oct 2019 - credai...when the rbi cuts rates, banks are expected to pass on the benefit to consumers...

04-Oct-2019

CREDAI Bengal Daily News Update | 04.10.19

EMIs may fall further as RBI cuts repo rate by 25 bps; reverse

repo rate at 4.90%

HIGHLIGHTS

This is the fifth straight rate cut from the RBI and it results in an overall decline of 135 bps

or 1.35 percentage point in the key lending rate

Repo rate is the rate at which the RBI lends to banks, while reverse repo rate is at which it

borrows from banks

The Reserve Bank of India (RBI) on Friday reduced repo rate by 25 basis points (bps) to 5.15

per cent. This is the fifth straight rate cut from the RBI and it results in an overall decline of 135

bps or 1.35 percentage point in the key lending rate.

Reverse repo rate stood at 4.90 per cent. The central bank has maintained its "accommodative"

stance.

Repo rate is the rate at which the RBI lends to banks, while reverse repo rate is at which it

borrows from banks.

Newspaper/Online The Times of India (online)

Date October 04, 2019

Link https://timesofindia.indiatimes.com/business/india-business/emis-may-fall-further-as-rbi-cuts-repo-rate-by-25-bps-reverse-repo-rate-at-4-90/articleshow/71435730.cms?utm_campaign=andapp&utm_medium=referral&utm_source=native_share_tray

"These decisions are in consonance with the objective of achieving the medium-term target for

consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while

supporting growth," the central bank said in a notification.

When the RBI cuts rates, banks are expected to pass on the benefit to consumers and reduce

interest rates on home, auto, personal or other loans which may result in lower EMIs (equated

monthly instalments).

With first quarter GDP (gross domestic product) growth plunging to 5 per cent, the RBI cut its

estimate of economic growth in the current fiscal to 6.1 per cent from its earlier estimate of 6.9

per cent.

The monetary policy committee (MPC) meeting comes in the backdrop of RBI's mandate to

banks to link their loan products to an external benchmark, like repo rate, for faster transmission

of reduction in policy rates to borrowers, from October 1.

The next meeting of the MPC is scheduled during December 3-5, 2019.

_______________________________________________________________________________________________________________

Newspaper/Online The Times of India (online)


Govt must set up an investment trust to fund green

infrastructure projects

The government needs to set up a Green Investment Trust to fund green infrastructure

projects and look for an oversees green bond market

Green Bonds are the same as corporate bonds, but their proceeds are pre-allocated to green activities.

The ―Earth Summit‖ of 1992, in Brazil, brought in a paradigm shift in concept of development

with increasing recognition that environmental and economic policies must work in tandem to

improve the quality of human life. One of the ways to incentivise sustainable development is

through low-cost financing for sustainable projects. Developed world has already recognised

the need of dedicated funds for greener projects at low-cost.

Indian government is implementing the National Action Plan on Climate Change (NAPCC) to

reduce emissions intensity—GHG emissions per unit of GDP—by 33% to 35% below the 2005

levels by the year 2030. Further, at least 40% of energy in 2030 would be generated from non-

fossil fuel sources. Achieving this requires massive investment as green tech is largely capital-

intensive. Most of the cases fall under the categories of renewable and sustainable energy that

use clean technology.

Newspaper/Online Financial Express (online)


Link https://www.financialexpress.com/opinion/high-time-the-government-set-up-a-green-investment-trust/1725976/

Responding to environmental problems used to be an unappealing, no-win proposition for

managers, and economic forces at work.There is a need for a far-sighted programme and

innovative, creative solutions to address environmental challenges. Financing, which is

normally considered a passive activity, can contribute a lot towards reducing the cost of doing

business in a greener way. Green Bonds have emerged as an innovative way to fund green

projects. These can reduce the cost of capital and, thereby, improve returns.

Green Bonds are the same as corporate bonds, but their proceeds are pre-allocated to green

activities. Fund raising through green bonds was done first in 2007 when European Investment

Bank raised €600 million under the label ―Climate Awareness Bond‖ dedicated for renewable

energy projects and energy-efficient projects. The latest success story comes from Russian

Railway, whose eight-year green bond raised €500 million, and was priced at 2.2%. The

issuance was oversubscribed with an order-book of over €1.8 billion. The capital raised will be

used to purchase electric trains as part of a modernisation programme.

Transport, the second largest contributor to global GHG emissions, is responsible for 23% of all

energy-related carbon dioxide emissions globally, and 14% of total GHG emissions. Road

transportation remains the primary source of emissions in the sector, and is responsible for 73%

of the carbon dioxide emissions. India‘s scenario is no different.

Hence, leveraging debt capital markets towards sustainable transport infrastructure development

and services has enormous potential to help achieve climate goals. 71% of the climate-themed

bonds issued relate to low-carbon transport. This is largely due to a number of rail issuers,

which have a long history of using bonds to raise finance. As per the Climate Bonds Standard

and Certification Scheme of ―Climate Bonds Initiative‖, there are certain areas which are most

likely to get acceptance in the green bond market. These include transport infrastructure (all

modes of collective/mass transport and its infrastructure, especially urban rail and Bus Rapid

Transport (BRT), ropeways and cable cars); alternative (low-carbon) energy refuelling

distribution infrastructure; vehicle technologies to significantly increase emissions efficiency

(including fuel efficiency, fuel type and other vehicle improvements); and new vehicle

technologies and hybridisation, autonomous /semi-autonomous vehicles.

The electric vehicles industry is one of the thrust areas, and the 2019-20 Budget has announced

fiscal incentives and measures to ease regulatory hurdles.

The Railways can play a huge role in combating climate change. Indian Railway Finance

Corporation Ltd (IRFC) established a Green Bond Framework for fund raising. The proceeds

were proposed to be used for financing the Dedicated Freight Corridor project and

electrification of the railways. The IRFC had raised $500 million in 2017 from the 10-year

green bond through India INX, GIFT City. Very recently, in June 2019, Adani Green Energy

issued green bonds worth $500 million through India INX at a coupon of 6.25%, these were

subscribed over three times, when most infrastructure companies struggled raising funds in

India. Given the success of Russia in raising green bonds at a coupon rate of 2.2%, the greener

pastures are open for rail transportation in India.

The Economic Survey 2018-19 points out that India needs to almost double its annual spending

on infrastructure at $200 billion, which will obviously require harnessing private investment.

Finance minister Nirmala Sitharaman, in her budget speech, talked about international debt

issuance by the government so that domestic resources would be available to others at

comparatively cheaper terms. It will ease the liquidity crisis and give an impetus to the growth

momentum.

India is only putting $100-110 billion annually into infrastructure development which requires

innovative approaches. Issuing green bonds overseas is one such approach in realising the goal

of creating a clean environment. The government can do well by setting up a Green Investment

Trust, an agency for green financing, to fund the green infrastructure projects of the country.

The trust can tap the green funds abroad and channel the same towards the green projects in

India, including clean transportation. The financial incentives in terms of low-cost funds will

trigger infrastructure investments in clean transport.

__________________________________________________________________________________________

Government reduces interest rate on house building advance to

7.9%

HBA is available to central government and state government employees for constructing

a new house on the plot owned by the employee or jointly with the spouse.

Ministry of Housing & Urban Affairs on Thursday reduced the rate of interest on House

Building Advance [HBA] from existing 8.5% to 7.9% for a period of one year, irrespective of

the loan amount of HBA.

This will be with effect from October 1, 2019.

In September 2019, in order to encourage government servants to buy houses, finance

minister Nirmala Sitharamam, announced lowering of interest rate on house building advance

and linked with the 10-years government securities yields.

HBA is available to central government and state government employees for constructing a new

house on the plot owned by the employee or jointly with the spouse. The scheme can also be

availed for the purchase of new house or flat.

HBA is admissible to permanent employees and all those temporary employees also who have

rendered five years of continuous service.

The ministries/departments are delegated powers to sanction HBA to their employees in

accordance with the rules.

The scheme of HBA to central government employees is aimed as a welfare measure providing

assistance to the government employees to construct/acquire house/flats of their own.

_______________________________________________________________

Newspaper/Online ET Realty (online)


Link https://realty.economictimes.indiatimes.com/news/allied-industries/government-reduces-interest-rate-on-house-building-advance-to-7-9/71432779

IRDAI standardising 'title insurance' products to promote it among

buyers

Towards this, the Insurance Regulatory and Development Authority of India (Irdai) has

set a working group to revisit the product structure of title insurance, a circular said.

Regulator Irdai has started the process to standardise 'title insurance' with an aim to promote the

product which provides indemnity to property buyers against loss arising from defects in title

deeds. Towards this, the Insurance Regulatory and Development Authority of India (Irdai) has

set a working group to revisit the product structure of title insurance, a circular said.

Obtaining title insurance has been made mandatory for promoters/developers under the Real

Estate (Regulation and Development) Act, 2016.

Currently, the product is offered by only a few general insurers in the Indian market.

However, each insurer's product features vary in policy terms and conditions, and scope of

coverage based on the support received from their reinsurers.

Irdai said that the number of title insurance policies sold are minimal despite the availability of

product for the last one-and-a-half years.

"The feedback received from the Government of India reveals that the stakeholders, especially

the developers associations have flagged the need for standardisation in the title insurance

products," Irdai said while setting up the working group.

The 12-member panel headed by T L Alamelu, Member (NL), Irdai, has been asked to examine

the legal and regulatory framework in place and its impact on the marketability of the product in

India.

It has also been asked to "study the structure of title insurance products available in the current

Indian market and analyse the reasons for sluggish demand".

Besides, it has been tasked to develop a standard title insurance product suitable to Indian

market and recommend measures to spur the demand for the product.

The group has been asked to submit its recommendations within 12 weeks.



Link https://realty.economictimes.indiatimes.com/news/industry/irdai-standardising-title-insurance-products-to-promote-it-among-buyers/71432764

Quality check must for projects registered with MahaRERA

Officials said all real estate projects registered after December 1, 2018, were required to

fill in quarterly information on Form 2A, which would be uploaded at the end of every

financial quarter.

All projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA)

will have to get assessed for quality certification.

Officials said all real estate projects registered after December 1, 2018, were required to fill in

quarterly information on Form 2A, which would be uploaded at the end of every financial

quarter.

―We have issued a circular asking all developers in Maharashtra to submit quarterly quality

certificates from their engineers certifying the quality of construction. The circular will be valid

for all ongoing projects registered with the authority from December 1, 2018. This will be an

additional certification required from developers,‘‘ an official said.

Consumers of registered properties too stand to benefit as they will receive a ―quality

certificate‖ of the constructions. As per MahaRERA officials, under Form 2 A, the builder is

supposed to fill in all the details regarding input materials and workmanship and this will be

insisted upon at the time of registration. The engineer supervising the project will have to

certify that the quality of the construction is as per the National Building Code (NBC).

Earlier, under section 4 (1) (D) of the Real Estate (Regulation & Development) Act (RERA),

the developers had to deposit the funds in a separate escrow account and use the money only for

construction of that particular project. ―The developer could withdraw money from this account

on submission of three certificates from the architect, the engineer, and the chartered accountant

associated with the project in proportion to the percentage of completion of the project,‘‘ the

official said.

The project engineer has to certify the cost estimate as well as the cost incurred for the purpose

of withdrawal of money from the designated account as per Form 2. With this added Form 2A,

the engineer supervising the project construction will have to certify that the quality of the

construction is as per National Building Code norms.

―The promoter has to request an engineer, appointed to supervise the work and quality of

construction material, to submit the quality certificate,‘‘ said the MahaRERA official.

Credai state president Rajiv Parikh said, ―It makes the entire process transparent and one is

assured of quality projects.‖



Link https://realty.economictimes.indiatimes.com/news/industry/quality-check-must-for-projects-registered-with-maharera/71432826

________________________________________________________________

Commercial realty firms may raise Rs 1.5 lakh crore via REIT

According to a report by the rating agency Crisil, these assets, with annual lease rentals of

around Rs 17,000 crore, represent around 30 per cent of Grade A properties across major

micro-markets in the country

As many as 10 commercial real estate developers and operators have the potential to raise as

much as Rs 1.5 lakh crore through the real estate investment trust (REIT) route by monetising

184 million sq ft space, the report said.

According to a report by the rating agency Crisil, these assets, with annual lease rentals of

around Rs 17,000 crore, represent around 30 per cent of Grade A properties across major micro-

markets in the country.

"Our analysis shows that the top 10 commercial real estate developers and operators in the

country can raise as much as Rs 1.5 lakh crore through the REIT route by monetising 184

million sqft space assuming a capitalisation rate of 8.5 per cent and stake dilution of 75 per

cent," the report said.

The agency said the portfolios with annual rentals of over Rs 1,000 crore, translating into a

minimum asset valuation of Rs 10,000 crore, can absorb higher transaction costs and comply

with regulations, and are more likely to use this option.

"While investor interest in the residential segment is declining fast because of limited property

price appreciation and inability to monetise assets, REITs can be a potential investment option,

providing assured and ongoing returns.

REITs, which invest primarily in completed, income- yielding real estate assets, are similar to

mutual funds, and can be listed and traded on stock exchanges," Crisil said.

Through REITs, private equity firms can divest at the portfolio level instead of individual

assets. This would sync better with their typical exit timelines of 7-10 years.

The report said that vacancy levels for Grade A offices are in a low-to-moderate range across

cities.

"This will work in favour of commercial lease rentals, which we believe, are likely to escalate at

5-10 per cent per annum over the next 2-3 years," it said.

Crisil, however, noted that given the high level of compliance and stringent regulatory

requirements for REITs, developers with smaller commercial portfolios would continue to use

lease rental discounting loans, which are accessible at rates as low as nine per cent.



Link https://realty.economictimes.indiatimes.com/news/commercial/commercial-realty-firms-may-raise-rs-1-5-lakh-crore-via-reit/71432725

"Furthermore, developers who prefer to retain the capital appreciation opportunity and not

dilute their stake, will not prefer the REIT route," the report said.

________________________________________________________________

No outstanding loans to DLF: Indiabulls Housing Finance

Indiabulls Housing has on-going secured loans against mortgage of land and property to

Vatika Group and specific project SPVs of Chordia Group.

Indiabulls Housing Finance on Thursday informed the BSE that it has no outstanding loans

to DLF and the total principal and interest amount is paid back in full.

The company further said that it has no outstanding loans to Reliance ADAG Group and

Americorp Group.

"Since the time in April 2019 when the company announced merger with Lakshmi Vilas Bank,

it is being subject to various attack from vested interests. The latest being a PIL filed in Delhi

HC by Citizen Whistle Blower Forum," the company said.

Indiabulls Housing has on-going secured loans against mortgage of land and property to Vatika

Group. "The loans are regular and serviced as per the repayment schedule. There are no

investments or loans of whatsoever nature from Vatika Group to promoter or any of his

companies," it said.

Similarly, loans have been extended by the company to specific project SPVs of Chordia

Group. "Repayments are regular and have been from project cash flows. There are no

investments or loans of whatsoever nature from Chordia Group to promoter or any of his

companies," it added.

On the allegation that the company has siphoned-off of Rs 1 lakh crore from National Housing

Bank (NHB) refinance programme, it said that it has never ever borrowed anything from NHB.

"In the last 30 years, the total cumulative amount disbursed by NHB to housing finance

companies (HFCs) under the refinance programme is Rs 98,098 crore and NHB's refinance

loans outstanding as of June 2018 was Rs 38,146 crore," it said quoting data from NHB.

Indiabulls Housing Finance further stated that it will take all necessary steps under the law to

protect the interest of its stakeholders.

In September 2019, a public interest litigation (PIL) had been filed against the company in the

Delhi High Court for alleged irregularities, violations and siphoning of funds. Delhi HC had

then issued notice to the company, Ministry of Corporate Affairs (MCA), Reserve Bank of

India (RBI) and the Securities and Exchanges Board of India (SEBI).

The court has now brought forward the date of hearing the public interest litigation (PIL) to

October 24 from December 13.



Link https://realty.economictimes.indiatimes.com/news/allied-industries/no-outstanding-loans-to-dlf-indiabulls-housing-finance/71421515

________________________________________________________________

Only 2,500 register under new tenancy act in Tamil Nadu

This despite the rule that those not registered under it cannot file cases with state

government-constituted rent authorities that replaced rent courts.

That awareness about the new tenancy act in Tamil Nadu, the lone legal platform to resolve

disputes between landlords and tenants, is poor is evident from the fact that just 2,500 have

registered under it before the deadline ended in the middle of September.

This despite the rule that those not registered under it cannot file cases with state government-

constituted rent authorities that replaced rent courts.

Housing and urban development department sources said the deadline for registrations under

the Tamil Nadu Regulation of Rights and Responsibilities of Landlords and Tenants Act ended

on September 19 after being extended twice. When contacted, officials in the department now

say they plan to further extend the deadline.

―So far, about 2,500 registrations have been recorded across the state,‖ a senior official said.

Under the act, which came into force across the state on February 22, no person can let out or

take on rent any premises without a written agreement and that all such agreements be

registered.

Experts as well as members of the public are vociferous in their condemnation of the legislation

they term draconian. Senior advocate P Wilson said it was skewed in favour of landlords. ―The

Tamil Nadu Regulation of Rights and Responsibilities of Landlords and Tenants Act (Tenancy

Act) has sounded the death knell for fixation of fair rent that was available under the previous

Tamil Nadu Buildings (Lease and Rent Control) Act, 1960, popularly known as the rent control

act,‖ he said.

This is particularly a harsh blow for residents in Chennai and its suburbs with a population of

one crore, where not everyone can own a house, Wilson added.

In the case of properties not registered under the act, landlords can evict their tenants with ease.

―In such properties, tenants are at the mercy of house owners,‖ said Wilson, who is a Rajya

Sabha member.

Rent authorities headed by officials above the rank of deputy collectors have been set up in all

districts, but few seem to be approaching them.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/industry/only-2500-register-under-new-tenancy-act-in-tamil-nadu/71415930

Mumbai residential launches down 33% on-year in July-Sept:

Report

Navi Mumbai contributed 17% to total launches in MMR at 2,430 new units, while Thane

saw 2,220 units launched during the quarter.

New supply of residential apartments in Mumbai, the country's most expensive property market,

declined 33% during the quarter ended September. The city witnessed new supply of 9,390

units comprising 67% share of total supply of 14,040 new units launched in entire Mumbai

Metropolitan Region (MMR), showed data from ANAROCK Property Consultants.

Navi Mumbai contributed 17% to total launches in MMR at 2,430 new units, while Thane saw

2,220 units launched during the quarter. In July-September 2018, total launches in Mumbai

stood at 14,040 apartments - exactly the same number of launches that is seen by entire MMR

in the latest quarter this year.

As on September end, MMR had an unsold stock of nearly 220,870 units. Of this, Mumbai

comprised 66% share with around 146,380 unsold units. On yearly basis, the city was able to

shed its unsold stock by 3% while sequentially it only saw 1% reduction in the unsold stock.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/mumbai-residential-launches-down-33-on-year-in-july-sept-report/71423918

Rule change hits about 30 building projects across Chennai

Housing and urban development department sources said the government took a

conscious decision not to continue with mixed residential zones as they ended up as mostly

commercial zones affecting residential areas.

About 30 projects to build three lakh square feet of office and commercial space at various

places in the city, valued at around Rs 300 crore, are stuck because the words ‗mixed

residential‘ were left out of the new rules governing building permissions.

Realtors say the omission in the Tamil Nadu Combined Development and Building Rules, 2019,

which replaced development regulations of the Chennai Metropolitan Development

Authority (CMDA) has hit a market already short of commercial space.

―Obtaining clearance for commercial buildings in areas that were notified as 'mixed residential‘

by CMDA has become a cumbersome process because 'mixed' has been knocked off from the

building rules. Developers are stuck just when there is more demand for commercial

construction in the core city [which is largely mixed residential],‖ said Builders Association of

India‘s southern centre chairman S Ramaprabhu.

Housing and urban development department sources said the government took a conscious

decision not to continue with mixed residential zones as they ended up as mostly commercial

zones affecting residential areas.

Realtors said projects are held up in Adyar, Ashok Nagar, Anna Nagar, Kilpauk and

Purasawalkam.

The issue came to light after CMDA rejected planning permissions for commercial ventures in

'mixed residential‘ areas saying the category was not listed in the new common building rules.

While development regulations of CMDA had the category ‗mixed residential‘, the new

building rules‘ land use zones include ‗residential‘ but not 'mixed residential'. Colleges and

research institutions are also allowed in mixed residential areas with special sanction from the

CMDA.

A report by real estate consultant Knight Frank India in July said that office space supply

recorded a 76% drop during the first half in 2019 when compared with the corresponding period

of last year.

The Chennai office market recorded 6% year-on-year growth in transactions, a positive growth

for the first time since 2017, it added.

The Tamil Nadu chapter chairman of Confederation of Real Estate Developers‘ Association of



Link https://realty.economictimes.indiatimes.com/news/commercial/rule-change-hits-about-30-building-projects-across-chennai/71415905

India, S Sridharan, said the issue has been taken up with the government for necessary

amendments. A senior urban development official told TOI, ―Following several representations,

commercial area will be permitted based on the road width without compromising on residential

areas. An amendment has been circulated and it is likely to be approved within 15 days.‖

________________________________________________________________

Agra smart city works delayed due to unreleased funds

There are 26 departments which are required to contribute in the funding and

implementation of the Smart City projects. Municipal commissioner Arun Prakash, who

is also the ASCL CEO, has now asked the departments to cooperate in the Smart City

project works.

Projects under the Smart City scheme in Agra are getting delayed, with over a dozen UP

departments not releasing previously committed funds.

There are 26 departments which are required to contribute in the funding and implementation of

the Smart City projects. Senior officers of these departments are part of the special purpose

vehicle, Agra Smart City Limited (ASCL), which is entrusted with all decision-making

regarding projects.

Municipal commissioner Arun Prakash, who is also the ASCL chief executive officer, has now

asked the departments to cooperate in the Smart City project works.

ASCL projects include 23 work plans which need to be executed as public-private partnerships

(PPP). Currently, work is in process on 19 plans. In the two years since ASCL began operating,

none of the works have been completed.

According to ASCL officials, departments which are the biggest defaulters in releasing funds

include Agra Development Authority, Jal Sansthan, Jal Nigam, PWD, National Highways

Authority of India, Awas Vikas Parishad, etc.

The commissioner said, ―Under Smart City, 26 departments were supposed to release funds for

projects to be executed as PPP. Majority of the departments have not released these funds.

We‘ve now asked them to immediately release funds, so that the proposed works can be

completed on time.‖

The 19 Smart City plans on which work has been initiated include development of heritage

walkway, beautification of seven major road crossings, beautification around the Taj Mahal,

development works on Daresi Road, setting up of a micro skill development centre,

beautification of Fatehabad road, construction of public toilets at eight locations, master system

integrator plan, street vending zone plan, beautification of the civic body school in Tajganj

locality.

There are also projects for setting-up digital education infrastructure in the civic body school,

distress and health centres for women, road junction improvement, rehabilitation of major

roads, rehabilitation of minor roads, solid waste management plan, 24-hour water supply plan

and upgradation of sewerage in Tajganj locality.



Link https://realty.economictimes.indiatimes.com/news/infrastructure/agra-smart-city-works-delayed-due-to-unreleased-funds/71416164

The Smart City development covers Rs 2,000 crore-worth makeover plans, including an area-

based development (ABD) plan, which envisions retrofitting 2,250 acre of selected area around

Taj Mahal, Agra Fort, Jama Masjid and other parts of the old city.

________________________________________________________________

Kodaikanal traders protest against building norms

The Madurai high court recently ordered the sealing of more than 260 buildings, mostly

hotels, eateries and places of worship, which were constructed violating the hill station’s

masterplan.

Traders in the Kodaikanal hills have announced that they will stage a one-day shutdown on

Thursday seeking the attention of the government to relax the norms for buildings, which have

been sealed due to violation. Due to this, visitors to the hill station may face issues in getting

accommodation and food, hoteliers have warned.

The Madurai high court recently ordered the sealing of more than 260 buildings, mostly hotels,

eateries and places of worship, which were constructed violating the hill station‘s masterplan.

The order not only resulted in accommodation becoming scarce for tourists, but also rendered

thousands of people employed in hotels and eateries, jobless.

On its flip side, many homestays have mushroomed in the hill station. While the traders have

been urging the state for a one time regularization to sort out the issue, the government has not

reacted so far.

President of Kodaikanal Hoteliers Association, A Abdul Kani Raja said that tourism in the hills

is severely affected due to the sealing. Many hotels have shut down have laid off employees as

they could not afford to pay their salaries.

The government should consider the jobless situation and tourism getting affected and bring

about an amicable solution.

There will be a total shutdown on Thursday as all the traders irrespective of their business size,

will remain closed throughout the day, he said.

________________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/industry/kodaikanal-traders-protest-against-building-norms/71421609

Housing sale decline by 22% in NCR: Report

According to the report, Collectively, NCR saw new supply of 5790 units in Q3 2019 as

against 4,200 units a year ago and nearly 13,570 units in the preceding quarter of Q2 2019.

The National Capital Region (NCR) has seen 22% drop in housing sales on quarterly basis,

according to a report by Anarock consultancy. As per the report, with sales of nearly 9,830 units

in Quarter 3, 2019, the sales dropped yearly by 13% and nearly 22% on quarterly basis. Among

the top 7 cites, NCR was second in recording maximum decline on quarterly basis.

According to the report, Collectively, NCR saw new supply of 5790 units in Q3 2019 as against

4,200 units a year ago and nearly 13,570 units in the preceding quarter of Q2 2019.

―Gurgaon saw maximum new launches in Q3 2019 comprising 2,030 units, increasing by 75%

from 1,160 units in Q3 2018. Faridabad followed next and saw new launches of approx. 1,190

units in Q3 2019, up by 36% against the preceding quarter,‖ the report said.

With festival season approaching, developers are hopeful of better performance.

Greater Noida and Noida that saw minimal new supply, clocked in maximum sales in the third

quarter this year (sale of 4,580 units). Greater Noida independently saw nearly 3,200 units sold

in Q3 2019 – more than Gurgaon, which clocked in housing sales of 2,690 units during this

period.

Ghaziabad recorded housing sales of 1,700 units in Q3 2019, decreasing by 20% on quarterly

basis from 2,120 units sold in Q2 2019. According to the report, NCR has fared better in

shedding its overall unsold stock on both quarterly and yearly basis. It saw its stock decline by

7% in a year – from 1,90,650 units in Q3 2018 to 1,77,900 units in Q3 2019. On a quarter basis,

the region reduced its unsold stock by 2% - far better than most top cities except Hyderabad.

_______________________________________________________________



Link https://realty.economictimes.indiatimes.com/news/residential/housing-sale-decline-by-22-in-ncr-report/71423869

Over 600 backwater properties in Kerala to be demolished for CRZ

violations, HC told

A total of 383 buildings have been constructed in violation of CRZ norms in Ernakulam.

Of these, only five buildings are non-residential.

Demolition notices have been issued to 625 buildings, mostly residential, situated along the

Vembanad backwaters for violating coastal regulation zone (CRZ) norms, state government has

informed the Kerala high court.

A total of 383 buildings have been constructed in violation of CRZ norms in Ernakulam. Of

these, only five buildings are non-residential. The respective grama panchayats have taken steps

to demolish them and demolition notices have been issued for these buildings, affidavit filed by

the government said.

In Alappuzha, 212 buildings violated CRZ norms, of which only two are non-residential

buildings. The two non-residential buildings - Kapico Resorts and Muddy Resorts – are situated

within Panavally grama panchayat limits, the affidavit said citing a report filed by Deputy

Director of Panchayats, Alappuzha. Owners of both the non-residential buildings have

approached the courts and stays have been issued by the Supreme Court, the court was told.

CRZ norms were violated in constructing 30 buildings in Kottayam district and demolition

notices have been issued to them by the grama panchayats concerned, government informed.

The affidavit was filed by the government in response to a questionnaire sent by the amicus

curiae regarding action to prevent pollution and environmental degradation of Vembanad

backwaters.

Government also informed through the affidavit that departmental action was initiated against

seven panchayat officials in the three districts adjacent to Vembanad backwaters for not

complying with CRZ norms.

A vigilance case was registered against five officials of Cheranalloor grama panchayat, which

includes former secretaries KN Mohanan and K Sali, junior superintendent KK Mohanan, and

LD clerk CJ Manuel, and one official, Niroor Prasad, of Thuravoor grama panchayat.

Departmental action was initiated against Y Jose and Sidharthan, former secretaries of

Panavally grama panchayat in Alappuzha district, government‘s affidavit revealed.



Link https://realty.economictimes.indiatimes.com/news/residential/over-600-backwater-properties-in-kerala-to-be-demolished-for-crz-violations-hc-told/71416203

BSNL defaults on rent to private properties in Chennai

It has 1,600 towers in Chennai circle, of that 1,000 are operating on private properties.

BSNL Chennai circle covering the city has about 15 lakh pre-paid and post-paid mobile

subscribers.

After delayed payment of salary for its regular employees for four months, cash-

strapped BSNL is now defaulting on rent for private buildings where it has installed towers,

hitting services.

BSNL mobile subscribers in and around the city are struggling to get signals and uninterrupted

data and the issue has turned acute over the past 15 days.

Pattabiram resident T Sadagopan said mobile services of BSNL has gone from bad to worse in

the last fortnight. ―It is difficult to get signal even near towers and open terrace,‖ he said.

Another BSNL subscriber at Kodambakkam said he was experiencing frequent call drops of

late.

BSNL Chennai circle covering the city, Kancheepuram and Tiruvallur has about 15 lakh pre-

paid and post-paid mobile subscribers with a market share of 12%in Chennai circle. It has 1,600

towers in Chennai circle, of that 1,000 are operating on private properties.

CK Mathivanan, senior vice president of National Federation of Telecom Employees, BSNL

said a section of landlords of private buildings is disconnecting power supply for towers due to

rent arrears. This is causing disruptions for voice calls, he added. "In some places, BSNL

employees are not being allowed to enter the tower premises for repair,‖ he said.

P Santhosham, chief general manager of BSNL Chennai Telephones, told TOI that steps were

being taken to resolve the power and rental issues. ―I am personally monitoring the complaints

raised by customers and ensure that it is resolved,‖ he added.

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Link https://realty.economictimes.indiatimes.com/news/commercial/bsnl-defaults-on-rent-to-private-properties-in-chennai/71421539

oct 2019 - credai...when the rbi cuts rates, banks are expected to pass on the benefit to consumers...

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