The global slump in oil prices amid the coronavirus outbreak will push Indian state-owned firms to sell some assets, according to Macquarie Infrastructure and Real Assets, and the world’s biggest infrastructure investor is already in line.

“There is a fair bit of opportunity for the government to divest non-core oil and gas assets, like oil storage facilities, pipelines, transmission facilities," Suresh Goyal who heads MIRA in India and Southeast Asia, said in an interview. “With our investment platforms, local teams, we are well placed on capitalizing this opportunity."

While he declined to share investment projections, MIRA raised about $61 billion in capital globally last year -- the highest in the world based on data from Infrastructure Investor --and has poured $2.5 billion into India over the past decade. Attracting foreign investment is crucial to meet Prime Minister Narendra Modi’s goal of spending $1.5 trillion on new roads, rail links and other infrastructure over the next five years as public finances deteriorate.

Canada’s Brookfield Asset Management last year acquired Reliance Industries Ltd.’s East West Pipeline via an infrastructure investment trust for 130 billion rupees ($1.7 billion). The government plans to split GAIL India’s transmission business into a separate entity that it could sell to strategic investors. GAIL owns more than 70% of the country’s 16,800 kms pipeline network.

“India’s energy consumption is likely to grow 60%-70% in the next decade and a half, leading to a significant jump in petroleum products and gas consumption," said Deepak Mahurkar, leader, India oil and gas industry practice, at PricewaterhouseCoopers LLP. “This is an important story for investors, especially the global private equity firms and infrastructure asset managers."

MIRA set shop in India in 2009, and so far more than half its investment in the country has gone to the road sector. It is now looking to exit several investments, Goyal said, while declining to share details or returns beyond saying that they were “profitable."

One concern, however, is how quickly and strongly the economy will recover from the coronavirus-led disruption, Goyal said. Another is banks’ increasing unwillingness to lend to the infrastructure sector. Indian lenders are battling the world’s worst stressed-loan ratio, with much of the soured debt in the infrastructure space. Banks’ lending to the sector, which includes power, roads, telecom, contracted by 1.8% in the first 10 months of the fiscal year ending March 31 compared with 10.8% growth a year earlier.

“The capital that we bring is in the form of equity but it does need the support of local banks for working capital," Goyal said. “Hopefully measures taken by the government and the central bank will change things."

The Reserve Bank of India's announcement on March 23 that bank credit to registered NBFCs towards agriculture, MSMEs and housing sector up to prescribed limits will be treated as priority sector loans for a year starting April is expected to ease liquidity constraints for the real estate sector, experts said.

After undertaking a review, it has been decided to extend the priority sector classification for bank loans to NBFCs for on-lending for 2020-21, RBI said in a statement.

"Priority sector tag for bank lending to NBFC sector for on-lending purpose will ease the liquidity constraint and cost of funding for the beleaguered NBFC sector. Given that NBFC sector was in forefront for lending to SMEs, the move will also provide relief to the SME sector that has been hit hard by the ongoing economic turmoil. Easing of liquidity for NBFCs will also help the real estate sector," said Rajani Sinha, Chief Economist & & National Director - Research at Knight Frank India.

The move will enable faster dissemination and disbursal of housing loans as NBFC’s as well as banks would be disbursing these more aggressively given that these would qualify as priority sector lending, said Gagan Randev, National Director, Capital Markets at Colliers International India.

Real estate developers also welcomed the move.

"With the coronavirus outbreak bringing economic activity to a halt, this announcement is welcome. This was a long-awaited demand from Credai as the real estate sector supports more than 300 industries. The priority sector bank lending to the NBFC sector will provide immense relief to the real estate sector as it would ease liquidity and increase demand," said  Jaxay Shah, national chairman, Credai.

"The menace of this pandemic has particularly hit at a very sensitive time since its financial year closing hence a fiscal the stimulus was required to cope up in this current scenario. India Inc will continuously seek economic intervention from the government like suspending Bankruptcy Law for a few months, rescheduling loan repayments, a one-time rollover for debt-restructuring to salvage the economic challenges for real estate companies,” said Niranjan Hiranandani, National President – NAREDCO.

RBI’s latest move in the wake of the ongoing pandemic will bring in some respite and as such help increase credit disbursement in these three sectors.

"Within the housing sector, the affordable segment will especially benefit from it. Positive moves in the current times by both the RBI and the government are obviously the need of the hour," said Anuj Puri, Chairman - ANAROCK Property Consultants:

However, it is also a fact that the Covid-19 scare and increasing lockdowns across cities have dented demand and supply within the housing sector. The complete lockdown not only impacts new launches and housing sales but will eventually create other big issues – with construction activity severely hit across cities, project deliveries will be delayed.

"We will, therefore, not see as much traction of such interventions as could have been expected in less dire times. However, if they sustain into the eventual recovery phase, they can generate considerable forward momentum," Puri added.

As per the revised norms, on-lending by NBFCs for 'term lending' component for the housing sector limit has been enhanced from Rs 10 lakh to Rs 20 lakh per borrower for classification of the loan as priority sector lending.

The coronavirus outbreak is perhaps the fourth 'Black Swan' event being witnessed by the Indian real estate sector in since 2016, according to a report by ICICI Securities.

The real estate sector is still coming to terms with disruptions like RERA, GST implementation and the NBFC funding crisis.

New launches planned in April-May 2020 will be pushed back till at least September 2020 to coincide with the festive season, the report noted.

Since early this month, the coronavirus scare scare has led to buyer footfalls falling off dramatically in the largest markets of MMR and NCR and to a lesser extent across South India. The prospect of falling sales in ongoing projects and deferment of upcoming launches may lead to a drop in construction activity, the report said.

Markets of Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune have come to a virtual standstill while few projects in South India across Bengaluru, Chennai, Hyderabad are still seeing some footfalls, it noted.

With residential real estate typically being a "touch and feel" high ticket purchase, any extended spell of social distancing owing to the coronavirus outbreak may lead to cash flow management issues in ongoing projects where a fall in collections may lead to a drop off in construction activity. Further, new launches planned in April-May 2020 will be pushed back till at least September 2020 to coincide with the festive season, the analysis said.

Real estate projects rely on a number of imported items such as glass, marble, MEP (mechanical, electrical and plumbing) works and other finishes. With global supply chains seeing disruption owing to COVID- 19, construction is likely to get delayed.

Falling sales in ongoing projects may result in lower collections and force developers to go slow on construction activity. This may in turn have a cascading effect wherein highly leveraged developers are unable to service loans, it said.

With RERA mandating developers to deliver projects in a specified time frame, any significant delays may lead to further litigations, it warned.

"Residential demand could remain suppressed in FY21 as well, given the increasing downside risks to the country's economic growth, projected at 5.5 per cent, should the COVID-19 outbreak sustain through first quarter of FY2021," India Ratings said.

The agency noted that the demand-side risks combined with rising uncertainty over credit availability for the sector in the light of recent financial market meltdown and increasing risk aversion could add to refinancing as well as liquidity risks for the sector.

"Unsold inventory levels are likely to remain stable at around 14 quarters in FY20 and FY21, supported by limited launches and deferment of launches in view of COVID-19," it noted.

As a preventive measure to contain the spread of Covid-19, the Delhi Development Authority has decided to suspend all public dealings or hearings and submission of papers at counters in DDA offices until further notice.

"For urgent hearings on individual cases, appointment be sought through email from the concerned director. Prior permission with appointment date/time to be sought through email to enter DDA premises, it said.

The official e-mail IDs of DDA officers are available on DDA's website under Employees Corner.

All appointments will be rescheduled in Nagrik Suvidha Kendras and fresh dates will be given by the concerned lease administrative officer, the DDA statement said.

Nearly three-fourths of Indian households’ wealth is invested in the real estate sector, yet accessing information related to land records is difficult as only a few states maintain digitized records. When you are buying a property—be it a house from the primary (from the developer) or secondary markets (properties on resale) or a plot of land—it is always advisable to cross-check and verify the documentation. However, in most states and Union territories (UTs), it is difficult to do so, in the absence of proper digitized records, especially related to disputes.

A new land record index, NCAER Land Record and Services Index (N-LRSI), will help you figure out how efficient the state in which you are buying a property is in terms of maintaining digital records. The index has been launched by the National Council of Applied Economic Research (NCAER), a New-Delhi based non-profit think tank of economics, and assesses the extent of digitization of land records across various states and UTs. Omidyar Network India, an investment firm focused on social impact, is financing the research.

Digitized land records can go a long way in easing real estate transactions in India. “Modernization of land records in digital format will smoothen transactions and reduce land and property disputes, effectively enhancing transparency regarding the maintenance of land records,” said Niranjan Hiranandani, national president, National Real Estate Development Council (Naredco), an industry body. In an ideal scenario, land records should be digitized, and should be comprehensive and reliable, he added.

“The ease of generating and using reliable digital land records can have considerable significance for India’s rapid economic growth through the better functioning of land markets and boost to investment,” said the NCAER commentary accompanying the index.

To evaluate the land records across the country, NCAER first launched NCAER Land Policy Initiative (NLPI) in April 2019.

NLPI’s broad objectives included gathering and analyzing information related to availability of land records, the quality of these records, the online availability of legal documents related to land and so on. The next step was to compile data related to land and provide rankings to each state based on that data. “Ranking will help each state to know where they stand in terms of providing land records and ease of property transaction. Simultaneously, it will develop competitive instinct between states to enhance their services, processes and perform better. Eventually, it will help property owners, buyers and real estate investors,” said Deepak Sanan, project lead, NCAER. The think tank will also offer solutions to states to improve their land record database digitally, he added.

To build the index, NCAER collected information, data and status under four broad heads—textual records (written land records), spatial records (cadastral maps), registration and quality of land records—each having its own weightage.

Textual record having 20% weightage was further divided into two aspects—digitization of records of rights (RoR) and availability of legal usable copies of RoRs. Spatial records also carry 20% weightage, under which information related to digitization of cadastral maps and availability of legally usable copies of such maps. The third head—registration—again has 20% weightage and is based on information such as public entry of data, availability of circle rate information, mode of stamp duty and registration fee payment, digital attestation of documents by the sub-registrar’s office and online delivery of registered documents. The quality of land records have the highest weightage of 40% and includes aspects like how states update ownership records, the extent of joint ownership and details of land use, land area and recording encumbrance (mortgages and legal cases).

On the basis of the points scored, Madhya Pradesh, Odisha, Maharashtra, Chhattisgarh and Tamil Nadu are the best performing states with scores between 60 and 75 points on LRSI. N-LRSI gives scores between zero and 100, where 100 denotes the best performance. West Bengal, Jharkhand, Rajasthan, Telangana, Andhra Pradesh and Uttar Pradesh are in the 50-60 points category. For registration, Maharashtra emerged as the leader, while Jharkhand, Odisha and Chhattisgarh were the front-runners on the quality of land records.

In four states—Mizoram, Nagaland, Meghalaya and Arunachal Pradesh—land records in a written or digitized form are only available for a negligible proportion of their respective areas.

In the second phase of this initiative, NCAER will try to assess how ease of using land records benefits buyers through a household survey planned for later this year.

As of now, non-availability of proper land records is a big concern for not just property buyers but also real estate developers in many states. The index may help buyers as easy availability of land records can smoothen transactions and reduce disputes.

Even though coworking spaces is resulting in rental savings between 6 per cent and 33 per cent, the segment has failed to attract major multinational companies (MNCs) in India. This is in sharp contrast to its popularity in several European nations, a report by ANAROCK Consultants stated.

Pune offers the maximum cost advantage, while Gurugram in NCR (national capital region) offers the least. Individually, flexible workspaces in Pune offer the highest rental difference of as much as 33 per cent as against comparable spaces in traditional offices, while Gurugram offers 6 per cent.

“While startups and budding entrepreneurs make a beeline to co-working spaces, large corporates remain wary of depending on them for their expansion. This trend is quite contrary to what is witnessed in developed European nations,” Chairman of ANAROCK Property Consultants Anuj Puri said.

As per the ANAROCK report on the emerging asset classes, the average monthly rental for coworking spaces in Pune’s CBD areas such as Laxmi Road, Camp Road, Bund Garden, Koregaon Park, and Shivaji Nagar hover somewhere between Rs 5,000 - Rs 10,000 per desk as compared to Rs 10,000 - Rs 12,500 per desk in traditional office spaces.

Despite all the pros of co-working spaces, they are not devoid of cons. There are many which do not have separate canteens or pantries for occupiers, and also restrict corporates from organising events in common areas. Maintenance of these properties is also a big challenge, the report said.

Though there are some big companies that do use coworking spaces, these limitations have generally put large companies “off the notion of embracing coworking spaces despite the lower rents,” Puri said.

As per the report, coworking spaces in Bengaluru charge nearly 20 per cent lower rentals in key areas like MG Road, Millers Road, Vittal Mallya Road, Residency Road. The average monthly rental for flexible workspaces hover between Rs 7,500 – Rs 15,000 per desk, while rents for traditional office spaces remains somewhere between Rs 10,000 - 18,000 per desk.

Speaking about Mumbai Metropolitan Region (MMR), the report said coworking spaces in the region come at 14 per cent lower rentals in key micro-markets such as Ballard Estate, Colaba, Churchgate, Fort and Nariman Point. As for the average monthly rentals in coworking spaces, it is somewhere between Rs 18,500 - Rs 28,500 per desk, while for traditional office spaces it ranges between Rs 24,500 - Rs 30,000 per desk.

The rentals for coworking spaces in CBD areas of Chennai and Hyderabad are 9 per cent lower respectively. In Chennai’s key areas like Anna Salai, Nungambakkam and RK Salai the average monthly rentals for flexible workspaces are somewhere between Rs 6,000 - Rs 14,000 per desk as compared to Rs 7,000 - Rs 15,000 per desk for regular office spaces.

In Hyderabad, co-working rentals in key commercial or office areas such as Gachibowli, Madhapur, Manikonda and Kondapur range between Rs 5,000 - Rs 8,000 per desk, as against Rs 6,000 - Rs 9,000 per desk in traditional office spaces.

Closer to the capital, in Gurugram, flexible workspaces command only 6 per cent lower monthly rentals of Rs 9,000 - Rs 14,000 per desk, against Rs 9,500 - Rs 15,000 per desk in regular office spaces.

The report said that a major factor keeping the price difference between the two low in Gurugram is the huge demand for coworking spaces by the start-ups and entrepreneurs in the CBD areas of the city.

Gurugram is considered to be one of the major co-working hubs in the country. Also, keeping in mind the huge demand for commercial spaces in city, supply for Grade A commercial office spaces is low, the report concluded.

At least 63 upscale apartments worth around Rs 1,800 crore were sold in south and central Mumbai in the last six months, The Times of India reported. This comes at a time when real estate players are not getting enough buyers for large and luxury apartments.

The prices of these properties, which include duplexes and penthouses, are worth around Rs 50-78 crore.

The report, citing information from the stamp duty office where these transactions were registered, suggests that the costliest property was a 9,200 square feet duplex in Indiabulls Blu at Lower Parel, which was sold for Rs 78.3 crore.

Sale of two five-BHK duplexes was registered in Bishops Gate near Breach Candy Club. Each unit is worth Rs 66 crore.

In Worli, five flats, each with a price tag of over Rs 55 crore were sold at Oberoi Realty’s 360 West — a high-end residential tower.

The newspaper report cites experts as saying that these sales do not reflect the market because there is an oversupply of high-end apartments in south and central Mumbai.

ccording to ICRA estimates released in the second half of 2019, Mumbai is the largest market for luxury residential real estate in India and the value of unsold inventory in central areas of the city is around Rs 45,000 crore.

The high value of inventory and its underperformance has severely impacted the real estate sector in the city.

ICRA expects the weakness in the luxury residential real estate in Mumbai to continue in FY20, on the back of liquidity pressure faced by developers and weak consumer demand.

The tech industry’s great new hopes – artificial intelligence (AI), big data and blockchain – are making their presence felt in an unexpected new field: Indian real estate. As the world starts to rely more on these innovations, India is catching up, and making room.

There are AI labs coming up in established tech hubs like Bengaluru and surprise destinations like Kolkata. Now, Hyderabad is set to house India’s first blockchain district. Experts point out that this signals an impending boost for the housing market there.

Samantak Das, chief economist and head of research at real-esate consultancy JLL India says that any big tech disruption is bound to have a long-term positive impact on the economy and real estate, particularly the residential market. “We have seen that right from the 1980s with the computerisation of the banking system,” he says. Cities which adopted digital systems early, like Bengaluru and Chennai, gained significantly. Late-movers like Kolkata were left behind in the tech-enabled service industry and still lag behind in the real estate market, he points out.

Telangana state’s draft blockchain policy released last year supports Hyderabad-based start-ups in the sector. It also envisages a blockchain district in partnership with Tech Mahindra that will house all major technology companies in the field, along with an incubator for promoting research, innovation and industry collaboration.

“The aim is to create new employment, support startups, and make Telangana and India the blockchain capital of the world,” says Rajesh Dhuddu, global practice leader, blockchain at Tech Mahindra.

Private-public partnerships like this are crucial for the growth of fields like AI in India, believes Khurshed Gandhi, managing director, consulting services at realty services firm Cushman & Wakefield. “After 2016, big players like United States, United Kingdom and China have come out with a policy on artificial intelligence (which has positioned them as the global leaders in both research and industry according to the Stanford Institute for Human-Centered Artificial Intelligence),” he says. “We still don’t have a comprehensive policy. These areas will require a lot of investment in research but private companies are too focused on profit, that is where the government needs to come in,” he says.

This kind of clustering helps industries big and small leverage their strengths and collaborate. Government subsidies and infrastructure plans become easier to implement, small firms can pool in and share overheads. It also helps in creating ecosystem with allied industries in an area. Das however points that infrastructure like traffic management needs to be worked out in advance or else the crippling traffic woes of Whitefield in Bengaluru or Bandra Kurla Complex in Mumbai will be repeated.

The higher intensity of work also requires a different approach to planning space and this means that a blockchain, AI centre or even a data lab might require a far bigger space, says Najeeb Khan, head of design and business strategy, India and Middle East, tech-forward construction company, Katerra. “A blockhain or AI office has to be different from a BPO office. In a BPO design there is around 60 square feet allocated per person, for blockchain it will be much higher because it is a large-scale innovation lab which involves multiple machines. It is something like a sophisticated factory. Moreover, the kind of workforce we are looking at in an AI office is also different. It is highly skilled and will devote a huge number of hours. So the design needs to make them feel at home and at ease,” he says.

The Board expects to submit the plan to the Supreme Court by end of the month; Deloitte tasked with preparing the proposal to complete stuck units

The newly-constituted board of directors of embattled real estate firm Unitech is hopeful of finalising the resolution plan to complete stuck projects by March 15 and submitting it before the Supreme Court by the end of March, sources aware of the matter told Moneycontrol.

The board has appointed Deloitte to prepare a resolution plan for the company, sources said.

Replying to an email from Moneycontrol, a spokesperson from Deloitte said, “We are bound by confidentiality obligations and are unable to comment on client-specific matters.”

“The board is expected to discuss the resolution plan submitted by Deloitte at its meeting scheduled for March 15. Any changes or amendments to the plan would also be discussed the same day,” sources said.

And, how will it raise funds to complete the stuck projects?

It should be noted that at the last hearing on January 20, the Centre made it clear that it would not infuse any funds for completion of pending projects of the company.

Some seed money may be required to kick-start the projects.

“This may come from the amount currently held with the court’s registry, monetization of land banks held with the company and registration of completed units. The Board also intends proposing certain concessions to the court which may be enough to complete the around 12,000 stuck housing units within a period of three years,” sources said.

The board may also access the government’s Rs 25,000-crore fund for last-mile financing of the projects at a later date, sources said.

SC, in January, approved the nomination of eight directors to the board of Unitech, now being run by the government. The board was constituted on January 21.

On January 20, the top court allowed the Centre to take the total management control of the embattled realty firm and appoint a new board of nominee directors. It asked the new board to submit its report in two months on the resolution framework of the company.

It approved the name of retired Haryana cadre IAS officer Yudvir Singh Malik as the chairman and managing director (CMD) of the new board and directed that the existing board of directors of the company would stand superseded.

It had also approved the names of members of the board, which include Anoop Kumar Mittal, ex-CMD of National Buildings Construction Corporation (NBCC); Renu Sud Karnad, Chairman of HDFC Credila Finance Services Pvt; Jitu Virwani, CMD of Embassy Group; and Niranjan Hiranandani, Managing Director of Mumbai-based Hiranandani Group. Prabhakar Singh, Director General, Central Public Works Department (CPWD), was also appointed as director by the court.

Girish Kumar Ahuja has been appointed as the director. He is the Centre’s nominee director at SBI; B Sriram has also been appointed as the director. He is the former MD and CEO of IDBI Bank and former MD of SBI.

It also refused to appoint Unitech Group founder Ramesh Chandra, as a member of the new board saying that it would not be appropriate at this stage.

Unitech promoters Sanjay Chandra and his brother Ajay Chandra are currently lodged in Tihar jail for allegedly siphoning off homebuyers' money

The apex court, in its January 20 order, said the new Board of Directors might consider this aspect of surplus land in the preparation of resolution plan.

The top court directed that any decision taken by the new board should be a collective one and duly passed in a meeting.

The government, on its part, sought immunity for the proposed directors in respect of the numerous litigations pending across the country, involving the company, management and its promoters.

It also sought permission for the proposed board of directors to raise funds due from the home buyers, sell the unsold inventory, monetising the unencumbered assets for completion of the stalled projects.

On December 18, 2019, SC asked the Centre if it was agreeable to revisit its 2017 proposal.

In 2017, the Centre moved the National Company Law Tribunal (NCLT) seeking suspension of the current directors and taking control of the management of Unitech Ltd but later withdrew the proposal after a stay on its move from the apex court.

In 2018, the apex court directed a forensic audit of Unitech Ltd and its sister concerns and subsidiaries by Samir Paranjpe, Partner, Forensic and Investigation Services in M/s Grant Thornton India.

The forensic auditors have also submitted their report which said that Unitech Ltd received around Rs 14,270 crore from 29,800 homebuyers mostly between 2006-2014 and around Rs 1,805 crore from six financial institutions for the construction of 74 projects.

The audit revealed that around Rs 5,063 crore of homebuyers' money and around Rs 763 crore of fund received from financial institutions were not utilised by the company and high value investments were made off-shore tax-haven countries between 2007-2010.

The apex court, on January 23, 2019, refused to grant bail to the Chandra brothers. It said they had not complied with the October 30, 2017 order which asked them to deposit Rs 750 crore with the court registry by December 31, 2017. The court had directed the trial court which is seized of the criminal case against the Unitech promoters to proceed expeditiously in the trial.

The Chandras sought bail on the grounds that they were complying with the apex court order and had deposited around Rs 481 crore till now.

The realty firm is facing the wrath of the court in a case related to alleged siphoning of homebuyers' money. The matter pertains to a criminal case lodged in 2015 by 158 home buyers of Unitech projects' -- 'Wild Flower Country' and 'Anthea Project' -- situated in Gurugram.

Property tax is a recurring charge that home owners have to pay every year. However, the tax amount varies from one location to another. This is a guide to paying property tax in Bengaluru

Owners of residential properties in Bengaluru are liable to pay property tax to the Bruhat Bengaluru Mahanagara Palike (BBMP) every year. The municipal body utilises these funds to provide civic facilities, like the maintenance of roads, sewer systems, public parks, education, etc.

In March 2017, the commissioner of the BBMP announced that home owners, who had defaulted on their payment of property tax for the previous year, would be declared as offenders and their movable assets, like furniture, would be seized. The BBMP estimated that at least 20,000 property owners in the city had failed to pay their tax for one or more years.

How to calculate property tax 

The BBMP follows a Unit Area Value (UAV) system, for calculating the amount of property tax payable on residential properties. The UAV is based on expected returns from the property, depending upon its location and usage. The calculation is on a per sq ft, per month (unit) basis, for a particular location or street (area) and multiplied by the current property tax rate (value). The jurisdiction of the BBMP is divided into six value zones, based on the guidance value published by the Department of Stamps and Registration. The property tax rate will differ, according to the zone in which the property is located.

The formula used to calculate property tax is as follows:

Property Tax (K) = (G – I) x 20%

Where,

G = X + Y + Z

and I = G x H/100

G = Gross unit area value

X = Tenanted area of property x Per sq ft rate of property x 10 months

Y = Self-occupied area of property x Per sq ft rate of property x 10 months

Z = Vehicle parking area x Per sq ft rate of vehicle parking area x 10 months

H = Percentage of depreciation rate (depends upon the age of the property).

BBMP property tax calculator

A comprehensive guide to all the values is available on the BBMP website, along with a property tax calculator.

How to pay property tax online

The most convenient way to pay your property tax, is online on the BBMP website, with your credit or debit card or through internet banking. (https://bbmptax.karnataka.gov.in/)

You can retrieve your property details through your Base Application Number or Property Identifiers (PID).  You can make the payment towards your property tax online only if you have already paid the property tax at least once, by using your Sas Base Application or PID NUMBER.

Rebate on property tax

You are entitled to a rebate of five per cent, if you pay the entire property tax amount before May 30, every year. If you choose to pay in two instalments, no interest is charged on the first instalment, if it is paid by May 30 and on the second instalment, if it is paid by November 30, every year.

Ensure that the system updates your record and no outstanding amounts are shown against your account. If there are any errors, have them corrected immediately.

Reserve Bank of India (RBI) governor Shaktikanta Das, on February 24, 2020, said that slowing credit growth was one of the major challenges that banks were currently facing. So far this year, credit growth in the country has moderated to 7%-7.5%. “The most critical challenge today for banks, not just in India but also elsewhere, is slowing credit offtake. It affects the profitability of banks,” Das said at a banking conclave in Mumbai. Credit flow to the realty sector needs to improve, he added.

Speaking about NBFCs, he said that credit flow to small NBFCs have improved over the last one year. “Flow of credit has stabilised and is showing steady improvement,” Das said. The asset-liability management (ALM) position and other relevant aspects of top 50 NBFCs are being closely monitored, which covers all NBFCs with asset size above Rs 5,000 crores. “The ALM of top 51-100 NBFCs is also being examined by the respective regional offices of the Reserve Bank,” he said.

NHB asks HFCs to stop offering loans under subvention/pre-EMI schemes

With several complaints of frauds coming to the fore, the National Housing Bank has asked housing finance companies to refrain from offering loans where real estate developers pay pre-EMIs on behalf of home buyers

July 23, 2019: Worried over frauds by builders, the National Housing Bank (NHB) has asked housing finance companies (HFCs) to ‘desist’ from offering loans under subvention schemes, wherein, real estate developers pay pre-EMIs on behalf of home buyers for a certain period. The direction has been issued by the NHB, in view of several complaints of frauds allegedly committed by certain builders using subvention schemes.

“Based on a review of the matter, HFCs are advised to desist from offering loan products involving servicing of the loan dues by builders/developers, etc., on behalf of the borrowers,” the NHB said in a circular. It has clarified that the stipulation related to subvention scheme would also be effected in cases wherein the HFC is yet to commence disbursements under the sanctioned cases. Citing its earlier order in 2016, the NHB said that disbursal of housing loans by HFCs should be strictly linked to the stages of construction and no upfront disbursal should be made, in case of incomplete/un-constructed projects.

In cases of projects sponsored by government/statutory authorities, HFCs may disburse the loans as per the payment stages prescribed by such authorities, even where payments sought from house buyers are not linked to the stages of construction, provided such authorities have no past history of non-completion of projects.

“HFCs should have in place a well-defined mechanism for effective monitoring of the progress of construction of housing projects and obtaining consent of the borrower(s), prior to the release of payments to the builder/developer,” it added. Merely obtaining a borrower’s consent and release of funds by the company without linkage to the stage of construction will be seen as dereliction of duty by the HFC, the NHB warned.

The Delhi Development Authority (DDA) is planning to launch around 5,000 flats as a part of its Housing Scheme 2020 between May and June 2020, top DDA sources told Moneycontrol.

The highlight of this year’s scheme would be about 1,000 luxury houses in Dwarka.

As many as 60,000 houses are currently under construction by DDA in Delhi.

“Not all of them would be ready in the next few months. This year’s scheme may have about 5,000 houses. The exercise is still on. We are planning to offer a mix of categories – LIG, MIG and HIG. These houses are spread across Jasola, Dwarka and Narela. One block in Dwarka will have luxury penthouses,” said Tarun Kapoor, Vice-Chairman - DDA.

He also clarified that DDA’s scheme would not be limited to constructing penthouses but units of all sizes. “DDA is constructing houses of all sizes. Majority of the under construction houses at this point in time is 60,000 – out of them almost 55,000 are 2 bhk or less. It’s only in Dwarka that the flats are of bigger sizes. The same colony would have units of all sizes,” he said.

Asked about the tepid response to the 2019 housing scheme under which many buyers had surrendered their flats located in the Narela area, he said that the main reason for this was the lack of proper transport and infrastructure in the area. “Our attempt would be to improve commute and other facilities in the area this time around,” he said.

Units that would be up for grabs this year would comprise about a 1,000 luxury flats, 14 penthouses, 170 super-HIG flats and around 900 HIG units. The two-tier pent houses located in Dwarka will have a terrace garden and four bedrooms.