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Ankur Maheshwari

Ankur Maheshwari
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Bid of premium home project by Adani Realty in BKC Mumbai

By
Ankur Maheshwari
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According to multiple people in the know, Adani Realty, the privately owned real estate arm of billionaire Gautam Adani, has bid for Ten BKC, a premium high rise residential complex near Mumbai’s commercial district Bandra Kurla Complex whose construction is stalled because its promoters failed to repay Rs 3,000 crore dues to creditors such as banks and home buyers.

Bid of premium home project by Adani Realty in BKC Mumbai

Radius Estates and Developers, the company that owns Ten BKC, was admitted for insolvency proceedings on April 30 by the National Company Law Tribunal (NCLT).

Adani Realty has offered to complete the construction of the 400 apartments in the complex without any cost to the home buyers. However, sources said its bid offers a steep ‘haircut’ to lenders such as Housing Development Finance Corporation (HDFC), DHFL, ICICI Prudential Venture Capital Fund, Beacon Trusteeship and Yes Bank with some sources pegging the quantum of write-off for the lenders at as high as 90% of their outstanding dues. The banks have filed claims of around Rs 1,700 crore. This amount includes interest that has accumulated over time. The remainder of the claims are from home buyers and counterparties.

A person in the know said on condition of anonymity, “The project has been stuck for many years. There are multiple complexities including the housing society issues as well as other impediments during the construction phase. However, it is 60-70% complete.”

NCLT had appointed S Gopalakrishnan as the interim resolution professional of the company on April 30. The lenders subsequently appointed Jayesh Sanghrajka as the resolution professional. Rajesh Sheth, a former SBI executive who is now associated with Deloitte, is representing the home buyers who have created an association to enforce their claims.

Adani Realty did not respond to ET’s queries. Sanghrajka declined to comment when contacted.

The housing project was launched with much fanfare in March 2016 by Sanjay Chhabria, an upcoming Mumbai realtor at the time, who had earned his stripes by completing One BKC, a top commercial complex in the city that houses marquee tenants like Facebook and Bank of America. One BKC was acquired by American private equity investor Blackstone for Rs 2,500 crore in 2019.

Ten BKC is spread over 4.7 acres of land and was designed to have 15 residential buildings. The 400 apartments that were put on offer at the time of the launch were priced at Rs 5 crore each.

The takeover of the project, if successful, will provide respite to the home buyers and also create a template for resolution of several other such stuck projects in the city, according to banking and real estate sources.

The committee of creditors and Sheth, who represents the home buyers, are likely to meet over the next few days to discuss Adani’s bid, these sources said.

After a decision is taken, the NCLT will need to provide its stamp on it. In the past, resolution of stuck housing projects such as those of prominent groups such as Jaypee Infratech have dragged over litigation issues which cropped up after completion of the bidding process because sections of disgruntled stakeholders approached courts as they weren’t fully satisfied with a bid.

Mumbai sees 18% y-o-y dip in property registrations in November

By
Ankur Maheshwari
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Knight Frank India said in a statement, “Mumbai city (MCGM region) property sale registrations have crossed the 100,000 mark for the first time in a decade. The earlier high during the last 10 years was 80,746 units in 2018.”

Mumbai sees 18% y-o-y dip in property registrations in November

Registration of housing properties in Mumbai municipal region fell by 18% in November to 7,582 units, but numbers during January-November jumped over twofold to 102,232 units, the highest in last one decade, according to Knight Frank. The registration of homes stood at 7,582 units in November last year. During January-November 2020, 46,052 homes were registered.

Registration data is of transactions made in both primary and secondary (re-sale) residential markets.

The consultant attributed the fall in registrations number in November 2021 to a lower stamp duty rate of 2% in the same month last year.

Shishir Baijal, Chairman & Managing Director, Knight Frank India, said: “The consumer sentiment in Mumbai housing market remains strong. The growth rate has moderated when compared to the year ago period when market was buoyant on account of the lowest applicable stamp duty rate window.”

The demand enablers in the form of low house prices, low home loan interest rate and new project launches continue to entice homebuyers, he added.

Baijal said, “The threat of new COVID-19 variants and response from healthcare system will be crucial in determination of market activity level in near future.”

In Mumbai’s primary housing market, Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji, Piramal Realty, Mahindra Lifespace Developers, Rustomjee group and K Raheja group are major players.

As per CAG report, Noida’s sports city caused loss of Rs 9,000 crore to exchequer

By
Ankur Maheshwari
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More trouble seems to be in store for thousands of buyers who bought or booked a flat in projects planned within Noida’s Sports Cities.

As per CAG report, Noida's sports city caused loss of Rs 9,000 crore to exchequer

The Comptroller and Auditor General (CAG) has stated in its report that land in the sectors earmarked for developing sports infrastructure, along with residential apartments, was allocated to provide undue benefits to the allottees, causing a loss of Rs 9,000 crore to Noida Authority. It has asked the state government to take exemplary action against officers who failed to meet the objectives behind the scheme.

According to the CAG report it will be a roadblock for flat buyers who were looking forward to a breakthrough before UP assembly elections next year. Sources in Noida Authority said the matter has gone beyond their hands and a resolution can be found only if the state government decides to intervene to bail out stranded buyers.

Noida Authority has sanctioned about 46,000 units in the group housing projects sanctioned within the four sports cities. Out of these, 8,000-10,000 units are already occupied. The others are either incomplete or have not yet been launched. Till 2016, it was common practice to lure buyers during the pre- or soft-launch stages and, therefore, an estimate of the actual number of those who are stuck is not known.

Mooted in June 2007, the sports cities were envisaged to host big-ticket sporting events such as Commonwealth Games. For this, the Authority earmarked land across four sectors, i.e., 78, 79, 150 and 152. The maximum development was planned in sectors 79 and 150.

The Sports City scheme offered land parcels measuring 826 acres, or 33.4 lakh sq. mt., between 2011 and 2015. The reserve rates of the plots varied from Rs 11,500 per sq. mt. to Rs 26,200 per sq. mt. The overall allotment process would have fetched the Authority Rs 5,338 crore only as land premium, besides interest. CAG’s report does not mention how much Noida was able to secure a decade after launching four sports cities but estimates the losses to its coffers to the tune of Rs 9,000 crore.

The sports cities were allocated to just four consortiums-Xanadu Estates Pvt. Ltd (sectors 78 and 79), Logix Infra Developers Pvt. Ltd (Sector 150), Lotus Greens Constructions Pv.t Ltd (Sector 150) and ATS Homes Pvt. Ltd (Sector 152). However, the authority permitted sub-divisions of the plots to other parties and over time, the four large land parcels were divided into 81 pieces. The report said Authority officials gave undue favours to undeserving real estate players. CAG also pointed out that the technical and financial backgrounds of the four consortiums were not checked duly.

The scheme, said the report, was launched without any provisions of development activities under the Master Plan. The Authority did not invite objections and suggestions while changing the land use in an extensive manner nor did it seek approval from the NCR Planning Board, said CAG.

Moreover, Noida Authority failed to take approval even from the state government before launching the scheme, the report stated. “The very initiation of the Sports City schemes without approval was irregular,” it added.

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Home loan application rejected? Know the reasons

By
Ankur Maheshwari
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Home loan application rejected

Today the young generation constantly aspires buying their own homes, the need for funds has also increased. People are seeking to avail home loans to fund almost all their property purchases. But sometimes, there are various reasons which can cause the rejection of your home loans or an approval at a lower amount or excessive delays.

Not So Good Credit History

A bad credit score can be the biggest reason for the rejection of home loans application. Bad credit history could be a result of pure ignorance because bureaus like CIBIL have recently become popular and earlier people were not at all aware about them. They did not even know the importance of maintaining a good credit history/score. Your credit history may not be very good because of reasons like delay or failure in payments of EMIs or payment of credit card amount.

Another reason for credit history being adversely affected is if the lender waived off any portion of the money borrowed by you during the settlement process and the account was closed. However, continuous delays in payment of EMIs may negatively affect the credit score but if it happens just once in a while, you don’t need to worry. If your application had to face rejection because your credit score was low, then chances are that you will not be sanctioned a loan. Things can be only be different if the lender shares a personal rapport with you and knows the circumstances which caused the delays in payments.

Constant Income Flow, Payment Of Income Tax And Character Of Income

If you are into a business or profession where regular income is fixed, the lender will probably not favour your loan application. Similarly, if your sources of income are like cooking, tuition, catering etc. then also the lender may be reluctant as these sources are not considered very reliable.

Although, if your savings and incomes are supported by genuine investments, it may help you as the lender will consider all of those.

Another reason for loan application getting rejected by the lender is the salary which you receive in cash is not supported by proof like TDS and PF deductions. If your filing of income tax returns is within a short time period, then also the lender will get suspicious as he will think that returns were filed just to avail the loan.

Borrower’s Age and Condition of the Property

All the lenders always want the assurance of their loans being properly serviced. A constant flow of income ensures that. Therefore, if you have applied for a loan while your retirement is nearing, your application of loan may get rejected.

It is a misconception among the people that banks do not approve loan applications for properties that are present in old buildings. There is no such criterion like this. But, if the remaining life of the property calculated by the bank is only a few years or even if the present condition of the property is not good, then lender will show reluctance to grant the loan.

Current Liabilities

Presently if you are paying any other loans or EMIs, then your chances of availing a loan may get reduced. The lender will come to know about all the current loans through your bank statements submitted to him or CIBIL Report.

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HDFC invokes pledge on 50 lakh shares of Ansal Housing

By
Ankur Maheshwari
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Housing Development Finance Ltd (HDFC) has invoked a pledge of 50, 00,000 shares or 8.42% of the share capital of New Delhi-based real estate company, Ansal Housing.

HDFC invokes pledge on 50 lakh shares of Ansal Housing

Ansal Housing is in the business of construction and development of residential townships and commercial complexes. The company had a turnover of ₹139.03 crore in financial year 2020-21 and a net loss of ₹44 crore.

In a stock exchange filing on Wednesday, Ansal Housing said, “pledge against 50, 00,000 equity share of ₹10 each has been invoked by HDFC”. Post invocation, promoter shareholding will come down to 31.7 per cent.

Amongst the promoters and promoter-group members, shareholding of Deepak Ansal and Global Consultants and Designers Private Ltd have gone down by over five and three per cent respectively.

Adani’s realty unit in talks to buy debt-laden Ozone group

By
Ankur Maheshwari
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Billionaire Gautam Adani’s realty unit is in advanced talks to take over stressed Indian developer Ozone Group at an enterprise value of about $1 billion.

Adani's realty unit in talks to buy debt-laden Ozone group

Adani Realty Ltd. is seeking to take over the Bengaluru-based Ozone, which has an outstanding debt of more than 60 billion rupees ($790 million) informed a spokesperson asking not to be named as the information is not public. Ozone has ongoing projects in Mumbai, Bengaluru and Chennai, according to information available on its website.

A spokesman for Adani group declined to comment while Ozone group representatives didn’t respond to an email seeking comments.

As part of this transaction, Adani’s 10-year-old developer arm will be taking over the debt of Ozone which has been struggling to repay creditors. Ozone has delivered 13.5 million square feet of real estate projects so far and has 48 million square feet in various stages of development, it said on its website.

No final decision has been reached, and the discussions could still fall apart, the people said.

The closely-held realty arm of the ports-to-power group, helmed by Asia’s second richest person, will look for more stressed real estate companies and land parcels, they said, to rapidly scale up the business. Adani Realty has been developing residential and commercial projects of more than 69 million square feet across Indian cities of Ahmedabad, Mumbai, Gurgaon, Kochi and Mundra, according to the group website.

Studies says that 73% offices in India non-complaint with prescribed limits of indoor air contaminant

By
Ankur Maheshwari
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According to a study titled Healthy Workspaces for Healthier People by GBCI India and Saint-Gobain Research India, 73% of the workspaces across nine Indian cities did not meet the prescribed limits of indoor air contaminants.

Studies says that 73% offices in India non-complaint with prescribed limits of indoor air contaminant

Carbon dioxide (CO2) and nitrogen dioxide (NO2) were the most common non-compliant indoor air contaminants, followed by particulate matter (PM) and formaldehyde (CH2O). Poor lighting and lack of access to good outdoor views from workstations were found to be other prevalent issues, it noted.

The study covered 30 offices located in nine Indian cities covering three major climatic zones and included a mix of green certified and non-certified spaces owned by private and government agencies.

Out of the 30 offices studied, only one had all the indoor air contaminants within limits prescribed by standards. Both indoor-generated contaminants and those entering from the outdoors were a concern due to the adverse impact they have on occupant health.

The main factors linked with occupants feeling fatigued at the end of the day were lack of access to good outdoor views, poor thermal comfort conditions and high levels of indoor background noise.

Inadequate design, operation and maintenance practices and building managers’ and occupants’ lack of awareness on IEQ are the reasons behind poor quality indoor environments in most offices.

As many as 67% of the offices had NO2 levels higher than the recommended threshold. Chemical filters that can remove NO2 from outdoor air were found in only 10% of the spaces.

The concentration of Particulate Matter (PM), which is a major health risk in most urban areas of India, was higher than the threshold in 63% of spaces and 40% of the spaces did not have filters installed to trap fine particulate matter (PM2.5).

Almost 45% of the survey respondents reported experiencing eye irritation, fatigue, dizziness, coughing and other symptoms which can be attributed to poor indoor air quality.

As many as 64% of offices had lighting levels lower than what is recommended. Also, 60% of the survey respondents reported problems related to their eyes. Eye strain was the main problem reported, which is due to low lighting conditions.

As high as 74% of people reported no external views or only poor-quality views from their workstations. People with good outdoor views had higher energy levels at the end of the day and reported fewer sleep-related problems than those with poor or no views.

In most buildings that were studied, occupants had no or partial control over temperature set points resulted in thermal discomfort.

In 73% of spaces, levels of interior background noise were higher than the standard threshold. The proximity of HVAC equipment, inadequate noise isolation for equipment rooms and exposed ceilings with open ductwork were the main reasons for high interior noise levels. Ceilings treated with acoustics tiles performed best in optimizing the echo or reverberation time (RT) in the space, the study said.

Add ethnic touch to your house with these amazing tips

By
Ankur Maheshwari
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Add ethnic touch to your house with these amazing tips

The ethnic type of home décor is energetic and creative, it adds a component of originality to our home. While embellishing your home, mixing the ethnic components could be a glorious option. Apart from looking incredibly lovely and classy, it gives an extremely welcoming and warm feel to the people who visit. The outstanding Indian aesthetics look impressive and if you want to bring a dash of India to your contemporary home, then here are some of the best ways:

  1. Traditional Lighting

No matter how many modern lamps you keep in your home, it is the traditional ones that add a warm touch. Buy lamps that are made of earthy elements as they give out a traditional and ethnic appearance. They are going to add an immense amount of charm to your home which lamps made of fibre or glass cannot even imagine doing! Apart from this, you can also buy lamps that are handmade or at least look like they are handmade, like the lamps with wall paintings, Madhubani paintings, etc.

  1. Rugs and cushions

Ethnic rugs and cushion covers are incredible parts of art that are admired all over the world. If one decides to go natural and contemporary with the furniture, conventional carpets and pillows can enable you to add an extraordinary Ethnic touch to it. Furthermore, upholstery plays a significant role here.

  1. Beautiful ethnic Furniture

If you have bought excellent ethnic furniture, then it can independently make your home look ethnically elegant! Furniture made of cane and wicker looks the most suitable and even a sofa in a bench style serves interestingly for an ethnic theme. You can also experiment with handcrafted cushion covers.

  1. Paintins and sculptures

Another amazing way to add an ethnic connection to your home décor is by having traditional masterpieces in your modern home. You can even have one bold statement artefact in your living room, like a statue, or a showpiece. Say, a portrait of a woman in red looking through her dark charcoal eyes gripping her dupatta, or a man with a sukkah showing a turban can be outstanding options. You can even comprise an old piece from your grandparent’s collection to provide perfect vintage touch.

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Halifax UK house price growth hits 15-year high in November

By
Ankur Maheshwari
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According to the monthly figures from the lender, part of Lloyds Banking Group’s increase in house prices is seen. It signifies that in the three months to the end of November house prices rose 3.4%, the quickest boost since late 2006, and are 8.2% greater than a year earlier.

Halifax UK house price growth hits 15-year high in November

On Tuesday Halifax said that over the past three months in 15 years British house prices thrived at the fastest pace, indicating a lack of homes, a strong job market, and low borrowing costs.

According to the monthly figures from the lender which is a part of Lloyds Banking Group’s increase in house prices have been noticed. It signifies that in the three months to the end of November house prices rose 3.4%, the quickest increase since late 2006. Also, they are 8.2% greater than a year earlier.

Managing director of Halifax, Russell Galley said, “The performance of the market continues to be underpinned by a shortage of available properties, a strong labour market, and keen competition amongst mortgage providers keeping rates close to historic lows.”

In the coming months, the Bank of England aims to start lifting interest from their record low 0.1%.

Although the emergence of the Omicron variant of coronavirus means markets are divided over whether this will occur at next week’s policy meeting.

In November alone house prices rose 1.0%, a similar rise as in October, Halifax said.

British house prices have surged so strongly through most of the COVID-19 pandemic, in line with various other large economies. This indicates an increased demand for space to work from home and – in Britain’s case – temporary tax incentives to move house.

The last month when the tax break applied, house prices in September were 11.8% higher than a year before, the most recent official data showed.

But Halifax said there were indications that the shift in demand towards larger, less central housing was offsetting, as prices for apartments rose rapidly than those for independent houses.

Galley said, “We would not expect the current level of house price growth to be sustained next year given that house price to income ratios is already historically high, and household budgets are only likely to come under greater pressure in the coming months.”

Since July 2020 realtors bought 1,361-acres land across seven cities: Anarock Report

By
Ankur Maheshwari
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Between July 2020 and November 2021, various developers and entities locked around 45 separate land contracts, containing outright investments and joint developments, estimating over 1,757 acres across the top 7 cities.

Since July 2020 realtors bought 1,361-acres land across seven cities Anarock Report

According to a report by a property consultant Anarock, since July last year across seven primary cities real estate developers have amassed 1,361 acres of land to expand their business.

For the joint development of 380 acres of land parcel several real estate developers had also partnered with landowners.

Between July 2020 and November 2021, various developers and entities locked around 45 separate land contracts, containing outright investments and joint developments, estimating over 1,757 acres across the top 7 cities.

10 deals out of the total of 45 land deals are scattered over 380 acres and they were on a revenue-sharing basis (comprising joint development agreements and joint ventures)

While one deal of nearly 16 acres was on lease on an annual rental basis.

Anarock said on Monday that the prevailing 34 deals stretching over 1,361 acres were outright land agreements.

Vice-Chairman, Santhosh Kumar- ANAROCK Group said  “The last 7-8 months before Covid-19 (March 2020) saw limited land deals as the real estate industry was grappling with liquidity issues at the time. Then Covid-19 brought the sector to a virtual standstill for 3-4 months.”

He further added “However, from Q3 2020, activity resumed and several landowners who previously held fast to their land put their holdings up for sale. Resultantly, some prominent deals took place in the last year, at more or less the same price points as the previous year. Many developers with the financial wherewithal saw this period as opportune to secure good land parcels in key micro-markets across the top 7 cities.”

For the advancement of residential properties, maximum deals were formulated, said the consultant.

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