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19-June-2019
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CREDAI Bengal Daily News Update | 19.06.19
BLACKSTONE TO BUY OFFICE SPACE IN BKC FOR RS 2,500 CRORE
The space forms part of the high-profile One BKC project in Mumbai’s financial district.
Blackstone Group has agreed to acquire 700,000 square feet of prime office space in Mumbai‘s
Bandra-Kurla Complex (BKC) for Rs 2,500 crore from Radius Group in one of the country‘s
largest commercial real estate deals, said two persons with knowledge of the matter. The space forms
part of the high-profile One BKC project in Mumbai‘s financial district.
―As per the terms of the deal, the developer (Radius) will also hold an option to buy back 40% of the
area being sold now. The call option for this 40% area can be exercised anytime over the next two
years,‖ said one of the persons cited above. ―The buyback will be concluded at prevailing market
rates at that point of time.‖
Radius will use the money to repay Rs 1,650 crore it owes India bulls Housing Finance, which will
not have any debt exposure to the project following this. Radius will pay .`550 crore to the Mumbai
Metropolitan Region Development Authority (MMRDA), the special planning authority for BKC, as
the remaining premium for development rights to the plot.
Blackstone and India bulls Housing Finance declined to comment. A Radius spokesperson confirmed
that a deal was in place without giving any further details.
Terms have been finalised and the transaction is expected to be concluded by the end of this month,
with the buyer having paid an advance, said the people cited above.
__________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 19, 2019
Link https://realty.economictimes.indiatimes.com/news/commercial/blackstone-to-buy-office-space-in-bkc-for-rs-2500-crore/69850526
Page 2 of 32
HYDERABAD: ED FILES CHARGESHEET IN EMAAR PROPERTY SCAM
The ED probed the matter under the provisions of the Prevention of Money Laundering Act
(PMLA) and made Rajendra Prasad, his sons — Koneru, Madhu and Pradeep — as accused in
the case.
HYDERABAD: The Enforcement Directorate (ED), probing into the 2012 Emaar properties scam
has filed its charge sheet in the ED special court in Hyderabad. The special court took into
cognisance the charge sheet, prosecution complaint, as ED calls it, and issued summons to Koneru
Rajendra Prasad, a Chennai-based mineral exporter and 14 other accused in the scam, directing them
to appear before the court on July 12.
The ED probed the matter under the provisions of the Prevention of Money Laundering Act(PMLA)
and made Rajendra Prasad, his sons — Koneru, Madhu and Pradeep — as accused in the case.
The court also made Emaar Hills Township Pvt Ltd, Emaar MGF MD Sravan Gupta, along with the
company, Stylish Homes and its director Tummala Ranga Rao, South End Projects and its director N
Manohar Reddy, Indu Syam Prasad Reddy of Asara Theme Projects, Emaar-MGF CEO Srikanth
Joshi, its finance head Vijay Raghav, South End Projects former director N Sunil Reddy and others
as accused.
Earlier, the AP high court had quashed the case against senior IAS officer and current AP chief
secretary LV Subrahmanyam though CBI had made him an accused in its case. The ED never named
him in its case. HC said that LV was not a party to the alleged conspiracy hatched to plunder the
public assets. Though CBI‘s case on Koneru Madhu, too, was quashed by the HC, ED did not take
that into consideration. It made Madhu an accused in its charge sheet.
This is because PMLA tracks the proceeds of the crime and hence made him an accused, it is said.
KV Rao and Boulder Hills, too, were not named as accused in the ED charge sheet, though their
names figured in the CBI case. Another senior IAS officer, BP Acharya‘s name, too, was not there
because the cases filed by CBI and ED were already quashed by the high court.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 19, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/enforcement-
directorate-files-chargesheet-in-emaar-scam/69850567
Page 3 of 32
DLF TO STRENGTHEN PRESENCE IN SOUTH INDIA
DLF is exploring the possibility of a third project in Kochi after its two apartment projects at
Kakkanad and Vyttila.
KOCHI: Real estate major DLF Ltd. is looking to strengthen its presence in South India, which it
has identified as one of the most promising markets.
"Future expansion plans of DLF are on the cards at various locations in South India," said Devendra
Yadav, senior vice president-commercial of DLF. The company has presence in major locations in
South India including Bengaluru, Chennai and Kochi.
DLF is exploring the possibility of a third project in Kochi after its two apartment projects
at Kakkanad and Vyttila.
"We have a land bank of almost 10 acres at Kakkanad. We haven‘t decided whether to go for
commercial or residential project in the place," Yadav said adding that booming IT and ITES units
have triggered demand for world class office spaces in the city.
He said the company has sold out over 70% of its 185 luxury apartments in Vyttila in Kochi. "
Around 50% have been bought by NRIs," he said stressing the fact that NRIs continue to be their
important customers amid reports of their rising flow back to the country.
DLF has been performing well despite a slowdown in the real estate sector in some places, he said.
The company has projected a 7% growth in the sales bookings at Rs 2700 crore in the current fiscal
year from Rs 2435 crore a year ago.
"We are aiming at becoming a debt-free company this year," Yadav said. It had brought down net
debt by 38% to Rs 4483 crore in the last quarter of FY19.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/dlf-to-strengthen-
presence-in-south-india/69839550
Page 4 of 32
BLACKSTONE-BACKED INDIA REIT WINS OVER
INVESTORS AMID LOW RATES
Blackstone Group LP-backed Embassy Office Parks REIT has risen 21% since its listing.
India‘s first ever real estate investment trust has outperformed peers since its debut in late March,
helped by a low interest rate environment that‘s forcing investors to look elsewhere for yield.
Blackstone Group LP-backed Embassy Office Parks REIT has risen 21% since its listing, beating
indexes that track REITs in Singapore and Japan.
―This kind of return isn‘t usual from a REIT,‖ said K V S Manian, an executive director at Kotak
Mahindra Bank Ltd. ―A large part has to do with the benign interest rate environment in India now.‖
Interest rates in India are on a downward trajectory after the central bank cut borrowing costs three
times since January. Economists say further easing is expected. REITs offer a fixed return from a
pool of rent-yielding assets, along with the prospect of capital appreciation.
Embassy operates around 33 million square feet of office space and has marquee tenants including
Microsoft Corp. and Rolls-Royce Holdings Plc. The REIT should see compound annual growth in
rental income of around 16% through 2023, analysts at Kotak Securities Ltd. wrote in a report last
month.
Rental income will receive a boost from re-pricing of old contracts at higher amounts and a better
mix of occupants as leases are renewed, the report said.
Embassy‘s securities were rated outperform by Credit Suisse Group AG earlier this month, bringing
buy recommendations on the REIT to six, versus one hold and zero sells.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/blackstone-
backed-india-reit-wins-over-investors-amid-low-rates/69844858
Page 5 of 32
PWC HIRES LAW FIRMS ANTICIPATING TUSSLE
WITH RELIANCE GROUP, AGENCIES
Shardul Amarchand Mangaldas declined to comment, while the other two law firms and PwC
didn’t respond to emails seeking comment until press time Monday.
MUMBAI: Price Waterhouse & Co, an affiliate of PricewaterhouseCoopers, has hired three law
firms as it expects a legal tussle to erupt following its decision to resign as the auditor of Reliance
Capital and Reliance Home Finance.
PwC has engaged Shardul Amarchand Mangaldas, J Sagar and AZB, and asked them to prepare a
defence against not just the Anil Ambani-led Reliance Group but also regulators and probe agencies
such as the National Financial Reporting Authority (NFRA) and the Serious Fraud and Investigation
Office (SFIO).
Shardul Amarchand Mangaldas declined to comment, while the other two law firms and PwC didn‘t
respond to emails seeking comment until press time Monday.
According to the people in the know, PwC fears the NFRA and SFIO, which are both part of the
Ministry of Corporate Affairs (MCA), may launch probes in the coming weeks after it raised
suspicion of fraud in the two Reliance Group firms.
As of now, no one has launched any investigation, said one of the people. Fearing legal action after
Reliance Capital said it didn‘t agree with the auditor‘s findings and was exploring legal options, PwC
representative met at least 7-8 different law firms and legal luminaries to get a clear picture of its
legal position in the matter, the people said. In the next few days, PwC also expects the Securities
Appellate Tribunal to rule on Securities and Exchange Board of India‘s ban on an affiliated audit
firm.
Firms often hire top law firms and, in some cases, counsels in a bid to keep out the other party from
accessing the best legal sources. With Deloitte and KPMG caught in the IL&FS mess, the RBI ban
on EY for auditing commercial banks and now PwC facing the new threat, all the Big Four
accounting firms are actively seeking legal support in India.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/allied-industries/pwc-hires-
law-firms-anticipating-tussle-with-reliance-group-agencies/69839352
Page 6 of 32
UP-RERA CALLS OUT TO ACTUAL BUYERS OF
SCRAPPED PROJECT OF UNNATI FORTUNE
The Aranya project was probably the first housing project in India to be deregistered under
the new real estate law and taken over for completion by the regulatory authority in May.
GREATER NOIDA: To get a clarity on the actual ownership of flats and weed out ghost buyers or
multiple allottees in Unnati Fortune‘s deregistered housing project Aranyain Sector 119, the Uttar
Pradesh ReraEstate Regulatory Authority (UP-Rera) has decided to float a website to invite all actual
investors to register and declare ownership.
The Aranya project was probably the first housing project in India to be deregistered under the new
real estate law and taken over for completion by the regulatory authority in May. The project, which
began in 2007, is valued over Rs 1,500 crore, and the total number of investors is around 1,400.
According to UP-Rera member Balwinder Kumar, the step will help the regulatory authority to know
exactly how many genuine buyers are invested in the project, so that a correct estimate can be drawn
of the amount of money paid up to the builder and how much the investors still owe towards the
completion of their flats.
―During preliminary investigation, we found multiple allocation of single flats. We have also found
multiple flats — 10 or 15 in a bunch booked under a single name. So obviously we are finding it
difficult to get a true picture of the list of buyers. But a fresh registration of all buyers of the project
would help us identify them,‖ Kumar told TOI.
Moreover, the regulator is in the process of getting a co-builder on board for the completion of the
pending flats. ―We have also asked a builder, chosen by the buyers to present their completion plan
to UP-Rera on Wednesday. If we are not convinced, we may ask Noida Authority to select a builder
for the same,‖ he added.
The UP-Rera had earlier asked the state government to constitute a special investigation team to look
into the alleged misappropriation of Rs 147 crore by Unnati. The figure came to fore after a forensic
audit by Curry & Brown.
Moreover, an inspection team of Noida Authority earlier found that out of eight towers, only four are
ready for completion and in four towers, major construction work is still pending. While Aranya
phases 1 and 2 apartment buyers have completely paid up their money and the phases 3, 4 and 5
buyers have so far only paid up about 20% of the cost to the builder.
UP-Rera officers earlier confirmed that the builder had left the country. The completion of the
Newspaper/Online ET Realty (online)
Date June 19, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/up-rera-calls-
out-to-actual-buyers-of-scrapped-project-of-unnati-fortune/69850590
Page 7 of 32
project has been initiated by UP-Rera by invoking Section 7 of the Rera Act, which makes provision
for UP-Rera to step in and facilitate completion of abandoned projects.
___________________________________________________________________________
Page 8 of 32
BUILDERS IN MAHARASHTRA TO BE DEFAULTER IF
LABOURERS NOT REGISTERED: SHAILENDRA POL
It is the “duty” of the contractors to register the workers, but developers are also responsible,
Pol said while speaking at Credai-Pune Metro event attended by top developers in the city.
PUNE: If construction workers are not registered with the labour department, builders will be
considered defaulters, additional commissioner of labour Shailendra Pol said on Tuesday.
It is the ―duty‖ of the contractors to register the workers, but developers are also responsible, Pol said
while speaking at Credai-Pune Metro event attended by top developers in the city.
After accidents at construction sites, it is often seen that developers try to shift the blame on the
contractors for non-registration of workers and for non-compliance of safety. ―The contractors are
the bosses of the labourers and so it is their duty to check if the workers are registered or not. If the
workers are not registered, the developers will be considered as defaulters. Through the schemes of
Building and Other Construction Workers, we‘ll take half of the responsibility of the workers. If the
workers are benefited, they will offer more quality work with a worry-free mind,‖ he said.
Pol said besides the labourers, even watchmen, plumbers, electricians, stone cutters, painters, clerks
and those involved in the construction work could get registered with the Building and Other
Construction Workers (BOCW) Welfare board. ―If the labourers get registered with the BOCW
board, they will be given various benefits, including aid in education for their children, healthcare,
home building assistance, mid-day meal and a safety and essential kit,‖ he said.
Often after an accident, it is observed that labourer‘s family members don‘t get benefits like
insurance and they are at the mercy of developers to pay them some minuscule compensation. For
instance, in a case in Pune where nine workers lost their lives, the developer‘s representative first
promised a compensation of Rs 2 lakh for each of the deceased‘s families. ―We had to literally book
them properly and so the compensations were increased under the relevant acts,‖ a labour officer
involved in the case said.
Even so, the labourer‘s kin were awarded a compensation between Rs 7-9 lakh, in addition to the Rs
4.5 lakh paid by the developer upfront. Experts said the monies paid in almost all cases was
minuscule as compared to the profit that the developers make from these projects.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 19, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/builders-in-
maharashtra-to-be-defaulter-if-labourers-not-registered-shailendra-
pol/69850579
Page 9 of 32
KKR INDIA FINANCIAL SERVICES, ALTICO CAPITAL
& EDELWEISS LOOKS TO EXIT SARE HOMES
Duet Group, a London-based real estate management firm, had raised $350 million in 2006
through equity issuance in SARE Public Company (Cyprus). Of this, about Rs 1,000 crore was
invested in the Indian firm, SARE Homes.
NEW DELHI: Three lenders to SARE Homes — KKR India Financial Services, Altico
Capital and Edelweiss— are negotiating with potential suitors to either cash out or bring in strategic
investors for specific projects to salvage their combined exposure of Rs 900-1,000 crore, two people
familiar with the development told ET.
SARE Homes, promoted by London-based global asset and real estate management firm Duet
Group, is facing severe cash crunch due to unsold inventory, which has brought construction work to
a grinding halt, the sources said.
―This is a unique company…run by professionals,‖ said one of the persons involved in affairs of the
company. ―Duet is not on the board of SARE Homes and has no say in the company, and lenders
have major says in cash flow.‖
Duet had raised $350 million (Rs 1,400 crore then) in 2006 through equity issuance in SARE Public
Company (Cyprus). Of this, about Rs 1,000 crore was invested in the Indian firm, SARE Homes, as
foreign direct investment.
Spokespersons of KKR, Edelweiss and SARE Homes did not respond to ET‘s email queries as of
press time Monday.
A spokesperson at Altico Capital said the company currently has only a small exposure to SARE
Homes for a plotted development in Chennai. ―Given its strong performance and underwriting
standards, Altico is in an extremely secure position for its exposure to the SARE project,‖ she said.
Altico has just concluded its annual audit and published accounts with capital ratio more than 40%,
cash balances exceeding Rs 1,200 crore and gross non-performing assets of less than 1.8%, she said.
The underlying assets of SARE Homes are much more than the total loan exposures of the three
private lenders, the sources said.
As per the last valuation in March 2019, total value of unsold inventory and land is a little over Rs
2,300 crore, as against combined borrowing of less than Rs 1,000 crore, said the official quoted
earlier.
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/kkr-india-financial-
services-altico-capital-edelweiss-looks-to-exit-sare-homes/69838746
Page 10 of 32
SARE Homes has returned a tad below Rs 300 crore to its Cyprus holding company till 2015. But
with lenders exploring various strategic options, equity capital is expected to be completely wiped
out.
A consortium of KKR and
Altico has taken over control of
Ramprastha SARE Realty
Private, Gurgaon, sources said.
Lenders have combined
exposure of about ?580 crore in
the project on a 69-acre plot, of
which 52 acres is under
development and the rest is yet
to be developed, they said.
However, an official with one
of the lenders said the
combined exposure is less than
?450 crore.
In addition, Altico has virtually
taken control of SARE Realty Project, Chennai GST, a 72-acre plot, of which about half is yet to be
developed. Edelweiss has control of SARE Samaag Reality, Ghaziabad, and SARE Jubilee Shelters,
Chennai-OMR, sources said.
SARE Homes has launched about 9,000 residential units or flats. Of this, about 6,500 units have been
sold, but only about 4,000 units have been offered for delivery. That means 2,500 homebuyers are
waiting for delivery and there are another 2,500 unsold inventories. All these 5,000 units will need
additional capital to complete.
The company is facing cashflow pressures and cannot raise additional debt.
___________________________________________________________________________
Page 11 of 32
FOUR FLATS OF MUMBAI BUILDER SEALED
IN RELATION TO TILAK NAGAR FIRE
Builders Hemendra Mahapara and Subhak Mahapara were declared absconders by court
earlier and a lookout notice is out to prevent them from fleeing the country.
MUMBAI: Four flats belonging to the two absconding developers of a Tilak Nagar building that
caught fire leading to the deaths of five residents last year have been sealed.
The two-bedroom flats are in the same Sargam Society building which was found to have several
illegalities that likely contributed to the deaths. Tilak Nagar police have moved the 72nd
metropolitan magistrate, Vikhroli, over sealing flats 601, 702, 801 and 1101 of the C wing as
builders Hemendra Mahapara and Subhak Mahapara have failed to turn up before the police despite
reminders.
Builders had sold off refuge area, building had no fire NOC
The Mahaparas were declared absconders by court earlier and a lookout notice is out to prevent them
from fleeing the country. They have been booked for culpable homicide not amounting to murder,
negligence, act endangering life of others, etc.
The builders are accused of several illegalities in the building, including giving possession without
occupation certificates and NOC from the fire brigade, selling off the 15th floor refuge area, selling
open parking near the main gate and thus blocking entry to fire engines, and an inadequate fire-
fighting system.
The Mahapara brothers and Mukesh Kothari are partners at Reliance Realtors, which constructed
Sargam Society, where fire engulfed a wing on last December 28. After Subhak‘s bail plea was
rejected, the brothers went into hiding and switched off their phones. Kothari was arrested after his
anticipatory bail was rejected.
―In March, court had proclaimed them absconders and sent summons to appear before the police, but
they failed,‖ said inspector Sunil Kale of Tilak Nagar police. Later, the lookout notice was also
issued against the duo. Police teams have visited Surat and other parts of Gujarat to trace the, but to
no avail, said senior inspector Sushil Kamble.
Earlier, six of their bank accounts were also frozen and policemen were posted at their construction
sites in Mumbai in a bid to corner them. With the builders on the run, construction at their sites has
come to a halt, said some residents of Chembur.
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/four-flats-of-
mumbai-builder-sealed-in-relation-to-tilak-nagar-fire/69837223
Page 12 of 32
The police say they need custodial interrogation of the two to get details of the various documents
submitted to the government agencies. They have got some of the papers they had submitted to the
BMC.
___________________________________________________________________________
Page 13 of 32
NOIDA RWA SENDS NOTICE TO LABOUR
DEPARTMENT FOR LEVYING 1% CESS
The RWA federation questioned the decision to levy the cess almost 10 years after properties
were constructed despite the UP government implementing the Building and Other
Construction Workers’ Act from February 2009.
NOIDA: The Noida RWA federation has sent a legal notice to the district labour commissioner for
levying 1% labour cess on properties purchased or constructed between 2009 and 2012.
The Noida Authority had implemented the cess from 2012.
The RWA federation questioned the decision to levy the cess almost 10 years after properties were
constructed despite the UP government implementing the Building and Other Construction Workers‘
Act from February 2009.
The residents maintained that since the cess is collected for welfare of labour, it should apply to only
labour cost of the property purchased or constructed and not the construction cost of the property.
Over 8,000 residents have received notices of the cess so far, they said.
PK Singh, district labour commissioner, said it was a routine procedure to send notices under the
stipulated Act.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/noida-rwa-
sends-notice-to-labour-department-for-levying-1-cess/69837761
Page 14 of 32
NASHIK CIVIC BODY TO LAUNCH RECOVERY
DRIVE AGAINST PROPERTY TAX DEFAULTERS
In the first phase, defaulters with dues of above Rs 50,000 are to be targeted. NMC has
shortlisted 3,564 defaulters having dues over Rs 50,000.
NASHIK: The Nashik Municipal Corporation (NMC) has decided to launch a property tax recovery
drive against defaulters.
After the drop in the revenue generated through property tax, the municipal commissioner
Radhakrishna Game has directed the concerned department to start action against defaulters.
In the first phase, defaulters with dues of above Rs 50,000 are to be targeted. NMC has shortlisted
3,564 defaulters having dues over Rs 50,000. They altogether have property tax dues amounting to
Rs 98.22 crore.
The civic body will send final notices to the defaulters asking them to pay the dues. If they fail to do
so, the NMC will send them warrants to auction their properties, NMC sources said.
NMC has set a target of Rs 218 crore for the current fiscal 2019-20; however, it could only collect Rs
17 crore so far during the current fiscal.
―During the review of the property tax collection, the municipal commissioner directed the officials
from property tax department to speed up the property tax collection and also take legal action
against those property tax defaulters who have defaulted tax payment,‖ NMC sources said.
The NMC had set a property tax collection target of Rs 250 crore during the last fiscal, considering
the addition of new tax payers. The civic body had decided to bring 59,000 new properties across the
city under the tax net during the last fiscal; however, it had deferred its decision following objections
by the new property owners about the inflated bills and wrong calculations of property tax.
Finally, NMC had reduced the property tax collection target to Rs 150 crore during last fiscal 2018-
19. Nevertheless, it could only collect Rs 112 crore. It was for the first time that the NMC‘s property
tax collection target touched Rs 100.
The civic body‘s property tax collection during 2017-18 was around Rs 90 crore. During the previous
fiscal 2016-17, it was around Rs 85.70.
NMC officials further said that they will target property tax defaulters who have defaulted payment
between Rs 25,000 and Rs 50,000. There are 5,480 people who have defaulted total tax payment
worth Rs 18.71 crore.
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/nashik-civic-
body-to-launch-recovery-drive-against-property-tax-defaulters/69837413
Page 15 of 32
Moreover, there are total 19,436 property tax defaulters who have tax dues in the range from Rs
10,000 to Rs 25,000. They have altogether defaulted property tax payment of Rs 19.66 crore.
Meanwhile, the property tax department of the municipal corporation has already started distributing
tax bills for the current financial year to tax payers in the city.
___________________________________________________________________________
Page 16 of 32
GUJARAT HC TELLS VARSHA FLAT OWNERS TO APPROACH GOVERNMENT
AGAINST REFUSAL TO SANCTION SALE
The high court disposed of the petition filed by the owners of Varsha Flats in Jankalyan
Cooperative Housing Society Ltd, which had landed in a controversy after the authority
initially permitted Hindu owners to sell properties to Muslims.
AHMEDABAD: The Gujarat high court on Monday told the sellers and purchasers of 11 properties
of Varsha Flats in Paldi to approach the special secretary revenue department (appeal and revision)
against the district collector‘s refusal to sanction sale because the society falls under the Disturbed
Areas Act. The Act prohibits Muslims from purchasing properties belonging to Hindus and vice
versa in the notified areas in Gujarat.
The high court disposed of the petition filed by the owners of Varsha Flats in Jankalyan Cooperative
Housing Society Ltd, which had landed in a controversy after the authority initially permitted Hindu
owners to sell properties to Muslims. The decision was withdrawn following an uproar.
After the mandatory sanction granted for sale was withdrawn, the aggrieved buyers and sellers filed
an appeal before the secretary. Since, the pre-sale approval was not granted, the sellers and
purchasers approached the collector and requested him to validate the back-dated sale transactions,
which is a provision in the Act.
This request was rejected by the collector. Before the high court, the state government objected to the
petition. The petitioners contended that the authority has to verify two aspects — whether there is
free consent for transactions and whether the seller is getting fair value in the transaction.
The petition said that since sellers and buyers are in agreement on the transactions and both parties
are seeking permission from the authority, the state government, as a third party, should not interfere.
While disposing of the petition, Justice A Y Kogje told the petitioners to file an appeal before the
revenue secretary, said assistant government pleader Dhawan Jayswal.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/regulatory/gujarat-hc-tells-
varsha-flat-owners-to-approach-government-against-refusal-to-sanction-
sale/69838263
Page 17 of 32
NAREDCO CALLS FOR BOOST TO RENTAL HOUSING IN UPCOMING BUDGET
In its budget wish-list, NAREDCO has recommended various incentives to promote rental
housing in a big way.
NEW DELHI: Realtors body NAREDCO has demanded a boost to rental housing in the upcoming
budget from the government through incentives like 10-year tax holiday to real estate developers on
profit earned from the business. "In view of the housing shortage in the country and the objective
'Housing for All by 2022' as also in view of the fact that all cannot afford ownership housing, we
need to give a big boost to 'Rental Housing'," NAREDCO President Niranjan Hiranandani said.
In its budget wish-list, NAREDCO has recommended various incentives to promote rental housing in
a big way.
It suggested that 10-year tax holiday be given to real estate developers on profits earned from rental
housing.
That apart, the association sought deduction on expenses like interest and brokerage.
As customers prefer fully-furnished flats, NAREDCO said depreciation should be allowed on
furniture and fixtures as well as on apartments.
"High cost of houses and high property taxes lead to a low rate of return (ROR) from rental housing,
making renting out an un-remunerative proposition.
"To improve the effective ROR from renting, it is suggested that the deduction from rental income
under Section 24(a) be increased from 30 per cent to 50 per cent. This will promote rental housing,"
NAREDCO said.
The association also said that the goods and services tax on maintenance charges of residentials
complexes should be totally exempted.
CREDAI and NAREDCO are the two main associations of real estate developers across the country.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/naredco-calls-for-
boost-to-rental-housing-in-upcoming-budget/69841655
Page 18 of 32
ABOUT 500 BUILDINGS NOT COMPLYING WITH FIRE
SAFETY NORMS IN MOHALI: AUDIT
According to the fire audit report, in Mohali city itself there are 200 odd violators primarily
comprising of commercial establishments like coaching centres, hotel, restaurants and other
public places.
MOHALI: In a recent fire audit reports submitted to the deputy commissioner points out to at least
500 odd premises which are not complying with fire safety norms in Mohali.
The notices have been sent during the ongoing survey following the orders of the deputy
commissioner to identify the commercial establishments not maintaining proper fire arrangements
and obtaining no objection certificates (NOC‘s) from the area‘s fire department. The notice had
warned the violator, if NOC from fire department was not obtained then they would face
disconnection of sewerage and water lines.
According to the fire audit report, in Mohali city itself there are 200 odd violators primarily
comprising of commercial establishments like coaching centres, hotel, restaurants and other public
places. The audit has been conducted after a blaze at a commercial complex in Surat, Gujarat killed
at least 20 students who were attending their coaching centres and the drive will continue till June 7.
Fire officials admit that though warnings have been issued to owners of building that connections
would be snapped, some have now started on the connections of water and Fire officer of Mohali,
Arun Khanna said that the fire audit report has been submitted with DC as well as MC Commissioner
following which MC Commissioner has sent notices to such violators giving them 7 days‘ time to
comply with fire safety norms and obtain NOC from fire department. Thereafter those who does not
obtain NOC will face legal action.
Khanna said that the audit found that apart from defunct fire extinguishers or poor smoke detectors,
the main problem was also buildings not having separate fire exits.
He said, ―We have observed that most of the premises does not have separate fire exits. The entry-
exits are common at most of the places calling for major fire tragedy. Such building owners have
been given separate notices.‖ Derabassi Chief Fire Officer said that major problem in various
housing societies is of haphazard parking of cars leaving no space for fire tender to reach out during
fire emergency.
One such society is Spangle Heights in Dhakoli in Zirakpur where three residents suffered burn
injuries after LPG pipeline triggered blast in kitchen of a flat. The residents had miraculous escape
after the blast.
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/industry/about-500-
buildings-not-complying-with-fire-safety-norms-in-mohali-audit/69838424
Page 19 of 32
Meanwhile during a reality check in Panchkula, high-rise buildings and market areas were found
flouting all the norms and no safety norms were being adhered to in high rise buildings.
When a TOI team visited Sector-14, 11 and 9 market, found hanging wires in the staircase of the
buildings and also found illegal temporary constructions inside the building to make temporary
offices or classrooms at coaching centres with poor quality material, completely violating the norms
of the fire safety guidelines.
The rooftop of the buildings had power generators without any shade cover on them and had
flammable liquids and materials also dumped on the top floor of the building. At high rise buildings
located in Sector-20, most of the societies were found well-equippe
___________________________________________________________________________
Page 20 of 32
RENTED HOUSES FOR MIGRANT LABOURERS IN METROS SOON
The ministry would link its Pradhan Mantri Awas Yojana (PMAY) with a new rental housing
plan. Government to come up with single-room tenements for families with annual income of
under Rs 3 lakh.
NEW DELHI: After delivering on its promise of ‗Housing for All‘, the Modi government 2.0 is
poised to unveil a bigger housing scheme-—houses on rent for migrant labourers in crowded metros.
In a bid to address the issue of urban squalor, the ministry of housing and urban affairs has prepared
an elaborate plan to offer single-room tenements to families with an annual income of Rs 3 lakh or
less.
The ministry would link its Pradhan Mantri Awas Yojana (PMAY) with a new rental housing plan.
In the works for over six months, the scheme would address two issues— the problem of growing
slum settlements and the aspirations of lower income groups to live in a ‗pucca‘ tenement with basic
facilities including tap water and attached toilets.
The scheme would involve building high-rise buildings with single-room tenements and offering
them on rent to people living in poor conditions in slums. With this scheme, the government is
extending housing benefits to lower-income socio-economic groups who do not have the finances to
construct their own houses and often shuttle between cities for work.
The scheme would be a joint effort of the ministry of housing and urban affairs and the ministry of
labour. According to sources, the labour cess funds may be also used as the initial working capital for
starting these projects. ―The scheme would be driven by our ministry and housing boards would be
roped in to construct economical houses,‖ a senior official in the ministry of housing and urban
affairs told ET.
―There is another model which also allows private sector firms to construct these houses and use a
percentage of area given to them for commercial purpose. But rental policy in Housing for All would
primarily be working through housing boards.‖
The government would run this scheme through a voucher system. The urban local bodies would first
register families with Rs 3 lakh income or less and distribute rent vouchers to them. The tenant
would give these vouchers to the landowner, which in this case would be a housing board. In case of
a private developer, the rent vouchers would be redeemable at any citizen service bureau.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/rented-houses-
for-migrant-labourers-in-metros-soon/69834689
Page 21 of 32
PMAY SUBSIDY DISBURSALS UP BY RS 1,500 CRORE IN GUJARAT
According to the data compiled by Gujarat’s SLBC, the net subsidy disbursed under CLSS
increased by 58% or Rs 1,490 crore to Rs 4,040 crore from Rs 2,550 crore during the period
from February 13 to April 30, 2019.
AHMEDABAD: Credit Linked Subsidy Scheme (CLSS) under the Pradhan Mantri Awas
Yojna (PMAY) has gained momentum across Gujarat with the net subsidy disbursals going up by
around 1,500 crore in just two-and-half-months.
According to the data compiled by Gujarat‘s State Level Bankers‘ Committee (SLBC), the net
subsidy disbursed under CLSS increased by 58% or Rs 1,490 crore to Rs 4,040 crore from Rs 2,550
crore during the period from February 13 to April 30, 2019.
The banking sector sources opine that CLSS has seen steady increase in its offtake with the
beneficiaries of the scheme growing consistently. The number of such beneficiaries in the state
moves up from 1.21 lakh to 1.73 lakh during the same period.
CLSS, which was introduced in June 2015 under the PMAY for economically weaker sections
(EWS) lower income group (LIG) and extended to middle income group (MIG) from January 2017,
gives borrowers an interest subsidy of 6.5% per annum for loans up to Rs 6 lakh for EWS and LIG
category (annual household income up to Rs 6 lakh).
Interest subsidy of 4% and 3% are provided for loans up to Rs 9 lakh and Rs 12 lakh, respectively,
for MIG category for a maximum tenure of 20 years. The effective subsidy to customer is in the
range of Rs 2.30-2.67 lakh on a 20-year term, receivable upfront.
―Usually, the government releases the subsidy amount in bulk rather than disbursing the same on
case to case basis. Meanwhile, the number of loan requests also increased during January to March
period. Therefore, as the number of applications surged, the amount of disbursement also went up,‖
said a well-placed source in SLBC.
―Majority of these disbursals were in Ahmedabad followed by other major cities of Gujarat including
Surat, Rajkot and Vadodara,‖ the source added.
The real estate sector players, however, are of the view that greater awareness among developers and
consumers alike has resulted into more and more people opting for the subsidy.
―The launches of new housing scheme were muted last year. Improvement in sales amid constrained
supply resulted into speedy clearance of the unsold inventory. The release of subsidy in ready to
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/pmay-subsidy-
disbursals-up-by-rs-1500-crore-in-gujarat/69838066
Page 22 of 32
move dwellings is faster leading to a rise in disbursement of subsidy under CLSS,‖ said a real estate
developer.
___________________________________________________________________________
Page 23 of 32
NO PROPOSAL YET FROM DELHI GOVERNMENT TO
CONSTRUCT PMAY HOUSES: HOUSING MINISTRY
The ministry is mandated to implement PMAY (U), a flagship programme of the Modi
government. The ministry provides financial assistance to those constructing houses under the
Mission.
NEW DELHI: The Union Housing and Urban Affairs Ministry Tuesday alleged that the AAP
government has not sent any proposal under the Centre's Pradhan Mantri Awas Yojana (Urban) to
construct houses in Delhi. Responding to the ministry's accusation, a Delhi government spokesperson
said the Aam Aadmi Party (AAP) dispensation has its own housing scheme - Mukhyamantri Awas
Yojana - and a survey for the same is currently underway.
The development may become another flashpoint between the Arvind Kejriwal dispensation and the
BJP-led central government.
The ministry is mandated to implement PMAY (U), a flagship programme of the Modi government.
The ministry provides financial assistance to those constructing houses under the Mission.
"In Union Territory of Delhi, the Delhi Urban Shelter Improvement Board (DUSIB) has been given
the responsibility to conduct a survey to assess the demand of houses in the city.
"But the Delhi government has so far not sent any proposal under PMAY (U) to the Union
government for any central contribution for the approval," the ministry said in a statement in Hindi.
It stated that interested applicants can approach the offices of the DUSIB and the Delhi Development
Authority (DDA) so that the Delhi government could approve the same and forward it to the central
government, resulting in benefits to the citizens of Delhi.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/residential/no-proposal-
yet-from-delhi-government-to-construct-pmay-houses-housing-
ministry/69845568
Page 24 of 32
SEVEN INDIAN FIRMS RESPOND TO GLOBAL BID
DOCUMENT FOR JEWAR AIRPORT
The district administration also hopes to complete 80% of the land acquisition in the first
phase by August 31.
GREATER NOIDA: Seven Indian companies have responded to the global bid document for Jewar
airport that Yamuna Expressway Industrial Development Authority(YEIDA) floated on May 30. The
bids will continue till October.
The district administration also hopes to complete 80% of the land acquisition in the first phase by
August 31. In the first phase, land is being acquired in six villages — Dayanatpur, Rohi, Kishorepur,
Parohi, Ranehra and Banwariwas. So far, 30% of the land has been acquired at a cost of Rs 900
crore.
District magistrate BN Singh said on Monday that 3,278 files pertaining to landowners have been
cleared from these villages, with the maximum compensation amount being Rs 12 crore and the
minimum Rs 5 lakh. The administration has also identified 50 hectares near Jewar-Banger along
Aligarh road for relocating families whose land would be taken for the project. The plot is located
50-100 m from the Yamuna Expressway.
―A total of 3,278 files has been cleared till June 17 from the six villages. This includes about 900
files that were cleared before I took over office on May 25,‖ said Rakesh Jayant, the Jewar tehsildar.
Apart from Indian companies, government agencies of 36 countries can take part in the bidding
process. The agency that would be selected would be responsible for building the airport.
Officials said the global bid purchase for the airport project would close on October 15 and the last
date for submission of the bid document is October 30. Technical bids will be opened on November
6 followed by financial bids on November 29. ―About two months‘ time will be needed by YEIDA to
study the bids. The final concessionaire will be decided by January 2020,‖ said Arun Vir Singh,
YEIDA CEO.
While the airport is expected to become operational by 2023, the selected agency would be given 40
years‘ lease period for the development of the project
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/infrastructure/seven-
indian-firms-respond-to-global-bid-document-for-jewar-airport/69840430
Page 25 of 32
RAPID REALTY GROWTH AT THE ROOT OF
CIVIC CRISIS ALONG IT CORRIDOR
The trend in 2018 was no different. While the city saw as many as 17,295 new homes being
unveiled through the year, the lion’s share of 14,677 went to this upscale western pocket.
HYDERABAD: Of the 4,850 residential units launched across Hyderabad between January and
March 2019, 4,427 were rolled out along the IT corridor alone – the Gachibowli-Financial District-
Kukatpally belt.
The trend in 2018 was no different. While the city saw as many as 17,295 new homes being unveiled
through the year, the lion‘s share of 14,677 went to this upscale western pocket. Add to this, a few
million square feet of commercial development that‘s also in the pipeline.
Raising an alarm over this massive construction activity unfolding in the tech hub, experts say that
this unhealthy trend is at the root of all its severe civic crises. Worse, they fear that the area will soon
have no breathing space, thus adversely impacting the quality of life of residents.
―Organised growth is welcome, but there has also been a lot of haphazard, unorganised growth,
which has gone unchecked. That has resulted in the problems the belt is reeling under today,‖ said
architect and design consultant, G Srinivas Murthy. Mapping the rapid transformation of Hyderabad,
he added: ―Going forward we have to consider the environmental challenges and ensure that the
development is in sync with it. Mindlessly constructing modern buildings will push us towards a
deeper crisis.‖
While
some
attributed the poor health of ‗hi-tech‘ Hyderabad to bad planning, others like Anant Maringanti,
director of Hyderabad Urban Lab, termed it a regulatory failure. ―A plan can be successful only if
people abide by it. For instance, there are specific norms for digging of borewells, but how many
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/infrastructure/rapid-realty-
growth-at-the-root-of-civic-crisis-along-it-corridor/69834714
Page 26 of 32
officials sanctioning them have the required knowledge? Where is groundwater being mapped? What
solutions are being implemented to curb the ridiculous amount of water being wasted?‖ he said,
suggesting that the plugging of such gaps is the only solution to the existing civic problems.
But irrespective of the ground situation, real estate growth in the IT corridor is certain to go on
unabashed, maintain industry insiders.
___________________________________________________________________________
Page 27 of 32
NAGPUR CIVIC BODY REDUCES POWER BILL BY 52%
AFTER LED STREET LIGHTS PROJECT
An NMC official told TOI the power bill for street lights has come down to Rs 2.28 crore per
month (Rs 27.36 crore per annum) from earlier billing of Rs 4.35 crore per month (Rs 52.20
crore per annum).
NAGPUR: The Nagpur Municipal Corporation‘s (NMC) LED street lights project has started to
yield good results. Power consumption has reduced by 52.41% even though the project is yet to be
completed.
NMC said 1.28 lakh of total 1.43 lakh street lights have been converted from sodium vapour to LED.
The civic body is planning to finish the work on remaining 15,000 street lights within a month.
An NMC official told TOI the power bill for street lights has come down to Rs 2.28 crore per month
(Rs 27.36 crore per annum) from earlier billing of Rs 4.35 crore per month (Rs 52.20 crore per
annum). This is a saving of Rs 2.07 crore per month (Rs 24.84 crore per annum). ―The power bill
will further reduce once the entire project is completed,‖ he said.
NMC has replaced 60 watt sodium vapour bulb with 36 watt LEDs on internal roads, and 60 watt,
105 watt and 120 watt sodium vapour lamps on major roads, squares and playgrounds with 285 watt
LEDs.
Apart from saving power by conversion into LED, NMC has installed a system where street lights
are dimmed by 40% by 10 pm and 50% by midnight. This is done automatically.
NMC officials added the automatic switch-on and switch-off system will further reduce power
consumption of street lights. ―Under the same project, we will install a system to automatically start
street lights after sunset and switch-off by sunrise. Also, timings will be set properly in the system,‖
he said.
For decades, street lights have been seen burning well before sunset, especially during summer days,
wasting power.
The total cost of the LED project is Rs 470 crore of which Rs 277 crore is for installing LED
systems.
Also, NMC aims to ensure majority street lights are included in the project. NMC is spending Rs 59
crore on infrastructure development, where old power cables and street light poles will be replaced.
Also, NMC is spending Rs 28 crore for new street light infrastructure on under-construction Inner
Ring Road and Metro rail corridors.
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/lighting/outdoor-
lighting/nagpur-civic-body-reduces-power-bill-by-52-after-led-street-lights-
project/69838999
Page 28 of 32
NMC is executing all these works through eight private companies. It is mandatory for the
companies to operate and maintain the street lights for 99 months, for which they will be paid Rs 106
crore. With all these works, NMC is confident of proper functioning of street lights.
An NMC official said the project will lead to a profit for the civic body. ―NMC will get LED street
lights, new infrastructure and systems without spending anything. Entire cost of the project will be
recovered from savings in power bills and high cost of current annual maintenance,‖ he said.
However, the project has been delayed to some extent due to delays in getting permission from the
state government for seeking loans, ongoing works on Inner Ring Road Cement Concrete project,
flyovers and Metro Rail. The works to install LED street lights was supposed to be completed by
August 2018.
NMC has also issued work orders to private companies for operating all these street lights on solar.
Expense on power bill will go down further while also benefiting the environment.
___________________________________________________________________________
Page 29 of 32
EESL TO REPLACE 11 LAKH LEDS BULBS IN MAHARASHTRA UNDER
RETROFITTING SCHEME
State-run EESL, which is a joint venture of four other PSUs including NTPC, Power Finance
Corporation, Rural Electrification Corporation, and PowerGrid Corporation, will be installing
rooftop solar on RESCO model in phased manner.
MUMBAI: Energy Efficiency Services(EESL) plans to install an aggregate 200 MW of grid
connected solar rooftop across 5,000 state-owned buildings in Maharashtra in the next two years at a
cost of around Rs 800 crore.
State-run EESL, which is a joint venture of four other PSUs including NTPC, Power Finance
Corporation, Rural Electrification Corporation, and PowerGrid Corporation, will be installing
rooftop solar on RESCO model in phased manner.
"Initially, we will be installing rooftop capacities across 2,000 buildings and we estimate a cost of Rs
450 crore. This we plan to complete by end of this year," EESL Maharashtra Regional Manager
Deepak Kokate told here.
He further said the entire cost will be borne by EESL and state will have to pay only for the power
generated.
EESL is already retrofitting government buildings in Maharashtra with energy efficient appliances,
investing Rs 325 crore to enable them to achieve 39 per cent savings in annual energy costs.
Under this program, the company has already retrofitted 2,000 buildings with energy efficient
appliances in the state and has successfully installed 1.75 lakh LED lights, 1.25 lakh energy efficient
fans and 3,200 super- efficient ACs.
"We will soon have 3,000 more buildings retrofitted by the end of the year. By the same time, we
will complete rooftop solar installation on those 2,000 buildings and once the internal energy
efficient work on 3,000 buildings is completed, we will install rooftop solar on them. This will take
almost two years to complete," Kokate added.
He further said the solar rooftop solutions will significantly reduce the lifetime energy costs of these
buildings, as they will avail electricity at lower tariffs that will be determined at levelized rates over
the next 25 years.
For the retrofitting in 3,000 buildings, EESL will replace about 7,000 energy efficient ACs, 11 lakh
LEDs bulbs, six lakh energy efficient ceiling fans and also replace 14,000 streetlights in the state,
contributing to energy savings of 100 million units per year.
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/lighting/consumer-
lighting/eesl-to-replace-11-lakh-leds-bulbs-in-maharashtra-under-retrofitting-
scheme/69845321
Page 30 of 32
Kokate further said with the help of the retrofitting program, Maharashtra has so far saved nearly
20.5 million units of electricity worth Rs 20 crore per year, avoiding 18,500 tonnes of CO2 emission
to the atmosphere.
___________________________________________________________________________
Page 31 of 32
OYO'S CHINESE ARM TO UP INVENTORY TO 500,000 ROOMS, LIST ON CTRIP
China, Indonesia, UK big growth markets, says Oyo global chief strategy officer.
NEW DELHI: Oyo Jiudian, Chinese subsidiary of Oyo Hotels & Homes, will add another 50,000
rooms this month, which will take its inventory to half-a-million rooms in China.
A substantial part of these will be listed on China's biggest online travel agency, Ctrip, by the end of
this month, Maninder Gulati, global chief strategy officer at Oyo Hotels & Homes, told ET.
Oyo had last month announced that it had entered into a strategic partnership with Ctrip.
―We would be touching the half-a-million mark in China this month. We are already present in 320
cities in China and have 450,000 rooms, which covers a large amount of breadth. Ctrip is the most
influential distributor in China. We are still figuring out technical integrations. Sometime this month,
a substantial portion would start to feature in (on Ctrip),‖ said Gulati.
―Whether it is Airbnb or Ctrip, these are great partnerships for us because as a hotel and
accommodation chain, we concentrate on creating great products and experiences for consumers and
we look forward to such large partnerships to make those products and experiences available to
customers that are part of these platforms on daily basis,‖ Gulati said.
US home sharing company Airbnb has invested $75 million in Oyo as per regulatory filings. Gulati
said these partnerships go beyond plain vanilla listing arrangements and that ―none of its partners are
its competitors‖.
―Whether it is Airbnb, or Ctrip, or Go-MMT, none of them are competitors as they are distributors
and we are a sort of accommodation chain which franchises and leases different types of real estate.
Now even Airbnb distributes hotels, so all of these platforms distribute multiple types of real estate.
Our job is to create great living spaces which vary across real estate,‖ said Gulati.
Oyo had acquired Amsterdam based vacation rental company @Leisure Group, which manages
holiday homes, holiday parks and holiday apartments in Europe for an estimated €369.5 million last
month. Gulati said the company will go deeper in the 13 cities in Europe where @Leisure is present.
―@Leisure has 30,000 fully managed homes across 13 countries in Europe and already works with
Airbnb and Booking.com and several others, and when Oyo comes in and grows that base of supply,
the partnership further strengthens. Our focus would be to go deeper in these 13 countries. They are
already in Belgium, the Netherlands, Luxemburg, Austria, Italy and Spain. In terms of hotels we
have expanded to 11 countries, so we already have a base of 24 countries if we include the 13
@Leisure countries. That‘s a big enough number to go deep in,‖ he said.
___________________________________________________________________________
Newspaper/Online ET Realty (online)
Date June 18, 2019
Link https://realty.economictimes.indiatimes.com/news/hospitality/oyos-chinese-
arm-to-up-inventory-to-500000-rooms-list-on-ctrip/69841904
Page 32 of 32
DILIP BUILDCON IN TALKS TO SELL ALL 12 HAM HIGHWAY PROJECTS
_________________________________________________________________________
Newspaper/Online The Economic Times
Date June 19, 2019
Link https://economictimes.indiatimes.com/markets/stocks/news/dilip-buildcon-in-
talks-to-sell-all-12-ham-highway-projects/articleshow/69850580.cms
