10-Oct-2019

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18-Feb-2020

CREDAI Bengal Daily News Update | 18.02.20

WEST BENGAL NEWS

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Newspaper/Online The Times Of India

Date February 18, 2020

OTHER NEWS

No proposal to merge LIC Housing Finance with any other entity:

LIC

"There was absolutely no proposal to merge LICHFL with any other entity and all such

rumours floating in the market are not based on facts," LIC said in a clarification.

Life Insurance Corporation on Monday said there is no proposal to merge its subsidiary LIC

Housing Finance Ltd (LICHFL) with any other entity. The statement came after some reports

suggested that insurance behemoth LIC might expedite the process of merging LICHFL with its

banking arm IDBI Bank.

"There was absolutely no proposal to merge LICHFL with any other entity and all such rumours

floating in the market are not based on facts," LIC said in a clarification.

IDBI Bank in a separate filing clarified that no such proposal has been discussed in its board

meeting.

Shares of the LICHFL tanked more than 10 per cent in day trade on BSE after the reports. The

scrip settled down by 7.71 per cent at Rs 380.30. IDBI shares also declined by 2.54 per cent to

end at 34.50.

IDBI Bank, in which LIC holds 51 per cent stake, had reported widening of its standalone net

loss to Rs 5,763.04 crore due to higher bad loans. The lender had posted a net loss of Rs 4,185.48

crore during the corresponding October-December period of the previous fiscal year.

The bank witnessed high proportion of bad loans, with gross non-performing assets (NPAs) at

28.72 per cent of the gross advances at end of December 2019, little lower than 29.67 per cent in

the corresponding period of the previous fiscal.

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Newspaper/Online ET Realty (online)

Date February 17, 2020

Link https://realty.economictimes.indiatimes.com/news/allied-industries/no-proposal-to-merge-lic-housing-finance-with-any-other-entity-lic/74175279

Chandigarh housing board recieves six more applications after

price cut, extended deadline

The CHB on January 14 reduced prices by 5% to 7%, and extended the date for submission

of online applications up to February 23.

Reducing prices of flats twice and extending the deadline for the demand survey have not

enthused people to lap up the city’s costliest housing scheme in Sector 53, with only six more

applicants showing interest in the Chandigarh Housing Board (CHB) scheme in the last month.

The CHB on January 14 reduced prices by 5% to 7%, and extended the date for submission of

online applications up to February 23.

Sources said till between January 14 and February 13, the board received only six applications.

Till December 31, the board had received 148 applications for the scheme offering 492 flats.

In July 2019, the CHB proposed a flat with three-bedroom, hall and kitchen (3BHK) for Rs 1.85

crore, 2 BHK for Rs 1.6 crore, 1 BHK for Rs 1.15 crore and accommodation for the economically

weaker section (EWS) at Rs 58 lakh, drawing a lot of criticism. The housing board then released

new prices on October 10, mentioning that a 3BHK (HIG) would cost Rs 1.63 crore, 2BHK (MIG)

Rs 1.36 crore, 1 BHK (LIG) Rs 90 lakh and a two-room flat for EWS Rs 50 lakh.

On January 14, the board decided that 3BHK (HIG) would cost Rs 1.50 crore, 2BHK (MIG) Rs

1.28 crore and 1 BHK (LIG) Rs 86 lakh.

The CHB official said persons applying under the demand survey would be given preference in

allotment under the scheme or category applied by him, subject to their eligibility.

The Sector 53 housing scheme was proposed to be made open for all.

Key Highlights

Allottees to be allowed to pay the cost of the flats in five equated installments (each of six months)

spanning over 30 months subject to payment of interest at the rate of Rs 12% per annum

After launch of the scheme, for speedy construction of the dwelling units, the construction work

to be awarded to two/three agencies

The last date for submission of online application has been extended up to February 23

Category | Prices

Newspaper/Online ET Realty (online)

Date February 17, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/chandigarh-housing-board-recieves-six-more-applications-after-price-cut-extended-

deadline/74172706

HIG (3BHK) | Rs 1.5cr

MIG (2BHK) | Rs 1.28cr

LIG (1BHK) | Rs 86L

2-room flat (EWS) | Rs 50

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Amrapali Sapphire homebuyers to get back property papers

However, in his letter on Sunday, court receiver R Venkatramani instructed the sub-

registrar of Gautam Budh Nagar to allow the homebuyers of Sapphire I and II to collect

their property documents from the latter’s office.

The Supreme Court-appointed receiver has asked the registry department to return the property

documents of some 700 homebuyers in Amrapali Sapphire I and II.

TOI had last week flagged the concerns of the buyers who were denied their property documents

despite they having gone through the process of getting their flats registered through tripartite

agreements with the Noida Authority and the court receiver. Officials then told the buyers to wait

for another round of scrutiny by the court receiver.

However, in his letter on Sunday, court receiver R Venkatramani instructed the sub-registrar of

Gautam Budh Nagar to allow the homebuyers of Sapphire I and II to collect their property

documents from the latter’s office.

Homebuyers have heaved a sigh of relief. “This has come as a huge relief to those of us who had

paid up all dues and were awaiting our flats. We will finally get the documents and that is how it

should be,” said Ravi Kant, a buyer in Sapphire I.

However, for all future registrations, an undertaking by homebuyers has been made compulsory.

The undertaking basically ensures that the registration is subject to later scrutiny for completion

of all financial transactions that are due at the point of registration of the property, officials said.

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Newspaper/Online ET Realty (online)

Date February 17, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/amrapali-sapphire-homebuyers-to-get-back-property-papers/74183705

Bengaluru civic body falls 35% short of property tax target

Officers, however, said BBMP has done well in collecting the levy for the current year: Rs

1,952 crore - or, 85% - against target of Rs 2,282 crore.

With just 45 days remaining of the financial year, Bruhat Bengaluru Mahanagara Palike (BBMP)

has been able to achieve only 65% of the property-tax target of Rs 3,813 crore as of Feb 14.

Officers, however, said BBMP has done well in collecting the levy for the current year: Rs 1,952

crore - or, 85% - against target of Rs 2,282 crore. They said recovery of arrears over 5-7 years

proved to be a drag.

Against the Rs 1,531 crore arrears to be collected, only Rs 535 crore has been recovered, BBMP

data accessed by TOI said.

The overall property-tax target has two components: collection for the current fiscal and arrears

of 5-7 years.

Newspaper/Online ET Realty (online)

Date February 17, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/bengaluru-civic-body-falls-35-short-of-property-tax-target/74167477

About the hurdles in recovering tax arrears, senior BBMP officials said tracing the defaulters was

the biggest yet. Over 50,000 property owners -- often not residents of the locality -- have defaulted

on tax payment for 5-7 years.

While Mahadevapura zone leads in property tax collection with Rs 599 crore, Dasarahalli

accounted for the least at Rs 72 crore. Mahadevapura accounted for the highest recovery of levy

dues at Rs 113 crore, but also had the highest arrears at Rs 289 crore.

"Most defaulting property owners are not residents of the locality. Hence, it's tough to trace them,"

a senior BBMP official said.

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Kolhapur general body to discuss proposal to waive property tax

dues on Feb 18

The corporators have urged the civic administration to waive the penalty charges

completely if the defaulter is ready to pay the principal amount of dues in a single

installment.

The proposal to waive off the fine over the water tax and property tax dues will come up for

discussion in the general body meeting of Kolhapur Municipal Corporation (KMC) on Tuesday.

The corporators have urged the civic administration to waive the penalty charges completely if

the defaulter is ready to pay the principal amount of dues in a single installment. The corporators

claim that waiving the fine amount will help generate the revenue and achieve the revenue targets

of both the departments.

A senior KMC official requesting anonymity said, “In 2017, we had waived the fine amount over

the property tax dues. Many property owners availed the benefit, however many had sought to

break the dues into installments which was not accepted. The waiver in the fine amount is a short-

term measure for the recovery of the tax dues. We had requested by the corporators to draft the

waiver proposal, however, we have made it clear that the waiver will not help much with respect

to revenue generation. Moreover, it will lead to revenue loss in the long term.”

The official further states that the waiver scheme implemented in 2017 and that proposed one by

the corporators are completely different. “In 2017, 50% of the fine amount over the defaulted

amount was waived if the dues are paid in a single installment. Now, the corporators are seeking

a 100% waiver in the fine or the penalty amount. Currently, both the departments are facing a

tough task to achieve the revenue target. Both the departments have not yet achieved 50% of the

revenue target while the financial year is coming to an end in the next one and half months.”

Owing to slow tax recovery, the salaries of the officials of both the departments were held for

over a week this month. “We have been asked to keep a report ready showing the details of the

tax collections of both these departments and the likely impact on the revenue after the waiver in

fine and penalty amount is accepted,” said the official.

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Newspaper/Online ET Realty (online)

Date February 17, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/kolhapur-general-body-to-discuss-proposal-to-waive-property-tax-dues-on-feb-18/74167458

All constructions at Bareilly's Delapir pond site 'illegal': Revenue

department

The department said the site was registered as a “pond” in revenue records in 1914 and any

construction there is illegal. Spread across 1.965 hectares, the Delapir pond has been

encroached upon by colonisers, land mafia and shopkeepers.

The revenue department has categorically termed all constructions at Delapir pond site here as

“unauthorized”. The department was responding to an application by a city-based NGO sent to

the district administration regarding rampant encroachments at the pond site. The department said

the site was registered as a “pond” in revenue records in 1914 and any construction there is illegal.

Spread across 1.965 hectares, the Delapir pond has been encroached upon by colonisers, land

mafia and shopkeepers.

Pradeep Kumar, secretary of a city-based NGO, Jagar Jan Kalyaan, said, “We had submitted a

memorandum to the district administration in January in connection with encroachments on

Delapir pond and an application was also sent to the revenue department. The department has

entered a response in the matter and stated that the area measuring around 1.965 hectares in

Biharman Nagla is recorded as a ‘pond’ as per revenue records of 1914. The department,

therefore, termed the constructions (encroachments) on the pond area as illegal.”

Kumar added, “The district administration and government departments that were made party

into the complaint have taken cognizance of the matter and assured action in the case.”

The NGO had submitted a memorandum to district magistrate Nitin Kumar, seeking action in

connection with the encroachment on Delapir pond.

Bareilly SDM Ishan Pratap Singh said, “We have taken cognizance in the case and relevant action

will be taken up soon.”

In a similar case relating to an encroachment on what was a pond in Agra, the high court had

ordered in September 2019, that the site was recorded as a “pond” in revenue records before 1951

and that it should be brought into its original shape. Any kind of encroachment there should be

removed.

The HC order further said, “All collectors of each district in the state shall entrust the additional

district magistrate (finance and revenue) concerned to make a list of ponds in existing revenue

records in the year 1951-52. He shall also prepare a list of ponds which are under encroachment,

or in respect of which, lease has been granted. The collectors shall proceed to cancel the lease of

these ponds and restore them in accordance with law and directions issued.”

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Newspaper/Online ET Realty (online)

Date February 17, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/all-constructions-at-bareillys-delapir-pond-site-illegal-revenue-department/74172782

Consumer court orders Bengaluru's Ecstasy Projects to provide

parking or pay compensation

A Bench of President Pratibha R. K. and N. R. Roopa on January 24, 2020, also ordered

M/S.Ecstasy Projects Private Ltd. to pay up Rs. 20,000 as cost of litigation.

A flat buyer is entitled to get a car parking in the same residential building in which (s)he bought

the flat, ruled a City Consumer Court last month. The Court has now ordered the builder to allot

parking to the complainant who bought the flat in his Whitefield based residential complex or

pay up Rs. 2 lakh within 45 days as a compensation.

A Bench of President Pratibha R. K. and N. R. Roopa on January 24, 2020, also ordered

M/S.Ecstasy Projects Private Ltd. to pay up Rs. 20,000 as cost of litigation. ‘By no stretch of

imagination any customer who is owning an apartment will be given a parking space in another

block of the apartment. The opposite parties have admitted the fact that on August 3, 2017 that

they made an allotment in ‘G’ block, where as the complainant resides in the ‘To block of the

complex’, noted the judges.

The court was hearing a complainant filed by one Tanushree Mohapatra (35), a resident of

Whitefield. In her complaint filed with the 4th District Consumer Disputes Redressal Commission

in April 2018, Mohapatra said that she bought a 2-bedroom flat in ‘F’ Block with one covered

car parking of Trifecta Esplanade constructed by M/s. Ecstacy Projects Pvt. Ltd. valued

approximately at Rs. 38 lakh in March 2013. She informed the court that possession of the flat

was granted in February 2015. Since she was one of the initial buyers, the builders informed her

that the parking allocation would be executed on sequential distribution. Hence, she had parked

her car in any convenient parking slot available in her block. “This became extremely difficult

when all the other apartments were sold out and those apartment owners were parking their cars

in whichever slot was available at moment,” the court was told.

Mohapatra then communicated to the authorities of the builder company and requested for a

permanent parking allotment in her block. She was told that the allocation of parking in the ‘F’

block basement, in which she was residing was impossible and those vehicles which were not

able to be accommodated were allocated parking in the adjacent block. Accordingly, she too was

allotted parking in the ‘G’ block. Mohapatra pointed out that the allotted parking slot was very

congested and inconvenient and it was impossible for her to enter or exit from a small space. She

further informed the court about other difficulties like water seepage, water logging etc. in the

‘G’ block parking space and she had to use her neighbour’s car parking slot to avoid continuous

inconvenience.

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Newspaper/Online ET Realty (online)

Date February 17, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/consumer-court-orders-bengalurus-ecstasy-projects-to-provide-parking-or-pay-

compensation/74167526

KKR, Adani, Piramal, Kotak, among two dozen bid for DHFL

In November, the Reserve Bank referred DHFL, the third largest pure-play mortgage

lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings.

Adani Group, KKR, Bain Capital, Kotak Mahindra Bank and Piramal Enterprises are among the

more than two dozen entities that have put in bids for crippled DHFL, the first financial services

player undergoing insolvency process, according to two sources.

The sources told that out of the interested entities, at least 14 are keen to take over the whole

operations of the mortgage lender.

In November, the Reserve Bank referred DHFL, the third largest pure-play mortgage lender, to

the National Company Law Tribunal (NCLT) for insolvency proceedings.

Prior to that, the company's board was superseded and R Subramaniakumar was appointed as the

administrator. He is also the resolution professional under the Insolvency and Bankruptcy Code

(IBC).

The last date for submission of bids under the insolvency process was Monday.

One of the sources said the company has received 24 bids, of which 14 are for the entire

operations.

According to the second source, the number of bidders was close to 30.

While Subramaniakumar could not be reached for comments, calls made to a DHFL spokesperson

remained unanswered.

Bain Capital's Integral Investments South Asia VII fund, the US-based KKR Credit Advisors,

Adani Properties, Welspun group's Astronomical Logistics, Blackstone arm BCP Topco VIII

fund, Piramal Enterprises and Hero Fincorp, are among those that have bid for the entire

operations of DHFL, the first source said.

The source said Hong Kong-based Lonestar Asia Pacific Acquisition, Kotak Ivestment Advisors,

Singapore-based SSG Capital Management, Varde Partners' VFSI Holdings, Aion arm Racion

Revitalisation, Oaktree's India Opportunities Investment Fund and leading domestic ARC Arcil,

are also looking for DHFL's full operations.

As per the second source, Deutsche Bank AG, Edelweiss Financial Services, Barings' Maple II

BV, Phoenix ARC, Warburg Pincus' Baywater Investment, SC Lowey Primary investments and

Multiples Private Equity III, have put in their bids for part of DHFL.

Newspaper/Online ET Realty (online)

Date February 18, 2020

Link https://realty.economictimes.indiatimes.com/news/allied-industries/kkr-adani-piramal-kotak-among-two-dozen-bid-for-dhfl/74183718

This list also includes Vastu Housing Finance Corporation, Asia Pragati Strategic Investment

Fund, Promontoria Holding 206 BV (Cerberus), and Burlington Loan Management (Davidson

Kempner), the source added.

As of July 2019, the company owed Rs 83,873 crore to banks, the National Housing Board,

mutual funds and bondholders.

Most banks led by the State Bank have declared DHFL account as an NPA in the third quarter.

DHFL was sent to bankruptcy after the government on November 15, 2019 enabled the Reserve

Bank to sent large financial services companies, excluding banks, to the NCLT for insolvency

proceedings.

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