DLF to pump in Rs 450 cr in Lucknow projects

Studio apartment, township projects estimated at Rs 340 crore and Rs 550 crore respectively

DLF, the country’s largest real estate company, has lined up investments worth Rs 450 crore in housing and township projects underway in Lucknow, company sources said.

The studio apartment and township projects are estimated at Rs 340 crore and Rs 550 crore, respectively.

The company had already invested nearly Rs 140 crore in the studio apartment project coming up in the posh Gomti Nagar area of Lucknow.

In its residential township project named Gardencity, spead over 250 acres on the Rae Bareli road, DLF had invested Rs 350 crore and Rs 200 crore more investment would be made towards its fructification.

DLF Senior Vice-President Rajeev Singh told Business Standard: “In Gardencity project, we have given bank guarantee of Rs 70 crore to the Uttar Pradesh Housing and Development Board with regards to the construction of 1,250 housing units for the weaker sections of society.”

The company was likely to commence handing over possessions of plots in the township project in another six months, DLF Executive Director Ananta Singh Raghuvanshi informed.

Meanwhile, Rajeev Singh said the recent slowdown in economy and the tightening of home loan norms by the Reserve Bank of India (RBI) would only impact the segment of buyers who invest in housing properties and are not actual buyers.

On September 3, the central bank had asked all banks to link disbursal of home loans to stages of construction to protect the interests of buyers and control any adverse consequences of “innovative” housing finance schemes. This is likely to impact home loan seekers and in turn affect housing projects.


“The migration of people from rural to urban centres in search of jobs will continue in future and this would create demand for new houses,” he added.

http://www.business-standard.com/article/companies/dlf-to-pump-in-rs-450-cr-in-lucknow-projects-113091600632_1.html

Godrej to develop housing project in Gurgaon

Godrej Properties has entered into a development agreement with Oasis Buildhome to build a premium residential group housing project in Gurgaon.

This will be the company’s third project in Gurgaon. It is already developing two residential projects in Gurgaon - Godrej Frontier and Godrej Summit. Besides, it will develop a residential project in Okhla, New Delhi.

The 13.76 acre property is situated on Northern Periphery Road (NPR) in Sector 88A/89A, Gurgaon and expected to offer 1.2 million sq ft of saleable area, the company said in a statement.

Most of the Godrej Properties projects are being executed as joint venture.

Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, “NCR is an important growth market for us and this is the second new project we have announced entered in NCR in FY14. The project fits well with our strategy of growing our presence in India's leading real estate markets and we will aim to replicate the success of our previous projects in the Gurgaon market.”

source:- http://www.business-standard.com/article/companies/godrej-to-develop-housing-project-in-gurgaon-113080500259_1.html

Sectors 83 and 92 in New Gurgaon offer affordable property’

Delhi NCR

Gurgaon is an entity by itself when you talk about real estate. Because it is the premium commercial real estate that first drove Gurgaon, the tag of ‘premium’ even in residential real estate has stuck to Gurgaon. Having said that, the area is witnessing demand from all segments of the society – from affordable to high-end. In conversation, Adesh Munjal, proprietor, Homes2offices talks about the areas to invest in Gurgaon and in what budget. Excerpts from his interview with Neha Nagpal, Magicbricks.com Bureau:

Economy is wavering, job market is slow. In such bleak economic conditions, do you think it wise to invest in residential real estate market in Gurgaon?

In today’s economic scenario, property investment makes sense when it is done keeping the mid – long term investment in mind i.e. 3-6 years or more. Short term Investment will not reap much benefits. Residential market is volatile right now and no one wants to invest in an under construction property with a tag of Rs 1.25 crore or more.

Which areas are best to invest in that ensure good returns and why?

Those who are looking for early possession, then projects on the Southern Periphery Road (SPR) are a good buy. Most of these projects are either ready or will be ready in the next one-one and a half years. Sohna Road has already come up as a commercial hub with most of the facilities like schools, hospitals, markets etc nearby. Proximity to Sohna Road and NH-8 is also a major advantage. Average investment on SPR is somewhere around Rs 1.20 crore.

Another area for investment is New Gurgaon (Sectors 83-92). For investors looking for long term gain the prices are currently between Rs 3,500–5,500 per sq ft, which are on the lower side as compared to other areas. New Gurgaon has future potential because land has been earmarked for many public utilities such ISBT/MRTS and other recreational activities.

Which unit size sells best in Gurgaon and why?

The unit size selling best in Gurgaon ranges from 1000-1400 sq ft (2 & 2+1BHK). Many Investors and end users prefer to buy apartments in these sizes because of the low amount of investment involved.

Which budget range is most in demand in Gurgaon?

Property in prices ranging from Rs 60 lakh to Rs 1.25 crore is most in demand in Gurgaon. Infact, there is hardly anything available in the budget range of Rs 25-40 lakh.

source:- http://content.magicbricks.com/sectors-83-and-92-in-new-gurgaon-offer-affordable-property/

Get property documents online from next month

KOLHAPUR: The state government's department of registration and stamps is ready to go online with its new facility in a month, which will allow the users to do transactions online and access the search reports of their properties round-the-clock.

The department claimed that with the new facility, owners won't be required to visit sub-registrar offices (SROs) to get property transactions search reports, index-II document (extract issued by the registrar/sub-registrar) and a copy of registered documents.

There are about 470 SROs across the state where as many as 23 lakh documents regarding properties were registered in the last financial year. Approximately 1.5 crore people visited various SROs for property-related documents and the online facility will save their time, the officials said.

"The property transaction search reports traces all past registered transactions. The report is important in taking decision of buying any property and granting home loans," said P D Shelke, joint district registrar, Kolhapur. "At present, people visit various SROs, file their written application and pay the prescribed fees for the report. A person has to physically search all the previous registered documents related to a particular property which is very time consuming," he said.

The new facility will allow people to get property details number-wise. They can also download the documents from their personal computers. "People need not to visit multiple offices and can avail benefits of round the clock. We are ready to go online in the next few weeks," Shelke said.

At present, the manual process takes a week to get the documents provided the application is accurate and has all the details clearly mentioned.

"The facility will speed up the process related to properties. However, we are worried if the servers will work properly round the clock," said a member of Confederation of Real Estate Developers' Associations of India (Credai), Kolhapur chapter.

"We appreciate the new technology, which will eliminate time delay and illegal practices. But we have also observed that the digitization process has not been up to the mark as the servers fail to function appropriately. If this happens with the new facility, it will be of no use," he added.

How will the new facility work

Log on to www.esearch.igrmaharashtra.gov.in

Enter year, district, village name and property number or document number.

Get details such as document number, name, registration date, SRO name, office code, seller name, purchaser name and property description.

Note down the required document number and get index-II document or a copy by clicking download option.

source:- http://timesofindia.indiatimes.com/city/kolhapur/Get-property-documents-online-from-next-month/articleshow/22873684.cms

Home in on TOI expo for property solutions

GUWAHATI: The NE Property and Construction Expo organized by The Times of India kicked off at Maniram Dewan Trade Centre here on Thursday afternoon to provide complete property solutions to consumers under one roof.

Properties in Gujarat, Karnataka, West Bengal, Jaipur, Guwahati, Gurgaon and Chennai are on offer at the expo, in which more than 50 construction equipment companies are also participating.

While inaugurating the expo, chief guest Rajnish Kumar, who is the chief general manager of State Bank of India's Northeast Circle, expressed hope that the expo will be able to cater to the needs of property buyers in the region as well as outside.

"People want good infrastructure and quality while buying property and this expo will help fulfill their needs. The SBI is always with customers to assist them in buying property," Kumar said. He said the SBI is putting ample thrust in home loans and will help customers buy their dream property.

"Real estate development should take place on the periphery of Guwahati. However, the traffic conditions and other civic facilities must be improved to meet the demands of home buyers," he added. Mahendra A Sahu, general manager, and Sankar Gope, deputy general manager (PBBU) of the Northeast Circle of the SBI, were also present.

The expo is being supported by the State Bank of India and managed by Percept Networks and NE Trade Expo. Participants like Godrej Properties, Subham Group, RRM, Home Plus, India Green, Tata Motors, Paramount, Arya Smart Living, Ridhi Sidhi, Water Tec, Castle-X, Red FM 93.5 and Investors Clinic have also extended their support to the event.

Leading firms from across the country, including real estate, construction, home appliances, home furnishing, finance and automobile sector are participating in the fair.

source:- http://articles.timesofindia.indiatimes.com/2013-09-20/guwahati/42251978_1_india-green-property-buyers-maniram-dewan-trade-centre

Delhi bungalow is costliest property to be attached

NEW DELHI: A 6,796-sq-feet bungalow at 11-A, Prithviraj Road - one of the most exclusive addresses in Delhi - has been attached by the Enforcement Directorate. The ED claims the bungalow is owned by Arun Kumar Mishra, a former chief engineer of UP State Industrial Development Corporation, with "proceeds of crime".


Mishra, who is being prosecuted by the CBI and ED for conducting illicit transactions through fictitious banks accounts, paid Rs 23.26 crore for the property in 2007. However, real estate consultants say that the market value of the property - the bungalow and the large land around it - would be much higher, possibly 10 times higher than the declared value.

This is the biggest-ever attachment of property in terms of value under the Prevention of Money Laundering Act which allows for confiscation of assets allegedly acquired through proceeds of crime. The property was attached on August 30.

Given his relative humble job profile as the chief engineer of the UPSIDC, Mishra was an unlikely owner of such a large bungalow on Prithviraj Road - a stretch which houses top industrialists and diplomatic missions.

ED sources alleged that Mishra bought the property in the name of a Kolkata-based firm Ajanta Merchants Pvt Ltd in 2007, when he was looking after the development of Tronica City, an industrial and residential township stretching over 1,400 acres in Ghaziabad.

According to ED documents, Ajanta Merchants Pvt Ltd bought the bungalow from Ravinder Taneja and Atma Gyan Trust. The broker in the deal, Anil Vaid of Panchsheel Park, told ED that he had received a commission of Rs 21 lakh plus service tax from Ravinder Taneja for the deal.

The broker said he had been in touch with Mishra's staff since August 2006 when he wanted to buy a property in an exclusive address such as Golf Links, Aurangzeb Road, Prithviraj Road or Anand Niketan. He arranged a meeting of Mishra and Taneja at his office and Mishra had negotiated the deal.

ED sources said that Taneja, a leading Delhi-based builder, from whom the engineer had bought the property, is also under the scanner as the agency suspects that a large portion of the payment was in cash.

Apart from Mishra, those who assisted him in this property deal could attract the punitive provisions of PMLA. Section 3 of the Act says, "Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of offence of money laundering."

Mishra was raided by the CBI in early 2011 for illegal banking transactions he had allegedly carried out through fictitious names in Dehradun. The money was deposited in dozens of such banks accounts and later withdrawn and invested in his Kolkata-based companies which he had acquired.

ED believes the "proceeds of crime" was generated in the course of Tronica city land allotment during 2005 and 2007 when Mishra was the chief engineer in the UPSIDC. At that time, the Samajwadi Party was in power in UP.

source:- http://articles.timesofindia.indiatimes.com/2013-09-20/delhi/42251220_1_tronica-city-property-deal-upsidc

Pay Rs 4 lakh to know about waqf property: UP Sunni waqf board

NEW DELHI: If you want to use the RTI Act to know the status of waqf properties — of which there is no official data and many of which is either encroached upon or usurped — you may have to pay lakhs of rupees as fee.

Disclosing this startling fact before the Supreme Court on Friday, Moradabad-based NGO, Manav Vikas Sewa Samiti, said the Uttar Pradesh Sunni Central waqf Board had told the NGO that cost of information sought on management of listed waqf property was about Rs 4 lakh and would be furnished after it deposited the money.

In response to the RTI query, the Delhi waqf Board said, "No information is readily available. And the information sought by the applicant is quite voluminous and they lack wherewithal to provide the said information as compiling the list of properties, the disputes, suit numbers, courts' names, present status would be time consuming process and would be an undue burden on our meager resources. Hence, we are unable to process the said information."

Making all waqf boards as respondents in its public interest litigation, the NGO complained that four years have passed since the Centre had framed a scheme in 2009 for preparing computerized inventory of waqf properties and get them back from encroachers, but till date the list had not reached finality.

A bench of Chief Justice P Sathasivam and Justices Ranjana P Desai and Shiva Kirti Singh issued notices to all the waqf boards and sought their responses to the PIL, which has sought a direction to them to comply with the December 18, 2012 order of the ministry of minority affairs for computerization of all waqf properties.

The NGO said a joint parliamentary committee report on waqf in October 2008 had recommended computerization of records of state waqf boards. On the basis of the recommendations, the Centre had launched a scheme under e-governance project of the ministry of minority affairs directing all state waqf boards to streamline the records about the waqf properties. The Centre had earmarked Rs 25 crore for this.

It said, "The waqf properties under encroachment throughout India are worth trillions of rupees. These could have been used for the welfare of widow, poor, orphans, homeless, handicapped and destitute."

"Since the survey of waqf properties have not been done in most of the states, the waqf boards lose out substantial money which could have been generated from these and utilized for the welfare of the Muslim community," the petitioner said.

While some waqf boards refused to furnish information under RTI Act, others waqf boards, which received central grant for computerization of records about waqf properties, informed the NGO that they have not yet done the mandated work as the Centre had not fixed a timeframe for it.


source:- http://articles.timesofindia.indiatimes.com/2013-09-21/india/42272074_1_waqf-properties-wakf-properties-computerization

The Brutalisation of Golf Course Road and its commuters

The Smug Commuter: On moving to Gurgaon four years ago, we shifted to a locality using Golf Course Road as a vital daily route. I was quite taken up with this wide-laned road, with its large central verge and impressive tree-cover. Laburnum and frangipani trees completely transformed the landscape in season with bright yellow and white flowers respectively. The big plus was that it could take 5-6 lanes of traffic on each side. When others complained of dreadful jams, we were fortunate. For a brief interim period, the erstwhile roundabout experienced chaotic traffic, but that too improved once the roundabout went. The road surface here was better than most, especially after the monsoons. The years went by, the tree cover grew rapidly, and this was undoubtedly one of Gurgaon's greenest, fastest commutes. Daily commuters here were a privileged lot, if I say so rather smugly.

The Shocked Commuter: One fine morning last October, there was sudden activity of tree-chopping - just when we were admiring how beautifully the trees had grown! The administration at best of times is never prompt in starting/completing tasks; in this case, they worked at superfast speed. The trees were chopped and lifted within a few hours. When commuters drove by that evening, they were in for a rude shock seeing glaring bald patches resembling a haircut gone drastically wrong.

That was the first sign of bad news for Smug Commuter. Shortly after the road was literally stripped naked, further shocks awaited - sudden diversions one fine day in December with talk of road upgradation. No advance warning in newspapers; complete pandemonium as harassed commuters suffered jams.

The Hopeful Commuter: The diversions were reversed after protests, so some false sense of assurance returned. Commuters hoped they would not be too badly off in the coming months, with talk of a fancy 16-lane expressway - on a road that ironically needed no improvement. Then the abuse to the road began. Sections were cordoned off and butchered - notably two bits at Arjun Marg and near Alchemist Hospital, with drastic reduction from the earlier 4-6 lanes (including service lanes) to two lanes.

The Dismayed Commuter: Hope soon turned to dismay when these bottlenecks ensured it took 10-12 minutes to pass through a short 50m stretch. Concerned Road Safety Officers stepped in to study the traffic flow and together with traffic police were able to bring in some improvements.

The Taken-for-granted commuter: Signs said 'work-in-progress'; regrettably, there was neither work nor progress. Incredibly, on the reduced stretch in front of Alchemist, no work whatsoever has happened for over eight whole months! Why, can someone please answer the question, why then was this stretch cordoned off, causing immense daily hardship to commuters if work here wasn't commencing? The meaningless sign saying 'Inconvenience regretted' just does not make up for needless daily hardship faced because someone somewhere did a rotten job of planning. Alongside bright colourful barrels appeared, further slowing down traffic. No-one can understand why they are there and cannot be immediately removed.

On the Arjun Marg end, we hope there has been some progress (the hidden excavated areas do not permit peeping into the pit of reality). The original metal barricades were blue, gradually acquiring shades of orange with assault of paan stains, soon mutating to a rust-brown colour. The only visible (and completely unnecessary) progress was repainting these barricades yellow, during which time painters chatted while occupying the lane they stole from commuters now squeezed into a single lane. Adding insult to injury, the road was widened on the left side but left like a dirt-track - you'd drive here only if you are driving someone else's car or have a sturdy heart and strong back! That means renewed nightmarish jams. We wonder if urgent carpeting of this part is on anyone's agenda.

The Not-so-smug-anymore Commuter: Yes, our Golf Course Road has rapidly gone downhill. This once-great road resembles the surface of the moon; hopes for any patch-up under current circumstances are remote. It has lost its green cover. As a perfect example of 'closing the stable door after the horses have bolted', the Haryana State Pollution Control Board informed the National Green Tribunal that environmental clearances were not taken by DLF-HUDA before felling 1000+ trees. Further felling has been stalled, small consolation as the largest and best have already gone.


'You can't make an omelette without breaking an egg', goes a Scottish saying. In other words, development comes at a cost and before the finished product, there is expected mess. We, as commuters are willing to bear that cost in the interest of progress - ONLY IF we see clear plans, steady progress, a will to complete things fast and some attempt to minimize commuter inconvenience. Everyone in Gurgaon works night-shifts; why not this project too, crashing project time rather than indefinite extensions? Maybe a few years down the line, Golf Course Road commuters may be a smug lot once again - but for now, we remain Shocked, Dismayed, Taken-for-granted and Not-so-smug anymore.

source:- http://articles.timesofindia.indiatimes.com/2013-09-06/gurgaon/41832539_1_golf-course-road-road-upgradation-commuter

Gurgaon Rapid Metro may roll out from October 2

India's first privately funded and operated Rapid Metro service is expected to start operations from October 2. The much-awaited metro promises better connectivity to the people of Gurgaon.


The commissioner of Metro railway safety (CMRS) was yet to give a green signal to start the service but the Research Design and Standards Organisation (RDSO) had already conducted trials and necessary tests, Rapid Metro Gurgaon Limited (RMGL) officials said.

The facility was supposed to start in March but was postponed.   "The high-speed trials by the RDSO are over and we are waiting for a final report. We will then approach the CMRS for a final inspection of the rapid metro system after which the facility will be available to the commuters," said RMGL spokesperson.

However, the RMGL officials are tight-lipped about the October 2 launch since it has already missed two deadlines. It has pinned its hopes on the CMRS for the approval.

A highly-placed source told HT that if everything goes right, the service will start from the decided date.

"The Rapid Metro network is likely to boost connectivity and nearly nine lakh employees working in multinational companies in the Cyber City will benefit from it," said a senior official, adding that the service would ease around 30% of the existing road traffic.


source:- http://www.hindustantimes.com/India-news/gurgaon/Gurgaon-Rapid-Metro-may-roll-out-from-October-2/Article1-1118610.aspx

MG Road greenbelt encroached upon

GURGAON: Several stretches of the greenbelt on MG Road, starting from the Delhi-Gurgaon border to IFFCO Chowk have been encroached upon by various roadside businesses, starting from chat-wallahs to stalls selling Chinese and other fast foods to vends selling liquor to makeshift stalls dealing with scrap metals.

"The greatest irony about MG Road is that while the restaurants pay all the taxes and rentals, these makeshift eateries operate without permission, that too, on illegal space. These stalls, especially the liquor vends, are a nuisance in the area," said Karan Bedi, director, JMD Limited.

According to a source, the scrap vendors near Bristol Chowk are connected with powerful politicians and that's the reason the Gurgaon administration has not been able to evict them from the site.

"The administration talks about safety and security on MG Road. But, how can there be any safety when liquor shops are running openly and there is no check on them? Even the other vendors on the greenbelt are a great threat to safety and security. Who will be responsible if some untoward incident takes place," asked Manish Yadav, a social activist from DLF-II.

All the major malls in the city are located on MG Road. The encroachers have created such a mess in the area that people coming to Bristol Hotel and the Grand Mall face a lot of trouble. "I feel unsafe to do shopping on MG Road malls after dusk not because of the pubs located inside the mall but because of the machans of the liquor shops," said Usha Khanna, a customer at one of the MG Road malls.

"MG Road turns into a 'V' near Bristol Hotel and the spot witnesses frequent traffic jams. Vendors sitting in the areas, with cars parked near their shops and establishments are a cause of concern for all," said Deepak Verma, an office-bearer of Sushant Lok RWA.

HUDA Administrator Praveen Kumar said, "The problem has been pointed out by residents and customers. We are aware of the problems of the residents. A few months ago, we had removed all the encroachers from the stretch. Since the repair work on the road is going on, we are not taking any action right now. We will take action against the encroachers after the repair work is over."

sourcE:- http://articles.timesofindia.indiatimes.com/2013-09-06/gurgaon/41833084_1_mg-road-mg-road-liquor-shops