SeXi: At 7.5%, India's Elephant Walks Ahead of China in Q4: The Economic Times

New Delhi: GETTING INTO STRIDE Indian economy clocks 7.3% growth in FY15, just behind China's 7.4% in 2014, hinting at slight recovery & strengthening the case for a rate cut by RBI.

The Indian economy expanded 7.3% in the year ended March, in line with the initial forecast and marginally higher than 6.9% recorded in the previous year, pointing to a soft recovery and strengthening the case for a rate cut on June 2 when Reserve Bank reviews monetary policy.

The data released by India's statistics office on Friday showed gross do mestic product (GDP) rose 7.5% in January-March 2015 compared with 6.7% -after a downward revision from 7.5% -in the October quarter, signalling a slight pickup. This a slight pickup. This comes as the US said on Friday that its GDP contracted 0.7% owing to shipping delays, dollar dominance and a harsh cold season.

The January-March growth is ahead of 7% recorded by China, in line with independent forecasts that India is set to take on the man tle of fastest-growing large economy in the current fiscal. China's economy expanded 7.4% in the 2014 calendar year.

“There is a huge scope with all the steps the government has taken and will take in the course of the year.Our potential to grow into a higher league is certainly there,“ FM Arun Jaitley said, adding the economy had been held back by the agriculture sector because of a poor monsoon last year, calling for greater investment in irrigation. The weather office has said this year's monsoon may also be rain-deficient. Experts raised doubts about the new GDP numbers saying the seemingly strong growth was not consistent with feedback from the field. The sharp downward revision in thirdquarter growth to 6.6% from 7.5% estimated initially added to the doubts. There has been some debate about the economic numbers generated after India adopted a new data series earlier this year. “There is some disconnect between the GDP numbers and the situation on the ground,“ said DK Joshi, chief economist at Crisil, adding that the central bank may choose to ignore the latest data. Still, he expects RBI to cut rates by 25 basis points.

In particular, experts are concerned with the 9.5% growth in credit in FY15 and the 2.8% rise in factory output as measured by the Index of Industrial Production (IIP), which they say is not consistent with the high GDP growth.

However, a strong 46.2% growth in indirect tax collections in April and a rise of more than 18% in passenger car sales in the same month points to a boost.

“Overall, today's (Friday's) data depict an economy that is recovering, but at a very gradual pace,“ Nomura economist Sonal Varma said, also pencilling in a 25-basis-point reduction in interest rates on June 2.

“We expect the cyclical sectors to show a gradual recovery in the coming quarters owing to higher disposable income, easier financial conditions, rising profit margins and continued momentum on project clearances,“ she said.

Construction, mining and farm sectors underperformed while manufacturing and financial services picked up pace. Gross value added (GVA) for manufacturing sector rose 7.1% in FY15 compared with 5.3% in the previous year, giving a timely boost to the government's `Make in India' plan. Agriculture value added rose only 0.2% while mining was up 2.4%, both below last year's levels.

Financial services reported 11.5% growth while trade and hotels segment was up 10.7%.The numbers showed a slight pickup in investment as well with gross fixed capital formation, a measure of investment, rising 4.6% in FY15 compared with 3% in FY14.

GOVERNMENT SATISFIED

The government appeared satisfied with the way the economy was performing.

“The encouraging part of the data is the growth in manufacturing to 7.1% from last year's 5.3%, which would also mean that we are creating jobs in our growth path,“ Finance Secretary Rajiv Mehrishi said.

Chief Economic Advisor Arvind Subramanian expects the economy to do much better in the current fiscal and retained his 8.1-8.5% forecast for the year.

“The good news is that manufacturing has picked up from last year substantially and also it has picked up from the third quarter,“ he said.

“The picture looks better,“ said chief statistician TCA Anant. The optimism is based on the fourth-quarter numbers and developments since then.

Manufacturing growth picked up further in the January-March period, rising to 8.4%, but construction slowed to 1.4% and agriculture contracted 1.4% because of the damage caused by unseasonal rains in March.

A start to government spending in the new financial year is also expected to help recovery.The Narendra Modi government was forced to slash spending to remain within the budgeted fiscal deficit of 4.1% of GDP.

Data released on Friday showed a fiscal deficit for FY15 at 4% of GDP against the target of 4.1%. Domestic industry also appeared upbeat.

“We expect further improvement of the key levers of the economy, going forward, as the government steps up public investment which in the process crowds in private investment to rekindle a new demand cycle in the economy,“ the Confederation of Indian Industry said in a statement.

CRITICISM REBUFFED

The statistics department dismissed concerns over data.

“The MCA (ministry of corporate affairs) database allows us to capture a wide range of smaller and medium enterprises unlike earlier when only 5,000 listed companies would be tracked. This is something that analysts would have to keep in mind.There were large revisions in numbers when ASI (Annual Survey of Industries) data would come out earlier because it provided larger coverage,“ Anant said.

Officials also had an explanation for the downward revision in growth during the October-December quarter. The estimate was issued in the first week of February against the usual practice of end of the second month after the quarter. It said the latest numbers that follow the regular cycle are more robust, dismissing concerns over the revision.

Joint Panel on Land Bill Seeks States' Views: The Economic Times

STARTING AFRESH Clarifications sought by members of political parties on contentious issues of the bill will be addressed when the panel holds regular meetings from June 8.

The joint committee of the two Houses of Parliament formed to look into the land acquisition bill held its first meeting on Friday and directed all states to submit written viewpoints of their respective governments on the proposed legislation.

The 30-member panel met under the chairmanship of BJP MP SS Ahluwalia. All members agreed that the panel should hold regular meetings on Mondays and Tuesdays, every week from June 8, so that it can meet the deadline of submitting its report before the last day of the first week of the next session.

Department of Land Resources secretary Vandana Kumar Jena made a power-point presentation about the salient points of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill.Members representing various political parties posed questions on the contentious issues of the bill, including the consent clause and social impact assessment.

Clarifications sought by members will be addressed when the panel holds regular meetings from June 8, a source said. While an advertisement has already been published by the committee seeking opinions and views of individuals, NGOs, and various organisations on the bill and the proposed alterations, the panel also decided that chief secretaries of all states should make written submissions to it by June 5 on the view of their respective governments about the bill in its present form. The suggestions received from the state governments will then be examined by the panel.

The Narendra Modi government, actively engaged in beating the growing perception that the land bill is anti-farmer and antipoor, has maintained that most of the state governments are against the land acquisition act of 2013 on the grounds that it is not workable. Union Ministers have claimed that even chief ministers of Congress-ruled states have written to the Centre asking for amendments to the 2013 bill.

Parties like SP , BJD, AIADMK, NCP and a few others have certain reservations about the bill in its present form but the government is hopeful of convincing them. Prime Minister Narendra Modi and some Union ministers have hinted that the government was open to further amendments provided these are “pro-farmer and pro-poor“.However, Congress, Left parties, TMC and BSP have announced that they are opposed to the bill.

'Achche din' for builders of luxe towers in city: Times of India

CM Exempts Them From Hefty Premium BMC To Compile List Of Projects Exempted Now

Chief minister Devendra Fadnavis has ushered in `achche din' for several developers constructing luxury residential towers, mainly in areas where property prices are the highest in the country.The state urban development department headed by him, issued a notification on May 21 that exempts them from paying a hefty premium to the BMC for building extra areas.

Upcoming skyscrapers in Lower Parel, Worli and Nepean Sea Road, where apartments have reportedly sold for between Rs 40 crore and Rs 100 crore, will benefit from this new rule.

Influential developers were lobbying with BJP leaders to exempt them from this premium. Builders of these ultra luxurious skyscrapers had contended that they had received their preliminary building permissions much before the premium payment rule for building extra areas was introduced on January 6, 2012.

Municipal commissioner Ajoy Mehta said the civic administration will now have to compile a list of all such projects that are exempted.

“Many builders who had paid the fungible FSI premium to BMC will now try and seek a refund,“ said a top developer.

TOI in its edition dated May 5 had reported about the government's move to exempt such developers from paying what is called Fungible FSI premium to the BMC.

By far, the biggest beneficiary of this largesse is One Avighna Park, a luxury residential project near Currey Road station in central Mumbai. Its developer Kailash Agarwal had opposed paying the premium on the ground that his project had procured permissions prior to January 6, 2012. “It was our contention that buildings which were over 70% constructed should no have been affected by the new development control rules introduced in January 2012,“ he said.

Agarwal's project compris es two towers of 64 floors each with “sky villas and sky man sions“. The project has been stuck for the past couple of years because of this issue The building was earlier ap proved by the BMC with unusually large fire refuge areas and decks on each floor.

Industry sources said Palais Royale, touted as India's tallest residential building at Worli, may also benefit from this notification. Construction stopped a few years ago after the project was caught in litigation following allegations of large-scale building violations.

Fifty-six floors were built though the initial municipal permission was for 43 floors.The developer contended that the BMC had passed plans up to the 56th floor. The BMC had ordered that areas exempted from the building's floor space index (FSI) be now counted as part of it. FSI is a ratio that determines how much can be built on a plot. Refuge areas, passages, swimming pools and structural columns were not included in the FSI when Palais Royale's plans were approved by BMC seven years ago. The new notification may come as a huge relief for this project.

Another major beneficiary Another major beneficiary is an under-construction, highend luxury skyscraper at Nepean Sea Road called Sesen, a project owned by Satellite Group, but now believed to be taken over by Pune-based builder Avinash Bhosale. The initial permissions were procured prior to the January 6, 2012 cut-off date, hence the developer will not have to pay premium when it seeks sanction for further construction.

A 37-storeyed Breach Candy tower built on a one-acre plot by the Singhanias of Raymond could also get a reprieve under the new rule. The project has been stuck for some time now.A report prepared by then municipal commissioner Sitaram Kunte observed that excessive concessions granted to the developer caused a “mammoth“ construction of 27,400 sq m against an FSI of 2,570 sq m.“The total construction area is more than ten times the FSI computation,“ it said.

Several ongoing projects of D B Realty in the Worli-Prabhadevi belt could escape paying the premium. The developer of Orbit Grand, a luxury tower at Lower Parel, also found its project stuck after it had to reduce its total area from 85,000 sq ft to 70,000 sq ft. The notification will allow the builder to now utilize the entire area without payment of premium.

Smart Cities, AMRUT Launch in June: Naidu: Times of India

Hyderabad: Union urban development minister M Venkaiah Naidu on Friday announced that the central government will launch three major schemes next month. He told reporters that the Smart Cities Mission, the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and housing for all will be launched in June. He said Smart Cities and AMRUT will change the face of urban India while the third scheme will ensure housing for all by 2020. “Consultation has also been completed with foreign experts, partner countries, prominent companies, Indian and foreign investors,“ he said.

Fadnavis revives biz hub dream for Mumbai, sets up a task force: Hindustan Times

Mumbai's long-pending plan to have an International Finance Services Centre (IFSC), much like London and Dubai, may not be a pipe dream after all.

Maharashtra chief minister Devendra Fadnavis on Thursday revived the seven-year-old proposal by setting up a high-powered task force  — co-chaired by CEO of Deutsche Bank Anshu Jain and State Bank of India chairperson Arundhati Bhattacharya — to lay down a road map for the plan.

The task force has been asked to provide a legal and regulatory framework — taxation laws, dispute mechanisms — to set up a credible IFSC in the city that can compete with London and New York.

In the first phase, the IFSC will be set up on a 20-hectare plot already demarcated at Bandra-Kurla Complex (BKC). The BKC centre will be created as a financial services walk-to-work city, with world-class infrastructure. However, the wider consensus among officials and bankers is that there should be a wider system — like in London, where four to five mini hubs exist and offer different aspects of financial services, including insurance, investment banking and treasury services.

It is likely that along with BKC, other financial services hubs will come up in the Mumbai Metropolitan Region (MMR) soon, including one proposed at the airport city near Panvel and another on Thane-Belapur Road. The IFSC in Mumbai will have to compete with Gujarat International Finance Tec-City (GIFT) — a finance SEZ spread across 885 acres — near Ahmedabad, already announced as the country’s first IFSC by the Centre.

“While Mumbai has a natural advantage over the rest of the country, significant soft and hard infrastructure improvement is required to attract global talent. Taxation laws and dispute mechanisms form the spine of such a hub. Once the task force gives its recommendation, the state will have to move the Centre for requisite legislation. Fadnavis has taken up the responsibility of coordinating with the Centre to ensure enabling laws get passed,’’ said a senior official, present at the meeting held on the IFSC at the state secretariat on Thursday.

In the short term, the task force — it will rely on guidelines laid down by the Reserve Bank of India to set up the Gujarat International Finance Tec-City (GIFT) as a financial centre — will prepare the framework to set up an off-shore banking and insurance centre in the city. In the long term, planners hope the Centre will take decisions on rupee convertibility to allow a fully functional IFSC.

The task force also has senior government officials, including principal secretary to the CM, Praveen Pardeshi, Mumbai Metropolitan Region Development Authority (MMRDA) commissioner UPS Madan, officer on special duty to CM Kaustubh Dhavse, besides one major international and domestic fund manager as its other members. The first meeting of this task force will be held in July, where Fadnavis, Jain and the RBI governor are expected to develop an action plan.

Four officers killed in Kalbadevi fire did not enter bldg, says panel: Hindustan Times

MUMBAI: The four senior fire officers who lost their lives fighting the Kalbadevi blaze earlier this month were victims of an accident, the panel investigating the fire has said. In its report, the panel clarified that it was not a miscalculation by the officials and that they did not enter the building, as has been alleged.

The officers were standing at the entrance of the building, when a part of it, weakened by the fire, came crashing down on them.

Chief fire officer Sunil Nesarikar, deputy chief Sudhir Amin, assistant divisional officer SW Rane and station officer MM Desai died battling the fire that broke out in the Gokul Nivas residential building in Kalbadevi on May 9.

Initially, there were allegations that the officials had entered the building, even though there was no one to be rescued.

Firemen and experts had criticised the officers for going in, and ignoring warnings from their colleagues.

But a highly-placed source in the fire brigade department told HT: “After talking to all officials involved in the fire-fighting and to people who were at the spot, it was found that the four officials, including Nesarikar, were standing at the entrance of the building. They were discussing a plan to control the fire as an LPG cylinder had burst on the upper floors.”

“Suddenly, a part of the building collapsed on them. This left Sudhir Amin, Rane and Desai trapped under the hot debris. Nesarikar managed to make his way out immediately,” the source said.

The seven- member panel has submitted its report to additional municipal commissioner Sanjay Mukherjee, who will forward a detailed report to municipal commissioner Ajoy Mehta next week.

The committee’s report also talks about the fire brigade’s response time, the lapses in the fire-fighting and recommendations on how the fire department can be improved.

BMC chief wants simple language on forms, Sena, BJP oppose move: Hindustan Times

MUMBAI: Petty politics has scored over public interest once again. On Friday, the ruling Shiv SenaBharatiya Janata Party combine in the Brihanmumbai Municipal Corporation took a dig at newly appointed municipal commissioner Ajoy Mehta in the standing committee.

The reason: he issued a circular asking the administration to simplify the language in application forms for citizen services.

The Sena condemned the circular, calling it demeaning and against the Marathi language. Ally BJP said the commissioner should be coached in the language if he finds it difficult to understand.

“If our commissioner has difficulty in understanding the language, our education department should arrange coaching for him and all additional municipal commissioners,” said Manoj Kotak, BJP group leader.

However, the Maharashtra Navnirman Sena (MNS), usually a champion of Marathi language and culture, supported the commissioner and said it’s a move in the right direction.

“Official language is tough and not comprehensible by all, thus he has just asked to simplify and shorten the long and cumbersome forms for the benefit of citizens. Nowhere did he say replace Marathi. There is absolutely no need to condemn it,” said Sandeep Deshpande, MNS group leader.

In line with the state’s ease of doing business agenda, the municipal commissioner, in a letter dated May 13, asked all additional municipal commissioners to ensure application forms that are used by citizens be simplified and shortened.

This is not the first time political parties in the civic body have tried to be champions of Mumbai’s Marathi population.

With an eye on the 2017 civic elections, every proposal coming to corporators has been scrutinised to rake up the son of soil agenda in the BMC. For instance, after a high court order that states water must be made available to all, the civic body presented a draft proposal to the civic standing committee. The Sena and MNS opposed the proposal, saying illegal slum dwellers in Mumbai are from the northern states of Uttar Pradesh and Bihar.

BMC starts pulling down 11 dangerous market buildings: Hindustan Times

MUMBAI: Eleven dilapidated structures housing markets will be pulled down this year, despite opposition from their tenants and the shopkeepers.

The demolition drive follows a Brihanmumbai Municipal Corporation (BMC) survey of buildings that are more than 30 years old, ordered after the Dockyard Babu Genu market building collapse.

The BMC conducted a structural audit of 76 market buildings in the city

According to its report, 21 structures housing markets need major repairs, 11 on a priority basis.

The civic body has already started demolishing the Navalkar market at Jogeshwari (East) and the Topiwala market in Goregaon.

The 10 other markets do not need to be evacuated for repairs, the BMC said.

To tackle the resistance from the shopkeepers to shift to another location, the BMC said it will allow them to go on with their business on an open plot once the structure is demolished.

The BMC has been evacuating people from dangerous structures ever since the Dockyard market collapse.

To avoid a similar disaster, the market department said it has started the evacuation of people from the Shirodkar market at Parel.

However, when civic officials reached the spot earlier this week, the BMC staff staying in the building protested.

The market has 104 BMC staff as occupants, who have been given accommodation at Mahul.

The demolition has now been pushed to next week.

“There has been a l ot of resistance from shopkeepers. We have decided to allow them to go on conducting their business after the structure is demolished and there is no danger to life,” said Sharad Ugade, assistant municipal commissioner.

“In the case of the Shirodkar market at Parel, we will have to carry out a forceful evacuation, as the tenants do not want to move. The audit reports the status of the building is very bad and needs to be pulled down immediately,” he said.

Proposed Andheri-Dahisar Metro shelves BRTS plans: Times of India

Mumbai: The proposed Bus Rapid Transport System (BRTS) on the Western Express Highway may not be implemented any time soon as an elevated Andheri-Dahisar Metro line is being planned along the same route. The state government is also weighing a move to turn the underground Metro-II (Dahisar-Charkop-Bandra-Mankhurd) project into an elevated corridor.

The Andheri-Dahisar Metro corridor, which is around 18km long, is estimated to cost at Rs 10,800 crore. The project came up for discussion in the `war room' meeting called by chief minister Devendra Fadnavis last week, to take stock of infrastructure projects in the city . An official said, “We will have to upgrade the detailed project report, which will take a few months. We will then have to go before the government for the final approval.“

The Andheri-Dahisar corridor, referred to as Metro line VII, is planned along the Western Express highway but the exact alignment is yet to be worked out.MMRDA commissioner U P S Madan said, “The BRTS project has been kept on hold till a final decision on the Metro is taken.“

In May 2003, MMRDA had appointed Ms Delhi Metro Rail Corporation, Tata Consultancy Services and Indian Institute of Technology Powai, to prepare a master plan for the Mumbai Metro and a detailed project report for priority corridors. The master plan includes nine corridors covering 146.5 km, of which 32.5 km was proposed as underground and rest was an elevated route. It was approved by MMRDA in 2004.

A senior MMRDA official said, “The state government now plans to shelve the underground option in favour of elevated corridors. It will be difficult to fix an alignment for BRTS unless a final call is taken on the Metro.“

MMRDA had planned a three-lane elevated BRTS corridor as it was not possible to segregate lanes at ground level on WEH. It would have also led to mixing of traffic, thus affecting the smooth flow of vehicles.

Last month, the MMRDA issued advertisements seeking to appoint consultants for the elevated BRTS project on the highway between Bandra and Dahisar, a stretch which takes almost one and-a-half hours to cross. On Friday , it issued a notice to scrap the process of appointing the consultants who had been tasked to fix the alignment, identify bus stop locations and suggest technology to run this system. Interestingly , MMRDA, before inviting tenders for consultants, had factored that the elevated BRTS will have to factor in the height at which the Versova-AndheriGhatkopar Metro corridor crosses the WEH.

Bldrs who paid premium to seek refund: Times of India

CM Exempts Them From Hefty Premium BMC To Compile List Of Projects Exempted Now

Chief minister Devendra Fadnavis has ushered in `achche din' for several developers constructing luxury residential towers, mainly in areas where property prices are the highest in the country.The state urban development department headed by him, issued a notification on May 21 that exempts them from paying a hefty premium to the BMC for building extra areas.

Upcoming skyscrapers in Lower Parel, Worli and Nepean Sea Road, where apartments have reportedly sold for between Rs 40 crore and Rs 100 crore, will benefit from this new rule.

Influential developers were lobbying with BJP leaders to exempt them from this premium. Builders of these ultra luxurious skyscrapers had contended that they had received their preliminary building permissions much before the premium payment rule for building extra areas was introduced on January 6, 2012.

Municipal commissioner Ajoy Mehta said the civic administration will now have to compile a list of all such projects that are exempted.

“Many builders who had paid the fungible FSI premium to BMC will now try and seek a refund,“ said a top developer.

TOI in its edition dated May 5 had reported about the government's move to exempt such developers from paying what is called Fungible FSI premium to the BMC.

By far, the biggest beneficiary of this largesse is One Avighna Park, a luxury residential project near Currey Road station in central Mumbai. Its developer Kailash Agarwal had opposed paying the premium on the ground that his project had procured permissions prior to January 6, 2012. “It was our contention that buildings which were over 70% constructed should no have been affected by the new development control rules introduced in January 2012,“ he said.

Agarwal's project compris es two towers of 64 floors each with “sky villas and sky man sions“. The project has been stuck for the past couple of years because of this issue The building was earlier ap proved by the BMC with unusually large fire refuge areas and decks on each floor.

Industry sources said Palais Royale, touted as India's tallest residential building at Worli, may also benefit from this notification. Construction stopped a few years ago after the project was caught in litigation following allegations of large-scale building violations.

Fifty-six floors were built though the initial municipal permission was for 43 floors.The developer contended that the BMC had passed plans up to the 56th floor. The BMC had ordered that areas exempted from the building's floor space index (FSI) be now counted as part of it. FSI is a ratio that determines how much can be built on a plot. Refuge areas, passages, swimming pools and structural columns were not included in the FSI when Palais Royale's plans were approved by BMC seven years ago. The new notification may come as a huge relief for this project.

Another major beneficiary Another major beneficiary is an under-construction, highend luxury skyscraper at Nepean Sea Road called Sesen, a project owned by Satellite Group, but now believed to be taken over by Pune-based builder Avinash Bhosale. The initial permissions were procured prior to the January 6, 2012 cut-off date, hence the developer will not have to pay premium when it seeks sanction for further construction.

A 37-storeyed Breach Candy tower built on a one-acre plot by the Singhanias of Raymond could also get a reprieve under the new rule. The project has been stuck for some time now.A report prepared by then municipal commissioner Sitaram Kunte observed that excessive concessions granted to the developer caused a “mammoth“ construction of 27,400 sq m against an FSI of 2,570 sq m.“The total construction area is more than ten times the FSI computation,“ it said.

Several ongoing projects of D B Realty in the Worli-Prabhadevi belt could escape paying the premium. The developer of Orbit Grand, a luxury tower at Lower Parel, also found its project stuck after it had to reduce its total area from 85,000 sq ft to 70,000 sq ft. The notification will allow the builder to now utilize the entire area without payment of premium.

'Builder preferred only Gujarati Marwari buyers': Times of India

Mumbai: Flat buyers and tenants in the city have long known to be discriminated against on the basis of their food preferences and non-vegetarians discreetly kept out of several housing societies, even entire areas. But a 27 year-old businessman was taken aback to learn he couldn't buy a flat as he was a `Maharashtrian'. Vaibhav Rahate tried to book a flat in an upcoming highrise at Malad West earlier this month and was reportedly told the apartments were not for sale to "Maharashtrians, Muslims and other non-vegetarian buyers".

He immediately approached the Malad police who recorded his statement but fai led to take any action for 25 days. On Friday , after Rahate along with city Congress president Sanjay Nirupam demonstrated outside the police station, zonal DCP Vikram Deshmane instructed the Malad cops to conduct an inquiry and file an FIR.

The Shrinathji Group of developers, which is constructing the high-rise, denied any discrimination. When Vaibhav Rahate (27), a used-car dealer, wanted to book a 1-BHK for his sister in the under-construction Celestial Heights on SV Road, he was reportedly turned away as the builder pre ferred only Guj arati and Mar wari buyers.

“At the site office I met a staffer named Varun. He asked me my name and told me to wait outside. Half an hour later, he met me again. I asked him for a brochure. But Varun told me the flats were not for sale to Maharashtrians, Muslims and non-vegetarian buyers. He said the developers preferred only Gujarati and Marwari buyers,“ Rahate told TOI. The incident occurred on May 4. He went to Malad police station, where his statement was recorded. A constable accompanied him back to the construction site. This time Rahate made a video clip of his conversation with Varun. “Varun came with us to the police station and I made another video clip of him apologizing. Later, Varun's superiors met the station in-charge. Once they left, the cops' attitude changed and they wouldn't entertain me for weeks. I had no option but to approach political parties. After other parties failed to help, I met Congress MLA Aslam Shaikh,“ said Rahate. Senior inspector Milind Khetle of Malad police told TOI Rahate had not submitted the videos to them earlier.

“Mumbai is a cosmopolitan city. . However, a new trend has emerged, that of builders and business houses discriminating against people of a particular community or on the basis of their being non-vegetarian.This will destroy the very culture of Mumbai. Police must proactively curb this. While countries like UK have strong anti-racism laws, India too should have a law against discrimination,“ said Congress leader Sanjay Nirupam, who protested outside the police station with Rahate on Friday .

“We were not comfortable dealing with Rahate due to his approach. The manner in which he spoke made our staff sceptical. We need to develop a rapport with our clients during a transaction. We have sold a flat in the project to a Sindhi buyer and a shop to a Punjabi buyer. Besides, one of the directors of our company is a Maharashtrian,“ said Sagar Bekal, a spokesperson for the Shrinathji group of developers.

Misbah complains to Maria; broker, builder deny charges: Times of India

Mumbai: Young media professional Misbah Quadri, who has said she was virtually forced out of a rented flat as she is Muslim, on Friday wrote to police commissioner Rakesh Maria complaining about the discrimination she faced in Sanghvi Heights in Wadala (East). She also forwarded the complaint to the National Commission for Women.

The move came as the builder and broker she had blamed for her harassment boosted efforts to disprove her allegations.Developer Shailesh Sanghvi has denied his firm discriminates against Muslims and pointed at the fact that other Muslims are living in the building.

Quadri insisted that when she had met a builder's representative, Rajesh, she was told the society did not want Muslims. The Muslims living there were politically well-connected. Rajesh Nasnolkar, who works for Sanghvi, has denied it.

The broker, identified as Bansal, has now publicized a police complaint he had filed against Quadri on April 16, accusing her of illegally occupying the flat without a leave and license agreement, a no objection certificate from the builder and police intimation. He claims these procedures had been followed for the other girls living in the flat, but Quadri had refused to do so.

Quadri said she had no knowledge of the police complaint and learnt of it through the media. She contended that she and her flatmates had tried hard to contact the broker before she moved in but he was unavailable. He called just hours before she was moving in, informing her that Muslims weren't allowed in the flat. He asked her to sign a no objection certificate, saying the broker, builder and housing society cannot be held responsible if she is harassed in the society . Quadri says she refused to sign such an undertaking and moved in as her flatmates supported her.

The broker claims she had moved in without the owner's permission and should be charged with trespassing.

In her complaint to the police commissioner, Quadri said she met the two girls with whom she was to share the Wadala flat via a Facebook page of a housing portal. She has accused the broker of trying to prevent her from moving as she was Muslim. When she moved in, she says the broker hounded her and threatened to throw her belongings out of the house.

Buy a cover for your house, no questions asked: Times of India

Mumbai: For the first time in the country , householders can buy an insurance cover for articles of their home without having to specify items in their house, provide proof of ownership or value each item individually in the policy . Country's largest insurer New India has introduced a home cover which for the price of extended warranty on an electronic device provides insurance for appliance breakdown, theft and damage of all household articles. The policy is in the nature of a “first loss“ cover where the claim is settled up to the sum insured but no pro-rata reductions are made for partial claims on account of under insurance.

“Across the world, it is a standard practice for households to buy three types of cov ers -health insurance, personal accident cover and an insurance for personal assets.In India, health insurance is catching up, while personal accident cover is being promoted through government schemes. We expect insurance for assets to pick up with the launch of new covers,“ said G Srinivasan, chairman, New India Assurance.

The launch of a “first loss“ policy without any documentation requirement represents a marked shift in the way insurers perceive policyholders. Until now anyone wanting to buy a policy had to provide proof of ownership, list out the entire inventory of household items and declare their exact value. In case one item was stolen and the value of the household goods was lower than what was declared, the insured would receive only pro-rata payments.

All these limitations have been done away with in the Griha Suvidha policy . A “first loss“ policy limits the insurance company's liability the sum insured. The advantage for policyholders is that even if heshe has household goods worth Rs 1 crore and has obtained a “first loss“ cover for Rs 1 lakh he will get the whole amount if goods worth Rs 1 lakh are stolen or damaged.Also the insurance company would settle the claim on good faith and not ask for original bills or proof of ownership.

The affordability of the cover can be gauged by comparing the price with that of extended warranty . While re tailers provide two-year extended warranties for appliances worth Rs 50,000 for a one-time payment of Rs 1,000, the Griha Suvidha for Rs 1,125 provides a Rs 1 lakh cover against burglary , housebreaking and theft; a Rs 50,000 cover for valuables and jewelry (including theft outside the house) in addition to a Rs 50,000 appliance breakdown cover. There is also a Rs 25,000 cover for desktop computer and television. “We have covered over one crore individuals under the Pradhan Mantri Suraksha Bima Yojana and we expect to sell at least 25 lakh householder policies in the first year,“ said Srinivasan.The policy would be distributed through banks' agents, online and through corporate agents including retail outlets.

PropTiger.com co-founder Agarwal exits: Times of India

New Delhi: Rupert Murdoch backed website PropTiger.com on Friday said its co-founder Prashan Agarwal has exited the company after over four years of association to pursue other entrepreneurial opportunities. The Noida-based firm has appointed Sunil Mishra as chief business officer, while Rohit Hasteer and Neeraj Chaturvedi have joined the firm as chief human resources officer and chief marketing officer respectively.

JM Financial Posts 56% Jump in Q4 Profit: The Economic Times

MUMBAI JM Financial has posted a 56% rise in consolidated net profit to Rs 92.96 crore during the fourth quarter due to strong performance from lending and advisory businesses. “JM Financial has posted strong financial performance and has continued its trend of delivering sustained growth. Our focus on advisory business and lending in specific segments has helped increase the revenue and profits,“ said Nimesh Kampani, chairman, JM Financial. Total income for the quarter rose 54% to Rs 392.86 crore. Profit before tax increased 123% to Rs 158.45 crore. The Mumbai-based financial services company posted a 58% increase in net profit to 330.52 crore during the year ended March 31, 2015. Total income for the year stood at Rs 1,403 crore ­ an increase of 39%. Profit before tax increased 85% to Rs 516.91 crore from Rs 280.16 crore.

12 toll booths closed, waiver for cars at 53 booths: Maharashtra Times

For details, please click here:
http://epaperbeta.timesofindia.com/Article.aspx?eid=31829&articlexml=30052015001021 

Maharashtra Times article on Toll Booth

For Details, please click:

http://epaperbeta.timesofindia.com/Article.aspx?eid=31829&articlexml=30052015007007

Navi Mumbai plot fetches record Rs 2.8L per sq metre: Times Of India

Five plots of the City and Industrial Development Corporation (Cidco) in Nerul and CBDBelapur fetched record prices on Thursday , ending in total earnings of Rs 235 crore.

A residential-cum-commercial plot in Nerul's Sector 44 went for Rs 2.82 lakh per sq metre. Sawan Developers will pay Rs 45.19 crore for the 1,601 sq m plot.

A commercial plot in CBD-Belapur's Sector 15 went for Rs 1.85 lakh per sq metre. The bidder was a firm of the Aditya Birla Group. The total price of the 4,000 sq metre plot came to Rs 74 crore.

Just a year ago, commercial land rates in Belapur were in the range of Rs 1.051.25 lakh per sq metre.

Cidco spokesperson Mohan Ninawe said, “Tenders were opened today , for which there were 83 bids.The high rates show Navi Mumbai is much wanted in the realty sector. The international airport project and the upcoming NAINA (Navi Mumbai Airport Influence Notified Area) smart city are adding value.“

Three residential-cumcommercial plots in Nerul went for Rs 2.11 lakh per sq m, Rs 2.26 lakh per sq m, and Rs 2.31 lakh per sq m. Manohar Shroff, secretary of the Navi Mumbai chapter of Maharashtra Chamber of Housing Industry (MCHI), said, “In the already-developed nodes of Navi Mumbai, land is scarce. That's why the five plots created records.“

But mid-level realty players feel the hype associated with such land sales affects business in far-flung areas.“In the outskirts of Panvel, Ulwe and Dronagiri, sales of individual residential units is not fast. This reality is in sharp contrast to what happened on Thursday . For us, business is sluggish,“ said real estate broker Nitin Kandhari.

Island city tenants to hit streets if rents are hiked: Times Of india

Want Govt To Withdraw Pro-Landlord Proposal

Tenants' associations in the island city on Thursday gave a 15-day ultimatum to the state government to withdraw its proposal to allow landlords to charge rents at market rates.

The BJP-led government's move is politically explosive as it will affect at least five lakh people. Several party leaders have voiced their opposition and have accused some bureaucrats of pushing the proposal behind their backs.

The tenants are protected under the Rent Control Act. Landlords say the result is that they hardly get any money to maintain their properties. Tenants say if a new law comes in, it will force thousands of families to shift their residences and businesses.

“If the government fails to withdraw the draft proposal, we will come out on the streets to fight against the move,“ said a tenant at a meeting of residents and traders on Thursday . Leaders cutting across party lines, such as the BJP's Raj Purohit, the Congress's Amin Patel and independent corporator Makrand Narvekar attended the meeting.

The government has proposed an amendment to the Rent Control Act that will eventually deprive all commercial establish ments occupying more than 46.5 sq m of the existing rental protection. For residential tenants, the area is 80 sq m. This, tenants and experts say , would increase rents 300-500 times.

“The fear is that once the amendment is made, even those occupying premises of area less than 46.5 and 80 sq m will eventually be deprived of their protection as then such discrimination based on area may not stand in a court of law,“ said town planning expert Chandrashekhar Prabhu.

The amendment allows only those in the LIG, MIG and EWS categories to enjoy rental protection.

Prabhu said it will also result in inflation: not only affected tenants in Mumbai, but also others would have to pay more, since high rent-paying traders will increase the cost of goods and food items.

DP outcry effect? Civic chief set to name PR man: Times Of India

Municipal commissioner Ajoy Mehta, who has been just one month into the job, seems to not want to take chances with his public image, especially in light of the flak his predecessor Sitaram Kunte received over the controversial Development Plan 2034. The BMC chief is all set to appoint a general manager (public relations) for his office next week.

Sources from the civic body said Ram Dotonde will join as general manager (PR) in the municipal commissioner's office by Monday , the day he retires from Maharashtra State Electricity Distribution Company Ltd (MSEDCL) as chief general manager (corporate communications). Kunte had received criticism over the draft DP and was transferred barely a few days after the state asked the civic body to revise and rework the DP . While Kunte was transferred as principal secretary of the environment department, a post held by Mehta until April 26, he was recently again transferred to the finance department, where he would now head the expenditure branch.

Mehta took charge as the 28th municipal commissioner on April 27. Sources from the civic administration said Mehta has been particular about the right information reaching the press and during the recent Kalbadevi fire incident, which claimed the lives of four senior fire officers, all information about the incident timeline, the enquiry committee to be formed and the deceased fire officers was made available from the BMC PR department promptly .

Though Dotonde was unavailable for comment, a source close to him said, “Yes, it's true he would be taking charge as general manager PR. His role as PR officer will be limited to the municipal commissioner's office as there is already a separate PR department for the BMC and functioning of its ward offices“.

Dotonde is expected to act as a bridge between the civic chief and the media and work towards improving the commissioner's image and give him media feedback. Sources said Dotonde has previous experience of working with Mehta when the latter was managing director of MSEDCL .

Rain check: Prepared, says BMC, but activists doubt it: Times Of India

While the Brihanmumbai Municipal Corporation has claimed it is better prepared to tackle monsoon this year, activists said they are taking the civic body's claim with a pinch of salt.

Earlier this week, the civic administration installed 253 de-watering pumps at chronic flooding spots in the city such as Hindmata, Ghatkopar, Kurla and Malad.While the pumps were placed at various spots, the civic body claimed it was also taking several other preventive measures.

A civic official said that the city has several saucershaped junctions which get water-logged every monsoon. “The high-power dewatering pumps help drain out the rainwater to some extent. So, they are installed prior to the monsoon every year,“ said the official.

As compared to last year, there has been an increase in the number of pumps installed. Last year, the civic body had installed 244 pumps. This year, the number has been increased due to a request made at the civicward level.

Director, engineering (services and projects) Laxman Vhatkar said, “The pumps work on diesel and have been installed especially in low-lying areas. We increased the number of de-watering pumps as per the requirement given by ward officials. These pumps are already on site and should provide some relief in case of flooding.“

The civic administration has also claimed that it has completed over 75% of the desilting work at various major and minor nallahs across the city besides completing about 75% of desilting of river Mithi. Last week, civic chief Ajoy Mehta had inspected the work of cleaning of roads and drains.

Residents, however, said that only time would tell how well prepared the civic body is. Member of FNorth ward Citizens' Federation, G R Vora, said that the civic body's preparedness cannot be seen completely at the ground level. “There are places in Sion and Matunga, like the arterial road between Gandhi Market and King Circle, where there is debris lying around. Besides, silt which has been removed from nallahs is lying right next to the drains. They keep making such statements that they are well prepared without assistant engineers and maintenance officials actually checking the ground reality .“

BMC to run revised draft DP through ward-level officers: Times Of India

The BMC, which is currently working on revising the draft Development Plan (DP) 2014-34, is considering running the revised draft past the assistant commissioners, or ward officers, of all 24 wards as they would be aware of local area reservations, said officials.

The state government in April gave the civic administration four months to rework and revise the draft DP after a public outcry over the large-scale mistakes in it, such as erroneous or ill thought-out land reservations across the city.

The draft DP was published in February and was criticized by activists and politicians alike. People found proposed roads cutting through old-time societies and religious places, wrong reservations at several places and heritage structures absent from the draft DP.

Activists said given the shoddy job on the original draft, revising it in four months would be a marathon task, if not impossible.

A municipal official said the BMC was looking at making fundamental changes in the draft DP and not just a correction of the errors observed. The official said the revision was on in full swing with the recent appointment of former bureaucrat Ramanath Jha as officer on special deputation.

“We are considering showing the plans to the assistant commissioners of the various wards in the city , who have fair knowledge of their respective areas,“ the official said. “This is likely to be done towards the end of the revision process only .The ward-level officers would probably be able to point out things which the planners might not have foreseen at macro level.“

Activists said it was a good idea to run the plan through ward officers.

Land bill to incorporate farmers' wishes: Govt: Times Of India

The government on Thursday assured farmers that it would go ahead with the controversial land bill only after incorporating their suggestions and that their interests would not be ignored.

This was conveyed by I&B minister Arun Jaitely during an hour-long interaction with farmers' representatives.

BJP Kisan Morcha member and DD Kisan channel advisor Naresh Sirohi said farmers' representatives from over 30 organizations expressed their views on the land bill in the meeting. He said Jaitley has constituted a committee that will record the suggestions of farmers on the land bill and present it to him in future interactions.Sirohi will be its coordinator.

“We will have more such meetings. Jaitleyji told them that they should decide on the land bill. The government will take into account what farmers want,“ he said. Various farmer organizations also submitted petitions to Jaitley . In its petition, Bhartiya Kisan Union termed the new land bill a “joke“ on the years-long struggle of farmers and batted strongly for the 2013 land bill of the UPA.

The meeting with farmers' representatives happened a day after PM Narendra Modi said amendments in the land acquisition bill which were in the interests of farmers, the poor, villages and the nation will be accepted. “Gaon, garib, kisan (village, poor and farmers), if the suggestions are favourable to these downtrodden groups and are in the interests of the nation, we will accept them,“ Modi had said on Wednesday .

Taking it forward, Jaitley discussed with farmers the provisions of the land bill and tried to convince them that the Centre had no intention to ignore their interests.

Shivaji market near CST to be demolished finally; ground floor stays intact:Hindustan Times

Two years after declaring the structure extremely dangerous, the BMC has decided to carry out the demolition of Shivaji market one floor at a time, taking into consideration requirements of fisher-folk who operate from there. The proposal for demolishing four floors of Shivaji market near Chhatrapati Shivaji Terminus --- an exercise costing Rs 2.6 crore --- will be tabled before the BMC’s standing committee on Friday.

The civic body has so far failed to shift the fish wholesalers and exporters operating out of the building to alternative accommodation and will now allow them to continue working out of the same building. It had last year decided on shifting them to Crawford market, but the plan was later abandoned because of space constraints.

The demolition of the building’s top four floors will be carried out one floor at a time, said BMC officials, leaving the ground and mezzanine floors to the fisher-folk. The process will take about two months, with work being carried out during the monsoon, officials said.

Rajiv Kuknur, chief engineer, building maintenance, said, "We have appointed contractors who can carry out such demolitions even while there are people in the building."

The fish wholesalers claimed that exports of worth about Rs 5 crore are made out of Shivaji market.

"We have been promised that precautions regarding our safety will be taken and as they have not been able to give us alternative accommodation in the surrounding areas, we will not be leaving these premises," one of the fisher-folk said, requesting anonymity.

Mumbai: Sewage disposal project to be delayed further?: Hindustan Times

In a blow to the already-delayed Municipal Sewage Disposal Project 2, the Brihanmumbai Municipal Corporation (BMC) has decided to discontinue the services of the consultant it had appointed to prepare a design report for the project.

The contract with the consultant expired in April. This could further delay the project. While the deadline for the waste water treatment facility was 2015, work has not even started.

Under the MSDP-2, the BMC has proposed the upgradation of existing sewage plants and the construction of new ones in Colaba, Worli, Bandra, Versova, Malad, Ghatkopar and Bhandup. “If these plants become operational, the quantity of untreated sewage will be reduced,” said an officer.  

Last week, additional municipal commissioner Dr Sanjay Mukherjee ordered the cancellation of the contract with Ms Mott Macdonald consortium.

The consultant was appointed in 2005 to prepare a detailed project report – also called the basis of design report – for the upgradation of and construction of waste water treatment plants.

A source from the MSDP department said, “Even after two extensions, the consultant failed to complete the work. The civic body has paid them Rs180 crore for consultancy work. Even if construction and upgradation starts now, it will take at least 5-10 years to be completed.”

Of the seven locations, only the treatment plant at Colaba has seen some progress, with the tendering process having been completed.

Additional municipal commissioner Dr Sanjay Mukherjee said, “Our contract with the consultant has ended. If there is confusion or doubt about the designs prepared by them, they can be called back for information. We will decide on the appointment of new consultants for the rest of the work. We will complete the work in three years.”

Pankaj Vohra of Mott Mocdanald consortium said, “There was delay in the project because of many reasons, such as environment clearance and political issues. The BMC is also responsible for the delay.”

PM Narendra Modi's 'Housing for all by 2022' scheme to be launched by mid-June: The Economic Times

NEW DELHI: The government is getting ready to launch PM Narendra Modi's most ambitious scheme: Housing for all by 2022. Modi is likely to launch the scheme as an umbrella mission, dovetailing all affordable housing schemes and slum redevelopment projects.

The urban development and rural development ministries have finalised their respective components for providing 6 lakh houses - 2 lakh in urban areas and 4 lakh in rural areas. According to sources, the Prime Minister has to give time for the launch of the scheme, which is likely around mid-June. A source told ET, "The ministers have been busy with the 1st year anniversary programmes.

After this we are only waiting for PM to give time for the final launch. It's a very big initiative so it would have a proper launch." The endeavour, which was earlier planned as Sardar Patel Mission, would now be named to commemorate 75 years of Independence. The new mission would include all the already existing schemes of Ministry of Housing and Urban Poverty Alleviation and rural development ministry. A senior official said, "Schemes like Rajiv Awas Yojana, Rajiv Rinn Yojana would all be included under this mission"

One of the main components of the mission would be slum redevelopment. Under this, land will be pooled and then given to a private real estate developer. Slum dwellers would be given flats free of cost in multi-storey towers by the developer. The government would allow the developer to generate revenue by developing a portion of land of commercial purposes.

A senior urban development ministry official said, "In case some projects are unviable, viability gap funding would be allowed." The government is also planning to increase the interest subsidy of 5% on loans granted to economically weaker sections (EWS) and lower income group (LIG) categories to construct their houses.

Sources said that the subsidy would be increased and the amount of loan is likely to be increased from Rs 5 lakh to Rs 10 lakh under the new mission. Another major component is the upfront assistance given to individual beneficiaries for constructing or upgrading their tenements.

This amount is also likely to be doubled under the new scheme. "The biggest challenge before the Modi government right now is that the funds would be provided by the Centre and the states would reap political benefits out of such a welfareoriented scheme," said a source.