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Ankur Maheshwari

Ankur Maheshwari
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https://www.ncrguru.com

Reality stocks providing steady opportunity to enter the market

By
Ankur Maheshwari
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Analysts advised investors to think about accumulating the shares of residential real estate developers in the middle of the weakness because there is the possibility of ups and downs in the sector.

According to Analyst Consensus estimates compiled by Bloomberg Macrotech Developers, Oberoi Realty, DLF, Brigade Enterprises and Sunteck Realty could gain lumpsum by 20-27%.

Biplab Debbarma, Analyst, Antique Stock Broking commented “Outlook for Real estate Companies remains optimistic as the majority of the Companies give strong growth guidance.”

“Developers like DLF, Lodha, Brigade, and Century Textiles with enough inventory or Monetizable land parcels in key micro markets to keep the launch pipeline intact for the next 2-3 years would have a significant advantage over others.” DLF, Lodha, Brigade and Century Textiles are now Antique’s top picks in the Real State Sector.

Below mentioned real estate stocks have been among the top performers in the market rally between March 2020 and October 2021. However, these Stocks also have declined in the middle of the Broad-Based sell-off.

In 2022 the NSE real estate index has dropped 18% as against the nifty’s slide 5.4% slide.

Mahindra Lifespace climbed 72.5%. Godrej Properties declined 29%, DLF has fallen 18.4% and Macrotech has shed 15.2%.

In Mumbai, property resignation increased by nearly 73% year on year to 9630 in May.

Analysts stated that the real estate sector is witnessing a pick-up in sales on account of weak prices in the past few years. Also witnessing lower interest rates and extended outperformance in the stock market.

Improving and the growing cash flow on the company has led to the healthier balance sheets with companies in the sector seeing an aggregate net debt reduction of Rs. 3100 crore in FY22.

 

The Debt Ratios of the top companies are mentioned below.

DLF, Prestige Estates, and Lodha noticed the maximum growth in the collection at 136%, 90% and 51% year-on-year, respectively. Century Textiles also saw growth of 208% in FY 22 though the increase was on the lower base of ₹620 crores in FY21.

“Growing forward, the outlook remains positive as low-interest rates and increasing aspirations would aid growth for residential space,” said Ajit Mishra, VP- research, Religare Broking.

“Likewise, the reopening of the economy and the ongoing economic recovery would benefit the commercial real estate space.”

Prestige Estates reported a strong March Quarterbacked by new launches as booking values came in at Rs. 3,268 crore, up 77% from the same period a year ago.

Sobha noted its highest-ever quarterly cash inflow of Rs. 1,291 crore in the March quarter, up 32% year-on-year. The management was able to reduce net debt by Rs. 317 crores.

“The real estate sector is witnessing a higher number of new launches that may create an oversupply situation in next the 2-3 years, but till then, the sector looks to be in a sweet spot.”

Arun Malhotra, portfolio manager at CapGrow Capital Advisors commented that the rally in real estate stocks may continue for 2-3 years.

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UP Rera Ordered An Inspection To Re-Verify The Facts About Ajnara’s Le Garden

By
Ankur Maheshwari
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Has UP Real Estate Regulatory Authority sold itself to the builder?”  Tweeted the wise president of Noida Extension Flat owners’ welfare Association just after the controversy erupted.

 

Uttar Pradesh Real estate Regulatory Authority ( UP RERA ) made an announcement on Monday saying that it will inspect the group housing project in GNIDA to re-verify if the swimming pools, clubs, and other things promised by the builder exist or not.

Rajive Kumar, chairman of UP RERA decided to send a high-level technical team from RERA to check the sites and re-verify the project. He also added that a Re-inspection report shall be uploaded on the site after inspection.

A RERA report showed that 100% per cent of work on Ajnara’s Le garden is completed and all the promised things are made by the developer.

Then local residents of greater Noida ( west ) bring the issue to the spotlight using social media.

They claimed that no swimming pool or club exists on the site. And also they believe that it is a professed plot between UP RERA and the builder.

Now this alliance has come to the fore, and UP RERA’s reputation is on the line.

Let’s see what the re- re-inspection report says.

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2-BHK houses for over 12,000 nala squatters as re-establishment plan- Telangana

By
Ankur Maheshwari
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The Greater Hyderabad Municipal Corporation (GHMC) has not been successful to remove the nala squatters in the past few years. Now, there is a plan to offer them 2-BHK houses in various locations.

HYDERABAD: The Telangana government’s ambitious Musi river development project has a huge task in hand moving the encroachers and might be a tough battle. There are about 8,400 encroachments been identified by the Musi River Development Corporation Limited (MRDCL) and the revenue department.

The Greater Hyderabad Municipal Corporation (GHMC) has not been successful to remove the nala squatters in the past few years. Now, there is a plan to offer them 2-BHK houses in various locations.

The municipal administration department has difficulty removing over 12,000 adamant squatters on major nalas in the city.

According to the municipal administration department annual report, Musi riverfront development has been planned in 55-km boundary demarcated by officials. “MRDCL had demarcated river boundary and buffer zone first in the history of Musi river by conducting survey with differential global positioning system. Mandal-wise maps have also been prepared with coordinates,” the report stated.

The beautification works, which began three years ago, could complete only some works like installing floating trash barriers and disposal of trash and construction of walkways and some other works.

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M3M obtains two land parcels in Gurugram for Rs 670 crore from HSVP

By
Ankur Maheshwari
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One of the plots estimated 3 acres of land along golf course road will be formed into a 600,000 sq ft retail and office complex, while the 1.3-section of land bundle on MG Road will be created as a retail complex spread over 180,000 sq. ft.

Realty engineer M3M has procured two land packages in prime areas of Gurgaon for Rs 670 crore in a sale held by Haryana Shahari Vikas Pradhikaran (HSVP), chief Pankaj Bansal told ET

One of the plots estimated 3 acres of land along golf course road will be formed into a 600,000 sq ft retail and office complex, while the 1.3-section of land bundle on MG Road will be created as a retail complex spread over 180,000 sq. ft.

“We will start the project this year and are looking for more attractive land parcels in government auctions. We plan to have a number of retail destinations in the centre of Gurgaon,” Pankaj Bansal told ET.

The organization will put nearly Rs 400 crore in the development of these projects.

“The top line of the Golf Course Road project is Rs 2,000 crore, while for MG Road it is Rs 650 crore. We are open to acquiring more prime land with a special focus on retail projects,” Bansal added.

Last year, the developer had procured two land packages in Gurgaon’s Sector 57, where it expects to create 800,000 sq ft of retail space with a speculation of Rs 530 crore.

The 1.5- and 3.5-acre plots in Sector 57 are on the main road and the company will develop high-streets as demand for open markets has increased after the Covid-19 pandemic.

“More than 200 prominent brands have already been associated with M3M India,” Bansal said. “Timely delivery of our projects makes it easier for customers and investors to assess their investments and the escalations.”

M3M has in last one decade has delivered 39 projects of repute.

The company reported Rs 6,100 crore in sales in FY22 and expects to reach Rs 10,000 crore this year.

“We have a mix of retail, residential and office space launching this year. The majority of them are in the centre of Gurgaon,” Bansal said. “In addition, we might acquire fresh land and launch the project within this financial year.”

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#m3m #poperties #gurugram #hsvp #plots

Rs 250 crore compensation owed to buyers still under recovery by revenue officials in Bengaluru

By
Ankur Maheshwari
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The revenue department has been sent 631 cases by RERA to recover the penalty of Rs 258 crore from 125 builders but they could recover only Rs 8 crore so far and Rs 250 crore from 614 cases is yet to be recovered.

 

The orders that are passed by the RERA or Adjudicating Officer need to be executed by the Revenue Department as per Real Estate Regulatory Authority (RERA) Act and any compensation, delay interest or deposit money needs to be recovered as arrears of land revenue to recompense for the loss suffered by homebuyers.

However, the inefficiency shown by the revenue officials over the years is a cause of concern as hundreds of homebuyers are compelled to wait for years to get the compensation due to them.

The revenue department has been sent 631 cases by RERA to recover the penalty of Rs 258 crore from 125 builders but they could recover only Rs 8 crore so far and Rs 250 crore from 614 cases is yet to be recovered.

Earlier the home buyers had to make multiple visits to the builder’s offices are now forced to make visits to tahsildar offices to know the status of recovery progress of the complaints referred by the RERA.

“The RERA passed an order for Rs 5 lakh compensation in September 2021. I came to know the order copy has reached Bengaluru North Taluk Office two months ago. I am in touch with the revenue officer who is doing nothing except giving assurances,’’ complained Manvanthara B, who bought a flat by a prominent builder in year 2017.

He informed that he was supposed to get the possession of the flat in 2018 but the builder failed to do so even in 2022. “Around 60 percent of the construction is pending,’’ he said.

The Karnataka Home Buyers Forum has sent  a letter to the Bengaluru Urban Deputy Commissioner to ensure speedy recovery but it is alleged that no action was taken.

Samarth Hegde, a home buyer, who paid Rs 18 lakh as down payment and Rs 52 lakh bank loan to the builder is also waiting for the revenue department to recover Rs 1.10 crore from the builder. “I booked a flat in a upcoming complex on Kanakapura Road in 2017. The builder was supposed to handover the flat to me in 2018 but till now the construction is in progress. I approached the RERA seeking cancellation of booking and refund of my money. The RERA has fixed Rs 1.10 crore as compensation to me two years ago and sent it to the Deputy Commissioner’s Office which sent the same to the tahasildar. Till now, I have not received the compensation,’’ said Hegde.

According to Dhananjaya Padmanabhachar of Karnataka Home Buyers Forum, the Deputy Commissioner and tahsildars have not taken measures to recover the amount specified by the RERA. “They are just passing the responsibility from one table to another. I request Chief Minister Basavaraj Bommai to take appropriate actions to speed up the process in the Revenue Department to execute RERA orders,’’ said Padmanabhachar.

Meanwhile, the Bengaluru Urban Deputy Commissioner wrote a letter recently to Tahsildars of Bengaluru East, North, South, Anekal and Yelahanka expressing a concern over the slow recovery of RERA revenue recovery certificates. “You are directed to complete the process of closing revenue recovery certificates without any further delay,’’ the Deputy Commissioner said in the letter.

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Architect firm Morphogenesis through its real estate branch to invest Rs 100 crore for office space project in Delhi

By
Ankur Maheshwari
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The company has developed 50,000 sq. ft. of office space and plan to take 4-5 similar projects in the micro market through a joint development model.

Morphogenesis the architect firm plans to invest Rs 100 crore through to develop about 2 lakh sq. ft. of Grade-A office space in Delhi’s Okhla area.

The company has developed 50,000 sq. ft. of office space and plan to take 4-5 similar projects in the micro market through a joint development model. Manit Rastogi, Founding Partner, Morphogenesis told ET.

“This market has many such smaller plots that requires redevelopment. The floors or buildings can be used for company’s headquarter. We are in talk with land owners as there is a demand for quality space,” said Rastogi.

MYRE Capital, a neo-realty investments platform of Morphogenesis is in the process of staring Rs 500 crore Alternative Investment Fund (AIF) by July 2022.

In additional, it also has a fractional ownership platform which has witnessed a 10X growth in its user base within 12 months, registering over 30,000 investors and an AUM in excess of Rs 175 crore.

“We have maintained a 100% rental collection and distribution rate to investors and have achieved a 0% portfolio vacancy rate despite the three pandemic induced lockdowns. There is a massive uptick in CRE activity led by the pent up demand that has accrued in the past 2 years – we are seeing unprecedented leasing in the major commercial hubs,” said Aryaman Vir, Founder & CEO, MYRE Capital.

To meet the current request for Corporate Real Estate investment from HNIs, family offices, institutional and retail investors, MYRE Capital will be launching Rs 500 crore Alternative Investment Fund (AIF) by July 2022.

The company’s AIF starting in July 2022 will invest in A+ grade completed commercial real estate properties which are taken up by blue chip tenants on long leases and has a healthy mix of select under construction properties.

Investors will earn stable monthly rental income from the fund’s assets of 8%-10% and will also benefit from the capital appreciation. The fund is expected to deliver an overall internal rate of return of 20%-25%.

“With these three different business model, we can offer a complete package on commercial real estate. The office space we will construct, we will keep it with us and only offer it on rental,” said Rastogi.

MYRE Capital is also working on a proprietary asset evaluation algorithm. This algorithm is built on the fundamentals of artificial intelligence, machine learning, and big data analytics.

It works in real time to source and evaluate 1500+ opportunities per month. The algorithm will promote quantitative decision making translating to superior asset performance and returns for investors.

MYRE Capital has already launched five properties across Bangalore, Mumbai & Pune. With the increasing NRI traction that the company is witnessing, the fractional CRE platform is exploring a local presence in markets like Dubai, the UK and Singapore to offer global real estate opportunities to investors in the near future.

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NGT SZ fined Rs 5.5 crore to Puravankara Projects for breaking environmental laws

By
Ankur Maheshwari
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In 2008, Puravankara Projects Limited obtained the required environmental clearance for construction of a residential apartment complex named Provident Cosmo City at Pudupakkam in Chengalpet with 1,184 units.

On Monday, the National Green Tribunal Southern Zone (NGT SZ) instructed a Chennai-based private builder to pay Rs 5.5 crore for violating environmental laws.

In 2008, Puravankara Projects Limited obtained the required environmental clearance for construction of a residential apartment complex named Provident Cosmo City at Pudupakkam in Chengalpet with 1,184 units.

Puravankara decided to expand the complex by constructing 990 more residential units the next year and again applied for environmental clearance. This time the NGT clearance could not be obtained from the government, but the builder still went ahead with the construction and increased the total residential units count to 2,174, according to an application filed before the tribunal by the apartment residents in 2021.

The application also mentions about certain deficiencies in the sewage treatment plants (STPs) and diesel generator (DG) sets, and this caused foul odour and heavy noise.

A joint-committee constituted by the tribunal to study this issue noted a few deficiencies in the manner an STP was operated and the ambient noise level was between 59.6 decibels (dB) to 65.8 dB as against the standard of 55 dB.

In their investigation, they also found out that no permission (consent to establish/operate) was obtained by Tamil Nadu Pollution Control Board (TNPCB).

Based on the findings, the NGT SZ directed the project proponent to pay Rs 1.2 crore as compensation for damaging the environment.

In response to the allegations, the builder argued that the inspection was done by the joint-committee nearly three years after the maintenance was handed over to the occupants of the apartment complex − Cosmo City Residents Welfare Association (CCRWA) and therefore CCRWA is to be held responsible and should have to pay the compensation.

On May 23, after hearing both sides and after investigation of the project the tribunal found the project proponent had violated environmental laws and they were liable to pay a compensation of Rs 5.5 crore within two months and rectify deficiencies pointed out by the committee. Once the defects are rectified, CCRWA has been told to carry out the maintenance of STP and DG sets.

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#ngt #environmentallaws #ngtorder #puravankara #project

Registration for phase-II of AIS Residency multi-storey housing scheme from May 26

By
Ankur Maheshwari
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The officers of All India Services, Central Civil Services Group-A Services, Central Armed Police Forces, ARAs, RPS and RACS only are eligible to apply in this multi-storey housing scheme in Rajasthan.

 

The registration for the allotment of accommodation in AIS Residency Phase-2 is starting from May 26 by Rajasthan Housing Board as per the official statement. The last date for registration is June 10.

The officers of All India Services, Central Civil Services Group-A Services, Central Armed Police Forces, ARAs, RPS and RACS only can apply in this multi-storey housing scheme in Rajasthan.

This multi storey residency is being developed in Sector-17 Pratap Nagar, in which Phase-I work is going on.

Under Phase-II, applications are being taken for the remaining 23 houses, whose cost has been kept at Rs 99.86 lakh. Each residence will be constructed on an area of 3477.41 sq. ft.

This is a self-financed scheme, where the owner can pay the amount in instalments. Rajasthan Housing Board commissioner Pawan Arora said that under the scheme, officials from all over the country have taken flats. In view of the popularity of this scheme, Phase-2 was launched.

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#aisresidency #housingscheme #rajasthan #rajasthanhousingboard #residencyregistration 

Dealers luring buyers with ‘dream houses’ & illegal plots around Jewar as work takes off

By
Ankur Maheshwari
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Many dealers are luring the unaware buyers with convincing methods to invest in properties along the Yamuna Expressway Industrial Area citing approval from YEIDA or that they aren’t part of the area notified for industrial development. The YEIDA’s Master Plan 2031 envisages development of an industrial eco-city.

 

The Yamuna Expressway and Greater Noida is all strewn with a barrage of hoardings and advertisements along the road with advertisement selling unaware home buyers their ‘dream houses’. After the kick start of construction of the Noida International Airport, endorsed as the eventual alternative to the IGI in Delhi, has caught the eye of property dealers in and around Jewar.

Many dealers are luring the unaware buyers with convincing methods to invest in properties along the Yamuna Expressway Industrial Area citing approval from YEIDA or that they aren’t part of the area notified for industrial development.

The first phase of development of the airport in Jewar which is scheduled to be completed by September 2024 is being managed by the civic body YEIDA.

There is a list of areas notified by YEIDA where land can be purchased but construct cannot happen until the authority’s permission is granted. “It is unlikely the authority will grant permission because development work is more or less certain,” a YEIDA official said on the condition of anonymity.

As reported by TOI, several property dealers they met had multiple options for plots within 2-3 kms from the airport’s perimeter. One of them from Greater Noida said: “You tell me your requirement (authorised or unauthorised) and I will show you such plots, which will not be acquired by YEIDA.”

Another dealer in Jewar’s residential area, right next to the airport stated that the rates of plot in the area have shot up since the airport announcement was made in November 2021. Earlier, the price was Rs 8,000 to 18,000 per yard. “It has now tripled,” he said on the condition of anonymity.

Meanwhile, a man was overseeing construction of a boundary wall on a 4-bigha plot near the service road just off the expressway on the Agra-Delhi side in Dudhera village. He introduced himself as a resident of the village and up on asking gave the number of an “ex-serviceman” – a dealer who, he said, could give more information about the land.

The ex-serviceman was contacted and he said over a call, “The plot is just 2.5km away from the airport and is not part of the Master Plan 2031. The price we are offering it in is Rs 50 lakh per bigha. We will get the registry done on your name directly from the farmer. It is part of the village land, so there is no problem from the authority’s side. Even if it is acquired by the authority in the future, you will get compensation and 7% of the plot acquired. Moreover, your adult children will also be eligible for compensation,”

The ex-serviceman also said that plots are available in Tappal, which falls under Aligarh district and is just 9km from the airport. “It’s a good time to invest in this region,” he added.

Tappal too has emerged as a favourable saleable location for most dealers and property owners as they are advertising it as land belonging to the Tappal Nagar Panchayat, and not under the jurisdiction of YEIDA.

They aren’t quite wrong about land belonging to Tappal nagar panchayat, but under YEIDA’s Master Plan Phase-2 for development around the airport, a logistics park is proposed to be built in the Tappal-Bajna Urban Center.

Last year in an attempt to look for a consultant to prepare a detailed project report (DPR) for the logistic park in Tappal-Bajna, the authority discovered that Tappal had been notified under the panchayat in December 2020 without its knowledge.

“No correspondence was ever made by the nagar panchayat to the Authority in this regard. The Uttar Pradesh Industrial Development Act has the power of overriding effect, and in view of this, the land, which had been under the Authority’s jurisdiction all along, does not seem to be legally justified under the nagar panchayat. The Authority wrote to the state government in October 2021 and January 2022 to de-notify it as it falls under the Master Plan,” said YEIDA chief executive officer Arun Vir Singh.

However, the state has not taken any action to the effect and until then plots in Tappal are being sold at premium rates.

When asked, YEIDA officials claimed they too have observed dealers doing brisk business in the area. They added, the homebuyers must do a thorough check before investing on false promises.“The names of notified villages are specified in the official gazette. Before investing, one should find out whether the property is part of village land or a YEIDA notified area,” the official cited above said.

A senior YEIDA official said it was the duty of the lekhpal and the tehsildar of an area to keep a watch on illegal constructions and inform the Authority. “If that does not happen, it means that these officials are part of the nexus,” he said. The Yamuna Authority has also stepped up action over illegal colonies and construction in the past few months.

In March, officials razed to the ground two unauthorised colonies in Jhajhar and Enayatpur areas of Bulandshahr district, located within a 6km radius of the Jewar airport. Similarly, another unauthorised colony was demolished in Dankaur, some 30km from the airport.

According to data by the Yamuna Authority, 196 cases were filed over illegal construction in the past nine months (September 2021- May 5, 2022).

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#jewarairport #noidaairport #dreamhouses #yeida #noida

In Lucknow 14 acre green belt taken away from hotel after end of lease of 25 years- LDA

By
Ankur Maheshwari
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On Wednesday, in a turn of events the Lucknow Development Authority (LDA) took back the green belt land given on lease to a prominent hotel in Gomtinagar.

The official LDA statement read, “On completion of the lease period and alleged violation of lease terms by the hotel management, LDA vice-chairman Akshay Tripathi cancelled the allotment of the land,”

On Wednesday, in a turn of events the Lucknow Development Authority (LDA) took back the green belt land given on lease to a prominent hotel in Gomtinagar.

Tripathi said, “On February 17, 1994 the authority had given 14.217 acre of green belt land located in Vipin Khand, Gomtinagar on a lease of 25 years. Its lease period expired on February 16, 2019.”

“The hotel management submitted an application for lease renewal. Thereafter, the in-charge officer-acquisition, property officer and executive engineer were instructed to submit a report after conducting on-site inspection. On inspection, it was found that the terms and conditions of the lease agreement were violated by the hotel management,” he said.

“The green belt was used by the hotel management for business related activities like marriages, parties and other ceremonies. At the same time, under the lease agreement, the hotel management was to develop the green belt and keep it open to the general public for free entry, which never happened. Apart from this, the hotel management also did not fulfil the condition of allotment of 1,000 rooms every year to the tourism department included in the contract,” read the LDA statement.

The green belt will now be developed by the authority itself as a public park. It will open from Monday for the general public and the entry will be free.

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