Madras HC forms SIT to probe illegal sand mining in Kovai

Madras high court has constituted a special investigation team (SIT) comprising two IPS officers to probe the illegal sand mining by brick kilns operating near the reserve forests of Coimbatore. A special division bench appointed G Nagajothi, superintendent of police, State Crime Records Bureau, Chennai, and F Shashank Sai, SP, Organised Crime Intelligence Unit as members of SIT. The court directed the team to begin its investigation into the cases already registered by police and to register fresh cases if it came across a larger conspiracy that resulted in the creation of massive trenches near the forest areas, putting wild animals in danger. The court further directed the district authorities to obliterate illegal bridges and roads put up by the illegal miners and restore all water bodies in the area to their original form.
 

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Government should lower GST on cement at 18 percent Arun Shukla President JK Lakshmi Cement 

The government should reduce GST on cement to 18 per cent from 28 per cent and take some policy measures in the upcoming Budget to boost consumption of this key building material, a senior official of JK Lakshmi Cement. In an interview with PTI, Arun Shukla, President and Director of JK Lakshmi Cement, said there is a case to increase cement manufacturing capacity in India to meet the rising demand, which is expected to grow at an average annual rate of 7-8 per cent. One of the long-cherished dream, or the wish for us, has been reducing GST on cement," Shukla told PTI on the sidelines of 'Bihar Business Connect 2024' meet held here recently. In India, cement is taxed at the highest rate of 28 per cent and this needs to be reduced to 18 per cent, he said while replying to a query on the Budget wishlist from the industry. He also emphasised on the need to enhance the consumption of cement in India. Cement is one of the major drivers of growth, so how we can really increase consumption of cement? Shukla said the cement concrete roads have more longevity and in the long run and it is more cost-effective than bitumen roads. The prices go along with the demand and if the demand improves, prices will improve, he quipped. JK Organisation has overseas manufacturing operations in Mexico, Indonesia, Romania, Belgium, Portugal, and the UAE. It owns companies such as JK Tyre, JK Paper, JK Fenner, and Umang Dairies besides JK Lakshmi Cement. 
 

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Survey for land acquisition for Coimbatore metro project to begin soon

The survey for land acquisition for the Coimbatore Metro Rail project will commence shortly, said Coimbatore Corporation Commissioner M Sivaguru Prabakaran after a coordination meeting held on Monday with representatives from Chennai Metro Rail Limited (CMRL), the National Highways Department, TNEB, the Local Planning Authority, and the Survey Department. The meeting focused on land acquisition, station locations, and route alignment. CMRL plans to establish its project office within the corporation office campus. Officials are also considering a suitable location on Dr Nanjappa Road. The commissioner said they requested CMRL officials be deputed for the project in Coimbatore. This move will ensure better coordination between deparments. The corporation has asked CMRL to bear the cost of the survey for land acquisition. "CMRL will deposit the required amount with the corporation. Once the funds are received, we will conduct the survey. The survey will involve mapping the land, identifying utilities, and planning for utility relocation. After the survey, officials will determine the land required for the project. CMRL officials inspected the Gandhipuram and Ukkadam bus stands on Monday. The inspection covered areas along the proposed metro rail route. CMRL plans to acquire land along Avinashi Road and the Coimbatore-Sathyamangalam Road in March. This acquisition is part of the first phase of the metro rail project. The metro rail track in this phase will cover a total length of 34.8km. The first phase includes two corridors. Corridor-I will connect Ukkadam Bus Stand to Neelambur Integrated Station via the airport, covering 20.4km. Corridor-II will link Coimbatore Railway Junction to Valiyampalayam Pirivu, spanning 14.4km.
 

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Motilal Oswal Alternates raise over rs 1750 crore for its sixth real estate fund

Motilal Oswal Alternates (MO Alts), the alternative investments arm of Motilal Oswal Financial Services, has raised over Rs 1,750 crore for its sixth real estate fund India Realty Excellence Fund VI (IREF VI) to focus on investments across top eight cities of India. MO Alts has committed around Rs 1,300 crore to developers through its platform in this financial year of which Rs 1,000 crore has been committed across projects in Mumbai, Pune, Chennai, Hyderabad, and Kolkata from this latest fund. The fund has made these investments across mid-income housing projects of developers including Ajmera Realty and Runwal Enterprises in Mumbai, Ambuja Neotia Group in Kolkata, Casagrand Group and Radiance Realty in Chennai, Mantra Properties in Pune, BSafal Group in Ahmedabad, Bhagwati & Gami Group in Navi Mumbai and Candeur Group in Hyderabad. It has also made over 11 exits from its earlier funds with robust returns amounting to Rs 1,000 crore over the last year. MO Alts had launched this sixth real estate fund with a target corpus of Rs 2,000 crore and has raised this capital from high networth individuals, family offices and corporates including its earlier investors. The platform currently manages six real estate funds and multiple standalone non-convertible debenture (NCD) investments. Its cumulative assets under management (AUM) for real estate currently stands at more than Rs 9,500 crore. In real estate, the MO Alts platform has so far made 168 investments and secured 100 complete exits. Overall, the alternative investments platform manages more than $2 billion in AUM across asset classes.
 

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Over 100 maps forged to legalize coast properties in Mumbai SIT

A special investigation team (SIT) formed following a Bombay high court order has said it has unearthed a land scam involving large-scale tampering of property records to convert Coastal Regulation Zone (CRZ) and No Development Zone (NDZ) lands into developable plots along the Mumbai coastline. Four people including two former govt employees were arrested last week for the scam linked to at least 102 property maps along the coast. In all, 18 govt staff from BMC and land records section have been summoned for questioning. The scam allegedly involves estate agents, govt staff and contractors who altered land records in Marve, Madh Island, Versova and other ecologically sensitive spots. The manipulation was first flagged by a farmer from Erangal in Malad, Vaibhav Thakur, who owns ancestral farm land. He had an FIR registered at Goregaon police station in 2021 against illegal constructions on his plot and adjoining lands. Thakur found that govt records had been forged to classify CRZ and NDZ plots as developable zones. However, authorities including BMC and Goregaon police failed to make much headway. Subsequently, deputy superintendent of land records Nitin Salunkhe lodged another FIR in 2021. He said maps and documents were forged between 2012 and 2020 to regularise illegal constructions in eco-sensitive zones. They were booked for forging records in connivance with officers from BMC and the Land Records Department. "Illegal construction on CRZ and NDZ lands have severely impacted ecological balance and caused huge revenue loss. A total of 18 officials from BMC and Land Records election process investigations were delayed,'' said a senior police official.

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Brigade Group acquires 20 acres land in Bengaluru for rs 630 crore

Ananthay Properties, a subsidiary of Brigade Group, has signed a definitive agreement for about 20 acres land parcel located on Whitefield-Hoskote Road, Bengaluru for a total of Rs 630 crore The residential project will have a total saleable area of approximately 2.5 million sq ft and a gross development value (GDV) of about Rs 2,700 crore. Pavitra Shankar, managing director of the company said, "We remain focused on acquiring prime land in key markets to strengthen our land holdings." The company plans to develop approximately 12.61 million sq ft of new residential developments across Bengaluru, Chennai, and Hyderabad.
 

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NSE and BSE approves merger of three subsidiaries into JK  Lakshmi Cement

Leading bourses NSE and BSE have given consent to the merger of three subsidiaries into JK Lakshmi Cement. As per the scheme of amalgamation, three subsidiaries namely Udaipur Cement Works, Hansdeep Industries and Trading, and Hidrive Developers and Industries are getting merged into JK Lakshmi Cement. We would like to inform you that BSE and NSE vide their letters dated 1st January 2025, have issued their Observation Letters as required under Regulation 37 of the Listing Regulations with 'No adverse observation'/ No objection', to the proposed scheme," JK Lakshmi Cement said in a BSE filing. On July 31, 2024, the board of JK Lakshmi Cement had approved the amalgamation scheme, which will simplify the group structure and make it more commercially meaningful to have one combined entity focused in the business of cement and cement products. For Udaipur Cement Works Ltd (UCWL), its shareholders will receive four shares of JK Lakshmi Cement for every 100 shares they hold in the company. Giving the go-ahead, bourses have directed the parties to disclose all details about the companies before the Jaipur Bench of the National Company Law Tribunal. To achieve this, it has ongoing strategic expansion projects totalling 10.80 MTPA, scheduled for completion by FY27.
 

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Tamil Nadu standardizes fee for self certification of residential buildings

 Tamil Nadu has introduced a standardised fee structure for self-certification of residential buildings, addressing long-standing concerns about inconsistent charges across administrative zones. This follows introduction of a self-certification plan for smaller residential projects by the govt. In July, the govt unveiled a self-certification-based building plan approval system aimed at reducing procedural hurdles for constructing smaller residential buildings. This applies to single or double-story residential buildings with a built-up area of up to 3,500 sq ft on plots not exceeding 2,500 sq ft. Department issued a Govt Order (GO) rationalising building plan approval fees under a single category for various types of developments. The new framework classifies buildings in village panchayats into four groups based on their location and proximity to urban areas. For residential buildings in the self-certification category, peri-urban villages within CMDA limits, numbering 78, are charged 27 per sq ft. Peri-urban village panchayats, comprising 612 villages, have a rate of 25 per sq ft. Village panchayats within CMDA limits, which total 44, are charged 22 per sq ft. The remaining 11,791 village panchayats, forming the largest group, have a rate of 15 per sq ft. For commercial buildings, it's 32, 30, 26 and 18 per sq ft for the respective categories and for industrial buildings it's 43, 40, 35 and 24 per sq ft. Employment and Conditions of Work) Act, 1982, and the Tamil Nadu Manual Workers Constrction Workers Welfare Scheme. The govt has also asked executive authority of village panchayats to fix layout approval fees through resolutions passed, aimed at bringing clarity and uniformity to the building permit process. For residential buildings in the self-certification category, peri-urban villages within CMDA limits, numbering 78, are charged 27 per sq ft. Peri-urban village panchayats, comprising 612 villages,  have a rate of 25 per sq ft. Village panchayats within CMDA limits, which total 44, are charged 22 per sq ft. The remaining 11,791 village panchayats, forming the largest group, have a rate of 15 per sq ft. Now this fee under single head can help residents apply for building permission and get instant approval," S Ramprabhu, chairman, DTCP committee, Builders Association of India.
 

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Shriram Properties sell 3 acre land in Chennai for rs 93 crore

Shriram Properties (SPL) has sold 3.9 acre land parcel in Chennai to a healthcare and educational group for Rs 93 crore. Murali M, chairman and managing director of the company said, "This transaction marks a significant step in the company's plan to unlock value from existing non-core land parcels and redeploy capital for growth funding needs." The company, through its wholly-owned subsidiary – SPL Shelters owned the land, currently approved for the development of a retail space. Given its focus on residential real estate development activities, SPL has decided to monetize the land through divestment of its equity holding in the wholly owned subsidiary. 
 

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ADB commits $70 million to Vastu Housing Finance for affordable housing

Manila-based multilateral funding agency Asian Development Bank (ADB) has committed USD 70 million (about Rs 595 crore) to Vastu Housing Finance to bolster affordable home loans. The loan will enhance access to affordable and sustainable housing loans for underserved borrowers, with 15 per cent of the funds allocated specifically to first-time borrowers, Vastu Housing Finance said in a statement. The partnership aims to bridge the credit gap for economically weaker sections and low-income groups, with a strong focus on promoting borrowers in Tier II to IV towns across India. Vastu started in 2015 with seed capital from Renuka Ramnath-led Multiples Private Equity, Pramod Bhasin, Samir Bhatia, and Vikram Gandhi.
 

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