Latest Property News on 'Real Estate India'

Agni Property draws up $10-m expansion plan

Property broking major Agni Property has announced a total investment of $10 million in 2012.

“Private equity firms such as Helion Venture Capital and Foundation Capital have already invested $ 4 million in the company. They will, on the whole, invest $10 million in expanding its operations in 2012,”said Mr Samarjeet Singh, founder of Agni Property.

The funds will be used for furthering the firm’s foray into e-commerce space and the Goldmine project. Goldmine is a pricing system, of the likes of online hotel and airline booking, which positions every sellable unit of real estate on the basis of comfort, luxury, market demand and availability.

Agni Property also announced its name change from Agni Property to IndiaHomes. “The motive behind the name change is to stress on our pan–India footprint. Beside, it is also a more Internet-friendly name,” said Mr Singh. The company is looking to spend close to $1 million on the rebranding exercise.

IndiaHomes targets 300-400 per cent growth in 2011-12 and a net transaction fee of Rs 25 crore. Commenting on market sentiments, Mr Singh said, “So far, sentiments in the real estate sector have been on the negative side owing to interest rates and rising EMIs. If the RBI reverses its monetary policy stance, it would encourage the fence-sitters to transact in real estate. The third quarter of 2012, should be good.”

On the Draft Real Estate (Regulation and Development) Bill 2011, Mr Singh said, “It will be a game changer leading to three to four times more growth in the industry.” The company is also planning to set up offices in Ahmedabad, Pune, Chennai and Hyderabad. The headcount for the firm will go up from 300 to 500 by the end of this fiscal. IndiaHomes has already shortlisted two to three companies for technical partnerships for customer lifecycle management.

Source: http://www.thehindubusinessline.com/companies/article2869297.ece

Unauthorised colonies regularisation: Delhi govt to rely on satellite images

New Delhi: Under attack after a high-level probe found gross irregularities in issuance of provisional regularisation certificates, the Delhi government has decided to only rely on satellite images to verify prescribed built up areas of over 1,200 settlements to regularise them.
Following allegations of irregularities, the government decided not to go by reports of MCD on built up areas in unauthorised colonies which were issued provisional regularisation certificates (PRCs) in 2008 and instead asked Survey of India to provide satellite images of the colonies.

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

“The Survey of India has satellite images of all the colonies and we have decided to go by the images. We will not rely on reports of MCD in verifying built up area,” a top official said.

The PRCs were issued based on verification of built up areas by MCD following submission by Resident Welfare Associations. The government has already cancelled PRCs of 43 unauthorised colonies on the basis of findings of the report.

The Delhi government had issued the PRCs to over 1,239 unauthorised colonies ahead of the assembly polls in 2008, which have been home to around 40 lakh people and constitute important vote bank.

A committee, headed by Divisional Commissioner Vijay Dev has found serious wrongdoings in the process of issuance of PRCs and recommended criminal proceedings against those involved in the irregularities. The committee said certain non existent colonies were also issued PRCs.

Chief Minister Sheila Dikshit had ordered the inquiry in October last year after former MLA Ramvir Singh Vidhuri filed a complaint with the city Lokayukta alleging serious fraud in issuance of PRCs.

The committee highlighted alleged nexus between land grabbers, Resident Welfare Associations and certain elements in concerned government departments to procure provisional regularisation certificates (PRCs) in violation of laid down norms.

The BJP has been attacking the government demanding an in-depth inquiry into the whole process of issuance of PRCs.

Dikshit had yesterday issued directions to Urban Development department to strictly follow laid down norms in regularising the colonies.

The Urban Development department is currently preparing a report on the issue for submission with the Delhi Lokayukta who has issued notices to Delhi Government seeking all details about the procedure adopted for issuance of PRCs in 2008.

The probe report said certain ineligible colonies also managed to get the PRCs violating laid down norms.

Regularisation of unauthorised colonies is expected to become an election issue during MCD polls as BJP has been slamming the government accusing it of failing to keep its promise of regularising the unauthorised colonies.

Source: http://www.financialexpress.com/news/unauthorised-colonies-regularisation-delhi-govt-to-rely-on-satellite-images/909077/0

Buyers move HC for fixing time on NCPRB to pass master plan

NOIDA: Homebuyers of Noida Extension have decided to approach the Allahabad High Court to ask for a time-bound action plan for granting clearance to the Master Plan 2021 of the Greater Noida Authority by the NCR Planning Board. With no response from the planning board, construction activities of the housing projects remain stalled.

The Noida Extension Flat Buyers’ Welfare Association (NEFBWA), which had earlier filed a petition in the high court in support of the review petition filed by the Greater Noida Authority, is now filing a revised petition pleading for a deadline to be set on the NCR Planning Board to clear the master plan. The review petition of the Greater Noida Authority, filed in the first week of December last year, pleads for permission to resume developmental activities in Noida Extension, even as the NCRPB has kept postponing the matter.

“The petition is ready and will be filed by February 10,” said GL Sagar, secretary of NEFBWA. “Earlier, the hearing for the case was scheduled to be held on February 7, but owing to some issues, the petition is now set to come up for hearing on February 17. In the revised petition, we have pleaded with the court to impose a deadline on the NCRPB to grant clearance to the master plan,” added Sagar.

The verdict delivered by the Allahabad High Court on October 21 last year had directed the Greater Noida Authority to properly implement the suggestions and recommendations of the NCRPB into its Master Plan 2021 before re-commencing developmental activities in the region. However, the high court had not set a deadline on the NCRPB by which it would have to get its recommendations properly implemented into the master plan, and communicate the same to the Greater Noida Authority.

The Greater Noida Authority had sent its master plan to the NCRPB subsequent to the clearance granted to it by the UP regional planning board. To the dismay of thousands of homebuyers, who have invested huge sums of money in various residential projects of Noida Extension, the NCRPB has been dragging its feet over clearing the master plan, thereby putting in limbo all the semi-constructed housing projects.

The hearing on February 17 will be done by the same three-judge bench formed by the high court to hear into cases related to land acquisition in villages of Greater Noida. The bench will hear the petition when it takes up the hearing of several petitions filed by farmers from villages of Greater Noida and along the Yamuna Expressway contesting against land acquisition.

Source: http://timesofindia.indiatimes.com/city/noida/Buyers-move-HC-for-fixing-time-on-NCPRB-to-pass-master-plan/articleshow/11799694.cms

CWG village flats: Ministry steps in

NEW DELHI: With the issue of unauthorized construction in Commonwealth Games Village kicking up a storm, the ministry of urban development finally made an effort on Tuesday to hammer out a solution. Following an order from the high court, the ministry convened a meeting – of Delhi Development Authority and the private builder Emaar MGF – to decide on excess floor-area ratio (FAR) before the next hearing.

While sources in DDA said the ministry gave a chance to the private developer to put across its point, the authority maintained that it had gone beyond the permissible FAR while constructing the flats.

Now, the ministry has to decide if the excess FAR of the Games Village flats can be regularized. DDA officials said though the meeting was inconclusive, the ministry will now file an affidavit in the HC with its reply on the issue. The village has 1,168 flats, of which over 400 flats belong to Emaar MGF and the rest belong to DDA. Emaar MGF sold nearly all flats under its share for Rs 2 crore to Rs 4.5 crore. However, buyers have not been given possession of their flats so far as the matter of excess FAR remains.

Emaar claims that the constructed area in the Games Village is “well within the permissible and compoundable limits” and follows the provisions of the Master Plan Delhi – 2021. Though DDA insisted that the FAR sanctioned by it was 2,05,140 square metres, the private developer maintained that the FAR, as per the sanctioned plan dated February 27, 2008, was 2,20,000 square metres which becomes 2,27,071.72 square metres on adding 5% compoundable FAR.

According to Emaar MGF, the construction over and above the sanctioned FAR is 21,931.72 metres, which can be regularized under MPD 2021. DDA also wanted the private developer to pay up for the extra construction. It had earlier sealed two towers (65 flats) and a flat in another tower due to excess FAR. DDA had to later de-seal them after the buyers moved the high court and MCD Tribunal. MoUD will decide by February 10 – the deadline fixed by the court – whether the buyers will get their flats anytime soon.

Source: http://timesofindia.indiatimes.com/city/delhi/CWG-village-flats-Ministry-steps-in/articleshow/11800557.cms

Buyers, take the sample flat with a pinch of salt

GURGAON: Rajat Gogi, manager at a multinational firm in the city, had booked a 2 BHK flat in an apartment on Golf Course extension road in 2009 after visiting a sample flat at the project site. The flat appeared to him well-designed and spacious enough for a family of four. But now, he finds the under-construction apartment much smaller than what he was shown during the guided tour of the sample flat. When he approached the builder, Gogi was shown a clause in the sale agreement which specified that the final product could be “altered”.

Also, with the actual sample flat razed, Gogi is at a loss to prove what he was promised. With several housing projects coming up in the city, market analysts warn the buyers to be cautious and understand how an unfurnished flat would look like: “Sample flats are effective marketing tools and should be viewed as the same,” says Mrunal Duggar, vice-president of residential services at Jones Lang LaSalle India. However, in the case of luxury homes buyers go to the extent of paying extra money to get the exact replica of the sample house. “We see many instances where a luxury apartment buyer is sufficiently impressed to ask for a replica of the sample flat. Money is not a concern for such buyers,” says Duggar.

Some builders put up larger flats on display, confusing the buyer about specifications like actual size, distance between two towers, direction, etc. Developers also invest heavily in the interiors like movable fixtures, fittings and white goods of the sample flats. These movable fixtures are not a part of the actual apartment and hence a buyer should be looking at specifications like tiles, flooring and sanitary ware, which are generally part of an apartment. “A buyer should have a nose for details and compare the specifications mentioned in the papers against what is on display,” says Ruchika Bharadwaj, lead analyst, Certes Realty Ltd.

On the other hand, developers insist that a sample flat is necessary for new buyers to understand what they are buying. They see nothing wrong in the fact that in apartments that have flats of multiple sizes, sample flats usually reflect the most spacious units. “Apart from certain decorative furnishings, the sample flat is a portrayal of the actual size of the living areas, bedrooms, bathroom areas, balconies, etc. It is also an indicator of the quality of specifications used, in wall finish, woodwork, sanitary-ware, electrical fittings, floorings, etc,” says Harinder Dhillon, senior VP, marketing, Raheja Developers.

But most of the developers strictly prohibit prospective buyers from clicking pictures of the sample houses. “A prospective buyer is not allowed to click pictures of a sample flat. This leaves him with no proof of the offering,” says Sanjay Sharma, managing director of Qubrex. But popular developers claim that they don’t make any “changes” in the actual flats and it’s only some of the “unscrupulous developers who do tend to cut corners on final delivery with respect to specifications”.

Source: http://timesofindia.indiatimes.com/city/gurgaon/Buyers-take-the-sample-flat-with-a-pinch-of-salt/articleshow/11786394.cms

NON – JUDICIAL STAMPS – Now, get e-stampsof all denominations

NON – JUDICIAL STAMPS – Now, get e-stampsof all denominations

Stamp papers may soon become history in the national capital. The Delhi government has decided to completely do away with stamp papers of denominations of R500 and less and replace them with e-stamps, a move aimed at ensuring easier transactions and check fraudulent practices.

“People will be given an online receipt with a barcode that can be authenticated by the sub-registrar’s office,“ a Delhi government official said.

Buying non-judicial stamp papers by paying some extra cash to your local stamp vendor will soon be a thing of the past.

In a bid to check black marketing of stamp papers and ensure easier transactions, the Delhi government has decided to completely switch over to estamps. Soon, e-stamps of all denominations, including R500 and below, will be available at authorised centres.

The government will also keep a tab on black marketing of stamp papers as they are required for rent agreements, property registration and all kinds of affidavits, etc.

“People will be given an online receipt which will have a barcode that the sub-registrar offices will be able to authenticate. A number of collection centres will be set up and people will not have to travel distances to get such estamps. This will also ensure that people are not overcharged,“ said a senior Delhi government official.

A decision was taken in a Delhi cabinet meeting. Chief Minister Sheila Dikshit said the Delhi government has become the first state to issue e-stamps of all denominations.

“The complete switchover to the e-stamp mode will prevent all fraudulent practice in this field,“ said Dikshit.

Currently, e-stamp collection per month is in the range of R200 crore. Non-judicial stamp papers of denomination of R500 and below are being sold in paper form.

Various licensed stamp vendors purchase the papers on a day-to-day basis. The annual sale of physical non-judicial stamp papers is about R60 crore.

The benefits of e-stamps are that they are tamper-proof and their authenticity can be easily checked.

The e-papers will have a unique identification number and specific value stamp will be generated. Human interface will be reduced and online stamp duty certificates will be generated within minutes across the counter. THE GOVT WILL ALSO KEEP A TAB ON BLACK MARKETING OF STAMP PAPERS AS THEY ARE REQUIRED FOR RENT AGREEMENTS, ETC

Source: http://epaper.hindustantimes.com/PUBLICATIONS/HT/HD/2012/02/07/ArticleHtmls/NON-JUDICIAL-STAMPS-Now-get-e-stampsof-all-07022012003004.shtml?Mode=1

Retailers return to standalone stores, shun malls

Retailers return to standalone stores, shun malls

Mumbai: Faced with delays in completion, poor quality of property and dicey locations, retailers are returning to stand-alone stores, according to a top analyst.

This trend isn’t restricted to Mumbai alone, says Ashutosh Limaye, Head – Research and Real Estate Intelligence Service, Jones Lang LaSalle India. He says that in Mumbai itself several mid-size offices and mixed-use buildings are being redeveloped into stand-alone retail formats.

“The plots are just perfect – located inside dense residential areas with abutting sub-arterial roads, and of sizes suitable for constructing hundred thousand square foot spreads on three levels,” he said in a note issued earlier today.

The year 2011 saw a retail real estate supply of 13.8 million square feet hit the market, with 10.7 million square feet getting absorbed. That amounts to 130% of the figures for the years 2009 and 2010 put together. Retailers are in the market again, looking for space, willing to invest with long-term business plans and offering a premium for even half-decent properties.

However, retailers are struggling to find viable space.

Limaye says that mall developers have made the same mistakes as three or four years ago-too many units, unscientific construction and sub-standard locations-which is deterring rather than attracting retailers. “These are ruins of hastily-commissioned projects … to compound this problem there are very few new launches that can lure retailers on project merit,” he adds.

A solution that retailers have recently discovered is space on high-street, in mid-sized offices, old mansions, mixed-use buildings and small office blocks, to stay in the fickle consumer’s eye. “Properties which, with retrofitting, can enable retailers to start selling in no time are fast becoming precious assets for big retail companies,” says Limaye.

Source: http://articles.economictimes.indiatimes.com/2012-02-06/news/31030568_1_retailers-mall-developers-mixed-use-buildings

On Barapullah,deadline slips by yet again

[B]Slip Roads Between Sarai Kale Khan & JLN Stadium Not Likely To Be Ready Before May
[/B]

New Delhi: The deadline for construction of slip roads on Barapullah elevated corridor has once again been pushed further due to unforeseen delays.These roads run between Sarai Kale Khan and Jawaharlal Nehru stadium and are supposed to provide connectivity to the elevated road with the Lala Lajpat Rai Marg.

The slip road above Kushak Nullah,acting as an exit for traffic on the elevated road coming from east Delhi,iexpected to be opened to public by mid-March.The second slip road above Sunehri Nala,meant to provide access to the elevated road from Lala Lajpat Rai Marg,is expected to be completed by April-end or May,said officials.

The loops,first planned in 2009,have missed several deadlines in the past.While the exit road from Barapullah elevated road,over Kushak Nala,was first planned for completion by June 30,it was later extended to August,a deadline it missed,as well as the revised deadline of November 15.The deadline was then extended to February 15,and it is now expected to be opened by mid-March.

The deadline for the slip road near Lala Lajpat Rai Marg was first October,it was later extended to January 15.However,it will be ready only by April-end or May,said officials.

We are trying to finish work on the slip road above Kushak Nala as early as possible,but there were several unforeseen setbacks.Earlier,there was heavy seepage due to a Delhi Jal Board water line and that caused some delay, said a senior PWD official.When TOI visited the spot on Thursday,work on expansion joints on the flyover,railings,and the stretch joining the slip road to Lala Lajpat Rai Marg was still largely incomplete.

Meanwhile,the slip road near Sunehri Nala from where vehicles can climb on to the elevated road from Lala Lajpat Rai Marg is riddled with delays.Some of the iron rods have been broken and stolen by miscreants.Anti-social elements come and steal construction material at night regularly.The area also falls under the purview of DIMTS (Delhi Integrated Multi-Modal Transport System ) and some BRT work is expected to take place.Few issues are being sorted out and the process is expected to take at least two more months.We hope to finish the work and open the slip road to public by the end of April or beginning of May, said a senior PWD official.

Currently,the entry and exit to the elevated road is at two points Sarai Kale Khan and Jawahar Lal Nehru Stadium.Once the slip roads are opened to public,motorists driving from ITO along Lala Lajpat Rai Marg will be able to get on to the elevated road via a loop near Aman Hotel,and motorists driving on the elevated road will be able to get off to Lala Lajpat Rai Marg via a loop near Jangpura.

Earlier,PWD had imposed a penalty of 10% of the total cost of the first phase of the project (Rs 550 crore) on the contractor for the delay in project.

Source: http://lite.epaper.timesofindia.com/mobile.aspx?article=yes&pageid=5&edlabel=CAP&mydateHid=05-02-2012&pubname=&edname=&articleid=Ar00500&format=&publabel=TOI

llegal colonies: Govt moves with caution

New Delhi: Chief Minister Sheila Dikshit on Monday said her government is treading “carefully yet expeditiously” while confirming amnesty given to 1,239 illegal colonies after a government probe found the process was ridden with fraud.
Newsline last Friday reported probe findings by Divisional Commissioner Vijay Dev that Urban Development officials broke rules in granting provisional the amnesty in 2008, and that the fraud called for a criminal probe.

Dikshit told Newsline on Monday, “I held a meeting with top officials of all the departments concerned and instructed them to verify eligibility of all the colonies before approving the final amnesty.”

Dikshit said she called the meeting to understand the findings of Divisional Commissioner’s report. “Officials have today told me that the amnesty for unauthorised colonies was only provisional,” she said.

Source: http://www.financialexpress.com/news/illegal-colonies-govt-moves-with-caution/908805/

Land sharks swallow floodplains

Land sharks swallow floodplains

NOIDA: With the administrative machinery preoccupied with the upcoming Assembly elections, land sharks in Gautam Budh Nagar district are making the most of the situation. Thousands of acres of fertile land in the floodplains of the Hindon are being usurped by the land mafia and sold to “unsuspecting” buyers for constructing houses. Despite repeated complaints from environmentalists, the district administration hasn’t taken steps to check the rampant encroachment.

The encroached land is spread over an area of 15 km straddling the floodplains of the river. Located off the Noida-Greater Noida link road near Sector 122 and at a stone’s throw away from the Noida Extension-Greater Noida area, illegal structures have mushroomed from Hindon Pushta along NH-24 up to Kulesra in Greater Noida. This entire area falls under the flood zone, where all construction activity is banned.

Unfortunately, no tangible measures are being taken to stop the illegal construction. Sub-divisional district magistrate, Gyanendra Singh confirmed that “all construction in the flood zone is in violation of the existing laws. It obstructs natural river flow, thereby hindering flood-control measures. It also poses a threat to the environment,” he said.

Being sold at prices ranging from Rs 7,000 to Rs 15,000 per square metre, the illegal plots are finding many takers. “Local real estate dealers are keeping buyers in the dark regarding the court orders on the floodplains,” Singh told TOI. “They assume that once the colonies are built, the administration will not demolish them,” he added.

Meanwhile, the administration has promised to formally crackdown on land grabbers. “The floodplains have been witnessing constant encroachment and illegal construction. We periodically issue notices and warnings against all construction activity in the flood zone and have alerted the district police officials about the growing menace. The registrar’s office has also been asked to take precautions against registration of plots within 120 sqm as they are too small for agriculture purposes and could be used to build houses,” Singh explained.

“We will take immediate action and demolish all unauthorized construction in the area,” said Singh.

In April, in an attempt to rid the area of “unauthorized” construction, Noida and Greater Noida authorities had decided to acquire around 25 hectares of the floodplain area along the northern tip of the Hindon river from the state irrigation department and develop it as a green belt. A few months later, Noida Authority floated the idea of allotting the floodplain area on the west side of the river to residents on a ‘first come first served basis’ for growing flowers. Both these plans are yet to see the light of day.

Source: http://timesofindia.indiatimes.com/city/noida/Land-sharks-swallow-floodplains/articleshow/11786060.cms