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Gurugram: Ansal Fernhill buyers to launch protest against delay in flats delivery

Gurugram: Ansal Fernhill buyers to launch protest against delay in flats delivery

August 8, 2019 in Uncategorized

GURUGRAM: The buyers of Ansal Fernhill in Sector 91, who have been waiting for the handover of flats for more than a year after paying around 80% of the cost, have decided to launch a protest against the builder. According to the agreement, the builder was supposed to hand over the flats by April 2018. However, several buyers alleged that till now they have not got any confirmation from the developer as to when they will get their property. They have also filed a complaint on the CM window. “I hoped that I would get my home last year itself. Now, it seems to be a distant dream. I have already paid more than 90% cost of the flat, and now I’m need answers from the developer. I’m paying loan EMIs to the bank and also pay the rent to my house owner. This is an additional burden. We are planning to launch a protest on Saturday,” said Manish Nema, a homebuyer. Rehan Khan, another buyer, said, “I fear that the builder might leave the country. We might not get our money and property. This goes back to 2011, precisely September 2011, when we booked our flat in Fernhills. The builder didn’t obtain any necessary clearances and approvals and had pre-launched the project to lure buyers. Almost eight years are over, and most buyers have paid almost 90% of the total cost. No action has been taken even though we lodged a complaint on the CM window last year.” According to buyers, a total of 700 flats were supposed to be developed. TOI tried to contact the developer, but hasn’t received any response despite repeated attempts. Sources: realty.economictimes.indiatimes.com

Builders’ current process of maintaining a collection account is wrong: UP-RERA

Builders’ current process of maintaining a collection account is wrong: UP-RERA

August 7, 2019 in Uncategorized

NEW DELHI: The current process of maintaining a collection account by builders to get all deposits before transferring the mandatory 70 percent of the money into escrow account is wrong, said the Uttar Pradesh Real Estate Regulatory Authority on Tuesday. The realtors then transfer the remaining 30 percent of the money to third account operated by them for appropriating for purposes other than construction and land cost. According to the authority, "This practice is apparently wrong. The promoters have to receive all the amount in the Escrow Account and only the money left after utilising 70 percent of the money for construction and land cost should be allowed to be withdrawn for a purpose other than construction and land cost. It is re-emphasized that this 70:30 percent ratio has to be maintained from the inception of the project." The above observation was made in a meeting held by UP-RERA officials with chief general managers and general mangers of all the public and private banks. The authority has issued appropriate directions to all the zonal heads and branch managers to comply with the RERA orders. UP-RERA has also decided to verify all the projects accounts maintained with different banks. "The Chartered Accountants of RERA will be visiting the concerned branches in this regard," said Rajive Kumar, chairman, UP-RERA. The authority further said that there can not be any charge or lien on the separate project account, the bank can not recover the amount or instalment due from the promoter from this account. The bank can have lien on the account to which the promoter transfers 30 percent of the collected money. "The bank can not insist that in case of loan for the project the promoter should open an account with it and receive all the money from the allottees in this account. Nor can be the bank insist on the promoter to transfer the balance money from the existing project account to new account," said Abrar Ahmed, secretary, UP-RERA. As per the provisions of section-4 (2) (l) (D) of Real Estate (Regulation and Development) Act 2016, seventy percent of the amount for a real estate project must be deposited in a separate account to be maintained in a bank to cover the cost of construction and the land cost. The concerned branch is required to ensure that money is utilized for the specified purpose only and not for any other purposes. The bank must also ensure that the promoter is permitted to withdraw any amount from this account only after he has submitted the certificate from an engineer, an architect and a charted accountant. Sources: realty.economictimes.indiatimes.com

BlackRock and CLSA Capital Partner invest Rs 375 crore in GoWork

BlackRock and CLSA Capital Partner invest Rs 375 crore in GoWork

August 6, 2019 in Uncategorized

NEW DELHI: Coworking operator GoWork on Tuesday said it has raised USD 53 million (around Rs 375 crore) debt funding from US-based BlackRock and CLSA Capital Partner to expand its business. GoWork currently has two coworking centres at Gurugram in Haryana, spread over 8 lakh square feet with a capacity of 12,000 seats. "GoWork has raised USD 53 million from a private fund managed by BlackRock's Private Credit team, along with CLSA Capital Partners' Special Situations Group, in a round of debt funding," the Gurugram-based coworking firm said in a statement. This is the first onshore private financing transaction in India by global investment management firm BlackRock, it added. GoWork will use this funding to further scale the business and provide value-added services to its clients. GoWork CEO & Chief Evangelist, Sudeep Singh said, with their (BlackRock and CLSA) support, GoWork can further propel its growth across the length and breadth of all emerging markets in India. It plans to have 50 centres across major cities of India by 2025. As of June 30, 2019, BlackRock managed about USD 6.84 trillion in assets on behalf of investors worldwide. CLSA Capital Partners is the alternative asset management business of CLSA, Asia's leading capital markets and investment group. In India, coworking segment is growing at a rapid pace, driven by demand for quality office space from startups, small and medium enterprises and large corporates. This segment is already accounting for 15-20 per cent of the total office space leasing across major seven cities. Sources: realty.economictimes.indiatimes.com

Blackstone to acquire 50% stake in Indiabulls Real Estate for Rs 4,800 crore

Blackstone to acquire 50% stake in Indiabulls Real Estate for Rs 4,800 crore

August 5, 2019 in Indiabulls

MUMBAI: US-based private equity giant Blackstone Group is set to acquire the remaining 50% stake in Indiabulls Real Estate’s commercial properties for around Rs 4,800 crore, said three persons with direct knowledge of the development. The deal is pegged as one the country’s largest real estate portfolio transactions. This will give Blackstone full control of the portfolio and further strengthen its position as the country’s largest commercial property owner. Blackstone had concluded a similar deal for a 50% stake in this portfolio for nearly Rs 4,750 crore in March 2018. The transaction is part of the Indiabulls Group’s strategy of exiting real estate completely and focusing on financial services as it seeks to merge with Lakshmi Vilas Bank. Also, Indiabulls Real Estate is planning to utilise the proceeds from this deal to repay its debt and bring it down to zero. Indiabulls Real Estate’s total net debt stood at Rs 4,590 crore at the end of FY19. “The transaction is expected to be concluded over the next few weeks,” said one of the persons cited above. “Both the parties have agreed in principle to conclude the deal. Indiabulls is expected to present the transaction to its board soon.” Apart from controlling 50% stake in this 5-million-sq-ft commercial portfolio — including two marquee properties in Mumbai’s Lower Parel and Prabhadevi areas and one in Gurgaon — Blackstone had also acquired a 100% stake in the developer’s Chennai commercial property for around Rs 850 crore last year. Blackstone declined to comment. Indiabulls Real Estate didn’t respond to queries. The private equity firm is expected to add the assets to the portfolio of Embassy Office Parks Real Estate Investment Trust (REIT), its joint venture with Bengaluru-based realty developer Embassy Group. Embassy Office Parks listed India’s maiden REIT in April. It has 33 million sq ft of office and hospitality assets, comprising seven business parks and four city-centric buildings in Mumbai, Bengaluru, Pune and Noida. The REIT raised Rs 4,750 crore through the issue that was subscribed 2.58 times. In June, Embassy Group entered into an agreement to acquire Indiabulls’ promoter Sameer Gehlaut’s entire 39.5% stake in listed company Indiabulls Real Estate for Rs 2,700 crore. The transaction had put an enterprise valuation of Rs 7,000 crore on Indiabulls Real Estate’s portfolio — 23.5 million sq ft of residential projects and 2.4 million sq ft of commercial space under construction. These under-construction commercial properties are separate from the 5-million-sq-ft office properties portfolio in which Blackstone is picking up the remaining 50% stake. As part of that deal, Embassy has already bought over 14% stake in the listed Indiabulls Real Estate through the open market. Embassy Office Parks REIT is expected to hold the right of first refusal on Indiabulls Real Estate’s under-construction commercial portfolio, once ready and leased. However, the decision will be taken independently by its board, ET had reported earlier. The US-based multinational private equity, alternative asset management and financial services firm has emerged as the most aggressive institutional investor in India’s real estate sector and owns the biggest portfolio of income-producing office assets in the country. It has committed $5.3 billion in the key markets of Mumbai, Noida, Pune, Bengaluru, Chennai and Hyderabad. It has invested across more than 50 companies in India. It has deployed more capital in India than in any other emerging market, with nearly $10.6 billion invested in the private equity and real estate sector. Sources: realty.economictimes.indiatimes.com

Eleven years on, DLF Express Greens home buyers yet to get possession

Eleven years on, DLF Express Greens home buyers yet to get possession

August 3, 2019 in DLF News

GURUGRAM: Almost 11 years after the launch of DLF Express Greens in Manesar, a large number of buyers of the residential project are yet to get possession of their homes. The project is one of the three affected by Manesar land scam. Homebuyers in the project say they are stuck between Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and DLF, waiting for the verification of their claims more than a year after the Supreme Court deadline. The court had directed HSIIDC in March last year to verify the homebuyers’ claims within two months. The industrial body was also asked to either complete the projects and hand over the homes to the buyers or refund them their money as applicable. “But even after 15 months of the SC judgment, HSIIDC has not done anything. It is a paradox that on one hand, SC is asking public sector companies to take over stalled projects and on the other hand, HSIIDC is adding to our misery,” said Raj Rathi, one of the buyers. Mukul Bajaj, who is heading the buyers’ representations with HSIIDC and DLF, added, “Unless our claims have been verified, we are not even a rightful owner of the flats. The process should have been completed more than a year back. We have no clarity from the developer or the HSIIDC on the issue yet.” Meanwhile, the construction of the clubhouse and the other finishing work are still pending and homebuyers are unsure whether DLF or HSIIDC will complete the pending work. HSIIDC’s MD Narhari Banger said the verification of claims is under process. “There are two parts to the claim verification, one from the allottees’ end and the other from the developer’s end. While the allottees have submitted the claims, the developer is yet to submit the requisite information,” said Banger. “DLF is constantly communicating with us and we expect the process to be completed soon,” he added. The developer said it has submitted all the required details from its end. “We have submitted all the information required and it can be validated from the fact that more than 600 houses have been already handed over and 70 families are already living there. The delay in the verification is not from our end,” said a DLF spokesperson. Sources: realty.economictimes.indiatimes.com

NCLAT sets aside order directing return of land to Jaypee Infratech

NCLAT sets aside order directing return of land to Jaypee Infratech

August 2, 2019 in Jaiprakash Associates

NEW DELHI: The National Company Law Appellate Tribunal on Thursday set aside an NCLT order that directed Jaiprakash Associates Ltd to return 758 acres of land, which was pledged with several banks, to debt-laden Jaypee Infratech. In May last year, the Allahabad bench of the National Company Law Tribunal (NCLT) had asked JAL to return 758 acres of land to its subsidiary Jaypee Infratech, declaring the transfer of the land as "fraudulent" and "undervalued". It had directed JAL to release and discharge interest created over the patch of land to lenders. All the banks and JAL had approached the NCLAT against the NCLT order. A stay was granted to all petitioners. In its judgement, a two-member NCLAT bench, headed by Chairman Justice S J Mukhopadhaya, allowed the pleas of all banks as well as JAL and said that the transactions were genuine and the allegation of undervaluation was not justified. "We have held that the transactions were made in the ordinary course of business in absence of any contrary evidence to show that they were made to defraud the creditors of the Jaypee Infratech or for any fraudulent purpose, on mere allegation made by the 'Resolution Professional," said the NCLAT. The appellate tribunal said that "it was not open to the NCLT to hold that mortgage deeds, in question, were made by way of transactions which come within the meaning of 'fraudulent trading' or 'wrongful trading'." The NCLAT also said that the Allahabad bench of NCLT had passed the order "on the basis of wrong presumption and error of fact held that transactions in question amount to 'preferential transactions'." "All the appeals are allowed," said the NCLAT, adding "we set aside the impugned order dated May 16, 2018". The petitioner banks are: Axis Bank, Standard Chartered, ICICI Bank, SBI, Bank of Maharashtra, United Bank of India, Central Bank of India', 'UCO Bank', 'Karur Vyasa Bank , L&T Infrastructure Finance Company, 'Canara Bank, Karnataka Bank, IFCI, Allahabad Bank, Jammu & Kashmir Bank and The South Indian Bank Ltd. Meanwhile, the NCLAT clarified that it has made no observations against JAL, against whom some lenders have approached the NCLT to initiate insolvency proceedings. "However, we make it clear that we have not made any observations with regard to the Promoters or Directors in absence of any appeal preferred on their behalf," said NCLAT. Banks have given loans to Jaiprakash Associates, JP Group's flagship firm against the land bank owned by Jaypee Infratech. Sources: realty.economictimes.indiatimes.com

Centre to back NBCC to finish Jaypee Infratech projects

Centre to back NBCC to finish Jaypee Infratech projects

August 1, 2019 in Jaiprakash Associates

NEW DELHI: After Amrapali and Unitech, the government is now looking to back public sector builder NBCC to construct the remaining 25,000 Jaypee Infratech apartments and villas in and around Noida. During a meeting called by finance minister Nirmala Sitharaman, the Centre agreed to look at an arrangement to deal with pending tax claims up to August 2017 when insolvency proceedings were initiated against Jaypee Infratech. While the tax issues for the remaining period will be looked at in the context of the amended Insolvency & Bankruptcy Code, where the resolution plan cleared by the National Company Law Tribunal (NCLAT) is binding on authorities, the Uttar Pradesh government and other agencies will also be asked to review their claims, sources told TOI. NBCC's earlier proposal had faced resistance as it was a conditional offer and depended on the state government and tax authorities reviewing their claims. Sources: realty.economictimes.indiatimes.com

Delhi court sends Amrapali’s CFO and auditor to five-day police custody

Delhi court sends Amrapali’s CFO and auditor to five-day police custody

July 31, 2019 in Amrapali News

NEW DELHI: A Delhi court on Tuesday sent two officials of Amrapali Group to five-day police custody after the probe agency sought their custodial interrogation. The court sent Amrapali Group's chief financial officer Chander Wadhwa and statutory auditor Anil Mittal to police custody after the Economic Offence Wing (EoW) of Delhi Police claimed they were instrumental in creating a large number of bogus companies. These bogus companies were created for diversion of funds of home buyers by employing their known persons and relatives as directors or key management posts in those firms, EoW told the court. Cracking its whip on errant builders for breaching the trust reposed by home buyers, the Supreme Court on July 23 had cancelled the registration of the Amrapali Group under the real estate law RERA, and ousted it from its prime properties in the NCR by nixing the land leases. The apex court, which directed a probe by the Enforcement Directorate into alleged money laundering by realtors, provided relief to over 42,000 home buyers of the Amrapali group, with the verdict. Sources: realty.economictimes.indiatimes.com

UP-RERA orders forensic audit of 21 projects of Three C Projects

UP-RERA orders forensic audit of 21 projects of Three C Projects

July 30, 2019 in Uncategorized

NEW DELHI: Uttar Pradesh RERA (UP-RERA) on Monday ordered forensic audit of all 21 projects of Three C Projects which it has registered or is developing along with other builders. The authority has decided that further action will be taken once empanelled auditors of RERA submits their audit report. The report is to be submitted within two months. It has appointed officials of Noida and Greater Noida authority along with executive engineer of UP-RERA as the auditors. The authority also cancelled the registration of four projects of Rohtas Group situated in Lucknow. The decision have been taken after it had issued show-cause notice to the promoters of the company. The projects whose registration have been cancelled are Rohtas Presidential Tower, Rohtas Plumeria Homes, Rohtas Platina Faizabad Road and Rohtas Summit. The authority will now take further decisions under the Section-8 of RERA Act. Under this section, a proposal by association of allotees can be submitted to complete the rest of the project. If the proposal is not satisfactory, the authority will take suggestion from Uttar Pradesh government, Lucknow Development Authority or may involve co-developers. UP-RERA has also decided to impose Rs 1 lakh fine on 253 projects whose promoters have failed to give quarterly update. It has also imposed Rs 2 lakh fine on promoters of 800 projects who have not defined quarterly targets. The promoters have to submit the fine within seven days. Till date, the authority has resolved 9,487 complaints out of 15,994 complaints registered with it. It has received Rs 29.16 crore out of which Rs 18.45 crore have been transferred to allotees. Rest of the amount will be distributed soon, the authority said. Sources: realty.economictimes.indiatimes.com

Raheja Developers to face insolvency proceedings

Raheja Developers to face insolvency proceedings

July 29, 2019 in Uncategorized

MUMBAI: Delhi-based builder Raheja Developers is facing insolvency proceedings as the National Company Law Appellate Tribunal (NCLAT) has directed the adjudicating authority to admit the matter under Section 9 of Insolvency and Bankruptcy Code, 2016. The appellate tribunal has set aside an earlier order in a plea filed by one of the operational creditors, Ahluwalia Contracts (India). The adjudicating authority, the National Company Law Tribunal, New Delhi, had earlier rejected Ahluwalia Contracts’ application on the grounds that the claim fell within the ambit of “disputed claim”, and arbitration proceedings were initiated. The matter relates to an outstanding payment of ?6.51 crore. However, the appellate tribunal has ruled that if the dispute was not raised prior to the issuance of the demand notice, existence of a disputed claim cannot be a ground to reject an application under Section 9 of the IBC. Ahluwalia Contracts had moved the NCLT after the developer failed to pay despite several demand notices for its outstanding dues related to work executed by the company. Raheja had countered this with its claim that the matter related to the work and payment was under dispute and that arbitration proceedings regarding this were already initiated. “It’s a landmark judgement which will aid similarly placed creditors with much better clarity in cases where debtor has only a dispute with the quantum of claim and not with the existence of a claim,” said Shashank Garg, an advocate for Ahluwalia Contracts in the dispute. “We have huge claims against Ahluwalia due to delay and poor construction/service on their part in the project that outweighs their claim. We are already in arbitration for the same,” said a spokesperson for Raheja Developers in an email response to ET’s query. Sources: realty.economictimes.indiatimes.com

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