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24 - 09 - 2020
CREDAI Bengal Daily News Update | 24.09.20
Private equity inflow in real estate down 85% in Jan-Aug at USD
866 mn: Report
The private equity (PE) inflow stood at USD 5,795 million in the corresponding period of
the previous year. Data centres segment attracted maximum investment so far this year at
46 per cent of the total inflows.
Private equity investment in Indian real estate plunged 85 per cent during January-August period
of this year at USD 866 million (around Rs 6,500 crore) as investors remained cautious due to the COVID-19 pandemic, according to Colliers International and FICCI report.
The private equity (PE) inflow stood at USD 5,795 million in the corresponding period of the previous year.
Data centres segment attracted maximum investment so far this year at 46 per cent of the total inflows.
Office segment accounted for 24 per cent of the total PE investment at USD 207 million (around
Rs 1,500 crore) till August of this calendar year. Industrial and warehousing share stood at 12 per cent, hospitality 9 per cent, housing 8 per cent and co-living one per cent.
"Investors, both foreign and domestic, are adopting a cautious approach to Indian real estate in the backdrop of the ongoing pandemic," said the report 'Future India: Captivating Strategic and
Private Equity Investments' . "According to Colliers International, through August 2020, overall private equity inflows into
Indian real estate stood at Rs 65 billion (USD 866 million), which is just 15 per cent of the corresponding period in 2019," it added.
The report said that newer asset classes such as data centres and rental housing gained prominence among investors.
"During 2020 through August, the leading segments have been data centres, driven by demand
for cloud infrastructure, as well as offices as, they tend to offer steady rental income. Robust domestic consumption also maintained investors' confidence in industrial and logistics assets," the report said.
Colliers International advised investors to focus on data centres in order to leverage growing
demand for cloud computing. It recommended them to continue to focus on the office segment to capitalise on steady rental income as well as enhanced liquidity offered by the Real Estate Investment Trusts (REITs.)
Newspaper/Online The Economic Times ( online )
Date September 23, 2020
Link
https://economictimes.indiatimes.com/industry/services/property-/-
cstruction/private-equity-inflow-in-real-estate-down-85-in-jan-aug-at-
usd-866-mn-report/articleshow/78272499.cms
"In the backdrop of robust demand from e-commerce and other consumer-led occupiers, we
recommend investors stay focused on the industrial and logistics segment in order to reap the benefits," the consultant said.
It suggested investors to consider equity investments in completed units of affordable and mid -segment residential projects. Investors should consider partnering with top-tier developers and
invest in greenfield residential projects to capitalise on inherent end-user demand. "We recommend investors consider opportunistic assets in hospitality and retail real estate
segments that offer attractive valuations. We believe investors can benefit from revival in demand going forward," Colliers said. ____________________________________________________________________________________________
Delhi: Conveyance deeds under PM-UDAY issued to over 1,500
applicants
"Till September 18 the year 3,18,946 people have registered for the scheme and conveyance
deeds or authorisation slips have been issued to 1,533 applicants," the DDA said in a
statement.
Conveyance deeds or authorisation slips have been issued to 1,533 applicants under the PM-
Unauthorised Colony in Delhi Awas Adhikar Yojna (PMUDAY), the DDA said on Tuesday. The scheme was launched October 29, 2019 to confer ownership rights to residents of 1,731 unauthorised colonies in Delhi.
"Till September 18 the year 3,18,946 people have registered for the scheme and conveyance deeds
or authorisation slips have been issued to 1,533 applicants," the DDA said in a statement. The Delhi Development Authority said it has organised several awareness camps and meetings
with RWAs in various parts of Delhi for residents of unauthorised colonies to help them in getting ownership rights.
The awareness camps were organised at Hardev Nagar Burari (Laxmi Nagar), Roshanpura
(Dwarka), Valmiki Colony (Dhamsa) & Dabur Enclave Jafarpura (Dwarka), Mahila Park Patel
Nagar (Dwarka), Ramgarh Jagirpur (Pitampura), Madhur Vihar (Laxmi Nagar), among other
places, it said.
Such camps and meetings with RWAs are expected to be conducted by each of the processing
centers under PM-UDAY Cell every week, the DDA said.
To help the residents of unauthorised colonies, the DDA has taken a slew of measures .
The DDA has tied up with Common Service Centre (CSC) e-Governance Services India Limited,
a special purpose vehicle under the Ministry of Electronics & IT managing the CSC scheme, for
carrying out online registration of citizens under the PM-UDAY scheme as well as filing of
applications for conferment of right in unauthorized colonies, it said.
Approximately 1,375 CSCs have been engaged to facilitate the residents .
In addition, 28 help desks under PM-UDAY Cell, are currently operational to facilitate and render
all necessary assistance for conferment of ownership rights, the urban body said.
Newspaper/Online ET Realty ( online )
Date September 23, 2020
Link
https://realty.economictimes.indiatimes.com/news/residential/delhi-
conveyance-deeds-under-pm-uday-issued-to-over-1500-
applicants/78268526
Besides, five processing centers (Pitampura, Dwarka, Hauz Khas, Laxmi Nagar and Rohini) are
actively functioning for back-end processing of the applications on PM-UDAY portal and issuing
conveyance deeds or authorisation slips against mature cases, it added.
________________________________________________________________
Telangana CM instructs officials to register properties online
within 15 days
On Tuesday, the Chief Minister held a high-level meeting at Pragathi Bhavan on the
designing of the Dharani Portal, which was part of the implementation of the new Revenue
Act.
Telangana Chief Minister K Chandrashekhar Rao (KCR) has instructed the officials concerned
to register houses, plots, apartment flats and other non-agriculture properties of people, in rural and urban areas, which are not yet registered online so far, within 15 days.
KCR suggested that officers from all levels in Panchayat Raj and Municipal departments should cent percent register online all the properties, which are not registered online before the
DharPortal becomes available for registration transactions. On Tuesday, the Chief Minister held a high-level meeting at Pragathi Bhavan on the designing of
the Dharani Portal, which was part of the implementation of the new Revenue Act.
He instructed that the municipal officials, officials from district, Mandal, village Panchayats
should quickly complete the online registration of the properties .
The Chief Minister directed the officials to speed up the process and give full informatio n to the
people to help them register their properties online.
He also asked them to take the necessary caution to make the maintenance of land records cent
percent transparent through the Dharani Portal.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date September 23, 2020
Link
https://realty.economictimes.indiatimes.com/news/regulatory/telangana
-cm-instructs-officials-to-register-properties-online-within-15-
days/78268639
Jaipur development body plans to issue freehold lease online
The landholders who have taken the lease deed (patta) from the JDA after depositing one -
time lease amount of eight years will be contacted by the JDA.
The Jaipur Development Authority (JDA) on Tuesday decided to issue freehold lease to the plot
owners who will deposit 10-year lease amount collective ly.
The landholders who have taken the lease deed (patta) from the JDA after depositing one-time lease amount of eight years will be contacted by the JDA. “The JDA will offer these owners to procure the freehold lease after depositing additional two years’ lease money. The amount for
remaining two years can be deposited online,” said a source.
The JDA has also decided to develop an online system for accepting the application and issuing freehold lease. Explaining the freehold lease concept, an official said, “At present, an owner can claim a right on a residential property only for 99 years. In current scenario, the state government
levies eight times of the lease money, payable one time to grant 99 years’ lease on residentia l properties. Once the one-time lease money is deposited, the allottee receives a certificate from
the department. For the freehold lease, the department charges increased lease money amount by 10 times from the normal eight times.”
The freehold lease system was introduced in the state three years ago. However, not many plot
owners have subscribed to the offer as it looked infeasible. An official source said, “The owners
can forward to full ownership rights. However, majority of the plot owners have paid lease money
for eight years. Even, the time period of old plot owners expires, they pay eight years’ lease hold,
which gives them 99 years’ right.”
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date September 23, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/jaipur-
development-body-plans-to-issue-freehold-lease-online/78288427
Civic bodies in Delhi to resume sealing of over 13,000 illegal
factories in residential areas
The municipal corporations are likely to resume the sealing and closure procedure of more
than 10,000 factories operating illegally in residential areas.
The municipal corporations are likely to resume the sealing and closure procedure of more than
10,000 factories operating illegally in residential areas.
“The step-1 and step-2 for the closure of such polluting units were completed last year. The process of survey and closure was suspended in March due to the pandemic lockdown, but we have been directed to resume the sealing process from October,” a senior official of South Delhi
Municipal Corporation (SDMC) said.
According to the latest joint report, more than 13,000 illegal factories have been surveyed in all three municipal corporations under step-3, over 9,000 units have got showcause notice and 565 have been sealed, a senior official said.
“We had assured courts and National Green Tribunal that the process was stopped due to Covid-
19 and the lockdown, which prompted suspension of activities in all industries after March 22. We are duty bound as per the Supreme Court orders to ensure that no polluting industry is allowed in residential or non-conforming areas,” the official said.
He added that many of these factory owners were provided alternate plots in industrial areas but
they continued to function in residential localities. “Those who continue to operate the factories will face sealing from next month as enough time has been provided for compliance,” the offic ia l said.
SDMC will have to cover more than 5,800 such properties in the survey under step-3, out of
which more than 4,000 units have got notice. East Delhi Municipal Corporation has surveyed over 3,400 factories under step-3 and issued notice to 1,870 while North Delhi Municipa l Corporation has surveyed over 4,550 units, issuing showcause or closure notices to 3,192 units.
Over 1,156 factory owners in north corporation areas and 183 in EDMC areas have shut their
units voluntarily after the notice, the official said, citing the joint report. Many such units have applied under the household industries category to get relief. The power of
granting household industry licence has been devolved from the high-powered committee chaired by Delhi government officials to respective municipal bodies after necessary changes in Master
Plan 2021, the official said. The committee had sent 475 such applications to the corporations but very few met the 12-point criteria, he added.
Newspaper/Online ET Realty ( online )
Date September 23, 2020
Link
https://realty.economictimes.indiatimes.com/news/regulatory/civic -
bodies-in-delhi-to-resume-sealing-of-over-13000-illegal-factories-in-
residential-areas/78276372
A senior corporation official told a standing committee meeting in August that 1,850 applications
were received, out of which 149 were verified by the zones, 36 cases sent back for inspection and
two cleared.
________________________________________________________________
Gujarat HC gives slum dwellers two weeks to vacate government
plot
The slum residents had approached the HC demanding an urgent hearing on Saturday as
the authorities had told them that they would start the demolition drive on Saturday
morning.
The Gujarat high court has granted two weeks’ time to the hutment dwellers of Gokulnagar, behind Mahatma Mandir in Gandhinagar, to vacate the government plot at Sector 13/14.
Justice S H Vora said that if the residents fail to vacate the plot following the notice issued by the executive engineer two months ago, the authorities will carry out an eviction drive and they can
demolish constructions. The slum residents had approached the HC demanding an urgent hearing on Saturday as the
authorities had told them that they would start the demolition drive on Saturday morning. They requested the HC to direct the government to provide alternative shelter under the policy of 2013
and the regulations of 2010.
On hearing government pleader Manisha Shah and after perusing earlier HC orders rejecting their
eligibility for alternate accommodation, the HC rejected the plea for intervention. The HC took
notice of an earlier exercise undertaken by the government authorities to grant the benefits of the
2003 policy to residents who fulfilled certain criteria. It received 599 applications from residents
of these hutments and 128 of them were found to be eligible for alternative accommdation.
The HC observed that despite the rejection of their claims, the residents claimed benefit of
policies under which they are not eligible. Holding that the government authorities were right in
their process of eviction, the HC took into consideration the Covid-19 situation and granted the
residents two weeks to vacate the plot.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date September 23, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/gujarat-
hc-gives-slum-dwellers-two-weeks-to-vacate-government-plot/78276592
Mysuru civic body collects 40% property tax in six months
Property tax is the single largest source of revenue for the civic body. However, tax
collection, especially from defaulters who have huge dues from several years, has suffered
due to the lockdown.
The Mysuru City Corporation has achieved a rare feat of collecting nearly 40% of property
tax within six months this fiscal year. As against the Rs 170 crore target, it has collected more than Rs 68 crore since mid-May when tax collection resumed after the lockdown.
Property tax is the single largest source of revenue for the civic body. However, tax collection, especially from defaulters who have huge dues from several years, has suffered due to the
lockdown. MCC, which has presented a Rs 700 crore budget, had projected to generate revenue of around
Rs 160 crore through property tax. As per the Karnataka Municipal Corporation Act 1976, the civic body will provide a rebate of 5% on the tax payable by property owners in April, the first
month after the end of the financial year in March every year. But due to the lockdown, MCC extended the rebate till July 31.
There are 1,83,535 properties in MCC limits of which 1,58,156 are general properties and 25,379
are revenue properties. Of the general properties, 13,972 are sites, 1,34,871 are houses and
1,34,871 commercial establishments.
MCC deputy commissioner (revenue) TB Kumara Naik told TOI MCC launched an online
property tax payment facility. “Property tax has been collected from May 17 and by September
21, we have collected Rs 67.5 crore. We still have to collect around Rs 90 crore to achieve our
target,” he said.
Reacting to commercial establishments, especially Mysuru Kalyana Mantapa Owners
Association, demanding the government to waive off property tax due to business loss due to the
lockdown, Naik said the government has not released any direction in this regard. “We will
continue the drive to collect tax from defaulters,” he said.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date September 23, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/mysuru-
civic-body-collects-40-property-tax-in-six-months/78268560
Madhya Pradesh to get tenancy act to regulate home rentals
MP will also have rent tribunals and courts where landlords and tenants can settle disputes,
and advance payment will have a fixed formula.
In a bid to regularise home renting, the Madhya Pradesh government is bringing about a Model
Tenancy Act (MTA).
Like other urbanised states, MP will also have rent tribunals and courts where landlords and tenants can settle disputes, and advance payment will have a fixed formula .
The government has sought suggestions from stakeholders on the draft bill by October 31.
As per the draft, “After commencement of MTA, no premises will be rented except by an
agreement in writing on mutually agreed terms.”
The agreement will be binding on successors of the landlord and the tenant for the remaining
period of the tenancy.
________________________________________________________________
Newspaper/Online ET Realty ( online )
Date September 23, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/madhya-
pradesh-to-get-tenancy-act-to-regulate-home-rentals/78268669
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