The Executive Centre’s south Asia revenue up 18% in H1 2020 – ET RealEstate

BENGALURU: Flexible workspace provider The Executive Centre said its revenue in south Asia rose 18% in the first half of the year to $21 million while occupancy was up to 89% from 87%. Globally revenue was up 5% to $120 million.

Total number of workstations occupied as of June 30 increased by 14% compared to last year and client renewals was up to 62%. The company also opened 6 new centres in the same time. Notable new signings were from financial services & banking, IT and consulting sectors.

“It cannot be denied that the Covid-19 pandemic has been the main external factor impacting the performance of companies. As a result, the world of work is changing dramatically as businesses focus on managing costs to survive and look for workspaces with greater flexibility to support in office and remote working.

We have seen stronger demand coming from MNCs and domestic corporates since April across the Greater Bay Area and South-East Asia which helped to drive sustainable revenue growth and profitability in the first half of the year,” said TEC Founder and CEO, Paul Salnikow.

The company has 135 centres in 32 cities which include 30 centres spread over 8 lakh sqft in Mumbai, Gurgaon, New Delhi, Hyderabad, Bangalore, Chennai and Pune.



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One per cent of stamp duty allocated to Mumbai, Pune and Nagpur metros – ET RealEstate

MUMBAI: One per cent of all stamp duty levied on sale and purchase of property in Mumbai, Pune and Nagpur will go towards completion of metro projects in those cities, the government has announced.

The decision comes in the middle of a pandemic-induced slowdown, when all major infrastructure projects in the state are struggling to raise funds.

A notification issued by the Urban Development Department on September 10 said as per the Mumbai Municipal Corporation Act, 1888, and Maharashtra Municipal Corporation Act, 1949, 1per cent of the revenue will be collected by the Stamps and Registration Department and given for Mumbai, Pune and Nagpur metro rail projects. The additional charge will be applicable on all property deals from February 8, 2019, it said.

The government is studying different fundraising models for major infrastructure projects, a department official said. “The stamp duty levied on property will help the projects immediately. The emphasis will be on continuing the projects and completing them within the deadline.”

Mumbai Mirror had reported on September 4 that the Mumbai Metropolitan Region Development Authority (MMRDA) was struggling to raise funds for the metro project. If loans of Rs 29,000 crore do not come through in the next six months, the MMRDA may have to withdraw its fixed deposits of Rs 13,000 crore to fund big-ticket projects.

The planning agency has Rs 1.25 lakh crore tied up in 12 metro corridor projects, including around Rs 60,000 crore in seven under-construction lines and three that are in different stages of planning. Another key project is the Mumbai Trans Harbour Link, estimated to cost Rs 23,000 crore and likely to be completed by 2022.

All of these infrastructure projects are capital intensive. Sources said that on average, the annual expenditure on the projects as well as human resources and ancillaries touches around Rs 7,000 crore.

Pune Metro, which will connect Pune Central and the areas of Pimpri and Chinchwad, is targeted for operations by the next year. Its estimated cost is of Rs 11,420 crore. Nagpur Metro Rail Project will consist of a 38.215-km corridor, 38 stations and 2 depots. It is estimated to cost Rs 8,260 crore and is expected to be completed by 2021.

The stamp duty is the largest revenue earner for the government, after GST and sales tax and VAT. In 2019-20, the state earned Rs 29,500 crore through stamp duty. In 2020-21, it expects to raise only an additional Rs 500 crore.



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MHADA provides roof to Bhanushali building residents – ET RealEstate

MUMBAI: After running from pillar to post, 21 families of Bhanushali building have been allowed to stay in the adjoining building at Tardeo until the allotted building’s repair work is completed.

On September 9, Mumbai Mirror published a report on the plight of these residents. After this, MHADA senior officers visited the spot for the first time, and instructed junior officers to speed up the repair work of the allotted building.

Haresh Chavda, one of the residents who had made representations to MHADA along with others, told Mumbai Mirror, “The electricity and water supply will be fixed in building number 10. We are allowed to stay there until building number 9 gets repaired. We thank Mumbai Mirror for highlighting our long-pending issues. Finally, we will have our own accommodations.”

Twenty-one families that survived the collapse of the Bhanushali building in Fort on July 16 didn’t have temporary accommodation as promised by MHADA until September 10. MHADA had claimed that they have all been assigned temporary accommodations but the residents were not allowed to stay there. Ten people died when a part of the 80-year-old building, which was due for redevelopment, fell during rains.

As per the survivors’ demands, MHADA soon gave them temporary accommodation in one of its buildings in Tardeo’s Chikhalwadi area. The allotment letters said they would be given flats in Building No 9 for a period of 12 months. As per MHADA rules, the families paid Rs 5,000 deposit and Rs 500 rent for two months.

They then received the allotment letters, MHADA officials told them there had been a mistake, and that they would be moving into building 10. On August 17, Housing Minister Jitendra Awhad, Shiv Sena’s South Mumbai MP Arvind Sawant and MHADA Mumbai Building Repairs and Redevelopment Board (MBRRB) chairman Vinod Ghosalkar handed over keys to the families

When some of the families moved into building 10, they were told to vacate the flats. The families had allotment letters, keys, but no place to stay. And they were getting increasingly desperate. They had cleaned the flat in building 10, bought drums to store water. People with children in the families shifted gas cylinder, suitcases full of clothes and everything to building No 10 already. They are relieved that they will not become homeless. The residents were worried because they could not request friends and relatives to allow them to stay for a longer period.

MBRRB chairperson Vinod Ghosalkar told Mumbai Mirror, “We will keep our word. We will not abandon the victims.”



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Mumbai: Over 1,500 slum dwellers in Colaba may be rehabilitated in a SRA project – ET RealEstate

MUMBAI: Over 1,500 families who lived at Cuffe Parade’s Ambedkar Nagar, whose hutments were demolished in 2017 for allegedly coming up on mangrove land, can expect some relief as the Maha Vikas Aghadi government has set up a committee for their rehabilitation. The committee will examine if these slum dwellers can be rehabilitated in a Slum Rehabilitation Authority (SRA) project in neighbouring Ambedkar Nagar or could be housed at another location.

The state’s Revenue and Forest department on Thursday issued orders to form a committee headed by SVR Srinivas, Principal Secretary (Housing) to check the eligibility of these slum dwellers for rehabilitation. Apart from Srinivas, Principal Secretary, Forests, Milind Mhaiskar, SRA CEO Satish Lokhande and Mumbai City Collector Rajeev Nivatkar are also part of the committee along with officials from the state’s Mangrove Cell.

According to officials, in 2015, a notice was served to the 1,500 families to vacate their houses. However, no action was taken after the notice was issued. Then on May 1, 2017, an announcement on loudspeaker was made in the slum. On May 3, the demolition was carried out, and the 1,500 hutments were demolished.

“The committee has been set up as per the directions of the State Human Rights Commission. It will check the documents and papers of all the 1,500 families since they have claimed that they had proof of residence and that their slums were not on mangrove land. All these claims will be verified and the committee will submit a report on if and how these slum dwellers can be rehabilitated,” said a senior bureaucrat. Many residents who lost their homes had claimed that the slums were constructed in the 1990s way before the cut off date of 2011 for protected slums. The forest department claimed the demolished area was in fact mangroves and was encroached by slum-dwellers, the bureaucrat added.

After hearing the matter for over two years, the Maharashtra State Human Rights Commission in its order this January had said that the eviction process continued for four days and residents underwent “physical, mental trauma, financial loss and most importantly their right to shelter”. The commission, headed by M A Sayeed, had directed the state Chief Secretary to form a committee of officials from forest department, revenue department, Maharashtra Housing and Area Development Authority and SRA to formulate a rehabilitation plan for the affected families.

Rahul Narvekar, BJP MLA from Colaba said that local elected representatives must be made part of the committee. “It is unfair that no people’s representatives are part of this committee. There should be sustainable housing for these slum dwellers. The environment and mangroves must be protected but at the same time since they were living there for over 15 years, these slum dwellers must be rehabilitated,” Narwekar said. “However, the authorities must ensure that there is no further encroachment at the site from now on. The mangroves must be protected at all cost,” Narwekar said.



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