Lavasa residents count on final bid decision for pending project – ET RealEstate

PUNE: Residents of Lavasa hill station are awaiting a final decision with two companies submitting bids for the project ahead of the final deadline that ends in October. The residents have been waiting for the bids for the last three years.

Residents said that Mumbai-based Darwin Group of companies and Delhi-based Dhir and Dhir Associates have submitted their bid and are now hoping that the Committee of Creditors weigh the ability of the resolution applicant thoroughly in the interest of the residents, who have been waiting for the last three years for the final decision.

“We are hoping for a positive resolution as failure would lead to liquidation, which would be detrimental to the interests of all,” stated Suresh Goswami, a resident of the hill station, who has been on the forefront about raising the issues before the central and state government.

In May this year, residents of the hill station project had written to chief minister Uddhav Thackeray urging him to revive the scheme. In their letter, the senior citizens said it has been 34 months since Lavasa approached the National Company Law Tribunal (NCLT), but there has been no final decision or resolution on who can take over the project.

They also sought to know why the government was not interested in the project. The residents had earlier approached the prime minister and the housing affairs ministry.

Now, with the bids to be finalised soon, residents are hopeful that their issues would be resolved. “It has been a long wait of three years, as against the law-mandated six-month period, for the process to get to this stage of near completion,” shared Goswami. The company was admitted for Corporate and Insolvency Resolution Process (CIRP) by the NCLT in August 2018, he pointed out.
Lavasa residents count on final bid decision for pending projectVineet Tulsyan of R3 Corporate Advisors, who are advising Darwin Group, said that the group is quite positive on the resolution of Lavasa. “As their advisors, we have tried to understand the complexities and innumerable hurdles of the project mainly related to Environmental Clearances and MahaRERA.

Homebuyers are the biggest sufferers here, besides the secured financial creditors. Keeping that in mind, we have prepared and submitted a very balanced plan. We are hopeful Lavasa will see a successful resolution this time. Liquidation won’t be the right thing for this asset, that’s what we believe,” Tulsyan told TOI.

When contacted, Purusharth Singh, partner at Dhir and Dhir Associates, shared the following statement by Srishti and Madhav Dhir, the resolution applicants, “We recognize the residents of Lavasa City as the primary stakeholders in the entire resolution process and we truly believe that our resolution plan will give due credence to the plight and effort of the residents and aims at maximization of value for all other stakeholders, especially financial creditors.

We are also confident that with the combined efforts of the residents, backed by meticulous planning that has gone into the preparation of our resolution plan, we will be able to surmount all challenges especially those related to environmental clearances and the city shall reclaim its vibrant character.”

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Pune: PMPML board gives nod to commercialise land parcels – ET RealEstate

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PUNE: The Pune Mahanagar Parivahan Mahamandal Limited (PMPML) will commercially exploit around 30 land plots it owns to increase the non-fare revenue. A proposal to this effect was passed by the board of directors of the transport body on Thursday.

Senior PMPML officials said the process of identifying the market demand would start soon. “The idea is to use the PMPML’s land for commercial purposes based on the market demand in that particular area and the business potential,” Chetna Kerure, the joint managing director of the PMPML, told TOI.

Shopping complex, mall, office space or a hospital can come up on these plots, another official said. “The plan will be based on the market demand. For instance, if there is a demand for a hospital in a particular area and a party is interested, the PMPML will provide its plot. The revenue-sharing model will be finalized,” the official said.

The official said the plan to set up solar panels on different PMPML properties has also been approved. “The panels could be rooftop or elevated and will help in saving energy. PMPML chairman and managing director will decide the properties, which should have these panels,” the official added.

In November last year, PMPML announced 30 fuel stations on their plots to increase non-fare revenue and an agreement has been signed with petroleum firms. “If the PMPML has so many land parcels, why are their buses kept in the open near PMC building? There are 30-40 buses parked in the open near the PMC main building,” a daily commuter said.

Daily pass cost restructured

The rate of bus passes were restructured during the PMPML board of directors’ meeting on Thursday. For travelling in the PMC area, one can buy the daily pass for Rs 40 now. For a pass for the PMC and PCMC areas, the cost is Rs 50. For travelling in the PMC, PCMC and PMRDA areas, the cost of the daily pass is Rs 70.

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Citco opens office space in Hyderabad – ET RealEstate

HYDERABAD: In a major boost to the state’s financial sector, UK-based Citco, the global alternative investment assets servicer with $1.5 trillion in assets under administration, has forayed into the city by setting up its new office that will hire over 1,200 employees over the next two years. In India, Citco has a presence in Pune and Mumbai.

The Hyderabad office will operate as a centre of excellence (CoE) providing a range of fund servicing, banking, and technology support functions for Citco and its international client base. Currently, its new office is located in HiTeC City and it will move into the Salarpuria Sattva Knowledge City office once construction completes in Q3FY22.

Commenting on the launch, Jay Peller, head of fund services at Citco, said, “With this campus as our new regional base, we look forward to significantly and sustainably growing our team in India, and as a result, developing new solutions to enable alternative investment managers in the region and elsewhere to scale effectively and efficiently.”

Amit Verma, general manager at Citco (India) said, “Hyderabad has emerged as an internationally recognised technology hub, and with this new office we have access to a growing base of agile, skilled technology talent.”

With over 9,000 staff across 40 countries, Citco offers a full suite of middle office and back office services, including treasury and loan handling, daily NAV calculations and investor services, corporate services, regulatory and risk reporting, banking solutions, and tax and financial reporting services.

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Maharashtra: Subsidy for residential users to opt for rooftop solar power – ET RealEstate

PUNE: The Union government is providing a 40% subsidy to residential consumers and 20% subsidy to group housing societies and residential welfare associations to install rooftop solar systems, a statement issued by Maharashtra state electricity distribution company ltd (MSEDCL) said.

The installation of a rooftop solar system will lead to huge savings in monthly household electricity bills, while the remaining electricity will also be purchased by MSEDCL at the end of each financial year through net metering arrangement.

Chairman and managing director of MSEDCL Vijay Singhal has told regional offices to provide advantage of this scheme to consumers.

A target of 25MW has been sanctioned for MSEDCL under Ministry of New and Renewable Energy (MNRE) Phase-II scheme. Under this scheme, central financial assistance will be provided by the Centre for installation of rooftop solar system of at least 1KW capacity to residential category consumers — 40% subsidy for 1-3KW and 20% for 3-10KW. Consumers of group housing society and residential welfare association will also get a 20% subsidy for common facilities up to 500KW, with a limit of 10KW per house.

MSEDCL has empanelled zone-wise agencies to set up rooftop solar systems. The list of empanelled agencies and online application facility is available on MSEDCL website ‘’.

With the installation of a 1KW rooftop solar system, customers who consume up to 100 units per month can save up to Rs 550 as per the current tariff. Also, through the net metering arrangement, the unutilized units will be purchased by MSEDCL at the end of each financial year. It will also benefit residential consumers financially. At the same time, the payback period on investment for such system will be about 3 to 5 years.

Suhas Patwardhan of the Pune District Cooperative Housing Federation said that the decision will benefit the housing societies. He however said financial aid in addition to the subisdy would go a long way in convincing people. “A soft loan system could ensure better implementation as investment in a solar power system is still a costly affair, and housing societies could face challenges in raising funds. Citizens are willing, it just requires some support from the government,” Patwardhan said.

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