27-June-2019 · Under the agreement with Godrej & Boyce, Godrej Properties pays 10-15% revenue of the project to the land owner. Godrej Properties was essentially formed not just
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27-June-2019
Page 1 of 25
CREDAI Bengal Daily News Update | 27.06.19
Lodha battles bond slump amid cash crunch
Lodha‟s 2020 dollar-denominated notes have fallen to a record low this month.
India‟s property tycoon Mangal Prabhat Lodha‟s company just can‟t catch a break in the bond
market as liquidity risk has roared back amid stress in the sector.
Lodha Developers International Ltd.‟s 2020 dollar-denominated notes have fallen to a record low this
month, according to Bloomberg prices going back to August 2016. That reflects deepening problems
in the country‟s real-estate sector which is facing a funding crunch on top of lackluster home sales,
climbing inventories and declining prices.
The developer‟s 12% notes have slumped more than 14 cents to 82.9 cents on the dollar since May 2,
when Moody‟s Investors Service revised parent company Lodha Developers Ltd.‟s outlook to
negative, citing weakening liquidity. Fitch Ratings also changed its outlook to negative last month.
The debt problems may rein in founder Lodha‟s attempts to take his company public and hurt his
leading position in the South Asian nation‟s real-estate market. His wealth was estimated at about
271.5 billion rupees ($3.91 billion), according to the GROHE Hurun India Real Estate Rich List
released last year, making him India‟s richest developer at the time.
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/lodha-battles-bond-slump-amid-cash-crunch/69958493
Page 2 of 25
There was no immediate reply from Lodha Developers to an emailed request for comment.
Indian property companies, which have been increasingly relying on shadow banks for borrowing,
are struggling to roll over debt as the lenders themselves are facing a cash squeeze, raising prospects
of a wave of defaults. The problems have worsened in recent weeks as non-bank financier Dewan
Housing Finance Corp. had its rating cut to default.
Lodha Developers‟ cash and operating cash flow will be “insufficient” to meet 69 billion rupees of
debt repayments due this financial year, Fitch wrote in its May note. “A failure to execute its
refinancing plan may result in the rating being downgraded by one or more notches.”
The real-estate company is developing the Trump Tower in India‟s commercial capital Mumbai.
Shadow lender Piramal Capital & Housing Finance Ltd. said last month that it planned to cut its
exposure to Lodha Developers by Rs 1,200 crore even after the Mumbai-based developer sold 28%
of its London arm earlier this year to pare debt and planned further stake sale. The firm is also trying
to monetize projects in India to meet refinancing needs.
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Page 3 of 25
Delhi: TDI Infrastructure booked for duping buyers
According to the police, the complainant alleged that the builder sold them plots which were
never owned by the company.
The Economic Offense Wing of the Delhi Police on Wednesday booked infra company TDI
Infrastructure for allegedly duping two people to the tone of Rs 40 lakh for over a decade.
According to the police, the complainant alleged that the builder sold them plots which were never
owned by the company.
Additional Commissioner of Police (Economic Offense Wing) Suvashis Choudhary told IANS that
the builder has been accused of pretending to own the plots and later selling them to innocent
buyers.
"We have filed two FIRs in which the complainant alleged that TDI builders proposed them plots in
the TDI City projected in Haryana's Kondli area," Choudhary told IANS.
In one of the FIRs, the complainant, identified as Charan Singh Verma, alleged that he had purchased
a 250 square yard piece of land in the said township and paid Rs 17 lakh for the same in 2009.
He was supposed to pay Rs 2 lakh more after getting the possesion of the land. According to Charan,
when he visited the site after a few days, he came to know that the site was neither owned by the
builder, nor did the builder have any permission to develop a township in the area.
Charan then contacted the builder and asked for a refund, which he is yet to receive.
In another FIR, a lady alleged that she had paid a sum of Rs 21 lakh to the builder for a 350 square
yard plot in the same township in 2005. However, she has not got possession of the land till date. She
added that the plot was not owned by the builder and repeated attempts to get the deposit money back
didn't yield any result.
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Newspaper/Online ET Realty (online)
Date June 27, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/delhi-tdi-infrastructure-booked-for-duping-buyers/69966951
Page 4 of 25
Godrej company may rework pacts after rift over land
Concentration of the family‟s land holding in Godrej & Boyce and its commercial exploitation
by Godrej Properties.
The Godrej family, which controls the eponymous soaps-to-aerospace group, is discussing ways to
rework certain family agreements after differences cropped up among members over development of
land holdings owned by Godrej & Boyce.
The crux of the issue appears to be the concentration of the family‟s land holding in Godrej & Boyce
and its commercial exploitation by the group‟s listed arm Godrej Properties, two officials close to the
development said.
While the Jamshyd Godrej family faction is believed to be against excessive development, Adi and
Nadir Godrej would like the land to be developed. It is also important for them as Godrej Properties
is a listed company and has stated publicly its intention to be a big developer in Mumbai.
“The strategy is largely undisputed but more clarity has been sought on it by Jamshyd whose children
are now not in active roles,” one of the officials said. Navroze, son of Jamshyd Godrej and heir
apparent at Godrej & Boyce, has relinquished his role as executive director, paving way for the
elevation of cousin Nyrika Holkar to a leadership role.
A group spokesperson said both sides of the family will issue a statement on Thursday. “Some talks
have taken place. It‟s a complicated structure. Godrej & Boyce is closely held by the Godrej family
which owns tracts of land,” another person involved in the negotiations said, on condition of
anonymity.
The family has sought the help of outside advisers to help them understand and navigate the tricky
process of changing these pacts and making new ones, people familiar with the development said.
Agreement with Godrej & Boyce
Kotak Mahindra Bank CEO Uday Kotak, JM Financial chairman Nimesh Kampani and Cyril Shroff
of Cyril Amarchand Mangaldas are believed to be helping the family untangle the situation.
Godrej & Boyce owns more than 3,400 acre land parcel in Mumbai, the country‟s most expensive
property market. Over 3,000 acre of this land is in Vikhroli suburb, while the rest is in the suburbs of
Bhandup and Nahur. Godrej Properties, the group‟s real estate arm, has been developing these land
parcels through a development management agreement.
Family patriarchs Adi and Nadir Godrej control the group‟s three listed companies — Godrej
Consumer Products Ltd (GCPL), Godrej Properties and Godrej Agrovet. Godrej & Boyce, the
Newspaper/Online ET Realty (online)
Date June 27, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/godrej-company-may-rework-pacts-after-rift-over-land/69966965
Page 5 of 25
holding company of the Godrej Group with more than a dozen diverse business divisions including
aerospace, consumer, office and industrial products, furniture and appliances, is owned by all family
members with Jamshyd Godrej as its chairman.
The family‟s trust also owns 8.66% in Godrej Industries, which in turn holds 53.65% in Godrej
Properties and 23.75% in GCPL. The Jamshyd Godrej controlled Godrej & Boyce holds 4.64% in
Godrej Properties and 7.34% in GCPL.
The mediators from both sides are still trying to understand the various points of views and the assets
owned by Godrej & Boyce group, the person citied above added. “Nothing has been decided yet.
Hopefully, it will be resolved amicably. The family is old school and will not look at approaching the
courts for resolution,” he said.
Page 6 of 25
Under the agreement with Godrej & Boyce, Godrej Properties pays 10-15% revenue of the project to
the land owner. Godrej Properties was essentially formed not just to monetise the land holding but
also the Godrej brand. Pirojsha Godrej, Adi Godrej‟s son, is the current executive chairman of the
company.
Godrej Properties‟ umbilical cord is strongly attached to Godrej & Boyce. It had entered into an
agreement with the flagship to act as its development manager for “some of its lands and has entered
into limited liability partnership agreements with Godrej & Boyce and Godrej Industries for the
development of certain real estate projects”, the real estate developer said in its prospectus at the time
of its initial public offering. “These transactions in the present and future may potentially involve a
conflict of interest which may adversely affect our business or harm our reputation,” it had warned
then.
Nearly a decade ago, the family run conglomerate set up a separate body as family board to serve as
counsel for growth and deftly handle the tricky issue of succession. Over the past few weeks, the
family business board has discussed these issues regarding redevelopment of land parcels and
whether there is a need to tweak the existing agreement, two officials aware of the situation said.
“The active participation of the next generation in the businesses also has necessitated a relook at
group strategies and plans. The boards have discussed the matter a couple of times already and
sought help from external legal luminaries best placed to advise them,” said an official.
The family business board is led by group chairman Adi Godrej and includes his brother Nadir,
cousin Jamshyd and brother-in-law Vijay Crishna. The fourth generation of the family, which
includes the children of Adi, Jamshyd, Nadir and Crishna who are past 18 years, attend meetings as
invitees.
“When a promoter has a family constitution and family agreement, it always encompasses clauses
regarding potential or future disputes within family and how to deal in such situations,” said Mita
Dixit, co-founder, Equations Advisors, a family business advisory firm. “Due to such clauses, the
dispute gets settled within a family with the help of mediators and hence chances of bitter litigation
get substantially reduced.”
Also, Mangrove forests occupy a significant part of this land and cannot be developed. The
industrialist family had acquired this land parcel in eastern suburbs of Mumbai from the Bombay
High Court receiver in the early 1940s. The British East India Company had allotted this land to a
Parsi merchant in 1830s. Godrej also acquired more plots adjoining this land parcel later. The group
also holds land parcel in few more Indian cities including Hyderabad.
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Page 7 of 25
Lt Governor launches Delhi RERA portal
"Launched official portal of RERA, Delhi (https://rera.delhi.gov.in ). The website will help
promote transparency & accountability in real estate sector.
Lt Governor Anil BaijalMonday lunched the official portal of RERA Delhi and saying it will
promote transparency and accountability in the real estate sector. The Government of India has
implemented the Real Estate (Regulation and Development) Act 2016, RERA, to check malpractices
in the sector. The Act came into force on May 1, 2017.
"Launched official portal of RERA, Delhi (https://rera.delhi.gov.in ). The website will help promote
transparency & accountability in real estate sector. Advised to provide an interactive forum for
knowledge sharing with other RERAs... I congratulate the RERA team for the initiative," the L-G
tweeted after the launch.
The RERA Act aims to reform the real estate sector in the country, encouraging greater transparency,
citizen centricity, accountability and financial discipline.
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Newspaper/Online ET Realty (online)
Date June 27, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/lt-governor-launches-delhi-rera-portal/69966899
Page 8 of 25
DHFL to soon complete full stake sale in two subsidiaries
The company has resorted to various modes of fund mop-up including selling stake in
subsidiary firms to meet its debt obligations.
Dewan Housing Finance Corporation Ltd (DHFL) Wednesday said it will shortly divest its full
stakes in subsidiary firms DHFL Pramerica Asset Managers and DHFL Pramerica Trustees. The non-
banking finance company has been facing liquidity crisis and has recently defaulted on its repayment
obligations.
The company has resorted to various modes of fund mop-up including selling stake in subsidiary
firms to meet its debt obligations.
The Securities and Exchange Board of India (Sebi) vide its letters on June 25, 2019 addressed to
DHFL Pramerica Asset Managers Pvt Ltd (DPAMPL) has granted its prior approval for proposed
change in controlling interest of DPAMPL and for amendment in trust deed, subject to certain
conditions, DHFL said in a regulatory filing.
DHFL has already entered into binding term sheet with PGLH of Delaware Inc (Prudential) for
divestment of its stake entire shareholding of 50 per cent in DPAMPL (17.12 per cent being held
directly and 32.88 per cent being held by its wholly owned subsidiary, DHFL Advisory &
Investments Pvt Ltd).
The term sheet agreement also applies for selling DHFL's entire shareholding of 50 per cent in
DHFL Pramerica Trustees Pvt Ltd (DPTPL).
Further, the share purchase agreements for the said transactions has also been executed by the
company.
"The divestment of the company's entire shareholding in DPAMPL and DPTPL to Prudential is
expected to be completed shortly," it said in the filing.
In a latest, the company Tuesday defaulted on 60 per cent of principal repayment on its commercial
papers worth Rs 375 crore.
The company had said that it defaulted on principal repayment on Commercial Papers (CPs) worth
Rs 225 crore, while the payment on rest of Rs 150 crore (40 per cent) was done.
DHFL also said the balance of Rs 225 crore will be paid once the surplus cash flow position
improves over the next couple of days.
Newspaper/Online ET Realty (online)
Date June 27, 2019
Link https://realty.economictimes.indiatimes.com/news/allied-industries/dhfl-to-soon-complete-full-stake-sale-in-two-subsidiaries/69966931
Page 9 of 25
Its shares closed 5.77 per cent up at Rs 79.75 apiece on the BSE.
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Page 10 of 25
PE investments up 26% at $3.9 billion in the first half of 2019
According to the report, Mumbai, India‟s financial capital, accounted for 27% of total inflows,
garnering roughly $1.05 billion of investments.
Private equity investment in the first half of 2019 witnessed a jump of 26% as compared to the same
period last year. The rising confidence of institutional investors saw funds investing $3.9 bn across
India‟s grade A offices, retail properties and the warehousing segment, said Colliers International.
According to the report, Mumbai, India‟s financial capital, accounted for 27% of total inflows,
garnering roughly $1.05 billion of investments. This was followed by Pune that saw investments rose
tenfold to $237 million in H1 2019.
“We expect investments in 2019 to create a new record, led by the commercial office sector, even as
foreign investors hone their focus on the retail and logistics sectors,” said the report.
During the first six months of the year, investments in commercial office assets accounted for 42%
share of total investments “The sector is at an inflection given the 3Rs - Reforms, REITs, and Results
of the recently concluded elections. The year 2019 will see the bulls at play, with phenomenal capital
influx in the office and logistics space”, says Suresh Castellino, Executive National Director, Capital
and Investment Services at Colliers International India.
The year 2019 began with several large-ticket deals in the real estate sector, which is expected to
continue well into the second quarter. During the first six months of the year, investments in
commercial office assets accounted for 42% share of total investments, while retail investment was at
$1.2 billion, mentioned the study.
“Foreign investors are placing their bets on India, led by a strong surge in the commercial office
demand, policy and reforms initiated by the government. We foresee the current year to create a new
record for investments in real estate, with investors viewing retail and logistics assets favorably in
addition to commercial office assets”, says Megha Maan, Senior Associate Director, Research at
Colliers International India.
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Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/pe-investments-up-26-at-3-9-billion-in-the-first-half-of-2019/69954487
Page 11 of 25
JM Financial ARC says acquired Unitech's loan in 2016; no new debt
taken over
The funds were disbursed by JM Financial ARC over a period of time from the date of taking
over their debts, it further said.
Asset restructuring firm JM Financial ARC Wednesday said it had taken over Unitech's loan from a
financial institution in November 2016 and no new debt of the realty firm has been acquired
thereafter by it.
The company disbursed some funds over a period of time to help Unitech restart/complete certain
projects, JM Financial ARC said in a statement.
"JM Financial ARC had taken over debts pertaining to Unitech Group from a financial institution in
November 2016. As part of restructuring of the debts so taken over, some funds were provided to
them to help them restart/complete certain of their projects," the statement said.
The funds were disbursed by JM Financial ARC over a period of time from the date of taking over
their debts, it further said.
JM Financial ARC has taken over debts and provided additional loans as a lender and has not taken
over projects, it said adding that the asset restructuring firm does not control or manage the projects.
The Gurugram-based developer had 74 pending real estate projects, comprising 16,500 housing
units, in August 2017, when its two managing directors Sanjay Chandra and Ajay Chandra were
arrested.
In the last two years, the company has completed about 22 projects comprising 4,000 units, while 52
projects are still incomplete, according to sources.
Chandra brothers were arrested after some homebuyers dragged the company and its directors to
court for non-delivery of their apartments and sought refund.
A bail application was filed before the Supreme Court, but the apex court had directed Unitech to
first deposit Rs 750 crore in the registry. The realty firm has so far deposited about Rs 480 crore.
To secure bail of its two directors, Unitech is in process of monetising its land bank to raise funds
and deposit the same with the registry, they added.
Newspaper/Online ET Realty (online)
Date June 27, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/jm-financial-and-suraksha-arc-to-take-control-of-23-realty-projects-of-unitech/69961348
Page 12 of 25
Godrej Properties plans Rs 2,100-crore QIP issue, promoters to pare
10% stake
The company in an exchange filing said it had fixed the floor price for the issue at Rs 928,
which is a 5.8 percent discount to Tuesday's closing price of Rs 982 a share.
Realty player Godrej Properties is planning to raise up to Rs 2,100 crore through a share sale to
institutional investors.
The company in an exchange filing said it had fixed the floor price for the issue at Rs 928, which is a
5.8 percent discount to Tuesday's closing price of Rs 982 a share. But did not disclose the amount it
is planning to raise.
The city-based developer company also informed BSE that its board will again meet on June 28 to
finalise the date of the issue as well as the issue price.
The promoter Godrej family's holding in the company will get diluted by 10 percent after post-the
qualified institutional placement, according to i-banking sources.
Even though an exact quantum of the shares to be sold is not disclosed, the sources said the company
is planning to raise up to USD 300 million from the issue.
"As per the listing obligations and disclosure requirements of the Sebi, the board is scheduled to meet
on June 28 to consider and approve the issue price for the qualified institutional placement," Godrej
Properties said in the filing Tuesday.
It can be noted that on April 30, the company had said it got the board approval to raise up to Rs
2,500 crore through various instruments, including a QIP issue.
The Godrej Properties counter closed over 2.2 percent up on the BSE at Rs 982 on a day when the
benchmark rallied 0.80 percent.
If the company retains the issue price Rs 928 a share, it will be at a 5.8 percent discount to the
closing price Tuesday at Rs 982.
As per the Sebi norms, the issue price normally is arrived by taking the average trading price of the
share in past 15 trading sessions. But the issuer can lower the price depending on the market
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/godrej-properties-plans-rs-2100-crore-qip-issue-promoters-to-pare-10-stake/69955958
Page 13 of 25
sentiment closer to the issue date.
Bank of America Merrill Lynch, Axis, CLSA and Kotak are joint book running leading managers for
the issue.
In FY19, the company's income rose 57 percent to Rs 3,236 crore, while profit jumped to Rs 253
crore from Rs 87 crore in FY18.
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Page 14 of 25
Illegal commercial buildings demolished in Coonoor
The buildings were constructed on the land classified as „water channel poramboke‟ belonging
to the department.
Revenue department officials on Tuesday demolished 42 commercial buildings on a poramboke land
near the Coonoor Bus Stand.
The buildings were constructed on the land classified as „water channel poramboke‟ belonging to the
department.
“As per a high court order, buildings constructed on water channel poramboke are highly
objectionable and authorities concerned should take action to remove the constructions,” Coonoor
revenue divisional officer (RDO) Ranjith Singh told TOI. “We identified 55 buildings constructed
illegally on the water channel close to the Coonoor River running adjacent to the bus stand and TTK
Road. The building owners were issued notices . Many approached the HC. But the appeals were
duly rejected. They then moved the revenue secretary, but in vain. For the other 13 illegal buildings,
cases are pending in the court,” said the RDO.
Most of the buildings were over 50 years old and some of them were three-storeyed, the official said.
“Many shopkeepers appealed to the Nilgiris district collector, but the appeals were rejected.”
The demolition drive, which used three earthmovers, started at 6am. Municipal and TNEB officials
oversaw the drive. Water and power connections were disconnected before it began.
“Coonoor lacks a parking lot. The cleared area could be used as a parking area in future,” the RDO
said.
Apart from the commercial buildings, there are over 200 houses on the slope of the water channel.
“The 200 families will be shifted soon as they have been roped in with the slum clearance board. A
housing scheme for them is getting ready,” the official added.
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Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/commercial/illegal-commercial-buildings-demolished-in-coonoor/69958478
Page 15 of 25
Six months more to regularize illegal buildings in Tamil Nadu
The housing and urban development department passed the extension order last Friday, when
the fourth extension for the amnesty scheme lapsed.
The Tamil Nadugovernment has extended the deadline to regularise unauthorised buildings — built
on or before July 1, 2007 — by another six months. Applications can be submitted on or before
December 21, 2019.
The housing and urban development department passed the extension order last Friday, when the
fourth extension for the amnesty schemelapsed. The Madras high court had passed an interim order
in 2017 on a petition that applications for regularization may be entertained and proceeded, but no
final decision should be taken. “Because of the uncertainty, a lot of people have not applied, as they
have to pay the regularization fee along with the application. Unless they are sure that the scheme
will come through, they are not going to pay the fee,” said an official.
The response for the scheme has not been impressive. Chennai Metropolitan Development Authority
received only 4,000 applications, while the directorate of town and country planning got 1,000
applications to regularize such buildings. Given the uncertainty over the scheme, the officials
justified its extension till the matter was taken up by the court.
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Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/six-months-more-to-regularize-illegal-buildings-in-tamil-nadu/69956605
Page 16 of 25
Agra realtors oppose steep hike in circle rates
K.C. Jain, President of Real Estate Developers and Colonisers Organisation (REDCO) said:
"The property business is already in dumps and facing a serious crisis. If Circle Rates are
revised upwards, the move will sound the death knell of this sector."
Builders and realtors in Uttar Pradesh's Agra have opposed the proposed hike in Circle Rates of land
in the Taj city.
In memorandums and petitions to government agencies, they pleaded for a review and postponement
of any decision that would adversely affect the growth of this vital sector.
K.C. Jain, President of Real Estate Developers and Colonisers Organisation (REDCO) said: "The
property business is already in dumps and facing a serious crisis. If Circle Rates are revised upwards,
the move will sound the death knell of this sector."
A large number of incomplete projects are waiting for buyers. City flats are lying vacant as there are
no buyers. Even hotels and hospitals are not coming up due to restrictions on construction in the Taj
Trapezium Zone, members of the REDCO said.
States like Madhya Pradesh and Haryana have reduced Circle Rates to boost the sagging real estate
business so why are we being punished, they asked.
__________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/agra-realtors-oppose-steep-hike-in-circle-rates/69957909
Page 17 of 25
Online bid for 259 residential plots in Noida to be held July 19-23
In December 2018, the Authority held online auction for the sale of land and around 440 plots
across sectors 12, 31, 33, 39, 47, 48, 49, 51, 52, 55, 70, 72, 93B, 99, 100, 105 and 122 were to be
sold.
The Noida Authority is going to hold online auction of 259 residential plots in the developed sectors
from July 19 to 23. While most plots in the area have already been allotted, the ones to be auctioned
are unsold/vacant till now.
Since Noida hardly has any land to sell, the auction is being seen as a means to generate revenue.
The officer on special duty, Noida Authority, Avneesh Kumar said: “Only those people or applicants
who would have applied for the plots till July 8 and completed all requisite online formalities, would
be eligible to take part in the auction.”
In December 2018, the Authority held online auction for the sale of land and around 440 plots across
sectors 12, 31, 33, 39, 47, 48, 49, 51, 52, 55, 70, 72, 93B, 99, 100, 105 and 122 were to be sold. This
time, the auction will include some plots that were part of the previous lot but remained unsold.
While the plot sizes vary from 100 sqm to 500 sqm, the price range is from Rs 55,000 per sqm to Rs
1 lakh per sqm. While rates in Sector 44 are highest, sector 122 has the lowest price.
Applicants for the residential plot scheme had to register themselves and obtain a user identity
number and password and file necessary documents details between June 17 and July 8.
________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/online-bid-for-259-residential-plots-in-noida-to-be-held-july-19-23/69951912
Page 18 of 25
Sewage plant norms being violated, say Noida residents
The residents from Pan Oasis society in Sector 70, Paramount Golf Foreste society, and
UPSIDC site C also demanded action from the authority on untreated water from STPs.
A day after the Uttar Pradesh Pollution Control Board‟s district pollution centre issued a report on
seven highrises flouting sewage treatment plant (STP) norms, residents of more apartments in
Greater Noida have complained about the same issue.
The residents from Pan Oasis society in Sector 70, Paramount Golf Foreste society, and UPSIDC site
C also demanded action from the authority on untreated water from STPs.
The sewage water is dumped in the neighbouring green belts, which kill the plants, they said.
“I am a resident of Pan Oasis society in Sector 70. The STP in our society is not working to its full
capacity. All STP norms are being violated in terms of requisite discharge of chemical oxygen
demand and biological oxygen demand levels. The sewage water is being pumped by the builder into
the adjoining green belt without qualms,” said Shambhu Sharan.
“It is affecting the health of the residents. Further, this is a breeding ground for mosquitos,” he said,
adding that no action has been taken by the authorities, despite MP Mahesh Sharma taking
cognisance of their complaint.
A similar problem was reported by Mohit Agrawal, a resident of Paramount Golf Forest Society, in
Greater Noida. “The STP built under the children‟s park is not sufficient. Dirty, untreated water from
the STP is released in the park,” said Agrawal.
The apartment complexes do not have designated resident welfare associations (RWAs).
President of Noida Federation of Apartment Owners Association, Rajiva Singh said since operations
of STPs have a lot of inherent challenges, first-time defaulters should be exempt from fines or
penalties.
“We need more education in the matter that should be imparted to the residents and various
Apartment Owners Associations so that corrections can be made in their system. However, for
regular defaulters, action should definitely be initiated,” said Singh.
__________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/sewage-plant-norms-being-violated-say-noida-residents/69960248
Page 19 of 25
Bihar UDH department sanctioned 2.39 lakh housing units for urban
poor
“Around 21,278 houses have been completed and 1,02,936 are under construction,” Chaitanya
Prasad, principal secretary UDHD, said after videoconferencing with Union ministry of
housing and urban affairs (MoHUA).
The state government has sanctioned 2,39,538 houses under „affordable housing in partnership‟
(AHP) and „beneficiary-led individual house construction or enhancement‟ schemes for urban people
belonging to economically weaker sections of society, urban development and housing
department (UDHD) principal secretary Chaitanya Prasad said on Tuesday.
“Around 21,278 houses have been completed and 1,02,936 are under construction,” Prasad said after
videoconferencing with Union ministry of housing and urban affairs (MoHUA) on the status of three
urban flagship missions — Atal Mission for Rejuvenation and Urban Transformation (AMRUT),
Smart City Mission and PM Awas Yojana.
“Six lakh affordable houses are needed in Bihar. Four lakh houses will be covered under BLC and
credit-linked subsidy scheme while other 2 lakhs will come under AHP and slum redevelopment
scheme,” he said.
Prasad said the projects under AHP have been proposed in Patna, Damodarpur, Muzaffarpur,
Sasaram, Samastipur, Dalmianagar, Gaya and Bhagalpur. “Project for affordable housing in Kamla
Nehru slum area of Patna will be executed with an estimated outlay of around Rs218 crore,” he said.
He said 27 cities in Bihar have been selected for implementation of AMRUT, including water supply
scheme and Patna, Bhagalpur and Muzaffarpur are covered under stormwater drainage scheme.
“Total 6,05,288 households spread over 21 cities and 837 wards are fully covered under water supply
scheme,” the principal secretary said.
He added: “Water supply schemes could not be taken up in six AMRUT towns of Patna, Bodh Gaya,
Muzaffarpur, Gaya, Bhagalpur and Danapur because they were either covered earlier under
Jawaharlal Nehru National Urban Renewal Mission (JNNURM) or some other schemes.”
Under AMRUT, the department has also signed an agreement with Energy Efficiency Services
Limited (EESL) to replace the sodium vapour street lights with the energy-efficient light emitting
diode (LED) bulbs. Total 2.5 lakh LED bulbs have been installed in Patna and other cities and 3 lakh
more will be installed soon.
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/bihar-udh-department-sanctioned-2-39-lakh-housing-units-for-urban-poor/69955144
Page 20 of 25
Prasad said under the smart city project, schemes worth Rs1,000 crore have been sanctioned,
including construction work on Integrated Control and Command Centre (ICCC), Railway Station
Area Redevelopment Project, smart roads, covering of Mandiri and Bakerganj nullahs, among other
schemes.
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Page 21 of 25
Allottees to move court against Chandigarh housing board over high
flats' prices
The CHB had finalized a three-bedroom hall kitchen (BHK) flat for Rs 1.76 crore, Rs 1.35
crore for two BHK flat, Rs 99 lakh for one BHK flat and Rs 58.07 lakh for one BHK (EWS)
flat.
The UT Employees Self Finance Housing Scheme 2008 has hit another hurdle as the allottees have
decided not to give consent to the high prices fixed by the Chandigarh Housing Board (CHB) for the
flats.
The CHB had finalized a three-bedroom hall kitchen (BHK) flat for Rs 1.76 crore, Rs 1.35 crore for
two BHK flat, Rs 99 lakh for one BHK flat and Rs 58.07 lakh for one BHK (EWS) flat. The CHB
through a public notice had asked all successful applicants of the scheme to give their consent within
21 days for payment in five instalments with applicable interest.
Dr Dharmendra, general secretary, UT Employees CHB Housing Welfare Society, said a meeting of
all the allottees was held in Sector 20 on Tuesday. More than 1,000 members unanimously decided
not to give consent letters to the CHB. Besides, they would move court against the high prices, he
said, adding they are in touch with advocates and would file a case against the CHB within a week.
A CHB official maintained the prices are on the higher side because the ministry of home affairs had
permitted the UT administration to allot land only on collector's rate. As the collector's rate was
higher, the prices of the flats had also increased, he said.
Earlier, the CHB had estimated Rs 2.08 crore for a three BHK flat, Rs 1.64 crore for a two BHK flat,
Rs 1 crore for a one BHK flat and Rs 60 lakh for one BHK (EWS) flat. As the decision was taken to
construct the flats for UT employees on "no profit no loss" basis, the prices were calculated to Rs
1.76 crore for three BHK, Rs 1.35 crore for two BHK, Rs 99 lakh for one BHK and Rs 58.07 lakh for
one BHK (EWS).
When the scheme was announced in 2008, the rates were Rs 34.70 lakh for three BHK flat, Rs 24.30
lakh for two BHK flat, Rs 13.53 lakh for one BHK flat and Rs 5.76 lakh for one BHK (EWS) flat.
On January 2, the cabinet meeting chaired by Prime Minister Narendra Modi approved the proposal
of UT employees' housing scheme pending since 2008. Recently, the Centre had submitted before
the Punjab and Haryana high court that the proposal to allot 61.5 acres of land to the CHB for the
purpose had been sent to the cabinet secretariat.
A total of 73.3 acre land was earmarked for the construction of 3,930 dwelling units for the
employees. Out of which, 11.8 acre was already in the possession of the CHB.
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/allottees-to-move-court-against-chandigarh-housing-board-over-high-flats-prices/69955606
Page 22 of 25
Government may deliver one crore houses two years before 2022 date
The Housing Ministry on June 25 announced to advance the deadline for delivering one crore houses
under PM Awas Yojna (PMAY) in urban areas by almost two years to 2020. The government had set
the 2022 deadline for PMAY.
Union Housing Minister Hardeep Singh Puri said he was confident that sanction for almost all
required number of houses will be received by the first quarter of next year and completion of
constructions will be achieved by the end of the year.
Earlier in the day, PM Narendra Moditweeted, "No stone will be left unturned to fulfil the dream of
Housing for All, which will give wings to crores of aspirations."
PM said his government is committed to further improving urban infrastructure while citing that
PMAY (Urban), AMRUT and Smart Cities missions were launched four years back "with the aim of
transforming urban landscape".
Newspaper/Online The Times of India
Date June 27, 2019
Link https://content.magicbricks.com/property-news/government-may-deliver-one-crore-houses-two-years-before-2022-date/107129.html
Page 23 of 25
Puri said so far more than 81 lakh houses have been sanctioned with investment of Rs 4.83 lakh crore
out of the validated demand for one crore dwelling units. He said under credit-linked subsidy scheme
of PMAY, more than 6.32 lakh families have availed interest subsidy.
"We have achieved the progress only by taking states on board unlike the UPA when projects were
approved from the Centre. Real practice of cooperative federalism has worked," he said.
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Page 24 of 25
KMDA starts feasibility study for Ruby flyover and foot overbridge
The Kolkata Metropolitan Development Authority (KMDA) has started exploring on the possibilities
of a north-south flyover over Ruby Island crossing and a foot overbridge at the intersection to
decongest both vehicular and pedestrian traffic at the crossing. The authorities have engaged the
highway division of RITES last week to conduct surveys and prepare a feasibility-reportcum detail
project report (DPR) on both the proposals.
The authorities had conceptualised the proposal last year to move over Ruby intersection on north
south direction to decongest the increasing vehicular traffic on Ruby crossing. According to plans,
the flyover will start from Kalikapur and will end near VIP Bazar crossing over Ruby and Tagore
Park crossings.
"Vehicular traffic and congestion has increased significantly over the years on the intersection of
Ruby crossing with vehicles coming on from north, south and Rashbehari connector. The flyover will
move over the crossing and ease out vehicular traffic, specially during the rush hours," said a KMDA
official.
Officials said with the Metro alignment moving over EM Bypass, the area is set to witness more
pedestrian movement near the Ruby intersection. “The necessity of FOB is very important since
50,000 pedestrians cross the Bypass flanks of the Ruby crossing on a daily basis.
KMDA officials said that with the New Garia-Airport Metro alignment moving over the same
direction on EM Bypass, the officials will have to figure out the height at which the proposed flyover
can be built.
Newspaper/Online The Times of India
Date June 26, 2019
Link https://content.magicbricks.com/property-news/kolkata-real-estate-news/kmda-starts-feasibility-study-for-ruby-flyover-and-foot-overbridge/107124.html
Page 25 of 25
The proposed flyover could also move parallel maintaining same height with a slight curvature. "The
feasibility study will contain all these issues. They will also make a traffic study to determine
vehicular and pedestrian traffic volume for future," said an official.
As per plan, the FOB will have escalators, ramps and staircase and will disperse the pedestrian traffic
that moves on the east-west direction crossing the sides of the EM Bypass flanks.
"Thousands of pedestrians, who cross over the Bypass flanks using the zebra crossing now waits for
the signal to turn red," an official said.
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