02-august-2019 -...

02-August-2019

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CREDAI Bengal Daily News Update | 02.08.19

PM asks officials to remove hurdles in 'Housing for All by 2022' mission

In the first 'Pragati' review meeting of his second term in office, Prime Minister Narendra Modi

reiterated on July 31 his government's commitment for the "Housing for All by 2022" mission and

urged bureaucrats to remove hurdles to achieve the objective.

He also called upon states to put in maximum efforts towards water conservation, especially during

the current monsoon season, according to an official statement.

This was the first meeting of Pro-Active Governance and Timely Implementation (Pragati) in Modi's

second term in office.

Twenty-nine such meetings in the previous term of the government saw a cumulative review of 257

projects with a total investment of over Rs 12 lakh crore.

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Newspaper/Online The Times of India (online)

Date August 01, 2019

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DE Shaw's arm allege HDIL & Yes Bank moved funds to evergreen

loans

“We have filed a complaint with RBI. We are not in a position to comment on the matter,” said

Sumit Saha, authorised representative of Ocean Deity.

A foreign investor in the Indian property market has alleged in a complaint to Reserve Bank of

India(RBI) that Yes Bank and realty group HDIL have moved funds to evergreen loans.

According to the offshore investor Ocean Deity Investment Holdings — an erstwhile arm of DE Shaw

and the 78% owner in an Indian joint venture (JV) where HDIL entities hold minority stake — the

loans from Yes Bank to the JV were not authorised by the majority shareholder and the money was

transferred to bank accounts of other HDIL group companies, almost simultaneously, to repay loans

taken by them from Yes Bank, sources aware of the matter told ET.

Mack Star Marketing Pvt Ltd is the JV company and owner of a well known commercial property in

Mumbai‟s Andheri East area.

“We have filed a complaint with RBI. We are not in a position to comment on the matter,” said Sumit

Saha, authorised representative of Ocean Deity.

Newspaper/Online ET Realty (online)


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Fund Transfers between March ’14 and March ’16

Denying the allegations, Sarang Wadhawan, MD of HDIL, said HDIL or its subsidiaries are not aware

of any entity named Ocean Deity Investments or its dealings with Mack Star.

“We would like to state that Mack Star Marketing had purchased development rights from HDIL

through certain investments by DE Shaw Composite Investments (Mauritius) and the transaction was

limited to such sale of development rights with HDIL,” said Wadhawan.

It is learnt that DE Shaw Composite Investments (Mauritius) was renamed Ocean Deity investment

Holdings following a change in the ownership in the Mauritius entity.

Fund transfers

Ocean Deity is understood to have drawn RBI‟s attention to a series of fund transfers between March

2014 and March 2016 which showed that soon after Yes Bank disbursed a loan tranche to Mack Star,

almost the entire amount was simultaneously transferred to accounts maintained by HDIL group

companies with Yes Bank.

Sources said that Ocean Deity told RBI that while Rs 140 crore was lent and transferred through such

transactions between 2014 and 2016, there was a similar pattern of transaction, involving Rs 60 crore

in multiple instalments, in 2011 and 2012.

There were cases, the foreign investor alleged, where money moved to the loan escrow account

maintained by Privilege Power & Infrastructure Pvt Ltd (an HDIL group company) with Yes Bank,

and the current account of Sapphire Land Development (another company linked to HDIL) with the

same private lender.

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Responding to ET‟s queries, Wadhawan said that “all transactions related to Mack Star Marketing

were conducted by the company itself and HDIL had no relation in any borrowings or debt raised by

Mack Star.

Mack Star‟s relationship with its lenders was conducted by its owners DE Shaw Composite,

Wadhawan added. Yes Bank did not respond to ET‟s email till the time of going to press. A bank

official said the bank would not comment on client specific issues.

Ocean Deity has pointed out to RBI that as per the Articles of Association of the JV, the company was

barred from borrowing without the approval of the majority shareholder. The offshore investor has

alleged that the primary objective was ever-greening of loans to certain HDIL entities and it was

orchestrated by Yes Bank.

A banker unconnected to the matter said that in all likelihood Yes Bank had done some paper work

and maintained records which it could only share with RBI.

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VG Siddhartha's family & Blackstone may revive Tech Park sale talks

Deal to help Coffee Day group bring down its Rs 6,547 crore debt burden and focus on putting

the group back on track.

Representatives of the family of VG Siddhartha and US buyout fund Blackstone have agreed to

resume talks for the potential sale of a 90-acre technology park owned by the Coffee Day group at an

estimated value of about Rs 3,000 crore, according to people directly aware of the development. If

successful, the deal will help alleviate the debt burden left behind by the coffee tycoon, who jumped

to death on Monday evening.

Bankers and investment advisers associated with the property have indicated willingness to revive

talks with the world‟s largest buyout fund for a potential transaction, sources said.

“There were negotiations with representatives of Siddhartha‟s family. However, at this point, we

cannot say how soon these negotiations can be converted into a transaction,” one of the persons told

ET. Blackstone declined to comment. An email query to Coffee Day Enterprises (CDE) did not elicit

a response till press time Thursday.

If a transaction happens, it will help Coffee Day Enterprises substantially reduce its debt and focus on

putting the group back on track, the sources said.

Blackstone Focused on Indian Realty

Regulatory filings show the total debt of CDE stands at Rs 6,547 crore, which includes loans from

banks and securities sold to mutual funds.

As reported by ET, Siddhartha is also estimated to have taken on debt of more than Rs 1,000 crore

through entities that housed his personal holdings.

Coffee Day group‟s subsidiary Tanglin Retail Realty is the developer of the IT-focused Global

Village Tech Park that has 4.5 million square feet of built-up area.

In a purported note, which surfaced on Tuesday, the late Siddhartha had estimated the tech park will

earn Rs 250 crore in rentals over the next 12 months. The park has the potential to add 5 million

square feet of built-up space. The Coffee Day group, through Tanglin, also owns Tech Bay, a 21-acre

riverfront property in the coastal city of Mangaluru.

Talks between Blackstone and Siddhartha had reached an advanced stage last December, with both



Link https://realty.economictimes.indiatimes.com/news/commercial/vg-siddharthas-family-blackstone-may-revive-tech-park-sale-talks/70491121

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sides close to signing a term sheet, said people in the know. However, progress was stalled when

Siddhartha decided to prioritise the sale of his stake in Mindtree to L&T. That deal was finalised in

May.

In his final letter to the “Coffee Day family”, Siddhartha had estimated the value of Global Village at

about Rs 3,600 crore. In its annual investor presentation in March 2018, the Coffee Day group had

said the tech park had total let-out office space of more than 3.3 million sq ft. It counts multinationals

such as Accenture, Texas Instruments and NTT Data among its clients. Mindtree‟s head office is also

located within the facility.

Blackstone, the world‟s largest alternative assets manager, has been actively

acquiring commercial office space in India over the past few years. The private equity firm started

investing in Indian real estate four years after opening its local office in 2005.

It is currently the largest commercial real estate owner in India with 120 million sq ft, of which

including 20 million sq ft is under development.

The realty sector has become a focus of Blackstone‟s India investments and this will continue,

chairman Stephen A Schwarzman told ET in December. “We operate in the most transparent side of

Indian real estate … we intend to continue with our strategy,” he had said.

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UP-RERA seeks NCLT's opinion before de-registration of Airwil

Intellicity

But one investor also moved NCLT seeking a refund on his investment, following which an

interim resolution professional was appointed to look into the project.

The Greater Noida bench of Uttar Pradesh Real Estate RegulatoryAuthority (UP-Rera) said on

Thursday it had asked the National Company Law Tribunal (NCLT) for its opinion before going

ahead with the de-registration process against Airwil Intellicity. The mixed-use project in Greater

Noida‟s Tech zone 4 that comprises shops, offices and residential property was issued a notice on

March 8 by the regulator after complaints from investors about delays.

But one investor also moved NCLT seeking a refund on his investment, following which an interim

resolution professional was appointed to look into the project. This is why UP-Rera needs to consult

NCLT. The rest of the buyers who approached UP-Rera are now in a fix.

“Following our warning, the builder started work on completion of the project. However, we have not

seen any significant progress on the ground. Hardly 50 people were engaged to commence work, so

we are going to de-register it. We have written to the NCLT for its opinion,” UP-Rera member

Balvinder Kumar told TOI. “And once we get a nod, the process to deregister the project will be

initiated soon as per the Rera Act, and other processes will follow.”

However, homebuyers are a disappointed lot. “The entire project was supposed to be completed 2016-

17. First we were thinking that UP-Rera would help us get refunds or flat. Now with a single buyer

having moved the NCLT, all UP-Rera proceedings have been put on hold. So we don‟t really know

where we stand now,” said Geeta Mathur, a buyer and a member of the committee instituted by Rera

for a resolution of the Airwil case.

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Court rejects investors' pleas for takeover of DSK Group's project by

MHADA

The court also observed that a bunch of writ petitions on behalf of the investors are already

pending before the Bombay high court.

A special MPID court has rejected two pleas by 27 investors seeking its directions to the state to

takeover and develop the „DSK Dream City‟ township project in Phursungi through the Pune regional

unit of the Maharashtra Housing Area Development Authority (MHADA).

“The relief sought by the investors is not sustainable in law,” special MPID judge A S Bhaisare held

in an order on Wednesday. “No direction to any government officials can be given at the request of

investors as prayed for. Consequently, both the applications are liable to be rejected,” the order

stated.

The court also observed that a bunch of writ petitions on behalf of the investors are already pending

before the Bombay high court.

The Dream City project, spread over 300 acres, is among various properties that have been attached

by the state as a part of the ongoing investigation into the alleged Rs 2,091-crore economic fraud by

jailed developer DS Kulkarni alias DSK and his group of companies (see box).

The DSK Developers Limited (DSKDL) had initially planned an SEZ project at the Phursungi land,

but later opted for developing the „Dream City‟ township. “As of now, barely 15% of the project work

stands completed ever since its construction came to a halt in October 2015,” special public

prosecutor Pravin Chavan told TOI on Thursday.

Lawyer Chandrakant Bidkar had filed the pleas on behalf of the 27 investors seeking the court‟s

directions to the accused to handover the project to the state government and to the prosecutor to

convince the government on taking over the same. The other plea sought directions to the authorities

of the Yerawada jail (where DSK and other co-accused are lodged in judicial custody) to allow DSK

and his wife, Hemanti, have a meeting with MHADA‟s Pune housing area development board CEO

Ashok Patil to facilitate development of the project and repay the dues to fixed deposit holders and

investors.

Prosecutor Chavan said, “We had filed a written submission opposing the pleas on the grounds that

they were not maintainable before the MPID court. We also stated that the MPID court had no powers

and jurisdiction to direct MHADA to implement or construct the housing project of DSKDL



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company.”

Chavan said, “The Real Estate Regulatory Authority (RERA) is vested with the powers to deal with

construction matters and only the flat holders, not the investors, who have booked flats in the Dream

City project can move the RERA for any relief. In the instant case, the investors who had approached

the MPID court, had no grounds to claim relief.”

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LIC Housing Finance's CEO Vinay Sah resigns

The company has appointed Siddhartha Mohanty as its new MD and CEO.

LIC Housing Finance's managing director (MD) and chief executive officer (CEO) Vinay Sah has

resigned, the company said in a BSE filing on Thursday.

Sah resigned due to his transfer to LIC of India with effect from August 1, 2019.

The company has appointed Siddhartha Mohanty as its new MD and CEO.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/lic-housing-finances-ceo-vinay-sah-resigns/70490979

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Kotak Realty Fund warns Indian real estate bad-loan crisis to get

messier

Kotak Realty Fund has asked lenders to recognize soured debt and take a haircut on the credit

given to apartment builders.

A realty fund controlled by billionaire banker Uday Kotak wants lenders to acknowledge that they are

facing a $65 billion bad-loan crisis in the nation‟s real estate sector.

Kotak Realty Fund has asked lenders to recognize soured debt and take a haircut on the credit given to

apartment builders. That will spur fresh credit and revive cash flow for realty companies, Chief

Executive Officer Vikas Chimakurthy said.

The $1.8. billion fund hasn‟t managed to lend to any of the stalled residential projects because lenders

balked at accepting the crisis, he said. The delay is adding to the mounting default risk of developers,

with as many as 560,000 homes worth of 4.5 trillion rupees ($65 billion) stuck or delayed across the

top seven Indian cities mainly due to the dearth of funds, according to Anarock Property Consultants.

“Lenders should realize that they have to resolve these loans before the problem gets messier,”

Chimakurthy said. “It is in a kind of gridlock situation. I think by March, things will become more

difficult, and lenders need to resolve these issues immediately.”

Developers either have to access fresh loans to complete the buildings or raise equity and infuse funds

into these stuck projects, to ensure that the stuck construction projects get in to cash flow generation

mode. Without existing lenders recognizing the stress and taking haircuts this won‟t be possible,

Chimakurthy said.

A 10-member S&P BSE Realty Index fell for the fourth-straight day in Mumbai trading on Thursday,

extending its 6% drop in July.



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Financiers have been unwilling to take haircuts on stressed loans as they prefer to bring in stronger

developers into stalled projects and sell off assets kept as collateral than taking upfront haircuts,

according to a July 9 Goldman Sach note. Recognizing the loans as soured and talking haircuts will

add to the provisions and worsen capital ratios of the lenders.

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Xander acquires 1.1 million sq ft Pune office park for $130 million

The 1.1 million-sq-ft commercial office park is leased to diversified tenants like Maersk, WNS,

Whirlpool, PTC, Nihilent, Tavisca amongst others, Xander said in a release.

Xander Investment Management, the private equity real estate arm of global investment firm The

Xander Group has acquired 100% interest in Weikfield IT Citi Info Park in Pune‟s Viman Nagar for

$130 million or Rs 900 crore.

The 1.1 million-sq-ft commercialoffice park is leased to diversified tenants like Maersk, WNS,

Whirlpool, PTC, Nihilent, Tavisca amongst others, Xander said in a release.

“Through this acquisition we add a quality Pune asset with substantial growth potential, to our

ongoing India office value-add strategy,” said Arpit Singh, Principal at XIM, Singapore.

According to him, Xander Investment Management continues to expand its office footprint, through

operating asset acquisitions and new development projects, leveraging its extensive on-ground

operating expertise, tenant relationships and scale.

The asset complements Xander‟s existing, 100% owned and operated portfolio across key Indian

cities, and enables it to offer a strategic Pune location to tenants, the release said.

Weikfield is close to the Pune International airport, and has connectivity to prime residential,

commercial and retail catchments of Pune. The office park has two five-star hotels adjacent to it.

The Singapore-headquartered Xander Investment Management firm has been actively investing in

India for over fourteen years, and has acquired and developed over 83 million sq ft across all real

estate asset classes, including office, retail, industrial, budget and luxury hotels, warehousing, and

residential condominiums and townships.

The Xander Group Inc. has committed over $3 billion to the Indian market across private, public,

credit and venture investments since 2005.

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Surge in Lodha’s bond yield hints at stress in the group

The dollar-denominated bonds issued by the developer are quoted at 72 per cent yield to

maturity (YTM), show Bloomberg data.

ET Intelligence Group: A sharp spike in the yield on the overseas bonds issued by the Lodha

Group amid below investment grade ratings accorded by rating agencies could reflect a major stress in

the operations of the realty developer.

The dollar-denominated bonds issued by the developer are quoted at 72 per cent yield to maturity

(YTM), show Bloomberg data.

According to industry experts, this may be factoring in a higher potential default risk. “If a bond is

quoting at 72 per cent yield, it is a clear case that it is in the process of becoming a junk or default

bond,” said Sunil Jhaveri, chairman, MSJ Capital and Corporate Services. He added that investors

with expertise in distressed sales would be interested in such instruments.

“The investors may be anticipating certain risks, but there could also be other constraints such as

reduced exposure to these kind of bonds within the investor community,” said Sanjay Agarwal, senior

director, CARE ratings. Lower liquidity resulting from this may have added to the sharp fall in the

bond prices.

“Lodha group don‟t wish to comment on this,” said the company in response to ET‟s email query.

YTM is the return an investor can generate in one year if he buys the bond. “The current level of the

yield on Lodha bonds suggests that the company is in crisis,” said a debt fund manager requesting

anonymity.

Lodha‟s consolidated net debt at the end of 2017 was nearly Rs 14,000 crore according to the DRHP

filed by the company. The operating profit before depreciation and amortisation (EBIDTA) for the

year was Rs 1,306 crore and interest paid was Rs 125 crore. The company had planned to publicly list

its shares through initial public offering (IPO) in 2018, which was later on deferred.

The dollar bonds were issued by the company‟s subsidiary Lodha Developers International in two

tranches with maturity in 2020. In the first tranche, the company raised $200 million at 12 per cent

coupon rate in FY16 and the second tranche of $125 million was raised at 8.9 per cent coupon in

December 2017. These bonds are listed on the Singapore Stock Exchange (SGX). The developer has

raised a total of $325 million (nearly Rs 2,300 crore at the current USD/ INR rate) through these

bonds.



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Major rating agencies have rated these bonds below the investment grade. Moody‟s and Fitch have

rated the bonds as B2 and B, respectively.

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Smartworks leases 2,70,000 sq ft space in Noida for nine years

The Delhi-based co-working spaces operator has signed eight new lease agreements totalling

around 600,000 sq ft across Bengaluru, Chennai, Pune and Noida since the beginning of this

year.

Flexible office spacesprovider Smartworks has picked up more than 270,000 square feet (sq ft)

in Noida through a longterm lease spread over nine years. This is its largest facility with a seating

capacity of 5,500 and is adjacent to the Delhi-Noida Expressway.

The Delhi-based co-working spacesoperator has signed eight new lease agreements totalling around

600,000 sq ft across Bengaluru, Chennai, Pune and Noida since the beginning of this year.

Smartworks‟ total footprint has touched around 2.8 million sq ft, with a total investment of $25

million so far. “We are very bullish on scaling our business in the existing cities. Around 60% of these

facilities are operational and the remaining will go live in a month‟s time as we have already signed

up clients for each one of them,” said cofounder Harsh Binani.

Smartworks has been growing in southern and western India since early 2019 and is expected to

expand its workplace portfolio to 10 million sq ft by 2022. “Smartworks has clocked over ?100 crore

in revenue and has been profitable for an entire year at the corporate level,” Binani said. Currently, it

has 35,000 seats spread across 23 centres in nine cities, including the national capital region (NCR),

Mumbai, Bengaluru, Hyderabad, Pune, Chennai and Kolkata.



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“Smartworks is into a large-format play and the average space take-up by each of our clients is about

280 seats, spread across about 10,000 sq ft,” said Binani. The office spaces market grew 21% yearon-

year in the first half of this year, according to industry tracker JLL. “Net absorption of office space

across top seven cities touched nearly 22 million sq ft,” it said. The growth in demand was driven by

co-working players (15% of overall leasing) and IT/ITeS space (37% of overall leasing), JLL added.

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Lok Sabha passes bill for eviction of illegal occupants from government

accommodation

Of the total 15,416 residential accommodation under the government quota, "currently 3081

cases were under litigation," which was a matter of concern, he told the House.

Lok Sabha on Wednesday passed a bill which seeks to crackdown on unauthorised occupants of

government residential accommodations.

Responding to the debate on the Public Premises (Eviction of Unauthorised Occupants) Amendment

Bill, 2019, minister of housing and urban affairs Hardeep Singh Puri said it was good time to push

through the legislation as many MPs were waiting for their new accommodation.

Of the total 15,416 residential accommodation under the government quota, "currently 3081 cases

were under litigation," which was a matter of concern, he told the House.

The proposed amendments would enable the estate officer to apply summary proceedings for evicting

unauthorised occupants from residential accommodations and to levy damage charges for

accommodation held during the period of litigation.

The bill was passed by the Lower House by a voice vote.

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Goa may give incentives for roof-top rainwater harvesting

Speaking to reporters, he said the government was considering the incentives as it is concerned

about conservation of water.

The Goa government is considering providing incentives to the residents who have installed rainwater

harvesting system on roof-tops, Water Resources Minister Filipe Nery Rodrigues said on Wednesday.

Speaking to reporters, he said the government was considering the incentives as it is concerned about

conservation of water.

"I will discuss this issue with Chief Minister Pramod Sawant. The Town and Country Planning

Act need to be amended to encourage the roof-top rainwater harvesting," he said.

Responding to a query, the minister said the government was also planning to construct more small

check dams across the rivers in the state to increase water table.

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Realtors worried as Andhra Pradesh increases land value registration

by 10%

The city realtors are a worried lot as the state government has increased the registration value

of the land.

The city realtors are a worried lot as the state government has increased the registration value of the

land.

As the government is facing a financial crunch, policymakers are exploring all possible ways to fill

the coffers. As part of the plan to increase revenue, the state government has increased land values by

up to 10% depending on the area from Thursday. Increasing land value is not a new thing as

the TDP regime had done two times over a period of five years. Now, the YSRC government has

increased the registration value of land across the state.

With an increase in land value, the registration costs too shoot up, putting an extra burden on buyers.

The effect will be more in urban areas and moderate in semi-urban areas. Realtors are worried that

this move will further pull down the sector which is already seeing a decline in the capital region for

the last three years and severely beaten down in the last three months.

Core urban areas will witness the highest increase in value as demand for land in urban areas is

always high in Vijayawada. Semi-urban areas, which are the market movers in terms of volumes, also

have a significant impact, according to industry experts. The Confederation of Real Estate Developers

Association of India (CREDAI) Vijayawada chapter president, Y V Ramana Rao said though there

will not be much burden on buyers as the market is in negative, this will further dampen the investor

sentiment, he said.

The National Real Estate Development Council (NAREDCO) Andhra Pradesh chapter general

secretary Gadde Tirupathi Rao said the government decision comes as big blow to the real estate

sector in the capital region.

As government has increased land value multiple times, the difference between market value and

registration value has come down drastically. In some of the areas in the capital region, there are no

buyers even at book value and with an increase in land value again, the volumes will decline further,

he said. "Forget about the interests of industry, this move is not in the interest of people," he said.



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North Delhi civic body plans to allow unauthorised extensions of

buildings

North Delhi Municipal Corporation plans to give these defaulters a chance to get these

structures, built till December 31, 2018, regularised by submitting a penalty under an amnesty

scheme.

The unauthorised extensions or changes made in buildings in the authorised colonies, urban villages

and special areas may soon get a legal tag. North Delhi Municipal Corporation plans to give these

defaulters a chance to get these structures, built till December 31, 2018, regularised by submitting a

penalty under an amnesty scheme.

The proposal, approved in a standing committee meeting on Wednesday, will be sent to the Union

housing and urban affairs ministry for approval and required amendments to Master Plan Delhi 2021.

The move will help increase the corporation's revenue, said a committee member. "It will also allow

people to enjoy an increased floor area ratio (FAR) of 400," said Tilak Raj Kataria, leader of the

House. FAR is the ratio of a building's total floor area to the size of the plot.

The proposal is crucial as after the last amendment in the master plan, the commercial units in local

shopping complexes are allowed a FAR of 350, Kataria said. "This is leading to confusion among

residents."

For buildings occupying up to 250sq m, the proposed FAR is 400 and for ground floors, the coverage

area will 100% instead of the current 90%. Projections, chhajas and covered built-up portions up to 1

metre and above 3 metre from the ground are also likely to be regularised.

Blaming the corporation for legalising such violations every year, Congress leader Mukesh Goel said,

"Though I am not against the proposal, a time limit should be fixed for allowing such illegal

extensions. A similar proposal was approved last year."

Standing committee chairman Jai Parkash, however, said the proposal would minimise chances of

corruption. "Most residents have made certain changes and always live under the threat of facing

demolition or sealing." The same problem exists in special areas such as Chandni Chowk and Sadar

Bazar, he added. "We will insist that people obtain completion certificates so that no change can be

made in future."

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Dehradun residents to get SMS alerts for house tax payment soon

The tax payers of Dehradun will soon get SMS alerts to pay their house tax online. The

Dehradun Municipal Corporation (DMC) started the system in a tie-up with a telecom firm.

The tax payers of Dehradun will soon get SMS alerts to pay their house tax online. The Dehradun

Municipal Corporation(DMC) started the system in a tie-up with a telecom firm.

According to a DMC officer, the process will start within 10 days and will benefit around 82 thousand

families, many of whom have to make rounds of the DMC office just know their dues.

The DMC already has an operational online house tax payment system in place. Residents of 56 out of

60 wards benefit from it.

Talking to TOI, Dehradun municipal commissioner Vinay Shankar Pandey said, "The system will

generate three different SMSs. The first one will be a prompt to pay their taxes, the second informing

them of their dues and the third a payment confirmation."

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LG reviews implementation of DDA's land pooling initiative

Baijal advised DDA for wider publicity and more engagement with stakeholders to expedite its

implementation on ground.

Lieutenant Governor Anil Baijal reviewed the implementation of land pooling policy with Delhi

Development Authority officers on Wednesday and said over 2,600 hectare land has already been

registered for the scheme.

Baijal advised DDA for wider publicity and more engagement with stakeholders to expedite its

implementation on ground.

Under the policy, agencies will develop infrastructure such as roads, schools, hospitals, community

centres, stadia on part of the pooled land and return a portion of the plot to the farmer who can later on

execute housing projects with the help of private builders.

As per estimate, 25 lakh affordable housing units could come up under the policy.

"Reviewed implementation of land pooling policy with @official_dda. Encouraging to see that more

than 2600 hectare land has already been registered for pooling. Advised DDA for wider publicity &

more engagement with stakeholders to expedite implementation on ground," Baijal tweeted.

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Link https://realty.economictimes.indiatimes.com/news/infrastructure/lg-reviews-implementation-of-ddas-land-pooling-initiative/70474660

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HDFC lowers lending rates by 10 basis points to new & existing loans

For loans above Rs 30 lakh and up to Rs 75 lakh, the new rates will 8.85 percent and 8.80

percent for women borrowers and for those above Rs 75 lakh, the prices will come down to 8.90

and 8.85 percent respectively, it said.

Mortgage major HDFC Wednesday announced reduction in retail loan pricing by 10 basis points

across tenors and buckets of loans, both for new as well as existing borrowers, effective Thursday.

For home loans up to Rs 30 lakh, the financier is offering 8.60 percent now. For women borrowers,

the new rate is 8.55 percent, the largest mortgage lender said in a statement, adding the rate reduction

will be applicable to existing borrowers as well.

For loans above Rs 30 lakh and up to Rs 75 lakh, the new rates will 8.85 percent and 8.80 percent for

women borrowers and for those above Rs 75 lakh, the prices will come down to 8.90 and 8.85 percent

respectively, it said.

Earlier this month, State Bank had reduced its lending rate by 5 basis points across all tenors. It had

also lowered its one year rates to 8.40 percent from 8.45.

The rate reductions come after the RBI lowered the policy rate by a cumulative 75 basis points to 5.75

percent in three successive steps since February and prodding banks to pass on the benefits to end-

customers, as they have lowered only 21 bps as of June.

Since June, many banks such as Bank of Maharashtra, Corporation Bank, Oriental Bank of

Commerce and IDBI Bank have also reduced their loan pricing.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/hdfc-lowers-lending-rates-by-10-basis-points-to-new-existing-loans/70479301

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Workers' union demands Maharashtra government to make

registration process simpler

After the Kondwa wall collapse, the district administration has been circulating registration

forms at various construction sites.

The workers' union in the district has demanded that the state government simplify the process of

registration for construction workers and not seek unnecessary details from them.

After the Kondwa wall collapse, the district administration has been circulating registration forms at

various construction sites. The form seeks, apart from other information, details of the registration

number of developer - one of the reasons for the delay in the registration process - said a workers'

union representative.

The union has demanded that the government simplify the entire process, rather than make it

cumbersome. Activist Ajit Abhyankar pointed out that while the Building And Other Construction

Workers Act does not have any rules for providing registration number of builder the construction

worker is working for, the new form issued by the administration has made it difficult for the workers

to register themselves.

The Supreme Court recently issued guidelines for registration of workers. Most labourers who died in

wall collapse incidents in Pune were from Bihar and finding the injured and the kin of victims and

giving benefits to them was tough for the administration.

The welfare board directed the municipal corporations to ensure that builders and contractors enroll

the labourers with the board to enable them to avail government benefits.

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Link https://realty.economictimes.indiatimes.com/news/allied-industries/workers-union-demands-maharashtra-government-to-make-registration-process-simpler/70482738

02-august-2019 -...

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