fact, many people, especially senior citizens came to us and expressed their
inability to file their property tax online. They suggested that we organise camps for them. We
then contacted the MCG and got a camp organised. A team of volunteers were present at the
camp and they ensured that all precautions were taken. Some elders even brought cheques and
their tax was paid on the spot.”
He added that the RWA sent frequent reminders to the residents to pay their taxes and attend the
camp. The problem of online tax payment was also initially faced by the Qutub Enclave RWA.
Dhruv Bansal of the RWA said that after they circulated messages of online tax payment on
their society’s WhatsApp group, several residents came forward with requests to organise
Newspaper/Online ET Realty ( online )
Date August 23, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/gurugram-volunteers-
help-rwas-meet-property-tax-collection-target/77687679
camps. “We immediately organised a camp for them and also set up a team of volunteers who
were asked to approach residents. Residents then came to the community centre where the
volunteers were seated with laptops and paid property tax with their help,” Bansal said, adding
that they organised camps in DLF Phase-1, 2 and 3 where several residents came and paid the
tax.
Dinesh Kumar, zonal taxation officer-2 of MCG, said, “As soon as incentives were announced
for RWAs, they approached us to hold property tax camps. The RWAs also asked us for data of
property tax dues in their areas. We shared the data for them to know who to approach for
property tax payment. Besides the eight RWAs that have done really well, others are also
proactively working to reach the collection targets.”
________________________________________________________________
Civic bodies in Delhi plan desealing policy for residences
Desealing camps would be organised by the civic bodies and no application fee would be
charged for the purpose. This was announced by the three mayors and Delhi BJP Adesh
Gupta on Friday.
The three municipal corporations will soon be coming up with unified guidelines for desealing
of residential properties that were recently allowed to be opened by Supreme Court.
The first to benefit would be sealed stilt parking lots, which were deemed misuse and an
unauthorised construction by the monitoring committee. Desealing camps would be organised
by the civic bodies and no application fee would be charged for the purpose. This was
announced by the three mayors and Delhi BJP Adesh Gupta on Friday.
The mayor of North Delhi Municipal Corporation, Jai Prakash, said that Supreme Court had
given clarity on the jurisdiction of the monitoring committee.
“We will deseal all residential properties that were not used for commercial purposes. A
simplified process will be rolled out and owners will not have to pay the Rs 1 lakh application
fee, which was mandatory earlier. We will be setting a time limit within which officials will
have to act. After that, the properties will be deemed desealed,” he added. There are around
2,800 such properties under north corporation.
East corporation mayor Nirmal Jain said every zonal executive engineer would be made the
nodal officer for the process. “There are 559 sealed properties in Shahdara South zone and 274
in Shahdara North. The commissioner has been asked to simplify the procedure of desealing,”
he added.
Anamika Singh, SDMC mayor, said the process of gathering data had been initiated. “A scheme
will soon be launched. A common policy will soon be unveiled in consultation with law officers
and the Delhi BJP leadership,” she added.
Gupta, who was a former mayor of north corporation, said that since the beginning Delhi BJP
had opposed the monitoring committee doing work outside its jurisdiction. “The monitoring
committee was formed to prevent commercialisation of residential areas and to check misuse of
government land. Around 6,000 residential properties will benefit from desealing,” he added.
Former Delhi BJP president and MP Manoj Tiwari said for the last 10-12 years arbitrary sealing
Newspaper/Online ET Realty ( online )
Date August 22, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/civic-bodies-in-delhi-
plan-desealing-policy-for-residences/77687706
was troubling the public. He added, “We fought sealing and apprised Supreme Court about the
problems being faced by people. As a result, the court said that the sealing done in residential
areas was unjustifiable.”
Vishal Ohri, general secretary of Local Shopping Centre Federation, said their shops had been
lying sealed despite them paying the application fee and conversion charges. “We hope that the
court will also review sealing carried out in local shopping centres,” he added.
Supreme Court, while ordering desealing of residential properties, had clarified that its order did
not “at all mean to belittle the yeomen service done by the monitoring committee for protection
of Delhi”.
________________________________________________________________
New registry system will plug gaps, end corruption: Haryana
deputy CM
Dushyant indicated that Haryana has started plugging loopholes in the excise policy,
which have come to the fore with the recent liquor scam that rocked the state during
lockdown.
Haryana deputy chief minister Dushyant Chautala, who holds the portfolio of revenue and
disaster management, has claimed that the new system of registries with an upgraded software
will weed out corruption. Speaking to TOI’s Manvir Saini, Dushyant indicated that Haryana
has started plugging loopholes in the excise policy, which have come to the fore with the recent
liquor scam that rocked the state during lockdown.
What is the update on the system of registries on urban areas? What has been done to
plug the shortcomings which led to misappropriation due to registries without NOCs?
The new system to be introduced in registration is foolproof. As of now, around 90% of town
and country planning (TCP) and urban local bodies (ULB) department records have been
digitised and uploaded. The pending task is that of integrating relevant records required for
registries. We can start any day now after the records are integrated.
Registries without NOCs from the TCP and ULB department is a major issue. What has
been done as immediate measure and what are the future plans?
Such lacunae have been completely plugged in the new software. Buyers and sellers will not get
appointment until they complete the checklist of both the departments. Those in controlled areas
will now have to apply for NOC with TCP and those in urban areas have to get clearance in
terms of UID, property tax and development charges. Another benefit of the new system will be
to buyers of properties in ULB areas. Now, sellers will have to clear all the dues before selling
units. Some excise officials are being investigated and we have sought a report from divisional
commissioners for future course of action to detect past wrongs.
Incomplete revenue records lead to manipulations by revenue officials as well as those in
the real estate business. What are you doing to tackle this?
We have decided to have 3D imaging of all properties, which means that people will have
access to complete information of the unit with image. Also, with digitisation, we are aiming for
Newspaper/Online ET Realty ( online )
Date August 24, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/new-registry-system-
will-plug-gaps-end-corruption-haryana-deputy-cm/77713324
almost zero human interference or handling. We have already assigned the work of imaging
with the surveyor general of India. In areas falling under ULBs, civic bodies will allot
temporary UID of property and issue NOC after the seller clears all dues. In controlled areas,
when a person applies with TCP, the authority concerned will attend to the application within a
fortnight.
In the new system, the deputy commissioner and other officers have been given more
responsibilities. Do you think there is sufficient staff in districts or tehsils to deal with the
changed system?
Technically, we have sufficient staff at all levels but we are aiming at putting a stop to human
interaction to reduce corruption. Therefore, we will be depending on necessary technology for
the most part. But yes, we have more than sufficient manpower in revenue offices across the
state.
What is the status of action on the recommendations of SET in liquor scam allegations?
We have already started implementing recommendations or have already put things in place.
SET had given 14 recommendations.
Home minister had recommended a vigilance probe into this.
The report is with the chief secretary of the state. We have not received any communication
regarding a vigilance probe. Let me get it first. We will go through the file. Liquor stocks went
missing from the malkhana or malgodown, where the liquor seized by the police as well as
excise officials were kept. Cases have already been registered and arrests have been made. We
also plugged all loopholes in the excise policy last year — this is what the SET has also agreed
on.
It is alleged that you and the home minister are waging a cold war as you do not see eye-
to-eye on certain issues?
Not at all. We are colleagues, we sit together and discuss issues. We work as a team. Vij Sahib
is quite elder to me. We respect each other.
Aditya Devi Lal has been made president of BJP Sirsa unit. He is apparently the first
person from the Ch Devi Lal clan to get this important post in the BJP, what do you have
to say to that?
Ch Devi Lal’s clan is expanding. Choice of party or ideology is always personal. As far as his
appointment is concerned, it is good for residents of Sirsa district. But Aditya is not the first
one. Ch Partap Singh had also joined the BJP. Besides, there were other family members who
joined other parties. The clan is certainly growing and expanding.
________________________________________________________________
Pune-based builder held on charge of duping buyers of Rs 1.2 crore
The complainants alleged that Patil enrolled the building in question, Sainik Residency,
with the sub-registrar’s office in Bopodi on the basis of a forged Pune Municipal
Corporation (PMC) certificate.
The Khadki police on Friday arrested builder Kishore Patil (42) after 10 flat/shop buyers in a
building in Kalas lodged an FIR on Thursday night accusing him of duping them of over Rs
1.18 crore.
The complainants alleged that Patil enrolled the building in question, Sainik Residency, with the
sub-registrar’s office in Bopodi on the basis of a forged Pune Municipal Corporation (PMC)
certificate.
Senior inspector Ramesh Sahane of the Khadki police said, “The building’s status as an illegal
structure came to the fore after the buyers filed an RTI application following the PMC’s move
to demolish another nearby building that had been developed by Patil. On probing, the buyers
realized that their building was non-existent in the Development Plan. All the 10 complainants
got possession of their flat/shop soon after the building was developed in 2012-13.”
“We have arrested Patil on charges of cheating and forgery among other offences under the
Indian Penal Code. He will be produced before the Khadki court on Saturday for custodial
remand,” he added.
One of the complainants, Kashinath Jadhav (46) told TOI, “I had booked a flat in the building
that was demolished. Patil, instead of repaying the money, offered me a flat at Sainik
Residency. Patil then claimed that the building was legal and provided me with a sanctioned
plan sporting the seal of the PMC building permission department and a signature of its official.
I purchased a flat in 2013 and later invested in a shop on the premises of Sainik Residency as
well.”
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date August 24, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/pune-based-builder-
held-on-charge-of-duping-buyers-of-rs-1-2-crore/77687637
