CPGRAMS directs Maharashtra government to address Lavasa residents’ grievances – ET RealEstate

PUNE: The Central Public Grievance Portal (CPGRAMS) has directed the state government to address the grievances of Lavasa residents.

In a reply to a complaint filed by Lavasa resident Suresh Goswami, under the apex association of Lavasa property owners, the centre has said that ‘land and colonization’ being state subjects should be addressed by the state government.

Residents of the Lavasa hill station project had launched an online petition addressed to PM Narendra Modi to save the city facing infrastructure issues and liquidation last year. The residents filed a complaint with the central government’s public grievance department this year.

The department of administrative reforms and public grievances replied to the complaint filed by Goswami on October 14. The CPGRAMS in its reply has directed the state government to address the issue terming it a state subject.

Goswami had written to the housing and urban affairs ministry and the prime minister’s office last year and, having received no response, he approached CPGRAMS. “The state government’s housing ministry will now have to address our issues,” he said.

Lavasa residents are having a difficult time with the management of the private hill station under the Resolution Personnel (RP) appointed by National Company Law Tribunal for the last two years.

Association members are demanding that the state government take over the control and administration of the place. “We are neglected of our basic rights, whether it is motorable roads, reliable utilities, security, uncollected garbage are just basic issues,” apex body members stated in the letter.

While maintenance charges are regularly paid by most residents, there is no news of unfinished buildings. “While around 1,300 home owners were given possession, all of them have grave warranty defects, such as heavy seepage and cracks. Of these, 300 owners are senior citizens,” stated the residents.



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CCI approves acquisition of RMZ’s commercial assets portfolio by Brookfield – ET RealEstate

NEW DELHI: Fair trade regulator CCI on Tuesday approved the acquisition of realty firm RMZ‘s commercial assets portfolio and co-working business by global investment firm Brookfield.

According to the information filed with the regulator, the deal involves the acquisition of certain real estate projects housed in RMZ Infotech, RMZ Galleria (India), RMZ North Star Projects, RMZ Ecoworld Infrastructure and RMZ Azure Projects.

It also entails the acquisition of 100 per cent shareholding by Brookfield Pvt Capital Ltd in CoWrks India Pvt Ltd.

The proposed combination is intended to be undertaken to enable the Brookfield Group to create value for the target projects and CoWrks by increasing cash flows and asset values, as well as by realizing its investment at the right time, the notice said.

It will also allow the RMZ group “to minimise the risk of geographic concentration and lend greater focus on other greenfield and brownfield projects and enable it to transition towards its objective of being a near-zero debt company,” it added.

The regulator in a tweet said it “approves Brookfield’s acquisition of certain real estate projects of RMZ Group & CoWrks”.

In another tweet, the Competition Commission of India (CCI) said it “approves demerger of the textiles business of GHCL Ltd. into its wholly-owned subsidiary GHCL Textiles Limited”.

The approval came after the board of directors of the GHCL Ltd, a public limited company, in March approved a scheme of the arrangement, involving an internal restructuring of its business by way of a demerger of its textiles business division into its wholly-owned subsidiary company named GHCL Textiles Ltd.

The proposed demerger is subject to receipt of the requisite approvals from the shareholders, creditors, and regulatory authorities — National Company Law Tribunal (Ahmedabad bench), Regional Directors, Registrar of Companies, Income Tax Department, Stock Exchanges and Sebi, a summary of the proposed combination filed with CCI said.



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Brookfield sole bidder for Jet Airways’ office in BKC – ET RealEstate

MUMBAI: Global asset management firm, Brookfield Asset Management emerged as the sole bidder in the e-auction of two floors of office space belonging to Jet Airways in the Godrej BKC building at Bandra-Kurla Complex on Friday, offering the base price of Rs 490 crore, real estate industry sources said.

“Yes, Brookfield has made the sole bid at the base price,” said a source closely associated with the auction, refusing to give more details.

Brookfield Asset Management owns, develops and manages 282 office properties and 138 million sqft of commercial space globally.

The Jet Airways office on the third and fourth floors, measuring 1,69,843 sqft, of Godrej BKC went under the hammer after the National Company Law Tribunal gave its approval for auctioning immovable assets of the airline on June 11. The reserve price was fixed at Rs 490 crore.

Godrej BKC is developed by Godrej Property Ltd on Jet Airways land, and the two floors were mortgaged to HDFC.

Real estate sources told Mirror that a leading private bank and a real estate fund of a listed developer were the other contenders who had made enquiries regarding the property.

Mirror had on June 19 reported that the auction had piqued the interest of prominent corporate entities and the reserve price translated into a rate of Rs 28,900/sqft, which was 25 per cent lower than the last big market transaction at Bandra-Kurla Complex, which closed at the rate of Rs 36,500/sqft.

Brookfield Asset Management could not be contacted for a comment.



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Auction of Jet Airways’ BKC office piques buyers’ interest – ET RealEstate

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MUMBAI: Despite the impact of Covid-19 on the real estate sector, the approaching auction of the Jet Airways office located in the Godrej BKC building in Bandra Kurla Complex has been stirring interest.

Several corporate companies, a leading private bank, a prominent real estate fund and a global asset management firm have made enquiries for possible bids, sources said.

The third and fourth floor office mortgaged to HDFC Ltd is scheduled to be e-auctioned on June 26 as part of the corporate insolvency resolution process underway before the National Company Law Tribunal (NCLT). According to a public notice issued by the NCLT-appointed resolution professional Ashish Chhawchharia, the approximately 1,69,983 sq ft saleable area on the third and fourth floor of the building will be put on the auction block.

The reserve price has been finalised at Rs 490 crore, and prospective bidder will have to pay an earnest money deposit of Rs 25 crore along with the bid document on or before June 24. An inspection of the property has been scheduled on Friday between 11am and 1pm.

Karan Singh Sodi, regional managing director, JLL India said, “The Jet Airways floors should generate a good level of interest even in these uncertain times as the base price issued is way below the recently concluded sale transactions for Grade A assets in BKC. The reserve price is approximately 25 per cent below the average prevailing prices for Grade A assets”.

The reserve price translates to a value of Rs 28,900 per sq ft, while the last big transaction in Godrej BKC was closed at Rs 36,000 per sq ft. Market sources said Grade A assets like Godrej BKC have been witnessing a healthy increase in rentals from 16 per cent to 21per cent in the last 12 months.

“This exponential jump was driven by three fundamental factors. Firstly, no new Grade A supply has come to the BKC micro market. The Grade A vacancy percentage has reduced from two digits in 2018 to below 7 per cent in the last two quarters. Lastly, there has been a steady demand from occupiers especially in the BKC micro market,” Sodi said.

Godrej BKC, developed by Godrej Properties Ltd on land owned by Jet Airways, has witnessed rents increase from Rs 235 to 240 per square foot (psf) in the last quarter of 2018 to Rs 270-275 psf level in recent months. A similar increase has been seen in rents in other Grade A buildings including One BKC, First International Finance Centre and Maker Maxity in the last 12 months.

JLL had concluded the sale of the IDBI Bank building of approximately 3 lakh sq ft to Securities Exchange Board of India for over Rs 900 crore at Rs 30,000 per sq ft as well as the Citigroup Centre that fetched over Rs 400 crore at capital value of Rs 36,500 per sq ft.



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