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CREDAI Bengal Daily News Update | 22.10.20

IFSCA prescribes regulatory framework for REITs, InvITs in

IFSC

The REITs and InvITs registered in International Financial Services Centre (IFSC) have

been permitted to invest in real estate assets and infrastructure projects respectively in

IFSC, India and other foreign jurisdictions.

The International Financial Services Centres Authority (IFSCA) on Wednesday prescribed the

regulatory framework for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in IFSC.

"IFSCA has permitted global participants i.e. REITs and InvITs incorporated in FATF compliant jurisdictions to list on the stock exchanges in GIFT IFSC. Additionally, InvITs have been

permitted to raise funds through private placements also," an official statement said. The REITs and InvITs registered in International Financial Services Centre (IFSC) have been

permitted to invest in real estate assets and infrastructure projects respectively in IFSC, India and other foreign jurisdictions, which is in line with the framework provided in the global financ ia l

centres, it said.

Additionally, it said, the REITs and InvITs that are already listed in any of the permissib le

jurisdictions other than IFSC (currently US, Japan, South Korea, UK excluding British Overseas

Territories, France, Germany, Canada and India) or India have been permitted to list and trade on

the recognised stock exchanges in IFSC, subject to compliance with their respective laws of home

jurisdiction.

The listing of REITs and InvITs in IFSC shall be in accordance with the requirements of the stock

exchanges in IFSC, it said, adding, the entities in IFSC can participate and benefit from the growth

of real estate and infrastructure sector in international jurisdictions .

The IFSCA was established on April 27 this year with head office in Gandhinagar with an

objective to develop the financial products and services in the Gujarat International Finance Tec-

City International Financial Services Centre (GIFT IFSC).

In December 2019, Parliament passed a Bill to set up a unified authority for regulating all

financial activities at the IFSCs in the country.

________________________________________________________________

Newspaper/Online ET Realty ( online )

Date October 22, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/ifsca-

prescribes-regulatory-framework-for-reits-invits-in-ifsc/78801212

Properties worth Rs 773.63-crore registered in Gujarat in last six

months

More than 4.76 lakh documents were registered through e-payment system, reveals Office

of Registrar General

In what can be seen as a positive sign for the realty sector in Gujarat, property worth Rs 773.63

crore was registered in Gujarat over the past six months.

Amid the coronavirus pandemic, between April 24 and October 20, more than 4.76 lakh documents were registered and the money paid through e-payment, stated a list issued by the Office of the Registrar General.

CREDAI Chairman Jaxay Shah said, "If the government reduces stamp duty in the State, which

is currently 4.9 percent, then the figures can be doubled."

Agreeing with him, President of National Real Estate Development Council (Gujarat) Suresh

Patel said, "E-payment figures show positive sign for the realty sector in Gujarat because demand

in the residential segment is increasing. This figure may also include commercial, resale and land

deals.

However, if the Gujarat government reduces the stamp duty, it can improve the sentiments of the

buyers here and increase government's income. Maharashtra government reduced stamp duty

which helped in boosting property sales in Pune."

________________________________________________________________

Newspaper/Online ET Realty ( online )

Date October 22, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/properties-

worth-rs-773-63-crore-registered-in-gujarat-in-last-six-

months/78801238

Upload land records of all villages by Oct 31: Gurugram deputy

commissioner

DC Amit Khatri instructed the revenue department officials to work at a faster pace to

complete the work of making jamabandis (land records) online in a time-bound manner.

Deputy commissioner has directed the revenue department officials to upload land records of all

villages in the district online by October 31.

The directions were given in a meeting chaired by the DC recently. DC Amit Khatri instructed the revenue department officials to work at a faster pace to complete

the work of making jamabandis (land records) online in a time-bound manner. He reviewed the work done in tehsils and sub-tehsils and issued directions to first clear the pending cases.

“The state government’s focus is to make all land records online ensuring transparency. It is

therefore important the district’s land records are uploaded online,” said Khatri, adding that the

sub-divisional officers should review this work of uploading land records online at regular

intervals.

“We have been directed to upload jamabandis of all the villages in Gurgaon district online. There

are a total of 291 villages. Our revenue recoveries were also reviewed in the meeting,” said Basti

Ram, district revenue officer.

As per the state government,“Jamabandi is a document prepared as part of record-of-right in every

revenue estate. It contains entries regarding ownership, cultivation and up-to-date of various

rights in land.”

________________________________________________________________

Newspaper/Online ET Realty ( online )

Date October 21, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/upload-

land-records-of-all-villages-by-oct-31-gurugram-deputy-

commissioner/78789565

Over 60 dilapidated buildings razed in past one week in Hyderabad

The drive is being continued to save the lives of people living in these old buildings, the

GHMC said in a statement. Municipal administration minister KT Rama Rao had

instructed the officials to take up a special drive to demolish the old buildings.

Following incidents of people living in dilapidated buildings losing their lives in the incessant rains, the Greater Hyderabad Municipal Corporation (GHMC) continued its demolition drive on

Tuesday.

GHMC commissioner Lokesh Kumar said 65 dilapidated buildings had been razed in the last one week.

The drive is being continued to save the lives of people living in these old buildings, the GHMC said in a statement.

Municipal administration minister KT Rama Rao had instructed the officials to take up a special

drive to demolish the old buildings.

People have been asked to vacate the old buildings in Nacharam, Yakutpura, Sri Nagar Colony

near Ramanthapur, Balagunj, Karmanghat, Gowlipura and other areas.

________________________________________________________________

Newspaper/Online ET Realty ( online )

Date October 21, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/over-60-

dilapidated-buildings-razed-in-past-one-week-in-hyderabad/78781537

Office rentals in NCR slip by over 5% as companies relocate to

cheaper locations

The rentals dipped even as landlords across markets exhibited flexibility in providing

increased rent free periods, reduced rental escalation and providing fully furnished

workspace to prominent occupiers to reduce their net outgo.

Office rentals in clusters of high-profile companies in Delhi-NCR have reduced by more than

5%, highest among top cities, following a move by companies to relocate to a cheaper location within the region, according to leading real estate consultants and brokers.

The rentals dipped even as landlords across markets exhibited flexibility in providing increased rent free periods, reduced rental escalation and providing fully furnished workspace to prominent

occupiers to reduce their net outgo. At 28%, NCR has the highest vacancy among top 7 cities, which gives tenants an opportunity to

bargain. While rentals at Bengaluru, Hyderabad, Pune and Chennai have either remained stable or

increased, the lease rates in Mumbai have reduced by 1%. DLF, which operates a large chunk of the grade A office space in NCR, escalated rentals by 5%-

7% on a year-on-year basis, but has said it may not happen this year.

Consultants said that with rentals being half at Noida in comparison with Gurgaon, many offices have started relocating to save costs.

“The pandemic has seen enhanced cost-conscious occupiers, making Noida more preferable to Gurugram at the macro level. Rentals for comparable properties, the cost of living is also lower

in Noida, thereby reducing the cost of talent significantly at the entry and marginally at mid-levels,” said Avishek Banerjee, Partner - Business Consulting - Real estate sector, EY India.

According to a JLL report, except for Bengaluru which witnessed a marginal increase in rents, office rents in Q3 2020 vs Q2 2020 remained stable across all markets under review.

“If you consider the rental fall in Gurgaon, it has fallen more than 5% as companies have started moving to Noida. Rental at Golf course road in Gurgaon is now Rs 75 per square feet against Rs

95 per square feet in pre pandemic era. In Noida, companies get space at less than a dollar per square feet, which is driving the demand and impacting the rental prices in other regions of NCR,”

said Anckur Srivasttava, chairman of GenReal Property Advisers, a real estate advisory firm.

Newspaper/Online ET Realty ( online )

Date October 21, 2020

Link https://realty.economictimes.indiatimes.com/news/commercial/office -

rentals-in-ncr-slip-by-over-5-as-companies-relocate-to-cheaper-

locations/78790074

According to a Knight Frank report, the recovery in office transactions and new completions

helped rental values remain stable in Bengaluru (4%) followed by Hyderabad (2%), Chennai

(0.5%), and Pune with 0% Year-on-Year growth (YoY).

NCR and Ahmedabad have seen a decline of 5% in Grade A office space rental.

The JLL reports points that increased office space consolidation and optimisation strategies of

corporate occupiers resulted in subdued net absorption levels, which could not keep pace with

new completions.

This resulted in overall vacancy increasing from 13.1% in Q2 2020 to 13.5% in Q3 2020.

Despite the rise in vacancy levels in southern markets, Bengaluru, Chennai and Pune continued

to hover in single digits, with NCR having the highest vacancy level at 28%.

________________________________________________________________

NGT junks plea to check alleged illegal constructions in

Dharamshala

"Such 'single cause of action' has not been mentioned in the application. Omnibus

allegations, without particulars and without relevant parties being impleaded, cannot be

entertained," the bench said.

The National Green Tribunal has junked a plea seeking check over alleged illegal and

unauthorised constructions of hotels and other buildings at Dharamshala in Himachal Pradesh. A bench headed by NGT Chairperson Justice Adarsh Kumar Goel said the petition is absolutely

vague and merely based on newspaper reports without any further verification or particulars .

"No alleged violator has been made a party. The National Green Tribunal (Practice and Procedure) Rules, 2011 lay down procedure for filing of application. Rule 14 requires that the application has to be based on a 'single cause of action' .

"Such 'single cause of action' has not been mentioned in the application. Omnibus allegations,

without particulars and without relevant parties being impleaded, cannot be entertained," the

bench said.

The NGT said the plea has many reference to many orders of the High Court, without the orders

being availab le.

"Unless such orders are available, possibility of conflicting orders and multiple proceedings on

the same issue may not be ruled out.The application is accordingly dismissed," the bench said.

The tribunal was hearing a plea filed by Delhi resident Rajeev Suri seeking control of alleged

illegal and unauthorised constructions of hotels and other buildings at Dharamshala in Himacha l

Pradesh.

________________________________________________________________

Newspaper/Online ET Realty ( online )

Date October 21, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/ngt-

junks-plea-to-check-alleged-illegal-constructions-in-

dharamshala/78790028