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Ruchika Bhalla

Ruchika Bhalla
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Ludhiana civic body revises property tax target to Rs 130 crore as a means of recovery

By
Ruchika Bhalla
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At least Rs 60 crore is expected to be recovered as per the officials by the month-end, for which they were organising special camps in commercial areas and industrial units.

 

LUDHIANA: The Ludhiana MC has revised its property tax target from Rs 100 crore to Rs 130 crore. Out of which only Rs 38 crore has been recovered as of now.

The total target of zone A is Rs 23 crore, zone B has a target of collecting Rs 32 crore, Rs 25 crore Rs 50 crores are targets decided for zone C and D respectively.. Till September 8, total recovery was expected to be Rs 56.98 crore but only Rs 37.76 crore had been recovered.

As for water supply and sewerage dues, the total target is Rs 60 crore but recovery is around Rs 13.92 crore while expected recovery is Rs 26.30 crore.

In the market areas the camps are being set up by the civic body officials with the help of shopkeepers and industrial units. Officials said they made announcements in the market with the help of shopkeepers, asking people to clear their dues in the camp.

MC superintendent Vivek Verma said, “Recovery is gaining momentum gradually. As the last date of September 30 to avail 10% rebate is approaching fast, people are coming to the MC offices to clear dues. Also, for public awareness, we have uploaded required information on social media accounts.”

He further added that they have also installed smart touch screens at zones A and D where people will be able to open important links through the MC website and get information about phone numbers of civic body officials.

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CHB e-auction process is open for all the citizens of India as well as NRIs/PIOs above 18 years of age from September 16

By
Ruchika Bhalla
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96 commercial properties are offered on leasehold, 81 residential units are offered on freehold and one commercial property on freehold.

CHANDIGARH : The CHB will e-auction 178 properties from September 16, with the bids opening on October 11.

The board has added 47 new residential properties including all left over commercial leasehold properties from last auction.

Eight residential units are located in Sector 51A, 28 in Sector 63, seven in Sector 49, eight in Sector 38 (West), nine in Sector 26, one in Sector 52, three in Manimajra and 16 in Indira Colony. Categories on offer include two bedroom, EWS, and category IV dwelling units. Reserve price ranges from Rs 25 lakh for an EWS unit in Sector 29 to Rs 95 lakh for a two-bedroom unit in Sector 51A.

The lone freehold commercial unit has a reserve price of 85 lakhs is a booth located in Sector 51 A.

Of the leasehold commercial properties, 62 are located in Manimajra with reserve price ranging from Rs 23 lakh to 43 lakh. Five booths in Sector 38 (West) have a reserve price of Rs 35.48 lakh. Ten leasehold commercial properties are located in Sector 40 A, having reserve price from Rs 18 lakh to Rs 44 lakh. In Kajheri, 18 properties are located with reserve price from Rs 14 lakh to Rs 30 lakh.

Only 3 properties out of total of 99 properties got bidders in the last CHB auction that concluded on September 6. Out of the 53 freehold residential properties on offer, 19 were sold in the auction.

The e-auction process is open for all the citizens of India as well as NRIs/PIOs above 18 years of age. The persons already having any property (residential or commercial) can also participate in the auction.

“In order to submit e-bids, every prospective bidder is required to get himself/herself registered at https://etenders.chd.nic.in. A valid e-mail id, mobile number and digital signature are the basic requirements to participate in the e-tender process. Bidders are free to revise their bid amount (Increase or decrease) for any number of times, till closure of the e-tender process,” said Yashpal Garg, chief executive officer, CHB.

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BIS to provide parameters for treated wastewater in construction industry- KSPCB

By
Ruchika Bhalla
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The state government’s rule stating that groundwater cannot be used for construction purposes is posing a big issue as treated wastewater is not readily available for the purpose as per the construction industry.

BENGALURU: The Karnataka State Pollution Control Board (KSPCB) has conducted a study with the researchers at the Indian Institute of Science (IISc). They will now approach the Bureau of Indian Standards (BIS) to form parameters for treated wastewater under IS 465:2000 rule that can be used in the construction industry.

“There is a demand that does not match the supply. While I have been using treated wastewater for my construction projects for the last five years, there is also hesitancy among construction companies when it comes to recycled water. But if there is treated wastewater available with a study by IISc backing it up, the industry will surely come forward,” said a representative of the industry present at an event organised around the concept of reuse of wastewater in Bengaluru by the Centre for Social and Environmental Innovation at the Ashoka Trust for Research in Ecology and the Environment (ATREE), and the Bangalore Apartments’ Federation (BAF).

Water management should be given utmost importance in an urban landscape and ways should be found to make available affordable technology to recycle wastewater for secondary use. Experts stressed the narrative around treated wastewater has to be rearticulated.

Meanwhile, KSPCB member-secretary Srinivasulu said, “The city generates around 800 MLD of sewage every day and roughly around 50 per cent of this sewage enters the city lakes, untreated. While there is enough sewage and affordable technology, the need of the hour is that the scientific community along with KSPCB builds up momentum in the public domain and lets it be seen as a measure to provide potable water for secondary purposes in the city and arid districts surrounding it,”

Syed Khaja, senior environment officer, KSPCB added, “The most difficult aspect of the reuse of treated wastewater is its utilisation in the construction industry. While we have IS 456:2000 rule that talks about standards of regular water for construction purposes, no parameters have been drawn out for the usage of treated water. However, soon we will have BIS standards for treated sewage for construction purposes too. This will be the first-of-its-kind initiative across the world,”

The experts finding from KSPCB said the initial results show that the recycled water is safe to be used for construction while the board is planning to approach BIS.

“One cause of concern has been its impact on the steel strength due to higher content of sulfur and sodium. We conducted tests and we found out that the concrete hardens within two days and the temperature inside reaches around 80 degrees Celsius. At this temperature, the availability of moisture is unlikely. Moreover, the corrosion process begins only after a minimum period of 14 days. Thus, the tensile strength will not be compromised,” added Khaja.

While KSPCB will wait for BIS’s nod before it starts to advocate using treated wastewater in the construction of buildings and for load-bearing structures, experts said that the recycled water can already be used for the curing process. “Around 60 per cent of water consumption in the construction sector is for curing. Treated water can find its use here immediately,” informed Khaja.

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Kaisa Group of China targets to present offshore debt revamp plan in Q4 2022

By
Ruchika Bhalla
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After missing some debt obligations last year Kaisa is working to restructure its offshore debt. With $12 billion of offshore debt, it is China’s largest issuer of offshore debt among developers after China Evergrande Group.

HONG KONG: Kaisa Group – Chinese property developer plans to finalise an offshore debt restructuring offer in the fourth quarter after China’s party congress in October, Reuters.

Kaisa has been in talk with its creditors to put together a restructuring plan since late last year and it will be the first time the company will put forward a plan to bondholders.

Kaisa planned to propose swapping part of its debt into shares in the company or its development projects, the restructuring plan will propose repaying dollar debt principals in instalments. Kaisa plans to kick off negotiation with a group of offshore creditors represented by investment bank Moelis & Company in late September in which discussions will focus on a framework for the plan, with most details to be decided later on.

“Actual execution won’t be until year-end to first quarter next year,” the person said.

Kaisa declined to comment. Moelis did not respond to request for comment.

China’s ruling Communist Party will hold its five-yearly congress beginning on Oct. 16, which is seen by some in the property sector as an event that could roll out more supportive measures to avert a housing slump and revive the economy.

Such measures could improve the outlook for the sector for creditors and investors.

The crisis in China’s real estate sector, which began with Evergrande missing some repayments mid-last year, has worsened in the past few months, with property investment tumbling 12.3% in July, the fastest rate this year, while the drop in new sales deepened to 28.9%, based on official data.

Kaisa said in a filing in late July that it has entered into “constructive dialogue” with its creditors to facilitate the formulation of a value preserving consensual solution.

The developer said it had made progress onshore, including entering into arrangements with some onshore financial institutions to extend the term of its existing borrowings.

Kaisa has said it hired Houlihan Lokey as its financial adviser and Sidley Austin as a legal adviser.

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Big institutional funding witnessed in real estate projects in smaller cities

By
Ruchika Bhalla
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Real Estate conglomerates like Sushma Group, Bhumika Group and Omaxe having their presence mainly in tier 2 cities have recently been receiving big institutional funding and are in talks to raise more funds for the next phase of development in those locations.

Post Covid-19 many developers in tier-2 cities have received big funding which has led to a housing and commercial space boom in smaller cities, realtors and fund houses told ET.

Real Estate conglomerates like Sushma Group, Bhumika Group and Omaxe having their presence mainly in tier 2 cities have recently been receiving big institutional funding and are in talks to raise more funds for the next phase of development in those locations.

Varde Partners, a global alternative investment firm has recently paid up Rs. 440 crore to Delhi based Omaxe for expediting construction and delivery of its projects as well as investment into new projects.

Omaxe has majority of its projects running in tier 2 cities in different phases of construction and the company has strong presence in 27 different cities across eight states in the country: Uttar Pradesh, Madhya Pradesh, Punjab, Haryana, Uttarakhand, Rajasthan, Delhi, and Himachal Pradesh

“With the increase in internet penetration, adoption of technology and Covid-19, tier 2 cities are gradually increasing their contribution to the overall GDP and real estate, which is one of the largest contributors to GDP,” said Sharad Mittal, director and CEO of Motilal Oswal Real Estate (MORE). “While our focus will remain investing in tier 1 cities, we are also looking at investing in select tier 2 cities.”

The group, MORE made a ₹100-crore investment in Chandigarh in a residential project with Sushma Group, one of the largest developers in that market, in the quarter ended March. “We will continue to explore such opportunities in the future. However, we will remain cautious and selective,” Mittal said.

As a fund, MORE is primarily focused on investing in tier 1 cities in India. Till date, it has invested in over 100 projects and obtained close to 50 exits from tier-1 cities.

Bhumika Group, recently raised close to ₹100 crore between debt and two Lease Rental Discounting (LRD) transactions. It is working on constructing malls in Udaipur and Alwar. The group is also trying to raise another ₹200 crore in debt to fund construction of phase 2 of its 3.5 lakh sq. ft. retail space in Udaipur mall.

Uddhav Poddar, MD of Bhumika Group said, “We are now getting a better rate of interest and large funding institutions have shown interest in giving fund. Demand for organised retail has gone up and with more projects being expected, developers will need funding to sustain the momentum,”

According to a report by Savills India, private equity investment inflows into the Indian real estate sector stood at $1 billion during Q1 2022, almost five times the quantum recorded during Q4 2021.

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Correction needed in the flawed building bylaws of Guwahati- Assam REAT

By
Ruchika Bhalla
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The Assam REAT, Real Estate Appellate Tribunal pointed out while delivering its judgement on two separate appeals filed by the different entities that the byelaws of 2014 are “absolutely silent” about the role of the competent authority in certifying the completion report.

 

To protect the interest of the home buyers, the Assam Real Estate Appellate Tribunal (REAT) on Thursday demanded plugging in some gaps in the Guwahati Building Byelaws of 2014.

The Assam REAT, Real Estate Appellate Tribunal pointed out while delivering its judgement on two separate appeals filed by the different entities that the byelaws of 2014 are “absolutely silent” about the role of the competent authority in certifying the completion report.

From now on, the completion report will be mandatory to be submitted by builders in prescribed formats. In absence of such certification by the Authority, deviations from the sanctioned plans and layout plans, if any, will go unnoticed, it added.

The judgement, pronounced by Assam REAT Chairperson Justice (Retd) Manojit Bhuyan and Member Onkar Kedia, also said that this may cause prejudice to home buyers and may have far-reaching adverse consequences insofar as home buyers are concerned.

“The Tribunal also noted that in the Guwahati Building Byelaws of 2014, there is no format prescribed for issuing Occupancy Certificate by the Authority concerned. This also needs to be addressed by the appropriate authority,” Assam REAT said in a statement.

In the same judgement, the Assam REAT asked the RERA, Assam, to remove difficulties faced by builders in registering their ongoing projects.

“As per the Real Estate (Regulation and Development) Act, 2016, the projects that were ongoing on the date of commencement of the Act and for which completion certificate had not been issued required to be registered with the RERA,” it added.

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Net profits took a steep dip of 52 per cent in Q4 FY22- NBCC

By
Ruchika Bhalla
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The company’s total consolidated income dipped by 10.59 per cent and stood at Rs 2,496.44 crore in Q4 FY22 as against Rs 2,792 crore in the similar quarter last year.

For the quarter ending March 2022, NBCC has reported 52.23 per cent decrease in its net consolidated profit. The company’s profit after tax (PAT) is recorded at Rs 41.10 crore in Q4 FY22 as per BSE filing. NBCC recorded PAT at Rs 86.03 crore in the corresponding quarter of the previous fiscal.

The company’s total consolidated income dipped by 10.59 per cent at Rs 2,496.44 crore in Q4 FY22 as against Rs 2,792 crore in the similar quarter last year.

After the announcement of lower net profits for the year, the board of directors have suggested final dividend at 50 per cent, which means Rs 0.50 per equity share on the face value of the paid-up equity shares of Rs. 1 per share for the FY 2021-22. This recommendation is subject to approval of shareholders.

NBCC has recently completed construction of a group housing real estate project at Kochi, with 3.20 lakh sq. ft. residential and 4.4K sq. ft. commercial area. The construction cost for the project stood at Rs 87.01 crore thereon up to March 31, 2022. The sale in the project is pending for want of environmental clearance (EC), it said in the regulatory filing.

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For many families in Madhya Pradesh having a ‘pucca’ house is still a distant reality

By
Ruchika Bhalla
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As per the of National Family and Health Survey conducted in the state, only about 45% households have a pucca house whereas in rural areas, only 32.6% of households have a pucca house in Madhya Pradesh with over 70% population living in these areas, showed the fifth round of survey.

 

Under the Pradhan Mantri Awas Yojana– housing for all scheme in Madhya Pradesh, ‘a top performer’ state still half of the population is not benefitted from the scheme where as there are only two years remaining to achieve the target.

As per the National Family and Health Survey conducted in the state only about 45% households have a pucca house.

In rural areas, 32.6% of households have a pucca house in Madhya Pradesh with over 70% population living in these areas, showed the fifth round of survey.

The houses made out of mud, thatch or other low-quality materials are called as kachha houses whereas those made of partly low-quality and partly high-quality materials are defined as semi-pucca houses.

While the houses which are made of high quality materials throughout, including the floor, roof, and exterior walls are called pucca houses in the survey.

Over half the households (56.8%) in rural areas reside in semi-pucca houses, showed NFHS-5 survey and this is when the state claimed itself to be among top performer states in implementation of Pradhan Mantri Awas Yojana in the rural development department’s latest annual report.

In the year 2016 the official launch of the scheme was done to provide housing to all by 2024. The annual report taken out by the rural development department (2021-22) however showed that 23.75 lakh houses were made since November 20,

In the case of implementation of PMAY (urban), the state completed construction of 5.21 lakh houses till May 23 this year since 2014- when the scheme was launched, to remain in second spot behind Gujarat (7.47 lakh completed houses), showed state wise progress report on official website.

The authorities including rural development minister, Commissioner didn’t respond to calls and messages despite multiple attempts.

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Delhi HC – Real Estate Appellate Tribunal has no authority to initiate Suo moto proceedings on its own motion

By
Ruchika Bhalla
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HC held that the Suo moto proceedings by the tribunal “practically injuncted all construction activity in the NCT of Delhi.”

 

NEW DELHI: The Delhi high court on Thursday pointed out that the Real Estate Appellate Tribunal has no powers to initiate Suo moto proceedings. Delhi HC quashed one such move that banned any construction activity in the capital unless the project was registered with RERA.

“This court finds itself unable to appreciate the omnibus direction which ultimately came to be issued by the appellate tribunal. The appellate tribunal clearly and abjectly failed to bear in mind the true ambit of Section 3. It proceeded on the incorrect and unfounded premise that all projects were liable to be compulsorily registered under the Act,” Justice Yashwant Varma noted, setting aside two orders passed by the tribunal last year.

HC held that the Suo moto proceedings by the tribunal “practically injuncted all construction activity in the NCT of Delhi.”

Justice Varma held the tribunal for not conducting any enquiry with respect to the validity of a particular project “or even a prima facie assessment or evaluation of the validity of a single project” before passing a blanket order.

“In fact, the order does not even take note of a proven or evident violation of the Act’s provisions by a particular project. This court is constrained to observe that the procedure as adopted by the appellate tribunal can neither be countenanced nor accorded an imprimatur,” it said, allowing the plea filed by a builder.

HC concluded that “there was a patent lack of jurisdiction and the proceedings as drawn by the appellate tribunal are liable to be quashed in entirety.”

The Delhi high stressed that the Real Estate Appellate Tribunal has no authority to initiate Suo moto proceedings on its own motion.

In November last year Delhi’s Real Estate Tribunal stayed all construction activity on unregistered projects, taking note of Delhi Police’s stand that it is investigating at least 27 FIRs registered against societies/individuals fraudulently offering the membership of housing projects.

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#delhihc #realestate #appellate #tribunal #case #delhi

BSUP waived off market price to expedite allotment of 3,500 houses in Kalyan

By
Ruchika Bhalla
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The houses built under the BSUP scheme few years back were lying unoccupied because of the state government’s condition that the KDMC pay the state government according to the market price.

 

Clearing the way for long overdue allotment of 3,500 houses built under the Basic Services to Urban Poor (BSUP) scheme to its beneficiaries, the state government in a turn of events has decided to waive off the money that the Kalyan-Dombivli Municipal Corporation (KDMC) was required to pay it for the houses.

The houses built under the BSUP scheme few years back were lying unoccupied because of the state government’s condition that the KDMC pay the state government according to the market price.

The issue was however brought to the notice by Member of Parliament from Kalyan Shrikant Shinde to the Maharashtra Urban Development Minister Eknath Shinde.

On Monday, Shinde called for a meeting over the issue with the senior officials and instructed the government to waive the amount.

The central government had already waived of the money it was supposed to receive from the civic body.

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#kdmc #houseallotment #kalyan #property #bsup #dombivli

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