10-Oct-2019

06-Dec-2019

22-Jan-2020

CREDAI Bengal Daily News Update | 22.01.20

WEST BENGAL NEWS

Kolkata civic body makes property tax form easier

Explaining the reason behind the move, mayor Firhad Hakim on Monday said it was necessary

to make the form simple as majority of tax-payers were getting baffled by the unnecessary

complications that existed in the old form.

The Kolkata Municipal Corporation (KMC) assessment department has made changes in the

application form for existing property tax-payers to enable them switch over to the Unit Area

Assessment (UAA) method.

Explaining the reason behind the move, mayor Firhad Hakim on Monday said it was necessary

to make the form simple as majority of tax-payers were getting baffled by the unnecessary

complications that existed in the old form. “Our officials were getting negative feedback about

the form because of its length and unexplained complications. Now, we have done away with

irrelevant matters and made the form citizen-friendly,” Hakim said.

Deputy mayor Atin Ghosh held a meeting with senior KMC assessment department officials

during the day and asked them to arrange for help desks in borough offices to make tax-payers

aware about the change in the application form. “We were committed to make changes in the

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/kolkata-civic-body-makes-property-tax-form-easier/73466145

UAA application form so that tax-payers don’t find it complex and refrain from switching over

to the new tax regime,” Ghosh said.

According to a KMC assessment department official, the new form has been made slimmer by

cutting down unnecessary instructions that were given to tax-payers in the older version. “This

apart, we have deleted large portions of information from the previous UAA form which were

not relevant for tax-payers. Cluttering of information proved to be detrimental for the tax-payers’

understanding of the new system,” said a KMC official in the assessment department. A KMC

revenue department official said the new form would be a two-page document that will be self-

explanatory and easy to understand.

_______________________________________________________________________________________________

OTHER NEWS

FM clears advance funding proposal for digital land records

programme

Consequently, department of land resources has written to all secretaries in charge of

revenue departments of all states and union departments to send future proposal as per the

new sanctions.

Finance ministry has given its go ahead to a proposal from department of land resources under

the ministry of rural development to restore the funding pattern on advance basis for the Digital

India Land Records Modernisation Programme of the department as against reimbursement basis

done so far to enhance the spending capacity of states.

“Further, extension of the scheme and its components will be accorded based on the third party

evaluation and impact assessment study,” the finance ministry notification said, adding that the

department must submit its report seeking extension of the scheme beyond March 31, 2020 at the

earliest.

Consequently, department of land resources has written to all secretaries in charge of revenue

departments of all states and union departments to send future proposal as per the new sanctions.

Under the Digital India Land Records Modernization Programme of the department of land

resources under the ministry of rural development, government has achieved over 90 per cent

of digitisation of land records. Out of the identified 6,55,959 villages, land records have been

computerised in 90.1 per cent or 5,91,221 villages across the country.

At least half a dozen states have achieved over 99 per cent digitisation including Tripura (99.89

per cent ), Tamil Nadu (99.76 per cent ), Karnataka (99.6 per cent ), Telangana(99.4 per cent ),

Madhya Pradesh (99.2 per cent ) and Jharkhand (99.09 per cent ). States like Odisha and Sikkim

have achieved 100 per cent digitisation along with union territories like Dadra & Nagar Haveli

and Lakshadweep.

The Digital India Land Record Modernization Programme (DILRMP), previously known as the

National Land Record Modernization Programme (NLRMP), was launched in 2008 by the

Government of India with the purpose to digitize and modernize land records and develop a

centralised land record management system.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/infrastructure/fm-clears-advance-funding-proposal-for-digital-land-records-programme/73482527

Consumer forum asks BramhaCorp, PMC to give reasons for

irregular water supply

District consumer forum asks developer, PMC why water not provided as per earlier

mandate; developer cites RTI, says it is PMC’s duty now

The nine-year-old dispute over irregular water supply to Bramha Emerald County Cooperative

Housing Society on NIBM Road is far from over, even after the consumer court passed orders in

favour of 1,600 residents of the upscale society. On Saturday, the court, acting on a petition by

the residents, asked both developer BramhaCorp and Pune Municipal Corporation (PMC) to

come with reasons for its side at the next hearing on March 13.

In early 2018, the State Consumer Dispute Redressal Commission asked BramhaCorp to provide

uninterrupted water to the residents till PMC regularises its own supply. The commission also

directed PMC to build all necessary infrastructure for regular supply but no deadline was set for

this.

However, society members were recently forced to approach the district consumer court,

demanding criminal proceedings against the developer and PMC for non-execution of

commission’s order, as the required regular supply was compromised.

Taking cognisance of the residents’ plea, the consumer court on Saturday issued summons and

asked the developer and civic body to come with reasons and guarantors to avoid arrest.

Additional district consumer redressal forum, having the power of judicial magistrate court,

issued notices to respondents PMC, BramhaCorp Infrastructure Private Limited, Skyline

Developers and Bramha Builders. The notices have been served through the senior inspector of

Lashkar police station.

The notice reads, “The developer and PMC failed to execute the order of the commission and

forum. The petitioner residents have applied to punish the respondents under section 27 of the

Consumer Protection Act, 1986. The forum has taken cognisance of their plea under section 190

of Code of Criminal Procedure (CrPC), which suggests punishment of jail term and also a fine.”

The notice further asks the respondent to appear before the forum with guarantors on March 13,

2020. “Non-attendance will invite action,” it reads.

Talking to Mirror, Habib Patel, chairman of Bramha Emerald society, said, “After the state

commission’s order, we were getting 2,37,000 litres of water per day. The developer was

providing rest of the 80,000 litres of water per day, according to the order. But since a couple of

months, the developer stopped supplying its share of water. We are again forced to buy additional

tankers to fulfil this extra need,” he said. “As per the undertaking by the developer, this this supply

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/consumer-forum-asks-bramhacorp-pmc-to-give-reasons-for-irregular-water-supply/73466300

was supposed to be continued. But BramhaCorp deliberately started avoided execution of the

order. The developer is supposed to keep the supply on till the day PMC gives us water with full

strength. Now, we are expecting the arrest of the respondents.”

Advocate Mukesh Zende, representing BramhaCorp, said, “The claim by residents that the supply

was stopped by the developer is absolutely wrong. As per records obtained from PMC under the

Right to Information (RTI) Act, the civic body has resumed its supply to the society with full

strength. As promised to the court, PMC has resumed its supply with proper infrastructure. With

this compliance, our role to supply rest of the water ends. This record only prompted us not to

appeal with national consumer commission. If the supply is still not adequate, then the blame

goes to PMC and not us. As infrastructure is intact, then it’s PMC’s responsibility to keep the

supply intact. As per the Bombay Provincial Municipal Corporations (BPMC) Act, 1949, it is

mandatory for the municipal corporation, which is statutory body, to supply water to citizens and

not the builders.”

However, Tapan Chikne, deputy engineer with PMC’s water supply department, only said, “We

are studying the court notice and will come up with an appropriate reply. Our team will visit the

society to know the ground reality as why the developer stopped the supply.”

________________________________________________________________________________________________

Maharashtra has over 370 green building projects: GBCI

Maharashtra is followed by Karnataka, Haryana, Tamil Nadu and Uttar Pradesh,

respectively. In a change from last year, Haryana has moved up in the list, edging out Tamil

Nadu for the third spot.

With 373, Maharashtra has the highest number of green building projects, according to a list

prepared by Green Business Certification (GBCI India).

Maharashtra is followed by Karnataka, Haryana, Tamil Nadu and Uttar Pradesh, respectively. In

a change from last year, Haryana has moved up in the list, edging out Tamil Nadu for the third

spot.

The top 10 states include more than 48.3 million gross sq meters of green building space.

Rank State Number of LEED-

certified projects

Certified Gross Square Meters

(GSM)

1 Maharashtra 373 10,258,564

2 Karnataka 301 9,691,621

3 Haryana 139 5,906,220

4 Tamil Nadu 178 5,405,415

5 Uttar Pradesh 95 4,756,050

6 Telangana 106 4,143,928

7 Delhi 72 3,074,542

8 Gujarat 57 2,247,419

9 West Bengal 40 1,986,383

10 Rajasthan 21 901,918

(As of December 31, 2019)

“By pursing LEED certification for buildings and spaces, India is not only contributing to

economic growth and development, but actively raising the living standard for its residents by

providing more resilient, healthier and efficient buildings and communities,” said Mahesh

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/maharashtra-has-over-370-green-building-projects-gbci/73488160

Ramanujam, president and CEO of U.S. Green Building Council and GBCI.

Buildings that are LEED-certified create healthier spaces for people, as well as use less energy

and water, reduce air pollution, provide cleaner air indoors and save money for businesses and

families.

________________________________________________________________________________________________

Property rates may be hiked by 10% in Greater Noida in FY21

Having revised the land rates as per the prominence of sectors and dividing the sectors in

four clusters, the GNIDA will put up a proposal for hiking property rates in its board

meeting on January 24.

Property rates in Greater Noida could be increased by at least 10% in the next fiscal, officials

said.

Having revised the land rates as per the prominence of sectors and dividing the sectors in four

clusters, the Greater Noida Industrial Development Authority (GNIDA) will put up a proposal

for hiking property rates in its board meeting on January 24.

At present, the Authority commands per sq mt premium of Rs 23,100 on a residential plot, Rs

46,190 for a commercial plot and Rs 15,230 for an office plot. The proposed move is not only

aimed at jacking up the real estate prices but also at increasing the revenues of the Authority,

officials said.

Additional CEO, GNIDA, Deep Chandra, said economic activity, demography and population

density had been taken into account while preparing the proposal to revise the land rates.

“Property rates in Greater Noida have remained unchanged since July 17, 2018,” he said.

Experts have given a thumbs up to the proposal. Pankaj Kapoor, MD of Liases Foras, a realty

data and analytics firm, earlier told TOI, “Residential property prices are governed by

demography and economic density. Keeping the same rate for land parcel, which is next to Pari

Chowk, and that of land in a remote area is not feasible for any planning authority.”

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/property-rates-may-be-hiked-by-10-in-greater-noida-in-fy21/73508252

NCDRC hauls up police for not serving warrants to KDS Infra

Buildcons' partners

Altogether 132 homebuyers have been struggling for four years to get back their money

paid between 2009 and 2010 to book flats in “KDS Dham” and “KDS Angan”.

The National Consumer Disputes Redressal Commission (NCDRC) has taken a stern note of the

police’s failure to serve non-bailable warrants to the three partners in Kondhwa-based realty firm

KDS Infra Buildcons for non-compliance of its orders.

Altogether 132 homebuyers — mostly retired employees of Ammunition Factory, Khadki, armed

forces and central government establishments — have been struggling for four years to get back

their money in the range of Rs75,000 to Rs1.50 lakh paid between 2009 and 2010 to book flats

in “KDS Dham” and “KDS Angan” at Charholi Budruk near Vishrantwadi. The schemes never

took off and the firm sold the project land to a third party.

Responding to a 2012 complaint by consumer body Akhil Bharatiya Grahak Panchayat, the

NCDRC on February 17, 2016, directed the realty firm and its partners — Bhupendrasingh

Dhillon, Maruti Budhaji Kadale and Abhijit Maruti Kadale — to refund Rs1.34 crore with 18%

per annum interest and Rs4 lakh each as damages to the 132 homebuyers.

In June 2016, the ‘grahak panchayat’ had preferred a plea for execution of the order. The

commission has since directed NBWs against the KDS partners many times. But they have

evaded the proceeding. “They have paid Rs10 lakh of the decree amount, which works out to

nearly Rs4 crore,” complainant-lawyer Vijay Kharmale told TOI.

In its order on January 16, the NCDRC bench of presiding member Anup K Thakur and member

S M Kantikar noted, “It is clear from a plain reading of the order dated April 10, 2019, that there

has been less than full cooperation on the part of the civil police authority in carrying out the

issuance of NBWs upon the judgment debtors (the partners).”

The bench said in case of the Kondhwa police’s inability to serve the warrants, the DCP

(concerned) was to appear in person before it and the notice for such an appearance was to be

served through the police commissioner. “However, there is no appearance nor any submission

on behalf of officials mentioned in the said order,” the bench said.

The commission has given “one more opportunity” to the police for a fresh effort to serve the

NBWs through the DCP and, in case of inability, file a clear report by the next hearing on April

16. “We will move a contempt plea in the Supreme Court if nothing happens on April 16,” said

Kharmale.

Newspaper/Online ET Realty (online)

Date January 22, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/ncdrc-hauls-up-police-for-not-serving-warrants-to-kds-infra-buildcons-partners/73508574

DCP (Zone V) Suhas Bawache told TOI, “The NBWs couldn’t be executed as the three partners’

current addresses were not known. We have issued fresh orders to the Kondhwa police to find the

addresses and execute the warrants.”

________________________________________________________________________________________________

Digital survey to begin in 30 villages of Kerala

The government has sanctioned Rs 2 crore for digital survey in 30 selected villages.

According to a recent order issued by the revenue department the amount will be released

in the current financial year itself.

With the resurvey procedures in the state moving at a snail’s pace over the last 54 years, the

survey and land records department has decided to speed up the process and launch digital survey

in 30 villages in the state.

The government has sanctioned Rs 2 crore for digital survey in 30 selected villages. According

to a recent order issued by the revenue department the amount will be released in the current

financial year itself.

Unlike the earlier chain surveys, digital survey using ‘electronic total station’ is more accurate

and less time consuming. Of the 1,664 villages, resurvey of only 906 villages have been

completed till date since 1965, and even among these, most of the data have already become

redundant.

“After a survey of a village is completed, the records are handed over to the revenue department

which needs to be updated every time there is some land transaction. But this is not updated in

the survey records,” said sources at the survey department. As per the survey rules, resurvey of a

village has to be done every 30 years.

However, revenue minister E Chandrasekharan said along with the digital survey, the digital

integration of survey, revenue and registration departments will also be completed, so that the

new resurvey data will not become redundant. “The integration will be completed while the

resurvey activities are in progress. Once it is done, the resurvey records can be updated online by

the village revenue authorities every time a mutation of property is done,” said the minister.

After deciding to discontinue resurvey twice, the present LDF cabinet on January 18, 2017,

decided to carry out the process in a fool-proof way. The resurvey was originally launched on

October 6, 1965, with an aim to complete the resurvey activities in seven years. But it was decided

by the last UDF government to terminate the initiative on October 31, 2012, after finding that

despite going on for more than half-a-century, the resurvey of only 773 villages could be

completed till then.

Earlier, since the number of villages and sub-divisions increased as a result of Kerala Land

Reforms Act, the revenue department could not update the land records in a fool-proof manner

which badly hit the resurvey activities. The complaints about resurvey also multiplied, and as a

result, in 1995, the then government decided to stop the resurvey, and launched survey adalats to

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/infrastructure/digital-survey-to-begin-in-30-villages-of-kerala/73482374

address the complaints.

In 2008, the government launched Bhumi Keralam project under the Kerala Land Information

Mission (KLIM) with an aim of completing the resurvey activities in the state in three years. But

in 2011, the petitions received in the mass contact programmes led by the then chief

minister Oommen Chandy showed that resurvey was actually complicating matters as many had

on record lost their ownership over the land as a result of the resurvey process, and they could

not either pay the land tax or effect mutation of the land.

Even though resurvey has begun once again, the strength of survey staff is a major concern.

According to sources in the survey department, of the 1,678 surveyors, only around 300 staff are

available for resurvey activities. When taken into consideration that at least 30 staff will have to

work dedicatedly for around six months to complete the resurvey in a village, this is a meagre

number.

“There are multiple mega projects going on in the state that require the survey of land, including

industrial, gas pipeline and rail corridor projects that are of top priority for the government and

require survey staff to be diverted for such matters,” said the minister.

________________________________________________________________________________________________

Greater Noida development body to offer discount on land dues

The Authority floated the scheme in March 2019 but was unable to generate the expected

response. KK Yadav, assistant general manager (property), said the scheme will be

launched this week with incentives.

Greater Noida Authority will launch a one-time settlement scheme for residential plot allottees

this week so that they can settle dues towards the premium, lease and interest on the 64.7 %

additional compensation at a discount.

The Authority floated the scheme in March 2019 but was unable to generate the expected

response. KK Yadav, assistant general manager (property), said the scheme will be launched this

week with incentives. “We would take a haircut on the yearly interest being charged on the

additional premium of 64.7% on a plot,” added Yadav.

To generate revenues, the Authority had already floated a one-time settlement schemes for

individual plot allottees who did not construct any structure despite being allocated a plot 2013

onwards.

The new scheme is meant for individuals responsible for delayed construction.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date January 22, 2020

Link https://realty.economictimes.indiatimes.com/news/industry/greater-noida-development-body-to-offer-discount-on-land-dues/73508632

Nagpur: 10% property tax rebate for adopting eco-friendly

processes

NMC has become the first municipal corporation in the state to launch rebate for producing

compost by garbage segregation, wastewater treatment and reuse, and persons with

disabilities.

The Nagpur Municipal Corporation (NMC) general body on Monday approved rebate of 10%

in property tax for houses adopting at least two of four eco-friendly projects — producing

compost by garbage segregation, rainwater harvesting, wastewater treatment and reuse, and

producing solar or any type of renewable power. Also, approval has been given for 50% rebate

in property tax where persons with disabilities reside.

NMC has become the first municipal corporation in the state to launch rebate for producing

compost by garbage segregation, wastewater treatment and reuse, and persons with disabilities.

From April 1, 2015, NMC has been giving rebate of 5% for houses having solar power system or

rainwater harvesting system. But the rebate is on general tax, one of the components in property

tax. The rebate was very low and failed to encourage people to adopt eco-friendly projects.

Now, the civic body has changed the system and launched rebate system on entire property tax,

excluding three components of state government, which are minimal in total property tax. Also,

NMC has included producing compost by garbage segregation and wastewater treatment and

reuse. The taxpayer will be eligible for 5% rebate for adopting only one of the four eco-friendly

projects.

The civic body has miserably failed to encourage garbage segregation and reuse of wet waste at

households itself, which led to this rebate offer.

Taxpayers can avail the rebate only if they pay property tax regularly. The taxpayer will have to

declare eco-friendly projects, after which tax inspector or assistant engineer from zone will

inspect and certify it every year.

A NMC official told TOI this will be implemented from fiscal 2020-21, which begins from April

1, 2020. “Demand notes for current fiscal have been distributed. Also, the department will have

to change the format in the systems,” he said.

The decision to give 50% rebate in property tax for persons with disabilities will be submitted to

the state government before implementation. The benefit will be given in case any one member

of the family has certificate issued by civil surgeon.

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/nagpur-10-property-tax-rebate-for-adopting-eco-friendly-processes/73466218

Earlier, NMC had decided to give rebate to senior citizens. But in this case, the owner of the

building should be a senior citizen.

The general body has also approved a proposal to establish a plant to treat 200 metric tonne (MT)

mixed garbage at Bhandewadi dumping yard on DFBOOT basis. The private operator will be

leased 4 acres to develop a plant at its cost, operate and maintain for 15 years.

Mayor Sandip Joshi said, “This plant will ensure scientific disposal of entire city’s mixed garbage.

NMC has proposed various projects to reuse the segregated garbage. Plant will be closed down if

100% garbage segregation is achieved.”

The general body also approved the proposal to establish Plastic Waste to Fuel Plant to be

developed by Pune-based Keshav-Sita Memorial Foundation Trust, under its corporate social

responsibility (CSR) funds. NMC will lease 8,000 sq ft land and build a shed. The firm will

operate and maintain the plant for 10 years and hand over entire project to NMC free of cost.

The general body also approved a proposal to set up a plant for treatment and reuse of 200 MT

construction and demolition waste in 4 acres land at Bhandewadi dumping yard on DFBOOT

model. The operator will develop, operate and maintain the project for 15 years.

Similarly, the general body cleared the proposal to develop Semi-Automatic Material Recovery

Facility at Bhandewadi dumping yard with capacity of 200 MT, where dry waste will be disposed

off in scientific manner. NMC will lease one acre land and operator will operate and maintain it

for five years at its cost. Here, the operator will accept and pay for all types of dry waste, including

paper, plastic and others.

________________________________________________________________________________________________

Kalyan-based builder told to either refund money or hand over

flats

The builder, Sushil Shinde, had delayed delivery of flats to the 16 complainants who had

made payments in his project in Kalyan in the year 2014.

A Kalyan-based builder has been directed by the Thane district consumer disputes redressal

forum to either hand over flats or refund the amount to the tune of Rs 22.11 lakh, with the 18 per

cent annual interest, to the ten complainants who had filed a case of deficiency in services against

him.

The builder, Sushil Shinde, had delayed delivery of flats to the 16 complainants who had made

payments in his project in Kalyan in the year 2014.

Ten out of the total 16 purchasers had approached the forum against the builder.

Complainanats' lawyer Ashwini Sarjine said on Monday that Shinde was sentenced to rigorous

imprisonment for two years by a Thane court in August last year under various sections of

the Indian Penal Code (IPC).

In an ex-parte order dated January 16, the forum presiding member S Z Pawar and member

Poonam Maharshi directed the builder to either refund the amount with an interest at the rate of

18 per cent per annum, payable from the date of the last payment, or give possession of the flats

to the complainants.

The total value of the said flats was Rs 42 lakh, of which the collective payment was made to the

tune of Rs 27.11 lakh, Sarjine said.

The forum also directed the builder to pay the compensation ranging from Rs 30,000 to Rs 1 lakh

for causing mental and physical harassment, and Rs 10,000 each towards litigation charges to the

complainants, Sarjine said.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/kalyan-based-builder-told-to-either-refund-money-or-hand-over-flats/73465965

Advertisement for Gujarat REAT's posts challenged in HC

The state government published an advertisement on January 4 inviting applications from

qualified persons for the post of chairman and member of the Gujarat Real Estate

Regulatory Authority (RERA) appellate tribunal.

The state government’s advertisement for the posts of the Gujarat RERA appellate tribunal’s

chairman and member was challenged in the Gujarat high court on Monday.

The state government published an advertisement on January 4 inviting applications from

qualified persons for the post of chairman and member of the Gujarat Real

Estate Regulatory Authority (RERA) appellate tribunal. The advertisement was issued after the

high court gave notice to the state government in response to a PIL demanding the appointments.

The PIL filed by advocate Nipun Singhvi objected to the present functioning of the appellate

tribunal, which is being run by the presiding officer of the Gujarat State Food Safety Tribunal.

After the government came up with the advertisement, petitioner Singhvi objected to the mode of

recruitment. He submitted before the HC that the law mandates that the chairman of Guj RERA

appellate tribunal has to be appointed by the government in consultation with the chief justice of

the high court. Inviting applications cannot be the method to fill the post.

Similarly, the petitioner has taken exception to the eligibility criteria laid down for the post of the

tribunal’s member. The petitioner requested the high court to allow him to make changes in his

PIL and to incorporate the challenge to the advertisement. The high court has granted the

permission, said petitioner’s advocate Vishal Dave.

The petitioner has sought HC directions to the government to appoint people for the post of

chairperson and members in the tribunal by following the procedure laid down in Section 46 of

the RERA act.

The HC is to hear the issue further two weeks later.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/regulatory/advertisement-for-gujarat-reats-posts-challenged-in-hc/73466052

Embassy Group enters co-living business, to invest Rs 2,000 crore

In the first phase, Olive plans to launch 20,000 beds, out of which 15,000 will be in

Bengaluru, Chennai - 2500 and Pune – 2500.

Embassy Group has entered the co-living business under the Olive Brand. The company will

invest Rs 2,000 crore to expand in Bengaluru, Hyderabad, Mumbai, Pune and National Capital

Region (NCR), the company said in a press release.

It plans to launch an experiential center in Whitefield, Bengaluru and a project in Chennai with

2,500 beds this year.

In the first phase, Olive plans to launch 20,000 beds, out of which 15,000 will be in Bengaluru,

Chennai - 2500 and Pune – 2500.

Aditya Virwani, COO, Embassy Group and co-founder, Olive said, “Our co living projects will

complement and add value to our large tenant base at our Embassy Office Parks.”

The centres are being designed and developed by UK-based design consultancy Priestman Goode.

________________________________________________________________________________________________

Newspaper/Online ET Realty (online)

Date January 21, 2020

Link https://realty.economictimes.indiatimes.com/news/residential/embassy-group-enters-co-living-business-to-invest-rs-2000-crore/73486672