Noida YEIDA completes 1400 registries for industrial plots

The Yamuna Expressway Industrial Development Authority (YEIDA) has executed 1,400 registries out of the 3,040 industrial plots allotted so far. The increasing interest in completing registries has been driven by the development of the upcoming Noida International Airport, which has significantly boosted the region's appeal. Officials said that over 1,200 of these registries were executed in the past one-and-a-half years alone. With these formalities now finalised, the allottees are expected to begin construction and make their industries operational within the next three to four years. Major industrialisation will be visible in the next three to four years when Apparel Park, Toy Park and Medical Devices Park become functional. YEIDA plans to issue fresh notices to remaining allottees, urging them to complete the registry process for plots where checklists have already been issued. According to the authority, the registry process, which was sluggish until 2022, has accelerated in recent years. Previously, only about 30 to 35 registries were completed annually. The industrial plots span key sectors such as 24, 28, 29, 32 and 33. In Sector 29's Apparel Park, 149 plots have been allotted, with 75 lease deeds executed so far.
 

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Gross Leasing of Office space set to rise 14 percent to record 85 million sqft in 2024 Cushman and Wakefield

 Gross leasing of office space across eight major cities is likely to rise 14 per cent to touch a record 85 million square feet this calendar year, according to Cushman & Wakefield. The gross leasing of office space stood at 74.6 million square feet in 2023 across eight cities -- Bengaluru, Hyderabad, Mumbai, Delhi-NCR, Chennai, Pune, Kolkata and Ahmedabad. India's office real estate has consistently been witnessing more than 70 million square feet of gross leasing volume (GLV) since 2022 across the top 8 cities. The current year 2024 is likely to register a historic high  volume of 83-85 million square feet of GLV," the consultant said in its round-up for the calendar year. Already, during the January-September period of 2024, the gross leasing has reached 66.7 million square feet. Office leasing stood at 49.1 million square feet in 2018; 67.7 million square feet in 2019; 46.6 million square feet in 2020; 50.4 million square feet in 2021; 72 million square feet in 2022; and 74.6 million square feet in 2023.The growth is driven by healthy volumes seen in the IT-BPM, BFSI, Engineering & Manufacturing and flex operator spaces, as these were the top-performing sectors, the consultant said. The GCCs are likely to contribute nearly 30 per cent of the total gross office space leasing, he added. The consultant said that the expected surge in leasing across top-grade assets in 2024 and 2025 has been putting upward pressure on rents across prime micro-markets. Bulk of the new supply that is coming in 2025 is concentrated around prime micro-markets, suggesting that overall rents could witness a rise. However, the rise is anticipated to be moderate owing to the consistent influx of supply, thereby helping a tenant-favourable market sentiment to persist for some time," Cushman & Wakefield said.
 

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Supreme court issues landmark directives to curb illegal constructions

In a significant judgment, the Supreme Court on Tuesday said unauthorised constructions cannot be legitimised merely due to administrative delays, passage of time, or monetary investments and issued a slew of directions to curb illegal constructions. A bench comprising Justices J B Pardiwala and R Mahadevan said even the post-construction violations must trigger swift corrective action, including demolition of the illegal part and penalties for erring officials. The bench also upheld the demolition of unauthorised commercial constructions in a residential plot in Meerut, emphasising the need for strict adherence to urban planning laws and accountability of officials. The court issued a slew of comprehensive directions in larger public interest to streamline urban development and enforcement. All necessary service connections, such as, electricity, water supply and sewage, should be given by the service providers to the buildings only after the production of the completion and the occupation certificate, it said. The development must be in conformity with the zonal plan and usage and any modification to such plan and usage must be taken by strictly following the rules in place and in consideration of the larger public interest and the impact on the environment. Banks and financial institutions should sanction loan against any building as a security only after verifying the completion certificate. The top court directed its registrar to circulate a copy of judgment to all high courts to enable them to refer it while considering such disputes. The judgment pertained to the appeals, including the one filed by Rajendra Kumar Barjatya, against the Allahabad High Court's 2014 decision directing demolition of the illegal structures on a plot in Shastri Nagar, Meerut. 
 

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Bombay HC impose rs 20 Lakh cost on Kakade Construction builder its director

The Bombay high court last week imposed rs 20lakh cost on builder and former Rajya Sabha MP Sanjay Kakade of Kakade Construction Co Ltd, its other director Usha Kakade and the Company and dismissed its appeals relating to an international commercial arbitration award against it. The appeals were not maintainable, the HC held. The Kakades must pay Rs 10 lakh to Vistra and Rs 10 lakh to the State Legal Services Authority, directed a division bench of Justices M S Sonak and Jitendra Jain in a Dec 14 judgment. The matter pertains to a 2014 arbitral award of Rs 178 crore, plus interest, against them over certain contracts with Vistra ITCL (India) Ltd, formerly known as IL&FS Trust Company Limited, and Mauritius-headquartered IIRF Holdings III Limited. Vistra and IIRF had sought recovery of Rs 276 crore from Kakades to enforce the award that was passed by consent. In 2017, Vistra also moved the HC for appointment of a court receiver, which the HC did in Aug 2018, for certain disputed properties of the builder. The HC said the Supreme Court had already in 2016 analysed the Arbitration and Conciliation Act and the Commercial Courts Act and given a harmonious interpretation to provisions governing appeals to eschew any delays in enforcement of foreign arbitral awards. The SC had underscored that arbitration is meant to be a speedy resolution of disputes. Senior counsel P Chidambaram and Navroze Seervai appeared for Kakade and Karan Bhosale for Kakade Construction. Senior counsel Aspi Chinoy and Gaurav Joshi represented Vistra and IIRF.
 

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DTCP bans sale and purchase in Mahira Homes societics in Gurugram

The Department of Town and Country Planning (DTCP) has banned the sale and purchase of properties in two societies developed by Mahira Homes Group in Sectors 103 and 104. The group came under scrutiny after it failed to deposit external and internal development charges (EDC/IDC). Earlier, a show-cause notice was issued to the developer on August 11, 2023, granting an opportunity to clear the dues and resolve disputes related to licensing documents. The builder, however, ignored the orders. This came after landowners filed complaints accusing the builder of obtaining licenses using forged documents. Mahira Group and Czar Buildwell had obtained housing licenses in 2019 and 2021 respectively. Citing the builder's negligent approach, the DTCP director asked the district deputy commissioner to ban all transactions involving land or flats in the two societies. More than 5,000 homebuyers have been protesting against the developer due to these stalled projects that has left them grappling with uncertainties about their investments. Amid the growing tension between developers and regulatory authorities, affected residents hope for swift resolutions and stricter enforcement of housing norms. 
 

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Bengaluru Ozone Urban Developers face allegations rs 3300 crore fund

The Central Crime Branch (CCB) of Bengaluru police has registered a case against Ozone Urbana Infra Developers Private Limited, alongside several banks and financial institutions, for allegedly defrauding homebuyers of a staggering Rs 3,300 crore. According to the industry sources, the scale of the alleged fraud is unprecedented in Bengaluru’s real estate history. ”The investigative agencies are working on tracing the misappropriated funds and identifying the full extent of the conspiracy. The complaint was filed by Errol John Noronha, president of the Ozone Urbana Buyers Welfare Association, who accused the developers of  securing loans in buyers’ names, misusing funds, and failing to deliver housing projects as promised. According to the FIR, the developers obtained Rs 1,500 crore in mortgage loans and diverted an additional Rs 1,800 crore from homebuyer payments and related transactions. These funds were meant for the one of the largest township project— Ozone Urbana township project in Devanahalli, launched in 2012. Over a decade later, the project is only 49% complete, far from its promised 2017 deadline. The FIR names several leading financial institutions, including HDFC, Indiabulls Housing Finance, Bank of Baroda, and Piramal Capital and Housing Finance, accusing them of complicity in the alleged fraud. The developers and their associates are suspected of siphoning off the money to other entities, leaving buyers and financiers in the lurch. The agency is expanding the probe to uncover all parties involved,” said one of the earlier source. The case has sent shockwaves through Bengaluru’s real estate sector, with buyers demanding stricter oversight and immediate  justice for the financial and emotional toll they have endured.

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Chennai Valasaravakkam plot to transform into lake and eco park

A once-slushy, garbage-ridden four-acre plot in Valasaravakkam is now a sprawling lake and will soon be transformed into an eco-park offering a leisure experience to people. Valasaravakkam and Porur neighbourhoods, with more than 5 lakh residents, faced constant flooding, with knee-deep water near metro rail work sites. This caused snarls on the busy Porur-Vadapalani stretch regularly. Greater Chennai Corporation (GCC) found a fix for the civic issue by transforming an abandoned private land into a three-acre pond last month. It is now brimming with 1.5 million cubic feet of water. Located just 200 metres away Arcot Road on First Main Road in Valasaravakkam, the pond will soon be converted into an eco-park at a cost of 5 crore. The Subramania Venkateshara Swamy pond has multiple tree islands for birds and an elevated bund to keep encroachers away. Residents demanded the construction of boundary walls at the western end of the pond. "The pond does not have boundary walls. People throw garbage from the balconies of houses, and in abandoned corners, and deploy a watchman," said K Sivasankaran, a resident of Sairram Nagar.
 

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UltraTech Leads cements stocks rally with 2.7 percent rise on price hike

UltraTech Cement led a rally in cement stocks on Wednesday, with its shares rising 2.7% to Rs 12,057.50 on BSE, following price hikes implemented by cement dealers after months of stagnant margins. The price hikes, which signal a recovery in demand, sparked gains across the sector, with Adani Group’s ACC and Ambuja Cements up 2% and 1.8%, respectively, and Dalmia Bharat climbing 3.4%. The price hikes—ranging from Rs 10-30 per bag—reflect a 3.5% quarterly increase, according to Hong Kong-based brokerage CLSA. However, prices remain 5% lower than the same period last year. Dealers attributed the increase to improved labor availability post-festive season and a surge in orders from real estate and infrastructure projects, buoying optimism for a sustained recovery. Cement volumes, which were weak in October, began to recover in late November, with brokerage CLSA anticipating a 4% price hike in H2FY25, driven by stronger demand and cost efficiencies. The brokerage named UltraTech Cement as its top pick. With the recent price hikes boosting sentiment, the cement industry’s recovery trajectory appears promising, with demand expected to strengthen further into FY26, CSLA noted. 
 

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Blackstone acquires LOGOS Indias 5 million sqft warehosuing assests for rs 1725 crore

US-based private equity firm Blackstone Group has acquired nearly 5 million sq ft operational and leased warehousing assets from logistics company LOGOS India for more than Rs 1,725 crore, said people with direct knowledge of the development. The deal indicates Blackstone’s continued focus on strengthening its presence in India’s rapidly expanding logistics and supply chain infrastructure sector. LOGOS had put on sale three operational assets in Chennai and Haryana’s Luhari, with an occupancy level of over 95% and generating around Rs 125 crore in annual rent. The Chennai logistics parks are located in the Irungattukottai-Poonamallee-Sriperumbudur (IPS) area e-Sriperumbudur (IPS) area (OMM). On August 26, ET was the first to report that Blackstone and other global institutional investors including Singapore’s sovereign wealth fund GIC and Japanese shipping major Mitsui OSK Lines were in the race to acquire this portfolio. Robust demand for these warehousing assets underscores the attractiveness of India's logistics sector, especially Grade-A assets developed and managed by institutional owners. LOGOS India has a presence in key Indian cities through an operational portfolio spread over 5.5 million sq ft and is now monetised around 5 million sq ft of that. The company is also in the process of developing 5 million sqft. Blackstone declined to comment, while ET’s email query to LOGOS remained unanswered at the time of going to press Monday. Investments in industrial and logistics segments have remained robust, driven by growing demand for this asset class and the decentralisation of manufacturing capacity from China. This trend is supported by government initiatives like ‘Make in India,’ production-linked incentive schemes and increasing emphasis on strengthening domestic manufacturing and supply chain networks.
 

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Gurugram All Towers of Chintels Paradiso declared unsafe set for demolition

The last of Chintels Paradiso's towers to be assessed for structural defects was declared unsafe for habitation on Monday, closing a 34-month loop that has seen all nine residential towers of the condominium where flats sold for at a range of Rs 75 lakh to Rs 1 crore when it went to the market in 2012. Central Building Research Institute (CBRI) has found that Tower B has severe structural flaws, including widespread cracks, corroded reinforcement bars and substandard concrete, findings similar to those in the other towers. What this means is that Tower B will also have to be evacuated and Paradiso will become perhaps the first modern condominium in the country – Paradiso was completed in 2011 – that will be brought to the ground, another dubious first for NCR, which has already seen the razing of the Supertech twin towers in Noida. The structural assessments of Paradiso's towers began after a vertical collapse of living rooms of flats across five floors in Tower D on Feb 10, 2022 led to the death of two residents, which was followed by days of protests on the compound, with residents accusing the developer of not reacting on time to concerns like sagging balconies that they had raised. The company, which has given a buyout option to residents who sought a refund, said owners of flats in Tower B would be entitled to the same, based on current market value of their flats and interior costs at rates determined in collaboration with the administration. In Feb 2022, the administration had called IIT-Delhi to assess the structural safety of the towers. Subsequently, towers E and F were declared unsafe in March 2023, G in June 2023, H in July 2023, J in Jan 2024, C in Aug 2024 (done by CBRI), A in Oct 2024 (CBRI), and finally B (also CBRI). 
 

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RWAs demand freehold property rights and separate authority for new Noida

Members of the Confedrations of NCR Resident Welfare Association (CONRWA) demanded converting residential land property of Noida Authority from leasehold to freehold, no increase in FAR post-freehold, and establishment of a separate authority for upcoming New Noida, during a meeting with Noida MLA Pankaj Singh over the weekend. Currently, all plots and flats in Noida are sold on a 99-year lease. Residents have been long demanding freehold rights of their properties under the UP Industrial Act 1976. In 2018, the Noida Authority in its 195th (CEO), Alok Tandon, gave in-principle approval for converting Noida properties from leasehold to freehold. A committee was formed under the chairmanship of then ACEO on Oct 10, 2018, based on which, Tandon sent the recommendation to the state govt on Nov 26, 2018. The committee recommended setting up a short-term corpus fund on converting the assets of the residential plot from leasehold to freehold, which will be invested or can be a source of recurring income by receiving interest on it. New Noida, the NCR body maintained that a separate authority should be formed for this area. "The current area of Noida is about 200 square kilometres and the population is about 15 lakhs with a total of 163 sectors. At present, there is a huge shortage of staff within the Authority to manage this area. A new CEO, an ACEO, and an OSD should be appointed for New Noida," said Lokesh Kashyap, another member of the delegation. 
 

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CCI sends notice to Ultra Tech Cement for its proposed acquistion of India Cements

The Competition Commission of India has sent a notice to UltraTech Cement for its proposed acquisition of Chennai- based India Cements, the company said in an exchange filing on Friday. The notice is under the Section 29 (1) of the Competition Act, and is generally sent if the Commission is of the opinion that the proposed merger is likely to have or has had an adverse impact on competition. UltraTech Cement has received the notice on Thursday, December 5. As per the competition act, the company will have 30 days to respond on why an investigation should not be conducted on the proposed merger. UltraTech is the largest producer of cement in the country, and first acquired a 23% “non-controlling financial stake” in India Cements in June this year. It then acquired another 32.72% stake from its promoters and associates in July. UltraTech will also make an open offer for another 26% in the company. The commission, though, can also go ahead with Phase 2 of the investigation, if it is not satisfied with the responses, he shared, requesting not to be named. India Cements, in a separate filing, also said that it has received a notice from the Competition Commission on Thursday, and is in the process of furnishing a response to the regulatory body. Before the acquisition of India Cements, UltraTech had also acquired the cement division of Kesoram Industries, which has a capacity of 10.75 million tonne in Karnataka, Telangana and Maharashtra. The deal was approved by the anti-trust body in March this year.
 

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