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The decision was taken at a meeting today. Senior officers of the Municipal Corporation of Delhi (MCD), Delhi Development Authority (DDA), planning department and urban development department attended the meeting.

It was decided to allow sub-division of plots in special areas, implement the development schemes of DDA and provide an opportunity to allottees to effect justified and formal division of property to their heirs.

This is being done to facilitate planned development of all colonies, including unauthorised ones. It would not only boost construction in the city but would also overcome the problem of corruption apart from increasing the revenue of the MCD and DDA, said Delhi urban development minister A.K. Walia.

Besides, it will help reduce legal cases related to division of property.

Source: The Tribune Govt allows division of residential plots

In the absence of any law on compulsory disclosure norms, real estate developers are taking innocent home buyers for a ride with misleading advertisements. There's an urgent need for making disclosure norms mandatory so that buyers protect their most important investment in life

In an age of growing consumer consciousness, backed by teething laws, real estate continues to thrive as one of the most unorganised sectors taking the gullible consumers for a ride. It is not the case with just small-time developers duping home buyers with misleading advertisements and tall claims, but even the listed companies continue to operate as if their mandatory disclosure clause is applicable only with the financials of the company to the SEBI. The absence of any clear guidelines and disclosure norms leaves enough room for tall promises and dicey deals, and hence calls for a mandatory disclosure norms for the average property buyer and putting an end to misleading advertisements.

The number of pending cases against such misleading property deals has skyrocketed of late, even though many of the duped customers that The Indian Express spoke to, have not approached any court of law. Ramesh Chopra, a non-resident Indian, is one of them. He booked his apartment in Omaxe's The Forest Spa, situated in Sector 93B, Noida. The developer claimed that the project spread over an area of approx 8 acres, is strategically located in front of 325 acres of green forest.

However, according to the Noida Authority, the area marked as green belt is fixed as so for a limited period and thereafter the use of the land can change. When contacted, Rohtas Goel, CMD of Omaxe said "As per our understanding, if the government wants to deforest the land earmarked as city forest then the master plan has to be amended in consonance of that. The forest is as per the master plan of Noida."

Chopra's apartment actually fell far short of the dream home promised in the advertisement. Unfortunately, his is not the only such case. In the absence of any regulation for misleading advertisements, buyers are routinely promised the moon and then delivered sub-standard houses.

Buyers should also do a small market survey of the area before finalising the deal for purchase which would give them a better idea of the prices along with the facilities provided by the developer. Sanjay Sharma, MD of Qubrex, a real-estate brokerage firm, says, "While purchasing a property, buyers should also keep in mind the additional hidden costs involved in facilities like parking, maintenance, electricity, power back-up, membership of the club and pool, security, insurance, preferential location charges, super area versus carpet area etc. Such costs are usually not a part of the offer made by the developer and when added to the cost of the property, one may find oneself not benefiting from the scheme at all."

"In cases where genuine buyers are involved in a re-invented project, and they are unable to obtain a refund, legal recourse on the basis of the issued allotment letter is the only option," says Sharma.

praveen.singh @expressindia.com

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They could also face cancellation of land allotted by the Andhra Pradesh Industrial Infrastructure Corporation if they are using land for purposes other than the clearance secured, the Business Line has reported.

A recent meeting to review the progress of SEZs in the State chaired by the chief minister, K Rosaiah, has called upon various departments to closely monitor the progress of the SEZs and back up with support infrastructure to ensure that they create additional employment, the report added.

However, in a State which has garnered a lion's share of the SEZs allotted by the Centre, many developers are yet to commence work citing slowdown as one of the reasons for delay in implementation of the project. The Government is also likely to issue notices to those who have taken up projects other than the reason for allotment, it said.

Andhra Pradesh accounts for the highest number of SEZs notified in the country. Of the 107 proposals given in principle clearance for AP, 73 of them have been notified. Maharashtra with 58 SEZs, Tamil Nadu (52), Haryana (31) and other States follow on. Of this IT and IT ES sectors have been allocated 43 SEZs, followed by pharma and multi-product SEZs.

Singh said this could be done by converting 888.865 km road length as national highway. He also demanded the Centre to sanction funds for construction of by-passes at Manali, Theog, Sundernagar and Jogindernagar to ease traffic congestion in these tourist resorts.

Meanwhile, the company launched its high-end residential project -- Prestige White Meadows -- at Whitefield, Bangalore on Thursday. Sprawled over 28 acres, the project comprises 214 sky villas in four high rise towers and 66 villas set in scenic grounds.

Speaking on the occasion, Irfan Razack, chairman and managing director, Prestige Group, said, "We are launching several projects within the next two quarters this year across sectors including residential, commercial, retail and hospitality. We are targeting cities in south India like Chennai, Mysore, Mangalore, Cochin, Hyderabad and Bangalore. Total investment of about Rs 7,000 crore will be made for these projects and the funds will be generated through internal accruals (almost 50-60 per cent), bank debt and IPO."

In the residential domain the group has seven projects in the pipeline with a total investment of about Rs 2,000 crore. These projects will be a mix of luxury, mid-segment and affordable housing.

Source: Realty plus Prestige earmarks Rs 7,000 crore to launch new projects

The worry for these companies, however, is the declining operating profit margin, the Business Standard has reported, citing analysts.

Real estate companies witnessed a decline of up to 42 per cent in these margins during the quarter, mainly due to a shift towards middle-income housing and adjustment for cost increases, analysts said.

To beat the slowdown in the property market, companies such as DLF, Unitech and HDIL, among others, shifted their focus from premium housing and commercial projects -- which carry margins of over 50 per cent -- to mid-income housing, where the margins are 20-30 per cent, the report added.

"In the third quarter of last fiscal, commercial sales were happening, as it was just the start of the slowdown. After that, developers have started focusing on mid-income housing which carried lower margins," said Param Desai, an analyst with Angel Broking.

Source: Realty Plus Recovery takes hold in realty sector

The Commerce and Industry Ministry, in-charge of SEZs, has plugged this loophole through a recent notification that says the acts or omissions punishable under the notified offences for the purposes of the SEZ Act also, the Business Line has reported.

According to an official, "While most SEZ units and developers comply with the laws, a few clever ones could have cited the absence of notification of these penal provisions in the SEZ Act to escape punishment. This loophole has been addressed through the recent notification."

The FTDR Act is the parent legislation that sets out punitive actions for violating foreign trade rules. The Act automatically applies to all the products of the Foreign Trade Policy, like the export-oriented units, while the SEZ is the product of a separate legislation, the SEZ Act, the official said.

Source: Realty Plus Ministry puts SEZ units, developers on notice with law change

Bangalore's real estate has seen it all... the IT boom of the early 90s, the stabilisation at the turn of the century and more recently the real estate crash. Not unscathed, the industry now is steadily climbing the growth charts. A home of a crore is no longer the privilege of the rich but rather the want of the average IT manager. Apartments rule the roost and to give the average builder competition, big names in the development fraternity now incorporate shopping complexes, multiplexes and even schools and clinics into their projects. Present day real estate present independent homes styled on European and western world lines... your very own piece of the world in Namma Bengaluru.

A step up for developers
The construction industry is not a fledgling one. Until recently the sector was filled with fragmented players and lacked a corporate approach and look. It is only now that the construction industry has taken on a more corporate and organised approach. This gives it better potential to get into real estate funding venture.

Those observing the real estate market find that the market for real estate finance has grown in leaps and bounds in the recent past. Funding for construction of newer housing projects was earlier accrued by developers pre-selling their houses. Potential buyers had to shell out the money, often times before the ground-breaking ceremony even took place.

Source: www.deccanherald.com By Ruth Dsouza Prabhu Now, tie-ups a realty

• A win-win situation

• Minimising risks

• Cost involved

A good proportion of H1-B visa holders -- about 50,000 -- had their visas issued in 2002 and 2003. Come 2009, most of these visas (which are work permits issued for a fixed period), with a validity of six years, expired. The number of H1-B visa holders who have applied for jobs in India is now said to be between 15,000 and 20,000.

"A good number of those who went to the US after 1999-2000 have started returning. US President Barack Obama's posture has probably been one of the triggers. The reluctance to renew H1-B visas has also led to people deciding to return," said Kris Laxmikant, CEO and chairman of recruitment agency Headhunters India.

Many of the returnees have been sticking around for up to three months, vainly trying to secure a job, in a bid to extend their US stay long enough. But, in an insipid job market, a good number failed to find jobs and were forced to return, HR executives said.

Source: Business-standard NRI Resumes Pile Up At Indian Human Resources (HR) Firms

न्यू टाउनशिप का डिजाइन यूरोपियन देशों के बिल्डिंग बाइलॉज के पैटर्न पर तैयार करने की प्लानिंग है। नए कॉन्सेप्ट को पूरी यूपी के महानगरों में आवास की समस्या को दूर करने में लागू किया जाएगा। यूपी सरकार ने 3 साल पहले रीयल एस्टेट में इंट्रीग्रेटिड और हाईटेक टाउनशिप का कॉन्सेप्ट दिया था। इसके लिए रीयल एस्टेट क्षेत्र की कंपनियों को लाइसेंस प्रदेश सरकार ने जारी किए थे। मगर न्यू टाउन शिप हाईटेक सिटी टाउनशिप से कुछ और आगे होगी।

प्रदेश सरकार ने आगे से नई हाईटेक सिटी और इंटीग्रेटिड सिटी के लिए लाइसेंस जारी करने बंद कर दिए। सरकार अब यूपी में जो न्यू टाउनशिप का कॉन्सेप्ट ला रही है, उसमें कई खूबियां होंगी। इस टाउनशिप की खूबी यह होगी कि वह किसी भी डिस्ट्रिक्ट मुख्यालय सिटी से बाहर डिवेलप होगी। यानी किसी भी डिवेलपमेंट अथॉरिटी की सीमा से बाहर होगा। यहीं कारण है कि इसके लिए ही सरकार को न्यू टाउनशिप के लिए अलग से अथॉरिटी गठन करना जरूरी हो गया है। न्यू टाउनशिप के लिए सरकार प्राइवेट सेक्टर को भागीदार बनाएगी। जीडीए के सीएटीपी सी. पी. गोयल ने भी इसकी पुष्टि की।

दिल्ली-सहारनपुर रोड रेजिडेंशल स्कीम के लिए आवास विकास परिषद ने 1100 रुपये प्रतिवर्ग मीटर के हिसाब से जमीन का मुआवजा तय किया है। इसके अलावा परिषद किसानों को अधिग्रहित जमीन का पांच प्रतिशत जमीन डिवेलप कर देगा। इसके बावजूद मडोला, हिंदूवान, मिलक बावरा समेत पांच गांवों के सैकड़ों किसान परिषद को इस स्कीम के लिए जमीन देने को तैयार नहीं हैं। किसानों का दावा है कि इलाके में कई गांवों में जमीन की कीमत 1800 रुपये प्रतिवर्ग मीटर के हिसाब से तय की गई है और उन्हें कम पैसे दिए जा रहे हैं।

मुआवजे के मसले पर बातचीत के लिए एडीएम फाइनैंस सर्वजीत राम ने दस फरवरी को किसानों और आवास विकास परिषद के अफसरों की मीटिंग बुलाई है। उन्होंने कि सानों से कहा है कि अगर उनके पास 1800 रुपये प्रति वर्ग मीटर के हिसाब से जमीन बेचने या खरीदने के दस्तावेज हैं, तो वह भी अपने साथ लेकर आए। उधर, आवास विकास परिषद किसानों को मनाने में जुटा है। परिषद के अधीक्षण अभियंता सी.के. जैन ने दावा किया कि स्कीम से प्रभावित कई किसान परिषद को जमीन देने को तैयार हैं।

The rise has been sudden both at the premium end of the market and the deep suburbs, suggesting the return of speculators and investors to the property market, the DNA has reported.

According to the report, a three bedroom-hall-kitchen (BHK) apartment at upmarket Warden Road was recently sold at Rs 93,000 a sq ft (built up rate) when it was quoting at just Rs 50,000 in early 2009. Apartments (mostly owned by investors) in Beaumonde, a building by Sheth Developers at Prabhadevi, are now quoted at approximately Rs 50,000 a sq ft as against Rs 35,000 and above in 2008. Apartments at Planet Godrej, developed by Godrej Properties at Mahalaxmi, are being quoted at approximately Rs 27,000 a sq ft, close to the peak rate of Rs 30,000 a sq ft quoted in 2008. Prices in 2008-2009 had dropped to almost Rs16,000 a sq ft.

Raheja Vivaria at Mahalaxmi is now quoted at Rs 26,000 a sq ft, close to its high of Rs 30,000 a sq ft in 2008. It had dropped to Rs 16,000 a sq ft at the trough earlier in 2009. Similar was the case with Ashoka Towers at Lalbaug which is now quoting Rs 25,000 a sq ft. Prices at Cuffe Parade, Nariman Point and Altamount Road, which had dropped to almost Rs 40,000 a sq ft, are back to their earlier rates between Rs 50,000 and Rs 70,000.

Source: Realty Plus Real estate bubble building up again in Mumbai

In the next financial year, it plans to raise another Rs 250 crore through further monetisation of its land assets, the DNA has reported.

JC Sharma, managing director of Sobha Developers Ltd, said his company was able to sell 431 units in last quarter and 1.45 million sq ft in the nine-month ended December. For the current fiscal, Shobha is expecting to sell 2.2 million sq ft and another 2 million sq ft in the next.

"We will have six residential projects in the next 12 months over 8 million sq ft. These will be in Bangalore, Chennai, Coimbatore, Mysore and the NCR districts. Total worth of the projects would be around Rs 1,500-1,600 crore. We plan to monetise around 100-125 acres through land sale," Sharma was quoted as saying.

According to the report, the company is currently working on 27 projects and expects to complete 1.4 million sq ft of residential projects in the next 3-4 months. The cash required to complete the ongoing projects would be close to Rs 971 crore.

The company, which primarily focuses on premium segment, is planning to launch projects in the value home segment by changing its specifications, the report added.

While disclosing this here today, Arun Kumar, Chief Administrator of Housing Board Haryana  said that 567 triple storeyed type-A houses for economically  weaker sections(EWS) and lower income groups were proposed to be constructed in Sector 9, Bahadurgarh at a cost of about Rs. 25 crore and 1342 triple storeyed type-B houses for economically weaker sections and lower income groups in Sector 19, Sirsa at a cost of Rs. 56 crore.

Similarly, 280 four storeyed type-I houses for industrial workers were proposed to be constructed in industrial estate, HSIIDC, Bawal, district Rewari at a cost of Rs. 12.80 crore, 602 four storeyed type-I houses for industrial workers in Industrial Estate, HSIIDC, Barhi, district Sonipat at a cost of about    Rs. 27.52 crore and 192 EWS houses in Sector 4 (Part-II), Hisar at a cost of Rs.5.76 crore, he added.

Arun Kumar said that the Board had constructed 1391 houses of different categories at Sonipat, Madlauda, Bahadurgarh, Gurgaon, Dharuhera and Faridabad at a cost of Rs. 100.50 crore during the year 2009.

He said that a chunk of land measuring about 4.50 acres and 18.75 acres had been offered by Haryana Urban Development Authority in Sector 8, Sonipat and Sector 5, Hansi, respectively.  Approximately 400 EWS houses were likely to be constructed  at Sonipat and 1700 EWS houses at Hansi. Similarly, 4.5 acres of land had been offered by HUDA at Jind for the construction of 270 EWS houses. A piece of  5.50 acres of land  was also proposed to be got from HUDA in Sector 1, Narnaul, he added.

Source: www.punjabnewsline.com Haryana Housing Board to construct 2983 houses for poor

In the original and presen mutation record of land in and around Mohali, there is a difference of thousands o acres. But this difference hasn't been explained by the authorities to Chander Shekhar, Additional Direc tor General of Police (ADGP), Punjab.

Shekhar is investigating the case pertaining to illega acquisition of land by IAS and IPS officers and politi cians in the area.

In his detailed report sub mitted in the Punjab and Haryana High Court on January 29, Shekhar has ac cused the authorities of giv ing "incomplete, palpably false, misleading, incorrect" and "concealing" informa tion for "reasons bes known to them".

According to the report the "transfer" or "reduc tion" of over 21,000 acres o land in the records has no been explained by the office of the Deputy Commis sioner (DC); District Forest Officer (DFO), Ropar; Dist trict Revenue officer and District Development Pan chayat officer (DDPO), f Mohali.

The details furnished by Shekhar reveal that the re ports sent by the authorities with regard to the trans ferred land have many dis crepancies.

Referring to a report sent l by Mohali DC, Shekhar stated: "Reduction to the extent of 16,312 acres and 8 marlas of mustarka malkan land has not been ex plained. The report of Tehsil Dera Bassi shows 8,580 acres as the total shamlat land in 1966, but in the cur rent jamabandi (mutation), it is 7,218 acres. A differ- ence of 1,362 acres has not t been explained."

"In 1966, total mustarka , malkan land was 287 acres but the current record f shows 254 acres. The differt ence of 33 acres has not been explained. According to the report of Tehsildar, Mohali, the total shamlat or panchayat land transferred to various persons in 1966 was 249 acres. In the current mutation records, it is 149 acres, 2 kanals and 16 marlas. The difference of 99 acres, 7 kanals and 4 marlas has been shown only in six villagers, which is not satisfactory. No explanation has been given about the rest of the villages," Shekhar has submitted in his report.

Source: The Indian Express By Raghav Ohri `DC has no explanation for thousands of acres transferred in Mohali since 1966'

An authority official said that it was the last chance for allottees to deposit the money. If the money is not paid by February 8, the allotments would be cancelled.

Allottees of 1,000; 2,000 and 4,000 sq metre plots could not deposit the money on time as the amount was huge and banks took more time to grant loan. The last date for payment of the money was January 15.

The last date for payment of allotment for 300 and 500 sq metre plots which ended today has also been extended till February 8

Over 21,000 people were alotted lands under residential schemeand 20 per cent of them could not pay in time and had sought more time.

But for a different set of people, the city, located at an hour's drive from state capital Chandigarh, is seen in a very different light, holding a promise of a blossoming future. The city is drawing a good deal of retail players who foresee the city as becoming one of the centres of development after Amritsar, Ludhiana and Jalandhar.

Reliance Jewel on 5,000 sq ft area, Reliance Fresh with its own outlet and Bharti Retail's Easy Day Market on 45,000 sq ft are some of the brands in the large-scale retail format that have entered the city recently. Others such as Kapsons, Woodland, Jini and Jony and Koutons have also managed to settle into the new city. International brands such as FabIndia, Nike, Adidas, Levi's, Bata and McDonald's have realised the potential and purchasing power of the citizens.

Omaxe Group has not only announced its 330-acre plus residential complex but also has most of the popular brands in its Wedding Mall, located at a prime location on the Mall Road and surrounded by Baradari Park, a beautiful lake and Kali Devi Temple. Built with an investment of Rs 140 cr, the mall was unveiled only a couple of months back. Dedicated to the theme of marriage, it intends to provide a mega retail house for the best of marriage-related Indian and international brands.

Source: Economic Times Patiala realty: Retail tale again gets interesting

Fourteen builders submitted their bids for seven group housing plots in Noida on Friday. Financial bids will be opened later after the scrutiny of technical papers. Cost of these plots calculated at the reserve price of Rs 20,400 per sq mt is Rs 1,232 crore. Actual bids will fetch authority more than this amount.

In the presence of bidders and officials, authority officer on special duty Yash Pal Singh opened the technical bids after the bidders had been satisfied with the box seals.

On January 8, the authority had announced a group housing scheme for the six plots in sectors 76, 104 and 137. On January 19, the authority added one more plot of sector 45 in the scheme. All the plots were bigger than 50,000 sq mt area.

Two plots of 51,000 sq mt and one plot of 60,000 sq mt are in sector 137. One plot of 64,600 sq mt was in sector 104. Sector 76 has two plots of 81,740 sq mt and 2,35,630 sq mt. The sector 45 plot area is 60,350 sq mt.

The reserved price was Rs 20,400. Permissible population density is 1,650. The maximum permissible ground coverage is 40 per cent. There is no height limit.

The reserved price of the biggest plot of 2.35 lakh sq mt is Rs 480 crore and the smallest plot of 51,000 sq mt costs Rs 104 crore.

The bidders included Supertech Limited, Mahagun, Poorvanchal, Gaur Sons, Exotica Panchsheel, Anjara India, Amarpalli Sillicon, Amarpalli Presley, Ashiana Pacific, Today Home Infrastructure, Picty & ATS Infrastructure, SDS Infrastructure, Aggarwal Associate and S.V.P. Joint Venture.

"As there is no provision in the NDMC Act that provides for a time limit for completion of assessments or for charging interest on delayed payments, the backlog can be cleared only when the tax payers are given some incentive to settle the disputes and pay the tax," an NDMC official said.

The one-time settlement scheme will cover cases where demand of property tax is outstanding for the period up to March 31, 2009, due to pendency of grant of vacancy remission or decision in remanded cases. It would also cover cases pending in court and any other disputes for fixation of rateable value. Cases where demand is created in the pending proposals under Section 72 of NDMC Act would also be covered in this scheme.

After settlement of dispute or the disposal of these types of cases, a rebate of 5 per cent tax up to Rs.20 lakh of demand and 10 per cent on above Rs.20 lakh of demand would be provided by the civic body. However, this rebate would be available only if the entire demand so created is paid by March 31 this year.

The NDMC is also giving rebates for self-assessment scheme under the NDMC annual rent by-laws of 2009. These rebates will be available on 50 per cent of the tax on the first Rs.1 lakh of the rateable value.

Source: The Hindu One-time settlement scheme for NDMC taxpayers

'The property tax department of the MCD will carry out inspections of all the farmhouses from Feb 1,' MCD spokesperson Deep Mathur said.

The owners and residents of the farmhouses as well as their relatives or employees must cooperate and make available the information and documents required by the inspecting team, he said, warning those who do not cooperate will be prosecuted under the Delhi Municipal Corporation Act, 1957.

"We have received applications from six companies so far, which have submitted their project proposals involving investment in the range of Rs 150-250 crore for setting up a mega food park here, which will be the first ever in Punjab," a senior official of Punjab Agro Industries Corporation (PAIC) said.

Among other companies, which have shown interest for the project are Punjab-based International Fresh Farm Products Ltd, Maninder Rice Mills, Kolkata-based LMJ Ltd and Jodhpur-based Veer Prabhu Exports.

PAIC, which is the nodal agency for agri or food processing industries in the state, would facilitate setting up of the food park by making land available at the proposed location of Goindwal Sahib in Tarn Taran district.

PAIC had also intended to become a partner of the special purpose vehicle (SPV), which would be responsible for establishing, operating and maintaining the MFP. The proposed SPV, set up for creating the food park would also be eligible for availing one time capital grant from the Centre to the extent of 50 per cent of the project cost with a maximum ceiling of Rs 50 crore.

The proposed MFP would boast of a Central Processing Centre (CPC) where food processing units would be set up.

Punjab is among those four states, which have been named as potential locations by the ministry of food processing industries for setting up a MFP.

India's largest real estate firm by market value, DLF Ltd, will be able to raise only half of the targeted Rs5,500 crore this fiscal--by selling assets that are not central to its business of developing property.

DLF is selling non-core assets to reduce debt. The company's net debt for the quarter ended 31 December went up by Rs695 crore to Rs12,830 crore, compared with Rs12,135 crore in the preceding quarter. The realtor's net debt to equity ratio is 0.5.

Realty hit: A file photo of DLF's Belaire project, Gurgaon. Revenue is down 20% as realization in Gurgaon projects is less than that in Delhi.

In an analyst presentation published on the company's website, DLF has said that it will raise around Rs1,250 crore from asset sales and refunds by the end of the fiscal. This will take the total amount raised from asset sales during the fiscal to around Rs2,500 crore.

The remaining amount of Rs3,000 crore would be raised in the next fiscal. In the third quarter DLF raised around Rs170 crore from sale of non-core assets.

DLF's gross debt on 1 October was Rs14,729 crore. While it repaid Rs444 crore out of this during the third quarter, the company also borrowed an additional Rs2,703 crore. Also, its debt increased by Rs180 crore due to consolidation in its business, which has led to an increase in net debt.

Source: Live Mint By Shabana Hussain DLF to Miss Asset Sale Target This Fiscal Year

In a major reprieve for thousands of private plot holders in the city, the Chandigarh Administration has allowed them another chance for obtaining completion certificates. In a further relaxation, the mere submission of the requisite documents for obtaining the certificate will be considered as a `deemed completion certificate' and the plot holder will be entitled to all the subsequent benefits, including the sale of plots.

Procedure of inspection of plots

• Applicants to complete all formalities within 90 days of the first submission of their applications
  
• A list of applicants will be prepared by the Estate Office and of them, 25 per cent sites will be randomly selected through a computerised system
  
• The selected sites will be inspected by a team constituted by the Estate Officer
  
• At the time of inspection, the owner and architect must be present at the site, failing which a notice will be issued to them requiring their presence on the next date
  
• If the plot owner or architect are found missing on the next date also, the application for completion certificate shall be treated as cancelled
  
• After inspection, if any violation(s) are found, the same shall either be compounded or removed before issue of a completion certificate

Source: The Indian Express By VARINDER BHATIA UT allows `deemed completion certificates' for plot owners

After the re-tendering process for the plot failed to attract a higher bidder, the state government in all likelihood was to give the nod to Unitech to develop the one-fourth of the plot. But now, the state government is keeping its fingers crossed till February 9, the scheduled date of hearing on the Unitech issue in the Orissa High Court, the Business Standard has reported.

According to the report, in a recent verdict, the High Court had restrained the government from taking any decision on the matter. The court had slapped notices on the department of housing and urban development and the Bhubaneswar Development Authority (BDA) which had invited fresh tenders for the plot. "No decision can be taken as of now on the Unitech issue as the matter is sub judice. We have to wait till the next round of hearing scheduled for February 9," quoted D K Singh, vice chairman, BDA in the report.

The PIL was filed in the Orissa High Court earlier this month by Gouri Ballav Mohanty. Referring to the re-tendering process for the plot to be developed by Unitech, the petitioner stated that the entire exercise by BDA was to condone the lapses by Unitech which was illegal, arbitrary and against public interest. By accommodating Unitech's request for allotment of 2.75 acres of land as a compensatory mechanism instead of forfeiture of its security deposit, BDA brought huge loss to public exchequer, the petitioner added.

Source: Realty Plus Unitech project in deeper uncertainty

It is suggested that no new proposal be put up to the BoA from state governments which have not effectively put in place the system of single window mechanism. This would be applicable to new approvals and to requests seeking extension of `in-principle' or formal approval as well, the Financial Express has reported, citing the agenda note for the board meeting, which will be chaired by commerce secretary Rahul Khullar.

According to the report, while there are about 100 functional zones that will not be impacted by this decision, a total of 617 SEZs are in various stages of approval. SEZ policies have had a yo-yo ride over the last couple of years, especially those that planned acquisition of large tracts of land. Delay in land acquisition and the economic downturn have seen several developers surrender their plans. The BoA proposal will partially offset some of those delays.

The commerce ministry had urged states to set up a one-stop shop arrangement for SEZs, but so far only a few states have implemented the single window mechanism. While Gujarat has the most business-friendly state-level SEZ Act, Uttar Pradesh, Haryana and Madhya Pradesh also have functional Acts. Many industrialised states like Maharashtra, Andhra, Karnataka and Rajasthan dole out incentives to SEZs through policies, the report added.

Citing experts, the report said that even in states with SEZ Acts and policies, there is no effective implementation of the single window mechanism.

Source: Realty Plus No new SEZs for states going slow on clearance

While Sobha confirmed that talks have been called off, it did not provide details. Shriram Properties MD M Murli said his company was "not pursuing the deal aggressively." Some of the land the firm had put up for sale include 100 acre at Hinjewadi in Pune, 3.8 acres on St Marks Road, Bangalore, 7 acres of NBCC land behind the Bangalore railway station, 330 acres comprising two islands of Valanthakad & Nadukeri and adjoining lands in Manakunnam & Thekumbaghom villages in Kochi. The total value of these land could be between Rs 600 and 800 crore, according to estimates by Mumbai-based research firm Enam Securities.

The latest move by Sobha Developers comes after it managed to strike a deal with an investment fund owned by Infosys co-founder N S Raghavan to raise Rs 225 crore by selling a part of its land bank. The company has also managed to reschedule a substantial part of its loan portfolio. Last year, Sobha raised around Rs 530 crore by diluting close to 22.5% equity through a qualified institutional placement (QIP).

Sobha MD J C Sharma had earlier told ET that the company was looking at a stake dilution of up to 25% at the project level through a special purpose vehicle. While the deal would have generated the much-needed cash for Sobha to develop its projects, it would have also helped Shriram Properties, a part of the $5.5-billion Chennai-based Shriram group, scale up its size in the residential market. In fact, Murli of Shriram Properties had earlier said that the firm was in talks to buy 1,500 acres of distressed assets which could be land with development rights, projects under development or mid-sized real estate company.

Source: Economic Times By Sobia Khan Sobha Developers calls off land sale talks with Shriram Properties

As a result of this decision, permission will now have to be sought from the Director, Town and Country Planning Department, before carrying out any construction or digging and setting up brick- kilns.

The area falling between Kurukshetra and Shahbad has been identified as Pocket-1, which includes the areas of Awana, Khanpur Jatan, Dola Majra, Chudni Jatan, Gulabgarh, Atwan, Chanarthal, Saraisukhi, Rawalkheri, Dhirpur, Kanipla, Shadipur, Kohlapur, Dhudla, Masana, Dhantori, Beer Chappra, Machouli, Tyora, Bakana and Chhapri villages.

The area falling between Shahbad and the boundary of Ambala district has been identified as Pocket-2, which includes the areas of Mohari, Chhourpur, Samalakhi, Haldahari, Gauripur, Kalayana, Mahildeenpur, Boripur, Patti Boripur, Dau Majra, Gaon Landi villages.

Any kind of construction in the revenue estates of these villages is prohibited and for carrying out construction work in this area, permission from the Town and Country Department will have to be sought.

An official spokesman said here today that action under the Act would be taken against the violators of these orders.

Real estate developers are reviving big-ticket projects in Kolkata after securing a commitment from the West Bengal government that "some kind of incentive" would be offered to help them emerge from the downturn. The projects had been halted for at least 18 months.

Road to recovery: An under-construction complex in Rajarhat, Kolkata. Consultants say real estate prices in Kolkata have begun to firm up

States such as Maharashtra, Gujarat and Uttar Pradesh have already announced incentives for real estate developers. Maharashtra has raised the so-called floor space index, or FSI, a measure of the amount of covered space that a developer can set up on a plot of land. Uttar Pradesh is asking developers to put up a smaller amount than before at the time of allotment for state government projects.

"Demands (for incentives) from real estate developers are reasonable," said Asok Bhattacharya, West Bengal's minister for urban development. "We are examining the legal aspects and hope to announce some kind of incentive soon."

Among those restarting construction of key projects in Kolkata are Emaar MGF Land Ltd, which plans to build two 250-room hotels under the JW Marriott and Holiday Inn brands, and local players such as Dhoot Developers Pvt. Ltd, South City Projects (Kolkata) Ltd and Merlin Projects Ltd, which are building large commercial complexes in partnership with the Kolkata Metropolitan Development Authority, or KMDA--an arm of the state government.

Source: Live Mint By Romita Datta and Aveek Datta Realty firms revive projects in Kolkata

"The firm has decided not to go ahead with the mall project. It had earlier planned to build a retail mall on this particular land parcel, but has now decided to hive it off," the official added.

According to the report, the move once again highlights the Gurgaon-based company's travails in the southern states. DLF has had a run in the two states of Karnataka and Tamil Nadu where it had announced projects in the heady days of 2006-07. The developer had pulled out of Bidadi Knowledge City project, estimated to cost a whopping Rs 60,000 crore, last year, citing difficult market conditions. With the project failing to take off, Karnataka government returned Rs 400 crore on May Day last year to DLF.

DLF has other projects in Karnataka such as a township in Bidadi (9,000 acres), development project in Jigani Industrial area (100 acres), 2 hotels in Mysore (around 5acres) and a retail mall in Whitefield (around 15 acres). Difficult market conditions have made the realty major's Chennai project `Garden City' run into trouble, with the realtor announcing price cuts. In February 2009, DLF had reduced sticker prices for its existing customers to Rs 2,500-Rs 2,600 per sq ft against the launch price of Rs 2,800-Rs 3,200. DLF had to refund money to around 200 buyers last year.

Source: Realty Plus DLF sells 15-acre Bangalore property for 120 crore

अब तक नोएडा के रिहायशी क्षेत्र में आवासीय प्लॉट पर अधिकतम बेसमेंट 50 प्रतिशत था। आवासीय प्लॉट में ढाई मंजिल से अधिक की मंजूरी न होने के कारण प्राधिकरण ने बेसमेंट का दायरा बढ़ाने का प्रस्ताव तैयार किया था। बोर्ड बैठक में अनुमोदन होने के बाद प्रस्ताव को मंजूरी के लिए शासन के पास भेजा गया था। पिछले हफ्ते केबीनेट की बैठक में इस प्रस्ताव को भी रखा गया था।

अधिकारिक सूत्र बताते हैं कि इसे मंजूरी मिल गई है। अब नोएडा में सौ प्रतिशत तक बेसमेंट का निर्माण किया जाएगा, लेकिन प्लॉट के कुल क्षेत्र का सौ प्रतिशत नहीं होगा। प्लाट के ग्राउंड कवर्ड एरिया के बराबर ही बेसमेंट का निर्माण किया जा सकेगा। मकान के फ्रंट व सैट बैक के नीचे बेसमेंट का निर्माण नहीं किया जाएगा।

अब प्राधिकरण अधिकारी इस नियम को लागू करने के लिए अपने बायलॉज में बदलाव करने की तैयारी कर रहे हैं। केबीनेट की बैठक में मंजूरी मिलने का पत्र आने के बाद इस नियम को लागू कर दिया जाएगा। इससे जहां लोगों को पचास प्रतिशत की बजाय सौ फीसदी तक बेसमेंट बनाने की छूट मिलेगी, वहीं पचास प्रतिशत से अधिक बेसमेंट बनाने पर पेनाल्टी भी देय नहीं होगी।

Reason: The notification issued under Sections 47-A and 75 of the Indian Stamp Act, 1899, by Punjab Financial Commissioner (Revenue) Romila Dubey making the fourth amendment in the Punjab Stamp (dealing of under-valued instruments) Amendment Rules, 2009, to grant relief to plot owners in the state on May 28, allowed the benefit to only the "original and first re-allottees".

However, the subsequent re-allottees, who have bought the properties from the first re-allottees were not allowed the benefit of registration at old rates.

"We are bound to obey by the government order, which stipulates to extend the benefit to original and re-allottees only," said a GMADA official, adding that persons to whom the property was transferred by the original allottee or legal heirs of the original allottees were considered as re-allottees.

Up in arms against what they called as "discrimination", a large number of subsequent re-allottees held a meeting on Thursday and constituted a `Re-Allottees' Action Committee' to take up their cause.

Sukhpal Singh, who was made the president of the committee, announced to soon meet Punjab Chief Minister Parkash Singh Badal and seek an extension of the benefit to the subsequent re-allottees as well. The state government has extended the relief for three months, which was first introduced on March 2, 2009 and had expired on December 31, till March 31, 2010.

As per the notification, the stamp duty for registration of immovable property allotted by any government/semi-government organisation will be charged on the consideration amount fixed at the time of allotment of such property, provided that the document is registered by the original allottee and re-allottee, who have already made the full and final payment of their plots till September 2, 2009, while those, who are still paying the instalments, could avail the benefit within three months from the payment of their last regular instalment as per schedule of payment.

"The firm has decided not to go ahead with the mall project. It had earlier planned to build a retail mall on this particular land parcel, but has now decided to hive it off," said an official privy to the development.

The move once again highlights the Gurgaon-based company's travails in the southern states. DLF has had a run in with the two states of Karnataka and Tamil Nadu where it announced projects in the heady days of 2006-07. The developer has pulled out of the Bidadi Knowledge City project, estimated to cost a whopping Rs 60,000 crore last year citing difficult market conditions. With the project failing to take off, the Karnataka government returned Rs 400 crore on May day last year to DLF.

DLF has other projects in Karnataka such as a township in Bidadi (9,000 acre), development project in Jigani industrial area (100 acre), two hotels in Mysore (around 5 acre) and a retail mall in Whitefield (around 15 acre). Difficult market conditions has made realty major's Chennai project `Garden City' run into trouble, with the realtor announcing price cuts.

Source: Economic Times By Sobia Khan & Shruti Sabharwal DLF nixes mall plans, offloads Bangalore property

Unaffordable Housing?

• Around 15% price escalation in last six months hitting demand for affordable housing projects

• Low appetite for risk, commute distance or drawbacks in infrastructure is holding back buyers

• Perceptions of affordable housing differs across cities and income groups

• Price is a starting  point, but most consumers are also seeking quality and infrastructure

    With demand rising for bigger projects, there's fear that builders may soon move away from the `affordable' sector.

"Property prices have risen 15-20 per cent in the past six months. If there is a rise in home prices, people will get out of the market, as it is the middle-income group that is driving sales," warns Renu Sud Karnad, managing director, HDFC ltd. As property prices firm up, there's a ripple effect on the lower segment. Now, there are fears that a further 25-30 per cent rise in residential property prices might strangle the demand from those seeking low-priced housing.

The apprehension seems justified. During the year-long liquidity crunch from mid-2008, the government had stepped in to offer a helping hand: it partnered private development and provided incentives for affordable housing in the sub-Rs 20 lakh bracket. Yet, either there aren't enough appealing projects available or there aren't enough takers for `affordable' housing in cities like Mumbai, Greater Noida or New Gurgaon. "During the downturn, when supply was more than the demand, there was a decline in prices," says a spokesperson for developer Parsvnath. "Now, as the demand has started picking up, there's a cascading impact on the prices."

Source: www.outlookindia.com By Lola Nayar Reaching The Roof: There's A Cloud Over Middle-Class Dreams Of Affordable Homes

With the Greater Mohali Area Development Authority (GMADA) clearing the allotment of 14 acres land in Sector 76 here for the District Administrative and Court Complex (DACC) in Mohali, a ray of hope has emerged which may finally give a push to the project.

The allotment was cleared by Punjab Chief Minister Parkash Singh Badal, who is also the GMADA chairman, on a case moved by the authority following a request from the Punjab Department of Revenue.

The development assumes significance as even almost four years after getting the status of a district, Mohali was continuing without the DACC, which is one of the basic requirements for any district headquarter.

In the absence of DACC, offices of the district civil and police administration were working temporarily from the old PSEB office building in Phase I here while the district judicial courts were working temporarily from a community centre in Phase 3B1.

The District Consumer Disputes Redressal Forum was housed in a rented accommodation in Phase II.
Also, there was no residential accommodation available for officials of the district administration.

Confirming the development, GMADA Chief Administrator (CA) Vivek Partap Singh told Newsline that a formal letter to offer the land would soon be issued to the Punjab Department of Revenue, which was appointed as the nodal agency for procuring land, making payment and completing other formalities related to the allotment of land.

Source: The Indian Express By NITIN JAIN GMADA clears allotment of 14 acres

According to the complaint, Suraj Rathi, was alloted a plot by way of draw of lots held on January 16, 2002. The total price of the plot was fixed at Rs 2,45,025, of which Rathi had paid Rs 61,256.25 to the company. The remaining amount of Rs 1,83,768.75 was to be paid in six equal instalments of Rs 30,628.13 with 15 per cent interest.

Rathi alleged he deposited Rs 2,73,001 and requested the company to make it clear when he would be able to take the possession of the plot . He also requested to be informed about the balance payment if any. The last date of the sale deed was fixed on or before January 19, 2008. Rathi said he went to the office of the Sub-Registrar on January 18 and 19, along with the balance payment but none from the company's side came to seal the contract.