Roadmap to Startup Funding(Event 4PM 24.1.19, Noida)

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As part of our #NationBuilding Initiative and commitment we are regularly conducting workshops on #Startup #Funding and Startup #Mentoring since 2016 wherein no fee is charged from the participants

In past all such workshops were very #successful in terms of #engagement and #excellent feedback of participants

In continuation, We would conduct our next workshop on #StartupFunding on 24.1.19, 4PM at #91Springboard, C2, Sector 1, Noida (No fee is payable by participants)

You are cordially invited to join the program and kindly also circulate this info among interested persons in your network

#StartupIndia #SkillIndia #MakeinIndia #Modinomics #Yenforum 

Around 40,00 flats to be delivered this year in Noida: UP-RERA

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At least 40,000 flats in Noida and Greater Noida are set to be delivered in 2019, officials at the Uttar Pradesh Real Estate Regulatory Authority (UP-Rera) have said. They have arrived at the figure after carrying out a series of inspections of housing projects last month. Most of these projects are registered with the regulatory body and are in their final stages of completion. In their review last month, the Rera teams had examined nearly 50,000 flats, of which 40,000 are at various stages of complettion and are likely to be delivered this year.

Some of the major builders whose housing projects had been scrutinised over the past one month are Today Homes, Logix, Rudra Buildwell, Mascot Homes, Omaxe, Panchsheel Buildtech, La Residentia Developers and Geotech Homz, among others. Most of the housing projects are being developed over the past five to seven years.

“These are projects by builders who are registered with the Uttar Pradesh Rera. We have started keeping a close watch on the progress of their construction, so that the builders meet the latest deadlines,” Rera member Balwinder Kumar said.

Source: ET Realty

Do More and More Plantation to Control the Pollution

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Pollution level in our country is increasing day by day. One way of controlling pollution is to do more and more plantation. In this context, Govt. of UP in public private participation carried out record wide level record planation on last independence day wherein our company actively participated as part of our corporate social responsibility commitments.

 #SaveEnvironment #PlantTrees #Irecfo #CSR #UPGovt

DTCP cancels licences of 31 ongoing real estate projects across Haryana

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The department of town and country planning (DTCP) has cancelled licences of 31 ongoing real estate projects across Haryana for violation of norms. The order from the department further stated that directors of these real estate companies could be debarred from getting project licences in the future.

The maximum number of cancelled projects are in Gurugram. Out of the 31 projects, 14 are in Gurugram in areas such as sectors 62, 70A, 70, 71, 95, 74, 73, 108 and the Gurugram-Manesar urban complex, five in Sonipat, three in Faridabad and another three in Palwal. The cancelled projects, which include residential and commercial ones, are either under construction or partially constructed. The builders have been restrained from sale or purchase or any other transactions related to the colonies concerned.

The licences have been cancelled for a range of reasons such as non-payment of external development charges (EDC) and bank guarantee, missing deadlines, non-renewal of licence, non-compliance with DTCP’s building norms etc. According to sources, DTCP is yet to receive Rs 200 crore in EDC from builders involved in these projects.

Meanwhile, Jitender Sihag, chief town planner, DTCP, Haryana, has ordered the district town planner (headquarters) to prepare a list of real estate companies which and directors who have been debarred from grant of licence for future projects. The order further stated that if a licence would be granted to a such a company or director due to lack of reports on the same, the officials granting licence as well as the DTP (HQ) would be held responsible for it.

Thousands of buyers have invested their money in these 31 commercial and residential projects. Officials, however, said they would not be affected by the move because the government would take over and complete the pending projects. In case DTCP takes over a project, the move would not have any financial implications for buyers as the government would meet their liabilities, an official said.

“This order will ensure that directors who or companies which are debarred do not cheat buyers again. The directors or companies concerned are not serious about compliance with DTCP’s rules. Once the project licences are cancelled, the takeovers will be done according to rules and public interest would not be hampered in any way,” said RS Batth, DTP (planning), Gurugram.

Source: ET Realty

After demonetisation, liquidity crunch may inflict more pain on real estate sector

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Two years ago, demonetisation caused upheaval in many sectors and the real estate sector also had to bear the brunt. The analogy was that the much diabetic sector required insulin (demonetisation) injections after which it was constantly monitored on the treadmill through measures such as amendments to the Benami Transactions (Prohibition) Amendment Act 2016, Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST).

The maximum impact of demonetisation was felt on land and luxury residential segments where prices had corrected by almost 30 per cent as these were the asset classes where maximum investors were seen to park black money. But sales started to pick up on the back of affordable housing launches, especially the government’s impetus on Housing for All by 2022 and the Pradhan Mantri Awas Yojana scheme.

When it seemed that the pain was more or less reduced with these measures being in place and real estate prices getting rationalised, the recent non-banking financial company (NBFC) crisis, triggered by the debt-pile in IL&FS, and the cascading impact on several NBFCs, caused a stir in the residential markets.  Instead of ‘insulin injections’, the sector now requires a ‘booster’ dose of liquidity from the government, say experts.

Preceding the recent financial turmoil, a wave of structural reforms had swept the real estate landscape. “Just as the market appeared to be gaining some strength, the aforesaid financial shake-up has caused a rewind-like situation amongst the financial community,” said Arvind Nandan, Executive Director – Research, Knight Frank India.

The NBFC cash crunch has had a cascading impact on the somewhat improving residential real sector. “This is primarily because for last few years, developers had been availing term loans from NBFCs and Housing Finance Companies (HFCs) and any turmoil in the latter is bound to impact the Indian realty industry. Further, at a time when the festive season fervour and loan melas are expected to boost residential market sales, the state of financial markets is likely to play a vital role,” he explained.

Post-demonetisation, land prices that were inflated due to black money deployment had come down drastically, corrected by almost 30 to 40 percent. Prices of luxury real estate projects corrected by 30 percent and there was no appreciation for almost three years. “Today, the sector is suffering from a new ailment (liquidity crunch) post the NBFC crisis. Earlier, an insulin injection of demonetisation was required to reduce the deployment of black money in the sector. Now we need a booster dose of liquidity from the government,” said Pankaj Kapoor of LiasesForas, a Mumbai-based real estate rating and research firm.

The next steps should include rationalisation of tax structure and stamp duties and electronic registration of properties. While GST on affordable housing has been reduced to 8 percent, for other properties, including under construction projects, it is still 12 percent. This, say experts, is an impediment for home buyers who are preferring to buy ready-to-move-in properties that do not attract GST.

Source: realtyplusmag.com

Over 80 villagers arrested for stalling work at Wave’s project in Greater Noida

Over 80 villagers arrested for stalling work at Wave's project in Greater Noida

At least 84 people have been arrested over the past two days for staging a protest outside an under-construction project of the Wave Group in a Greater Noida village over additional compensation.

The protesters, from whom land had been acquired in Kacheda village in 2010 for a housing project called Hightech City, have refused to hand over the land, demanding 64% of the amount already paid to them as additional compensation. The villagers, who have grown crops on the land earmarked for the housing project, allegedly fought with the labourers when they reached the village to start construction work on Friday. While 63 villagers were arrested on Friday, 21 more were sent to judicial custody on Saturday.

The villagers claimed they had asked for five more days to hand over the land to the builder, but were told to vacate immediately. As a mark of protest against the police and administration, the villagers have now put up a board saying no leader from the ruling BJP, whom they had voted to power, would be allowed in the area.

Narender Kumar, a Kacheda resident, said no BJP leader had come for their support. They sought a meeting with party MLA Mahesh Sharma, who had adopted the village under Adarsh Gram Yojana.

“The administration and police have been harassing the villagers for the past three days. Our crops were destroyed by the developers’ men who drove excavators on the fields. Nobody from the ruling party came to support us. We have taken our plea to many local and national leaders, including MLAs and MPs, but to no avail. All we want is an extension of five days to hand over the land,” said Mahender Pehelwan, a villager.

Told about the allegation, BJP district president Vijay Bhati said: “No sooner did we get the news, we sent a team to the village to speak to the people about their demands. Another team would be visiting the arrested villagers in jail on Monday and talk to them.”

A spokesperson for the Wave Group dubbed the farmers’ demand “illegal” and pointed out that it had been quashed by the high court in 2017 when the villagers had filed a suit against the building company for additional compensation. “The land was purchased directly, through one-on-one negotiations with the farmers. The compensation given to the villagers was more than the prevailing land rate at the time of purchase. Unfortunately, some anti-social elements are misleading the gullible farmers for their own vested interests,” the spokesperson said.

The villagers said they had been paid compensation at the rate of Rs 93 lakh per acre when land was acquired from them in 2010. The farmers are now demanding an additional 64% of the amount paid to them.

Vijay Kumar, the station house officer of Badalpur police station, said the villagers had been warned against continuing with their protest. “We had orders to hand over the land to the builders. They are now the legal owners,” he said.

“However, the people who were protesting refused to leave the area and stalled construction work by lying down in front of the excavators. They even fought with the labourers and police constables, because of which we had to use batons to disperse the crowd. On Friday, we arrested 63 people. The next day, 21 more were sent to judicial custody by the court,” Kumar said.

The officer said two separate FIRs had been filed. The first one has the names of 24 villagers and the second one is against 150 unidentified people. All of them have been charged with rioting and causing damage to public property, apart from other provisions of the IPC.

Source: ET Realty

UP-RERA Orders Forensic Audit of Ansals Projects

UP-RERA orders forensic audit of Ansals projects

The Real Estate Regulatory Authority (RERA) of Uttar Pradesh has ordered a forensic audit of Ansal Group of Housing and set up an observer to monitor its financial activities after a flood of complaints from buyers.

After hearing a series of complaints and views put forth by the developer, the bench of RERA members Balwinder Kumar and BP Singh ruled that the activities of Ansals be restricted as the grievances of buyers — who feel fleeced — sounded genuine.

Singh also expressed his strong fear that the money collected from the gullible buyers dreaming for their houses, have been diverted out of the housing projects. Many of theses projects could be based out of India, he added.

The entire controversy smells of a huge scandal involving thousands of crores while the those dreaming for a house are knocking at doors of courts and government offices.

500 plaints against Ansals

The RERA bench pronounced in its judgement that the Ansals would have to undergo a forensic audit of their entire financial status and it could be concluded only then how much funds have been diverted for non-housing projects by the promoters .

Apart from the post mortem of financial status and activities of the group, the RERA has also decided to deploy a financial observer for the Ansals to monitor their financial activities.

Balwinder Kumar, in an order passed Thursday said that the RERA was already in possession of more than 500 complaints against the Ansals and most of them sound genuine and true.

Source: ET Realty

MAHA-RERA initiates actions against 120 Developers in Pune and Mumbai

Maha-Rera initiates actions against 120 developers in Pune and Mumbai

We are hearing cases against 120 out of the 300 developmental projects that was identified by the MAHA-RERA. Hearing for the rest will also begin soon. It is mandatory for all developers to come under the purview of the RERA Act,” said Gautam Chatterjee, chairman, MAHA-RERA.

Maharashtra Real Estate Regulatory Authority (MAHA-RERA) identified 300 projects in Pune and Mumbai, as of May 2018, which were under development but had not got the required approvals from the agencies concerned.

Despite repeated requests from MAHA-RERA, the Developers refused to register the projects under the MAHA-RERA Act even though it is mandatory under law. Consequently, action was initiated.

“Strict action will be taken against Developers who fail to abide by the Act and continue to work without seeking proper sanctions and approvals,” Chaterjee said, adding that RERA courts will announce verdicts on these 120 cases in the next two months.

As per the Rera act, the court has to complete the cases in a given time frame of 60 days from the date of filing. Chatterjee refused to reveal the breakdown of how many of the 120 projects were in Pune or to name any at this stage.

A senior official from the Pune RERA office requesting anonymity said ,“The Authorities have written to the District Collectors and Municipal Commissioners of both the regions where these projects are being developed. We will examine all the documents and sanctions that the Developers must possess before commencement of work.”

We will ask the concerned government agencies to act against such developers under the Maharashtra regional town Planning Act, the official said.

Source: Realty Plus

How developing economies can get more out of their infrastructure budgets

In developed economies, policies and practices for balancing diverging interests in public infrastructure spending are well established. South Korea, for example, established the Public and Private Infrastructure Investment Management Center in 1999 to conduct feasibility studies on large public investments and expanded its mandate to include appraising and managing public–private infrastructure partnerships in 2005. Since then, the center has reduced project overruns by 82 percentage points. Similar units include the United Kingdom’s Infrastructure and Projects Authority, Germany’s Bundesrechnungshof, and Australia’s Infrastructure Australia.

But in developing markets, many governments have yet to build a capacity for conducting extended project reviews and feasibility studies, because talent is scarce or internal priorities conflict. As a result, these governments often end up funding ill-prepared, poorly designed capital projects, whose scope often diverges from real demand. Overlaps between projects are not uncommon—and actual project costs often exceed forecasts. In fact, nearly 40 percent of the money devoted to global investments around the world is spent ineffectively as a result of bottlenecks, a failure to innovate, or market failures. In developing economies, these ineffective expenditures amount to over $1 trillion a year.

It may be too much to ask that every proposal get a full-scale, in-depth evaluation that takes months to complete. Even in developed markets, that’s not always possible. But it is possible for finance ministries to conduct more streamlined financial assessments of the preparedness and design of projects in only days or weeks. Indeed, we have seen developing countries in the Middle East and Africa embark on such programs by adapting centralized control units and the required level of governance to their own circumstances.

The initial assessment of project preparedness

As a first step, a government must ensure that all projects have been thought through at a sufficient level of detail. This may sound obvious, but projects that fail to describe their rationale properly, don’t evaluate alternative solutions, or lack detailed budget plans are hardly uncommon. What’s more, implementing ministries often lack strong capabilities in project planning, and rely instead on the private-sector organizations that design and implement such projects to review their own work. The resulting incentive structures, far from optimizing costs, tend to inflate the scope and specifications of these projects.

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When the finance ministry in one African country reviewed proposals to build new roads, for example, it found a number of them significantly exceeded benchmark costs—often coming from design firms that consistently produced designs with higher costs. When a more thorough evaluation isn’t feasible, a streamlined one- or two-day review can help. Typically, an oversight body would pose a series of straightforward questions assessing how clearly a problem is defined, along with a capacity and demand analysis and a consideration of alternative solutions. This kind of evaluation would examine a proposal’s financial aspects, like planned budgets and cash-flow requirements. It would also probe the operational elements: a realistic implementation plan, compliance with regulatory requirements, and interdependencies and overlaps with other projects. Knowing that it lacks this capability, the government of the country in the example is now setting up an in-house unit to oversee contracts with design companies and challenge their products.

The impact can be considerable. One government in another developing economy took this approach with more than 250 projects in its portfolio and found that only a quarter of them were adequately prepared. Most frequently, project owners failed to quantify the capacity–demand analysis and alternative ways of meeting future demand. As a result, they were granted only enough of their requested budget to conduct studies to increase their preparedness.

Please follow the link for more details: 

https://www.mckinsey.com/industries/public-sector/our-insights/how-developing-economies-can-get-more-out-of-their-infrastructure-budgets?cid=other-eml-alt-mip-mck-oth-1810&hlkid=2c73371332a0446f9218988ba20ec7e5&hctky=10462373&hdpid=19bd139c-91cf-4c55-a957-6f77cf3cd36d