On Friday afternoon, the two were apprehended near the Bombay High Court. Ahuja Constructions is well-known in Central Mumbai and the western suburbs for its distinctive luxury constructions.

Last March, the 14th Metropolitan Magistrate Court convicted and sentenced them to six months in uncomplicated imprisonment.

They were also ordered to pay Rs 14.7 lakh in compensation to the petitioner within 30 days, or face another three months of simple imprisonment. The complainant is a Breach Candy resident who filed a lawsuit against Ahuja Properties and Developers and its two directors, Jagdish and Gautam Ahuja, under Section 138 of the Negotiable Instrument Act.

In October 2015, the accused sought the complainant for a “friendly loan” of Rs 10 lakh on the condition that it be repaid within 12 months with a 20.4 percent interest rate. He agreed to make the loan because the complainant was a family friend.

The complainant further said that the accused paid two quarterly interest payments on time. However, the cheque for the third quarterly payment of interest was returned unpaid. This led the complainant to lodge a complaint. According to the conviction ruling, he indicated that two cheques for the fourth quarterly interest were likewise returned due to “insufficient balance.”

According to property market sources, many complaints have been launched against the construction firm and its directors in various courts for alleged cheque bouncing.

According to city police, the duo was also arrested under the Maharashtra Protection of Interest of Depositors (MPID) Act.  A couple from Pune accused them of scamming them of Rs 2 crore.

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In addition to lowering import duties on iron and steel, the finance ministry increased import duties on a variety of steel goods, which will aid user industries and small-scale players that have been complaining about price increases. Finance Minister Nirmala Sitharaman stated that better logistics would be used to increase cement availability and price.

“Despite the difficult international circumstances, we have ensured that essential items are not in limited supply.” Even some prosperous countries were not immune to shortages and disruptions. While announcing the measures, she tweeted, “We are committed to keeping costs of basic commodities under control.”

Food, fuel, and commodities have been the main price rise drivers in recent months, with the problem exacerbated by disruptions caused by the Russia-Ukraine conflict.

User industries have been complaining for months about a massive rise in steel and plastic prices, blaming the increase in input costs on Covid-related restrictions in various regions of the world. Some of these manufacturers also wanted a price cap, which the government refused.

In the case of steel, the Centre has sought to reduce customs duties on coal and other inputs in the hopes of lowering production costs and passing the savings on to consumers. At the same time, a 15-50% export duty (which has been increased in some cases) is in place to discourage the export of iron ore, pellets, and various steel products from the country.

Sitharaman stated that the government will grant an additional subsidy of Rs 1.1 lakh crore over and above the budgeted amount of Rs 1.05 lakh crore for fertilisers. The Union Cabinet approved a plan last month to enhance the phosphate-based fertiliser subsidy from Rs 21,000 crore to Rs 61,000 crore for the kharif season (April-September), despite reports that the subsidy bill could be in the range of Rs 2.25-2.5 lakh crore this year.

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The company raised $170 million in a pre-IPO placement. HDFC Capital, IIFL Group, and Jagdish Master’s family office all participated in the deal, according to the bankers. The deal was advised exclusively by Axis Capital.

In the last ten years, Keystone will be the fourth real estate company to go public. Macrotech Developers (Lodha Group) and Shriram Properties both had initial public offerings last year, raising a total of ₹2,500 crore and ₹600 crore, respectively. Another real estate firm planning to go public this year is Puranik Builders. In November of last year, the business gained Sebi permission.

In FY22, the Rustomjee Group, which operates in Mumbai’s Western and Central suburbs, reported sales of ₹2,680 crore. Across the Mumbai Metropolitan Region, the group has a development portfolio of 20 million square feet of completed projects, 9.2 million square feet of ongoing development, and 16.4 million square feet of planned development.

Due to streamlining of supply, low financing rates, affordability, demand stimulation initiatives by some states, and a clear shift in buyer attitude in favour of physical assets, the Indian real estate sector has seen a significant recovery.

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With a clear vision of bringing holistic development of the real estate sector across Maharashtra, Mr. Runwal aims to work closely with the Government bodies, to ensure success of ‘Housing For All’ initiative that aims to promote affordable housing in our country. Mr. Runwal shall be playing a massive role in streamlining the governmental processes to ensure timely delivery of homes by the developers to the buyers. His constant effort would be towards making the home loan available to all income groups so that no person is deprived of buying their dream home. He will also focus on the formation of new chapters, to expand the presence of NAREDCO across Maharashtra. His aim is to build trust between the customers and the developers by enhancing transparency, efficiency, and effectiveness in the sector.

 Shri Sandeep Runwal, President, NAREDCO Maharashtra said that “With the support from the Government, NAREDCO Maharashtra would create a demand recovery that will push housing sales; particularly in the affordable segment that will drive the ‘HousingForAll’ momentum. Taking over this baton, I will try and undertake various aggressive development measures and make my maximum contribution in strengthening the industry’s role in the economic development of the country. With the same zeal, my priority would be to revive the country’s major real estate market of Maharashtra and implement novel ideas to bring positive changes among the customers’ behavior towards the sector.’’

Mr Sandeep Runwal is the Managing Director of Runwal Group and spearheads the group across a portfolio of residential, commercial and organized retail. An alumnus of Harvard Business School and IIM Bangalore, he has led the organisation with a consistent emphasis on quality, execution, and timely delivery for over 30 years. He’s been awarded ‘Young Turks’ by CNBC TV 18 and ‘Lords of the Land’ in his career profile.

Welcoming Shri Sandeep Runwal in his new role, Dr Niranjan Hiranandani, National Vice Chairman, NAREDCO and Chairman & Managing Director of Hiranandani Communities, said, “With the cooperation from the Government authorities and officials, NAREDCO Maharashtra has been able to achieve a certain milestone despite the pandemic scenario. We are rest assured that Shri Sandeep Runwal’s invaluable guidance will bring progressive change for the real estate’s overall growth and development in the state.’’

 Shri Rajan Bandelkar, National President of NAREDCO and Convener, Housingforall.com welcomed Shri Sandeep Runwal in a new role. He said, “We are extremely grateful to all the members of NAREDCO Maharashtra, who has contributed their efforts in initiating reforms such as ease-of-doing business, support for HousingForAll initiative, zero percent stamp duty, community development activities, etc. with the support from the Government authorities and officials. Now, Shri Sandeep Runwal taking the leadership forward, his long-drawn knowledge and experience in the real estate sector would help in taking up further great initiatives that will impact the growth of the sector in this region.”

About NAREDCO

National Real Estate Development Council (NAREDCO) was established as an autonomous self-regulatory body in 1998 under the aegis of Ministry of Housing and Urban Affairs, Govt. of India. It is in this year that the Government of India redrafted the National Housing & Habitat Policy, giving due importance to the Housing and Real Estate sector, thereby declaring housing for all citizens by the year 2010. The Indian housing and real estate sectors and the allied industries hailed the establishment of NAREDCO, as the apex national body for the real estate industry and visualized it as a single platform where Government, industry and public would discuss various problems and opportunities face to face which would result in speedy resolution of issues. It was formed with the mandate to induce transparency and ethics in real estate business and transform the unorganized Indian real estate sector into a matured and globally competitive business sector.

About Runwal Group

Established in 1978, Runwal Developer is one of Mumbai’s premier real estate developers, operating in the residential, commercial and organized retails verticals. With a robust track record of 51+ delivered projects with over 20 thousand happy families, the company has continuously striven to keep the ‘customer’ as a focal point in the designing, planning and construction of all its projects.

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Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Hon. Secretary, CREDAI MCHI.

“We welcome the RBI’s decision to continue with their accommodative stance keeping in mind the economic uncertainty due to the new COVID-19 variant Omicron. The low interest rates have been a crucial factor in the revival of the demand in the real estate sector. The sector saw a good festive season on the back of rock-bottom interest rates on home loans along with festive offers from good developers. The buyers are already coming back to the market and we feel that this might be the last opportunity for the homebuyers to purchase property with low interest rates before RBI decides to hike it in their next policy announcement. Also, to keep the prices down on the account of rise in raw materials prices will be a huge challenge in front of the developers.”

Ms. Shraddha Kedia-Agarwal, Director, Transcon Developers.

“RBI maintaining status quo on key policy rates was expected given the inflationary concerns in recent months. The decision will help to sustain liquidity for some period amid the rising fear due to the new Omicron variant of Covid-19. The low interest rates for the last few months has already given a boost to the real estate sector upticking the demand in the last few quarters and enhancing the confidence of the homebuyers. The decision will also help in sustaining economic stability as well as keep the real estate sector stay afloat during these unprecedented times.”

Mr. Kaushal Agarwal – Chairman, The Guardians Real Estate Advisory.

“The RBI and the MPC’s decision to maintain an accommodative stance amid global scare due to new coronavirus variant Omicron was very much expected. Their approach towards tackling the situation created by the pandemic and steps taken to help revive the economy will go down in history as being one of the finest. The various policy reforms along with the all-time low housing loan rates have given the much-required fillip to sales activity in the last few quarters. The all-time low rates regime has boosted the housing demand and helped the economy to get back to the pre-COVID levels.”

Mr. Bhushan Nemlekar, Director, Sumit Woods Limited.

“The RBI’s decision to maintain its accommodative stance was on the expected lines in light of the rising cases due to the Covid-19 new variant Omicron and its potential to cause the on-going economic recovery to stumble. The prevailing low home loan rates are already enticing for homebuyers which has immensely benefited the real estate sector. The Government will continue taking affirmative measures as long as it is necessary to revive the economy and alleviate the Covid-19 impact.”

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Pune, 30^th September 2021: Excellaa, a major player in the real estate sector in Pune has launched, ‘Excellaa Tremont’- a premium residential project that guarantees utmost luxury at a desirable price in the heart of Keshav Nagar- Mundhwa, Pune. The project witnessed an unprecedented response from buyers with more than 100 bookings and over 690 families visiting the venue within just two weeks of launch.

The Excellaa Tremont will comprise a 14-storey building with two-bedroom premium flats at the most convenient location. These thoughtfully designed flats are priced within Rs 50 lakh (all inclusive) keeping in mind the requirements of a happy family. By assuring quality life Excellaa has aspires to Rise Up and Above the growing demand for remarkable residential projects. The project will have 746 units upon completion.

The project has a unique layout and is the biggest rooftop development in east Pune. Excellaa Tremont features a comprehensive line up of 30 – plus premium rooftop amenities such as rooftop swimming pool, sky gym, sky amphitheatre, sky musical garden, sky jogging track, sky gaming area, sky lounge, sky readers den, sky artistic sculpture, sky buffet area amongst others.

Mr. Kishore Jain, Managing Partner, Excellaa said, “Excellaa Tremont is designed to satisfy rising lifestyle aspirations of all age groups. We believe in creating value-plus assets that promise to grow in appreciation in the coming years”. He further adds,” the project reflects a contemporary statement, with its appealing architecture, impeccable looks and a sense of grandeur rising amid acres of landscaped greens, hinting at the urbane lifestyle.”

“It was a dream for us to buy a house.  So, before spending our life-time savings, we wanted to choose the right builder and project. We went around Keshavnagar seeing many properties. But it was Excellaa that fulfilled our dream.  We saw the sample flat, learnt about builder’s reputation, project’s proximity, luxurious amenities and construction quality, then and there we decided to book a flat at Excellaa Tremont,” said Mr. Pandit.

The ease of Living index 2020 released by the Ministry of Housing and Urban Affairs ranked Pune as the Second easiest city to live in. Being an IT hub, there is a surging demand for premium residential space in Pune, particularly in Keshav Nagar due its proximity to prestigious area like Koregoan Park.

Moreover, the locality has all the best facilities to grow as the most attractive destination for individuals and corporates. IT professionals, corporates working in Magarpatta, Kharadi, Kalyaninagar too will prefer Keshav Nagar. Also, Lohegaon airport, Pune railway Station, well-known educational institutes, hospitals, social and entertainment centres are easily accessible from our project.

Mr. Nilesh Agarwal, Managing Partner, Excellaa said, “At the present scenario property rates are at their real value. As the city’s realty sector transforms its landscape, Pune is emerging as an attractive real estate hotspot in urban India. The demand for homes is growing at a high pace and we are now witnessing the correction in the real estate market. In coming days, we can see a surge in property deals as the current trend in real-estate investment is moving towards upward side.  We are concentrating on designing and constructing homes that will fit middle-class pockets and also raise their quality of living to new levels of delight.”

Pune’s growth into one of the most promising cities of India has brought unprecedented dynamism to its skyline. Excellaa Tremont strategically located in Keshav Nagar, is adding more colours to it by providing affordability, comfort and connectivity.

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Alok Gupta is the President of the prestigious The Estate Agents Association of India, Central Zone One. He can be reached at alok@himland.in. Views expressed are personal.

I have been writing on this act, ever since the act’s draft was thrown open to the public for suggestions. On 2^nd June 2021, the Union Cabinet has finally approved the Act and I am glad that most of my suggestions have been incorporated in the final law before giving it the name and the shape of the Model Tenancy Act, 2021 ( MTA 2021 ).

I have always emphasised the need for a proper agreement between the landlord and the tenant. I am glad that MTA 2021 too has given due importance to the written agreement between the parties. Most of the time, disputes arise majorly due to two reasons. One, the agreement between the parties is not well-drafted and a lot of issues are left to the ‘understanding’ of the parties involved. Two, the agreement is not adhered to and later, one of the parties starts asking the other party to be ‘practical’ or ‘considerate’. Is this the right way of tackling any issue lawfully? Certainly not. The parties concerned should spend time on drafting the agreement between them and then learn to adhere to it. It would be easier for the parties concerned to adhere to the agreement if they enter into it after giving a thought to each and every clause of the agreement considering all the aspects of renting the property and the probable causes of conflicts later.

One of the major fears I had raised was about not getting the property back by the landlords whenever they wanted it. The current law seems to have taken care of the same quite a bit. Most of the time, the owners, popularly known as the ‘landlords’ even if they own just a small apartment in a big society, do not rent out their properties for the fear of not getting them back. Can there be a situation worse than a person not getting his house, which he bought out of his hard-earned money, back from the tenant when he needs it? The law has no business to sympathise with any such forceful occupier of the house. The section 23 of MTA 2021 does define a heavy penalty i.e. twice the rent for first two months and four times the rent for the subsequent months of such forceful occupation by the tenants but, refrains the owners from disconnecting the essential services such as the electricity and the water supply to such tenants. Although MTA 2021, through its Sections from 21 to 25, speaks amply about evicting such tenants yet it restricts the landlords to take any forceful action himself. In my opinion, when the owners are not spared by such service providers on delaying their payments to them, why should then the tenants get such an immunity.

Today, those owners who are investors are not even able to recover the interest cost on the capital they have invested while those owners who have rented out their apartments out of some compulsion, are just able to recover the expenses of maintaining their properties. An owner gets in hand less than half of the rent after deducting the income tax, society charges, property tax and other incidental expenses such as brokerage, stamp duty and registration fees etc. leaving aside the interest cost on the capital deployed.

SUGGESTED REVISIONS IN THE ACT

All the commercial terms of such transactions should be market-driven. Security deposit, advance rent, agreement period, hike in rent every year should be allowed to be based on the demand and supply and as agreed between the parties. The law should be invoked only when and where the agreements are incomplete and have omitted to cover the points of dispute between the two agreeing parties.

The law to be enforced should factor in the type of properties to be rented out. Whether residential, commercial, industrial, land or any other. Currently, except for a very few terms, there are no specific terms for residential and commercial properties. Similarly, the law as of now doesn’t distinguish between an individual tenant, a group of tenants and a company tenant. The Stamp Duties charged are the same on all kinds of Leave and License agreements.

Security Deposit. Section 11 of the act restricts the Security Deposit not to exceed two months’ rent and six months’ rent for residential and commercial premises respectively. It is to be understood as to why such a deposit is collected from the tenants. Most of the time tenants vacate the premises and exit the agreement abruptly either out of some compulsion such as due to their current poor economic health or for a better deal or due to the shifting of their base. In such a situation, the owner is left with no option but to adjust his dues such as the unpaid rents, unpaid TDS, damage caused to the property etc. and other payables of the tenants such as the electricity charges, telephone or data charges, unpaid dues of some other service providers like the maids, milkman etc. from the deposit. If the deposit collected is capped at two months of the rent, it would be too little for the owner to cover his losses. Owing to the legal hassle and due to the amount of court fees and legal expenses being more than the amount recoverable, the landlords are forced to forego their dues. The law may hold the tenant liable to pay all such dues but, how and when the same would be available to the owners remains a question.

Further, capping the security deposit may sometimes be counterproductive for the tenants too. Quite a few times, mostly when a company rents an apartment for its employees, the tenant prefers to give more deposit to negotiate for a lower rent. This is because the deposit being refundable, is paid by the employer while the rent is borne by the employee. But, if the security deposit is capped, the landlord will have no option but to be rigid on the rent.

Penalty for not vacating the premises. Although the act envisages a speedy adjudication yet the owner, if he so desires, be allowed to take possession of his premises immediately on expiry ( or earlier determination ) of the agreement whether peacefully or forcefully. Rest others are commercial penalties, which can be levied and recovered from the outgoing tenant later.

Cost of entering into the agreement. The law seems to be silent on this issue. The prime responsibility of registering the agreement is that of the owner but, the cost of the same should be borne by the tenants.

Minimum rent. On average, an owner gets a net return of around 3% through rent per annum on his capital invested in buying the property in any urban area. This means, had the same amount been invested in the bank Fixed Deposits, he would have got around 7% and if the same amount had been invested in any mutual fund, the return would have been over 9% per annum. This means that investment in properties fetches the lowest return. There is no significant growth of the capital value too. Why then would anyone invest in properties? They would not. This is the prime reason for the poor state of the Real Estate industry these days, the investors are not entering into it. Around two decades ago, the recurring return was over 10% and the appreciation of the property was over 30% per annum. The law should fix the minimum rent an owner should get. It should be based on the current market value of the property as per the circle rate or the ready reckoner rate. This will encourage more investors to come in thereby throwing open more stocks to the prospective tenants. The tenants would also not hesitate in paying the rent, especially when they would have a wider range of properties to choose from.

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While conducting the presentation, the environment department called for mitigating actions, stating that if temperatures rise by 2-2.5 degrees Celsius due to climate change, the city and state will be among the worst-affected in the world.

“The cabinet recognizes the need for immediate action and expresses its determination to go on with a carbon-neutral strategy,” said Manisha Mhaiskar, Principal Secretary for Environment.

“It has been determined to establish a climate change ministerial council chaired by the chief minister and co-chaired by the deputy chief minister. We have identified five areas where a time-bound climate action plan must be implemented in order to mitigate the effects of climate change.”

The department warned that if “business as usual” continues, Mumbai and other coastal districts could risk submergence, while core Maharashtra will face severe drought. According to the report, instead of functioning as carbon sinks, woods would burn due to fires.

The presentation also cautioned that ‘wet bulb temperature’ (temperature read by a thermometer wrapped in water-soaked fabric — wet-bulb thermometer — over which air is circulated) would be disastrous for Mumbai. When humidity is 100 percent, a wet bulb temperature reaches the ambient temperature and water does not provide any cooling, resulting in heat strokes among live creatures; this can cause a significant number of deaths, equivalent to those caused by earthquakes or epidemics.

According to the presentation, the effects of climate change are already being felt locally: Mumbai and surrounding regions were hit by two cyclones in rapid succession (Nisarga in 2020 and Tauktae in 2021). Landslides are also growing more common as a result of heavy rains, according to the report.

The agency cited measures made by the government to slow the pace of temperature rise, including the conservation of Aarey forest and the restoration of mangroves as steps toward conserving and building carbon sinks.

Energy (50%), industry and transportation (15% each), agriculture, and urbanisation (10% each) are the five sectors regarded as important contributors to the carbon footprint. A plan would be prepared by a minister of the department responsible, according to Mhaiskar, who will also offer data on how much money will be allocated for its implementation. The plan will then be presented to the city council.

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The National Association of Realtors (NAR) said on Monday that its Pending Home Sales Index, which is based on contracts signed in the previous month, declined 1.8% in July after falling a revised 2.0% in June. Reuters polled economists, who predicted a 0.4% increase in pending house sales.

Because they become sales one to two months later, pending house contracts are seen as a forward-looking sign of the housing market’s health.

“The market may be cooling slightly, but there is currently insufficient supply to meet the demand from would-be purchasers,” Lawrence Yun, NAR’s chief economist, said in a statement. “Inventory is gradually rising, and house buyers should see more alternatives in the coming months.”

Home prices have risen across the country, owing in large part to a lack of supply, with the median price for new single-family homes now above $390,000 and for existing homes slightly under $360,000. Pending home sales were down 8.5% from a year earlier.

“The very competitive real estate market we witnessed in the first six months of 2021 compressed available inventory to record lows and pushed prices to new highs just as summer arrived, leaving many first-time buyers dissatisfied,” said George Ratiu, Realtor.com’s manager of economic analysis. “However, in a significant shift, homeowners began advertising properties in greater numbers in response to market trends.”

Only the West area had a month-over-month increase in contract activity in July, while the Midwest, Northeast, and South all saw reductions. On a year-over-year basis, transactions decreased in all four areas.

“Homes for sale are still attracting a lot of attention,” Yun said, “but the multiple, frantic offers – often double-digit bids on one home – have subsided in most locations.” “Even in a slightly calmer market, a percentage of potential purchasers are still opting to forego appraisals and inspections.”

In July, existing home sales climbed for the second month in a row as inventories improved considerably.

Last month’s uptick in new house sales came after three months of decreases.

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The Securities and Exchange Board of India (Sebi) said on Monday that it will auction up to 97 properties of the firms on September 25 at a reserve price of more than Rs 350 crore. Also, this auction will be an e-auction (online).

Land parcels, office space, a parking lot, and a shop in Maharashtra are among the properties up for auction.

In addition, the regulator will auction four cars owned by Royal Twinkle, Twinkle Hospitality, and Citrus Resorts for a total reserve price of Rs 8.28 lakh. Indica, Skoda Superb Elegance, and Mahindra Logan are among the vehicles included.

Apart from these, on September 17 the regulator would auction a few properties of the firms at a reserve price of Rs 68.54 crore.

Around 540 crore rupees worth of assets were auctioned off between November 2019 and January 2021.

According to a Supreme Court decision from December 2019, a committee headed by retired Justice J P Devdhar was directed to sell 114 properties owned by these firms within six months.

Citrus Check Inns and its directors were fined Rs 50 lakh by the Securities and Exchange Board of India (Sebi) in December 2018 for failing to comply with its decision prohibiting them from collecting public funds.

Several investor complaints had been filed with Sebi against Citrus, stating that Royal Twinkle directors were now administering their collective investment scheme (CIS) through Citrus.

After a four-year suspension in August 2015, Royal Twinkle and its four directors were found guilty of unlawfully generating more than Rs 2,656 crore in the name of timeshare schemes.

Furthermore, it had ordered the firm and its employees to refund the money as well as the promised returns to the investors within three months.

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