Findoc Group acquires 26% stake in Ritesh Properties – ET RealEstate

FindocFinvest Private Limited, a Findoc Group company has acquired 26% stake in listed company Ritesh Properties and Industries.

The company is acquiring up to 26% stake from the public shareholders at Rs 22 per share for 41, 05,650 (Forty One lakh five thousand six hundred and fifty) shares.

FindocFinvest Private Limited is part of Findoc group which has interests in real-estate, financial services and consultancy services in the finance domain.

“Ritesh properties is developing a real estate project in Ludhiana. We are looking to acquire more stake in real estate companies in secondary market, where there is less competition,” said Hemant Sood, Managing Director, Findoc Group.

Findoc offers both institutional and retail clients, quality products and services that cover equity trading, derivative trading, commodity trading, currency trading, IPOs, ALGO trading and mutual fund investments.

“This open offer is a strategic investment made by the company. Ritesh Properties and Industries is the right fit for us, as the company is coming up with affordable housing, which is a lucrative segment for investment. Findoc as a group has more than 10k investors through its various financial services. This investment compliments our business interests and will benefit our customers in the longer run,” Sood added.

The company is evaluating more assets.

“We have been in touch with Findoc Group for long and we are discussing various possibilities for future. We are confident that this investment will reap long-term benefits for the company and the shareholders of the company,” said Sanjeev Arora, Managing Director of Ritesh Properties and Industries.

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Commercial properties outside Ludhiana civic body limits asked to pay institutional tax – ET RealEstate

LUDHIANA: Already haunted by professional tax notices slapped on them by the state tax department, the businessmen have now been hit by a new problem.

Those with factories and commercial properties outside the municipal limits of Ludhiana (having an area of more than 500 square feet) have been served notices to pay institutional tax.

Furious over the development, the businessmen claimed that this tax was another big burden put on them by the government and it could not have come at a worse time than this when they were already battling a huge rise in their expenditure. Some businessmen have approached the chief minister office, demanding abolition of the institutional tax with immediate effect.

Upkar Singh Ahuja, president of Chamber of Industrial and Commercial Undertakings (CICU), said, “The state taxation department officials are sending notices to businessmen having factories and commercial establishments larger than 500 square feet outside municipal limits, asking them to pay institutional tax. The rate has been fixed at Re 1 per square feet. It might seem very less, but the problem is that almost every factory and commercial establishment located outside municipal limits is very large in size due to several factors like cheap price of land and so, this is a blow to us.”

Ahuja added, “On one hand, the government advocates the need to decongest cities and on the other those who have set up large factories outside the municipal limits and brought prosperity to the underdeveloped areas are being punished with taxes. Such an action will discourage those industrialists who are thinking of establishing their units outside MC limits. Before issuing notices, the state taxation department should have at least thought about the tough circumstances the industry is facing.”

Jagbir Singh Sokhi, president of Sewing Machine Development Club, said, “Large number of notices from the office of assistant commissioner of state tax have been issued. The industry is already passing through unprecedented times due to Covid-19 crisis and facing shortage of labour, skyrocketing prices of raw material, production loss, cancellation of domestic and international orders, and financial crunch. To top it all, the Covid-19 cases are again increasing. Therefore, the institutional tax notices should be taken back.”

Pankaj Sharma, general secretary of CICU, said, “We have contacted the office of chief minister Captain Amarinder Singh, chief secretary Vini Mahajan, finance minister Manpreet Singh Badal and cabinet minister Bharat Bhushan Ashu and requested them to take notice of this issue.”

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Ludhiana: Notices sent to owners who use residential flats for commercial purposes – ET RealEstate

LUDHIANA: While taking notice of violations, the Greater Ludhiana Area Development Authority (Glada) has served notices to allottees of residential flats, who have converted the sites into commercial ones. The officials have served the notices to more than 100 such allottees.

Some of the allottees have replied while clarification of some allottees was not satisfactory. The officials are planning to cancel the allotment of flats after completing the formality of notices.

The Glada had allotted nearly 300 flats under special scheme in Dugri Phase 2. Some of the allottees have converted the flats to shops at main road. Many of the flats are converted into shops on main road. Some of the owners have even clubbed two to three flats into one and from one shop at least Rs 25,000 to Rs 35,000 rent is being collected.

A few years ago too, this matter had come to light but at that time officials had served the notices and no action was taken. Now, when matter was again highlighted, the officials have taken it strictly .

The estate officer of Glada Baljit Singh Walia said already notices were served to the defaulters twice and now it is third and last notice to them and after completing the departmental procedure they will recommend the allotment of flats.

The chief administrator of Glada, Bhupinder Singh said conversion of flats in commercial activity is a serious matter so he has instructed the estate officer to take action against violations in residential areas.

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Tuition centres in Ludhiana must now get NOC according to new fire norms – ET RealEstate

LUDHIANA: Keeping in view the mushrooming of coaching centres in the city, the local bodies department has issued new fire safety norms for these centres to follow. Now, the centres are divided in three categories based on the area, and the owners will have to make arrangements accordingly.

But sources said this may again remain a policy on paper if the authorities do not make an attempt to find out the exact number of tuition centres operating in the city and hold them all equally responsible.

The guidelines are notified and will be implemented in the entire state. The notification is the result of a writ petition that is being heard in Punjab and Haryana high court. Also, after the Surat coaching centre tragedy last year, the authorities were working on to bring some norms for the coaching centres.

The three categories are: coaching centres running in existing shop-cum-office and shop-cum-flat having height less than 15m, those running in standalone commercial complexes/buildings having height not more than 15m and coaching centres running in all other establishments having height more than 15m.

These norms will be applicable with immediate effect and will be implemented by the fire and town planning wings of urban local bodies. The NOC from fire department will have to be obtained by the building owner/occupants within one year for high-rise buildings (15 meters and above) and within six months for buildings having height less than 15 meters from the date of issuance of this notification. Failing which, the coaching centre will be sealed by fire wing/urban local bodies.

However, neither the fire department nor the municipal corporation (MC) have exact data on how many tuition centres are operational in the city. Not only in the commercial areas, even in residential areas many oaching centres have popped up in the recent past. There is single entry/exit in most of the buildings and fire arrangements are also insufficient.

According to the fire department, only big industrial houses, schools, hospitals and big malls are applying for fire NOC. In the last one year, the fire accidents that have occurred are mostly in places that had no fire NOC.

Advisor to Punjab fire department Bhupinder Sandhu, said, “Earlier also fire NOC was mandatory for these coaching centres, but there were no clear cut directions or norms. Now, we have divided the coaching centres in three categories.” He said all the fire officials in the state are sent this information. “Fire NOC will be issued according to new guidelines and if coaching centres or institutes will not get NOC, then local fire officials have been given the powers to seal the centre,” he added.

Meanwhile, requesting anonymity, one of the fire officials claimed that coaching centres are often located in places where changes are not possible — for example, he said, most often there is space for only one entry and exit — and they cannot force the owner to open a second entry/exit. He said these changes are possible in standalone locations only. He said fire department is going through the norms to see how the new rules can be implemented, but he insisted that it may not be possible without the support from town planning wing of the MC.

Required fire safety arrangements

Fire extinguishers required in all types of categories

First-aid hose reel

Automatic sprinkler system

Manually operated electronic fire alarm system

Automatic detection and alarm system

Underground static water storage tank

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