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18-Mar-2020
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CREDAI Bengal Daily News Update | 18.03.20
Issued in Public InterestNewspaper/Online ET Realty (online)
Date March 17, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/covid-19-impact-
maharera-adjourns-all-cases-till-march-31/74673404
Covid-19 Impact: MahaRERA adjourns all cases till March 31
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has adjourned all the
cases before the authority and Adjudicating Officers till March 31 owing to the pandemic
of Coronavirus.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has adjourned all the cases
before the authority and Adjudicating Officers till March 31 owing to the pandemic
of Coronavirus.
All the cases that were scheduled between March 16 and March 31 are being rescheduled except
"very urgent matters", the regulator said in a statement. The notice for these urgent matters will
have to be given well in advance and only after satisfaction of urgency then matter could be taken
up for hearing.
The regulator's project and agent registration process remains unaffected as this is completely
online. As a precautionary measure in the view of ongoing Coronavirus mayhem, the regulator
has allowed its staff to work from home till further orders.
________________________________________________________________Newspaper/Online ET Realty (online)
Date March 17, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/covid-19-pay-house-tax-
after-picking-up-free-mask-at-dehradun-civic-body/74678082
Covid-19: Pay house tax after picking up free mask at Dehradun
civic body
The deadline for depositing house tax is March 31 and the DMC is expecting a rush of
visitors at its premises at this time of the month.
Stepping up preventive measures against the coronavirus epidemic, the Dehradun Municipal
Corporation (DMC) has put several safety arrangements in place as residents line up at its
premises to pay their house tax.
The deadline for depositing house tax is March 31 and the DMC is expecting a rush of visitors at
its premises at this time of the month.
Officials said that in order to ensure people submit their dues, while keeping coronavirus at bay,
they have set up a stall inside the DMC premises that lets visitors as well as corporation staff use
face masks and hand sanitisers free of cost. In fact, the use of both has been made mandatory
before entering office premises.
Talking to TOI, municipal commissioner Vinay Shankar Pandey said, “We are taking every
possible measure to keep ourselves and others safe from the infection. While maintaining personal
hygiene is one form of protection, crowds also need to be avoided. People will be standing in a
queue to deposit their house tax and it is mandatory to protect everyone from the threat (of
coronavirus).”
Vijay Dhyani, a resident of EC Road, who came to deposit house tax at the DMC office on
Monday, said, “The facility of masks at a public office is certainly a welcome move. This will
help us to keep ourselves safe.”
Meanwhile, the DMC has also briefed its sanitation workers about the situation and advised them
to take extra precaution while coming in contact with people.
“We have printed over a lakh handouts for awareness about Covid-19. These have been given to
sanitation workers, who have been asked to leave them with residents of households they collect
garbage from,” added Pandey.
This financial year, the DMC has a target of collecting Rs 50 crore house tax from residential and
commercial premises.
________________________________________________________________Newspaper/Online ET Realty (online)
Date March 17, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/gurugram-civic-body-
collects-rs-49-crore-property-tax-in-last-two-months/74665921
Gurugram civic body collects Rs 49 crore property tax in last two
months
Zone 3, which includes upscale colonies such as DLF and Sushant Lok, topped the list with
the maximum recovery of almost Rs 20 crore.
The Municipal Corporation of Gurgaon (MCG) has collected over Rs 49 crore in the form of
property tax in the last two months.
Zone 3, which includes upscale colonies such as DLF and Sushant Lok, topped the list with the
maximum recovery of almost Rs 20 crore. It was followed by Zone 2 and Zone 4, where taxes
amounting to Rs 12.3 crore and Rs 10.3 crore were recovered, respectively. Zone 1 was last with
a collection of around Rs 8 crore as property tax.
The recovery was conducted along with sealing of properties by the enforcement wing, which
sealed over 50 properties, including those of several developers, since January this year.
Properties, which were sealed included clubs, construction companies, shops in malls and
residential properties. Around 19 properties were sealed in Zone 3 and 18 properties in Zone 4
for non-payment of property tax despite several reminders, a zonal taxation officer said.
Last year, chief minister Manohar Lal Khattar took serious note of pending property tax worth
crores and directed the MCG commissioner to recover the tax from defaulters owing over Rs 20
lakh in dues. Following the CM’s directives, MCG conducted a survey that revealed that there
are over 250 properties in city’s four zones where owners hadn’t paid property tax.
An official said that the corporation is sending notices to defaulters in the city asking them to pay
the tax on time, failing which their properties will be attached and penalty will be imposed on
them. “Once the property is attached, the sale and purchase of the property is restricted till the tax
dues are cleared by the owner,” he added.
The corporation had put up as many as 25 properties located in Udyog Vihar, Sector 35, Nirvana
Country, Sohna Road and several other parts of the city for auction last year after their owners
failed to pay property tax.
“It is a matter of grave concern that till date no report on property tax has been forwarded by the
taxation officers after having been given clear-cut directions by the senior officials.....Action
would be taken against any official found responsible for further delay,” former MCG
commissioner Yashpal Yadav had written in a strong-worded letter to senior officials.
________________________________________________________________Newspaper/Online ET Realty (online)
Date March 17, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/financial-crisis-forces-
people-to-vacate-rented-flats-in-
kochi/74673704https://realty.economictimes.indiatimes.com/news/residential/financial-
Financial crisis forces people to vacate rented flats in Kochi
crisis-forces-people-to-vacate-rented-flats-in-kochi/74673704
All Kerala apartment owners apex association president V K Shankarankutty quoted the
case of a businessman who left the flat in which he was residing due to the loss he suffered
in business.
As businesses in Kochi continue to take a beating and financial crisis becomes more apparent,
many tenants who live in rented flats are either moving out of the city or are looking for cheaper
accommodation in the city’s suburbs. Salary cuts and layoffs have also adversely affected rentals.
All Kerala apartment owners apex association president V K Shankarankutty quoted the case of
a businessman who left the flat in which he was residing due to the loss he suffered in business.
“It was a 3BHK apartment at Edappally. Though he owns a house in the city, he moved to the
apartment on the ground floor for a monthly rent of Rs 20,000 as his wife couldn’t climb stairs.
As the stock market crashed and his businesses suffered huge loss, he said he was unable to pay
the rent,” he said.
Brokers who operate in the city also echo similar views. They say that though there is a demand
for accommodation, not many are willing to pay the exorbitant rentals. Francis Johnson, a broker
operating near MG Road, said: “Those people who were earlier willing to pay a monthly rent of
Rs 20,000 to Rs 25,000 are now demanding apartments in the range of Rs 12,000 to Rs 15,000.”
He said this has been the scenario for the past two months.
Those familiar with housing and rentals in the city blame the brokers for hiking rentals. The
brokers who negotiate between the flat owners and the tenant assure the owner that they will rope
in tenants who are willing to pay higher rent. “Their commission is based on the rentals. Both the
owner and the tenant pay an amount, which is half of the monthly rent, as commission,” said
Mohammed T, a city resident.
________________________________________________________________Newspaper/Online ET Realty (online)
Date March 17, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/secunderabad-
cantonment-board-to-penalise-realtor-who-demolished-building-illegally/74665947
Secunderabad Cantonment Board to penalise realtor who
demolished building illegally
He had rented it to M/s Satyam Computer Services (firm of former CEO Byrraju
Ramalinga Raju) five years ago, but the company vacated it later.
A person was killed when the owner of a commercial building at Karkhana in the Cantonment
area bulldozed the structure, flouting the Cantonment Act that requires one to take permission
from the Secunderabad Cantonment Board before demolishing a property.
This was the first ever such incident since the inception of the Secunderabad Cantonment Board
(SCB).
According to records of SCB’s engineering wing, the property (G+3) belonged to Durga Prasad,
a realtor. He had rented it to M/s Satyam Computer Services (firm of former CEO Byrraju
Ramalinga Raju) five years ago, but the company vacated it later. It was then leased to a private
bank that moved out when its permanent building was constructed.
“Since then, the property was lying vacant and the owner had applied to construct a new G+2
building on the same premise. He had sent the layout to the SCB engineering wing three months
ago and was waiting for approval. As per the Cantonment Act, every layout has to pass by the
board members through a resolution,” an assistant cantonment engineer with SCB, Balakrishna,
told TOI.
However, the owner had not applied for a permission to demolish the building. The property was
ravaged even before an SCB meeting could be convened, added Balakrishna. It is for SCB
engineering wing to give permission for any demolition and issue precautionary and safety
measures to be followed during the process.
Citing flouting the rules and regulations of Cantonment Act, we have decided to impose huge
penalty against the property owner. This penalty will be decided by the CEO of Cantonment
Board and will be served through a notice. The range of the penalty could be between Rs 5 lakh
and Rs 10 lakh, the SCB official said.
Traffic went haywire on Karkhana-Secunderabad Club stretch between 8 am and 1 pm due to the
incident. Traffic police swung into action to clear the area at the earliest.
________________________________________________________________Newspaper/Online ET Realty (online)
Date March 17, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/lucknow-civic-body-mulls-
filing-firs-against-house-tax-defaulters/74673903
Lucknow civic body mulls filing FIRs against house tax defaulters
For the next financial year, Lucknow Municipal Corporation has mooted a proposal to
lodge an FIR against house tax defaulters. The proposal will be tabled in the House meeting
for final approval.
Not paying your house tax on time can land you in jail.
For the next financial year, Lucknow Municipal Corporation has mooted a proposal to lodge an
FIR against house tax defaulters. The proposal will be tabled in the House meeting for final
approval.
“First, a notice will be served to a defaulter. If they do not respond within 15 days, an FIR will
be lodged,” said additional municipal commissioner Amit Singh.
The civic body had recently increased its house tax revenue target from Rs 300 crore to Rs 410
crore to meet the rise in expenditure resulting from a hike in corporators’ funds from Rs 95 lakh
to Rs 1.28 crore each.
However, LMC’s experience has shown that it has not been able to meet house tax collection
target over the past three years. In 2018, a similar increase in corporators’ funds had to be rolled
back because of failure to meet revenue target.
However, this time, LMC officials said that they have prepared an action plan to achieve targets.
First, a geographical index system (GIS) survey will be conducted to cover all 5.48 lakh
households in the city to identify those paying undervalued tax.
Thereafter, a drive to collect taxes from defaulters will be carried out. Simultaneously, staff of
the civic body will conduct door-to-door drive to collect taxes.
________________________________________________________________Newspaper/Online ET Realty (online)
Date March 18, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/invesco-global-buys-oberoi-
realty-shares-worth-rs-220-crore/74683411
Invesco Global buys Oberoi Realty shares worth Rs 220 crore
The shares were bought on an average price of Rs 438.38 valuing the transaction at Rs 220
crore.
Invesco Global on Tuesday picked up equity shares worth Rs 220 crore of Oberoi Realty through
open market transaction. According to the bulk data available on BSE, a total of 50,24,217 shares
of Oberoi Realty were purchased by Invesco Global Small and Midcap Growth Fund.
The shares were bought on an average price of Rs 438.38 valuing the transaction at Rs 220 crore.
Meanwhile, Wellington Trust Company National Association Multiple Common Trust Funds
Trust Emerging Markets Opportunities Portfolios sold 27,20,814 stocks of the realty company at
an average price of Rs 430.38 amounting to Rs 117 crore.
Shares of Oberoi Realty closed at Rs 436.45, apiece on the BSE, down 1.62 per cent from the
previous close.
________________________________________________________________Newspaper/Online ET Realty (online)
Date March 18, 2020
Link https://realty.economictimes.indiatimes.com/news/residential/mumbai-chanda-deepak-
kochhar-looking-to-buy-flat-in-cci-chambers/74683535
Mumbai: Chanda & Deepak Kochhar looking to buy flat in CCI
Chambers
Sources said that the Kochhars are negotiating for an apartment, valued around Rs 17
crore, in the name of their son Arjun as their own apartment in CCI Chambers has been
attached by the Enforcement Directorate (ED).
ICICI Bank’s former MD and CEO Chanda Kochhar and her businessman husband Deepak
Kochhar, who are being investigated by multiple revenue and law enforcement agencies for
alleged money laundering, are in the processing of buying a three-BHK apartment in CCI
Chambers CHS opposite the Cricket Club of India at Churchgate.
Sources said that the Kochhars are negotiating for an apartment, valued around Rs 17 crore, in
the name of their son Arjun as their own apartment in CCI Chambers has been attached by
the Enforcement Directorate (ED). Properties and assets of Chanda and Deepak Kochhar, worth
around Rs 78 crore, have been attached by the ED.
The CCI Chambers have three wings: East, West, and Centre. The Kocchars’s Flat No. 45 -- on
the fifth floor of West Wing – was attached by the ED in January.
The real estate sources told Mirror that another apartment in the same wing has been put on sale
and the Kochhars are negotiating for the same in the name of Arjun, the 23-year-old who recently
completed the under-graduation course at Yale University and who is working for the
management consultancy firm McKinsey & Company.
Areal estate source said that apartments at CCI Chambers command a price of around Rs 80,000
per sq ft. “A recent transaction of a three-BHK flat with a 2,150 sq ft carpet area was in the range
of Rs 17 crore,” the source said.
Kochhars’s troubles
The ED’s money laundering case against the Kochhars is based on the first information report
registered by the CBI against the couple, Videocon Group chairman
Venugopal Dhoot and six others. The CBI’s case pertains to six loans of Rs 1,875 crore
sanctioned to Videocon Group companies between June 2009 and October 2011when Chanda
Kochhar headed ICICI Bank and was a key member of the approvals committee.
She is being probed for receiving alleged “illegal gratification through her husband Deepak
Kochhar from Videocon MD Dhoot” as well as cheating and abuse of her official position for
“dishonestly sanctioning loans to the Videocon Group”, according to the FIR.
The CCI Chambers apartment was allegedly bought at a price lower than the market rate through
a company in which Videocon Group had a stake. Mirror made several attempts to contact theKochhars for a comment but the calls and messages remained unanswered. Amit Bhimani, who is a managing committee member in the CCI Chambers CHS, said that he wasn’t aware of the Kochhars trying to purchase another apartment in the society. A real estate source, however, said the transaction was in the process. ________________________________________________________________
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