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UP-RERA issues notice to GDA in housing scheme case

The case was filed at the Greater Noida bench of UP-Rera by 60-year-old Ghaziabad resident Raj Prakash Tyagi, who has not yet got the possession of his EWS house that he was allotted 30 years ago by the GDA. The Rera bench issued five notices to GDA between February and June this year, asking its representative to appear before the regulator.

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The Real Estate Regulatory Authority of Uttar Pradesh (UP-Rera) has served a notice to the Ghaziabad Development Authority (GDA) over its failure to appear before the regulator in connection with a case related to the Indirapuram housing scheme meant for economically weaker sections. 

The GDA, however, claims the scheme doesn’t come under Rera’s purview.

The case was filed at the Greater Noida bench of UP-Rera by 60-year-old Ghaziabad resident Raj Prakash Tyagi, who has not yet got the possession of his EWS house that he was allotted 30 years ago by the GDA. The Rera bench issued five notices to GDA between February and June this year, asking its representative to appear before the regulator.

The bench has now threatened to pass ex-parte order on the basis of available documents and facts, in case GDA officials do not appear on August 29 and clarify their stand.

As per RERA rules, all development agencies and private builders are required to update their projects so that they can be accessed easily by the buyers and the status of the projects are in the public domain.

However, GDA chief engineer VN Singh said the EWS Indirapuram scheme was launched in 1990 and completed by 2001. “So, it does not come under Rera. The agency cannot expect the department to register the project that was completed 18 years ago. We have already submitted this reply, but despite that, the notice has been issued.”
 

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Commercial

Office real estate market holds steady while residential remains in doldrums

The future sentiment score in Q2 2019 dropped to 52 compared to 63 in the first quarter, suggesting that the industry is exercising caution. The sentiment score of the developers and the financial institutions significantly plummeted in Q2 2019.

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New Delhi : While things are not looking up for residential real estate sector, stakeholders remain positive on the office front and expect leasing rates to be on an upward swing in the coming six months. A survey by consultancy Knight Frank India Federation of Indian Chambers of Commerce and Industry (FICCI) and National Real Estate Development Council (NARDECO) shows that market sentiment towards new office supply is expected to remain strong. About 83 per cent of the respondents believe that the second half (July to December) of calendar year 2019 will see new supply additions and continue its momentum in key office markets across the country. According to Knight Frank Research, office leasing recorded a decadal high of 2.6 million square metres (or 27.4 million square feet) for space transacted in a single period during H1 (January to June) 2019 due to demand from IT/ITeS and co-working spaces. “Stakeholder outlook with regards future rental appreciation remains upbeat in Q2 (April to June) 2019 with 86 per cent of the stakeholders expecting rents to either remain stable or inch upwards in quality office space in key locations due to limited options,” it said. However, the residential sector remains in doldrums.

 

“The overall slowdown in economy coupled with factors like the non-banking finance companies (NBFCs) crisis, developer defaults and bankruptcies have slackened the sentiments of sector, especially for residential segment,” said the research report. The situation is further compounded by factors like ongoing liquidity crisis and a diminutive demand scenario.

The future sentiment score in Q2 2019 dropped to 52 compared to 63 in the first quarter, suggesting that the industry is exercising caution. The sentiment score of the developers and the financial institutions significantly plummeted in Q2 2019. Financial institutions have moved into the pessimistic zone at 48 (versus 64 in Q1) while developers were at 52 (versus 64 in Q1). Developers are possibly more optimistic because they anticipate a growing affordable housing business. About 74 per cent of stakeholders in the survey opined that the economic situation will be the same or may even worsen in the coming six months, showing low confidence in the market situation.

Knight Frank stated that a slowdown in consumption, lower investment and tightening of borrowing ecosystem has further compounded to negativity in outlook. Global rating agencies and multilateral institutions like International Monetary Fund (International Monetary Fund) (IMF) and Asian Development Bank (ADB) have lowered India’s GDP outlook. About 53 per cent of the stakeholders in Knight Frank’s Real Estate Sentiment Index Q2 2019 opined that the funding scenario may worsen in the next six months with lenders exercising caution in lending to sectors such as real estate, automobile and other consumption-driven sectors.

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Commercial

Former Finance Minister Arun Jaitely cremated with State honours

Wrapped in the national flag, the mortal remains were brought to the BJP headquarters on the Deen Dayal Upadhyaya Marg at around 11 AM from his Kailash Colony residence amid the chants of ‘Jaitley amar rahein’ (long live Jaitley).

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Former Finance Minister Arun Jaitley was cremated at the Nigambodh Ghat here with full State honours on Sunday in the presence of leaders from across the political spectrum and scores of his admirers and party workers.

Jaitley’s son Rohan performed the last rites.

Vice President Venkaiah Naidu, BJP veteran LK Advani, party president and Home Minister Amit Shah, Defence Minister Rajnath Singh, party’s working president J P Nadda, Union ministers Nirmala Sitharaman, Smriti Irani and Anurag Thakur; BJP MPs Vijay Goel and Vinay Sahasrabuddhe; Congress leaders Jyotiraditya Scindia and Kapil Sibal were among those present at the cremation ground.

Chief ministers of Maharashtra, Gujarat, Karnataka, Bihar and Uttarakhand, Devendra Fadnavis, Vijay Rupani, B S Yediyurappa, Nitish Kumar and Trivendra Singh Rawat, respectively, were also there.

Earlier in the day, his body was taken to the BJP headquarters from where it was carried in a flower-decked gun carriage to the cremation ground, amidst slogans of ‘Jaitley ji amar rahein’ (long live Jaitley).

BJP workers and mourners queued up in large numbers outside the party headquarters since morning to pay their last respects to the leader.

Posters remembering Jaitley have been put up on the roads leading to the Nigambodh Ghat, on the banks of the Yamuna river.

Thousands pay last respect

Union Ministers Amit Shah, Rajnath Singh and senior leaders from across the political divide paid last respects to former Finance Minister Arun Jaitley at the BJP headquarters on Sunday afternoon before his final journey.

Wrapped in the national flag, the mortal remains were brought to the BJP headquarters on the Deen Dayal Upadhyaya Marg at around 11 AM from his Kailash Colony residence amid the chants of ‘Jaitley amar rahein’ (long live Jaitley).

The body was kept there for over 2.5 hours as a stream of mourners — from top leaders to common people including schoolchildren — filed past the body to pay their respects. Some of them overwhelmed with emotions as they had the last glimpse of the leader.

BJP working president JP Nadda, Union ministers Harsh Vardhan, Prakash Javadekar, Piyush Goyal and Anurag Thakur, and AAP leader Sanjay Singh also paid floral tributes.

“Jaitley’s loss is irreparable. He will always be remembered for his contribution,” Harsh Vardhan said.

The body was taken to the Nigambodh Ghat on the banks of Yamuna, on a flower-decked gun carriage, for performing the last rites.

The 66-year-old passed away at the AIIMS here on Saturday. He was undergoing treatment at the hospital, where he was admitted on August 9.

Among others who paid their respects are Manipur Governor Najma Heptulla, Gujarat Chief Minister Vijay Rupani and Yoga Guru Ramdev.

Rupani said the BJP would seek his strategy whenever there was an election in the state.

“He has been a Rajya Sabha MP from Gujarat. We have won several elections in the state by working on his strategy. We will always feel his absence,” Rupani told reporters.

On Saturday, Jaitley’s body was kept at his residence where President Ram Nath Kovind, BJP chief Amit Shah and several leaders across the political spectrum offered him floral tributes.

Shah on Saturday said Jaitley was a crusader against corruption and credited him for the successful implementation of the GST and demonetisation, and taking the Jan Dhan Yojana to the masses.

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Puravankara enters co-living segment

The Bengaluru-based company has identified a project in Goregaon, Mumbai to enter into this growing segment, its Managing Director (MD) Ashish R Puravankara said.

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To develop first project in Mumbai

Realty firm Puravankara Ltd is entering into co-living segment and will develop its first project, comprising over 1,000 beds, in Mumbai, a top company official said.

The Bengaluru-based company has identified a project in Goregaon, Mumbai to enter into this growing segment, its Managing Director (MD) Ashish R Puravankara said.

However, the company is yet to decide whether it would foray in this business under a separate brand or would partner with some existing co-living operators, he said.

“Over the past few years, there has been a significant change in the buying behaviours of our customers, especially the millennials. They are more inclined towards co-living spaces that is more dynamic as compared to the usual rented space,” the MD said.

The market has evolved to suit the needs of this demand, he added.

“However, existing buildings are fitted out for co-living space and most of the times, it may not meet the requirements. There is a lacuna in terms of designs specific to co-living space,” said Ashish.

To address this lacuna, he said, the company would build projects that suit the co-living requirements.

“As of now, we have identified Goregaon in Mumbai as our foray into the co-living space which would be about 3,50,000 sf ft. At this juncture we are in the process of deciding if this is something we should start a new brand for or if a tie up with an established co-living operator would work better,” he said.

In this project, the company would develop 1,000 plus beds in 1 and 2 BHK configuration.

“We see this business as definitely being viable. Also the location in Goregaon is very strategically located. Also it’s a part of our strategy to have a diverse portfolio and not just pure play residential,” said Ashish.

The company is in talks with few co-living operators and it is in the process of analysis between an operator based model or having its own separate brand for the same.

On investment, he said it would depend on the model that the company finally adopt.

In its latest report, News Corp-backed PropTiger has said that co-living has potential to become $93 billion market annually and termed this segment as “real estate goldmine that remains largely untapped.

OxfordCaps, Stanza Living, Zolo, Yourspace, Coho, Stayabode, Colive, Hamstead, Placio, NestAway, RentMyStay, Rentroomi, SimplyGuest and Flathood are major players in the co-living segments providing rented space for students and working professionals.

OYO and Housr have recently entered into this space. PropTiger has recently acquired Fastfox.com that helps people in getting rental accommodation.

Puravankara reported a 63 per cent rise in consolidated net profit at Rs 43.24 crore for the June quarter as compared to Rs 26.46 crore in the year-ago period.

Total income during the June quarter rose 64 per cent to Rs 645.55 crore from Rs 394.70 crore in the corresponding period of the previous year.

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