New Delhi's commercial property owners suffer under decades-old rent caps



NEW DELHI // In 1933, when Lala Babu Ram heard the British were looking for investors to help build New Delhi - India's new capital - he sensed an opportunity to provide for his family for generations to come.

He purchased a plot in M-Block of Connaught Place, the commercial heart of the new city, and paid for the construction of a three-storey property with apartments above and shops below. More than seven decades later, the building that cost Ram a few thousand dollars to construct is now worth millions as prime real estate in one of the world's largest emerging economies. But far from being the golden goose Ram thought it would be, the property has become more like an albatross around his descendants' necks because of Delhi's archaic rent control law.

Introduced a few years after the building was completed, the law means only that his descendants receive 150 rupees (Dh12) a month in rent from each of their three shops. "Our tenants spend more on parking their car or a cup of coffee than they do on their rent," Mr Ram Kanwar Gupta, Ram's 87-year-old son, said in an interview. "I can't afford a sweeper for that money, let alone maintenance." The Delhi Rent Control Act was introduced in 1947 to prevent rents from skyrocketing as hundreds of thousands of refugees from Pakistan flooded into the city in need of affordable housing.

Sixty-three years on, however, the law still caps rents in thousands of properties around Delhi, with the result that many of the city's oldest buildings are being left to crumble while the price of newer property is pushed ever higher. Analysts have also calculated that the city is losing hundreds of millions of dollars in tax revenue because of the law, which has also hindered efforts to modernise the capital.

For years, many owners simply accepted the low returns rather than engage in the expensive and lengthy legal battles required to raise rents or evict tenants, many of whom are now richer than their landlords. As India's economy booms and property prices soar, landlords are coming together to fight for what they see as their right to receive a fair rent. Formed last year, the Committee for the Repeal of the Delhi Rent Control Act, is challenging the legality of the law in Delhi's High Court, saying it deprives landlords of their constitutional right to a livelihood.

"The law was designed to help the poor, but it is the rich who are benefiting now," Shobha Aggarwal, a founding member of the committee said. "In effect we are subsidising other peoples' businesses." As it stands, the law in Delhi prohibits owners from evicting tenants unless the landlord can prove they need the property for their own personal use. The law also caps rent increases at 10 per cent every three years in properties where the rent is less than 3,500 rupees a month.

Because many properties in Delhi's oldest - and now most sought after - areas such as Connaught Place, Old Delhi and Khan Market have been occupied for decades, rents are still only a couple of hundred rupees, or lower. Many of those buildings house businesses with multimillion-dollar turnovers such as banks or insurance companies. Some, however, are home to tiny one-man businesses that seem to belong to a bygone era - shops on Connaught Place include light-bulb sellers, an old-stamp dealer and a snackw store. Other buildings simply lie empty because it is cheaper for tenants to keep paying for a space they do not use now than to take on a new lease at market rates later.

The problem, analysts say, is that there is little political will to repeal a law that is ostensibly pro-poor in a city where some two-thirds of the population live in slums. As a result, Delhi and India's financial capital, Mumbai - where rent control laws are also unreformed - both suffer from a shortage of leasable property and rents in the two cities are some of the highest in the world. Anshuman Magazine, the Indian chairman of the property consultancy firm, CB Richard Ellis, said: "In terms of services you get far less than you do in New York or Hong Kong though you are paying a comparable amount." The market rate for renting space at Connaught Place is as much as 550 rupees a month per square foot - more than the combined rent Mr Ram's family receives for three shops that cover almost 1,000 square feet.

Many tenants exploit this difference and sublet their properties. In K-block of Connaught Place, Rajendar Kumar, who has a manual typewriter repair shop, tells the story of two neighbours who rent shops from the landlord for 33 rupees each - roughly the same amount Mr Kumar pays. The shop to the left looks stuck in time, a gentlemen's outfitters selling polyester jackets and ties from the 1970s, its sign obscured by dust, paint and pigeon droppings.

The shop to the right is a glass-fronted service centre for one of India's new mobile telecoms providers. The tenant there has sublet the shop, taking hundreds of thousand of rupees rent a month, Mr Kumar said. In the hope of making some money from his property, the owner offered to do what many Delhi landlords eventually end up doing - sell the properties to his tenants at way below the market value.

But Mr Kumar refused. "Why would I want to that?" Mr Kumar asked. "The minute you own a property, you have to start paying taxes." @Email:hgardner@thenational.ae

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About Seez

Company name/date started: Seez, set up in September 2015 and the app was released in August 2017  

Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer

Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon 

Sector:  Search engine for car buying, selling and leasing

Size: (employees/revenue): 11; undisclosed

Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A 

Investors: Wamda Capital, B&Y and Phoenician Funds 

SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2a)
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Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

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RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

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Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
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Asia Cup 2018 final

Who: India v Bangladesh

When: Friday, 3.30pm, Dubai International Stadium

Watch: Live on OSN Cricket HD

HIV on the rise in the region

A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.

New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.

Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.

Access to HIV testing, treatment and care in the region is well below the global average.  

Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.

Emirates Cricket Board Women’s T10

ECB Hawks v ECB Falcons

Monday, April 6, 7.30pm, Sharjah Cricket Stadium

The match will be broadcast live on the My Sports Eye Facebook page

 

Hawks

Coach: Chaitrali Kalgutkar

Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish

 

Falcons

Coach: Najeeb Amar

Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh

 

 

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ICC men's cricketer of the year

2004 - Rahul Dravid (IND) ; 2005 - Jacques Kallis (SA) and Andrew Flintoff (ENG); 2006 - Ricky Ponting (AUS); 2007 - Ricky Ponting; 2008 - Shivnarine Chanderpaul (WI); 2009 - Mitchell Johnson (AUS); 2010 - Sachin Tendulkar (IND); 2011 - Jonathan Trott (ENG); 2012 - Kumar Sangakkara (SL); 2013 - Michael Clarke (AUS); 2014 - Mitchell Johnson; 2015 - Steve Smith (AUS); 2016 - Ravichandran Ashwin (IND); 2017 - Virat Kohli (IND); 2018 - Virat Kohli; 2019 - Ben Stokes (ENG); 2021 - Shaheen Afridi

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

Overall head-to-head

Federer 6-1 Cilic

Head-to-head at Wimbledon

Federer 1-0 Cilic

Grand Slams titles

Federer 18-1 Cilic

Best Wimbledon performance

Federer: Winner (2003, 2004, 2005, 2006, 2007, 2009, 2012)
Cilic: Final (2017*)

The specs

Engine: 2.0-litre 4-cyl, 48V hybrid

Transmission: eight-speed automatic

Power: 325bhp

Torque: 450Nm

Price: Dh289,000

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

The biog

Name: Dhabia Khalifa AlQubaisi

Age: 23

How she spends spare time: Playing with cats at the clinic and feeding them

Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need

Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman

Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs 

Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing

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Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD

UAE currency: the story behind the money in your pockets
UAE v Zimbabwe A

Results
Match 1 – UAE won by 4 wickets
Match 2 – UAE won by 5 wickets
Match 3 – UAE won by 25 runs
Match 4 – UAE won by 77 runs

Fixture
Match 5, Saturday, 9.30am start, ICC Academy, Dubai

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Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

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What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

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