2--dec oct--2019 - credai bengalcredaibengal.in/wp-content/uploads/2019/12/02dec19... · nadu real...

10-Oct-2019 02-Dec-2019

CREDAI Bengal Daily News Update | 02.12.19

WEST BENGAL NEWS

Global pension funds are eyeing West Bengal's real estate market

With REIT opening up giving these foreign funds an opportunity to exit, the existing

private equity funds such as KKR, Blackstone, JM Financial and Xander are also looking

to increase their exposure in West Bengal's retail and logistics space, avers realtor

Pradeep Sureka, vice president, Indian Chamber of Commerce.

International institutional investors, including large pension funds like The CPP Investment

Board, officially the Canada Pension Plan Investment Board, Mirae Asset of Korea, couple of

Japanese as well as Middle East funds are eyeing Kolkata's real estate market to grab a slice of

its retail, IT and logistics growth cycle.

With REIT opening up giving these foreign funds an opportunity to exit, the existing private

equity funds such as KKR, Blackstone, JM Financial and Xander are also looking to increase

their exposure in West Bengal's retail and logistics space, avers realtor Pradeep Sureka, vice

president, Indian Chamber of Commerce.

Confederation of Real Estate Developers‘ Associations of India (Credai) Bengal president

Nandu Belani seconds the emotion. "We remain optimistic about real estate and its growth. We

are certainly poised to rebound," he added.

Favourable demographics, strategic location and improving business environment have driven

up foreign investment inflows in West Bengal. To enhance its FDI potential, the state has

undertaken several initiatives such as single window facility to avail state services, dedicated

government departments to monitor and support business processes, sector-specific policies,

incubator and monitoring centres for startups, incentives for tech, manufacturing and other

sectors etc., states the Credai Bengal-CBRE knowledge paper 'West Bengal: A beacon of

growth in the East'.

Incidentally, the paper encapsulates WB's enabling policy environment, impetus to

infrastructure growth and favourable business environment, that are helping the state attract

business and thereby investments, in an unprecedented manner.

The state is also encouraging public -private partnership in various segments of real estate such

as office spaces, housing and retail amongst others, the report added. The report was unveiled

by Amit Mitra, state finance, commerce & industries minister, Chandrima Bhattacharya,

Newspaper/Online ET Realty(online)

Date November 30, 2019

Link https://realty.economictimes.indiatimes.com/news/industry/global-pension-funds-are-eyeing-west-bengals-real-estate-market/72302187

minister of state with independent charge, housing department, Anshuman Magazine, chairman

& CEO – India, southeast Asia, middle east & Africa, CBRE, and Credai Bengal president, at

'Statecon 2019' in Kolkata.

While releasing the report, Anshuman Magazine, Chairman and CEO, India, South East Asia,

Middle East and Africa, CBRE said, "The state's large talent pool, transparent governance

processes and much-improved social and physical infrastructure have made its position stronger

as a veritable business hub.

Additionally, the real estate dynamics in West Bengal, especially in Kolkata, is at a stage

wherein controlled supply is boosting absorption – which in turn is further helping the state's

RE growth trajectory. With the right policy incentives, West Bengal is expected to put itself on

the global investment map in the near future."

The Credai Bengal Statecon 2019 themed 'Poised to Rebound' witnessed participation from

think-tanks, government officials, policy makers, financial institutions, investors, real estate

developers and industrialists. The co-hosts of the event included Credai Bengal's city chapters at

Asansol, Howrah-Hooghly and North Bengal. The interactive platform saw real estate

stakeholders discuss emerging industry trends, deliberate on possible finance avenues in the

backdrop of a liquidity crunch, assess global practices that can be adopted, state's real estate

scenario and its future prospect and aspirations of tier II and tier III cities.

________________________________________________________________

OTHER NEWS

NITI Ayog preparing draft model Land Title act

Conclusive land titles are guaranteed by the state for their correctness and entail

provision for compensation by the state in case of any disputes.

The government is readying a draft model Land Title Act, 2019, which will pave the way for

conclusive land titles, as against presumptive ones at present, besides working on a unified legal

framework that will provide for state guaranteed land ownership.

Conclusive land titles are guaranteed by the state for their correctness and entail provision for

compensation by the state in case of any disputes. Guaranteed title systems have been

developed and adopted in countries such as Australia, New Zealand, Singapore and the United

Kingdom.

The government is keen to push for conclusive land titling as it will facilitate easy access of

credit to farmers and reduce a large number of land-related litigations, besides enabling

transparent real estate transactions and land acquisition for infrastructure development, said

sources.

Ameeting was held by the cabinet secretary recently to seek views from stakeholders, including

central ministries, on how to make the legislation attractive enough for states to adopt it in

totality. Since land is a state subject, all states will have to come on board to adopt the model

legislation.


Date December 02, 2019

Link https://realty.economictimes.indiatimes.com/news/regulatory/niti-aayog-preparing-draft-model-land-title-act/72324471

Subsequent to the meeting, the NITI Aayog has been holding meetings with all stakeholders on

the draft legislation. ―This will soon be finalised and presented to states for adoption,‖ said one

of the persons, who did not wish to be identified. Although several efforts were made in the past

to move towards conclusive land titling, the proposals could never be pushed through.

In India, land ownership is determined through various records such as sale deeds, which are a

record of the property transaction between the buyer and seller, besides property tax receipts

and survey documents. However, these documents are not a government guaranteed title but

only a record of the transfer of property and hence can be challenged. The government is of the

view that massive progress in computerisation of land records will help in moving towards

conclusive land titles.

Under the Digital India Land Records Modernization Programme of the Department of Land

Resources under the rural development ministry, the government has achieved more than 90%

digitisation of land records. Out of the identified 655,959 villages, land records have been

computerised in 90.1% or 591,221 villages across the country.

________________________________________________________________________________________________

MahaRERA to allow only skilled labour at construction sites

The MahaRERA has already started enlisting labourers organisations on its site and even

ensuring the workers do not lose their wage for the day.

MahaRERA will now allow only skilled labour at construction sites to ensure quality

construction and also prevent accidents. The labourers also stand to benefit from insurance

cover for their family members.

The MahaRERA has already started enlisting labourers organisations on its site and even

ensuring the workers do not lose their wage for the day. ―Given the good number of

organisations now joining the MahaRERA as self-regulatory organisations, the work of

providing training and ensuring only trained staff will be implemented sooner than expected,‖ D

R Hadadare, chief technical officer of MahaRERA, said.

Hadadre was in Nashik to address a one-day workshop organized by National Real Estate

Development Council (NAREDC) at Nashik for the architects, engineers, chartered accountants

and others.

MahaRERA has already announced that from December 1 onwards, every construction activity

being carried out has to be registered with the authority and has to submit a quarterly report.

The report has to be maintained and uploaded in a specific manner and failure to do so would

attract penalty — which could be 5% of the project cost.

Registration is compulsory for every development project. MahaRERA has appointed four self-

regulatory organisations — NAREDCO, Builders Association of India, Credai

and Maharashtra Chamber of Housing Industry (MCHI) — to assist the builders, developers

and architects to get through the process,‖ the officer said.

These SROs would also help the members – large projects or even small ones — to understand

the norms, dos and don‘ts, pros and cons of not adhering to the deadlines and even assist them

to raise issues if any with the MahaRERA and get them attended.

A conciliatory committee has been created by MahaRERA and Avinash Shirode, Rajan Daryani

and Mohan Ranade are the members of the same from Nashik.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/industry/maharera-to-allow-only-skilled-labour-at-construction-sites/72316336

Lucknow: 13 pending housing projects to get funds to restart work

These developers can get support from the special corpus fund created to bail out

recession-hit real estate sector. UPRERA has found eight developers with 13 pending

projects having 50,000 housing units fit for receiving the revival funds.

Of the 52 housing projects lying defunct in the city for years due to lack of funds, 13 have been

found to be fit by UP Real Estate Regulatory Authority (UPRERA) for getting financial

assistance from the government. This will revive hopes of hundreds of buyers who had booked

housing units in these projects.

These developers can get support from the special corpus fund created to bail out recession-hit

real estate sector. UPRERA has found eight developers with 13 pending projects having 50,000

housing units fit for receiving the revival funds.

The idea was proposed by a panel of experts led by vicechairman of National Real Estate

Development Council Parveen Jain in the UPRERA conclave held in Lucknow earlier this

month.

According to UPRERA officials, 52 projects with around 2 lakh housing units are lying

incomplete for several years. These projects are being constructed by 38 developers.

Parametres for selection say the project should be registered with the regulatory authority and at

least 70% complete. All housing units must be for middle income group (MIG) and cost of one

unit should not be more than Rs 1.5 crore. Lastly, there should have been no other reason except

for lack of funds for the project being stalled.

UPRERA chairman Rajive Kumar said, ―A project can get up to Rs 400 crore from the corpus

fund. Once devlopers start receiving capital from the alloottees after the completion of the

project, they will have to return the money to the government in a timebound manner.‖

More than 1 lakh housing units in National Capital Region will receive funds from the total

amount of Rs 25,000 crore generated by the central government.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/lucknow-13-pending-housing-projects-to-get-funds-to-restart-work/72316369

Tamil Nadu RERA allows changing promoter of JV with buyers'

consent

Twenty four complainant, who had booked flats in the project, had entered into an

agreement with the developer, Crescentz Square.

Joint venture housing projects stalled by financial constraints can change hands for completion

if a majority of the homebuyers consents. Invoking a provision in the Real Estate Act, the Tamil

Nadu Real Estate Regulatory Authority (TNRERA) has facilitated transfer of an ongoing

project at Coimbatore to a new developer, after the project stalled with just 30% of construction

done.

Twentyfour complainant, who had booked flats in the project, had entered into an agreement

with the developer, Crescentz Square. When the project was registered with the TNRERA in

October 2017, the delivery of apartment units was scheduled for March this year. A total of 60

apartment units were proposed to be constructed in two blocks, wherein Block-A had 48

dwelling units. The developer had entered into an agreement for a joint venture project with the

land owners.

A total of 33 apartment units were sold. However, the project did not proceed on schedule and

the developer could not find buyers for the remaining apartments. Till date, only 30% of the

housing project had been completed because of the developer‘s financial constraints.

Meanwhile, the promoter gave his consent to transfer the project to another developer.

The issue was brought to TNRERA, which invoked a specific section that allows a new

developer to take over an ongoing housing project. According to Section 15 (1) of Real Estate

(Regulation and Development) Act, 2016, the promoter shall not transfer or assign his majority

rights and liabilities of a real estate project to a third party without obtaining prior written

consent from two-third allottees and prior approval of the Authority.

―More than 2/3rd of the allottees have entered into an agreement for the induction of a new

promoter. The original promoter and land owners have also given their consent,‖ a recent order

by TNRERA pertaining to the project said. Twenty-four out of the total 33 allottees gave their

consent for the transfer. Besides extending the deadline for completion of the project to

November 2021, TNRERA also gave its nod to change the name of the housing project.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/regulatory/tamil-nadu-rera-allows-changing-promoter-of-jv-with-buyers-consent/72324576

Suraksha promises to hand over 250 towers in three years to

Jaypee buyers

The Mumbai-based firm was recently awarded 27 points as compared to 20 points to the

state-owned NBCC in the evaluation of their bids conducted by independent agency

RBSA.

Before the voting process for insolvency resolution of Jaypee Infratech Limited, officials

of Suraksha had an hour-long discussion with homebuyers to answer questions on completion

of flats launched by the beleaguered firm.

Homebuyers in JIL projects, primarily Wish Town, logged in on a conference call — an

interaction between Jaishree Swaminathan, representing all homebuyers, and Aalok Dave, MD

& CEO of Suraksha Asset Reconstruction Limited, the company in the fray along with state-

owned NBCC for takeover of construction activity and delivery of flats.

The Mumbai-based firm was recently awarded 27 points as compared to 20 points to the state-

owned NBCC in the evaluation of their bids conducted by independent agency RBSA.

Dave said that apart from the existing promises in its bid, scheduled for submission on Tuesday,

the company would stretch its offer regarding compensation for delay from the current figures.

―Currently, we are offering Rs 100 crore. We will have an internal discussion to stretch that

number to an extent to give the buyers what is the maximum possible as delay compensation.

Though it is not us who are responsible for the delay,‖ Dave said on the call.

Dave clarified, ―We are in no way connected to Jaypee and our proposals have been rejected

before. We are a private operator and putting a lot at stake to be a part of this. We are focused

on the completion of the project and any such allegations of being linked to JIL are only

rumours.‖

Commenting on their completion schedule, Dave said that the company has 250 towers to

complete and would hand over the first 80 towers in one or one and a half years; the next 120

will be done within two or two and a half years and the remaining 50 within three years. The

builder may take a nine-month grace period.

He confirmed that Suraksha would bring a working capital of Rs 2,000 crore secured from

Standard Chartered bank. Dave said that Rs 3,000 crore would be receivable from homebuyers

while there is about Rs 1,000 crore worth of unsold inventory while Rs 800 crore would come

from the deposit made by Jaypee in the courts.

He also said Rs 900 crore cash would come from revenues earned from the Yamuna



Link https://realty.economictimes.indiatimes.com/news/residential/suraksha-promises-to-hand-over-250-towers-in-three-years-to-jaypee-buyers/72324433

Expressway road over a period of three years and the firm would sell Jaypee Hospital for

around Rs 300 crore. ―We will not sell the toll road but keep it only as security,‖ Dave said. He

further said that both income tax and farmer taxes would not be transferred to buyers but only to

operational creditors under insolvency and bankruptcy code (IBC) rules.

―Suraksha has answered most of our queries and it is to be seen what they will submit to the

COC on Tuesday. We will compare it with NBCC‘s bid and take a decision,‖ Swaminathan

said.

________________________________________________________________

SC defers lifting construction ban in Delhi

The Centre assured that no pollution shall be permitted to be caused by the activity,

following which the top court permitted the one-of request with certain riders.

The Supreme Court has slammed the authorities for failing to curb air pollution, especially in

Delhi where the air quality index has been consistently poor or in the severe range post Diwali.

The apex court though made an exception when it came to construction activity for the India

Trade Promotion Organisation (ITPO) at the Pragati Maidan, where the Trade Fair draws huge

crowds.

Earlier this week during the hearing on air pollution matter, the apex court termed Delhi "worse

than hell" in the backdrop of pollution (air, water and garbage) in the city.

At the end of the hearing, the Centre requested a bench headed by Justice Arun Mishra to allow

limited construction activity at the ITPO, to make the area ready for exhibition.

The Centre assured that no pollution shall be permitted to be caused by the activity, following

which the top court permitted the one-of request with certain riders.

This direction is in sharp contrast to the principled position taken by the apex court, where it

ordered zero-tolerance to any activity contributing to air pollution.

The Centre told the apex court: "There is only some work of seven days left to enable holding

of these events, such as housekeeping and cleaning the halls, preparation of access ways from

Bhairon Road, strengthening and compacting at Hall No. 5, compaction of approach road for

movement of cargo trucks and fire tenders from Gate No. 5 to Hall A3-A5, laying of temporary

electrical services and water supply lines etc."

The court during the hearing had earlier noted: "The reports and the scientific data indicating

that large section of people are suffering from the dreaded diseases due to such air pollution

such as Cancer, Asthma and various other diseases. Life span is adversely affected."

The court emphasized the states have redrawn its focus to recognise right to life is important

right.

"Human life and health have been put in danger. In such scenario, why they should not be

required to pay compensation to such persons who are being affected by inadequate

arrangement to check the air pollution, non-lifting of garbage, waste which add ultimately to the

pollution", said the court.

However, now it has allowed the construction activity at ITPO.



Link https://realty.economictimes.indiatimes.com/news/regulatory/sc-defers-lifting-construction-ban-in-delhi/72305557

The apex court has also asked the Central Pollution Control Board (CPCB) to submit a report

regarding lifting the restriction of the other construction activity.

"Let the report be submitted by the CPCB. Then we will take a call whether we have to relax

the restrictions that have been imposed. List after 10 days," said the court.

The absence of any construction activity in Delhi, many daily-wagers have been left in lurch,

and potentially having to scamper for funds during the peak winter season.

________________________________________________________________

Pune civic body collects Rs 1,000 crore property tax by November

In the same period last year, Pune Municipal Corporation had collected Rs 885 crore.

However, with four months left in this fiscal, the civic body has a way to go to meet its

annual target of Rs 2,100 crore.

The civic property tax department has collected Rs 1,000 crore in property tax so far this

financial year.

In the same period last year, Pune Municipal Corporation had collected Rs 885 crore. However,

with four months left in this fiscal, the civic body has a way to go to meet its annual target of Rs

2,100 crore.

Pune Municipal Corporation officials attributed the slight increase to the ease of making online

payments, coupled with concerted efforts since June by specially appointed teams, which went

door-to-door and reminded people to pay up.

PMC officials said owners of more than 2.97 lakh properties had still to pay tax for this fiscal

and said they will step up efforts to collect these arrears. There are 9.78 lakh properties

registered with PMC.



Link https://realty.economictimes.indiatimes.com/news/regulatory/pune-civic-body-collects-rs-1000-crore-property-tax-by-november/72316407

In November, PMC teams collected dues from over 23,600 properties, civic officials said.

Vilas Kanade, head of the property tax department, said they were going all out to meet the this

year‘s target. ―From November, we started taking action against defaulters. About 115

properties were sealed over non-payment of tax dues. Most of these were commercial

properties, whose owners had not paid taxes despite repeated reminders. We have also started

engaging brass bands to play loud music outside the properties of defaulters,‖ Kanade said.

Kanade said the owners of some attached properties approached the PMC to pay the dues. ―We

have initiated the process to accept the payments and release the properties,‖ he said.

The administration said it would continue to take action against defaulters till the end of year.

According to an official in the know, the administration will intensify its efforts over the next

four months to meet the target. ―From this year, the municipal administration has also started

collecting property taxes from the 11 villages that were merged in PMC limits in 2018. For the

benefit of the property owners, PMC has introduced online systems to pay taxes without the

hassle of visiting the nearest PMC office,‖ the official added.

Collections from stamp & registration up 15% in Jaipur during

April-October

Income from stamp duty and registration charges increased to Rs 366.09 crore during the

April-October period compared to Rs 318.88 crore in the same period last year.

Finally, some good news for the cash-strapped state government. Collections from stamp duty

and registration charges, a proxy for economic activity, have grown 15% in Jaipur the first

seven months of the current financial year, riding on the revival of property transactions and

increase in DLC rates.

Similarly, revenues from liquor sales in Rajasthan have surged by 22% during April-November

period. But the dampener has been the lower-than-expected royalty from oil.

Income from stamp duty and registration charges increased to Rs 366.09 crore during the April-

October period compared to Rs 318.88 crore in the same period last year.

Pratibha Pareek deputy inspector general-I, Jaipur stamp office, said, ―Rationalization of DLC

rates has given a major fillip to the increase in income. We have also fast tracked the

registration process. The growth will be more pronounced in the coming months.‖

A recent report by Liases Foras last week showed home sales have shot up by 22% in Jaipur in

the quarter ended September compared to same period last year. According to the findings of a

report tracking 35 top cities in the country, residential property sales have risen in 15 cities with

Jaipur witnessing second highest rate of growth after Nashik at 25%.

Property transactions have a big impact on the income from registration and stamp duty. But

officials indicated that an initial pick up in loans has also contributed their part.

On the other hand, treasury income that includes other revenues streams besides stamp and

registration has also increased by 9% to Rs 2489.81 crore during April-October period. In the

same period last year, the income was Rs 2298.85 crore.

After raising rates of liquor for several times, the government has been able to clock a higher

revenue growth of 22.17%, at Rs 5357.96 crore in the first eight months of the current financial

year.

UDH minister Shanti Dhariwal recently said that the state‘s finances are under strain as it has

lost Rs 4,478 crore due to non-payment of central sales tax. Including grants and share of GST,

state is staring at a revenue shortfall of Rs 11,826 crore.



Link https://realty.economictimes.indiatimes.com/news/regulatory/collections-from-stamp-registration-up-15-in-jaipur-during-april-october/72302219

Some Relief, But Not Enough

Stamp, registration income in Jaipur circles rises to Rs 366.09 crore in April-October compared

to Rs 318 crore in same period last year

Treasury income increases by 9% to Rs 2,489.81 crore during April-October period against Rs

2298.85 crore in same period last year

Liquor revenues clock a growth of 22.17%, at Rs 5,357.96 crore in the first eight months of the

year compared to Rs 4,385.81 crore in the April-November period last year

Last week, UDH minister Dhariwal had said that development work in the state was suffering

as the Centre has reduced GST, CST and grants to the tune of Rs 11,826 crore

________________________________________________________________________________________________

DDA begins survey of JJ clusters for in-situ development under

PMAY

A total of 376 JJ clusters exist on such lands in Delhi comprising about 1.73 lakh

households. They cover an area of about 40 lakh sqm, the officials said.

The Delhi Development Authority has begun surveying JJ clusters for their in-situ development

under the Pradhan Mantri Awas Yojana, officials said on Friday. The urban body is the nodal

agency for the implementation of in-situ development of JJ clusters on land owned by the DDA

and the central government in the national capital.

A total of 376 JJ clusters exist on such lands in Delhi comprising about 1.73 lakh households.

They cover an area of about 40 lakh sqm, the officials said.

"In order to achieve the objectives of PMAY (U) in Delhi, the demand survey of 32 JJ clusters

namely Kalender Colony, Khadda Basti, Harijan Basti, JJ Bandhu camp, etc. has already been

competed by DDA-hired private agency i.e. Society for Promotion of Youth and Masses

(SPYM)," the DDA said in a statement.

For other 160 JJ clusters on DDA's lands in various parts of the city, the work order has been

issued. The survey will be completed in a time-bound manner, it said.

For the remaining nearly 184 JJ clusters on DDA and central government lands, the demand

survey will be carried out by engaging an agency on priority, the statement said.

________________________________________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/dda-begins-survey-of-jj-clusters-for-in-situ-development-under-pmay/72302201

Co-working spaces breaking traditional barriers in Trichy

Trichy has about 68 companies in the IT and ITES sector, many of them with clients

abroad but running offices in the city by employing locals.

Capitalising on the demand for office space from investors, startups which provide co-working

space have been gaining ground in the city. Besides the affordable shared office space, what

lures entry-level IT companies to the facility is the financial and technical support they get from

the entrepreneurial ecosystem on offer.

Trichy has about 68 companies in the IT and ITES sector, many of them with clients abroad but

running offices in the city by employing locals. So far, conventional entrepreneurs in Trichy

have been heavily dependant on institutes like Bhel, but now diversification of investments is

happening with entrepreneurs eyeing startups in IT and ITES sector as a lucrative venture.

However, finding an affordable office space and managing the infrastructure will be a burden

for startups which operate with minimal workforce.

It is in this context that co-working concept, introduced in Trichy city in 2018, is finding a lot of

takers, mostly startups. The most recent firm to offer such an office environment in the city is

‗Seed Spaces‘. If the conventional startups offered only office space and amenities for a price

per seat, Thillai Nagar-based Seed Spaces is touted to serve as a coworking space-cum-

incubation centre for startups. Spread over 5,000 square feet, Seed Spaces, a startup from Web

Ventures India, has a 50-seater shared office space.

―If an aspiring entrepreneur has a startup idea, we will nurture them by providing an ecosystem

to thrive. More than renting the space, our objective is to serve as a mentor for entrepreneurs in

availing financial and technical support required to succeed,‖ Prative Chend, director, Web

Ventures India, told TOI. Seed Spaces has planned to collaborate with educational institutes in

Trichy to serve as an incubation centre for prospective business ideas proposed by the alumni

and students.

Besides furniture for the employees, the facility has meeting halls, electricity and internet

connectivity. Since metropolitan cities are saturated, startups said that investors eye tier-II cities

for the low cost of operation and talent pool keen to work near their families in native towns.

―Even corporates are showing interest to use co-working space. Big companies have started to

experiment their projects through co-working space in Trichy,‖ A Manoj Prabahar, CEO,

Trichy Cowork, said. Since co-working space is affordable than hiring a separate office,

investors said it will boost investments as well as employment opportunities in Trichy.



Link https://realty.economictimes.indiatimes.com/news/commercial/co-working-spaces-breaking-traditional-barriers-in-trichy/72311895

Meerut development body launches app to access property details

& pay dues

As of now data related to 16,000 properties out of 45,000 have been fed online that can be

accessed through app using username and password. Process is on to upload the rest in a

time bound manner.

What is being portrayed a revolutionary step in introducing ―high degree‖ of transparency in

services rendered pertaining to immovable properties, Meerut Development Authority (MDA)

has apart from upgrading its website has also launched an android app through which services

like approval of construction maps, access to one‘s property details and curbing of illegal

properties will be made easy.

While launching the services vice chairman of MDA Rajesh Pandey said, ―The primary aim to

launch this app is to minimise physical interaction between the public and babus and all services

will be rendered through online process. The app will simplify the processes and curb

malpractices as well.

As of now data related to 16,000 properties out of 45,000 have been fed online that can be

accessed through app using username and password. Process is on to upload the rest in a time

bound manner.‖

Chairperson of MDA, Anita Meshram launched the App and said, ―This is a revolutionary step

that provides its users all facilities online with eary-to-use interface and user experience.

Allottees of MDA schemes can pay their instalment and maintenance dues online.‖

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/technology/meerut-development-body-launches-app-to-access-property-details-pay-dues/72305318

Four new industrial sectors planned for Greater Noida

For the first phase of expansion, the GNIDA will organise camps in Imaliyaka, Sunpura,

Dhum Manikpur Kailashpur villages to speak to farmers.

The city is set to get four new industrial sectors, to be developed across 1500 acres, the Greater

Noida Industrial Development Authority (GNIDA) decided at a meeting on Friday.

For the first phase of expansion, the GNIDA will organise camps in Imaliyaka, Sunpura, Dhum

Manikpur Kailashpur villages to speak to farmers.

It was also decided that plot owners who have been issued notices for delayed construction will

be offered a one-time settlement scheme. Since February 2016, GNIDA has been charging 4-

12% of the plot value from allottees who have left their plots vacant for more than two years

after signing lease deeds.

They will now be offered discounts up to 50% of the penalty amount they owe the GNIDA. The

reschedulement policy will also be extended, giving developers who have defaulted on

payments time till March next year.

The decision was taken to avail benefits of the stressed fund for last-mile funding, announced

by the finance ministry recently, GNIDA chief executive officer Narendra Bhooshan said. A

committee will be set up to see if existing allotment rates across the four zones in Greater Noida

need to be revised.

________________________________________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/infrastructure/four-new-industrial-sectors-planned-for-greater-noida/72305619

Zurich Airport International AG to develop Jewar airport

The Switzerland-headquartered company that runs Zurich airport made the highest per

passenger bid, beating Delhi International Airport Limited (DIAL), Adani Enterprises

and Anchorage Infrastructure Investments Holdings Limited, the officials said.

Zurich Airport International AG will develop the Jewar airport on the outskirts of Delhi,

officials said after the Swiss company on Friday outbid competitors like Adani and DIAL for

what is billed to be the biggest airport in the country.

The Switzerland-headquartered company that runs Zurich airport made the highest per

passenger bid, beating Delhi International Airport Limited (DIAL), Adani Enterprises and

Anchorage Infrastructure Investments Holdings Limited, the officials said.

The airport in Uttar Pradesh's Gautam Buddh Nagar district will be the third in the National

Capital Region after Delhi's Indira Gandhi International Airport and in Ghaziabad's Hindon.

The Jewar Airport or the Noida International Greenfield Airport will be spread over 5,000

hectares when fully built at an estimated to cost Rs 29,560 crore, Shailendra Bhatia, the

project's nodal officer said.

"Zurich Airport International AG has made the highest bid for developing the Jewar airport and

has been selected as the concessionaire for the airport," he added.

On Wednesday, the four firms were announced to have cleared the technical criteria as

proposed developers for the new airport.

The financial bids were on Friday opened before their representatives at the Noida International

Airport Limited (NIAL) office in Greater Noida, he said.

The selection for concessionaire has been done on basis of premium per passenger (pax) offered

by the four bidders.

Anchorage Infrastructure Investments Holdings Limited offered Rs 205 per pax, Adani

Enterprises Limited Rs 360, DIAL Rs 351 and Zurich Airport International AG Rs 400.97,

Bhatia told PTI.

He said the winning bid will now be put up before the project monitoring and implementation

committee (PMIC) on Monday for approval from the Uttar Pradesh government.

A global tender was floated to hire a developer for the proposed airport on May 30 by the

NIAL, an agency floated by the Uttar Pradesh government to manage the mega project.



Link https://realty.economictimes.indiatimes.com/news/infrastructure/zurich-airport-international-ag-to-develop-jewar-airport/72316479

The airport is expected to have six to eight runways, the maximum at an airport in India, when

fully built, according to officials.

The first phase of the airport would be spread over 1,334 hectare and completed by 2023, they

said.

After winning the bid, Zurich Airport AG said, "The capital investments associated with the

first phase is expected to amount to roughly CHF 650 million (approximately Rs 4,657 crore)

during the construction period of approximately four years."

"The first phase will be able to accommodate around 12 million passengers per year," it added.

The company said in its press release that it "will participate in the expected growth of the

Indian aviation market and will implement its best practices developed in Switzerland while

maintaining the local Indian values".

Zurich Airport AG is currently involved in eight airports in Latin America.

In addition to four airports in Brazil and two in Chile, the Zurich airport operator is engaged in

the management and operations of the airports in Bogotá and Curaçao.

_____________________________________________________________________________________________

Oberoi Realty in talks with Marriott for a luxury hospitality

project at Worli

As part of the total development, the company is planning to build a high end luxury mall

spread over leasable area of 0.8 million sq ft and 0.9 million sq ft office block and the hotel

will be spread over 150,000 sq ft occupying the top floors of the tower.

Realty developer Oberoi Realty is in talks with Marriott International for a 120-room luxury

five-star hospitality project as part of its total 1.8-million sq-ft mixed-use project in

Mumbai‘s Worli locality, said two persons with direct knowledge of the development.

The proposed development on a four acre land parcel acquired from GlaxoSmithKline near

Mumbai's old passport office on Dr Annie Besant Road in Worli includes a luxury mall and

high-end offices.

―The construction work on the project has already started and is likely to be completed in the

next three years,‖ said one of the persons mentioned above.

As part of the total development, the company is planning to build a high end luxury mall

spread over leasable area of 0.8 million sq ft and 0.9 million sq ft office block and the hotel will

be spread over 150,000 sq ft occupying the top floors of the tower.

It could not be ascertained, however, whether Oberoi Realty is planning to raise funds or induct

any private equity player into this project.

Earlier this week, Marriott International entered into an agreement with Bengaluru-based

Prestige Group to open six new hotels with nearly 1,000 rooms across four of its key brands.

ET‘s separate email queries to Oberoi Realty and Marriott International remained unanswered

till the time of going to press.

Oberoi Realty has a relationship with Marriott International through an operational 5-start hotel

the Westin Mumbai Garden City in Goregaon, a suburb in Mumbai. This hotel with total 269

keys started operations in May 2010, the year when the realty developer got listed on stock

exchanges.

Apart from this, Oberoi Realty is also developing another upscale mixed-use project -- Three

Sixty West, including branded residences and five-star category 220-key hotel to be managed

by the Ritz Carlton, part of Marriott International. This will not only be the third Ritz hotel in

India following the two already operational properties in Bangalore and Pune, but also the

largest in the country. This hotel is expected to be operational in 2020.



Link https://realty.economictimes.indiatimes.com/news/hospitality/oberoi-realty-in-talks-with-marriott-for-a-luxury-hospitality-project-at-worli/72305392

________________________________________________________________________________________________

2--dec oct--2019 - credai bengalcredaibengal.in/wp-content/uploads/2019/12/02dec19... · nadu real...

Documents