10-Oct-2019

06-Dec-2019

4-Feb-2020

CREDAI Bengal Daily News Update | 4.02.20

No tax relief for home buyers stuck in stalled projects, says apex

body FPCE

FPCE had been demanding creation of Rs 10,000 crore stress fund. Real estate developers'

apex bodies CREDAI and Naredco have also expressed disappointment over the Budget as

their demand of one-time restructuring of builders' loan was not met.

Homebuyers association FPCE on Monday said the Budget has not provided any major tax

incentives for flat owners stuck in stalled housing projects as well as prospective customers to

revive confidence in the property market. There was no relief for existing home buyers who are

stuck in stalled projects and are paying both rent and EMI on their home loans, said Abhay

Upadhyay, president of Forum for People’s Collective Efforts (FPCE), earlier known as Fight

For RERA. “Real estate sector is yet to reach anywhere near its past high despite all tax sops

provided in previous year’s Budget. This is partly because tax sops have failed to infuse

confidence in the sector and also because many of the tax benefits provided remains on paper

only,” he said.

There was expectations that the Budget would separately provide deduction for principal

repayment on home loan, which currently is part of Rs 1.5 lakh allowed under Section 80C,

Upadhyay said. “To infuse confidence in the sector, it was also expected that some tax relief

would be provided to those home buyers of delayed projects who are paying both EMI and rent.

Unfortunately, no such concessions were announced in the Budget 2020 which may further delay

much needed recovery in the sector,” he said.

Last year, the Centre had created a Rs 25,000 crore fund for completion of stalled housing

projects, comprising of about 4.5 lakh units. FPCE had been demanding creation of Rs 10,000

crore stress fund. Real estate developers’ apex bodies CREDAI and Naredco have also expressed

disappointment over the Budget as their demand of one-time restructuring of builders’ loan was

not met. However, many realty firms welcomed the government’s decision to extend tax

incentives provided for increasing demand and supply for affordable housing segment.

“Notable developments in infrastructure, rural logistics, education and healthcare sectors will

create opportunities in real estate space. The policy on data centers was a key highlight and will

Newspaper/Online Financial Express (online)

Date February 3, 2020

Link https://www.financialexpress.com/industry/no-tax-relief-for-home-buyers-stuck-in-stalled-projects-says-apex-body-fpce/1854432/

make it a sunrise sector in India. Major announcements for the housing sector were expected, and

barring the extension on both the tax holidays and the time period for availing interest deductions

in affordable housing, the highlights on Indian realty was relatively mute,” Cushman & Wakefield

country head and MD- India, Anshul Jain said. RICS South Asia MD Nimish Gupta said the

Budget should have created a formal structure around rental housing and encouraged home

buying by increasing tax exemption for housing loan repayments.

Among developers, Supertech Chairman R K Arora said the government’s decision to extend

additional Rs 1.5 lakh deduction for interest paid on affordable housing loan to March 2021 is

good for the sector. Omaxe CEO Mohit Goel said: “Liquidity and availability of finance is the

biggest issue confronting the real sector today. In this context, the assurance given by the FM that

NBFCs (Non-Banking Financial Companies) and HFCs (Housing Finance Companies) will not

face any liquidity crunch will help calm nerves for sure.”

Ashiana Housing Joint MD Ankur Gupta said the middle income and affordable housing segment

will get a boost. Chintels MD Prashant Solomon said, “Affordable housing segment has got a

boost with the FM proposing to extend the tax holiday by one more year. However, the Budget

leaves much to be desired for the real estate segment.”

Sunny Kataria, VP-Real Estate, OLX India said, “There were many expectations from the union

budget in 2020 for residential real estate. While the government has furthered its commitment to

the affordable housing, many issues remain unresolved.” Bhutani Infra CEO Ashish Bhutani said

that the focus on infrastructure and economic growth in the budget will lead to more activity at

the commercial segment as the demand for offices will grow.

Gera Developments MD Rohit Gera said, “The move to provide more money in the hands of the

tax payers and elimination of the dividend distribution tax are welcome steps but rationalisation

of direct tax structures over the period has not provided the necessary stimulus needed to boost

the real estate. The sector will see a slow recovery with more pain for many home buyers and

developers.” Property brokerage firm Realistic Realtors Chairman Harinder Singh was unhappy

that not much has been done to increase housing demand.

Migsun group MD Yash Miglani said the Budget has focussed on increasing overall economic

growth. Co-working firm Skootr founder Ankit Jain said, “Setting up an investment clearance

cell and a digital portal aimed at offering assistance to emerging entrepreneurs reflects the

government’s proactive measures in further enhancing the entrepreneurial spirit.” AlphaCorp

CFO Santosh Agarwal and Mapso Director Rahul Singla hailed extension of tax sops on

affordable housing.

_____________________________________________________________________

Several states to contest for setting up of five smart cities

In the Budget, finance minister Nirmala Sitharaman had announced the setting up of five

new smart cities in PPP mode.

Several states, including Karnataka, Andhra Pradesh, Telangana and West Bengal, have shown

interest in setting up greenfield smart cities along industrial corridors and the Centre will decide

on the location through a challenge method, a senior government officer said.

“We will go for a challenge to decide the states that will get the projects,” Guruprasad Mohapatra,

secretary for industrial promotion and internal trade, said. In the Budget, finance minister Nirmala

Sitharaman had announced the setting up of five new smart cities in PPP mode. Already, new

cities in Dadri (UP), Dholera (Gujarat), Shendra Bidkin (Maharashtra) and Vikram Udyogpuri

(Madhya Pradesh) are coming up along the Delhi-Mumbai Industrial Corridor.

A similar model will be followed along new industrial corridors such as Delhi-Kolkata, Kolkata-

Chennai, Mumbai-Bengaluru and Chennai-Bengaluru, where the state will provide land and the

Centre will provide equity to a special purpose vehicle. The SPV will raise resources to

create infrastructure and plug-and-play facility. The state will provide infrastructure such as water

and power supply.

States that provide land first and sign a state support scheme to back the development are expected

to be preferred, sources said.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date February 3, 2020

Link https://realty.economictimes.indiatimes.com/news/infrastructure/several-states-to-contest-for-setting-up-of-five-smart-cities/73888139

Builders in Maharashtra still await clarity on September 20

circular

A revenue department circular of September 20, 2019, insists on registration of such

projects with RERA before registering them with sub-registrar offices in the state.

Many developers already in receipt of occupancy certificate are finding it difficult to register their

properties in the state for the past five months for want of MahaRERA registration, in

contravention of the provisions of the Real Estate (Regulation and Development) Act, 2016.

As per the rules, projects with occupancy certificates (OC) are not required to register with Real

Estate Regulatory Authority (RERA). But, a revenue department circular of September 20, 2019,

insists on registration of such projects with RERA before registering them with sub-registrar

offices in the state.

Against this backdrop, the Confederation of Real Estate Developers Association of India (Credai)

has demanded the withdrawal of the revenue department’s circular to check confusion. “When

the RERA rules state that any project having completion/occupation certificate before the

registration of sale deed is exempted from RERA registration, the revenue department circular is

uncalled for as it only creates more confusion,” state Credai president Rajiv Parikh said.

He said the developers’ body had held numerous meeting with the ministers and government

officials for the last five months, requesting them to withdraw the circular. “We will meet revenue

minister Balasaheb Thorat next week, seeking the withdrawal of the circular for the benefit of

developers and citizens at large. Due to this confusing circular, developers across the state are

severely affected,” he said, adding that the body had raised the issue with NCP chief Sharad

Pawar too.

Revenue minister Balasaheb Thorat said he was expecting the details within a fortnight. “I have

directed them and hopefully they will revert,’’ he said.

RERA & revenue department not on same page

Basically, the entire confusion and chaos boils down to two bodies — the RERA and the revenue

department. While RERA officials have clarified that projects in receipt of OC do not require

RERA registration, the revenue department officials insist on RERA registration, citing the last

year circular of the erstwhile state government. “Unless the circular is withdrawn, our hands are

tied,” a senior official of the registration department said.

As the real estate sector is still facing challenges, the prevailing confusion is counter-productive.

Newspaper/Online ET Realty (online)

Date February 4, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/builders-in-maharashtra-still-await-clarity-on-september-20-circular/73922135

“We went twice to the registration department with the builder for registration of our project, but

had to return empty-handed,” a homebuyer said, whose project is in receipt of OC.

To iron out issues

A senior revenue department official said there were some technical issues that needed to be

ironed out. “A joint meeting was held recently and the revenue minister has directed (all those

concerned) to resolve the issue at the earliest,” he said.

If a builder or developer has readied the project with his/her own funds and is in receipt of the

OC, does s/he still need to register under RERA? When asked about it, he said “We have sought

clarification for on this too from the housing department, which will further send it to RERA.”

________________________________________________________________________________________________

Pune civic body issues over 80,000 notices to property tax

defaulters

The Pune Municipal Corporation (PMC) recently issued notices to 80,000 property tax

defaulters in this regard. Civic officials said the PMC has already taken possession of 35

such properties and converted them into municipal assets.

The civic body may take possession of over 80,000 properties in the city as their owners failed to

clear tax dues despite several reminders.

The Pune Municipal Corporation (PMC) recently issued notices to 80,000 property tax defaulters

in this regard. Civic officials said the PMC has already taken possession of 35 such properties

and converted them into municipal assets.

The civic body has set a property tax target of Rs1,970.2 crore for the next financial year (2020-

2021).

To achieve this, new municipal commissioner Shekhar Gaikwad has proposed a 12% hike in

property tax in the draft civic budget for financial year 2020-2021, through which the PMC hopes

to rope in an additional income of Rs150 crore.

“Some of the owners are genuinely incapable of paying the property tax. Legal cases pertaining

to property ownership, too, have led to the pendency,” said Vilas Kanade, head of PMC’s property

tax department.

He said the PMC had issued notices to the defaulters and also set a deadline for the dues to be

cleared.

If the owners fail to clear their dues, a warrant is issued, following which the process of

confiscation of properties starts and the PMC puts its name on the 7/12 extract of the property.

For the current fiscal, the PMC had set a property tax target of Rs2,100 crore. Of this, it has

collected around Rs1,300 crore so far.

The civic administration has also started recovering tax from 11 villages that were merged in the

civic limits in 2017. “Owners of around 7.8 lakh properties have paid the tax. Owners of nearly

2.4 lakh properties are yet to make the payment,” a civic official said.

The civic officials said the PMC’s revenue was likely to go up as many new properties, including

Newspaper/Online ET Realty (online)

Date February 4, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/pune-civic-body-issues-over-80000-notices-to-property-tax-defaulters/73899424

those from the newly merged villages, had been registered in the past two years in the municipal

limits.

________________________________________________________________________________________________

Godrej Properties Q3 profit up 9% at Rs 45 crore; sales bookings

down 22% at Rs 1,189 crore

During the December quarter, Godrej Properties added four new projects, of which three

are in joint ventures, comprising saleable area of around 12.7 million sq ft.

Realty firm Godrej Properties Ltd on Monday reported a 9 per cent increase in its consolidated

net profit at Rs 45.46 crore for the quarter ended December on higher income. Its net profit stood

at Rs 41.63 crore in the year-ago period. Total income rose to Rs 517.47 crore in the third quarter

of this fiscal as compared to Rs 430.7 crore in the corresponding period of the previous year, the

company said in a regulatory filing.

According to the investor’ presentation, the company’s sales bookings fell 22 per cent to Rs 1,189

crore in the October-December quarter, compared to Rs 1,528 crore in the year-ago period.

Sales bookings in volume terms fell 44 per cent to 15.83 million sq ft. Godrej Properties delivered

around 1.7 million sq ft during the third quarter. “The overall environment in the real estate sector

remains challenging but we continue to believe that the ongoing consolidation in the sector

Newspaper/Online Financial Express (online)

Date February 3, 2020

Link https://www.financialexpress.com/industry/godrej-properties-q3-profit-up-9-at-rs-45-crore-sales-bookings-down-22-at-rs-1189-crore/1854143/

provides Godrej Properties a tremendous opportunity to drive market share growth in residential

real estate,” the company’s Executive Chairman Pirojsha Godrej said.

During the December quarter, Godrej Properties added four new projects, of which three are in

joint ventures, comprising saleable area of around 12.7 million sq ft.

“We expect to end the year on a strong note with a large number of project launches and project

additions expected in the upcoming weeks,” he added.

_____________________________________________________________________

Chandigarh: Construction waste plant to run in two shifts to churn

more

Currently the plant is processing around 115-120 metric tons of construction and demolition

waste every day in the plant and it is expected to get double the quantity after they start

getting waste from Daddumajra site.

The Chandigarh municipal corporation is all set to run city’s only construction and demolition

(C&D) waste plant in two shifts for its optimum utilisation. A decision to this effect has been

taken as the civic body expects more C&D waste from Daddumajra dumping site, since legacy

waste mining has started disposing of around 5,000 ton of garbage.

Currently, the plant operates from 8am to 5pm, but after the double shift begins, it will run again

from 5pm to 11pm.

“We have planned second shift for six months initially to assess the overall functioning of the

machines in two shifts. Further decision will be taken after that. It will cost around Rs 38 lakh.

As per plan, we need seven employees, lighting arrangement, additional JCB machines, trucks,

vehicles and other related infrastructure. Comprehensive details have been worked out in this

regard,” said a municipal corporation official.

“The Pune-based private company, which has taken up the work to remove legacy mining from

Daddumajra dumping site, will transport C&D waste from Daddumajra to the plant, situated in

Industrial Area, Phase II. Therefore, Chandigarh municipal corporation will not bear absolutely

no expense on transportation of the waste,” he added.

As per the records of MC engineering department of the, currently the plant is processing around

115-120 metric tons of construction and demolition waste every day in the plant and it is expected

to get double the quantity after they start getting waste from Daddumajra site.

“We are expecting to get 225-250 metric ton of C&D waste after the material is transported from

legacy mining. Since the quantity of the dump is huge at Daddumajra, we will keep getting the

raw material from there to process for longer period,” he said.

After processing the C&D waste, the machines produce recycle aggregates like stones and gravel,

and mixes all types of debris to finally throw up concrete and concrete-related materials. Further,

from concrete they make tiles, curb channels and paver blocks to be used in works done by the

municipal corporation. Besides, the raw material also provides silt, which also gets utilised in

filling work in the construction of buildings.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date February 3, 2020

Link https://realty.economictimes.indiatimes.com/news/allied-industries/chandigarh-construction-waste-plant-to-run-in-two-shifts-to-churn-more/73888644

Kochi: Change in occupancy of buildings under lens

The audit wing has been already preparing a report as well mentioning the names of the

buildings and the nature of such violations in building rules and occupancy changes.

The corporation is conducting a survey of the buildings, where occupancies have been changed

without permission from authorities, following an order from the state government.

"We would collect tax from the dates in which the occupancies were changed without the

corporation's permission. We will also charge conversion rates. So many such cases have come

to our notice in several parts of the city, including in Panampilly Nagar. Hence, we have asked

revenue inspectors to start the survey," said a corporation official.

The audit wing has been already preparing a report as well mentioning the names of the buildings

and the nature of such violations in building rules and occupancy changes.

The move of the audit wing has come in the wake of demolition of four apartment complexes in

Maradu following orders from the Supreme Court order. The court order had put focus on various

illegalities by apartment owners.

When a property is changed for one use from another, or an extension is built, a certificate of

occupancy is usually required, said an official of the audit wing. He said they have identified a

pattern in such changes of occupancies done in violations of the building rules.

For instance, several commercial buildings have closed parking areas after securing occupancy

certificates. Similarly, residential buildings have been converted for commercial activities

without permits.

"Such violations of have been going on for many years. Following the order to demolish the

buildings in Maradu, we have started detailed examination of the violations in the city. A detailed

report on occupancy violations will be included in the audit next year. We will also examine

discrepancies in the printing of receipts also. We have noticed that the same agency has been

printing receipts for the local body since 2015," said an official of the audit Wing. The audit report

of 2018-19 will include the details of the building rule violations and occupancy change without

the permission of the authorities.

If any changes or deviations are to be made to the buildings, they should be carried out according

to the provisions of the Kerala Municipal Buildings Rules and such changes should be intimated

to the civic body's secretary with revised drawings, specifications and details. The changes should

not compromise the building requirements, namely, structural stability, safety, health or

environmental provisions of central laws and state laws applicable to the buildings covered under

Kerala Energy Conservation (Building Code) Rules 2017 also.

Newspaper/Online ET Realty (online)

Date February 3, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/kochi-change-in-occupancy-of-buildings-under-lens/73910602

Fire force officials in the district have also noticed that changes in the occupancy group of

buildings is a common issue in Kochi. "During renewal of fire NOC, we have noticed that

buildings which took final approval for residential purposes have been converted into commercial

purpose. In such cases, we deny them renewal," said a fire force official.

________________________________________________________________________________________________

Mumbai: Path cleared for Shapoorji Pallonji's subsidiary to work

on SRA project

The project on a 28-acre sprawl south of the World Trade Centre—subject to further

approvals for plans and commencement certificate from SRA—will mark the launch of

Mumbai’s most valuable slum rehabilitation in recent times.

Three years after the SC paved the way for authorities to approve one of the most valuable slum

redevelopment projects at Cuffe Parade in south Mumbai, the apex grievance redressal

committee under the Slums Act on Monday upheld the initial permissions granted to real estate

giant Shapoorji Pallonji’s wholly owned subsidiary, Precaution Properties Pvt Ltd, in 2017.

The project on a 28-acre sprawl south of the World Trade Centre—subject to further approvals

for plans and commencement certificate from SRA—will mark the launch of Mumbai’s most

valuable slum rehabilitation in recent times. There are over 6,000 hutments and 45,000

slumdwellers estimated to reside in the densely packed slum.

Under the project, the developer has to pay 25% of the ready reckoner value as land premium to

the state. It is estimated to work out to in excess of Rs 1,100 crore, said the developer’s lawyer

Cherag Balsara.

The letter of intent (LOI) of November 2017 issued to the developer put the eligible hutments for

rehabilitation at 2,670 in the slums of Ganesh Murti Nagar, Dr Babasaheb Ambedkar Nagar and

Colaba Rajjak to the south of the World Trade Centre on Sadhu D L Vasvani Marg at Cuffe

Parade.

In 2018, developer Dyna Estate Pvt Ltd through its director Naveed Siddiqui and Dr Babasaheb

Ambedkar Nagar Cooperative Housing Society spread over 7,000 metres (under two acres) had

filed an application before the apex grievance redressal committee to challenge the acceptance of

a proposal by Precaution Properties in 2013 to implement the SRA project and the letter of intent

in November 2017 to the Shapoorji Group company as being “illegal.’’

The committee was originally appointed under the orders of the Bombay HC to address

grievances of slumdwellers and builders against planning authorities such as Slum rehabilitation

authority (SRA), Maharashtra Housing and Area Development Authority (MHADA), civic body

and MMRDA. It was later brought under the Slum Act.

The company claims to have 84% support of the eligible slumdwellers. The land belongs to the

state government, says the LOI.

Newspaper/Online ET Realty (online)

Date February 4, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/mumbai-path-cleared-for-shapoorji-pallonjis-subsidiary-to-work-on-sra-project/73921986

The Shapoorji Pallonji group said its proposal was pending since 2012. The lawyers for Dyna and

the Slum society, Mayur Khandeparkar and Arun Panicker, argued that the LOI was “illegal’’

and granted without the requisite 70% consent of slumdwellers and cited several other grounds

including reduction in number of slum dwellers and lack of survey by the authority. Balsara who

appeared for Precaution, refuted the allegations and questioned the other developer’s locus to be

heard when he said the matter had already traversed all the way to the Supreme Court earlier.

The committee had in February 2018 observed that there was no case made out for any interim

relief to Dyna Estate but noted there was an urgency and hence it “requested the CEO of SRA to

scrutinize and submit a factual report on the Slum scheme within a month.’’

Two years later, the committee headed by Sanjay Kumar, additional chief secretary of the state

housing department, dismissed the applications finding “no substance’’ in them. It also dismissed

another application filed by Prashant Ghadge, president of Dr Babasaheb Ambedkar Nagar CHS

and Shree Ganesh Murti Nagar. The committee also had as its members Deepak Kapoor, chief

executive officer SRA; Milind Mhaiskar, ex vice-president of Mhada; A Jarhad, additional

municipal commissioner; and Sanjay Khandare, additional commissioner, MMRDA (who was

absent).

The project has had a chequered history with another developer having taken the dispute with

Precaution Properties to the apex court in 2013 where an order was passed in 2017. The committee

was of the view that the “bona fides of Precaution Properties is clear from the records with which

it prosecuted the matters before the Supreme Court…’’ and the committee said it did not concur

with a report of the SRA, CEO submitted in December 2018, before it.

Panicker, when contacted, said, “We will study the order and consider challenging it.’’

________________________________________________________________________________________________

Thane: Consumer forum orders Ganraj Group, society to pay Rs

20 lakh to flat buyer

The flat's owner, Kishor Narkhede, had alleged that the society refused to give him a share

certificate, demanded excessive money and prevented the family from peacefully using their

flat and parking lot.

Reprimanding a Thane-based housing society for being "hand in glove" with a builder in

"mentally harassing" a flat owner to extract excess money, the state consumer commissioner has

ordered it, its office bearers and the builder to pay Rs 5.5 lakh as compensation to the family. The

builder will also have to pay the family Rs 14.4 lakh as compensation for delay in handing over

their flat.

The flat's owner, Kishor Narkhede, had alleged that the society refused to give him a share

certificate, demanded excessive money and prevented the family from peacefully using their flat

and parking lot. He said the society filed false criminal complaints against him and his family.

Penalising the society's chairman, secretary, ex-secretary, treasurer, and some members, the

commission said, "A society once formed, cannot be justified to act unlawfully in connivance

with the builder and other members to pick and choose a flat purchaser to collectively harass him

to knock out ransom or subjecting him to illegal demands and frivolous, false and vexatious

prosecution."

In a complaint submitted online last year, Narkhade told the Maharashtra State Consumer

Disputes Redressal Commission that he bought the 865-sqft flat in Ganraj Heights from Ganraj

Group for Rs 36 lakh in 2011. He received possession only in 2018.

In its order, the commission directed the society to induct the owner as a member and not interfere

in the family's possession of the flat and parking space. "Ganraj Height CHS shall issue share

certificate of the society in favour of the complainants without demanding any illegal payments.

Demand of payment, if any, shall be made in writing and payment, when made, shall be

acknowledged by a valid receipt in writing," the commission said.

Narkhade told the commission that in a bid to grab the parking lot he had already paid for, the

housing society in connivance with the builder and members named in the complaint had begun

passing resolutions against him in his absence. Stating that the housing society should conduct its

affairs and financial aspects transparently, the commission said, "Each flat purchaser shall be

informed in writing to participate in meetings to pass valid and legal resolutions to maintain the

building in a habitable condition. The society can never be permitted to act in collusion with any

Newspaper/Online ET Realty (online)

Date February 3, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/thane-consumer-forum-orders-ganraj-group-society-to-pay-rs-20-lakh-to-flat-buyer/73899338

ill-motivated selfish flat purchaser or builder intending to grab property so as to continuously

harass the complainants, mentally or physically."

________________________________________________________________________________________________

Puranik Builders to get Sebi's go-ahead for IPO

The IPO of Puranik Builders consists of fresh issue of shares worth Rs 810 crore, besides

an offer for sale up to 18,59,620 equity shares by the company's promoters and existing

shareholders.

As many as four companies, including online travel firm EaseMyTrip and realty firm Puranik

Builders, have received markets regulator Sebi's go-ahead to float initial public offerings.

Construction firm Montecarlo and manufacturer of pharmaceutical chemicals Chemcon

Speciality Chemicals are the other companies that obtained clearance from Sebi.

The companies had filed draft offer documents with the Securities and Exchange Board of India

(Sebi) during September-December 2019.

According to latest update with the markets watchdog, EaseMyTrip and Puranik Builders

obtained Sebi's "observations" on January 28, while the same for Montecarlo and Chemcon

Speciality Chemicals was obtained on January 31.

Sebi's observations are necessary for any company to launch public issues such as initial public

offer, follow-on public offer and rights issue.

Going by the draft papers, EaseMyTrip.com plans to float a Rs 510 crore initial public offering

(IPO), through which the company's founders Nishant Pitti and Rikant Pitti will each sell shares

to the tune of Rs 255 crore through offer-for-sale mechanism.

EaseMyTrip.com is operated by Easy Trip Planners Private Ltd.

The IPO of Puranik Builders consists of fresh issue of shares worth Rs 810 crore, besides an offer

for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders.

According to market sources, the IPO size could be estimated at Rs 1,000 crore.

Montecarlo filed fresh papers with Sebi in September 2019 to launch an IPO comprising fresh

issuance of shares worth Rs 450 crore, besides an offer for sale of up to 30 lakh equity stocks by

existing shareholder Kanubhai M Patel Trust.

According to market sources, Montecarlo's IPO size is estimated to be Rs 550 crore.

In May 2018, Montecarlo had approached Sebi with draft prospectus seeking its approval to raise

funds through initial share-sale and secured the market regulator's nod in August last year to float

the public issue. However, the company did not launch the IPO.

Newspaper/Online ET Realty (online)

Date February 3, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/puranik-builders-to-get-sebis-go-ahead-for-ipo/73910169

Chemcon Speciality Chemicals' IPO comprises of fresh issue of shares worth Rs 175 crore and

an offer for sale of 43 lakh equity shares from the promoters.

Sources pegged the company's IPO size at Rs 350 crore. SP RVK

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