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दिल्ली : प्रॉपर्टी मार्केट में सन्नाटा

दिल्ली सरकार के रेवेन्यू डिपार्टमेंट द्वारा जारी नए सर्कुलर के बाद प्रॉपर्टी मार्केट में सन्नाटा है। सर्कुलर में कहा गया है कि बिल, जीपीए और ऐग्रिमेंट टु सेल (सभी या कोई एक) के आधार पर प्रॉपर्टी डॉक्युमेंट रजिस्टर्ड नहीं किए जाएंगे। इस सर्कुलर के आने से डीडीए जैसी एजेंसी द्वारा अलॉट प्रॉपर्टी की भी रजिस्ट्री बंद हो गई है। अब तक डीडीए या किसी अन्य एजेंसी की लीज होल्ड संपत्ति के संबंध में ऐग्रिमेंट टु सेल पर ड्यूटी देकर डॉक्युमेंट रजिस्टर्ड कराए जा रहे थे। वहीं, रेग्युलराइज्ड कॉलोनियों की प्रॉपर्टी के मामलों में जीपीए रजिस्ट्रेशन तो बंद ही था, लेकिन जीपीए होल्डरों द्वारा सेल डीड एग्जक्यूट किए जाने पर रजिस्ट्रेशन हो रहा था। लेकिन अब जीपीए के आधार पर सेल डीड तक पर रोक लगा दी गई है।

सिर्फ सेल डीड से सेल डीड
अब स्थिति ऐसी है कि सब-रजिस्ट्रार दफ्तरों में सिर्फ सेल डीड से सेल डीड रजिस्टर्ड किए जा रहे हैं। दिल्ली सरकार के रेवेन्यू डिपार्टमेंट ने अपने सर्कुलर में सुप्रीम कोर्ट के फैसले का हवाला दिया है। 11 अक्टूबर, 2011 को आए उस फैसले में सुप्रीम कोर्ट ने कहा था कि किसी संपत्ति का हस्तांतरण सिर्फ रजिस्टर्ड कन्वेंस डीड (हस्तांतरण पत्र) के द्वारा ही हो सकता है। जीपीए सेल्स यानी जीपीए, एसपीए या वसीयत के द्वारा होने वाले ट्रांसफर से न ही मालिकाना हक मिलता है और न ही ये किसी अचल संपत्ति के ट्रांसफर के लिए मान्यता प्राप्त या वैध तरीका है।

सुप्रीम कोर्ट ने अपने फैसले में यह भी कहा था कि अदालतों द्वारा इस तरह के सौदों में ट्रांसफर को पूरा नहीं माना जाएगा क्योंकि उससे न तो हस्तांतरण होता और न ही उस अचल संपत्ति में किसी प्रकार का हित पैदा होता है। इन दस्तावेजों को (ट्रांसफर ऑफ प्रॉपर्टी ऐक्ट के सेक्शन 53ए के तहत सीमित सीमा को छोड़) टाइटल डीड नहीं माना जा सकता है और न ही इस तरह के ट्रांसजेक्शंस को म्यूनिसिपल या रेवेन्यू रेकॉर्ड में म्युटेशन का आधार बनाया जा सकता है।

1 मई को आया फरमान
सुप्रीम कोर्ट ने जो आदेश दिया था, उसके बाद से डीडीए या किसी अन्य एजेंसी जिनके द्वारा लीज होल्ड प्रॉपर्टी अलॉट की गई थी या की जा रही है, को छोड़ जीपीए सेल बंद हो गया था। डीडीए या किसी अन्य एजेंसी से इतर प्रॉपर्टीज के जो ट्रांसजेक्शंस हो रहे थे, उनमें जीपीए होल्डरों द्वारा आगे सेल डीड किए जा रहे थे। लेकिन 1 मई 2012 से जीपीए होल्डरों द्वारा सेल डीड करने पर भी रोक लगा दी गई है। रेवेन्यू डिपार्टमेंट ने जो सर्कुलर जारी किया है, उसमें सभी सब-रजिस्ट्रारों को यह निर्देश दिया गया है कि किसी भी अचल संपत्ति के संबंध में जीपीए, ऐग्रिमेंट टु सेल या वसीयत (सभी या कोई एक) के आधार पर कंवेंस एग्जक्यूट नहीं किए जा सकते। इसी पाइंट के आधार पर सभी सब-रजिस्ट्रार दफ्तरों में दो दिन से प्रॉपर्टी रजिस्ट्रेशन करीब-करीब बंद हैं।

सर्कुलर पर विवाद
सर्कुलर को लेकर पब्लिक से लेकर वकील तक हैरान-परेशान हैं। लोगों का कहना है कि आखिर अचानक ऐसा कैसे किया जा सकता है। और, सुप्रीम कोर्ट का फैसला अक्टूबर में आया था, तब से अब तक किस कानून या नियम के तहत रजिस्ट्रेशन किया जा रहा था और अब क्यों नहीं किया जा सकता। रजिस्ट्रेशन ऐक्ट से जुड़े वकील दीपक कुमार सिंह का कहना है कि इससे न सिर्फ जनता को परेशानी हो रही है बल्कि सरकार को भी रेवेन्यू का काफी नुकसान हो रहा है। वहीं साकेत में प्रैक्टिस करने वाले ऐडवोकेट हरेराम सिंह ने कहा कि सरकार को अपने फैसले पर फिर से विचार करना चाहिए। जनकपुरी और कापसहेड़ा सब रजिस्ट्रार ऑफिस में डील करने वाले वकील अजिताभ का कहना है कि दिल्ली जैसे शहर में जहां दशकों से यादातर प्रॉपर्टी ट्रांजेक्शन अटर्नी और वसीयत के आधार पर ही होते रहे हैं, वहां अचानक इस तरह का फैसला लिया जाना गलत है। इस फैसले के कारण जो जीपीए होल्डर सेल डीड करना चाहते हैं, वे भी नहीं कर सकते।

रजिस्ट्रेशन में भारी कमी
रोहिणी सब-रजिस्ट्रार ऑफिस के सूत्रों के मुताबिक वहां रजिस्ट्रर्ड होने वाले दस्तावेजों की संख्या में करीब 60-70 फीसदी की गिरावट आई है। यहां पहले रोज औसतन करीब 100 दस्तावेज रजिस्टर्ड हो रहे थे। जनकपुरी सब-रजिस्ट्रार ऑफिस में भी स्थिति ऐसी ही है। यहां 1 मई से पहले रोज 200 से 250 दस्तावेज रजिस्टर्ड होते थे। लेकिन अब संख्या 100 से 150 के आसपास आ गई है। कापसहेड़ा, पीतमपुरा महरौली आदि अन्य सब-रजिस्ट्रार ऑफिसों की भी हालत ऐसी ही है। हर जगह कामकाज प्रभावित है।

लटके चेहरे
प्रॉपर्टी कारोबारियों के चेहरे भी लटक गए हैं। लोगों के तमाम पुराने ट्रांजेक्शंस एटॉर्नी बेस्ड हैं। उत्तम नगर इलाके के प्रॉपर्टी कारोबारी पवन सिंघल ने कहा कि इस सर्कुलर का पूरी तरह नेगेटिव इंपैक्ट है। लोगों के लिए अब मुसीबत यह है कि वे अपने सौदों के निकाल भी नहीं सकते। एक अन्य प्रॉपर्टी कारोबारी सरकार को कुछ समय तो देना ही चाहिए था।

आदेश का पालन
लोगों को हो रही परेशानी को लेकर जब कई सब-रिजस्ट्रार ऑफिस के अफसरों जब इस संबंध में बात की गई, तो उनका यही कहना रहा कि वे ऊपर के आदेश का पालन कर रहे हैं। उनके हाथ में कुछ नहीं है। डिविजनल कमिश्नर से बात करने की कोशिश की गई, लेकिन बात नहीं हो पाई।

Construction sector among biggest contributors to Delhi’s GDP

New Delhi: The construction sector has contributed over Rs 30,000 crore to Delhi’s GDP of 3.13 lakh crore in 2011-12, retaining its position as one of the major driving forces of the city’s economy.
The sector added Rs 30,042 crore to the city’s GDP in 2011-12 at current prices, up by Rs 4,749 crore from its share of Rs 25,253 crore in 2010-11, a latest report of Delhi Government said.

Officials attributed the robust growth in the sector to increasing demand for commercial and residential properties as well as infrastructure development projects by the government.

The report said contribution of manufacturing sector to the gross state domestic product has gone up to Rs 16,081 crore in 2011-12 at current prices from Rs 13,844 crore in 20101-11.

It said the industry sector added a total of Rs 8,378 crore to the city’s GDP in 2011-12 as against Rs 6,600 crore in the previous year.

The share of service sector, also known as tertiary sector, in the GDP of Delhi was about 82 per cent, followed by the secondary sector at 17 per cent and primary sector at 0.87 per cent. The primary sector comprises agriculture and allied services, while secondary sector consists of construction and manufacturing sectors.

In the tertiary sector, the combined contribution to GDP by hotels, restaurants and wholesale and retail trade in 2011-12 at current prices has been estimated at Rs 59,734 crore as against Rs 50,061 crore in the previous year.

The report also reflects a progressive decline in the contribution of the primary sector to the GDP, while the secondary sector managed to retain its hold.

The contribution of the tertiary sector, also comprising transport, real estate services and financial services, has been gradually increasing.

At Rs 3.13 lakh crore, the gross state domestic product of the city went up by an impressive 18.7 per cent from 2.64 lakh crore in 2010-11.

However, the GDP, at constant prices, have been estimated at Rs 2,13,429 crore in 2011-12 against Rs 1,91,696 crore in the previous fiscal.

Power of attorney blow: Real estate deals may dip 40% in Delhi

NEW DELHI: Real estate transactions in the secondary market in Delhi could see a 30-40% drop over the next few months with the government banning sale of property through transfer of general power of attorney.

The state government has notified an October 2011 Supreme Court order with retrospective effect, which would impact hundreds of buyers who had bought properties since October last year through this route.

For them, it would mean going back to the sellers to get the correct and complete documentation and then get a fresh registration done.

Power of attorney is used in the city to sell properties that are leasehold in nature and properties that lack clarity of title. Builders who are redeveloping plots that will later be sold floor wise to other buyers also use it. In some cases, buyers who want to avoid paying stamp duty use the GPA route to buy properties.

“People who have bought properties between October and now will be stuck,” says Samarjit Singh, Managing Director of property broking firm IndiaHomes.Close to 30-40% of property transactions in Delhi happen through general power of attorney.

In some parts of the city, like Rohini, Patparganj, Dwarka and Mayur Vihar, which have a considerable number of corporative group housing societies that are typically leasehold, this figure could be even higher and would see a steeper fall in transactions.

Delhi Govt for Relaxing Norms for Unauthorised Areas

Delhi government today requested the Centre to relax certain norms in regularisation of unauthorised colonies here which were given provisional regularisation certificates in 2008.

Delhi Urban Development Minister A K Walia conveyed the request during a meeting with Union Urban Development Minister Kamal Nath this evening.

Walia specifically requested Nath to help Delhi government in regularisation of such colonies which were given clearances by various government departments and agencies.

The meeting came a day after CM Sheila Dikshit ordered speeding up of development works in such colonies.

Lack of developmental work in unauthorised colonies, which have been home to around 60 lakh people, was cited as a major reason for Congress’ defeat in the civic polls recently.

Delhi government had issued provisional regularisation certificates (PRCs) to over 1,200 unauthorised colonies ahead of assembly polls in 2008.

The then government, while distributing certificates, had promised to regularise the colonies if Congress came to power for third term. However, not a colony has been regularised so far.

Sources said Walia requested Nath to relax certain norms about prescribed built up areas for regularisation.

Walia requested Nath to allow the government to consider the boundaries of unauthorised colonies for regularisation as per the records of 2008 and not as per the records of 2002.

As per norms, unauthorised colonies, which came up prior to March 31, 2002 and which had 50 per cent built-up area as on February 8, 2007, were eligible for PRCs.

No sale deed to be registered if property transacted under GPA: Delhi govt

New Delhi: In a bid to ensure strict adherence to the Supreme Court order on property transactions, Delhi government today said no sale deeds will be registered if it is done through General Power of Attorney (GPA).
The government, however said, the property transactions involving GPA that have taken place after the Supreme Court order on October 12, 2011, would not be null and void and property holders can “regularise” them by paying the difference in the stamp duty.

Revenue Minister A K Walia said immediate restrictions were put on GPA as a mode of property transfer following the apex court order but still such transactions had taken place, following which an advisory was issued to all the officers concerned last week to comply with the order.

“All concerned officials have been implementing the Supreme Court order. However, the advisory was issued to ensure total compliance of the Supreme Court order,” he said.

The Supreme Court had on October 12 last year ruled that sale transactions carried in the name of GPA will have no legal sanctity and immovable property can be sold or transferred only through registered deeds.

Walia said the city government is committed to honouring the judgement and implement it in true spirit as it will immensely benefit the citizens of Delhi.

Power of attorney property deal ban: Wary property dealers call for easy conversion

NEW DELHI: The ban imposed by the Delhi government on general power of attorney as a mode of property transfer, following a Supreme Court order, is expected to impact the entire property market. Property dealers say that while the ban was required to regularize property transactions, in the absence of a simple and clear procedure for converting leasehold property or property held under GPA into freehold, transactions may fall sharply, at least for a while.

“The move is right – that’s how it should be. Property should not be transferred through power of attorney. However, along with this, the government should improve the process, the system of transfer so that people don’t suffer. A majority of owners go for GPA because they don’t have a choice. I think residential property will be hit the most,” says Anshuman Magazine, chairman and MD, CBRE South Asia Pvt. Ltd.

Commercial property owners are feeling the pinch as well. “If the government does not come up with a correct formula for conversion of leasehold property into freehold, there’ll be hardly any transactions in commercial blocks,” says Alok Batra of Aakar Properties and Investments. He explains that conversion into freehold will be a hugely complicated affair in business districts such as Nehru Place, Bhikaji Cama Place and Connaught Place. “You have to get the entire plot converted before you trying selling individual units. Who will get it converted? There can be disagreements about freehold conversion charges. There are a lot of technical issues,” says Batra. “They had made these provisions. If they withdraw them, how will transactions happen?”

Not everyone is worried however. Mahesh Gupta of Mukul Consultants Group welcomes the ban. “Deals made via power of attorney involve black money. If someone sells his property for Rs 100 crore, he may show just Rs 2 crore in the sale deed. But in freehold property, they have to show at least the circle rate, which may be Rs 50 crore,” he explains. In the case of older residential areas with individual plots, the process will be relatively simpler. “The buyer can insist on the seller converting his property first,” says Batra. “It’s unauthorized colonies that will be worst affected. It is there that maximum transfers through GPA take place,” says real estate analyst Pradeep Mishra.

Though the ban may deter property deals for a while, it will benefit property owners in the long run, feels realtor Nagesh Mahajan. “Property has no value under power of attorney. One cannot get even a bank loan against it. Conversion gives owners all the legal documents they need,” he says.

Typically, if all papers are in order, conversion takes about three months. Reality though is different. Ashwani Singh Virk, proprietor, Jagson Realtors, says many properties are stuck in the conversion stage for several months. “Government levies penalties on some commercial properties if the area is overcrowded or if part of the property is used for a purpose other than what is specified. These penalties can run into several lakhs and owners cannot get their properties converted without paying. Conversion also requires a complete chain of documentation and some older properties may not have every document.”

Dealers say the number of transactions through the now banned mode is appreciable. “About a third of the deals we handle are via power of attorney,” says Gupta. Ravinder Bakshi of BVM Infrastructure Pvt Ltd says business for his firm might decrease by as much as 20-30%.

Delhi sells its homes faster than Mumbai

Mumbai: Mumbai may be second to Delhi in unsold homes, but it will take longer to sell them. Real estate developers in the financial capital must wait over three years to clear 1.13 lakh units or 120 million sq ft as high prices deter potential buyers, shows a study released by Liases Foras, a real estate rating and research consultant.

The study covers units in Mumbai Metropolitan Region (MMR) — including Mumbai city, Thane, Kalyan and Navi Mumbai — National Capital Region in Delhi, Pune, Hyderabad, Bangalore and Chennai.

NCR, with 232.57 million square feet or 1.60 lakh units of unsold homes — roughly double Mumbai’s —will likely sell homes much faster, in 23 months.

“The NCR market is primarily an investor market and has very little comparison with Mumbai,” says Om Ahuja, chief executive officer (residential services) at Jones Lang LaSalle India. “The real estate market in areas like Gurgaon or Noida attracts a lot of money from neighbouring states like Punjab, UP and Delhi as people invest in residential properties.”

Among the six metros, Pune homes will be sold the fastest, taking just 14 months to sell its 43.06 m sq ft at the current pace of buying. A steep rise in interest rates in the last 18 months was seen as the key reason for low sales as buyers try to avoid high home loan instalments.

The Reserve Bank of India cut key rates by 50 basis points last month, forcing lenders to lower their retail lending rates which could push sales.

“The reason for slow sales in Mumbai is the pricing of property in the city,” says Pankaj Kapoor, founder, Liases Foras. “Pune, which is closer to the Mumbai market, sees higher sales in residential units despite having just half the units Mumbai built. High costs paid for land in Mumbai, coupled with rising construction costs has skewed the pricing landscape which is affecting sales,” says Kapoor.

In Mumbai, demand for under-construction homes has fallen significantly. “Residential absorption in Mumbai at 33 million sq ft a year is now at its lowest since November 2009,” says a report from Standard Chartered released on April 23.

The Liases Foras report says that Bangalore with 71.29 million sq ft and Chennai 42.75 million sq ft of unsold homes will be cleared off in 20 months. But Hyderabad may take 38 months to sell 33.82 million sq ft residential units as political unrest in the city pulls down sentiment.

“There is a lot of upsurge in demand for residential property in cities like Pune, Chennai, Bangalore and Hyderabad because of affordability and jobs creation,” says JLL’s Ahuja.

Real estate trade bodies – Maharashtra Chamber of Housing Industry (MCHI) and the Confederation of Real Estate Associations of India (CREDAI) – blame the longer time to get government approvals and high property prices to slow sales in Mumbai.

“If the government brings down the project clearance time, it will help developers save on input and interest costs which will be eventually passed on to the consumers,” says Boman R Irani, chairman and managing director, Rustomjee, Mumbai-based real estate developer and secretary of MCHI-CREDAI.

“With ongoing delays in the approval process, around 16-18 million square feet of residential space is stuck every year in MMR,” says Vyomesh Shah, managing director, Hubtown, real estate developer. According to MCHI-CREDAI, there are nearly 500 projects await just environment clearance.

Labour Day: Low-cost flats will be made available for labourers, says Dikshit

New Delhi: Describing labourers as “catalyst of growth”, Delhi Chief Minister Sheila Dikshit today promised better facilities including low-cost flats for them in the city.

“The government intends to make available houses for the labourers so that their housing needs can be addressed,” Dikshit said at a function organised on the eve of International Labour Day.

Dikshit also presented awards to 39 labourers in recognition of their dedication and hard work.

The Mukhyamantri Shramik Puraskar, which carries an amount of Rs one lakh and a citation, was given to Raman Kumar who as a worker in Mahajan Product Pvt Ltd helped the company save power.

Ten other workers were presented Delhi Shramik Puraskar whereas 28 managers of a number of industrial units were given Delhi Safety Awards.

The awards were instituted by the Labour department to encourage labourers to perform better in their work.

Speaking on the occasion, Dikshit commended contribution of the labourers in development of the city and exhorted them to help in maintaining the newly constructed infrastructure properly.

Government has provided a sum of Rs 800 crore in Delhi Construction Workers Welfare Fund which will be utilised for the benefit of labourers, she said.

Dikshit said a construction academy will soon be commissioned to train construction workers in new technologies.

Realty projects scrapped, Shahberi farmers plans their own township

Farmers in Shahberi have proposed to build a township on their land.

Shahberi was the first village in the proposed realty hub of Noida Extension where a court quashed acquisition. This prompted other villages to seek their land back, giving tensions to thousands of homebuyers.

A group of farmers on Monday submitted to the district magistrate (DM) “a letter of intent and a proposal for development of an integrated township by the village community of Shahberi.” The DM has forwarded the letter, which seeks permission and guidance to build the township, to the Greater Noida authority.

Since the Supreme Court in July last year quashed the acquisition of 161.531 hectares, the land has been returned to farmers. Most of the 6,500 buyers who had booked flats have been either relocated or refunded. The village today is a mess with dusty roads and concrete pillars of unfinished apartments greeting visitors.

Farmers say the land is no more viable for agriculture because of depletion of groundwater level and soil damage caused by large-scale construction and digging.

“Villagers have hired a team of researchers from a school of architecture planning to design the integrated township which will have residential, industrial and commercial spaces,” said Sajid Hussain, one of the promoters.

“Construction will be carried out as per Greater Noida’s master plan and building regulations. It will be an eco-friendly township. Presently we have 80 acres of land which will expand to 100 acres as more members will join us,” he said.

“There will be an independent waste water treatment plant and a water conservation system. We will ensure all payments to the authority as per rules and seek necessary clearances from environment, fire and other departments,” he said. “As an alternative the proposed township can be developed on public private participation (PPP) model,” he said.

A list of 13 plots total measuring 35.136 hectare has been enclosed with the proposal. Farmers who are part of this plan include Sajid Hussain, Zile Singh Rambir Singh, Intesaab Hussain, Farhat Ali, Shakila Begum,Shugan Pal, Davender Singh, Varun and Jagbir Singh. They have also submitted a conceptual note of architect Snehanshu Mukherjee.

Elsewhere in Noida Extn

The Greater Noida authority acquired 3,635 hectares of land for Noida Extension in about a dozen villages. Only 161.531 hectares of land fell in Shahberi village. Here land has been returned to farmers because of an SC order. For the rest of the villages, where about 2 lakh houses are planned and 1 lakh booked, the high court in October last year ordered increased benefits to farmers. Construction has not commenced because the master plan has not yet been approved by the NCR planning board. Now challengingthe high court order, several villages have moved SC.

Source:  http://www.hindustantimes.com/India-news/UttarPradesh/Realty-projects-scrapped-Shahberi-farmers-plans-their-own-township/Article1-848668.aspx

MPs won’t get Commonwealth Games flats: Kamal Nath

New Delhi: Government today poured cold water on wishes of MPs to occupy the Commonwealth Games flats in Delhi, saying nothing of the sort will be done.
Urban Development Minister Kamal Nath said in Lok Sabha that 100 CWG flats are going to be auctioned soon.

Altogether 1,168 flats were constructed for the 2010 Games out of which DDA owns 711 flats.

These will not be given to MPs, Nath said adding otherwise there will be “hue and cry”, which neither he nor the MPs would like in the “present scenario”.

“I don’t want to be a victim. You also won’t like that. So, don’t think about that,” the Minister said while replying to a discussion on the Demands for Grants on Urban Development Ministry.

He said 52 flats for Lok Sabha MPs on BD road and 14 for Rajya Sabha MPs on Talkatora Road are under construction.

“Plan for constructing 460 flats on Feroze Shah Road and 400 flats in South Avenue is ready,” he said.

On regularisation of unauthorised colonies in Delhi, Nath said the ministry has no problem in notifying those colonies but the state government has to do that first.