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27-Feb-2020

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CREDAI Bengal Daily News Update | 27.02.20

WEST BENGAL NEWS

Kolkata Port Trust to lease area as big as London Docklands

Kolkata Port Trust is looking to lease its land as big as London Docklands to boost profit.

Kolkata Port Trust, which owns an area as large as the London Docklands but uses less than half

of it, is looking to rent out more of this land to boost profit.

India’s oldest operating port has hired property consultant JLL India to survey and digitize

records of its land bank, Chairman Vinit Kumar said in an interview at his office in Kolkata.

Kolkata Port owns about 4,500 acres (18 square kilometers), of which it directly uses about 2,000

acres.

“We plan to gainfully utilize this land bank,” Kumar said. “The focus is on improving operations,

augmenting capacity and also diversification.”

Its total holdings are roughly the size of the derelict London Docklands, before bits of it were

sold off starting around 1970 and today house the Canary Wharf development. The 150-year-old

Kolkata Port is now focused on improving profitability after years of high costs.

It reported a profit of Rs 60 crore last financial year, its first in about 15 years, due to rising cargo

volumes, more efficient handling, and lower staff costs. Kolkata Port reduced headcount to about

3,600 from 6,000 ten years ago, and over the past five years it has created a Rs 3,500-crore fund

that will be managed by Life Insurance Corporation of India for its 23,000 pensioners.

“We expect better profit next financial year,” Kumar said. “The economic slowdown has not

impacted us much — we are still growing.”

The firm — which traces its port’s origins to the grant of trading rights to the British East India

Company by the Mughal Emperor Aurangzeb — already rents out some land to companies

including Hindustan Unilever Ltd., ITC Ltd. and Indian Oil Corp. Rent income of about Rs 300

crore ($42 million) accounted for 12% of Kolkata Port’s revenue for the year ended March 2019

and Kumar aims to double lease earnings in the coming years.

Kolkata Port estimates cargo traffic will increase 3% in the current financial year after a record

10% jump last year, partly because the coronavirus may impact iron ore exports to China. Early

indicators of China’s economy in February confirm that the coronavirus outbreak has crippled

production and consumption, as factories remain below capacity and transport is curtailed.

While it is still assessing the effect of the contagion, Kolkata Port is investing Rs 800 crore over

the next two years to boost its annual cargo-handling capacity to 80 million tons from 70 million

tons now.

Additional capacity, in areas such as liquid cargo, should move Kolkata Port’s ranking up from

No. 5 in India in terms of cargo volume handled, Kumar said.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date February 27, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/kolkata-port-trust-to-lease-

area-as-big-as-london-

docklands/74327916?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-

27

https://realty.economictimes.indiatimes.com/tag/kolkata+port+trusthttps://realty.economictimes.indiatimes.com/tag/london+docklandshttps://realty.economictimes.indiatimes.com/tag/jll+indiahttps://realty.economictimes.indiatimes.com/tag/kolkatahttps://realty.economictimes.indiatimes.com/news/industry/kolkata-port-trust-to-lease-area-as-big-as-london-docklands/74327916?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27https://realty.economictimes.indiatimes.com/news/industry/kolkata-port-trust-to-lease-area-as-big-as-london-docklands/74327916?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27https://realty.economictimes.indiatimes.com/news/industry/kolkata-port-trust-to-lease-area-as-big-as-london-docklands/74327916?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27https://realty.economictimes.indiatimes.com/news/industry/kolkata-port-trust-to-lease-area-as-big-as-london-docklands/74327916?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27

OTHER NEWS

Maharashtra to allow slum-dwellers to sell SRA flats in five years

Decision taken in view of 13,000 owners selling their tenements from 2011-17 before the 10-

year lock-in period ended

The state housing department will soon allow the beneficiaries of the Slum Rehabilitation

Authority (SRA) projects to sell their houses in five years instead of 10 years. The announcement

to reduce the lock-in period was made by housing minister Jitendra Awhad in the Assembly on

Tuesday.

The decision has been taken on the basis of a recommendation made by a cabinet sub-committee

that was constituted in 2017 to examine the policy on the sale and purchase of SRA tenements.

In 2017, the sub-committee was headed by then housing minister Prakash Mehta. Now headed

by Awhad, the sub-committee presented its report late last year.

Under the SRA scheme, slum-dwellers get houses free of cost but they can't sell or rent them out

for 10 years. If sold after the lock-in period, the state government is entitled to an amount

equivalent to stamp duty or Rs 1 lakh, whichever is higher. However, according to the housing

department records, 13,000 SRA flat owners in Mumbai flouted the lock-in period and resold

their property between 2011 and 2017. Irrespective of the new decision to halve the lock-in

period, these owners will have to pay the state government 10 per cent of the current ready

reckoner rate as penalty.

Awhad said in the Assembly that the Maha Vikas Aghadi government is planning to bring out an

amnesty scheme where sale of these 13,000 houses will be regularised by paying 10 per cent of

the current ready reckoner rate as penalty. He said the matter of evicting the new occupants of

these flats is pending in the Bombay High Court, which had last year ordered the state to not

tolerate any unauthorised occupant or tenant in houses given under a welfare scheme. Awhad

said, "We have referred the matter to Advocate General Asutosh Kumbhakoni. We will also

inform the HC about the recommendations of the cabinet sub-committee and final orders will be

issued only after the court's consent."

In December 2019, a HC bench of Justices Satyaranjan Dharmadhikari and Riyaz Chagla had

said that "the rules stand despite a change in the political dispensation". Justice Dharmadhikari

said, "The so-called homeless, poor persons should not have transferred the permanent alternate

accommodation, particularly after they projected themselves as slum-dwellers. They have

inducted third parties or have transferred the premises by completely flouting the terms and

conditions which had been accepted by them." A housing department official said that 10,370

flats out of the contentious 13,000 have been referred for eviction and eviction orders have been

passed in 2,249 cases. The rest he said are being reviewed.

Rules vis-à-vis SRA flat

• As per the SRA rules, pre-2011 slums are eligible for rehabilitation.



Link https://realty.economictimes.indiatimes.com/news/residential/maharashtra-to-allow-

slum-dwellers-to-sell-sra-flats-in-five-

years/74327887?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27

https://realty.economictimes.indiatimes.com/tag/slum+rehabilitation+authorityhttps://realty.economictimes.indiatimes.com/tag/slum+rehabilitation+authorityhttps://realty.economictimes.indiatimes.com/news/residential/maharashtra-to-allow-slum-dwellers-to-sell-sra-flats-in-five-years/74327887?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27https://realty.economictimes.indiatimes.com/news/residential/maharashtra-to-allow-slum-dwellers-to-sell-sra-flats-in-five-years/74327887?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27https://realty.economictimes.indiatimes.com/news/residential/maharashtra-to-allow-slum-dwellers-to-sell-sra-flats-in-five-years/74327887?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27

• Oncea slum pocket is notified, slum-dwellers form cooperative societies.

• Developers then approach the society to redevelop the slum.

• Developers need consent of at least 50% of the slum-dwellers to start the redevelopment and

rehabilitation process.

• SRA cross-checks the credentials of the slum-dwellers to make sure only those actually living

in a designated slum are listed.

• The developer moves slum-dwellers to transit camps or gives them rent until the slum is

redeveloped.

• The developer constructs new buildings and all eligible slum-dwellers get free homes.

• Theadditional space on the plot is used to construct other buildings with free-sale components,

to subsidise the rehabilitation of slum-dwellers.

• Oncethe beneficiaries are allotted flats, they cannot sell them during the 10-year lock-in period,.

• After the lock-in period, the state government is entitled to an amount equivalent to stamp duty

or Rs 1 lakh, whichever is higher.

________________________________________________________________________________________________

Gurugram: Owners want inclusion of smaller plots in 'guesthouse'

category

As per the recent guesthouse policy, the minimum plot size required for setting up a

guesthouse in residential areas is 500 sq yards.

Fearing action against illegal guesthouses across the city, a group of guesthouse owners met the

director of the department of town and country planning (DTCP) on Tuesday and appealed the

inclusion of smaller plots in the ‘guesthouse’ category.

As per the recent guesthouse policy, the minimum plot size required for setting up a guesthouse

in residential areas is 500 sq yards. The new regulations mandate that the plots must be on sector

roads with a service lane. The members of Guest House Policy Amendment Forum who met

DTCP chief K M Pandurang requested him that guesthouses with 500-sq-yard plots sizes of 342

sq yards and 263 sq yards also be included in the policy.

The members claimed that owners of the plots located along service lanes of sector roads have

paid preferential location charges ranging from 10% to 20%. “We’re losing on business

opportunities while owners of 500-sq-yard plots have the option to run a guesthouse,” said Sunil

Bawa, a forum member who runs a guesthouse in the city.

Ramesh Singla, another forum member, said he is hopeful that DTCP will consider their demands

as it is beneficial to all.

Pandurang said he will study the demand letter submitted by the forum and the possibility of

inclusion but maintained that a drive to seal illegal guesthouses will be launched soon.

________________________________________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/gurugram-owners-want-

inclusion-of-smaller-plots-in-guesthouse-

category/74314304?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-

27

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In two years, cost of Kochi corporation's RAY project goes up by

Rs 21 crore

The original cost of the project, being implemented under Raji Awas Yojana (RAY), was

Rs 14.73 crore. The work was awarded to a contractor in 2018 for Rs 18.6 crore.

The apartment complex of 199 units being constructed for rehabilitating slum dwellers in the city

is now estimated to cost Rs 21 crore more.

The original cost of the project, being implemented under Raji Awas Yojana (RAY), was Rs

14.73 crore. The work was awarded to a contractor in 2018 for Rs 18.6 crore.

With the latest revision the project cost has been pegged at Rs 39 crore. Now, the cost of an

individual apartment with 300sq.ft built-up area would be around Rs 19.5 lakh. “We have revised

the estimate to Rs 39 crore. We have sent the revised estimate to the government for its approval.

The administrative sanction is also awiated,” an official with Kochi corporation said.

At the same time, works standing committee chairman P M Harris said officials with the local

body are revising the estimates. “No project of the corporation has been initiated without a revised

estimate. Officials keep revising estimates. We are laymen as far as the engineering side is

concerned,” Harris said. “We designed the project so that many homeless families will have a

roof over their heads. Kochi corporation authorities have approached Cochin Smart Mission

Limited (CSML), the agency which is implementing the Smart City project in Kochi, for

providing the additional funding of Rs 21 crore. But, CSML authorities said that they would allot

the funds only if the state government approves the revised estimate.

The land where the project is coming up is owned by the corporation. “Average cost of

construction excluding cost of land is around Rs 2,500 per sqft. Add to this Rs 500 per sqft for

promotion,” an office-bearer of Confederation of Real Estate Developers Association of India

(Credai) said. Even then, the cost of 300sq.ft apartments comes to just Rs 7.5 lakh. When asked

about the break-up, the official said, “The cost includes facilities like sewage treatment plant,

escalator etc.”

Corporation authorities have already identified 194 families living in the slums of Thuruthi

colony in Mattancherry as beneficiaries. There is also a plan for constructing another apartment

complex with 199 units at Mehboob colony in Mattancherry. Cochin Smart Mission Ltd is

expected to fund construction of the second complex from its slum alleviation scheme.

________________________________________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/in-two-years-cost-of-

kochi-corporations-ray-project-goes-up-by-rs-21-

crore/74310863?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27

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Kerala: LSGD clears buildings for permit renewal despite

violations

A meeting of the committee was chaired by former additional chief secretary (LSGD) T K

Jose on February 12, the day cabinet decided to shift him.

The special committee, under local self-government department (LSGD), has recommended

renewal of permits beyond 10 years for a few commercial and residential highrises in state

disregarding the grave violations reported against these constructions.

A meeting of the committee was chaired by former additional chief secretary (LSGD) T K Jose

on February 12, the day cabinet decided to shift him.

Sources confirmed that officials were forced to prepare a draft of the minutes of the meeting,

clearing the buildings for renewal of permits, that night itself. On February 14, the government

issued an order transferring Jose to PWD. The minutes of the meeting carry the signature of

additional chief secretary dated February 17.

It is also learnt that the agenda for the meeting was revised to insert an item regarding extension

of permit of a building, reportedly at the behest of another top official. The five-member

committee, which includes LSGD principal secretary, director of urban affairs, chief town

planner, district officer of town planning department and secretary of civic body concerned,

considered applications for renewal of permits beyond 10 years. The secretary of a civic body

grants extension for a period less than 10 years.

The minutes of the meeting showed that a commercial-cum-residential building (7,471.24 sq m)

in Kozhikode corporation, a residential flat (3,832.75 sq m) in Tripunithura municipality, a

residential-cum-apartment building in Thrikkakara municipality (1,21,049.18 sq m), a

commercial building (869.54 sq m) in Perumbavoor municipality and a special residential and

commercial building in Irinjalakuda municipality (3,373.17 sq m) were cleared for renewal of

permits. This was cleared though district town planner and chief town planner enlisted major

violations from approved plan for each construction. The rule says that any deviation from

approved permit should lead to revocation of permit, following a hearing process.

For the building in Thrikkakara, senior town planner recommended against extension of building

permit, citing rule violations regarding access, height, environmental clearance and violation of

Kochi structure plan. The chief town planner remarked that NOC issued to the building was

regularized in 2015 despite major rule and scheme violations and it was a major fault by the

officials concerned. The government was also ordered to stop construction activities and to take

action after investigation by LSGD (vigilance wing).

The minutes also showed that the construction was not even permissible as the site came under

agriculture zone as per the structure plan for the city. Despite these remarks, LSG recommended

renewal of permit, forcing the committee to recommend extension of permit for two years for two

towers and the municipality was asked to issue permit extension immediately.



Link https://realty.economictimes.indiatimes.com/news/regulatory/kerala-lsgd-clears-

buildings-for-permit-renewal-despite-

violations/74310893?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-

27

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Jose did not respond to request for comment via call and message. The officials with town

planning department refused to comment on the decisions.

________________________________________________________________________________________________

Noida administration plans to impose Gangster Act on builders

delaying flat registry?

Over 120 builders have been sent notices to speed up registrations of residential and

commercial units in the twin cities if they have been given occupation certificate by the

authorities.

The district administration plans to impose Gangster Act on builders who are deliberately

delaying the registry of flats thus causing revenue losses to the government. Over 120 builders

have been sent notices to speed up registrations of residential and commercial units in the twin

cities if they have been given occupation certificate by the authorities.

“We are checking on case-to-case basis and will ask the police to slap Gangster Act against

builders who may be delaying deliberately. It is a complex issue as there are dues to be paid to

authorities and penalties involved. We are preparing reports for all builders,” said BN Singh,

district magistrate.

Nearly 50,000 new units, including flats and shops, are expected to be registered soon. These

include about 42,000 residential flats and around 8,000 commercial units like shops that have

been given OC but have not been registered yet.

“We had asked the authorities to inform all defaulting builders to start registry. The authority has

sent notices to 122 builders who will inform the buyers to start registering their properties. In

some cases, we are getting complaints from buyers that the builder has been delaying the delivery

of flats even after getting the OC, wherein we are talking to both groups to sort out the issue,”

said S K Tripathy, additional inspector general (stamps and registration).

“The department is set to gain about Rs 700-800 crore in revenue if the pending flats are all

registered timely under the Apartments Act 2010,” he added. One of the concerns for buyers is

the registry rate that has been increased last month. While one had to pay 5% of the flat cost for

stamps and an additional Rs 20,000 as fee for registry earlier, it has been changed to 5% for

stamps and 1% as registry fee.

While the fee was a maximum of Rs 20,000, it can be much higher now. Some residents have

complained that it is an additional burden on them, especially in cases where the builder has

deliberately delayed delivery.

“In these cases as well, we are talking to the builder as well as the buyers to see if a common

ground can be reached. Some builders have also agreed to settle and pay the additional amount

or both parties have agreed to split the additional burden,” added Tripathy.

________________________________________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/regulatory/noida-administration-

plans-to-impose-gangster-act-on-builders-delaying-flat-

registry/74327684?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27

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Doesn't Rs 2,000 crore housing fraud merit document check on

priority: Bombay HC

There are 39 FIRs against Kamala Group and its three promoters for cheating flat buyers

and the original tenants. Two promoters, Jitendra Jain and Ketan Shah, are in jail since

three years.

Does a Rs 2,000-crore housing fraud not merit priority check for forged documents, the Bombay

high court asked state government on Tuesday.

A bench of Justices Shahrukh Kathawalla and Riyaz Chagla heard petitions where the developer,

claiming part-occupation certificate, has given possession of flats in a newly constructed building

in Santacruz (W). There are 39 FIRs against Kamala Group and its three promoters for cheating

flat buyers and the original tenants. Two promoters, Jitendra Jain and Ketan Shah, are in jail since

three years.

At an earlier hearing, senior advocate from BMC Joaquim Reis had said no OC was given and

the 'part-OC documents' were fabricated. On February 20, when the EOW said that the part-OC

documents had been sent to the state chief examiner of documents in January 2018, but it hasn't

received a report yet, the HC summoned the officer on Tuesday.

The officer said there was a staff shortage and priority is given to dowry harassment and suicide

abetment cases. "If you cannot do it, you should shut your office," Justice Kathawalla thundered.

The bench, in its order, said from the officer's reply it can be seen that a fraud involving Rs 2,000

crore and in which the BMC has issued demolition notice "is not required to be given any

priority". The HC then directed the home deparment secretary to reply "confirming the statement

made in court, and if correct, to inform what steps it intends to take to clear the backlog".

________________________________________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/regulatory/doesnt-rs-2000-crore-

housing-fraud-merit-document-check-on-priority-bombay-

hc/74327635?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-27

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'Renewed' status for only 9 out of 65 leased Pune cantonment

properties

As of now, barely nine of the total 65 leased properties in the PCB limits, for which renewal

proposals were under process, have got their renewals.

The Pune Cantonment Board (PCB) continues to grapple with the renewal of long-term lease of

properties under its jurisdiction two months after the lapse of the December 2019 deadline set by

the ministry of defence (MoD).

As of now, barely nine of the total 65 leased properties in the PCB limits, for which renewal

proposals were under process, have got their renewals.

“Of the remaining 56, five lease holders neither applied for lease renewal nor did they respond to

our correspondence. We have since recommended to the Principal Director of Defence Estates

(PDDE) for termination of their lease,” said Amit Kumar, the PCB’s chief executive officer.

The proposals of 51 properties are pending at various stages. Kumar said, “Almost 90% of the

leased properties are residential in nature. The rest are either commercial or residential-cum-

commercial units.”

The lease holder normally applies to the PCB for (lease) renewal at the end of the earlier (lease)

term. The PCB does an on-site verification of the property, including instances of any violation

of the lease terms and conditions, and prepares a report with its recommendation.

The report is then sent to the office of the PDDE, which has certain powers to act on the PCB’s

recommendations. In cases where the matter is beyond its power, it is referred to the Director

General of Defence Estate and the MoD in Delhi. Action is taken as per the MoD’s final word.

Kumar said, “The lease renewal is a time-consuming process and this should explain why we

have got nine renewal proposals sanctioned so far. We will wait for the MoD’s further directives

on the issue. In cases where there is clear recommendation from the higher authorities and as per

the procedure, we will send legal notices to the lease holders seeking their explanation for not

having a valid lease agreement.”

He said, “If someone misuses a leased property, like using a residential unit for commercial

purpose, the board is authorized to take legal action against such person under the Cantonment

Act, 2006.”

A property owner said requesting anonymity, “Despite submitting relevant documents, the

authorities take months to complete the procedure. We had to wait for two years to get the renewal

for the property.”

A senior Director General Defence Estates (DGDE) official in New Delhi told TOI over the phone

that over 40 cantonments across the country have not finished their lease renewal process within



Link https://realty.economictimes.indiatimes.com/news/residential/renewed-status-for-only-

9-out-of-65-leased-pune-cantonment-

properties/74327614?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-

27

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the deadline. “Considering the situation, the MoD may extend the deadline once again,” he said.

Another senior DGDE official said, “The MoD has delegated administrative power to the PDDE

and, hence, many of the cases have been processed and renewed across the cantonments.”

________________________________________________________________________________________________

Nagpur: Auction notice issued to owner regularly paying property

tax

Gotmare, who stays in east Nagpur, owns a 216 sq m plot in front of Mankapur police

station in Zingabai Takli. “Since purchase of the plot, I have never defaulted on property

tax,” claimed 80-year-old and retired ZP official Gotmare.

The functioning of Mangalwari zone’s assistant municipal commissioner Harish Raut has once

again come under scanner. This time, for issuing auction notice to a property owner who has been

regularly paying property tax for an open plot in Zingabai Takli.

Senior Shiv Sena corporator Kishore Kumeriya said that apart from the affected resident,

Vasantrao Gotmare, he too has submitted a written complaint to municipal commissioner

Tukaram Mundhe and demanded an inquiry into the matter.

Gotmare, who stays in east Nagpur, owns a 216 sq m plot in front of Mankapur police station in

Zingabai Takli. “Since purchase of the plot, I have never defaulted on property tax,” claimed 80-

year-old and retired ZP official Gotmare.

For the current fiscal, Gotmare paid the property tax on May 30, 2019 itself and despite this, on

December 12, the Mangalwari zone’s assistant municipal commissioner Harish Raut through an

advertisement published Gotmare’s name along with other property owners’ names to auction

their properties for defaulting NMC’s property tax. The advertisement shows that Gotmare has

defaulted tax to the tune of Rs1.47 lakh. The advertisement also had some errors in Gotmare’s

address.

Actually, it was not for the first time that the zone had carried out blunder. In November 2017

Raut did the same mistake.

Raut was not available for comments, while deputy municipal commissioner Mahesh Moroney

assured to look into the matter.

________________________________________________________________________________________________



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issued-to-owner-regularly-paying-property-

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Nagpur: 16 years on, 250 flat owners in Vyankatesh Nagar await

mutation

Thakur said the state government had acquired over 38 acres land in Nandanwan under

ULC Act, but the same as returned to land owners under Talegaon Dabhade scheme.

Over 250 flats owners in Vyankatesh Nagar, one of the biggest residential colonies in East

Nagpur, are running from pillar to post for mutation of their flats in City Survey records despite

no fault of theirs.

According to secretary of Vyankatesh Nagar Owners Association Suraj Singh Thakur, who is

also BJP city vice-president, “Over 250 families are facing several hardships because of

“irregularities” by the developer and red-tapism on part of concerned government departments.”

Thakur said the state government had acquired over 38 acres land in Nandanwan under ULC Act,

but the same as returned to land owners under Talegaon Dabhade scheme. A developer decided

to construct a housing scheme there with 26 towers comprising 416 flats and 110 twin-house

bungalows in 2003 on the basis of power of attorney from all 29 land owners.

The Nagpur Improvement Trust (NIT) sanctioned layout and building plan of the scheme in 2003.

Several citizens booked flats/ bungalows after verifying the sanctioned plan and inked agreement

to sale with the developer which was duly registered with the registrar’s office. Most of the flat

buyers availed home loan from banks, which verified the documents through their surveyors and

legal experts before sanctioning the amount. The buyers were handed over the possession by

2004.

In the meanwhile, the land was brought under the Nagpur Municipal Corporation jurisdiction,

which sanctioned the revised plan in 2006.

By 2009, nearly 50% of the buyers got their sale deeds executed followed by mutation. After

some delay, sale deed of the remaining properties were also executed.

However, in 2017, one of the land owners lodged a complaint with the authorities alleging forgery

in power of attorney documents. Following the complaint, City Survey department refused to

execute mutations citing the objection from one of land owners.

In March 2017, crime branch’s special investigation team (SIT) registered a case against the

developer on charges of forgery.

“The NIT or NMC are duty-bound to verify each and every document before sanctioning a layout

and building plan,” said Thakur, who is also one of the aggrieved buyers. “The buyers are

unnecessarily facing the brunt of the “misdeeds” of a developer and government departments,”

he alleged.

As the mutation proceedings were halted, aggrieved buyers approached revenue minister in



Link https://realty.economictimes.indiatimes.com/news/residential/nagpur-16-years-on-250-

flat-owners-in-vyankatesh-nagar-await-

mutation/74310879?utm_source=Mailer&utm_medium=&utm_campaign=&dt=2020-02-

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Devendra Fadnavis cabinet Chandrakant Patil in August 2018 and apprised him of their plight.

Accordingly, state’s revenue department on September 25, 2018, directed collector’s office to

investigate the matter and submit a report. However, the collector’s office has not submitted the

report even after 17 months.

As nothing has moved since then, over 250 buyers are unable to mortgage the property for

availing loan nor they are able to sell it in the absence of mutation. They, however, have to repay

the home loan and also pay property tax to the civic body.

Superintendent of land records GB Daberao, under whom the City Survey offices comes, told

TOI that he was not aware of the case. “I will go through the details and do the needful,” he said.

Collector Ravindra Thakre did not respond to TOI’s call and message.

________________________________________________________________________________________________

Google to lease over 1 million sq ft office space in Bengaluru

The lease would add to the tech giant's real estate portfolio in Bengaluru, where it has

existing arrangements of 50,000 sqft with RMZ and another 0.1 million with Bagmane,

which it leased almost four years ago.

Google is leasing about 1.2 million sqft of office space in Bengaluru from commercial developer

Bagmane Group, people familiar with the matter said. The deal will be one of the biggest this

year in the country's largest office market.

The lease would add to the tech giant's real estate portfolio in Bengaluru, where it has existing

arrangements of 50,000 sqft with RMZ and another 0.1 million with Bagmane, which it leased

almost four years ago.

The latest deal is for Bagmane's Rio Business Park on Outer Ring Road (ORR), over a 9 acre land

parcel. Already, 0.5 million sqft of Rio is under construction, with further growth potential of 1

million sqft, according to the realtor's website. The ORR stretch has become the hub for a gamut

of multinationals including JP Morgan, Morgan Stanley, Wells Fargo, HSBC, Goldman Sachs,

Cisco, Intel and Accenture.

Google and Bagmane managing director Raja Bagmane could not be reached for comment.

Going by traditional standards, the space Google is leasing will be able to house about 12,000

people. It could not be immediately ascertained what the California-based company plans to do

in this new space. The company is known to be hiring large numbers for a semiconductor unit

that is working to develop chipsets in areas like on-device machine learning.

The building is likely to become operational in another three years. The search-engine behemoth

is expected to pay a lease rental between Rs 75 and Rs 84 per sqft per month, which would

translate to an annual outgo of Rs 120 crore.

Google also has presence in Hyderabad, Gurugram and Mumbai. The facility in Hyderabad,

where it invested Rs 1,000 crore, is the largest owned by the company outside its headquarters.

________________________________________________________________________________________________



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million-sq-ft-office-space-in-

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SC restores NCLT order asking JAL to return 758 acres land to

Jaypee

The top court, while deciding a batch of appeals filed by Interim Resolution Professional of

JIL and others, set aside the decision of the National Company Law Appellate Tribunal

(NCLAT) passed on August 1, last year.

The Supreme Court Wednesday restored the National Company Law Tribunal (NCLT) order

directing Jaiprakash Associates Ltd (JAL) to return 758 acres of land, which was pledged with

several banks, to its debt-laden subsidiary firm Jaypee Infratech Ltd (JIL). The NCLAT had

allowed the pleas of all banks as well as JAL and held that the transactions were genuine and the

allegation of undervaluation was not justified.

The top court, while deciding a batch of appeals filed by Interim Resolution Professional of JIL

and others, set aside the decision of the National Company Law Appellate Tribunal (NCLAT)

passed on August 1, last year.

The NCLAT had quashed the verdict of NCLT, Allahabad, which on May 16, 2018 had held that

the mortgage of properties of JIL, which was facing insolvency proceedings under the Insolvency

and Bankruptcy Code (IBC), in favour of the lending financial institutions of holding firm JAL

cannot be countenanced.

The NCLT had also held that the lenders of JAL do not fall in the category of the "financial

creditors" of corporate debtor JIL just because of the mortgage of JIL's properties in favour of

JAL.

The Allahabad bench of the NCLT had asked the holding firm JAL to return 758 acres of land to

its subsidiary JIL, declaring the transfer of the land as "fraudulent" and "undervalued".

It had also directed JAL to release and discharge interest created over the patch of land to lenders.

A bench comprising Justices A M Khanwilkar and Dinesh Maheshwari, in its 174 judgement,

considered various provisions of the IBC and reversed the verdict of the NCLAT.

"The impugned order dated August 1, 2019 as passed by NCLAT in the batch of appeals is

reversed and is set aside.

"...consequently, the order dated May 16, 2018 so passed by NCLT is upheld in regard to the

findings that the transactions in question are preferential within the meaning of Section 43 of the

Code," Justice Maheshwari, who wrote the judgement, said.

The bench said that the mortgage of properties of JIL in favour of the lenders of JAL are "denuded

of their value and worth" by the order of the NCLT which has been approved by us.

"To be more specific, the security interests created by the corporate debtor JIL over the properties



Link https://realty.economictimes.indiatimes.com/news/regulatory/sc-restores-nclt-order-

asking-jal-to-return-758-acres-land-to-

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in question stand discharged in whole," the bench said.

It held that the lending banks of JAL "cannot claim any status as creditors of the corporate debtor

JIL and there could arise no question of their making any claim to be treated as financial creditors

as such."

The top court was to deal with two "major issues" and one was "whether the transactions in

question (mortgages) deserve to be avoided as being preferential, undervalued and fraudulent, in

terms of Sections 43, 45 and 66 of the Code.

"And second, as to whether the respondents (lender of JAL) could be recognized as financial

creditors of the corporate debtor JIL on the strength of the mortgage created by the corporate

debtor, as collateral security of the debt of its holding company JAL."

The bench held that the mortgages of plots of land of debt-ridden JIL to the lending banks of JAL

cannot be countenanced and the FIs of JAL cannot held to be the financial creditors of JIL.

The banks, involved in the case, are: Axis Bank, Standard Chartered, ICICI Bank, SBI, Bank of

Maharashtra, United Bank of India, Central Bank of India', 'UCO Bank', 'Karur Vyasa Bank ,

L&T Infrastructure Finance Company, 'Canara Bank, Karnataka Bank, IFCI, Allahabad Bank,

Jammu & Kashmir Bank and The South Indian Bank Ltd.

Banks have given loans to Jaiprakash Associates, JP Group's flagship firm against the land bank

owned by Jaypee Infratech.

________________________________________________________________________________________________

Morgan Stanley puts Rs 164 crore in Ummeed Housing Finance

The latest funding round has been led by a fund managed by global investor Morgan

Stanley Private Equity Asia, which acquired a minority stake in the company.

Morgan Stanley has picked up an equity stake in Ummeed Housing Finance in the company’s Rs

164-crore series-D funding round. Ummeed Housing is backed by Swiss investor LGT, which

has acquired India-focused fund Aspada from Soros Economic Development Fund.

The latest funding round has been led by a fund managed by global investor Morgan Stanley

Private Equity Asia, which acquired a minority stake in the company. Investment bank Avendus

Capital acted as the financial adviser to the company on the transaction. Existing investor LGT

Lightstone Aspada also participated in the round. This equity round comes on the back of the

$10-million equity raised in September 2018.

Ummeed Housing set up shop in 2016 and is focused on the informal and the low-income

segment, predominantly in tier-2 and -3 towns. The company is a new-age lender having built a

fully digitised loan approval and disbursal process, which allows for a quick turnaround of

customer requests.

Besides home loans, it offers secured business loans to the MSME sector. “This fundraising gives

us clear visibility on the equity front before the next financial year. We will use these proceeds to

further expand in new geographies and continue to strengthen our technology platform, with a

focus on building state-of-the-art underwriting practices,” said Ashutosh Sharma, founder and

MD, Ummeed Housing Finance. He added the company is targeting to double its assets to Rs

1,000 crore in 12-18 months.

“The housing finance sector in India has seen a liquidity crunch for most of this financial year,

with stress in a couple of large housing finance companies. Fund raising from a credible private

equity investor in the current environment signifies the trust the fund has shown in the company’s

growth story and robust business model.” he added.

________________________________________________________________________________________________



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Lodha Group's UK arm to raise $225 million through bonds issue

The company would use the proceeds of the issue to refinance a part of its outstanding USD

324 million senior notes due 2020.

Realty firm Lodha group's UK subsidiary plans to raise USD 225 million through issue of bonds

to refinance part of its outstanding debt security. Lodha Developers International Ltd, a

subsidiary of Mumbai-based Lodha group, proposes to offer USD 225 million aggregate principal

of senior secured notes due 2023.

The company would use the proceeds of the issue to refinance a part of its outstanding USD 324

million senior notes due 2020.

Lodha Developers has been renamed as Macrotech Developers Ltd.

"Earlier this week, we raised 86 million pound (Rs 800 crore) in the UK. With these proceeds and

additional cash flows from our UK and India businesses, we look forward to fully repaying our

2020 USD bonds in March 2020," said Abhishek Lodha, MD & CEO, Macrotech Developers.

In November 2019, Lodha had said it has arranged USD 325 million to repay bonds maturing in

March 2020 through infusion of funds from promoters, sale of commercial properties and

refinancing against unsold inventories in London projects.

"Our USD 325 million bond pertaining to London business is maturing in March next year. So

we have arranged funds in advance to meet our obligations when bonds mature. About USD 155

million has been arranged through financing against unsold inventories in a London project, while

another USD 110 million will be infused by promoters through family offices," Lodha had said.

Lodha group had made a foray into the London market in 2013 with the acquisition of the

landmark MacDonald House at 1 Grosvenor Square in prime Central London for over 300 million

pounds (Rs 3,100 crore).

The group acquired another site in prime Central London, New Court at 48 Carey Street for 90

million pounds in 2014.

The first project Lincoln Square was launched in 2016 while the second project 'No. 1 Grosvenor

Square' started in 2017. One project has already been delivered while the other is on the verge of

completion.

Lodha Group is India's largest residential real estate developer by sales and construction area.

The company has clocked net new sales of over Rs 7,000 crore in 2018-19 with collections of

over Rs 9,000 crore. It delivered over 10,000 offices and homes in FY 18-19.



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In the first nine months of 2019-20, sales have reached around Rs 5,000 crore, up 15 per cent

from the corresponding period of the previous year.

________________________________________________________________________________________________

06-dec-2019 10-oct-2019 27-feb-2020 - credai...including hindustan unilever ltd., itc ltd. and...

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