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26-June-2019
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CREDAI Bengal Daily News Update | 26.06.19
DHFL defaults on 60% payment up to Rs 225 crore on commercial
papers dues
DHFL said the balance of Rs 225 crore will be paid once the surplus cash flow position
improves over the next couple of days.
Crisis-ridden DHFLTuesday said it has defaulted on 60 per cent of Rs 375-crore commercial papers
due for repayments on June 25, while the rest of the payment has been made. DHFL in a regulatory
filing said, "June 25, 2019" is the date of default on its unsecured commercial papers (CPs) worth Rs
375 crore.
On the current default amount, DHFL said, "Out of the aggregate amount of Rs 375 crore, Rs 150
crore i.e. 40 per cent has been paid on a proportionate basis and the balance amount of Rs 225 crore
shall be paid in the next couple of days."
Since September 2018, the company has met liability obligations of more than Rs 41,000 crore,
DHFL said.
Without any recourse to fresh debt funding, a situation exacerbated by multiple rating downgrades,
the company met all its financial obligations through a combination of internal accruals, sell-down of
its loan assets and monetisation of non-core assets, it said.
"Pursuant to the downgrade by rating agencies expecting a default for the CPs much before they had
fallen due, the mutual funds had already taken a 100 per cent markdown on their CP investments.
However, even post these downgrades, the company continued to meet its obligations of CP holders
and made good a total of Rs 375 crore of CPs before today," it said further.
DHFL said the balance of Rs 225 crore will be paid once the surplus cash flow position improves
over the next couple of days.
The company is already in the process of selling down its loan assets including wholesale project
loans to make good all its obligations and maintain its 100 per cent commitment to all its creditors as
it has done since the liquidity crisis started in September 2018.
The company does not differentiate between secured and unsecured creditors and will continue to
uphold its standing as one of the leading Housing Finance Companies of the country.
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/allied-industries/dhfl-defaults-on-60-payment-up-to-rs-225-crore-on-commercial-papers-dues/69951549
Page 2 of 21
Shares of DHFL on Tuesday closed 4.25 per cent down at Rs 75.40 apiece on the BSE.
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Page 3 of 21
CPCB stops Ansal Properties' township project, imposes fine of Rs 14.6
crore
In its order dated June 18, the apex pollution control body held the builder guilty of discharge
of untreated waste for 281 days in its 604 acre residential complex at Sushant Lok, Phase 1, in
Gurgaon.
The Central Pollution Control Board (CPCB) has directed Ansal Properties and Infrastructure to stop
all construction activities for its township project in Gurgaon for violation of environmental norms
and also asked the real estate developer to pay Rs 14.69 crore as compensation.
In its order dated June 18, the apex pollution control body held the builder guilty of discharge of
untreated waste for 281 days in its 604 acre residential complex at Sushant Lok, Phase 1, in Gurgaon.
The CPCB directed the chairman of the firm "to stop all the construction/expansion activities in
Sushant Lok, Phase 1, Gurgaon with immediate effect".
The company's spokesperson could not be immediately contacted for comment.
According to the CPCB, the builder has encroached green areas and is illegally extracting ground
water without a No Objection certificate (NOC) from the Central Ground Water Authority (CGWA).
The National Green Tribunal was also seized of the matter and the CPCB, in pursuance to the NGT's
order, issued directions to the Haryana State Pollution Control Board (HSPCB) and the CGWA to
also separately levy environmental compensation for the violations.
The CPCB has also directed the State Environment Impact Assessment Authority (SEIAA), Haryana,
to revoke environmental clearances, if granted, and also not let Ansal Properties and Infrastructure
undertake any expansion activity till it complies with all the directions.
The pollution control body also asked the Haryana Electricity Board to stop power supply for any
further expansion of the residential complex.
The builder was asked to submit an action plan to the CPCB "regarding rectification of
shortcomings... action taken report be submitted along with necessary documentary evidences..."
On September 19 last year, the tribunal had directed a joint committee comprising officials from the
Town and Country Planning Department, Haryana, the Delhi School of Planning and Architecture,
the CGWA and the SIEAA to furnish a report on the issue.
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/cpcb-stops-ansal-properties-township-project-imposes-fine-of-rs-14-6-crore/69951457
Page 4 of 21
The committee, in its report, had said that the sewerage system was not proper and even rain water
harvesting system for houses was not provided.
It said maintenance of roads, footpath and parks was not up to the mark and system of collection of
solid waste was not as per the Solid Waste Management Rules, 2016.
________________________________________________________________________________
Page 5 of 21
Five builders in Ghaziabad booked for illegal construction
The defaulters are Gola Builders, Kartik Developers, Rajat Real Estate, Maheshara Infra
Valley and Vickson Project.
The Ghaziabad Development Authority (GDA) lodged a police complaint against five builders on
Monday alleging illegal construction at Adarsh Nagar and Vijay Nagar. Officials have accused the
builders of constructing flats without getting the projects passed by it. They have also been accused
of carrying out construction even after an order was passed to seal and demolish illegal structures.
The defaulters are Gola Builders, Kartik Developers, Rajat Real Estate, Maheshara Infra
Valley and Vickson Project. They were booked under IPC sections 188 (disobedience to order duly
promulgated by public servant) and 336 (endangering life or personal safety of others).
The complaint was lodged by GC Joshi, junior engineer, enforcement zone 4. He alleged that the
violations were found inside Adarsh Nagar Pragatisheel Society where four buildings were found to
have been constructed without permission in March. The builders were given opportunities to present
their case but none of them turned up and an order to demolish the buildings was passed in April.
Officials said the builders continued with the construction. On June 7, the buildings were sealed.
_________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/five-builders-in-ghaziabad-booked-for-illegal-construction/69951643
Page 6 of 21
Shapoorji Pallonji, Hines tie up for premium Bengaluru project
The total investment by the joint venture partners for the development of these new phases will
be around Rs 425 crore.
Realty developer Shapoorji Pallonji Real Estate has entered into an agreement with global property
investment management firm Hines to jointly develop two phases of its premium residential project
Parkwest in Bangalore.
The total investment by the joint venture partners for the development of these new phases will be
around Rs 425 crore. According to the agreement, Hines will be paying about Rs 318 crore to
Relationship Properties, a wholly-owned subsidiary of Shapoorji Pallonji Group, for a majority stake
in phase 3 and phase 4 of the project.
The residential project is spread across around 46 acres in Binnypet area of Bengaluru and has a total
saleable area of around 4.8 million sq ft. Of this, phase 3 of the project, which has already been
launched, has around 0.32 million sq ft saleable space, while the fourth phase, to be launched by this
year end, has 1.48 million sq ft area. The first phase of the project is already sold out, while the
second phase is being undertaken by Shapoorji Pallonji Real Estate independently.
―This strategic partnership is in line with our theme of joint ventures with India's best development
companies. This project also marks our entry into Bangalore after an extensive search, and further to
our existing presence in NCR and Mumbai," Amit Diwan, managing director and country
head, Hines India Real Estate, told ET.
Hines has previously partnered with developers such as DLF, Tata Housing and Conscient Group to
develop real estate in the NCR and Mumbai property market.
―This partnership fits well with our strategy to partner with global investors to expand our product
offering in the premium residential segment. As part of the partnership, there will be new product
addition to our premium residential project which will strengthen our presence in the Bangalore
residential market,‖ Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate, told ET.
Shapoorji Pallonji Real Estate has, in 2016, partnered with Actis, International Finance Corporation
(IFC) and Asian Development Bank (ADB) to develop middle income housing across India under its
Joyville brand that currently has four projects across the country.
Global investors, including CPPIB, Blackstone Group, Singapore's sovereign fund GIC, Goldman
Sachs and Qatar Investment Authority have been investing in Indian realty assets for the past few
years. In addition to this, more funds are eyeing investment and alliance opportunities here.
Newspaper/Online ET Realty (online)
Date June 25, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/shapoorji-pallonji-hines-tie-up-for-premium-bengaluru-project/69938767
Page 7 of 21
Crucial policy decisions, which have resulted in change in global investors‘ perception of Indian real
estate, include implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA),
the Benami Transactions (Prohibition) Amendment Act, 2016, infrastructure status to affordable
housing projects, demonetisation, interest subvention schemes, relaxation of norms to encourage
Real Estate Investment Trust (REIT) listings and implementation of the Goods and Services Tax.
In terms of cities, Mumbai, Delhi NCR and Bangalore have been the preferred markets accounting
for over two-third of institutional investments from 2009 till 2018, showed a recent report. With 42%
share of investments worth $8.6 billion in 2014-18, Mumbai is ahead of other cities; it is followed by
Delhi-NCR and Bangalore with $4.4 billion and $2.6 billion, respectively.
Page 8 of 21
Centre plans to set up common online platform for RERA of all states,
UTs
Under the Real Estate (Regulation and Development) Act, 2016, all states are mandated to
constitute their respective real estate regulator RERA which provides proper protection to
home buyers.
The Centre has planned to set up a common online platform for the Real Estate RegulatoryAuthority
(RERA) of all states and UTs, a move which will provide an opportunity to home-buyers, builders
and authorities to exchange views. Announcing the government's plan here, Housing and Urban
Affairs Secretary Durga Shanker Mishra said that with this platform, the real estate law will become
"more strong".
Under the Real Estate (Regulation and Development) Act, 2016, all states are mandated to constitute
their respective real estate regulator RERA which provides proper protection to home buyers.
"We are working to introduce a common platform where RERA of all states and Union Territories
(UTs) can exchange their views. With this, RERA will be more strong," he said.
According to the ministry, as per the norms of Pradhan Mantri Awas Yojana (Urban), home-buyers
will not be able to avail Credit Linked Subsidy Scheme (CLSS) under the mission if real estate
project is not registered under RERA.
Under PMAY (U), home-buyers can avail an interest subsidy of upto 2.67 lakh.
Later, Mishra told reporters that on the online platform, any state RERA can study an order of other
states in a particular matter. Also, home-buyers and builders can give their views on this issue.
Giving details about real estate projects on the fourth anniversary of PMAY (U), AMRUT and Smart
Cities Mission, the secretary said that till now, over 42,000 projects have been registered under
RERA while more than 32,000 real estate agents have been registered.
On his part, Housing and Urban Affairs Minister Hardeep Singh Puri said that wherever the central
real estate law has been implemented, it has made a "very big difference".
RERA is a real estate regulator and it gives an opportunity to home-buyers to register their complaint
against builders, Puri also said.
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/centre-plans-to-set-up-common-online-platform-for-rera-of-all-states-uts/69946101
Page 9 of 21
Mishra said that 30 states and UTs have notified RERA, but West Bengal has notified its own real
estate regulator -- Housing and Industrial Regulation Act, 2017 (HIRA).
In July last year, the ministry had sought the opinion of the Law Ministry over West Bengal notifying
its own real estate law instead of implementing the Real Estate (Regulation and Development) Act
enacted by Parliament.
Page 10 of 21
Mumbai: Piramal Capital & Housing Finance looks to raise $400
million via offshore loan
Under the current circumstances, any Indian company with a fair share of builder loans has to
walk the extra mile to raise overseas credit.
Piramal Capital and Housing Finance is looking to raise as much as $400 million through external
commercial borrowings (ECBs) and ease liquidity pressure as domestic lenders are hesitant to lend to
the sector, said two bankers familiar with the matter. The company is in talks with a group of bankers
that is helping to syndicate the offshore loan, said one of the people cited above.
The pricing of the two-to-five-year loan is yet to be finalised. Typically, such debt has a markup or
spread of 200-300 basis points over the dollar-linked London Interbank Offered Rate (Libor), dealers
said, citing past deals. However, global investors have turned risk averse with many countries
yielding less than zero for their benchmark bonds, said an investment banker.
―Under the current circumstances, any Indian company with a fair share of builder loans has to walk
the extra mile to raise overseas credit,‖ the person said.
Piramal Capital didn‘t respond to queries.
The company is struggling due to the current cash crunch in the real estate sector because of its
heavy builder loans. It recently sold off a 10% stake in Shriram Transport Finance for Rs 2,300 crore.
Newspaper/Online ET Realty (online)
Date June 25, 2019
Link https://realty.economictimes.indiatimes.com/news/allied-industries/mumbai-piramal-capital-housing-finance-looks-to-raise-400-million-via-offshore-loan/69940294
Page 11 of 21
Funding Costs at Multi-year Highs
There‘s speculation that Ajay Piramal may also exit his investments of 20% in Shriram Capital and
10% in Shriram City Union. Piramal Capital has a wholesale book of Rs 51,436 crore, out of which
real estate loans account for Rs 40,160 crore.
Nonbanking finance companies (NBFCs) have been facing a liquidity squeeze after Infrastructure
Leasing & Financial Services (IL&FS) defaulted on repayments in September last year. Lenders have
shied away from extending loans, prompting NBFCs to scramble for overseas money either through
bonds or loans. Shriram Transport Finance and Indiabulls Housing were among the early birds that
have gone in for overseas borrowings. Bajaj Finance, Hero FinCorp, L&T Finance, Tata Financial
Services, and IIFL Finance are also in talks with overseas banks, ET reported on April 30.
Apart from IL&FS, repayment worries over Dewan Housing Finance and the Essel Group have
pushed funding costs at NBFCs to multi-year highs. Spreads on top-rated five-year bonds of Indian
nonbanking lenders rose 90 basis points, or 0.9 percentage points, in the past year but have dipped
lately. The average funding costs for shadow banks surged as much as 170 basis points between
September and April this year. They came off marginally later amid a softer interest rate regime. A
basis point is one hundredth of a percentage point.
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Page 12 of 21
Police bust racket behind false claims against Indiabulls
The company said Kislay Panday and his father Ram Mani Panday, who are advocates by
profession, ran the "organised" racket.
Indiabulls Housing Finance Ltd on Tuesday said that police in Gurugramin Haryana had uncovered a
racket of hurling allegations of money laundering at the housing finance company.
In a regulatory filing, the company said that a court in Gurugram had issued a non-bailable arrest
warrants against Kislay Panday and his father Ram Mani Panday who are advocates by profession
and who ran the "organised" racket.
The father and son run a law firm from Delhi, Managium Juris LLP, it said.
"Investigations by the Gurgaon police into a complaint filed by Indiabulls against one Vikash
Shekhar, who is under arrest (his bail petition has been denied by courts), has blown the lid off an
organised racket run by Kislay Panday and Ram Mani Panday," said the BSE filing.
"Both of them are absconding and on the run. Records at the Seemapuri police station, Delhi, show
that there are at least four FIRs against Kislay Panday and Ram Mani Panday filed between 2002 and
2011 by various individuals for offences such as cheating, fraud, extortion, blackmailing, threatening
and offences under the Arms Act," it added.
Earlier in the month, a petitioner filed a plea in the Supreme Court alleging misappropriation of Rs
98,000 crore by the company. He withdrew the petition on June 13.
The Supreme Court also pulled up petitioner Abhay Yadav, who had alleged that Indiabulls
misappropriated Rs 98,000 crore of public money.
The company said: "Over the last 10 days Kislay Panday and Ram Mani Panday are repeatedly
sending the malicious complaint that was initially used for trying to extort monies from Indiabulls ...
under the names of several people."
_________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 26, 2019
Link https://realty.economictimes.indiatimes.com/news/allied-industries/police-bust-racket-behind-false-claims-against-indiabulls/69951596
Page 13 of 21
Chandigarh housing board prices top tri-city realty charts
A 3 BHK flat is available between Rs 80 lakh and Rs 1.60 crore in Chandigarh and Rs 60 lakh
to 1 crore in Mohali and Panchkula.
The prices of Rs 1.76 crore for a three-bedroom hall kitchen (BHK) flat and Rs 99 lakh for a one
BHK flat under UT Employees Self Finance Housing Scheme 2008 finalized by the Chandigarh
Housing Board (CHB) are the highest in the Tricity, according to real estate experts.
A 3 BHK flat is available between Rs 80 lakh and Rs 1.60 crore in Chandigarh and Rs 60 lakh to 1
crore in Mohali and Panchkula. Sunil Kumar, general secretary, Property Consultants Association,
Chandigarh, said as the CHB, which is a government body, has fixed these prices, there are chances
that property owners in other sectors of Chandigarh and in Panchkula and Mohali will demand more
prices for their flats too. The prices fixed by CHB are unrealistic and they should find ways to reduce
them, Kumar said. Raj Kumar Pal, chief patron, Property Consultants Association, Chandigarh, said
the CHB flats would be constructed in sectors 52, 53 and 56, which are not in the heart of the city. A
customer can easily purchase different categories of flats in good sectors like 44, 43, 39 and 38
(West) and that too below the prices fixed by the CHB, he said.
CHB has asked applicants to give consent in 21 days
Pal said, ―Why would a person would go for flat in Sector 56, if he will get a similar flat in Sector
44, which has every facility like market, hospital, private and government schools, green belts at a
lesser price.‖
The CHB had recently issued a public notice and asked all successful applicants of the UT
Employees Self Finance Housing Scheme 2008 to give their consent within 21 days for payment in
five installments with applicable interest.
Earlier, the CHB had estimated Rs 2.08 crore for a three BHK flat, Rs 1.64 crore for a two BHK flat,
Rs 1 crore for a one BHK flat and Rs 60 lakh for one BHK (EWS) flat. As the decision was taken to
construct the flats for UT employees on ―no profit no loss‖ basis, the prices were calculated to Rs
1.76 crore for three BHK, Rs 1.35 crore for two BHK, Rs 99 lakh for one BHK and Rs 58.07 lakh for
one BHK (EWS).
When the scheme was announced in 2008, the rates were Rs 34.70 lakh for three BHK, Rs 24.30 lakh
for two BHK, Rs 13.53 lakh for one BHK and Rs 5.76 lakh for one BHK (EWS). On January 2, a
cabinet meeting chaired by Prime Minister Narendra Modi approved the proposal of the scheme
pending since 2008. Recently, the centre had submitted before the Punjab and Haryana high court
that the proposal to allot 61.5 acres of government land to the CHB for the purpose had been sent to
Newspaper/Online ET Realty (online)
Date June 25, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/chandigarh-housing-board-prices-top-tri-city-realty-charts/69942867
Page 14 of 21
the cabinet secretariat.
A total land of 73.3 acre was earmarked for the construction of 3,930 dwelling units for the UT
employees. Out of which, 11.8 acre was already in the possession of the CHB. Around 61.5 acre of
government land was to be allotted to the CHB.
The CHB was appointed as a nodal agency for implementation of the scheme. Accordingly, it
advertised the scheme on leasehold basis for 99 years for the employees of the administration in
2008.
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Page 15 of 21
Housing sales in Bengaluru zip 80% in Q1 2019 over 2017
The residential markets are coming out of a seven-year downturn and select micro-markets
will bottom out in 2019 and 2020, Puri said.
The IT city has emerged as the most active residential property market in the country over the last
two years, with overall housing sales rising by 80% in the first quarter of 2019 against the same
period in 2017.
Overall unsold stock has also declined by 44% during the same period — the maximum among top
cities, data from ANAROCK Property Consultantsshowed.
―Builders cautiously focused on releasing less new supply in the market and instead focused on sale
of old projects. This, invariably, led to increased housing sales. At any given point, an inventory
overhang within 18 months is considered a healthy market,‖ said Anuj Puri, chairman – ANAROCK
Property Consultants.
With rising sales backed by rising consumer demand, India‘s Silicon Valley has seen the overhang of
residential inventory declining to 15 months by the end of the first quarter of 2019 from 42 months in
the first quarter of 2017, according to the report.
Fresh supply went up by around 39% during the period, it said.
―There has been a remarkable growth in the Indian real estate industry and the sector is regaining
visibility and viability. The past year witnessed a significant rise in demand for affordable housing,‖
said Ashish R Puravankara, managing director, Puravankara. The group sold 1,148 units in the last
quarter of FY19, a rise of 117% compared with the third quarter, when the sales were 528 units.
Unprecedented commercial growth, backed by burgeoning startups over the last few years, has
inevitably raised disposable incomes of IT/ITeS professionals and new entrepreneurs. It is this new
and young population that is driving housing sales in the city.
―Much to their delight, prices were also fairly attractive and couldn‘t possibly get lower than this.
Alternatively, to clear unsold stock, developers also offered attractive deals and discounts to them,‖
said Puri.
Fresh supply during the last two years remained largely limited, compared to other prominent cities
like Pune, Chennai and the Mumbai Metropolitan Region, which saw new launches increase by
279%, 118% and 79%, respectively.
The residential markets are coming out of a seven-year downturn and select micro-markets will
bottom out in 2019 and 2020, Puri said.
Newspaper/Online ET Realty (online)
Date June 25, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/housing-sales-in-bengaluru-zip-80-in-q1-2019-over-2017/69941925
Page 16 of 21
The real estate sector‘s revival, however, hinges on developers‘ ability to secure liquidity at
favourable terms and an uptick in demand through improved market sentiment.
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Page 17 of 21
Mussoorie & Dehradun Development Authority to fine builders for
illegal construction
The MDDA, in its board meeting on Monday, decided to make changes to the Uttarakhand
Urban and Country Planning and Development Act of 1973 while also proposing police action
against the encroachers.
Mussoorie Dehradun Development Authority (MDDA) has decided to impose a fine of Rs 1 lakh per
hectare on builders if the illegal plotting demolished by the authority is constructed again.
The MDDA, in its board meeting on Monday, decided to make changes to the Uttarakhand Urban
and Country Planning and Development Act of 1973 while also proposing police action against the
encroachers.
The authority has also decided to levy taxes on land subdivision.
―While the tax rate on the residential land division in the Dehradun Municipal Corporation area was
fixed at one percent, for the non-residential properties it would two percent. In the areas outside the
Dehradun municipal area it would be five percent for the residential and seven percent for non-
residential properties,‖ said Sanjeevan Soontha, systems administrator, MDDA.
MDDA has also prohibited amendments for making changes in a building after its construction is
completed.
―There have been instances where the changes have been made in the building after the issuance of a
completion certificate. However that won‘t happen from now on,‖ Soontha said.
The expected earnings and estimates of expenditure of the current financial year were also discussed
in the meeting.
The MDDA aims to earn Rs 805.48 crore in the financial year 2019-20 whereas its expenditure is
estimated to be around Rs 655.99 crore.
The other decisions of the civic body include a 10% spike in the number of high and middle income
flats at Transport Nagar and ISBT and giving preference to families registered under the Pradhan
Mantri Aawas Yojana in the upcoming projects and changing the lower income category units at the
Transport Nagar into housing for students.
Newspaper/Online ET Realty (online)
Date June 25, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/mussoorie-dehradun-development-authority-to-fine-builders-for-illegal-construction/69939735
Page 18 of 21
Over Rs 10,000 crore arrears pile up against colonizers in Haryana
The External Development Charge (EDC) is a fee payable to the town and country planning
(TCP) department of Haryana for providing support as well as to carry out external
development of the area where colonizers have carved out colonies.
Next time you get to hear about occupants of a residential or institutional project built by private
colonizers facing problems for want to development of the area around, blame it on the
outstanding EDCarrears worth Rs 10,443.89 crore lying pending with developers.
The External Development Charge(EDC) is a fee payable to the town and country planning (TCP)
department of Haryana for providing support as well as to carry out external development of the area
where colonizers have carved out colonies.
A close look at the list released by the Haryana TCP department suggests that the colonizers, who
have defaulted in payment of EDC, are mostly from NCR including Gurugram, Faridabad, Sonipat,
Rohtak and Panipat and they were issued licences between 2005 and 2018.
As on now, the department has received an amount of Rs 1,400 crore against the total outstanding.
The amount was mostly paid after the department put objections on renewal or extension of licences.
Director general of the Haryana TCP department K M Panduranga accepted that there are EDC
outstanding against private colonizers. He, however, maintained that the department is constantly
monitoring the process of repayment.
―There are lots of issues associated with the recovery of payments… Some colonizers have already
started making the payments, while some cases are pending in various courts. For now, our aim is
ensure that occupants don‘t suffer.
―Hence, we have already started development works in the areas concerned,‖ he said.
So far as action is concerned, the defaulters are facing the threat of cancellation of licences in
extreme circumstances, he added.
According to information, there are a total of 443 such colonizers, of which 14 defaulters have over
Rs 100 crore pending against them.
A Panipat-based colonizer tops the chart with Rs 276.27-crore outstanding, followed by a Gurugram
developer, who has defaulted in payment of Rs 188 crore, and then comes a Rohtak colonizer with
Rs 160.23-crore outstanding.
Newspaper/Online ET Realty (online)
Date June 25, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/over-rs-10000-crore-arrears-pile-up-against-colonizers-in-haryana/69935937
Page 19 of 21
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Page 20 of 21
Bhopal: CBI summons revenue officials in ‘Uni Homes’ case
CBI’s Jabalpur branch took over the case from Kolar police station in Bhopal following orders
of MP high court, which heard a PIL by ‘Uni Homes Residents Welfare Association’.
The CBI has summoned senior revenue officers posted in Bhopal as part of its investigation into
allegations of fraud on 250 investors by directors of ‗Uni Homes‘. A section of town and country
planning (TNCP) officials are also under the scanner for allegedly siding with builders, said sources.
CBI‘s Jabalpur branch took over the case from Kolar police station in Bhopal following orders of MP
high court, which heard a PIL by ‗Uni Homes Residents Welfare Association‘. The agency was
asked to complete its investigation within three months. Association members had alleged that
despite multiple FIRs being registered against the directors and companies of the group in 2017, no
action was initiated by Kolar police. Those named in the FIR were never called for interrogation,
they alleged.
The petitioners‘ counsel alleged in court that Kolar police were not probing the matter properly. The
petition says that each of the 250 petitioners had paid more than Rs 21 lakh in 2012 for a house in the
township, which the builders had proposed to develop. However, no construction has taken place, the
petitioners say, accusing Kolar cops of working at a snail's pace and ―trying to cover up the issue‖.
_________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 25, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/bhopal-cbi-summons-revenue-officials-in-uni-homes-case/69935864
Page 21 of 21
UP-RERA finds 262 illegal projects coming up on outskirts of
Lucknow
Satellite images of these projects were taken by the remote sensing centre on UP-RERA
directive and found them as illegal.
The Uttar Pradesh Real Estate Regulatory Authority has found as many as 262 housing projects on
the outskirts as developed without requisite permission from the authorities concerned.
Satellite images of these projects were taken by the remote sensing centre on UP-RERA directive
and found them as illegal.
UP-RERA had divided the outskirts into three zones - zone-1 (Sitapur - Faizabad Road), zone-2
(Faizabad-Rae Bareli Road) and zone-3 (Rae Bareli-Sitapur Road).
About 106 projects coming in zone-1, 85 in zone-2 and 71 in zone-3 found no mention in the records
of LDA or zila panchayat. "RSC has completed its survey and given us its preliminary report. a
detailed report will come in 15 days after which we will forward it to local authorities and district
magistrates for action," said UP-RERA secretary Abrar Ahmed.
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Newspaper/Online ET Realty (online)
Date June 25, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/up-rera-finds-262-illegal-projects-coming-up-on-outskirts-of-lucknow/69938948
