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

West Bengal received zero investment in realty in FY’13: Report

KOLKATA: West Bengal did not receive any investment, either foreign or domestic, in the real estate sector in the financial year 2012-13, according to a report by industry body Assocham.

“The state of West Bengal has absolutely no share in the total value of new investment commitments worth over Rs 42,000 crore made by the domestic and foreign private sources in the real estate sector across India in the last fiscal,” the report which a real estate sector specific analysis and released today, said.

“Although total outstanding investments in the real estate sector in West Bengal is worth over Rs 37,000 crore as of March 2013, the state has registered a 100 per cent decline vis-a-vis new investment commitments attracted by the realty sector between 2011-12 and 2012-13,” it said.

In 2011-12, the state attracted new investment commitments in the real estate sector worth over Rs 1,200 crore.

The body said while most of the states have seen a decline in attracting new investment commitments in the realty sector, Gujarat has seen a surge of over 700 per cent as the state has attracted investments worth over Rs 17,000 crore in 2012-13 from just over Rs 2,000 crore a year ago.

Source: The Economic Times