Month: June 2013

Realty firm alleges fraud, police hunt for developer

BASED on reports by experts in forgery cases, Mahim police are tracing Jitendra Jain, a developer in the western suburbs who, as per a complaint by Vighnaharta Builders, allegedly duped several flat buyers by posing as director of the company.

Vighnaharta Builders had registered a police complaint three months ago that Jain, director of Kamla Landmarc Construction, had duped several people by selling flats at a major project they had begun in central Mumbai.

To lend credibility to his claims, Jain had allegedly forged various documents, including the letterhead of Vighnaharta Builders and duped prospective flat buyers of crores of rupees. “The forgery has been corroborated by experts. A case report has been submitted to the Zonal DCP,” said senior inspector Dashrath Patil.

Police said Jain was aware that Vighnaharta Builders were on the verge of completing legal formalities before starting the project in central Mumbai. Jain allegedly announced the pre-launch booking of the flats at a rate cheaper than actual rates in the area.

“A statement made by Vignaharta Builders says the cheaper rates attracted prospective flat buyers, mostly rich investors, who immediately booked some flats in the two saleable towers that are supposed to be constructed,” said investigating officer Ritesh Aher.

Jain posted the details of the redevelopment project on the website of Kamla Landmarc Construction, naming the project ‘Trident’. “Santosh Mane, director of Vighnaharta Builders, saw the website and approached police,” said Aher.

Jain told Newsline, “I’m totally unaware of any such complaint filed against me.”

When asked about the delay in arresting Jain, DCP (Zone 5) Dhananjay Kulkarni said, “The investigation is in progress.”

Source: The Indian Express

Alchemist Township India Ltd buys 20 acres in Aerotropolis Projects in WB

KOLKATA: Alchemist Township India Ltd, a Delhi-based real estate developer, has bought 20 acres of prime land in the Aerotropolis being developed by Bengal Aerotropolis Projects Ltd (BAPL) at Durgapur, 180 kilometres from Kolkata. Leading international property consultants Jones Lang LaSalle India were the transaction mediators for this deal, which is West Bengal’s largest land transaction in 2013 to date.

“This acquisition marks Alchemist’s formal entry into the east India residential real estate space,” said a company spokesperson. “We are on an aggressive expansion and diversification drive, and the Durgapur Aerotropolis undertaking will be the first in several forays into the residential real estate domain. At Durgapur, we will be focusing on the budget homes segment.”

This project envisages developing 2.4 million sq. ft. for housing. The company has set a target to develop 10 million sq. ft. for affordable homes in Eastern India, which will include Bengal, Orrisa, Assam, Bihar and Jharkhand. BAPL’s Aerotropolis (or Airport City) is a massive project in Durgapur which is poised to reshape the aviation and industrial map of eastern India. With Changi Airports International – one of the world’s largest airport management companies – as a 26% equity stakeholder, the Durgapur Aerotropolis will have the country’s first privately-owned and operated airport.

The Aerotropolis is a unique urban development model that places the airport at its core, to act as a major economic growth driver for areas surrounding it. Mayank Saksena, Managing Director – Land Services, Jones Lang LaSalle India says, “We have already seen the Aerotropolis model successfully implemented in Hong Kong, Singapore and Dubai. The Durgapur Aerotropolis is definitely going to change the socio-economic profile of the Durgapur-Asansol region, and is all set to become a major game-changer for West Bengal. Alchemist Group’s acquisition of this massive land parcel for residential development is important not only because it the largest in West Bengal this year, but because it will be a vital chapter of real estate history in the making. The Durgapur Aerotropolis is going to be one of the most dynamic employment generators in the region – and indeed in India.”

Partha Ghosh, Promoter Director – Bengal Aerotropolis Projects Ltd said, “This acquisition is a significant milestone for BAPL as well as the Alchemist Group. We are talking about the formation of a new metropolitan destination in Eastern India, which will rival Kolkata. The Durgapur Aerotropolis is already attracting substantial investments into industries, services and associated sectors – not only from organisations in Bengal but from across India as well as globally.”

Source: The Economic Times

DLF’s Gurgaon project hits court roadblock

Realty major DLF’s new premium high-rise residential project The Crest, off Golf Course Road in Gurgaon, is in a legal tussle.

The Punjab and Haryana high court on Wednesday stayed the project’s construction, sale and marketing on a petition filed by the resident welfare association (RWA) of DLF Park Place – a group-housing society.

The RWA alleged that The Crest has encroached on its condominium property.

The ex-parte order was passed by the division bench of justices SK Mittal and NK Sanghi.

“The Crest is coming up in the area falling within the FAR (floor area ratio) norms of the group housing – Park Place – and further any construction whatsoever except for buildings, common area and facilities for Park Place has been stayed by the court,” said Rakesh Khanna, counsel for the RWA.

A DLF spokesperson said, “We are yet to see the order. We can comment in detail only after studying it.”

According to the petitioner, The Crest, which is coming up on 8.822 acres, is on contiguous land falling within the FAR of Park Place.

RWA president Harsh Sehgal said in connivance with the planning department, DLF revised construction plans to increase the height of towers at Park Place in violation of FAR laws.

Source: Hindustan Times

Mid income homes drive property sale in Bangalore

BANGALORE: Bangalore’s residential real estate market remains resilient despite global turmoil driven by demand for mid-end homes. The city saw 35,500 residential units launched during 2012 and around 8,000 units in Q1 2013.

“The quantum of new launches witnessed by the city in the past two years will restrict substantial upward movement. The year 2012 saw the absorption of approximately 36,000 residential units,” says a recent report by Knight Frank.

South Bangalore witnessed the highest number of new launches in 2012 taking up 48% of the total pie followed by North Bangalore at 33%. “Most of these projects are scheduled to be completed in 2015, thereby denoting the possibility of a glut of ready projects in the market in that period,” said the report.

As per the report, the residential prices in Bangalore moved in narrow ranges during 2012, barring locations like Hebbal, Whitefield, Tumkur Road and Magadi Road which witnessed price appreciation between 10-15% in Q1 2013 over the prices in Q1 2012. “The quantum of new launches witnessed by the city in the past two years will restrict substantial upward movement,” the report mentioned.

According to Knight Frank, during the year north Bangalore will continue to be one of the sought after residential markets owing to the various infrastructure initiatives underway.South Bangalore is also expected to see healthy absorption level owing to the IT/ITeS populace engaged with the office projects along the outer ring road. However, Whitefield, in the east, will continue to attract buyers, owing to its proximity to workplace centres and the presence of retail and social infrastructure.

Source: The Economic Times

CREDAI for maintaining equilibrium between public and realtor

CHENNAI: Proposed Real Estate Regulatory Bill should maintain “equilibrium” between the realtor and the public besides regulating the entire industry, industry body CREDAI said today.

“..from industry perspective it is important that the Bill maintains equilibrium between the developer’s community and end users,” Confederation of Real Estate Developers Association of India (CREDAI) National President C Shekar Reddy said in a statement.

However, he cautioned some provisions in the Bill were required to be modified otherwise it would result in “substantial increase” in the cost to buyers and shatter the dream of ‘housing for all”. “It will also impact the affordable housing initiative”, he said.

To make the regulation effective, the Bill should regulate the entire real estate industry covering all its stake holders, he noted.

A Bill providing for setting up a regulator for the real estate sector and having provisions like a jail term of up to three years for developers who make offences like putting up misleading advertisements about projects repeatedly was approved by the government recently.

Source: The Economic Times