New DDA chief eased land row

NOIDA: Balwinder Kumar, the IAS officer who steered the Noida Authority through the land acquisition crisis two years ago, has been appointed vice-chairman of Delhi Development Authority. Kumar will take the reins from D Diptivilasa. Before his appointment, Kumar was development commissioner with the Union textiles ministry.

A 1981-batch IAS officer from the Uttar Pradesh cadre, Kumar served two stints as chairman-cum-CEO of the Noida Authority in 2007 and 2011. The Mayawati-led BSP regime had sent Kumar to Noida in July 2011 when the land acquisition crisis was at its peak and agitations and legal cases lodged by farmers had plunged a slew of development and housing projects in the city into uncertainty. Kumar replaced Mohinder Singh, a close confidante of Mayawati, as the protests that erupted in Greater Noida began engulfing Noida as well.

Kumar’s primary assignment was to placate the farmers and negotiate a solution. An astute administrator with tact and an understanding of ground realities, Kumar managed both. Speaking to TOI on Monday, Kumar said he would take charge of DDA within the next couple of days.

“Governance at the DDA will be conducted in the same manner as had been done at the Noida Authority. My priority will be ensuring a speedy delivery system for the common man, who has various expectations from the DDA,” Kumar said.

Real Estate Company

Rs. 7,700 cr worth realty NPAs up for sale: report

Indicating the worsening stress on the realty sector, an estimated Rs 7,700 crore worth of commercial and residential properties loans are up for sale, according to an industry report.

Data compiled by NPAsource.com, a portal that focuses on resolution of stressed assets, shows that there are around 2,200 units in the commercial category and nearly 11,000 units in the residential segment funded by banks and other financial institutions and valued at over Rs 7,700 crore, which have turned NPAs and are on the block.

The portal has NPA data of properties worth around Rs 27,500 crore spread across 27,626 units. Out of this, commercial NPA properties have a 15 per cent share in value term, while residential properties constitute 13 per cent.

The lion’s share of bad assets come from the industrial land and building category constituting over 65 per cent share in value terms, the portal said.

Portal Chairman D K Jain said Maharashtra, largely due to Mumbai, tops both the commercial and residential categories with Rs 842 crore and Rs 838 crore worth NPAs, respectively.

Delhi follows with Rs 686 crore worth of commercial NPAs and Rs 500 crore worth of residential NPAs.

Andhra is at number three in residential properties with Rs 497 crore worth of NPAs up for sale under. Tamil Nadu, Bengal and UP are the next three states with highest value of commercial and residential NPA properties, he said.

Though Mumbai leads the space in realty NPAs, Delhi leads on the single—NPA front, with a New Delhi office property, valued at Rs 200 crore at the base price turning bad and followed by a farm—house in the Capital with a base value of Rs 40 crore.

Against this, the priciest two Mumbai properties pale in value with a base price value of Rs 26.5 crore and Rs 24.6 crore, respectively, said Jain.

“As NPAs in the corporate sector continue to grow, there will be more commercial and residential properties coming up for auction. The slowdown in realty markets has further added to the woes of the lenders who will not be able to generate higher returns by selling these mortgaged properties,” said Jain.

http://www.thehindu.com/business/Industry/rs-7700-cr-worth-realty-npas-up-for-sale-report/article5523313.ece