Builders to take stuck projects at Puravankara

BENGALURU: Property developer Puravankara has teamed up with regional builders in Pune and Mumbai to launch stalled projects in the backdrop of a drastic liquidity crisis, a movement that will aid it to gain a share in Western India's residential market.

“We have reached a significant level in our focus markets, but will continue to move forward. Purvankara has distinguished Pune and Mumbai as the top 5-6 major cities that will be expansion accelerators for the company beyond India,” said Abhishek Kapoor, COO Residential, Purvankara, “ Moving on, Bengaluru, Mumbai, Hyderabad , Chennai, and Pune will be our focus markets. "

Several developers have enrolled in the western and northern markets to resume projects stuck in the midst of the cash crisis, threatening the real estate regulatory act and NCLT to be put into practice.

The company intends to generate 7 m sq ft of residential portfolio in these two markets spanning the Provident and Purvankara brands over the next 24–36 months. It currently develops luxury homes under the Purvankara luxury brand, while premium affordable housing is developed under the Provident Housing brand, which originated in 2008. Currently, 65% of the company's business originates from the larger housing brand - Provident - while the rest rest from the Purvankara brand.

Non-Bengaluru projects launch immediately for an ongoing 53% share and currently 77% for Purvankara. Future accounts for 3 / 4th of the boat pipeline.

Individually, the firm is developing its commercial duties. It plans to generate 10 meters square feet of commercial projects and use it in retail expansion overhead over the next five years in major cities.

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More than 60% of sub-registrars in Karnataka fail to meet revenue targets

Bengaluru: Out of 240 sub-registrar offices in Karnataka, over 60% have failed to reach the fixed revenue target for the initial seven months of the current financial year, causing a permanent decline in the real estate division in the state.

Reacting to this, the government has written a letter to 146 sub-registrar offices in the last week of November, recording a reduction of 17% for the period between April 1, 2019 and October 31, 2019.

Someshwar Reddy, Quick Past Chairman (Karnataka), Builders Association of India (BAI), said, "A compound of circumstances, tax rates ranging from demonetization to rectification, economic downturn and lack of price rise in the market, everything on sale. There has been impact, which is speculation on registration in the state. "

Out of 146 offices, 33 are in Bengaluru urban district, four in Bengaluru rural and 13 in Mysuru. And, in these offices which do not meet the 100% revenue target, some like Shiva ji nagar have less than 1%, while others like Doddaballapur have a deficit of 35%.

Nevertheless, in its letter to the sub-registrars, the Stamps and Registration Department has advanced requests about the valuation of the property. "It has been directed that sub-registrars, as in practice, assure that they accumulate funds, because they have been incurred due to valuation and due to incorrect order of documents."

Demonstrating how the wrong ordering of documents could harm the government treasury, an official said, "For example, if the document of commercial property is classified as residential, the change in services paid Will happen."

Both Realtors and officials acknowledged that the real estate regulatory authority could have an impact. He said, "Now, before construction starts, they panic to enroll a property for sale when construction is nearing completion,” one of them replied.

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