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Ankur Maheshwari

Ankur Maheshwari
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Hiranandani leases out 18 floor office space to IDFC First Bank in Thane

By
Ankur Maheshwari
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In a largest office lease transactions concluded this year the private-sector bank will be paying Rs 202.5 crore as rental for the office space over the first five-year tenure of the lease, including maintenance.

Mumbai–IDFC First Bank has picked up nearly 4.5 lakh sq. ft. of total office space spread into 18 floors in a commercial project Quantum in Hiranandani Estate in Thane from real estate developer Hiranandani Group on a long-term lease of 10 years including a renewal option.

The newly leased space will be used for expansion of operations and processing work in addition to consolidation by the IDFC First Bank

The 25-storey tower which got completed recently is now ready for fit out. The bank has entered into an agreement to lease this space from Roma Builders, one of the subsidiaries of Hiranandani Group, which counts Niranjan and his brother, Surendra Hiranandani, as directors.

The bank has leased the office space on the 5th to 13th floor, 15th to 17th floor, and 20th to 25th floor. The deal was clocked on August 30, and registered documents were accessed through real estate analytics firm Propstack.

Last year, IDFC First Bank leased an entire commercial building in Mumbai’s business district, Bandra-Kurla Complex (BKC) which housed Citibank India’s former headquarters, for a total tenure of 9 years. The agreement for this 10-storey property spread over nearly 1.30 lakh sq. ft. includes a rental rest clause with 15% escalation every three years, taking the total lease value to over Rs 450 crores over the total term.

Despite the pandemic-driven work-from-home and hybrid options, the office leasing commitments during the last one year have remained intact and have rather moved higher, as suggested by the actual leasing as well as pre-leasing commitments.

There has been very limited or almost no downsizing by large corporations, also indicating the shift in occupier sentiment and greater certainty of business as the pandemic now remains under control.

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Stricter scrutiny in place to register projects- MahaRERA

By
Ankur Maheshwari
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Presently there are 37,823 Real Estate (Regulation and Development) Act-registered projects in the state of Maharashtra as recorded and further application for 1,096 more projects are in the process of finalisation, an official from the Maharashtra Real Estate Regulatory Authority (MahaRERA) said.

PUNE: Keeping in mind the end user benefit, the builders registering their projects with MahaRERA will now have to go through stricter scrutiny.

Of the 1,096 applications received, 742 are sent back to promoters for adequate information as per the new norms. The rest would be finalised after due checks.

In a bid to make the process pit free for the buyers, the builders are supposed to get a MahaRERA registration number for each new project. However, many small-time developers have not got their projects registered, particularly in rural areas. In the past six years, there were 18,000 complaints against registered projects and 893 against unregistered ones.

MahaRERA secretary Vasant Prabhu told TOI that while applying for registrations, many developers provided incomplete details. “This is leading to the rejection of applications. MahaRERA has introduced new reforms in the real estate project registration process. Every application is now scrutinised on three parameters — finance, legal and technical. It is only after a go-ahead from the team concerned that an application will be accepted,” he said.

The checks will find out if a project has any encumbrances, clear titles, deviation from the model agreement, legal title and ownership, separate bank accounts and permanent account numbers. Prabhu said, “MahaRERA is doing this to ensure that the consumers are not fleeced.”

Vasant Prabhu further added that MahaRERA plans to have an open house twice week apart from the online interactive system, to address developers’ queries. “We want to make the process transparent and also help developers follow the procedure,” he said.

“We have already apprised them of the new rules related to the registration process. MahaRERA plans to reach out to more areas, mainly Navi Mumbai, Pune, and Nashik, where project density is more than Mumbai with the help of self-regulatory authorities and promoters’ associations such as Credai-Maharashtra and NARDECO.”

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AAR- No GST on sale of plots with basic infrastructure

By
Ankur Maheshwari
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MUMBAI: The Karnataka bench of the GST-Authority for Advance Rulings (AAR) has held that goods and services tax (GST) is not applicable on sale of plots even if these are sold after completion of works related to basic necessities (such as land levelling, installation of sewage lines, et al.

It was always clear that land is not subject to GST. However, an endless bout of litigation arose on whether sale of plots when some basic development has been carried out is subject to GST. This litigation is now easing.

Harpreet Singh, indirect tax partner at KPMG-India, said, “This advance ruling follows the circular issued by the Central Board of Indirect Taxes and Customs (CBIC) on August 3, after the GST Central Council meeting. This circular states that even sale of plots after some basic development has been carried out is sale of land per se and is not subject to GST. However, services availed of for developing the land — such as land levelling, laying of drainage lines, etc. — will attract GST. CBIC’s clarification and this advance ruling clear the air as regards GST applicability on sale of land.”

Typically, plots are sold to individuals for building their own houses after some basic development has been carried out by the seller (land owner).

In this case, Rabia Khanum, an individual not registered under GST laws, sought to convert her land on the outskirts of Bengaluru into a residential site. She submitted that the land will be developed according to the regulations of the District Town and Country Planning Act.

The development of land includes formation of roads, rain water drains, laying of electricity cables, water pipes, sewerage lines, drilling of bore-wells, setting up of a power sub-station and obtaining connection from the electricity board.

Without providing these basic necessities, the authorities would not grant permission to sell plots to individuals for construction of houses.

Apart from seeking a reply on whether GST was applicable on the advance received/sale consideration for such sites, she also inquired whether GST would apply on ‘sale of plots after completion of works related to basic necessities’, and obtained a favourable reply of its non-applicability.

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Paytm – Simplifying payments for India

By
Ankur Maheshwari
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India’s largest online payment platform Paytm allows its users to transfer money to another person by using the Paytm wallet at zero cost. It also provides services like paying all kinds of utility bills, make day-to-day payments to vendors, buying movie tickets to inter-state bus tickets or to avail services from other partner applications. Paytm is India’s one of the leading financial services company that offers full-stack payments and financial solutions to consumers and it is also making payments easy for offline merchants.

Paytm is a prodigy of India’s leading mobile internet company and e-commerce website Development Company One97 communications founded by Vijay Shekhar Sharma in August 2010. Paytm was founded with an initial investment of $2 million in India, New Delhi. Paytm initially was an e-commerce payment system and offered services like mobile recharge and it is only later it added ground breaking features to solve the problem of its users and to stay in competition.

The Paytm app has been downloaded more than 100 million times. It has around 120-130 million registered user till now and the count is growing consistently.

What is the mindset behind Paytm’s success?

According to Paytm, it always tries to find the pain points of customers and solve them in the best way possible. Paytm’s core business has always revolved around payments. But the company sees itself more as a ‘problem solver’ than a bank or a fintech firm.

The company’s main objective was to make India’s payment system more inclusive, more efficient and reliable and it was an audacious goal. When Paytm was founded, India’s majority of population had no access to formal banking. Even people who had bank accounts used to struggle to use the financial instruments available.

Paytm always identified the stress areas of Indian users and solved them in an effective way. The company experimented with new ways to help its users by coming up with new products consistently. 

What’s the secret behind its consistent growth?

Paytm’s goal is not just to earn profit by selling products to its users. The company wants to help users achieve their own goals by helping them to establish themselves in the mainstream economy.

Over the years Paytm has added dozens of new use cases for its technology. Paytm’s mobile payment platform was, for a long time, the only payment method accepted by Uber in India. It partnered with a wide range of transport, utility and entertainment companies to create digital payment systems. It launched an e-marketplace where customers can find almost any item or service available in India, often at a discounted rate.

Paytm has achieved a lot in past few years and it has changed the experience of people when it comes to financial transactions. The company has also been looking for opportunities to use its technology to address payment opportunities outside of India.

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Busting a few myths about real estate investment

By
Ankur Maheshwari
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“Opps, you can’t invest because you are not rich.”

“Ohh man, being a landlord is a messy job”

“You will be rich soon by flipping plots”

Everyone has something to say about real estate investment, whether they are investors or not. If you are a new investor you will get a lot of quality information on the internet but there will also be false and misleading information and sometimes that can either hold you back from investing into a good project or make your invest in a failed project. There are so many misconceptions about real estate and that makes it hard for the fresher in this trade to filter information. Real estate has the most dynamic investment information available online as well as offline.

Only Experienced Investors Should Invest in Real Estate

It is not advised to invest in any property without doing research and consulting brokers, but knowing all the information available in the world is also not mandatory. If you are going to make your first investment in real estate then you should keep multiple things in mind and go for the safer option available, but not taking your first step because you are not experienced enough is the best choice one can make.

Timing Is Everything

Many people believe that real estate investments are all about timing and luck but there is no perfect time to invest in real estate. It depends on your personal circumstances, you have to keep your financial stability in mind and make decisions accordingly. When it comes to timing the only thing you have to worry about is market research and future prediction to choose the right option.

Real Estate Investments Can Get You Money Immediately

It is one of the biggest rumors I have heard that real estate will make you rich overnight. Not everybody can become rich by flipping properties overnight. Real estate may be great option to generate long term income but house flipping and renting out properties need strategy and cannot be done thoughtlessly. Investing in real estate requires patience, strategy and research. It is not a scheme to get rich immediately.

You have to be rich to invest

You don’t have to be wealthy and have unlimited funds to invest in real estate. It is true that some banks require 20% upfront payment for property but there are other options available for those who don’t have the funds for a sizable down payment. One just has to research about the option and get started.

You don’t need an agent to buy home

Agent’s duty is to make you aware about the current market situation. Agent will also help you to negotiate the best deal. Agents’ experience and expertise will be beneficial for you and if you are a fresher. Then it is advised for you to look for a better agent. Instead of taking advice from your neighbors and friends, always consider taking advice from experts.

It is important to stay updated, but one has to be aware about the type of content they are consuming on the internet. There are a lot of rumors and personal opinions of a group of people on the net. So, never blindly trust anyone when it comes to investment in properties, do your own research.

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What makes Jammu the second best Union Territory?

By
Ankur Maheshwari
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It is often being debated whether Jammu is self-sufficient? Is it worth to invest in real estate in Jammu? What is the future of real estate in Jammu?

Let us get to know more about the newly formed Union Territory -Jammu and its real estate market so that we get to form our own perception.

After the 2019 political changes many are coming forward and showing interest in the real estate of Jammu. Located on a hillock and on the banks of river Tawi it is bound by Kathua district in east and southeast and Udhampur district in the north and northeast spread over an area of 240 square kilometer.

Jammu is an old heritage city which has developed a lot in the past few years and is still developing. It has an old world charm and boasts of peaceful environment and simplicity. The city is famous for its temples and is therefore also called the city of temples. Apart from old beautiful temples, Jammu has palaces, forts and forests.

The residents of Jammu have reported that the city has developed a lot in terms of education and infrastructure. Rapidly growing industries of the city are Silk Textile, Carpet-Making, Woolen Textile, Forest-based Industries, Agro-based Industries and Cement Industry.

Jammu may not be the best choice for people looking for high paid corporate jobs but it offers enough choices to skilled and non-skilled work force to work in its many flourishing industries.

Jammu has achieved a lot when it comes to education. It has many good schools giving quality education and has the best schools in the region. Here, some of the best IT and pharmaceutical colleges have found their roots.    

Before the year 2019, people who were not the permanent residents of J&K were not allowed to buy a property here, but now things have changed. Now, the non-residents are also allowed to invest in the real estate market of Jammu and Kashmir.

Many developers have launched residential as well as commercial projects in Union Territory and this has opened the doors for people to invest here. Jammu is giving options to buy affordable properties, and experts feel that in near future the prices of the properties are expected to go up. Albeit, is it too early to make predictions so one has to be very cautious while buying properties in Jammu.

Cost of living in Jammu is high compared to the other fully developed cities in India. Average household expense starts from 30,000 and goes up to 1, 00,000 per month. It also depends on whether you are renting out a house or buying a one, standard of living also plays a major role here.

If you are planning to invest in the real estate market of Jammu, here are some of the localities for residential places: Rajpura Chungi, Talab Tillo, Gandhi Nagar, Channn, Himmat, Sunjwan, Bohri and Bus Stand Circus. 2 BHK starts from 30 Lakh to 50 Lakh, and rent prices for 2 BHK starts from 15,000 and goes up to 25,000.

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BMC may be directed to put up all building project records online by Mumbai HC

By
Ankur Maheshwari
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Mumbai HC itemized the issues they propose to address, including whether illegality in construction can be regularised. It said, “will need to revisit the law on several aspects once and for all”

MUMBAI: The Bombay High Court on Wednesday said, soon the BMC will be liable to record and place construction project details on its website to make it available for the citizens’ visiting the portal for information.

“Every scrap of paper, every single document will be uploaded,” mentioned Justice Gautam Patel and Justice Gauri Godse while hearing a petition regarding Daulat House, a six-storey building at Bandra (W) where the developer while construction phase, cut down on two RCC columns in the basement affecting its stability.

Among the issues, first is whether it is the requirement of the BMC as the public authority and planning authority under the Maharashtra Regional and Town Planning Act, in view of the provisions of the Right to Information Act and the Evidence Act, “to ensure that its entire record relating to every construction project is publicly available on the citizens’ portal of the MCGM website”.

Is it possible to leave notices of various kinds, including stop-work, open and unattended without formally closing them. “Whether notice, once issued, requires independent application of mind and recording of subjective satisfaction of an authorised officer that the notice is deemed to be closed on inaction or on obtaining a report,” they noted in the order. The judges said Daulat House is an example of an open notice that is problematic not only to the co-owner and its occupants, but even the developer because it will not receive an occupation certificate. They mentioned that the stop-work notice was not uploaded to the citizens’ portal until September 8, 2022.

The judges will also consider whether an illegality in construction can be regularised, with an eye on the norms laid down by the Supreme Court in a series of judgments. “An illegality is something that is illegal ab initio (from the beginning),” remarked Justice Patel. The judges said if something is not within development control regulations or development plan, “you (BMC) and even the municipal commissioner cannot exercise discretion to regularise it”.

“You in the MCGM have adopted this policy, contrary to every principle and canon of law, that an illegality can be regularised. This so-called ease of doing business policy!” scoffed Justice Patel, after the BMC’s advocate said the developer’s amended plans were sanctioned as part of its ease of doing business policy.

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Higher floor space index near water bodies introduced by Chennai development body

By
Ankur Maheshwari
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Currently only 15 metres of construction is permitted from water bodies and acquifer recharge areas, with a maximum FSI of 0.8

CHENNAI: The Chennai Metropolitan Development Authority (CMDA) has formed a committee to commence a scientific study with a plan to change the rules and increase the floor space index (FSI). Taller buildings could soon come up near water bodies and acquifer recharge areas in the Chennai Metropolitan Area.

In a recent meeting, it was proposed that a change in FSI would be decided, based on the results of the study by the committee which will include Geological Survey of India experts.

Any area where water seeps into the ground and recharges groundwater is called an acquifer recharge area, with most such areas located in Kottivakkam, Palavakkam, Neelankarai, Okkiam Thoraipakkam, Injambakkam, Karapakkam, Sholinganallur, and Uthandi.

A senior official said these areas were ‘no development’ zones as Metrowater, wanted to use them for water supply. Now, the agency has declared they are not needed, but since they help reduce sea water intrusion, they remained protected.

This was considered a controversial subject till recently. CMDA’s study to increase FSI will be good for the real estate business. “Increase in FSI will lead to more development closer to city,” some builders who spoke to TOI said.

CMDA official Hitesh Kumar Makwana said the proposal was discussed at the meeting and that they had formed a committee to study it. “We can decide based on the report,” he said.

Environmental activist Nithyanand Jayaraman said residents would be up in arms once they realise their acquifers will be in danger. “The Kovalam storm water drain project was itself a way to increase development in the area. Now CMDA is coming in to change rules. The area already has dense population and increasing FSI will only cause more trouble in protected coastal areas. On one side it talks of coastal rejuvenation and on the other wants to increase FSI,” he said.

The state should learn from past floods in the city and the recent Bengaluru floods and make wise decisions, he said.

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Macleods Pharmaceuticals of Agarwal Holdings bought Juhu property for Rs 332 crore: Mumbai

By
Ankur Maheshwari
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Agarwal Holdings bought second property in Juhu recently. They had acquired a bungalow in this locality where there are residences of Bollywood personalities and industrialists.

Macleods Pharmaceuticals of Agarwal Holdings has acquired a nearly two-acre land parcel and a structure built on the same in plush Juhu locality of Mumbai for Rs 332 crore in two separate transactions.

Spread over 10,000 sq. ft. the company had paid nearly Rs 85 crore for this property.

Incorporated in December 2020, Agarwal Holdings has acquired two properties worth over Rs 417 crore in Juhu.

The latest property acquired by the company includes the land parcel spread over 1.72 acres and an over 4,305 sq. ft. structure thereon. Agarwal Holdings has paid nearly Rs 20 crore as stamp duty alone for the registration on Wednesday, showed the documents accessed through CRE Matrix, a real estate data analytics firm.

Macleods Pharmaceuticals is involved in the business of developing, manufacturing, and marketing a wide range of formulations across several major therapeutic areas including anti-invectives, cardiovascular, anti-diabetic, dermatology, and hormone treatment.

The company’s operations are supported by eight manufacturing units in India and consists of several business units that focus on specific therapeutic segments. It also has presence in over 10 countries including the US, UK, Spain, Philippines, Indonesia, Malaysia, Ukraine, South Africa and Nigeria.

Macleods Pharmaceuticals was set up in 1986 by three brothers–Girdhari Lal Bawri, Banwari Lal Bawri and Rajendra Agarwal–whose family owned a pharmacy in Jaipur, to make anti-tuberculosis (TB) medicines. The brothers are counted amongst the country’s richest families.

A few months ago, Ravi and Neel Raheja, promoters of real estate development company K Raheja Corp, jointly bought a villa spread over more than two-thirds of an acre in Mumbai’s plush Juhu locality from the Singhania family, the promoters of JK Lakshmi Cement, for Rs 265 crore.

Transactions for land parcels have started to gather momentum again with many deals, including outright acquisitions and joint ventures, in the key property markets of Mumbai, Pune, Chennai, Hyderabad, and Bangalore, either being closed or expected to close this year. The increased demand for land parcels is being driven by the sustained recovery in the housing market.

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Two apartments worth 151 crore bought in Mumbai’s Worli by IGE India

By
Ankur Maheshwari
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The two flats purchased are spread over a total of 16,072 sq. ft. on the 58th and 59th floors of the project by Oasis Realty which is a subsidiary of Oberoi Realty’s executing the project.

IGE India, one of the investment company of the Dabriwala family, has purchased two super-luxury sea-view residential apartments in a nearly-completed mixed-use skyscraper – Three Sixty West in Mumbai’s plush Worli locality for Rs 151 crore.

It has been the marked as the largest deal for residential apartments in terms of absolute consideration size anywhere across the country so far this year.

Founded in 1930, IGE was a joint venture firm with General Electric with diversified business interests in medical systems, financial services, real estate services, power services, training, silicones and media.

Since 2006, the Dabriwala family bought out GE’s stake in IGE, and it has made several investments in real estate, private equity and listed companies since then.

A total of Rs 9.06 crore has been paid as the stamp duty charges for the registration of both the deals by IGE India.

ET’s separate email queries to IGE India and Oberoi Realty remained unanswered until the time of going to press.

Led by Surbhit Dabriwala, IGE India is the operating and investment company for the Dabriwala family investing in public and private companies including real estate.

The company manages over Rs 1600 crore across asset classes.

Some of the key investments made by the family so far include PNB MetLife, a joint venture with PNB and MetLife, a robotics joint venture with Fanuc Japan, a manufacturing set up with International Conveyors in collaboration with Scandura Plc, and a joint venture with Kaer Singapore.

In October 2021, MetLife International Holdings, LLC entered into a share purchase agreement with IGE (India) and one more Dabriwala family company, Elpro International, to acquire their total combined shareholding of 15.27% in PNB MetLife India Insurance Company.

Mumbai is being looked upon as the country’s largest and most expensive real estate market, has been setting new benchmarks and records with respect to property transactions for more than a year since September 2020, when the state government announced a limited window stamp duty reduction.

The significant but limited period stamp duty reduction window that ended on March 31, 2021 was a key catalyst for the city’s residential market. While the benefit of lower stamp duty is not available anymore, the deals have continued to flow in.

Several corporate personalities, business founders, industrialists, and Bollywood actors, including Amitabh Bachchan, Ranveer Singh, Hrithik Roshan, Rani Mukherjee, Alia Bhat, Disha Patani, corporate honchos, investment bankers and cricketers have bought luxury apartments and registered their deals in the last few months.

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