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Ankur Maheshwari

Ankur Maheshwari
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Haryana RERA in partnership with other departments is organising a conclave on RWAs

By
Ankur Maheshwari
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The authority in partnership with other departments is organising to formulate guidelines for handing over projects to RWAs

Haryana Real Estate Regulatory Authority (HaRERA) has been tasked to come up with a detailed recommendation for handing over projects to RWAs, the formation of RWAs, and the obligation of builders.

The authority in partnership with other departments is organizing to formulate guidelines for handing over projects to RWAs

While speaking to Economic Times, KK Khandelwal, Chairman HARERA, Gurugram said, “Lack of knowledge of provisions related to Association of allottees in different Acts is the major problem amongst public. The main purpose behind the conclave is to spread awareness,”

The members from various welfare groups have been associated with discussing issues faced by RWAs pertaining to the registration of associations, and handing over of the project among others.

“RERA since its inception in 2017 has helped the real estate sector fetch better investments across the country. HARERA, amongst all, has been a frontrunner which has eventually made Gurugram the biggest investment destination for the realty sector. With HARERA’s multiple awareness initiatives, the bridge between the people and the authorities is gradually reducing,” said Navdeep Sardana, CMD of Whiteland Corporation.

Haryana RERA in partnership with other departments aims to create the country’s largest platform with 100+ RWA(s) representatives joining hands in creating awareness about the bylaws and guidelines.

The concerns and issues raised by RWAs are incorporated into the agenda for the conclave.

“A need has been felt to educate the allottees and their associations about various provisions of Haryana Apartment Ownership Act, 1983, Haryana Registration and Regulation of Societies Act,2012, Real Estate (Regulation and Development Act) 2016. Various provisions related to associations were incorporated in RERA Act, 2016 after coming into force of the Act. There was a need to resolve conflicting provisions in these Acts and effective implementation of these provisions was long due,” said ACS, Devender Singh.

Increase in ground coverage for plots approved to curb building norm violations

By
Ankur Maheshwari
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Officials believe with the increase in ground coverage, plot owners will be able to construct lifts, staircases, and cut-outs without compromising on the floor area ratio (FAR), which will help bring down unauthorized construction in plotted areas.

The department of town and country planning (DTCP) has approved an increase in ground coverage for plots to curb building norm violations as a major relief for property owners and home developers,

Officials believe with the increase in ground coverage, plot owners will be able to construct lifts, staircases, and cut-outs without compromising on the floor area ratio (FAR), which will help bring down unauthorized construction in plotted areas.

According to an amendment to the Haryana Building Code 2017, the ground coverage for plots measuring up to 250 sq. mt. (300 sq. yards) has been increased from 66 to 75%. Similarly, larger plots measuring up to 1,000 sq. mt. have been allowed to have 66% ground coverage from the earlier 60%.

However, the maximum permissible FAR for plots up to 100 sq. mt. is 165% and 145% for plots up to 250 sq. mt. The FAR for plots between 250 and 350 sq. mt. is 130%, while those between 350 and 500 sq. mt. will have a maximum FAR of 120% and 100% for plots between 500 and 1,000 sq. mt.

FAR is the ratio of a building’s gross floor area to the size of the piece of land on which it’s built.

The DTCP, officials said, had issued a public notice about bringing amendments to the Haryana Building Code 2017 earlier this year and invited suggestions or objections from all the stakeholders.

A senior DTCP official said the move is aimed at bringing relief to the plot owners and home developers”. “If the property owners and builders still violate the norms, the enforcement team will take strict action,” he said.

City-based developers have welcomed the move.

“It was a long-pending demand of plot owners to exclude staircases and lifts from the FAR calculation. This was the main reason for building norm violations in plotted houses. Due to the stairs and lifts, which are common areas but included in the FAR, builders get less space to construct flats,” a developer said.

Narendra Yadav, president of Gurgaon Home Developers and Plot Owners Association, said they had several meetings with the director of the town and country planning department in the past and wrote to the chief minister. “Finally, the demand has been accepted.”

Former president of the Association, Ramesh Singla, who raised the demand first in March 2021, said the move paves the way for the construction of lifts and staircases without compromising FAR. “The move will also help check violations and unauthorized construction by property owners to some extent,” he added.

Bajaj Finance pumps in Rs 2,500 crore into Bajaj Housing Finance

By
Ankur Maheshwari
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On April, the seventh and the largest round of capital infusion so far by Bajaj Finance to fund the housing finance company’s future growth was received, according to a release

Pune-based Bajaj Housing Finance Ltd on Tuesday commented that it has received Rs 2,500 crore of equity capital from Bajaj Finance, its parent company. The capital infusion took place on April 7, is the seventh and the largest round of capital infusion so far by Bajaj Finance to fund the housing finance company’s future growth, according to a release.

In a statement, Bajaj Housing Finance’s Chief Executive Officer Atul Jain said. “This infusion will be sufficient to meet our capital requirements for the next 18-24 months. The company remains committed to continuing its momentum, and this infusion would enable it to expand its geo footprint as well as its distribution network across its business lines for growth,”

As of March 31, 2022, the mortgage financier’s capital adequacy ratio (CRAR) stood at 19.72 percent against a regulatory requirement of 15 percent. With this round of capital infusion, its CRAR will be in excess of 27 percent, the release said.

Its capital base stands strong in excess of Rs 9,200 crore.

This round of capital infusion is to ensure that Bajaj Finance continues to maintain its growth trajectory by providing equity capital on one hand as well as raising debt for growth on the other.

The company plans to invest in people, geo-expansion, process improvement, and technology to help deliver its growth plans.

The housing finance company offers finance to individuals and corporate entities for the purchase and renovation of homes, or commercial spaces.

It also provides loans against property for business or personal needs as well as working capital for business expansion purposes. It also offers to finance to builders and developers engaged in the construction of homes.

It ended fiscal 2022 with Assets under Management (AUM) of Rs 53,322 crore.

Ind-Ra Report – Housing prices may ascend by 8% this fiscal

By
Ankur Maheshwari
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​”The current housing sales uptick and increased demand are end user-driven and not speculative. Hence, the hike in prices will be sustainable and is likely to be incremental. Prices were up 6 percent pan-India in FY22,” Ind-Ra official statement.

On Monday, Delhi-based India Ratings and Research (Ind-Ra) announced that it expects housing prices to rise by 8 percent this fiscal, mainly due to a rise in demand from end-users.

“The current housing sales uptick and increased demand is the end user-driven and not speculative. Hence, the hike in prices will be sustainable and is likely to be incremental. Prices were up 6 percent pan-India in FY22,” the rating agency said in a statement.

Furthermore, the surge in the housing sales in India has not been accompanied by a sharp rise in prices so far, it added.

“After a prolonged period of decline, prices stabilized in the past few years. Ind-Ra expects the price appreciation of residential property in FY23 to be around 8 percent at the pan-India level, led by Bengaluru, Mumbai, Pune, and Hyderabad,” the statement noted.

Ind-Ra expects housing sales to rise by around 12 percent YoY (year-on-year) in FY23. “In FY22, for the top eight real estate clusters, housing sales increased 42 percent YoY on a pandemic-impacted lower base. In FY23, Ind-Ra expects well-known and trusted developers to witness better sales, and affordable housing segments to continue to claim around 50 percent share of the total sales,” the statement said.

Ajnara Daffodil, Noida residents protested on the street over lack of basic infra and high upkeep fees

By
Ankur Maheshwari
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Residents have complaint regarding the sewage treatment plant (STP) that does not work in accordance with the rules, the society club is in a disarray and the swimming pool barely functional. There is no system for garbage segregation either, they said.

In Noida, on Sunday, around 100 residents of Ajnara Daffodil in Sector 137 took to streets against the builder for the alleged lack of basic amenities and gaps in infrastructure and other facilities in the society which were promised when flats were handed over to the homebuyers.

Residents have complaint regarding the sewage treatment plant (STP) that does not work in accordance with the rules, the society club is in a disarray and the swimming pool barely functional. There is no system for garbage segregation either, they said.

Ajay Kumar, a resident of Ajnara Daffodil said in a statement that, “The club remained closed for almost three years but the builder collected about Rs 1.44 crore per year from the residents. Still no facility is being provided in the club but club charges are being collected from prepaid meters. Water that leaks from the swimming pool ends up near the club and soaks a beam as well. Garbage has been lying all over the basement and the STP is not working,”

The flats were handed over for possession to buyers in 2018 after the launch of the project in 2010. Around 1,000 families are living in 1,200 flats in the society. Another resident, Arpit Chandra, said that homeowners were paying high maintenance charges despite the poor upkeep.

“We are paying Rs 6,000 per month. The club is in a mess, the swimming pool is not working. Now we want the builder to hand over the entire maintenance to our apartment owners’ association,” he said. When asked, the society’s maintenance head, Ram Manohar, appointed by the builder said, “We proposed three times that residents should take over maintenance but no one came forward. The garbage is segregated from here and goes to the Noida authority disposal plant,”

Five developers siphon off Rs 6 crore in Ahmedabad housing scam

By
Ankur Maheshwari
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The complaint regarding anomaly against the developers was filed on Tuesday including three others including a manager of a financial firm in Mumbai.

In Ahmedabad the economic offences wing of the crime branch has filed a complaint of cheating and forgery against five developers for allegedly tapping off Rs 6 crore with the deception of floating a housing scheme. The housing scheme was announced in June 2019 but it never the light of the day.

The complaint regarding anomaly against the developers was filed on Tuesday including three others including a manager of a financial firm in Mumbai.

Five developers are Prabat Rabari and Hamir Desai from Banaskantha and Pravin Desai, Alkesh Desai and Mahesh Rabari from Patan as informed by the crime branch. According to city crime branch officers including the five developers a valuer, Kalpesh Prajapati from Patan, a land broker Dilip Shah from Ranip in the city and a former GM of India Home Loan Limited Rushabh Yagnik from Chandkheda devised the plot to cheat. Sources in police said that the accused persons took loans in the names of 32 plot holders for the housing scheme in Bhabhar of Banaskantha district.

They had initially taken a loan of Rs 4 crore in the names of the 32 plot holders in June 2019 for which they paid EMIs of about Rs 47 lakh for a few months and then later, they stopped paying the EMIs and accumulated debt of Rs 6.18 crore from India Home Loan Limited headquartered in Mulund of Mumbai. Its regional office is in Navrangpura in Ahmedabad said crime branch officers.

The FIR filed with the city crime branch said that the accused persons never built a single house on the land and used the entire money for their personal expenses.

Sources in police said that Prabat, Hamir, Pravin and Alkesh had floated a firm named ‘Fortune Realties’ and in 2016 took a loan for a housing scheme in Patan. The developers were in constant touch with Yagnik who helped them get the loan on the fake scheme.

When the company’s auditors checked the place in Bhabhar, they found that no house had been built.

Then the managing director of the firm, Mahesh Pujara, approached police and filed a complaint of cheating, forgery, and criminal conspiracy. The cops have arrested Parbat, Yagnik, Prajapati, and Shah in the case.

Blackstone Group’s Nucleus Office Parks revised 2022 leasing guidance on office demand rebound post Covid

By
Ankur Maheshwari
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The company has leased over 5.3 million sq. ft. space including rent renewals across its office parks in key property markets of the country in the last two quarters. Based on the demand and enquiry levels, Nucleus Office Parks expects to convert demand of at least 3 million sq. ft. this year.

Nucleus Office Parks, the operating platform for Blackstone Group for fully-owned office properties of India’s largest commercial real estate owner has revised its leasing guidance upward for the year led by robust uptick witnessed in demand owing to strong revival in business environment post the Covid19 pandemic.

“The large-scale hiring across key sectors and return to office is already driving the demand for office space. Most of the occupiers are in the market looking for offices for their expansion now and not for rewiring or reoptimizing their portfolio as was the case a year ago,” Quaiser Parvez, CEO, Nucleus Office Parks, told ET in an exclusive interaction.

The company has leased over 5.3 million sq. ft. space including rent renewals across its office parks in key property markets of the country in the last two quarters. Based on the demand and enquiry levels, Nucleus Office Parks expects to convert demand of at least 3 million sq. ft. this year.

Real estate investments in institutional sector jumps over two-fold to $1.1 billion in Jan-Mar

By
Ankur Maheshwari
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Colliers India-“Institutional investments in Indian real estate touched USD 1.1 billion during Q1 2022, doubling from the same period last year. The opening up of the economy post the third wave of COVID-19 infections, and an improvement in investors’ sentiment has led to surging investments, compared to the prior quarter,”

The institutional investments in real estate moved up two-fold to USD 1.1 billion (Rs 8,375 crore) in the first quarter of 2022 after the opening up of the economy after the third COVID wave, as indicated by property consultant Colliers India. Institutional investments in real estate stood at USD 0.5 billion in the year before and USD 1 billion in the last quarter of 2021.

“Institutional investments in Indian real estate touched USD 1.1 billion during Q1 2022, doubling from the same period last year. The opening up of the economy post the third wave of COVID-19 infections, and an improvement in investors’ sentiment has led to surging investments, compared to the prior quarter,” Property consultant Colliers India said in a statement.

Retail, Office, co-working spaces, industrial & logistics sectors mainly aided the 95 per cent of the total institutional investment in the real estate sector during the period.

“Investments were largely driven by foreign investors,that accounted for about 70 percent of the inflows during the quarter. Interestingly, after a drop in 2020, the share of domestic investments has reached 30 per cent, almost the same as pre-pandemic levels. This shows a resurgence in the confidence of domestic investors,” the consultant said.

Mainly the investment activity during the quarter under assessment was determined by some large-sized deals in the office sector.

Backed by one major transaction, the retail sector attracted the second-highest share of investments at 23 per cent. The industrial and logistics sectors saw an inflows of USD 0.2 billion which accounted for about 16 per cent of total investments.

Since global data centre REITs, data centre management firms and hyperscalers continued to invest in India it continued to grow in Q1 2022 to about USD 40 million.

According to Colliers India, investments in the residential sector saw attracted only USD 15 million in the first quarter of 2022 and accounted to about 1 per cent of the total investments.

However, the consultant expect investment momentum to increase over the next few quarters as domestic investors remain bullish on the sector and are actively raising funds.

Piyush Gupta , Managing Director, Capital Markets & Investment Services, Colliers India, said, “Real estate sector has undergone positive structural changes and performance indicators reflect strong come back across Residential, Office, Industrial, Logistics sectors, with newer themes around technology and digital clearly emerging.”

Investors, both domestic and global are appearing bullish on Indian real estate supported by pro-growth government policies with a long-term view to develop and hold assets, he added. “Multi-city deals accounted for 65 per cent of the total investments in Q1 2022 as investors laid focus on entering into strategic alliances with leading developers and on acquiring/developing portfolios across multiple cities. We are also seeing the creation of platforms for investment in specific asset classes, especially across the commercial office and industrial asset classes,” said Vimal Nadar, Senior Director and Head of Research, Colliers India.

Stable outlook for office, retail real estate segments as projected by ICRA

By
Ankur Maheshwari
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Credit rating agency ICRA on Monday said it expects the stance for commercial real estate sector to remain steady during the current fiscal year.

“ICRA expects the outlook of commercial real estate, both of the office segment and the retail malls segment to be stable for FY2023. The revision in the outlook for retail malls from negative to stable factors in the improvement in the rental incomes backed by contractual escalations in rentals and strong rebound in trading density,” as mentioned in a statement released.

Credit rating agency ICRA on Monday said it expects the stance for commercial real estate sector to remain steady during the current fiscal year.

ICRA noted that the outlook for office space continues to be stable backed by resumption of in-office plans and extensive hiring in the tech sector.

“The footfalls are expected to reach pre-Covid levels in FY2023, however, the average spend per footfall is likely to witness some moderation when compared to FY2021-FY022,” said Mathew Kurian Eranat, Vice President and Co-Group Head, ICRA.

The rental income of malls in FY2023 is expected to surpass FY2020 levels by around 4-6 per cent.

NBCC asked to take decision on refund to Green View buyers within a month- DTCP

By
Ankur Maheshwari
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DTP (enforcement) RS Batth at a meeting on Friday conveyed the directions by DTCP to officials of the state-owned construction firm, in which a few issues concerning the Green View residents were discussed.

DTCP, Department of town and country planning has directed NBCC, the state owned construction firm to decide in a month whether to refund or provide a suitable permanent settlement to the homebuyers of Green View housing society in Sector 37D. The directive comes after the structural audit report by IIT-Roorkee and Central Building Research Institute (CBRI) declaring the buildings in the society “unsafe for living”.

“The joint expert committee report by IIT-Roorkee and CBRI-Roorkee has declared the buildings in the society unsafe for habitation,” Batth told. “NBCC has been directed to expedite the refund process within 30 days as assured by the deputy commissioner so that the hard-earned money of the homebuyers is not wasted. We are making all efforts to protect the interest of homebuyers.”

At the meeting, Batth also urged NBCC officials to examine the request of the economically weaker section (EWS) allottees for rental compensation on a case-to-case basis and “such applications should also be disposed of within a maximum of 30 days”

A spokesperson for NBCC said that the proposal for refund and all other options “are under active consideration”. “NBCC as a responsible enterprise is extending all possible support to the homebuyers. NBCC approached the district administration in October 2021 for evacuation of the occupants in view of the advice of IIT-Delhi.”

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