4-Feb-2020 - CREDAI Bengal
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4-Feb-2020
CREDAI Bengal Daily News Update | 4.02.20
Newspaper/Online Financial Express (online)
Date February 3, 2020
Link https://www.financialexpress.com/industry/no-tax-relief-for-home-buyers-stuck-
in-stalled-projects-says-apex-body-fpce/1854432/
No tax relief for home buyers stuck in stalled projects, says apex
body FPCE
FPCE had been demanding creation of Rs 10,000 crore stress fund. Real estate developers'
apex bodies CREDAI and Naredco have also expressed disappointment over the Budget as
their demand of one-time restructuring of builders' loan was not met.
Homebuyers association FPCE on Monday said the Budget has not provided any major tax
incentives for flat owners stuck in stalled housing projects as well as prospective customers to
revive confidence in the property market. There was no relief for existing home buyers who are
stuck in stalled projects and are paying both rent and EMI on their home loans, said Abhay
Upadhyay, president of Forum for People’s Collective Efforts (FPCE), earlier known as Fight
For RERA. “Real estate sector is yet to reach anywhere near its past high despite all tax sops
provided in previous year’s Budget. This is partly because tax sops have failed to infuse
confidence in the sector and also because many of the tax benefits provided remains on paper
only,” he said.
There was expectations that the Budget would separately provide deduction for principal
repayment on home loan, which currently is part of Rs 1.5 lakh allowed under Section 80C,
Upadhyay said. “To infuse confidence in the sector, it was also expected that some tax relief
would be provided to those home buyers of delayed projects who are paying both EMI and rent.
Unfortunately, no such concessions were announced in the Budget 2020 which may further delay
much needed recovery in the sector,” he said.
Last year, the Centre had created a Rs 25,000 crore fund for completion of stalled housing
projects, comprising of about 4.5 lakh units. FPCE had been demanding creation of Rs 10,000
crore stress fund. Real estate developers’ apex bodies CREDAI and Naredco have also expressed
disappointment over the Budget as their demand of one-time restructuring of builders’ loan was
not met. However, many realty firms welcomed the government’s decision to extend tax
incentives provided for increasing demand and supply for affordable housing segment.
“Notable developments in infrastructure, rural logistics, education and healthcare sectors will
create opportunities in real estate space. The policy on data centers was a key highlight and willmake it a sunrise sector in India. Major announcements for the housing sector were expected, and barring the extension on both the tax holidays and the time period for availing interest deductions in affordable housing, the highlights on Indian realty was relatively mute,” Cushman & Wakefield country head and MD- India, Anshul Jain said. RICS South Asia MD Nimish Gupta said the Budget should have created a formal structure around rental housing and encouraged home buying by increasing tax exemption for housing loan repayments. Among developers, Supertech Chairman R K Arora said the government’s decision to extend additional Rs 1.5 lakh deduction for interest paid on affordable housing loan to March 2021 is good for the sector. Omaxe CEO Mohit Goel said: “Liquidity and availability of finance is the biggest issue confronting the real sector today. In this context, the assurance given by the FM that NBFCs (Non-Banking Financial Companies) and HFCs (Housing Finance Companies) will not face any liquidity crunch will help calm nerves for sure.” Ashiana Housing Joint MD Ankur Gupta said the middle income and affordable housing segment will get a boost. Chintels MD Prashant Solomon said, “Affordable housing segment has got a boost with the FM proposing to extend the tax holiday by one more year. However, the Budget leaves much to be desired for the real estate segment.” Sunny Kataria, VP-Real Estate, OLX India said, “There were many expectations from the union budget in 2020 for residential real estate. While the government has furthered its commitment to the affordable housing, many issues remain unresolved.” Bhutani Infra CEO Ashish Bhutani said that the focus on infrastructure and economic growth in the budget will lead to more activity at the commercial segment as the demand for offices will grow. Gera Developments MD Rohit Gera said, “The move to provide more money in the hands of the tax payers and elimination of the dividend distribution tax are welcome steps but rationalisation of direct tax structures over the period has not provided the necessary stimulus needed to boost the real estate. The sector will see a slow recovery with more pain for many home buyers and developers.” Property brokerage firm Realistic Realtors Chairman Harinder Singh was unhappy that not much has been done to increase housing demand. Migsun group MD Yash Miglani said the Budget has focussed on increasing overall economic growth. Co-working firm Skootr founder Ankit Jain said, “Setting up an investment clearance cell and a digital portal aimed at offering assistance to emerging entrepreneurs reflects the government’s proactive measures in further enhancing the entrepreneurial spirit.” AlphaCorp CFO Santosh Agarwal and Mapso Director Rahul Singla hailed extension of tax sops on affordable housing. _____________________________________________________________________
Newspaper/Online ET Realty (online)
Date February 3, 2020
Link https://realty.economictimes.indiatimes.com/news/infrastructure/several-states-
to-contest-for-setting-up-of-five-smart-cities/73888139
Several states to contest for setting up of five smart cities
In the Budget, finance minister Nirmala Sitharaman had announced the setting up of five
new smart cities in PPP mode.
Several states, including Karnataka, Andhra Pradesh, Telangana and West Bengal, have shown
interest in setting up greenfield smart cities along industrial corridors and the Centre will decide
on the location through a challenge method, a senior government officer said.
“We will go for a challenge to decide the states that will get the projects,” Guruprasad Mohapatra,
secretary for industrial promotion and internal trade, said. In the Budget, finance minister Nirmala
Sitharaman had announced the setting up of five new smart cities in PPP mode. Already, new
cities in Dadri (UP), Dholera (Gujarat), Shendra Bidkin (Maharashtra) and Vikram Udyogpuri
(Madhya Pradesh) are coming up along the Delhi-Mumbai Industrial Corridor.
A similar model will be followed along new industrial corridors such as Delhi-Kolkata, Kolkata-
Chennai, Mumbai-Bengaluru and Chennai-Bengaluru, where the state will provide land and the
Centre will provide equity to a special purpose vehicle. The SPV will raise resources to
create infrastructure and plug-and-play facility. The state will provide infrastructure such as water
and power supply.
States that provide land first and sign a state support scheme to back the development are expected
to be preferred, sources said.
________________________________________________________________________________________________Newspaper/Online ET Realty (online)
Date February 4, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/builders-in-
maharashtra-still-await-clarity-on-september-20-circular/73922135
Builders in Maharashtra still await clarity on September 20
circular
A revenue department circular of September 20, 2019, insists on registration of such
projects with RERA before registering them with sub-registrar offices in the state.
Many developers already in receipt of occupancy certificate are finding it difficult to register their
properties in the state for the past five months for want of MahaRERA registration, in
contravention of the provisions of the Real Estate (Regulation and Development) Act, 2016.
As per the rules, projects with occupancy certificates (OC) are not required to register with Real
Estate Regulatory Authority (RERA). But, a revenue department circular of September 20, 2019,
insists on registration of such projects with RERA before registering them with sub-registrar
offices in the state.
Against this backdrop, the Confederation of Real Estate Developers Association of India (Credai)
has demanded the withdrawal of the revenue department’s circular to check confusion. “When
the RERA rules state that any project having completion/occupation certificate before the
registration of sale deed is exempted from RERA registration, the revenue department circular is
uncalled for as it only creates more confusion,” state Credai president Rajiv Parikh said.
He said the developers’ body had held numerous meeting with the ministers and government
officials for the last five months, requesting them to withdraw the circular. “We will meet revenue
minister Balasaheb Thorat next week, seeking the withdrawal of the circular for the benefit of
developers and citizens at large. Due to this confusing circular, developers across the state are
severely affected,” he said, adding that the body had raised the issue with NCP chief Sharad
Pawar too.
Revenue minister Balasaheb Thorat said he was expecting the details within a fortnight. “I have
directed them and hopefully they will revert,’’ he said.
RERA & revenue department not on same page
Basically, the entire confusion and chaos boils down to two bodies — the RERA and the revenue
department. While RERA officials have clarified that projects in receipt of OC do not require
RERA registration, the revenue department officials insist on RERA registration, citing the last
year circular of the erstwhile state government. “Unless the circular is withdrawn, our hands are
tied,” a senior official of the registration department said.
As the real estate sector is still facing challenges, the prevailing confusion is counter-productive.“We went twice to the registration department with the builder for registration of our project, but had to return empty-handed,” a homebuyer said, whose project is in receipt of OC. To iron out issues A senior revenue department official said there were some technical issues that needed to be ironed out. “A joint meeting was held recently and the revenue minister has directed (all those concerned) to resolve the issue at the earliest,” he said. If a builder or developer has readied the project with his/her own funds and is in receipt of the OC, does s/he still need to register under RERA? When asked about it, he said “We have sought clarification for on this too from the housing department, which will further send it to RERA.” ________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date February 4, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/pune-civic-body-
issues-over-80000-notices-to-property-tax-defaulters/73899424
Pune civic body issues over 80,000 notices to property tax
defaulters
The Pune Municipal Corporation (PMC) recently issued notices to 80,000 property tax
defaulters in this regard. Civic officials said the PMC has already taken possession of 35
such properties and converted them into municipal assets.
The civic body may take possession of over 80,000 properties in the city as their owners failed to
clear tax dues despite several reminders.
The Pune Municipal Corporation (PMC) recently issued notices to 80,000 property tax defaulters
in this regard. Civic officials said the PMC has already taken possession of 35 such properties
and converted them into municipal assets.
The civic body has set a property tax target of Rs1,970.2 crore for the next financial year (2020-
2021).
To achieve this, new municipal commissioner Shekhar Gaikwad has proposed a 12% hike in
property tax in the draft civic budget for financial year 2020-2021, through which the PMC hopes
to rope in an additional income of Rs150 crore.
“Some of the owners are genuinely incapable of paying the property tax. Legal cases pertaining
to property ownership, too, have led to the pendency,” said Vilas Kanade, head of PMC’s property
tax department.
He said the PMC had issued notices to the defaulters and also set a deadline for the dues to be
cleared.
If the owners fail to clear their dues, a warrant is issued, following which the process of
confiscation of properties starts and the PMC puts its name on the 7/12 extract of the property.
For the current fiscal, the PMC had set a property tax target of Rs2,100 crore. Of this, it has
collected around Rs1,300 crore so far.
The civic administration has also started recovering tax from 11 villages that were merged in the
civic limits in 2017. “Owners of around 7.8 lakh properties have paid the tax. Owners of nearly
2.4 lakh properties are yet to make the payment,” a civic official said.
The civic officials said the PMC’s revenue was likely to go up as many new properties, includingthose from the newly merged villages, had been registered in the past two years in the municipal limits. ________________________________________________________________________________________________
Newspaper/Online Financial Express (online)
Date February 3, 2020
Link https://www.financialexpress.com/industry/godrej-properties-q3-profit-up-9-at-
rs-45-crore-sales-bookings-down-22-at-rs-1189-crore/1854143/
Godrej Properties Q3 profit up 9% at Rs 45 crore; sales bookings
down 22% at Rs 1,189 crore
During the December quarter, Godrej Properties added four new projects, of which three
are in joint ventures, comprising saleable area of around 12.7 million sq ft.
Realty firm Godrej Properties Ltd on Monday reported a 9 per cent increase in its consolidated
net profit at Rs 45.46 crore for the quarter ended December on higher income. Its net profit stood
at Rs 41.63 crore in the year-ago period. Total income rose to Rs 517.47 crore in the third quarter
of this fiscal as compared to Rs 430.7 crore in the corresponding period of the previous year, the
company said in a regulatory filing.
According to the investor’ presentation, the company’s sales bookings fell 22 per cent to Rs 1,189
crore in the October-December quarter, compared to Rs 1,528 crore in the year-ago period.
Sales bookings in volume terms fell 44 per cent to 15.83 million sq ft. Godrej Properties delivered
around 1.7 million sq ft during the third quarter. “The overall environment in the real estate sector
remains challenging but we continue to believe that the ongoing consolidation in the sectorprovides Godrej Properties a tremendous opportunity to drive market share growth in residential real estate,” the company’s Executive Chairman Pirojsha Godrej said. During the December quarter, Godrej Properties added four new projects, of which three are in joint ventures, comprising saleable area of around 12.7 million sq ft. “We expect to end the year on a strong note with a large number of project launches and project additions expected in the upcoming weeks,” he added. _____________________________________________________________________
Newspaper/Online ET Realty (online)
Date February 3, 2020
Link https://realty.economictimes.indiatimes.com/news/allied-industries/chandigarh-
construction-waste-plant-to-run-in-two-shifts-to-churn-more/73888644
Chandigarh: Construction waste plant to run in two shifts to churn
more
Currently the plant is processing around 115-120 metric tons of construction and demolition
waste every day in the plant and it is expected to get double the quantity after they start
getting waste from Daddumajra site.
The Chandigarh municipal corporation is all set to run city’s only construction and demolition
(C&D) waste plant in two shifts for its optimum utilisation. A decision to this effect has been
taken as the civic body expects more C&D waste from Daddumajra dumping site, since legacy
waste mining has started disposing of around 5,000 ton of garbage.
Currently, the plant operates from 8am to 5pm, but after the double shift begins, it will run again
from 5pm to 11pm.
“We have planned second shift for six months initially to assess the overall functioning of the
machines in two shifts. Further decision will be taken after that. It will cost around Rs 38 lakh.
As per plan, we need seven employees, lighting arrangement, additional JCB machines, trucks,
vehicles and other related infrastructure. Comprehensive details have been worked out in this
regard,” said a municipal corporation official.
“The Pune-based private company, which has taken up the work to remove legacy mining from
Daddumajra dumping site, will transport C&D waste from Daddumajra to the plant, situated in
Industrial Area, Phase II. Therefore, Chandigarh municipal corporation will not bear absolutely
no expense on transportation of the waste,” he added.
As per the records of MC engineering department of the, currently the plant is processing around
115-120 metric tons of construction and demolition waste every day in the plant and it is expected
to get double the quantity after they start getting waste from Daddumajra site.
“We are expecting to get 225-250 metric ton of C&D waste after the material is transported from
legacy mining. Since the quantity of the dump is huge at Daddumajra, we will keep getting the
raw material from there to process for longer period,” he said.
After processing the C&D waste, the machines produce recycle aggregates like stones and gravel,
and mixes all types of debris to finally throw up concrete and concrete-related materials. Further,
from concrete they make tiles, curb channels and paver blocks to be used in works done by the
municipal corporation. Besides, the raw material also provides silt, which also gets utilised in
filling work in the construction of buildings.
________________________________________________________________________________________________Newspaper/Online ET Realty (online)
Date February 3, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/kochi-change-in-
occupancy-of-buildings-under-lens/73910602
Kochi: Change in occupancy of buildings under lens
The audit wing has been already preparing a report as well mentioning the names of the
buildings and the nature of such violations in building rules and occupancy changes.
The corporation is conducting a survey of the buildings, where occupancies have been changed
without permission from authorities, following an order from the state government.
"We would collect tax from the dates in which the occupancies were changed without the
corporation's permission. We will also charge conversion rates. So many such cases have come
to our notice in several parts of the city, including in Panampilly Nagar. Hence, we have asked
revenue inspectors to start the survey," said a corporation official.
The audit wing has been already preparing a report as well mentioning the names of the buildings
and the nature of such violations in building rules and occupancy changes.
The move of the audit wing has come in the wake of demolition of four apartment complexes in
Maradu following orders from the Supreme Court order. The court order had put focus on various
illegalities by apartment owners.
When a property is changed for one use from another, or an extension is built, a certificate of
occupancy is usually required, said an official of the audit wing. He said they have identified a
pattern in such changes of occupancies done in violations of the building rules.
For instance, several commercial buildings have closed parking areas after securing occupancy
certificates. Similarly, residential buildings have been converted for commercial activities
without permits.
"Such violations of have been going on for many years. Following the order to demolish the
buildings in Maradu, we have started detailed examination of the violations in the city. A detailed
report on occupancy violations will be included in the audit next year. We will also examine
discrepancies in the printing of receipts also. We have noticed that the same agency has been
printing receipts for the local body since 2015," said an official of the audit Wing. The audit report
of 2018-19 will include the details of the building rule violations and occupancy change without
the permission of the authorities.
If any changes or deviations are to be made to the buildings, they should be carried out according
to the provisions of the Kerala Municipal Buildings Rules and such changes should be intimated
to the civic body's secretary with revised drawings, specifications and details. The changes should
not compromise the building requirements, namely, structural stability, safety, health or
environmental provisions of central laws and state laws applicable to the buildings covered under
Kerala Energy Conservation (Building Code) Rules 2017 also.Fire force officials in the district have also noticed that changes in the occupancy group of buildings is a common issue in Kochi. "During renewal of fire NOC, we have noticed that buildings which took final approval for residential purposes have been converted into commercial purpose. In such cases, we deny them renewal," said a fire force official. ________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date February 4, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/mumbai-path-
cleared-for-shapoorji-pallonjis-subsidiary-to-work-on-sra-project/73921986
Mumbai: Path cleared for Shapoorji Pallonji's subsidiary to work
on SRA project
The project on a 28-acre sprawl south of the World Trade Centre—subject to further
approvals for plans and commencement certificate from SRA—will mark the launch of
Mumbai’s most valuable slum rehabilitation in recent times.
Three years after the SC paved the way for authorities to approve one of the most valuable slum
redevelopment projects at Cuffe Parade in south Mumbai, the apex grievance redressal
committee under the Slums Act on Monday upheld the initial permissions granted to real estate
giant Shapoorji Pallonji’s wholly owned subsidiary, Precaution Properties Pvt Ltd, in 2017.
The project on a 28-acre sprawl south of the World Trade Centre—subject to further approvals
for plans and commencement certificate from SRA—will mark the launch of Mumbai’s most
valuable slum rehabilitation in recent times. There are over 6,000 hutments and 45,000
slumdwellers estimated to reside in the densely packed slum.
Under the project, the developer has to pay 25% of the ready reckoner value as land premium to
the state. It is estimated to work out to in excess of Rs 1,100 crore, said the developer’s lawyer
Cherag Balsara.
The letter of intent (LOI) of November 2017 issued to the developer put the eligible hutments for
rehabilitation at 2,670 in the slums of Ganesh Murti Nagar, Dr Babasaheb Ambedkar Nagar and
Colaba Rajjak to the south of the World Trade Centre on Sadhu D L Vasvani Marg at Cuffe
Parade.
In 2018, developer Dyna Estate Pvt Ltd through its director Naveed Siddiqui and Dr Babasaheb
Ambedkar Nagar Cooperative Housing Society spread over 7,000 metres (under two acres) had
filed an application before the apex grievance redressal committee to challenge the acceptance of
a proposal by Precaution Properties in 2013 to implement the SRA project and the letter of intent
in November 2017 to the Shapoorji Group company as being “illegal.’’
The committee was originally appointed under the orders of the Bombay HC to address
grievances of slumdwellers and builders against planning authorities such as Slum rehabilitation
authority (SRA), Maharashtra Housing and Area Development Authority (MHADA), civic body
and MMRDA. It was later brought under the Slum Act.
The company claims to have 84% support of the eligible slumdwellers. The land belongs to the
state government, says the LOI.The Shapoorji Pallonji group said its proposal was pending since 2012. The lawyers for Dyna and the Slum society, Mayur Khandeparkar and Arun Panicker, argued that the LOI was “illegal’’ and granted without the requisite 70% consent of slumdwellers and cited several other grounds including reduction in number of slum dwellers and lack of survey by the authority. Balsara who appeared for Precaution, refuted the allegations and questioned the other developer’s locus to be heard when he said the matter had already traversed all the way to the Supreme Court earlier. The committee had in February 2018 observed that there was no case made out for any interim relief to Dyna Estate but noted there was an urgency and hence it “requested the CEO of SRA to scrutinize and submit a factual report on the Slum scheme within a month.’’ Two years later, the committee headed by Sanjay Kumar, additional chief secretary of the state housing department, dismissed the applications finding “no substance’’ in them. It also dismissed another application filed by Prashant Ghadge, president of Dr Babasaheb Ambedkar Nagar CHS and Shree Ganesh Murti Nagar. The committee also had as its members Deepak Kapoor, chief executive officer SRA; Milind Mhaiskar, ex vice-president of Mhada; A Jarhad, additional municipal commissioner; and Sanjay Khandare, additional commissioner, MMRDA (who was absent). The project has had a chequered history with another developer having taken the dispute with Precaution Properties to the apex court in 2013 where an order was passed in 2017. The committee was of the view that the “bona fides of Precaution Properties is clear from the records with which it prosecuted the matters before the Supreme Court…’’ and the committee said it did not concur with a report of the SRA, CEO submitted in December 2018, before it. Panicker, when contacted, said, “We will study the order and consider challenging it.’’ ________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date February 3, 2020
Link https://realty.economictimes.indiatimes.com/news/regulatory/thane-consumer-
forum-orders-ganraj-group-society-to-pay-rs-20-lakh-to-flat-buyer/73899338
Thane: Consumer forum orders Ganraj Group, society to pay Rs
20 lakh to flat buyer
The flat's owner, Kishor Narkhede, had alleged that the society refused to give him a share
certificate, demanded excessive money and prevented the family from peacefully using their
flat and parking lot.
Reprimanding a Thane-based housing society for being "hand in glove" with a builder in
"mentally harassing" a flat owner to extract excess money, the state consumer commissioner has
ordered it, its office bearers and the builder to pay Rs 5.5 lakh as compensation to the family. The
builder will also have to pay the family Rs 14.4 lakh as compensation for delay in handing over
their flat.
The flat's owner, Kishor Narkhede, had alleged that the society refused to give him a share
certificate, demanded excessive money and prevented the family from peacefully using their flat
and parking lot. He said the society filed false criminal complaints against him and his family.
Penalising the society's chairman, secretary, ex-secretary, treasurer, and some members, the
commission said, "A society once formed, cannot be justified to act unlawfully in connivance
with the builder and other members to pick and choose a flat purchaser to collectively harass him
to knock out ransom or subjecting him to illegal demands and frivolous, false and vexatious
prosecution."
In a complaint submitted online last year, Narkhade told the Maharashtra State Consumer
Disputes Redressal Commission that he bought the 865-sqft flat in Ganraj Heights from Ganraj
Group for Rs 36 lakh in 2011. He received possession only in 2018.
In its order, the commission directed the society to induct the owner as a member and not interfere
in the family's possession of the flat and parking space. "Ganraj Height CHS shall issue share
certificate of the society in favour of the complainants without demanding any illegal payments.
Demand of payment, if any, shall be made in writing and payment, when made, shall be
acknowledged by a valid receipt in writing," the commission said.
Narkhade told the commission that in a bid to grab the parking lot he had already paid for, the
housing society in connivance with the builder and members named in the complaint had begun
passing resolutions against him in his absence. Stating that the housing society should conduct its
affairs and financial aspects transparently, the commission said, "Each flat purchaser shall be
informed in writing to participate in meetings to pass valid and legal resolutions to maintain the
building in a habitable condition. The society can never be permitted to act in collusion with anyill-motivated selfish flat purchaser or builder intending to grab property so as to continuously harass the complainants, mentally or physically." ________________________________________________________________________________________________
Newspaper/Online ET Realty (online)
Date February 3, 2020
Link https://realty.economictimes.indiatimes.com/news/industry/puranik-builders-to-
get-sebis-go-ahead-for-ipo/73910169
Puranik Builders to get Sebi's go-ahead for IPO
The IPO of Puranik Builders consists of fresh issue of shares worth Rs 810 crore, besides
an offer for sale up to 18,59,620 equity shares by the company's promoters and existing
shareholders.
As many as four companies, including online travel firm EaseMyTrip and realty firm Puranik
Builders, have received markets regulator Sebi's go-ahead to float initial public offerings.
Construction firm Montecarlo and manufacturer of pharmaceutical chemicals Chemcon
Speciality Chemicals are the other companies that obtained clearance from Sebi.
The companies had filed draft offer documents with the Securities and Exchange Board of India
(Sebi) during September-December 2019.
According to latest update with the markets watchdog, EaseMyTrip and Puranik Builders
obtained Sebi's "observations" on January 28, while the same for Montecarlo and Chemcon
Speciality Chemicals was obtained on January 31.
Sebi's observations are necessary for any company to launch public issues such as initial public
offer, follow-on public offer and rights issue.
Going by the draft papers, EaseMyTrip.com plans to float a Rs 510 crore initial public offering
(IPO), through which the company's founders Nishant Pitti and Rikant Pitti will each sell shares
to the tune of Rs 255 crore through offer-for-sale mechanism.
EaseMyTrip.com is operated by Easy Trip Planners Private Ltd.
The IPO of Puranik Builders consists of fresh issue of shares worth Rs 810 crore, besides an offer
for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders.
According to market sources, the IPO size could be estimated at Rs 1,000 crore.
Montecarlo filed fresh papers with Sebi in September 2019 to launch an IPO comprising fresh
issuance of shares worth Rs 450 crore, besides an offer for sale of up to 30 lakh equity stocks by
existing shareholder Kanubhai M Patel Trust.
According to market sources, Montecarlo's IPO size is estimated to be Rs 550 crore.
In May 2018, Montecarlo had approached Sebi with draft prospectus seeking its approval to raise
funds through initial share-sale and secured the market regulator's nod in August last year to float
the public issue. However, the company did not launch the IPO.Chemcon Speciality Chemicals' IPO comprises of fresh issue of shares worth Rs 175 crore and an offer for sale of 43 lakh equity shares from the promoters. Sources pegged the company's IPO size at Rs 350 crore. SP RVK ________________________________________________________________________________________________
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