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CREDAI Bengal Daily News Update | 10.07.20

WEST BENGAL NEWS

Kolkata real estate post-COVID-19

COVID- 19 has not only impacted our lives but also all the sectors of the Indian economy

to a great extent. While work from home has become a new trend, real estate in India has

undergone immense change. In Kolkata, too, the impact has been significant.

The real estate sector will have to reinvent itself to understand, comprehend, plan and

implement to meet the emerging new requirements. The time is right for creative disruption.

Though the times will prompt the real estate sector to go back to the drawing board, it will also

open new avenues to innovate in order to fast-track incorporation of new technologies. The

planning would need to incorporate altered norms of social distancing, mobility, density and

health considerations.

The concept of work from home has indeed caught up across the spectrum but is specifically

significant for the millennials in the IT and related sectors. Post-COVID-19, the offices shall

buzz again, but definitely not as earlier.

However, urbanisation is not going to stop, though the pace would slow down a bit in the

aftermath of the pandemic for some time. Accordingly, the demand for all asset classes is going

to be persistent and increase over time. However, the product and factors which would excite

the customers shall be different from what we have today.

Real estate in Kolkata

In the short run, the real estate industry will witness slow sales. Moreover, the demand would be

low as there would hardly be any site visits in the post-COVID-19 era. The prevalent negative

economic conditions coupled with lay-offs, salary cuts have dampened the spirits of the

potential buyers for the time being.

However, the market is bound to bounce back with a vengeance in the near future with a surge

of demand among the middle-income and upper-middle-income groups who currently do not

own properties. The normalisation post lockdown will have a positive effect on the market. The

customers have realised that living in an owned house has its own benefits which cannot even

be compared to staying in rented accommodation. Therefore, in the long term, the market will

indeed pick up, and the demand for the mid-segment and affordable housing will be massive.

Real estate would see huge growth. With housing interest at lowest levels, real estate would be

seen as an investment with the highest ROI.

Newspaper/Online 99acres ( online )

Date July 10, 2020

Link

https://www.99acres.com/articles/kolkata-real-estate-post-covid-

19.html?utm_source=Organic&utm_medium=Twitter&utm_campaign=S

ocial&utm_content=Tips&utm_term=NA

Post-COVID-19, there have been erosions in the valuation of the stock market. Resultantly,

banks have lowered the rate of fixed deposits. People are now staying at home for a period

longer than before and realised the value of a good home, which ushers in happiness and would

also appreciate in the long-term.

For NRIs, perhaps, it is one of the best times when the home loan is cheaper, and rupee as a

currency is also weak against the earnings in stronger foreign currencies.

Due to the combined effects of big disruptions such as WB-HIRA and GST, there had been

consolidation and reduction in new launches since the last two years. Estimates suggest that in

West Bengal, projects with a total supply of about 9000 units were launched in 2018 and 2019,

against an estimated annual absorbing capacity of 15,000 units. This led to a decline in the

unsold ready inventory.

Post COVID-19, even more consolidation is likely to happen. However, with few developers

and projects, prices are not foreseen to be on a declining trend. ____________________________________________________________________________________

Didi releases Rs 58k cr for piped water project in rural Bengal

Chief Minister Mamata Banerjee on July 6 released Rs 58,000 crore for the mega Jalasapno

project with an aim to provide piped water to as many as two crore households in rural Bengal.

Banerjee, while releasing the fund on July 6, set a five-year target for its completion.

The public health engineering department will execute the project with an eye on the perceived

groundwater scarcity in 2050.

"Two crore rural households will be benefited under this project over a span of five years. I

have named it Jalasapno — the dream to get safe drinking water right from the tap," she said.

The CM recalled usual scenes from Bengal villages where women are seen carrying water in

buckets from faraway places. “They won't have to take the pain anymore. This huge project will

generate rural employment and give a boost to rural economy," Banerjee said.

Narrating how the Nirmal Bangla Mission in villages has helped do away with open defecation,

she added: "Many districts have achieved 100% sanitization."

The public health engineering department has already executed similar projects in the arsenic-

affected blocks of North 24 Parganas and South 24 Parganas, the arid zones of Bankura and

Purulia and the fluoride-hit blocks of Gangarampur in Dakshin Dinajpur. A surface water

scheme for saline-hit areas of Kulpi in South 24 Parganas and the adjoining blocks has also

been taken up.

On July 6, Banerjee also released 27,650 Sabuj Sathi bicycles for stated-aided school students

of Darjeeling and Kolkata. "The state government has already distributed one crore bicycles to

school students. The initiative got delayed due to the pandemic. Many bicycle companies are

eager to set shop in the state because of the bulk government orders," she said.

The chief minister added that free food and vegetable supply for students who are unable to

attend school and take mid-day meal will continue along with free ration for all till 2021. "Our

free ration scheme covers all while the Centre's ration scheme covers only 60% of the state's

population," she said.

Banerjee also seized the opportunity to say that no one will be deprived of Amphan relief. "Let

us not do politics over it. We will see to it that genuine victims get relief."

________________________________________________________________________

Newspaper/Online Times of India ( online )

Date July 09, 2020

Link https://content.magicbricks.com/property-news/kolkata-real-estate-news/didi-

releases-rs-58k-cr-for-piped-water-project-in-rural-bengal/114521.html

OTHER NEWS

MHADA wants redevelopment agreements to only charge nominal

stamp duty

The MHADA announced a series of measures to expedite the process of redevelopment of

its colonies across the city, as many of them are in dilapidated condition.

After cutting premium charges on redevelopment projects of its colonies in the

city, Maharashtra Housing and Area Development Authority (MHADA) now wants the state

government to charge nominal stamp duty on tripartite agreements signed between them, the

developer and residents of the colony for redevelopment of its colonies spread across the state.

A letter written by MHADA’s vice-chairman and chief executive officer (CEO) Milind

Mhaiskar to the state government read, “In order to give impetus to redevelopment projects and

make them economically viable, it is necessary to charge only nominal stamp duty of Rs 1,000

for tripartite agreement.”

Mhaiskar also said, “The state government has already issued government resolution(GR)

giving similar facility for redevelopment of old buildings owned by the Municipal Corporation

of Greater Mumbai (MCGM) in South Mumbai. So the state government should extend the

facility to MHADA colonies as well.”

The MHADA announced a series of measures to expedite the process of redevelopment of its

colonies across the city, as many of them are in dilapidated condition.

MHADA has agreed to make applicable reduced premium rates for existing ongoing

redevelopment projects as well. The authority reduced the rate of premium for redevelopment

projects in August last year. However, they were applicable only to new projects. The real

estate industry had been demanding the rates should be reduced for existing projects as well to

ensure their timely completion.

The developers will have to pay premium that is linked to ready reckoner rates for getting

additional FSI. Currently, this premium is between 20 per cent and 28 per cent for

redevelopment of low-income group (LIG) colonies, 45 per cent and 56 per cent for middle-

income group colonies, and 60 per cent and 71 per cent for high-income group colonies.

MHADA proposed to allow payment of premium in staggered manner – 20 per cent before

getting all permissions and then 80 per cent at the time of issuing of completion certificate. It

Newspaper/Online ET Realty ( online )

Date July 09, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/mhada-wants-

redevelopment-agreements-to-only-charge-nominal-stamp-duty/76875038

has also proposed to charge premium only on FSI that is being used for the market sale

component and make the entire FSI used for rehabilitation of existing tenement holders free of

cost.

There are 56 colonies of MHADA spread across the city and they occupy nearly 1,600 acres of

prime real estate. Around 76,000 families live in these colonies and, as most of these buildings

were built between the 1960s and 1990s, they need urgent redevelopment.

________________________________________________________________

Maharashtra, SBI to set up stress fund for stuck slum

rehabilitation projects

Slum Rehabilitation Authority (SRA) is the nodal agency under the Housing Ministry to

implement the slum redevelopment schemes.

The government of Maharashtra along with the State Bank of India is setting up a stress fund to

restart stuck slum rehabilitation projects in the Mumbai Metropolitan Region (MMR) and other

urban areas of the state.

“The government will infuse Rs 700 crore to Rs 1,000 crore in this fund aimed at providing

financial support to revive such projects. SBI will bring in a much larger amount and also be

responsible for managing the fund. Slum Rehabilitation Authority will act as a certifying

agency,” said the state Housing Minister Jitendra Awhad.

Slum Rehabilitation Authority (SRA) is the nodal agency under the Housing Ministry to

implement the slum redevelopment schemes. It has so far issued approvals to total 1,856 such

projects aimed at providing over 5 lakh homes to slum dwellers. Around 540 projects of these

have been completed, while 370 are stuck for various reasons including financial difficulties.

The minister also announced a series of relaxations in slum redevelopment policy to ensure

faster availability of housing for slum dwellers in MMR. Various premiums related to such

projects have been relaxed by way of reductions and deferred payments. The approvals of files

will be scrutinized at 3 levels now compared to 6 levels earlier thereby reducing the timeline by

50% at all stages.

“The state government’s decision to push SRA development is also keeping in view the city’s

readiness to tackle any future pandemics such as Covid-19. As we continue to battle the Covid-

19 virus, Mumbai has witnessed an alarming ratio of Covid-19 cases across the slums and a

proper housing environment will be the key to safeguard lives and prevent any community

spread of such diseases going forward,” he remarked.

Along with the relaxation in premiums and timeline, all SRA projects would be empowered

with health centres; authorized committees to relocate religious structures within the project;

online approval mechanism and committed continuity in construction of rehabilitation buildings

that can only be stopped by specific high court orders.

Newspaper/Online ET Realty ( online )

Date July 10, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/maharashtra-sbi-to-set-

up-stress-fund-for-stuck-slum-rehabilitation-projects/76885640

Highlighting the key purpose of the current relaxations in SRA guidelines, Awhad remarked

that the latest relaxations is an outcome of a series of discussions with all stakeholders, post

suggestions and objections, which has been further pushed by the current Covid-19 pandemic

environment in MMR.

The series of measures undertaken by SRA has also capped the rental amount structure, during

the rehabilitation phase to Rs 12,000 and Rs 10,000 per month in the city and suburb zones

respectively. While for the extended suburbs which come under the MMR region the

government has capped rental structure to Rs 8000 per month.

According to the minister, the eligibility of slum dwellers to get the benefit of slum

rehabilitation projects will now be carried out entirely by the SRA. Earlier this used to be

carried out by 3 different government bodies--Municipal Corporation of Greater Mumbai

(MCGM), SRA and collector office.

Awhad also added that from now on, SRA will help remove the balance shanties if the

developer has secured consent of 70% slum dwellers in the proposed project and already

cleared them.

________________________________________________________________

Have identified high-risk buildings in need of seismic stability:

Authorities to Delhi HC

In their respective affidavits filed in the high court, the three municipal corporations said

they have included premier educational and research institutes, like IIT, Delhi, for

carrying out the structural audits of buildings under their respective jurisdictions.

The civic authorities, DDA, and the state disaster management authority (DDMA) on

Wednesday submitted before the Delhi High Court the steps, like identifying high risk

buildings, taken by them to ensure seismic stability of the structures in the national capital in the

event of a major earthquake.

In their respective affidavits filed in the high court, the three municipal corporations said they

have included premier educational and research institutes, like IIT, Delhi, for carrying out the

structural audits of buildings under their respective jurisdictions.

The affidavits were filed pursuant to the high court's order on June 18 directing the

corporations, New Delhi Municipal Council (NDMC), Delhi Cantonment Board (DCB),

and Delhi Development Authority (DDA) and the AAP government to indicate implementation

of the action plans devised by them to ensure seismic stability of the buildings in the national

capital.

The order by a bench of Chief Justice D N Patel and Justice Prateek Jalan had come on a plea

by lawyer Arpit Bhargava highlighting the lack of seismic stability of buildings in Delhi.

On Wednesday, Bhargava sought time from the bench to respond to the various affidavits, filed

by the authorities, saying he received it only in the morning and needs to go through them.

The high court, thereafter, adjourned the matter to July 29.

The corporations have also stated in their affidavits that they have issued a public notice in

newspapers informing the people about the need for structural audit of buildings and need of

retrofitting, if required, to ensure their seismic stability,

They also claimed to have identified some buildings in their respective jurisdictions which

needed retrofitting and that they have also issued notices to owners of buildings constructed

Newspaper/Online ET Realty ( online )

Date July 09, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/have-identified-high-

risk-buildings-in-need-of-seismic-stability-authorities-to-delhi-hc/76869028

prior to 2001 which are in a dilapidated condition asking them to get a structural audit done.

The NDMC in its affidavit, filed through advocates Anil Grover and Tushar Sannu, has said that

it has carried out structural strengthening of two out of 25 high risk buildings identified in its

jurisdiction and structural consultants have been appointed in respect of another two buildings

out of the 25.

For the remaining 21 buildings, the process to appoint structural consultants has been initiated,

it said.

Besides that, it said it has also requested the heads of institutions in high rise and high risk

buildings -- like AIIMS, RML Hospital and Lady Harding Medical College -- in its jurisdiction

to undertake structural audit of their respective complexes.

The DCB has said, in its affidavit, that it has decided to demolish the 38 structurally unstable

buildings in its jurisdiction and has initiated the process to demolish 16 of them.

The DDA, in its affidavit, has stated that it has sent letters to owners/occupiers of 32 buildings,

all except one are located in Dwarka, which were sanctioned prior to March 2001 and are 15

meters o more in height, to initiate process of structural safety and submit a report.

The Delhi Disaster Management Authority (DDMA), which comes under the Delhi

government, has said that it has been conducting mock drills in all districts regularly to assess

earthquake preparedness of the authorities.

"Training and conferences are being conducted regularly by districts as well as by the state from

time to time. List of all emergency support functionaries with phone number have been updated

on DDMA website.

".. and all stakeholders have been directed to necessarily conducted mock drills once in six

months to check the preparedness," it has said in its affidavit.

The affidavits were filed after the the high court on June 18 pulled up the Delhi government and

all the local authorities for non-implementation of the action plans for ensuring seismic stability

of buildings in the national capital.

Bhargava, in his application filed after the city witnessed several tremors between April and

June this year, has claimed that the authorities and Delhi government have not done anything

despite several directions by the court to develop an action plan.

The application was filed in Bhargava's main petition filed in 2015 claiming that the seismic

stability of buildings in Delhi was poor and in case of a major earthquake there could be large

number of casualties.

The petition is still pending before the high court which from time to time has directed the Delhi

government and civic authorities to develop an action plan.

In the application, Bhargava has contended that around 11 earthquakes have struck Delhi since

April 12 and according to experts a big one was imminent which is why he has moved the court

now for urgent directions. HMP SKV RKS RKS.

________________________________________________________________

Agra civic body issues notices for renovation or demolition to 72

dilapidated buildings

The city has 100 wards across four zones, with the most number of dilapidated buildings

in Chatta zone, followed by Loha Mandi, Taj Ganj and Hari Parvat zones.

Agra Municipal Corporation (AMC) has identified 72 dilapidated buildings in the city that are

over 100 years old, and issued notices to their owners and caretakers, asking them to carry out

necessary repair work, warning them that the buildings can collapse during heavy monsoon

rains or high winds, leading to loss of life and property.

The administration has also issued letters to all city police stations, asking SHOs to ensure

suitable compliance on notices issued to residents of such buildings in their areas, and asked

engineers to ensure residents vacate those buildings that are in very poor condition.

The city has 100 wards across four zones, with the most number of dilapidated buildings in

Chatta zone, followed by Loha Mandi, Taj Ganj and Hari Parvat zones.

In the notices, issued under Section 33(1) of the UP Municipal Corporation Act, AMC has

asked owners of dilapidated buildings to pull down damaged portion of the building in case it

cannot be renovated. Sharing area-wise list ofdilapidated buildings, AMC administration has

asked SHOs of police stations to check if owners are urgently following up as per notices issued

to them.

Additional municipal commissioner K B Singh said, “We’ve identified 72 dilapidated buildings

in four city zones that are unsuitable for living and can collapse during the monsoons. To

prevent a major accident, we’ve issued notices to owners of these buildings.

We have also asked area police to ensure they get the renovation done quickly, failing which,

they should pull down the damage part of the buildings. The survey to identify buildings in poor

condition is continuing in different parts of the city. More notices are likely to be issued soon.”

According to Section 331 of UP Municipal Corporations Act, 1959, if any structure is in a

ruinous condition or is likely to fall and is dangerous to occupants, the municipal commissioner

may, by written notice, require the owner or occupier to pull down, secure, remove or repair

Newspaper/Online ET Realty ( online )

Date July 09, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/agra-civic-body-

issues-notices-for-renovation-or-demolition-to-72-dilapidated-buildings/76868973

such structures to prevent any danger. In case of non-compliance, the corporation has the right

to order demolition of the dilapidated structure.

________________________________________________________________