Indore: Satellite Valley Township residents left without power as builder didn’t pay bill – ET RealEstate

INDORE: More than 150 families of Satellite Valley Township in Indore are living without electricity for the last 10 days because the townships’ builder did not pay electricity department for a long time despite collecting the amount from the residents.

Gaurav Kothari, a resident of Satellite Valley Township, located in Mirzapur village on the Indore bypass, told that builders Arun Dagaria, Atul Surana and their partners started the construction of the township in 2007 and gave the registries to the residents in 2010.

“At the time of doing registries, the builders took Rs 35,000 to Rs 50,000 from people in the names of power connections, but despite taking the money nobody was provided with a private meter. We received one point connection from the electricity department at Rs 14 per unit,” he said.

Kothari said that builder Dagariya collected money from residents but did not deposit it with the electricity department, which led to the arrears of about Rs 33 lakh, and the electricity department had cut their current supply some 10 days ago.

“There is a rule by the state government that said that some plots are kept as security and not sold until the builder has developed the township completely. But in our township, these 128 plots were sold without development. A complaint was lodged under Real Estate (Regulation and Development) Act, 2016, but there was no hearing there either,” he added.

As per the electricity department, the single point connection of the township will be restored after the arrears amount of Rs 33 lakh is paid by the residents.

“The satellite is an undeveloped colony for whose development the Department of Power had given a single point connection. The whole township was using the connection and now they owe the department about Rs 33 lakh. We told the residents that on depositing the amount, the single point connection will be restored, but for private connections or a meter, we will have to be acquired land and build a power grid, which could not happen due to the builder being in jail,” said Dhruvnarayan Sharma, Superintending Engineer, Rural Indore.

RN Bhadoria, Station House Officer of Tejaji Nagar police station told ANI that the builder Arun Dagaria has two cases of cheating against him, and had been arrested and sent to jail about two months ago.



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Pandemic curbs demand for commercial spaces in Indore – ET RealEstate

INDORE: A slump in sales post outbreak of Covid-19 and high rentals have led many retail stores and food joints to vacate commercial spaces to save on mounting liabilities that run in lakh per month.

While many franchise owned businesses mostly into the financial sector have terminated the rental contract in between amid a decline in business, the demand for rent cut has increased from occupiers of the commercial spaces, claimed real estate agents and owners of commercial spaces.

A real estate consultant Vinod Verma said, “Demand for commercial spaces has taken a sharp hit. Retailers are increasingly vacating spaces because they do not have much business left to afford such high rents. Finding new customers for premium rental property have also become a challenge.”

Rental for commercial spaces in Indore varies from Rs 150-Rs 250 per sq ft depending upon the area, said six real estate consultants mostly handling commercial properties. They said many food joints including ice cream parlours, restaurants, café’s and financial consultants, retailers of garments have vacated shops.

Manoj Chandani, a property consultant said, “Shops owners are not able to afford rents. Big brands or chains are not affected much but small players are the worst hit post COVID19. Enquiries from owners of commercial spaces have increased these days as even they could not afford to keep the place vacant for months.”

Many retails and offices have chosen to shift to areas with lower rentals as employees continue to operate from home.

Aniruddha Agrawal, a real estate consultant said, “People are trying to save on the running expenses and looking for better deals. Many are opting for lower rental properties. Rental negotiations are everywhere these days.”

Amid a rise in demand for reduction in rentals, many owners of commercial spaces has either deferred rents for 2-3 months while a few have cut down rents by 20 -30 per cent, claimed respondents.

Rajkumar Sharma, owner of a commercial complex at Jail road said, “The owners of commercial properties of our areas have deferred the rent for 3 months while those who could not afford the waiver have cut down rent. This arrangement is done taking in confidence the tenants so as to run business smoothly in these difficult times.”



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ADB approves $270 million for urban services improvement in Madhya Pradesh – ET RealEstate

MANILA: The Asian Development Bank (ADB) has approved a 270 million dollar (about Rs 1,988 crore) loan for the construction of water supply and integrated storm water and sewage management infrastructure in Madhya Pradesh.

The loan is an additional financing intended to scale up the scope of the Madhya Pradesh urban services improvement project which was approved in 2017 with a 275 million dollar loan.

It will expand the outcome of the current project by benefiting an additional 1.85 lakh households consisting of about 13 lakh people.

The project will receive support from the Bill and Melinda Gates Foundation, specifically for the integration of citywide inclusive sanitation principles into the planning, design, implementation, operation and maintenance of the sanitation sub-projects.

“ADB’s support is aligned with the vision of Madhya Pradesh state government to improve urban infrastructure services with universal coverage of piped water supply in all urban local bodies by 2025,” said Laxmi Sharma, ADB’s Urban Development Specialist for South Asia.

“Through inclusive water and sanitation services to the urban poor, the project will help achieve Sustainable Development Goal 6 or access to clean water and sanitation for all,” she said in a statement on Friday.

As in the previous loan, the project will support the continued institutional strengthening and capacity building of the Urban Development and Housing Department and Madhya Pradesh Urban Development Company Ltd.

The project will pilot an integrated urban development approach to improve urban service delivery and infrastructure of two urban local bodies.

ADB’s technical support will provide a significant model that can be used to replicate and scale up the enhancement of urban livability in other localities.



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Madhya Pradesh to get tenancy act to regulate home rentals – ET RealEstate

BHOPAL: In a bid to regularise home renting, the Madhya Pradesh government is bringing about a Model Tenancy Act (MTA).

Like other urbanised states, MP will also have rent tribunals and courts where landlords and tenants can settle disputes, and advance payment will have a fixed formula.

The government has sought suggestions from stakeholders on the draft bill by October 31.

As per the draft, “After commencement of MTA, no premises will be rented except by an agreement in writing on mutually agreed terms.”

The agreement will be binding on successors of the landlord and the tenant for the remaining period of the tenancy.

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