26-September-2019

Industry News

If you want to invest, come to India: PM Modi's power push at

Bloomberg Global Business Forum

Addressing the keynote address at the Bloomberg Global Business Forum, the prime minister gave a list of reasons why the investors should come to India.

Prime Minister Narendra Modi made a major push for foreign investment in India at the Bloomberg Global Business Forum. Addressing the keynote address at the forum in New York, the prime minister listed a list of reasons why the investors should come to India.PM Modi's speech conveyed the message to global investors that they can come to India, irrespective of their area of interest.

"If you want to invest in a market where there is scale, come to India. If you want to invest in a market where the latest trends and features are appreciated, come to India. If you want to invest in start-ups with a huge market, come to India," the prime minister said.

PM Modi also highlighted that India was working on smart cities to promote investment in infrastructure and real estate.

"If you want to invest in one of the world’s largest infrastructure ecosystem, come to India. We are rapidly modernising our cities, and equipping them with the latest technology and citizen-friendly infrastructure. Thus, if you want to invest in urbanisation, come to India," the PM said.Prime Minister Narendra Modi also made a push for Make in India in the defence sector.

"We have opened our defence sector as never before. If you want to Make in India, for India and for the world, come to India," he added.

Newspaper / Online

India Today (Online)

Date September 25, 2019Link https://www.indiatoday.in/business/story/pm-modi-bloomberg-global-

business-forum-speech-investment-fpi-1603116-2019-09-25

The prime minister highlighted that India had jumped 65 ranks in ease of doing business since 2014 due to better stability in political situation and currency.

"India has ranked number 1 in Asia on seven out of 10 indicators - political stability, currency stability, high-quality products, anti-corruption, low cost of production, strategic location and respect for IPR," he said."Your desires and our dreams match perfectly; Your technology and our talent can change the world; Your scale and our skills can speed up global economic growth," PM Modi told global investors at the Bloomberg event.

"Your rational ways and our human values can show the path which the world is looking for. And if there is any gap anywhere; I will personally act as a bridge," the PM said.Prime Minister Narendra Modi is in the United States to take part in the UN General Assembly meeting.

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Noida buyers may get the keys to their new homes as Diwali

giftBuilders likely to offer possession even without occupancy certificate and NOC, citing RERA order.

A cracker of a Diwali gift of sorts awaits thousands of homebuyers in Noida and Greater Noida as builders are readying to start offering possession earlier than expected, even before obtaining the occupancy certificate from the local authority, in a region which is dotted with long-delayed projects.

Builders are planning to make use of an order issued by the Real Estate Regulatory Authority (RERA) of Uttar Pradesh on September 16 saying if the authority fails to issue occupancy certificate or raise objection within a week of receiving application, they can start offering possession and agreement with the authority to buyers.

An estimated 15,000-20,000 buyers are expected to move into their new homes in the coming days due to this notification, Balvinder Kumar, member, UP RERA, told ET.

Developers including Logix Group and Migsun Group are likely to start offering possession to homebuyers soon without waiting for the occupancy certificate, according to people aware of the matter.

As per the rules, a builder needs to apply for occupancy certificate after completing the project and can offer possession to buyers only after receiving it. The builder then applies for a No Objection Certificate (NOC) from the authority after clearing all dues and on receipt, the buyer can go ahead with the registry or the tripartite agreement between the builder, owner and authority to sub-lease the property.

Newspaper / Online

Economics Times (Online)

Date September 25, 2019Link https://economictimes.indiatimes.com/industry/services/property-/-

cstruction/noida-buyers-may-get-the-keys-to-their-new-homes-as-diwali-gift/articleshow/71286009.cms

“The objective of RERA is to ensure buyers get the flats on time,” said Kumar. “We have noticed that there was unnecessary delay in giving the occupancy certificate and then giving the NOC. We have asked the authority that a buyer who has made full payment should not suffer in both the cases and he should be given possession and be eligible for the registry if the builder is fulfilling certain conditions.”

As a result, builders who have finished their projects are expected to offer possession to buyers soon.

“This is great news for customers who are waiting to get their homes just before the festive season,” said Vishal Gupta, vice president-North at the Confederation of Real Estate Developers Association of India (Credai). “It also ratifies the longstanding demand of Credai to hold the development authority as a stakeholder who is accountable to the customer. We hope to have positive sales in the festive season.”

Migsun Group hopes to deliver 2,000 units by the end of this financial year, said its managing director Yash Miglani. “Possession in many of the completed projects gets delayed due to non-receipt of occupancy certificate. In this context, we welcome the decision of RERA wholeheartedly. This will help end-users a great deal,” he said.

According to BN Singh, district magistrate of Gautam Buddha Nagar, under whose jurisdiction these properties are located, the provisions were there in the rule, and following RERA’s notification, the authority will start executing agreements and once all dues are cleared, final registries will be done.

It is a welcome step towards empowerment of customers, said Amit Modi, director, ABA Corp. “Many a time projects get delayed as some of the approvals take way too long. Invariably, it also results in cost overruns. The ultimate sufferer is the customer,” he said. “Accordingly, it has been a long-pending demand of the industry that there should be a strict time frame for all kinds of approvals as it will go a long way in timely completion of projects.”

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Runwal Group set to lease 9,400 sq ft from Omkar RealtorsThe space is located on the 6th floor of the building that houses offices of

both the developers.

MUMBAI: Realty developer Runwal Group is set to pick up 9,400 sq ft office space in commercial building Runwal & Omkar Esquare in central Mumbai’s Sion locality on a long-term lease from Omkar Realtors & Developers, said persons familiar with the development.

The space is located on the 6th floor of the building that houses offices of both the developers. Both the developers declined to comment for the story.

Currently, Runwal Group operates from the fourth and fifth floors of the 10-storeyed building, while Omkar Realtors owns three floors including the ground floor.

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Newspaper / Online

ET Realty (Online)

Date September 26, 2019Link https://realty.economictimes.indiatimes.com/news/commercial/runwal-

group-set-to-lease-9400-sq-ft-from-omkar-realtors/71303551

Mumbai-based builder arrested for cheating over 60 buyers of

Rs 10 croreHe was booked for cheating, forgery, criminal breach of trust and under the Maharashtra Flat Owners Act (MOFA).

MUMBAI: Construction firm director, Satish Nathalal Ghogari, who had collected Rs 10 crore from 64 flat buyers, but failed to deliver the flats, was arrested on Monday.

He was booked for cheating, forgery, criminal breach of trust and under the Maharashtra Flat Owners Act (MOFA).

Complainant, Jaikumar Bhaskar, a former banker, had paid Rs 8 lakh advance for a one-BHK costing Rs 54 lakh in 2017 in the project 'Ved Shlok' undertaken by Ved Infratech in Kanjurmarg (east). He was promised possession by June 2020.

The developer's office later said construction had started and asked Bhaskar for another Rs 6.82 lakh. When the complainant went to the site, he did not find any progress nor did he get a satisfactory answer from the builder.

He was then told he would get a rental flat in Kanjurmarg till construction was completed. The builder also promised to repay his investment with 9% interest if the project failed to take off.

When Bhaskar went to the builder's office in 2018, he realised several others had been similarly duped. They lodged a complaint this month.

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/regulatory/mumbai-

based-builder-arrested-for-cheating-over-60-buyers-of-rs-10-crore/71291369

Don't appoint former housing department secretary as RERA

chairman: Kerala HCJustice Shaji P Chaly issued the order after considering a petition filed by advocate H Josh of Thirumala in Thiruvananthapuram.

KOCHI: The Kerala high court has ordered the state government not to appoint PH Kurien, former secretary of housing department, as chairman or member of Real Estate Regulatory Authority (RERA), if he was in the selection committee for making the appointments.

Justice Shaji P Chaly issued the order after considering a petition filed by advocate H Josh of Thirumala in Thiruvananthapuram.

The court further said the government would be at liberty to constitute an appropriate selection committee and go ahead with constitution of the members of RERA. As per the interim order, the court’s directive will be in force for two months.

It was alleged by the petitioner that PH Kurien, while holding the post of secretary of department of housing, was one of the two members of the selection committee for appointing the chairman and members of RERA.

He himself had applied for selection to the posts of chairman as well as member of RERA and left his post three days after the statutory period within which the interview was to be conducted.

The timeframe stipulated in the rules were ignored to facilitate such duplicitous actions on the part of the committee members, which consisted of secretaries of the departments of housing and law, the petition had stated.

The petition further said the government is now taking hasty steps to make the appointments to the posts of RERA chairman and members, bypassing the statutory provisions governing the selection under Real Estate (Regulation and Development) Act, 2016 as well as Kerala Real Estate (Regulation and Development) Rules 2018.

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Chandigarh to bring 13 villages in commercial property tax

ambitThe move comes after the agenda in this regard was turned down by the general house of the Chandigarh MC in its meeting held recently.

CHANDIGARH: The UT administration is all set to take a call to bring 13 villages in the commercial property tax ambit. The Chandigarh municipal corporation (MC) had asked the UT to take an appropriate decision on the matter.

The move comes after the agenda in this regard was turned down by the general house of the Chandigarh MC in its meeting held recently.

Since all these 13 villages have been inducted in the Chandigarh MC, the civic body authority brought this agenda multiple times in the meeting to earn revenue from these areas, but the municipal councillors rejected the same without any discussion.

The 13 villages are Kishangarh, Mauli Jagran, Daria, Raipur Kalan, Makhanmajra, Behlana, Raipur Khurd, Dhanas, Sarangpur, Khuda Alisher, Khuda Jassu, Khuda Lahora and Kaimbwala.

"It is submitted that the Punjab Municipal Corporation Act 1976 as extended to UT Chandigarh states that if the corporation fails to carry out any order passed under

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/regulatory/greater-

hyderabad-civic-body-to-reassess-properties-to-battle-cash-crunch/71293291

the norms, the government may by a suitable order notified in the official gazette impose the tax and the order so passed shall operate as if the tax had been duly imposed by the corporation. In view of the above, it is requested that an appropriate decision in the matter may kindly be taken at your level and the same may be intimated to the MC for taking the further action accordingly," MC's letter reads.

It further says "It is pertinent to mention here that the general house of the MC has refused to impose the property tax in these 13 villages, it is worthwhile to mention that earlier also when the five villages were included in the MC, the general house refused to impose property tax in these villages due to which audit department of UT raised the issue for loss of revenue on account of not brining the villages under the purview of property tax. Accordingly, the matter was referred to the government for taking the appropriate action. The local bodies department imposed tax by bringing five villages under the tax ambit as per the laid down norms."

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Greater Hyderabad civic body to reassess properties to battle

cash crunchTo this effect the civic body has conducted two re-assessments, one for properties whose tax is above Rs 5 lakh and another for properties with taxes above Rs 3 lakh.

HYDERABAD: Starved of cash to execute its regular operations and maintenance work, the Greater Hyderabad Municipal Corporation (GHMC) has now decided to generate maximum revenue through property tax by reassessing properties.

To this effect the civic body has conducted two re-assessments, one for properties whose tax is above Rs 5 lakh and another for properties with taxes above Rs 3 lakh. “After re- assessing the properties whose tax is above Rs 5 lakh we were able to generate Rs 25 crore,” said a top GHMC official.

The property tax target for 2019-20 is Rs 1,800 crore, of which nearly Rs 537 crore has been collected. The balance remaining as on September 21 was a little over Rs 989 crore.

The current fund crunch can be attributed to many people opting to pay property tax during early bird scheme in April. The civic body has also decided to press into action bill collectors to ensure defaulters pay their tax.

“Most commercial establishments pay property tax in the month of April during as part of the early bird scheme as they get a 5 per cent rebate. Some residents pay in the month of February. Generally, there is a fund crunch between September to January,” said a GHMC official.

The civic body’s deputy commissioner has also been given monthly targets to fight the fund crunch. “Targets are different for different circles. For instance, the target of officials in IT corridor is more than the target of officials in other parts of the city,” said a GHMC official.

In the month of August, the civic body had raised Rs 100 crore by floating bonds which were allocated towards the Strategic Road Development Plan (SRDP).

Maradu flat owners seek action against Kochi civic body, KCZMA

& buildersAll constructions in Kerala’s coastal area between the 1991 and 25 February 2019 are unauthorized and illegal, based on the report submitted by the three-member committee to the Supreme Court.

KOCHI: A day after the Supreme Court lashed out at the state government for the delay in implementing its demolition order at Maradu, flat owners asked the government to take action against the civic body, Kerala Coastal Zone Management Authority (KCZMA) for abetting the construction of buildings, ignoring coastal regulation zone (CRZ) violations. They also sought action against the builder for constructing and selling the flats to ‘innocent’ consumers.

Addressing the media, representatives of Maradu Bhavana Samrakshana Samiti – the association formed by owners of all the four buildings – said that over 1,800 CRZ violations were reported by KCZMA in Maradu municipality itself and the government should furnish the complete list before the Supreme Court on Friday, when the court will hear the demolition case.

All constructions in Kerala’s coastal area between the 1991 and 25 February 2019 are unauthorized and illegal, based on the report submitted by the three-member committee to the Supreme Court.

CRZ notification of 1991 along with the 1996 CZMP alone has to be applied to all constructions that occurred during this period, they said.

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/regulatory/maradu-flat-

owners-seek-action-against-kochi-civic-body-kczma-builders/71290683

“These illegal constructions should also be brought up to the notice of the Supreme Court. A detailed survey must be carried out in this regard to find the facts and then only the report can be submitted to SC. If the chief secretary files a wrong affidavit without conducting a detailed survey, we will be compelled to approach the court to bring the facts,” said samiti chairman Shamsudeen Karunagappally.

Owners also alleged that KCZMA has been a silent partner in all these violations; hence the government should probe these violations.

“A reply to RTI application seeking the details of 16 buildings that violated CRZ norms, KCZMA said that the files were missing. An investigation should also be initiated by the government. Also, government cannot violate the ministry of environment, forest and climate change’s Construction & Demolition Waste Management Rules, 2016, while implementing the SC verdict. If so, it would take at least two months to formulate a demolition plan. The government should inform the court about this,” said Shamsudeen.

Meanwhile, the government, on Tuesday, appointed Fort Kochi subcollector Snehil Kumar Singh as the special officer in charge of the demolition, replacing Maradu secretary M Mohammed Arif Khan. Singh will be coordinating the proceedings including the formulation of the action plan related to the demolition.

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Applications for regularisation of buildings in Ernalkulam

double in four yearsData with the district town and country planning office show that there has been an increase in the number of applications to regularize structures constructed in violation of building rules.

KOCHI: Even as Maradu municipality is grappling with the issue of demolition of four apartment complexes following the Supreme Court order citing CRZ violations, there has been an increase in the number of applications in the district to regularize structures which came up in violation of building rules.

Data with the district town and country planning office show that there has been an increase in the number of applications to regularize structures constructed in violation of building rules.

Officials attribute this to the exemptions being extended by the successive governments due to electoral pressures.

In the past four years, the number of applications to regularize illegal structures doubled from 94 in 2014 to 185 in 2018. The number of applications, though came down to 34 in 2016.

A committee, comprising senior town planner, district collector, regional joint director of urban affairs or deputy director of panchayats and secretary in the local body, scrutinises the applications and regularizes these applications.

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/regulatory/applications-

for-regularisation-of-buildings-in-ernalkulam-double-in-four-years/71291573

But regularization of buildings is not applicable to structures that were constructed in violation of CRZ rules, fire safety norms and structural stability. Regularization is allowed in matters related to shortage of open space, car parking, access, coverage area, floor area ratio, rainwater harvesting, sewage plants and other issues while constructing a building.

Officials say the exemptions given by the successive governments to the illegal buildings lead to mushrooming of more such buildings. Despite the department approaching the state government citing the rising number of applications, the latter is not paying attention to the issue.

“Regularizing unauthorized buildings is not a right practice. The government desists from demolishing the illegal structures on humanitarian grounds. But issuing notification on regular intervals results in more and more people coming up with applications for regularizing the illegal structures. Each political party compete to give exemptions in regularizing the structures eyeing vote share,” said a senior town planning official in Thiruvananthapuram.

The department invites applications when the government issues notifications at regular intervals. The current notification was issued in February 2018 to regularize

the unauthorized constructions carried out before July 31, 2017.

If a building is found constructed beyond the permissible limit, compounding fee is imposed on it in order to regularize it depending on the floor area ratio.

“Though unauthorized buildings are regularized after remitting the fixed fine amount, it is not applicable to all violations. If there is no sewage plant or rainwater harvesting system, we cannot regularize the building by imposing fine. We will regularize it only by making the builder construct these structures,” said a local self-government department official in Thiruvananthapuram.

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Kerala HC dismisses flat owners’ pleas challenging SC's

order for demolitionWhile dismissing the petitions, justice Devan Ramachandran said the petitions are not legally sustainable as only the apex court can consider them.

KOCHI: The high court, on Tuesday, dismissed petitions filed by apartment owners challenging Maradu municipality’s move to evict them in view of the Supreme Court’s order for demolition.

While dismissing the petitions, justice Devan Ramachandran said the petitions are not legally sustainable as only the apex court can consider them.

It is up to the flat owners to take legal steps against the builders if so advised, the court said. The court also said the Supreme Court’s order is a clarion call against people who violate the law.

When the petitions filed by H2O resident KK Nair and Golden Kayaloram resident MK Paul came up before another bench last week, it had postponed the case and had asked the petitioners to inform their contentions regarding the objection put up by the high court registry on entertaining a plea against implementation of an SC order.

The court had said that it is better that the petitioners approach the apex court as the notices served by the municipality are part of process for demolition that was ordered by the Supreme Court for violating coastal regulation zone norms.

However, counsels representing the petitioners had argued that the petitions are not against implementation of the apex court’s order but the failure on the part of the municipality in following due procedure of law.

In their pleas, the flat owners had contended that the move to evict them is without

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/regulatory/kerala-hc-

dismisses-flat-owners-pleas-challenging-scs-order-for-demolition/71290977

following due process of law and without issuing a prior notice. The municipality is attempting to forcefully evict them in violation of the basic principles of natural justice and the fundamental rights guaranteed to them under the Constitution, they had alleged.

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Mohali civic body may lose property tax worth Rs 4 crore

from industrial areasThe scheme of constituting the SPV has been notified by Punjab Small Industries and Export Corporation (PSIEC) and the industrialists of Mohali have hailed the move.

MOHALI: The Mohali municipal corporation (MC) is on the brink of getting poorer by Rs 4 crore as industrialists have decided to retain the property tax to be deposited with the civic body. They allege that the MC has not carried out any development work in the past three years.

The industries department has now decided to constitute Special Purpose Vehicle (SPV) for development works to be carried out in industrial area of Mohali and Mohali Industries Association (MIA) will deposit property tax in SPV which has been constituted under a government scheme.

The scheme of constituting the SPV has been notified by Punjab Small Industries and Export Corporation (PSIEC) and the industrialists of Mohali have hailed the move. The industrial areas to be covered under the scheme are phases IV, V, VI, VII, VIII, VIII-B, IX and IX-extension.

Vice president of SPV, Sanjeev Vashisht said, “We have been depositing property tax with the MC with a view that they will carry out developmental works in industrial

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/regulatory/mohali-civic-

body-may-lose-property-tax-worth-rs-4-crore-from-industrial-areas/71294935

areas but in the past three years, no development has taken place. Whereas industrialists have deposited Rs 12 crore property tax with the MC and it has spent only Rs 1 crore in three years.”

He added that with the formation of SPV, the entire property tax collected from industrial area will be deposited with SPV which will spend the amount on development of infrastructure.

General manager of industry department Harjinder Singh Pannu said, “The SPV has been constituted following directions of the Punjab government and PSIEC has notified the SPV. The letter in this regard has also been sent to Mohali MC.”

The members of MIA said that industrial areas in Mohali are in bad shape as the roads are inundated and pothole marred, streetlights do not work, water supply pipelines are breached, garbage is littered and dumped everywhere. The civic body has done minimal to improve the infrastructure in industrial areas.

Industrialists also alleged that garbage dumping site is the only hope left for setting up of new industry in Mohali. The land belonging to the industrial units has been encroached upon by the MC for dumping garbage in Phase VIII-B.

The industrialists of Mohali have written a letter to the department of local bodies Punjab to take action and get the dumping ground vacated for setting up of industrial units.

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Court directs Pune police to register FIR in Victory Towers' buyers & City Group's dispute

The housing project, situated at the northern end of Amanora Township, is separated from the main township hub at the southern end by a railway line.

PUNE: A magisterial court in Pune cantonment here has directed the city police to register a first information report (FIR) in relation to a vexed dispute between a section of home-buyers in ‘Victory Towers’, a project for defence personnel at the Amanora Park Township; and its developer, the City Group.

The housing project, situated at the northern end of Amanora Township, is separated from the main township hub at the southern end by a railway line.

Since November 2016, the disputing home-buyers, who have refused to take possession of their flats, have been insisting that the developer should meet the conditions relating to construction of a railway over-bridge (RoB), a connecting road to the main hub and an access road as mentioned in the building permission granted by the Pune Metropolitan Regional Development Authority (PMRDA).

So far, they have taken their dispute to the PMRDA and the Bombay high court, which had directed them to approach the lower court with a private criminal complaint if the police were not registering an FIR.

The Victory Towers Welfare Association (VTWA), through its secretary Cdr Jayant Konde (Retd), had since moved the magisterial court accusing the developer of violating conditions in building permission and the then PMRDA commissioner Kiran Gitte of inaction in the matter.

Konde told TOI, “The PMRDA, after initially taking a stand that it won’t grant an occupancy certificate (OC) unless the developer meets the conditions, has issued a partial OC to the project. We have filed a separate petition in the high court

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/regulatory/mumbai-

based-builder-arrested-for-cheating-over-60-buyers-of-rs-10-crore/71291369

challenging this partial OC and the matter is due for a hearing on November 20.”

In its complaint, the VTWA has arraigned the City Corportion Limited; its founder MD Aniruddha Deshpande; 12 committee members of the Maha Sainik City Sahakari Gruha Rachana Sanstha Maryadit that promoted the project; Gitte and consultancy firm RITES Limited as accused in the matter.

Judicial magistrate first class R T Ingale observed in his order, “The contents of application and the documents filed alongwith it shows how the builder has committed cheating with the flat purchasers, who are army men. It further show how the members of Maha Sainik City Sahakari Gruha Rachana Sanstha Maryadit persuaded flat purchasers to purchase the flat so as to commit cheating. It further shows the breach of rules by builder under Maharashtra Ownership of Flat Act.”

“The cheating is of crores of rupees. Such a case need to be investigated by police but police failed to perform their duties. Hence, I direct them to register the FIR against the accused persons and investigate the case under Section 156 (3) of the Code of Criminal Procedure and submit a report,” the order stated.

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Government to set up dedicated unit for effective monitoring of

PMAY-U"The ministry has invited proposals from experienced consulting firm/agency for providing manpower for establishment of Programme Management Unit for PMAY," an official said.

NEW DELHI: The government has proposed to set up a dedicated unit to effectively monitor the implementation of Pradhan Mantri Awas Yojana (Urban), officials said on Wednesday.

According to a request for proposal (RFP) floated by the Union housing and urban affairs ministry on September 19, the Programme Management Unit will provide focused support for the PMAY (U) under 'Housing for All by 2022 Mission', a flagship programme of the Modi government.

"The ministry has invited proposals from experienced consulting firm/agency for providing manpower for establishment of Programme Management Unit for PMAY," an official said.

The RFP stated that the participating firm's average annual financial turnover of last three consecutive fiscal years must not be less than Rs 9 crore.

The ministry, which is mandated to implement the PMAY (Urban), said that interested agencies can submit their proposals by October 17. A pre-bid meeting is scheduled to be held on October 4.

The government has proposed to set up the PMU by April 2020 and it will operate till 2022.

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/industry/government-to-

set-up-dedicated-unit-for-effective-monitoring-of-pmay-u/71293757

Under Pradhan Mantri Awas Yojan (Urban), government has set a target of constructing around 1.12 crore houses in urban areas by 2022.

The government provides financial assistance to beneficiaries under the housing scheme.

According to the website of PMAY (U), 88.19 lakh houses have so far been sanctioned while 52.32 lakh houses are grounded for construction. 24.16 lakh houses have been handed over to beneficiaries.

Last month, Union Housing and Urban Affairs Minister Hardeep Singh Puri had said that the target of 'Housing for All' would be achieved in 2020, two years before the deadline.

Ludhiana Improvement Trust sells 18 properties for Rs 18.09

croreThe LIT officials had organised auction to sell 36 commercial properties at various locations, but they received response for only 21 properties.

LUDHIANA: The maiden e-auction organised by the Ludhiana Improvement Trust (LIT) helped the officials in fetching Rs 18.09 crore from sale of 18 properties on Tuesday.

The LIT officials had organised auction to sell 36 commercial properties at various locations, but they received response for only 21 properties. Of 21 properties, auction for three properties was cancelled by the officials as the response was low.

The properties are located at Maharishi Balmiki Nagar, Kitchlu Nagar, BRS Nagar and Shaheed Bhagat Singh Nagar.

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/industry/ludhiana-

improvement-trust-sells-18-properties-for-rs-18-09-crore/71286269

Notably, after a few failed auctions, the LIT had stopped organising the same and even now they have started with commercial properties. While for residential properties, residents will have to wait.

Chairman of LIT Raman Balasubramanium said: “The response was good and we generated good revenue as some of the properties have been sold for more than double the amount.”

He said they would organise more auctions in the next two months.

He said successful bidders would have to deposit 10 per cent of the total amount and 6 per cent cess with LIT and in case they fail, the bid would be cancelled.

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Assam launches housing loan subsidy scheme

Assam Finance minister, Himanta Biswa Sarma launched the scheme titled "Aponar Apon Ghar"(meaning Your own Home) and said that subsidy up to Rs 2.5 lakh will be provided for loan amounts from Rs 5 lakh to Rs 40 lakh.

GUWAHATI: The BJP-led government in Assam on Tuesday launched a housing loan subsidy scheme to provide financial relief on purchase or construction of the first house for a family.

Assam Finance minister, Himanta Biswa Sarma launched the scheme titled "Aponar Apon Ghar"(meaning Your own Home) and said that subsidy up to Rs 2.5 lakh will be provided for loan amounts from Rs 5 lakh to Rs 40 lakh.

"Up to loan amount from Rs 5 to Rs 10 lakh one lakh interest subsidy will be

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/industry/assam-

launches-housing-loan-subsidy-scheme/71286225

provided. While between Rs 10 lakh to Rs 20 lakh the subsidy will be Rs 1.50 lakh, from Rs 20 lakh to Rs 30 lakh Rs 2 lakh subsidy will be given and from Rs 30 to Rs 40 Lakh Rs 2.50 lakh will be provided," Sarma said.

"This scheme is meant for the loan sanctioned in this financial year. This move will provide impetus to the economy, it will boost the demand and led to the expansion of real estate in the state. This move is in line with measures provided by Union Finance Minister Nirmala Sitharaman," he said.

In the same function, Sarma also launched an education loan interest subsidy wherein subsidy will be provided to children who have availed education loan for pursuing higher education. The one time subsidy will be of Rs 50,000, he said.

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Vadodara-based builder cheats NRI buyer of Rs 15 lakh

Wasim Torab Ali, who is settled in Japan for many years, had booked two apartments in a residential scheme on Pratapnagar Road and subsequently an office too.

VADODARA: A non-resident Indian (NRI) was cheated by a builder of Rs 15 lakh as the latter refused to hand over possession of two apartments and an office as promised and also the money after the deal had failed between them.

Wasim Torab Ali, who is settled in Japan for many years, had booked two apartments in a residential scheme on Pratapnagar Road and subsequently an office too.

He booked the apartments when a relative informed him about the scheme, which

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/regulatory/vadodara-

based-builder-cheats-nri-buyer-of-rs-15-lakh/71289742

was under construction during his visit to India five years back. Thus, he got acquainted with the builder.

In 2016, Abdul Rehman Sheikh, builder, called Ali to ask if he was interested in investing Rs 15 lakh in buying an office. As the proposed deal was to sell the office at a later stage at higher price and share the money, Ali agreed to invest money. He transferred the money through RTGS in May 2016.

However, as months passed, Sheikh did not hand over the possession of the apartments, the office and even refused to return the money. Sheikh told Ali that he did not have money. Ali learnt that Sheikh had never bought the office as per the deal discussed.

Ali kept following up from Japan with Sheikh to return his money. When the money was not returned, Ali lodged a complaint at Wadi police station. Police lodged an offence of cheating on Monday against Sheikh.

Surprisingly, Sheikh has not mentioned the amount invested in the two apartments in his police complaint, but only about Rs 15 lakh given for the office.

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Government to turn over 100 residential roads into

commercial in HyderabadResidents have expressed concern claiming that the government order will result in traffic congestion, space crunch, poor sanitation and sound pollution in the localities.

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/commercial/government-

to-turn-over-100-residential-roads-into-commercial-in-hyderabad/71293841

HYDERABAD: The state government has decided to turn over one hundred residential roads into commercial roads in the city.

With 111 roads being declared commercial, multiplexes, commercial complexes, malls, pubs, petrol pumps and other commercial establishments can be built in areas that were residential before the declaration.

Residents have expressed concern claiming that the government order will result in traffic congestion, space crunch, poor sanitation and sound pollution in the localities.

“This place will become a living hell; I urge the government to retract the order. Traffic is already a major issue in this area. Cars that speed in these areas are a threat, especially to children and senior citizens,” said Nishita Geeth, a resident of road number 45, Jubilee Hills.

“Schools and colleges parking their vehicles especially buses in our locality is already causing immense inconvenience to residents. With these roads being declared commercial there will hardly be any place for pedestrians to walk,” said Chitra Shenoy, a West Marredpally resident who runs an investigation agency.

City activists have also questioned the fire safety standards of the commercial establishments that will subsequently come up in the area.

“Though roads in MLA Colony, Banjara Hills and Road No.12 have not been declared as commercial roads, there are several commercial establishments in these localities that lack adequate fire safety. The life of residents is at risk in the areas that have been recently declared as commercial,” said Ridhima V, a civic activist from the city.

These roads have been made commercial to generate more revenue as property tax of commercial establishments is higher compared to that of residential properties. The nature of the commercial complexes that will be established is also a cause for concern for residents.

Mahendra Gupta, an advocate from Kondapur fears that bars in residential areas might result in accidents and mishaps.

Delhi HC directs civic authorities to conduct drone surveillance to detect illegal constructionsA division bench of the high court presided over by Justices Hima Kohli and Asha Menon also directed the civic agency and the Delhi Fire Services to submit their report in this regard before the next date of hearing.

NEW DELHI: The Delhi High Court on Tuesday directed the civic authorities to conduct "drone surveillance" for identifying unauthorised construction and fire safety issues in the Karol Bagh area of the National Capital.

"In view of the congestion in the area, it deems appropriate to direct the North Delhi Municipal Corporation and Delhi Fire Services to conduct surveillance through drones in the area," the bench said.

A division bench of the high court presided over by Justices Hima Kohli and Asha Menon also directed the civic agency and the Delhi Fire Services to submit their report in this regard before the next date of hearing.

The court observed how the building site plan will help when half of the buildings are unauthorised construction in the area.

The court will now hear the matter on October 14.

The court also directed the South Delhi Municipal Corporation to file its status report regarding congestion due to illegal parking in the Green Park area.

The same direction was also given to the East Delhi Municipal Corporation regarding illegal parking on Vikas Marg and the Laxmi Nagar area.

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/technology/delhi-hc-

directs-civic-authorities-to-conduct-drone-surveillance-to-detect-illegal-constructions/71295427

The order came after the court was informed that the situation in the Green Park area is "grim".

Reprimanding the NRDMC, the court said, "No steps were taken by the civic body with regard to the appointment of a nodal officer. Had this been done, a status report would have been there today before us."

The court was hearing a petition filed by Neena Narang, a resident of the area, regarding problems of congestion and parking on the roads in the Karol Bagh area.

In its earlier order on the petition, the court had ruled that no loading or unloading of goods be carried out in the area during daytime and no vehicle should be illegally parked.

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About 70% land acquired for first phase of Jewar airport

According to him, so far, physical possession of 784 hectares has been provided to YEIDA, which amounts to 64 % of the total land that has to be handed over to the authority.

GREATER NOIDA: Almost 70 % of the total land needed for the first phase of the proposed airport at Jewar has been acquired, with Gautam Budh Nagar district administration handing over 39 hectares to the Yamuna Expressway Industrial Development Authority (YEIDA) on Tuesday.

So far, 784 hectares have been acquired from six villages and almost 75% of the total compensation amount has been distributed towards resettlement and rehabilitation (R&R) packages among 7,690 families. In all, 8,000 families are to be displaced.

“We have acquired 31.28 hectares from Kishorepur village and 7.72 hectares from Ranhera village for the Noida International Greenfield Airport at Jewar. Physical possession of 39 hectares was handed over to YEIDA officials on Tuesday,” said Abhay Kumar Singh, deputy collector, Jewar.

According to him, so far, physical possession of 784 hectares has been provided to YEIDA, which amounts to 64 % of the total land that has to be handed over to the authority. This week, around 60 hectares more is likely to be handed over. “A total of 1,239 hectares is required for the first phase of the project. Of this, 80% land (992 hectares) has to be handed over to YEIDA to start work,” said Singh.

“Around 8,000 families are to be displaced from Dayanatpur, Ranhera, Kishorepur, Rohi, Banwariwas and Parohi villages. We have distributed Rs 2,305 crore among 7,690 families, clearing nearly 75% of the designated amount,” he said.

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/infrastructure/about-70-

land-acquired-for-first-phase-of-jewar-airport/71295573

Gujarat ED attaches assets of Madhya Pradesh-based Revati

CementsThe ED has attached a sum of Rs 4.68 crore that the company paid to the MP government to acquire 26.76 hectares of land for a cement plant at Satna.

AHMEDABAD: The Gujarat branch of the Enforcement Directorate has attached properties worth Rs 20.22 crore of MP-based Revati Cements Pvt Ltd (RCPL) and its director, Umesh Shahra, under provisions of the Prevention of Money Laundering Act, 2002. This action has been taken in the coal block allocation scam case.

The CBI has filed a FIR and chargesheet against RCPL, its directors, and coal ministry officials over the allocation of the Thesgora/Rudrapuri coal block in Madhya Pradesh to RCPL and Kamal Sponge Iron and Steel Pvt Ltd, for their sponge iron and cement plant at Satna in MP.

The ED has attached a sum of Rs 4.68 crore that the company paid to the MP government to acquire 26.76 hectares of land for a cement plant at Satna. Immovable property of RCPL director Umesh Shahra in the form of land worth Rs 15.34 crore at Dhar in Madhya Pradesh has also been attached.

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ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/regulatory/gujarat-ed-

attaches-assets-of-madhya-pradesh-based-revati-cements/71295147

New technology to regulate streetlight brightness

The technology increases the brightness of street lights when a pedestrian, bicycle or car is passing underneath them and returns to the dim state in the absence of any commuter, it said.

KOLKATA: A new technology has been devised to automatically regulate the brightness of street lights as per the volume of traffic passing underneath them, saving energy in the process.

Scientists of CSIR-Central Mechanical Engineering Research Institute in West Bengal's Durgapur have named their innovation 'Smart Dimmable LED Street Lighting Technology', a release from the institute said on Tuesday.

The technology increases the brightness of street lights when a pedestrian, bicycle or car is passing underneath them and returns to the dim state in the absence of any commuter, it said.

It works in a combination of advanced motion sensors and dimmable LED drivers, the statement said.

Director of CSIR-CMERI, Prof Harish Hirani, said the institute had implemented the technology on a pilot basis on 50 street lights in its residential colony, finding up to 60 per cent energy savings as compared to conventional LED street lights.

The new technology will also alert the maintenance engineer concerned through SMS about any malfunctioning street light, he said.

This technology is configurable to work in stand-alone as well as in networking

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ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/lighting/led-

technology/new-technology-to-regulate-streetlight-brightness/71294609

mode and can be combined to work with CSIR-CMERI's Solar Tree Technology, Hirani added.

Inter-connectivity between smart lighting and IoT

IoT is something which generates data on a device or a machine.

NEW DELHI: The use and role of the internet are quite clear to everyone. Nowadays, answers to all our questions are available on the internet, but the concept of the internet has been taken ahead with the Internet of Things.

IoT is something which generates data on a device or a machine. But, if you are wondering how IoT and smart lighting are connecting with one another? Then, let’s find out!

Internet of Things Connection

Today, we have numerous wearable smart gadgets with us like smartwatches that enables us to track our activities and use other smartphone features such as text messages or attending calls.

Some of the people have installed a smart home device like a thermostat that automatically adjusts the temperature of your home according to your requirements and it can be controlled from anywhere using your smartphone.

Moreover, these days automatic lighting systems are used which switch on or off light according to your presence in the room. In the lighting and other two examples, embedded sensors are used to detect the change in the environment and take action based on the received data.

These gadgets are data-driven and connected with the internet and embedded sensors and they have the user-friendly interface. Additionally, they bring value into

Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/lighting/smart-

lighting/inter-connectivity-between-smart-lighting-and-iot/71286103

your life like smartwatch helps you in staying healthy, and smart lighting and thermostat reduce your energy usage and bills.

Smart Lighting and IoT

As you might have now understood the relationship between the internet of things and smart lighting, but you won’t yet dwell about the depth of this connection.

Smart lighting has a very vital role in unlocking the power of IoT and building the smart application system. Lighting is a ubiquitous unit throughout your entire home or building and every light bulb is connected with a power supply.

So, it is a perfect source to collect data on the latest happenings at your place. The sensors which are embedded in each lighting unit will serve the purpose of data nodes on the network. The relationship between both forces can benefit you in multiple ways –

1. Energy and Operational Savings: As per IBM, the daily operations of your building represents over 70% of the total lifespan. The definite benefit that commercial buildings or residential units can achieve from IoT connection with the smart lighting is to reduce operation costs, especially in the form of energy savings.

2. Improved Efficiency: By making the digital version of your home or building including different system like lighting, security, HVAC, etc., you can easily visualize what is happening in your home and use those data to make important decisions. The granularity of data within a lighting system from different sensors can be analyzed to create a detailed picture of space.

3. Health and Well-being: The lighting technology enables you to achieve your home’s or building’s health and well-being. In the commercial buildings, the controllability can be increased through IoT lighting system.

It is very interesting to foresee the connection between smart lighting and IoT. Both the technologies are part of the future and there impact on each other is very deep. In the future, they both are going to be very useful.

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Delhi to install 2.1 lakh streetlights in three months for

Rs 100 croreKejriwal, whose tenure will end in February 2020, said the they would be installed to light up dark spots and enhance women safety from November 1.

NEW DELHI: A day after announcing the 'Mukhyamantri Street Light Yojana', Delhi Chief Minister Arvind Kejriwal here on Tuesday said the city would get 2.1 lakh street-lights in three months at the cost of Rs 100 crore.

Kejriwal, whose tenure will end in February 2020, said the they would be installed to light up dark spots and enhance women safety from November 1.

Addressing the resident welfare associations (RWAs), the Chief Minister praised his own government for installing CCTVs to ensure safety of women.

Kejriwal said the lights would be installed at people's houses on the lines of CCTV and unlike the one installed by the local bodies.

Under the scheme, the people can contact MLAs to tell them where they want the light to be installed. Kejriwal said he hoped people would join the street-light drive as "they came out for the CCTV scheme".

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Newspaper / Online

ET Realty (Online)

Date September 25, 2019Link https://realty.economictimes.indiatimes.com/news/lighting/outdoor-

lighting/delhi-to-install-2-1-lakh-streetlights-in-three-months-for-rs-100-crore/71294459

SAMHI Hotels files for Rs 2,000 crore IPO

As per the DRHP, the fresh issue will be of Rs 1,100 crore and the Offer for Sale (OFS) will be of 19,145,624 equity shares.

NEW DELHI: SAMHI Hotels has filed its draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).

As per the DRHP, the fresh issue will be of Rs 1,100 crore and the Offer for Sale (OFS) will be of 19,145,624 equity shares. The net proceeds of the fresh issue is towards repayment/pre-payment of certain indebtedness by the company and its subsidiaries besides general corporate purposes.

The book running lead managers (BRLMs) to the issue will be Kotak Mahindra Capital Company, CLSA India, DSP Merrill Lynch and Goldman Sachs. While the total issue size will depend upon the price discovery, market sources have estimated it to be anywhere between 1,800-2,000 crore.

The IPO is backed by marquee investors like Goldman Sachs, IFC, GTI and Equity International.

As of June 30, 2019, the company has a portfolio of 27 operating hotels of which 13 are operated by Marriott, two are operated by Hyatt and 10 are operated by IHG.

Till date, SHAMI Hotels has acquired 25 hotel assets, of which 23 are operational, as of June 30, 2019 and two are under development in Kolkata and Mumbai and are expected to be commissioned by September 2020 and March 2021, respectively.

These 23 operating hotel assets contributed 68.4% and 65.5% of company's total income from assets, for the three months ended June 30, 2019 and financial year 2019, respectively.

Newspaper / Online

ET Realty (Online)

Date September 26, 2019Link https://realty.economictimes.indiatimes.com/news/hospitality/samhi-hotels-

files-for-rs-2000-crore-ipo/71296292

Oravel Stays sets up two joint ventures with SB Topaz

Separately, the Gurugram-headquartered company has also set up a third entity Oyo Financial and Technology Services

NEW DELHI: Oravel Stays, the parent company of hospitality chain OYO Hotels & Homes, has set up two joint ventures (JV) in India, with an entity - SB Topaz - controlled by its largest backer, SoftBank.

Of the two JV entities - Mountainia Developers and Hospitality Pvt Ltd and MyPreferred Transformation and Hospitality Pvt Ltd - the former has been set up to acquire hotels-related real estate assets, ranging from land parcels to fully-developed properties, according regulatory filings accessed by paper.vc.

“According to specific provision of the shareholder agreement dated April 17 indicate that Oyo and SoftBank are acting as joint venture partners to identify and acquire real estate assets in the hospitality sector. The agreement has clear provisions governing the sale of such assets as well," a research note from paper.vc stated.

The second JV, MyPreferred Transformation and Hospitality, is engaged in the business of renovation and refurbishment of hotels and other similar assets in India, according to its bye laws, which have been reviewed by ET.

Separately, the Gurugram-headquartered company has also set up a third entity Oyo

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ET Realty (Online)

Date September 26, 2019Link https://realty.economictimes.indiatimes.com/news/hospitality/oravel-stays-

sets-up-two-joint-ventures-with-sb-topaz/71303586

Financial and Technology Services. However, it is yet unclear whether SoftBank, or through any entity controlled by it, has partnered with it or not. A SoftBank spokesperson declined to comment.

“OYO is a growing company and for which reason certain structuring are done to ensure that best interests of the company and clarity is established. This is a routine business structuring and have no further comments to share on the same,” a company spokesperson wrote in response to ET’s email.

The shareholder agreement for Mountainia Developers also state that two SoftBank executives, Hiroki Kimoto and Saurabh Jalan have been appointed as directors of the company, as per an extraordinary general meeting held on August 19.

Oyo’s decision to acquire companies, compared to its asset light model, was first reported by ET in its edition dated June 24. The Ritesh Agarwal-founded hospitality chain has also been contemplating setting up a global hospitality property fund that will acquire properties across markets and lease those to the Gurgaon-headquartered company at an agreed-upon yield.

Earlier this month, ET had reported that the six-year-old company, which is valued at $10 billion, post founder Agarwal’s decision to undertake a $1.5 billion stock buyback and put in an additional $500 million in primary capital, had acquired Fortune Select Metropolitan Jaipur, currently managed by ITC Hotels, as part of its plans to enter the four-star segment currently dominated by marquee Indian and international hotel chains.

Agarwal’s share buyback, through a Cayman Islands-registered entity RA Hospitality, has received the necessary approvals from the Competition Commission of India last week. As part of the transaction, two of Oyo’s early investors — venture funds Lightspeed Venture Partners and Sequoia Capital — will rake in the richest ever cashout in the country’s startup ecosystem so far.

The latest development comes at a time when Oyo is undertaking a significant restructuring of its business, splitting it into Oyo Hotels & Homes in India, while also incorporating a Singapore-based holding entity Oravel Stays Singapore Pte.

Article 21.6 of Oyo’s Articles of Association prohibit SoftBank from, directly or indirectly, acquiring more than 49.99% of the fully diluted share capital of the company, without the consent of Agarwal, Greenoaks, Lightspeed and Sequoia Capital. The restrictions were included following a negotiated shareholder agreement arrived at during SoftBank’s Series D investment in Oyo.