Property prices set to soar, except in Mumbai, Delhi

Property prices in most Indian cities are set to see a sharp increase over the next six months, according to the housing sentiment index, jointly prepared by the Indian Institute of Management and real estate consultant Magicbricks.

The aggregate Housing Sentiment Index (HSI) has bounced back to 117 from 93 in the previous quarter, reflecting a shift when buyers expected real estate prices to decrease.

“Indian real estate is bound to remain an attractive sector in the medium term with faster growth expected in Tier II cities. However, active interest will take another 6-9 months to translate into buying activity as consumers expect prices to go up only after six months, post the 2014 elections,” said Sudhir Pai, business head, Magicbricks.

Noida topped the list of cities with an HSI of 129 and witnessed a 33 percent jump quarter-on-quarter. The proposed metro link, emphasis on affordable housing projects and construction of software technology parks is making Noida a fast growing and attractive city to live in.

Despite the Telangana issue, Hyderabad has smartly rebounded to an HSI of 101, a 22 percent increase this quarter, breaking a largely negative streak to end close to neutral.

Mumbai and Delhi are the only two cities with HSI lower than 100. While Delhi scored 96, the financial capital, Mumbai wrestles a state of high supply with negligent demand, posted the lowest HSI score of 85 this quarter.

Buyers are surveyed across 10 major cities in India. Apart from Mumbai, Delhi, Hyderabad, Pune, Noida, Gurgaon, Bangalore and Chennai, Ahmedabad and Kolkata were the two new additions to the survey this quarter.

“Although sentiment this quarter has increased, buyers continue to be cautious with average waiting time increasing to over nine months.  Bangalore continues to be steadily upbeat over the last three quarters and is the first choice for those relocating from other cities,” states Prof. Venkatesh Panchapagesan, Head of IIMB-CRERI, IIM Bangalore.

Properties in the Rs 20-40 lakh range is most preferred and 60 percent of buyers plan to finance their purchase with a bank loan while 18 percent plan to sell existing assets.

Considering high construction costs, steady inflation, increasing bank loan rates and the looming elections, buyers are likely to be extremely cautious before investing in real estate in the coming months.

http://in.finance.yahoo.com/news/property-prices-set-to-soar–except-in-mumbai–delhi-061014248.html

Bangalore the most preferred place for buying house: ASSOCHAM survey

The city is the most preferred for buying a house in 2014 thanks to connectivity, infrastructure and basic facilities, according to the findings of a survey by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

A majority of the respondents, about 49 per cent, of the urban working class remain keen to park their surpluses in buying residential properties than commercial properties as the latter are beyond their means and involve higher volumes of investments, said a statement by ASSOCHAM Secretary General D.S. Rawat.

Bangalore is followed by cities like Mumbai, Delhi, Kolkata, entire National Capital Region (NCR) and Hyderabad. After Bangalore, “Mumbai occupies a special place in hearts of many Indians, who are attracted towards the city due to its diverse work force, employment opportunity, cosmopolitan culture and glamour”.

Mumbai (11 per cent) is followed by Delhi (10 per cent) with buyers willing to buy a property here. Delhi has also witnessed a healthy growth in the infrastructural development with a new international airport and spread of metro services to the NCR region, adds the survey.

Kolkata (9 per cent), NCR (8 per cent) and Hyderabad (6 per cent) are the other key real estate investment destinations of 2014.

Beyond the top five cities, homebuyers have also shown a preference for Dehradun (4 per cent) and Ahmedabad (3 per cent), added Mr. Rawat.

“A whopping 65 per cent of the national home buyers want to buy a house for self consumption”, the survey added.

http://www.thehindu.com/todays-paper/tp-national/tp-karnataka/bangalore-the-most-preferred-place-for-buying-house-assocham-survey/article5715573.ece

Over 5,000 DDA flats unallotted

New Delhi: Residents of Delhi may be waiting for Delhi Development Authority (DDA) to offer new flats, but there are about 5,970 flats lying vacant in the city.

These vacant flats are in various categories, including high income group (HIG), middle income group (MIG), low income group (LIG), self financing scheme (SFS) and economically weaker section (EWS). In a written reply in Rajya Sabha, minister of state for urban development Deepa Das Munshi submitted that the highest number of vacant flats are in LIG category (2,744) followed by EWS (1,290) ,SFS (898) and MIG (866).
The maximum flats are in Dwarka (1,908) followed by Rohini (1,811) and north Delhi (1,113). Currently there is no proposal to auction these flats.
SOURCE:http://epaper.timesofindia.com/

Housing scheme for women

The State government on Friday launched a new housing scheme by giving aid to widowed and divorced women of minority religions.

Inaugurating the first instalment of the housing aid distribution at a function held at the Collectorate here, Minister for Urban Affairs and Welfare of Minorities Manjalamkuzhi Ali said that more beneficiaries would be included in the scheme soon.

The government is providing Rs. 2 lakh each to 250 minority widows and divorcees across the State.
Fifty-four of them are from Malappuram district.

The Minister said that the scheme would be expanded to cover more beneficiaries.
Mentioning a series of projects being implemented by the Department of Minority Welfare, Mr. Ali said that the State government was trying hard to change the notion harboured by the people of Malabar that government jobs were unreachable for them.

“Providing house and drinking water alone will not help to uplift the minorities. What is essential for them is education,” said the Minister.

Presenting a report, District Collector K. Biju said that 54 beneficiaries were selected in the district from 963 applications. When 938 applicants were Muslim, 25 were Christian.

Fifty of the beneficiaries are Muslim and four are Christian.
P. Ubaidulla, MLA, presided. Minorities Welfare Directorate head P. Nazeer welcomed the gathering.
Kerala State Minorities Development Finance Corporation director Haneefa Perincheeri, Malappuram Municipal vice-chairperson K.M. Girija, Opposition Leader in Municipality Paloli Kunhimohammed, Municipal councillor U. Krishnan spoke.

Additional District Magistrate P. Muraleedharan proposed a vote of thanks.
http://www.thehindu.com/todays-paper/housing-scheme-for-women/article5715833.ece

Infra development in new legal colonies comes to standstill

Development work in the 1,000-odd regularised colonies has almost come to a standstill, all because of the political turmoil in the city over the past two months.

The work to provide basic amenities to lakhs of people of living in these colonies had started in late 2012 and early 2013. But sources say the effort has lost steam due to “technical issues” and lack of political vision.
This, when all three political parties had promised to provide good infrastructure in their poll manifestos.

The Delhi government had engaged five agencies — Delhi State Industrial and Infrastructure Development Corporation (DSIIDC), department of irrigation and flood control (I&FC), Delhi Jal Board (DJB), public works department (PWD) and Municipal Corporation of Delhi (MCD) — for these works. The agencies have been allocated ` 675 crore in 2013-2014 financial year for several projects. But sources said the work is far from being complete.

The Congress government had distributed provisional regularisation certificates to 1,639 unauthorised colonies before the 2008 assembly elections. The government had taken nearly four years to announce the regularisation of 895 colonies and had later regularised 91 more colonies. The party had promised to regularise the remaining colonies if it returned to power in 2013.

“The Congress government regularised almost 1,000 colonies in 2012 and 2013. But there are just about 70 colonies where development work was carried out properly. About 580 of these colonies had come up on government land and another 300 came up on private land but have some plots of government land,” said a senior Delhi government official, requesting anonymity.

Sources said unless the title of the plots of the colonies on government land are transferred to the civic agencies, the agencies cannot start development works. “The title will only be transferred only after the union government notifies the regularisation, which has not happened due to other technical complexities,” said a revenue department official.

SOURCE:http://paper.hindustantimes.com/

Residential Project Noida Extension-Ajnara Homes

As ajnara homes is an approx 2.5 years old project and already have been sold up to a significant stage. Its the perfect time to review the project and future expectation from the project.

Location Review

Ajnara homes is located at noida extension and it is just adjacent to the entry point of city. It is approx 1.5 K.M. from first round about of noida extension. Nearby area projects are also contemporary and also on a fast pace of completion and would be delivered along with ajnara homes. In front of the project there is a commercial belt which also have seen new project launched in that location and would be readied by next one or two years.

Construction review

Construction in ajnara homes noidaextension most of the towers have already been done and completed up to mid floors. Construction pace is superb and is continue in a very organised way. So can expect that possession would be at expected time. In term of delivering the quality product. Special attention is being given to check the quality of material used and following the standard government guidelines for structure, fire fighting and electric works.

Price Review

Prices of ajnara homes have been already appreciated and it is expected it would be settled down between indirapuram and noida. Expected price on possession is approx 5500 rs./sq.ft. to 6000 rs./sq.ft. As of now all inclusive price is approx 3400 rs./sq.ft.

Flat Layout Review

Layouts of the flats are most open and are superbly ventilated. In term of usable area, you would get approx 70 to 72% actual carpet area and with walls it would be approx 81 to 82%.

Project Layout Review

Project layout is as per greater noida authority’s building bye laws and is having approx 35% ground coverage and would have outdoor games like badminton, basketball court, swimming pools and open amphitheater. There are open parking along side the boundary of the project and ramps to go for basement parking.

Specification Review

Specifications in ajnara homes are general, like vitrified tiles in drawing and bedrooms, wooden flooring in master bedroom, ceramic tiles in kitchen, washrooms and balconies. Oil bound distemper paint on inside walls and weather proof texture paint on exterior walls. Kitchen would have granite counter with sink, tiles 2 ft above to counter. Washrooms would have tiles upto door level and all the sanitary wares.

Housing board to build 50,000 houses for EWS

Tribune news service
The Haryana Housing Board has launched a massive housing programme for the construction of 50,000 affordable houses for the economically weaker section (EWS), BPL and other categories over the next two years. Construction of about 30,000 houses has already started.

A spokesman of the board said here today that the total cost of the project was likely to be over Rs 2,250 crore.
The construction of 22,600 houses was in progress at Ambala City, Yamunanagar, Karnal, Kurukshetra, Panipat, Jind, Fatehabad, Ratia, Hansi, Tohana, Hisar, Sirsa, Sonepat, Barhi, Gurgaon, Narnaul, Rewari, Faridabad, Palwal, Sisoth, Jhajjar, Bahadurgarh and Rohtak.

He said the registration for 6,892 houses had been floated recently, which included 1,506 houses for Scheduled Castes and Backward Classes at Dadri.

About houses for the EWS and BPL categories , he said the houses would comprise two rooms with a 300 square feet covered area and cost about Rs 4.50 lakh per unit.

Residents protest, get government to stop construction at Quepem

QUEPEM: Excavation for construction of a building in an existing housing complex near Selaulim canal raised apprehensions among occupants about danger to their building, as no setback was kept and the excavated pit was flooded by groundwater springs during digging.

The promoters of Royal Arcade building had engaged machinery for excavation of mud at a plot adjacent to the existing building. Six flat owners in the building complained that the builders dug a big, three-metre deep pit near the dead wall. After the excavation, numerous water springs erupted from the ground and filled the pit. Two water pumps operated at the site, but could not help pump out the water, resulting in the pit’s walls caving in.

This raised a fear among residents that the excavated portion may also lead to weakening of the foundation of their residential building that would ultimately lead to its collapse.

On receiving a complaint, Quepem mamlatdar Manoj Khorgaonkar rushed to the site with his circle inspector and verbally ordered the builder to stop work. Quepem municipal council also issued a stop work order, asking the builders to report to its office on Thursday. Despite this, the builders resumed work at 2.30pm. Residents lodged a police complaint and deputy collector Ajit Panchwadker rushed to the site with his technical staff and instructed the builder to stop the work.

http://timesofindia.indiatimes.com/city/goa/Residents-protest-get-government-to-stop-construction-at-Quepem/articleshow/30695184.cms

Registry charges for extra facilities in housing societies set to go

NOIDA: The stamps and registry department has decided to reduce circle rates, especially in the group housing and commercial categories, as it has failed to achieve the annual target revenue. Senior officials of the stamps and registry department said that they were not able to generate the revenue due to a steep hike in circle rates undertaken earlier.

The target revenue for Gautam Budh Nagar for financial year 2013-14 is Rs 1,536.60 crore. However, till January, the department has only managed to earn Rs 1,083 crore. Officials said that in the past few months the number of properties being registered have gone down due to the steep hike in circle rates. In 2012-13, the department’s target was Rs 1,835.30 crore, but it was only able to earn Rs 1,015 crore.

In the group housing category, the registry department charges 5% extra for each facility being provided, like swimming pool, club, etc. However, the aggregate of all facilities has a cap of 25%. “If the circle rate in group housing is Rs 55,000 per sq metre, then buyers end up paying Rs 67,500 per sq metre (25% extra) for enjoying five facilities. We have found this to be unjustified and proposed to curtail charges on extra facilities. We have also proposed slashing rates in the commercial category by at least 10%,” said a senior department official.

“The proposal will be sent to the district magistrate who in turn will send it to the Allahabad head office,” the official added.
Officials said that hike in circle rates of the residential category will be dependent on the lease rent, the rates of which are varied. “In some lease deeds, the authorities charge 1% as lease rent, while in others 2.5% is levied,” an official said.

Real estate experts have welcomed the move and suggest that this is the best time for investment. At the same time they have criticized the earlier policy of the government in hiking circle rates. While the current circle rates for residential category in Noida is Rs 55,000 per square metre, the commercial rates vary between Rs 75,000 to Rs 1.5 lakh per square metre. Surprisingly, in neighbouring Ghaziabad, circle rates for residential category is Rs 50,000 and commercial is Rs 1 lakh. If the circle rates in Noida are lowered, property would become officially cheaper even though market rates would remain higher in Ghaziabad.
Last year, circle rates were increased by the department despite opposition by city residents and homebuyers. At the same time the authorities had hiked property rates by up to 30%. Greater Noida Industrial Development Authority has last week in its board meeting announced a 10.21% hike in the allotment price across all categories of land in the city.

Developers said circle rates in Noida are unrealistic. “We have raised this issue on various platforms through CREDAI. In some cases market rates are below prevailing circle rates in Noida, but the buyer has to pay a higher registration tax,” said Manoj Gaur, president CREDAI (west UP) and MD of Gaursons. “This decision should have been taken earlier as it will reduce the burden on buyers,” said Amit Gupta, MD, Orris Infrastructure and Assocham member.

http://timesofindia.indiatimes.com/city/noida/Registry-charges-for-extra-facilities-in-housing-societies-set-to-go/articleshow/30641532.cms

Noida Authority cleans up Sector 20 mess

NOIDA: A day after TOI reported that Sector 20 was littered with garbage across its lanes and parks for over a month, the Noida Authority rushed into action to clean up the mess on Wednesday.

Residents noticed Authority officials visit the sector and take stock of garbage lined up early in the day. By 2.30pm the entire sector was cleared of garbage into tractors. “Labourers were still working late in the afternoon to clean up whatever little was left,” said Suresh Tiwari, vice-president, Sector 20 RWA.

Tiwari said residents had been braving the apathy of Authority officials till the press took up their cause. “After TOI’s report, the sector has been cleaned up. We can now look forward to fresh air and stress-free morning walks,” said Tiwari.

When asked, deputy director Rajendra Kumar said they were busy pruning trees so there was a delay in cleaning up the sector. “There will be no further problems in garbage disposal ,” Kumar assured.

http://timesofindia.indiatimes.com/city/noida/Noida-Authority-cleans-up-Sector-20-mess/articleshow/30692440.cms

National Green Tribunal questions sand miners

NOIDA: The National Green Tribunal (NGT) on Wednesday asked 49 people accused of illegal sand mining in Gautam Budh Nagar to justify why they should not be penalized for degrading ecology. Police had caught them for illegal mining on the Yamuna riverbed in the district.

The principal bench of the tribunal headed by chairperson Justice Swatanter Kumar issued this order while hearing a petition against illegal sand mining.

On Wednesday, police and UP government informed the tribunal 129 people have been nabbed for illegal sand mining in Gautam Budh Nagar. The 49 people issued notices by the bench are among those 94 who have already been served notices by the police.

The tribunal has also given the state power to serve notices to the remainder 35 offenders. Further, the principal bench outlined in the order on Wednesday that the case would be restricted to the environmental aspects of illegal sand mining alone.

“We make it clear that the proceedings in this application shall be confined to ecological and environmental degradation resulting from illegal mining as well as for removal of seized sand against whom FIRs have been registered,” states the order.

http://timesofindia.indiatimes.com/city/noida/National-Green-Tribunal-questions-sand-miners/articleshow/30692358.cms

A New Destination to Experience Greenery–Nirala Greenshire Sector 2 Noida Extension

Nirala Group, an organization with a higher brand credibility in the Real Estate industry has recently announced their newest deal named asNirala Greenshire. The firm stepped into the concerned industry more than a decade ago and in this time frame, gained a reputation that is really incredible. The target of the company is to create an identity throughout the country but currently the emphasis is laid towards the NCR.

There are numerous landmarks created by this superior brand in the segments like Residential as well as Commercial. It is one of the leading name that takes into consideration the factors like on time delivery, customer satisfaction and value for quality. Nirala Greenshire Noida Extension acts as an epitome of luxury that is embedded with state of the art facilities. It is comprised of numerous internal specifications that attracts the customers at first sight.

Nirala Greenshire Sector 2 is a residential project that offers the choices of 2, 3 and 4 BHK Luxury Apartments inclusive of all the modern features that are always kept on high priority. The floor size shows the variations in accordance with the apartment type and lies in the ranges starting from 1185 to 1860 Square Feet. It is strategically located on the best location in close proximity to the major benchmarks of Noida like NH-24, Fortis Hospital, Sai Temple and Reputed Companies.

Slum dwellers decry Authority’s flat plan

NOIDA: A demonstration was held in front of the Noida Authority office on Friday to highlight alleged irregularities in the allotment of flats under the JJ Dwellers Resettlement Scheme. Protestors alleged that the list of allottees issued by the Authority contained a number of fake names and non-applicants.
The protest was held by the Noida JJ Sanyukt Punarwas Manch, an association of slum-dwellers in the city. Members demanded that the scheme be scrapped as the survey conducted to select allottees was faulty.
“Strict action should be taken against those who have connived with the Authority to misappropriate flats. Officials found guilty of irregularities should be punished,” said Gangeshwar Dutt Sharma, the association’s convenor.

The association claimed around 3,500 names had been listed by the Authority for the flats in Sector 122. “The actual number of families living in slums is much higher. The scheme has been launched to benefit a few influential individuals,” added Sharma.

The Noida Authority said the list of flat allottees was published in advance to invite objections and suggestions from the general public. “We are in no hurry to finish the allotments. Objections raised by slum-dwellers will be considered on their merit after which the final list will be published,” said Akhilesh Singh, DCEO, Noida Authority.

According to members, a survey undertaken by the Authority to identify slum dwellers that had been abandoned mid-way had found more than 11,000 slum dwellers.

Members accused the Authority of setting a high price tag to the flats. Such figures would not be affordable to those engaged in low-paying professions, they said.

http://timesofindia.indiatimes.com/city/noida/Slum-dwellers-decry-Authoritys-flat-plan/articleshow/30424059.cms

Cheap flats meant only for government staff

MUMBAI: Developer Hiranandani Constructions on Tuesday said people are being lured by “miscreants” for securing allotment of concessional flats in its project at Powai. “The concessional-value homes under the HC order are only available for government employees,” an official said.

The high court had stopped the developer from going ahead with building luxury apartments till the builder completed constructing affordable homes. The judgment was on a PIL filed by activists, who said that the developer had flouted a 1986 tripartite deal with the state and the MMRDA which allowed the builder to develop 230 acres in Powai and construct affordable houses and hand over part to the state.

http://timesofindia.indiatimes.com/city/mumbai/Cheap-flats-meant-only-for-government-staff/articleshow/30637459.cms

Buy your first home by March 31

NEW DELHI: Those planning to buy their first house should rush and complete the formalities by March 31 to avail of the additional tax benefit against the interest paid on a home loan. That’s because an exemption available to taxpayers will lapse in the current financial year which enables them to reduce the interest paid from the taxable income. The reduction can be up to Rs 1.5 lakh under section 24 of the Income Tax Act and up to Rs 1 lakh under section 80EE against the interest paid on home loan.

The benefit under section 80EE can be availed only to buy the first house of a value of Rs 40 lakh, provided the maximum loan amount is Rs 25 lakh. The second provision is due to lapse. But those who have already borrowed need not worry. The provision was introduced in the 2013-14 budget, although the benefit was available only for a year to provide a much-needed impetus to housing, which has been hit by rising interest rates and falling real income levels.

In the Vote On Account presented on Monday, finance minister P Chidambaram decided not to amend any direct tax provisions, many of which are due to end on March 31, 2014. Although the next finance minister has the option to reintroduce the benefit, it may not be available for the first three-four months of 2014-15. Similarly, the benefit of income tax rebate to companies which are involved in power generation and distribution will also lapse. The provision of lower dividend tax paid by Indian companies on dividend received from foreign companies will also lapse on March 31, 2014.

Executive director (taxation) of PWC India Kuldeep Kumar said that the benefit under section 80EE was very helpful to those who were buying their first house. He said that if the interest payable during a year is less than Rs 1 lakh, the unclaimed amount will be allowed to be claimed in the next financial year. The benefit was also allowed during the construction period.

With this provision, one could avail a deduction of Rs 2.5 lakh from his taxable income against the interest paid on home loan.

After the provision lapses, the first home buyer, falling under 30% bracket, will lose Rs 30,000 and those who are under 20% bracket will lose Rs 20,000.

http://timesofindia.indiatimes.com/business/india-business/Buy-your-first-home-by-March-31/articleshow/30642455.cms

GLADA comes to Jain’s rescue

Tribune News Service
Moga, February 17

Authorities of the Greater Ludhiana Area Development Authority (GLADA), a subsidiary of the Punjab Urban Development Authority (PUDA), have reiterated that they do no wish to continue legal proceedings against Moga MLA Joginder Pal Jain and his family members in an illegal colony case.

While recording his statement, a junior engineer of GLADA stated that the state government had granted general amnesty to all the colonisers who paid the compounding fee under its regularisation policy.

He said GLADA did not wish to continue legal proceedings against Jain and his family members since they had deposited the compounding fee. He produced official records to corroborate his statement. The MLA and his younger son Akshit Jain were present in the court. The court of Suman Agnihotri fixed March 11 as the next date of hearing.

Jain’s elder son Puneet Jain, who is in Canada, has already been declared proclaimed offender after he repeatedly failed to appear at the court hearings. It is learnt that the Moga police has not yet issued a lookout certificate against Puneet at international airports.

HSIIDC goes online to allot plots

GURGAON: With the financial year drawing to a close, HSIIDC, the industry authority, is attempting to attract new investors to the region. The latest in a series of systemic upgrades announced by the corporation’s head offices is the new online facility for prospective entrepreneurs planning to invest in Haryana. The ‘online mode’ for allocation of industrial plots aims to make the process of allotment speedier.
“Applicants only have to register on the HSIIDC’s e-governance portal and submit the application fee along with all the required documents,” said an official. As of now, industrial and commercial plots in IMT Faridabad, IMT Bawal, along with those in industrial estates in Panipat and Barhi, are up for allotment through the online facility.

Application deadlines for the new plots have been set for April, before which the HSIIDC would be hoping that it would somehow manage to reverse the decline in new investment that industrial zones in Haryana have suffered over the last five years.

The corporation’s new web portal, www.hsiidcsewa.org.in, offers all the required guidelines and terms of plot allotment and payment to prospective applicants.

“After the application is submitted, an acknowledgement will be generated and sent to the applicant. This document will have to be signed and returned by the applicant to the HSIIDC offices, after which the applications will be processed,” said an official.

http://timesofindia.indiatimes.com/city/gurgaon/HSIIDC-goes-online-to-allot-plots/articleshow/30587034.cms

Govt caught between two court orders

GURGAON: The urban local bodies department is caught in a dilemma between the judgments given by both the Supreme Court and the high court in the matter pertaining to the 900m IAF restricted zone.
While the Supreme Court has ordered a status quo to be maintained in this zone till it delivers a final judgment, recently the Punjab and Haryana high court had ordered the MCG to provide temporary water and electricity connections to the residents living within the restricted zone. Not willing to get caught between the two courts and in order to avoid a contempt of court situation, the department has formed a committee to study both the orders together. The department is also checking old records before these connections are granted.

On January 31, while hearing a plea file by the Gurgaon municipal commissioner, the HC, in a major relief to thousands of families living within the 900m zone, ordered the MCG to provide water and electricity supply to those houses which came into existence before February 2011.

However, the MCG and ULB authorities soon realized that they might not be able to provide these connections since a similar case is pending in the Supreme Court and in the last hearing, the SC had ordered a status quo to be maintained.

According to senior ULB official, the new connections will not be given till the time the newly-formed committee submits its report. “We have formed a committee consisting mainly of town and country planning department officials who will closely study both the judgments. We are caught in a delicate situation since if we do not follow the high court order it might be considered a contempt of court. However, if we do follow the HC order, the Supreme Court might say it is a contempt of court,” the ULB official said.

“It has also come to our knowledge that a 1988 court order in the same issue has attained finality and we have asked the committee to study this court order as well. The Gurgaon deputy commissioner will assist this committee in getting the records,” the official said. Meanwhile, the MCG is preparing a mechanism by which it can check whether a structure in the 900m area was built before February 2011 or not.

http://timesofindia.indiatimes.com/city/gurgaon/Govt-caught-between-two-court-orders/articleshow/30587125.cms

Realtors irked over financial body status

BHUBANESWAR: Registration of houses, as required after sale, has come to a grinding halt in the state following a recent government order putting realtors in the bracket of financial establishments.
The order mandates the builders to submit their financial transaction details periodically to the government under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act 2011. The realtors are opposed to it, terming the order a wrong interpretation of the Act.

The economic offences wing (EOW) of the crime branch on January 18 issued instructions to the district sub-registrars to ensure that financial establishments, including real estate companies, submitted their financial position and investment details on a quarterly basis to the district collectors and SPs, as specified under Rule 9 of the Act. “You are requested to ensure that financial establishments, which also include real estate companies, have complied with Rule 9 before allowing any registration/sale/purchase of land/flats/apartments,” EOW DIG Rajesh Kumar wrote to the district sub-registrars.

According to Rule 9 (Filing of Report and Return by the Financial Establishment), “Every financial establishment shall furnish, within one month of the expiry of each quarter of a financial year, a return showing particulars in respect of its business including its financial position, the area of its investments and the location made by it within and outside the state, to the collector and SP within whose jurisdiction his place of business is located.”

The Act is silent on whether real estate developers fall under the purview of financial establishments.
While sub-registrars are insisting on such particulars, realtors are saying they are not financial establishments, which has resulted in the deadlock for the past several days. Transactions relating to registration of any immovable properties by the builders have been stopped by the sub-registrar offices thanks to the EOW’s January 18 circular.

“A realtor who develops land, after being duly approved by the development authority, can’t be termed financial establishments. The Act has nowhere described housing developers as financial establishments. Defined activities of builders are not in the ambit of a similar law in any other state,” said Pradipta Biswasroy, president, Real Estate Developers’ Association of Odisha (Reda).

Reda on Monday submitted a memorandum to the EOW against its order. Despite attempts, the EOW DIG could not be contacted for comment.
http://timesofindia.indiatimes.com/city/bhubaneswar/Realtors-irked-over-financial-body-status/articleshow/30585070.cms

Proplarity Biz Life Noida Sector 62

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Smart living, Raining Water Harvesting, Water management, Ample open & Green

Convenient shopping, Restaurant, High-street Shopping

Hospital in nearby

Play area, , Schools in the vicinity

Recreational facilities like Bowling Alley, Film Academy and

High Tech securities

Ample and dedicated parking space

Residential space next door

Furnished and Unfurnished options available

Smart Card access, Smart Homes Offices

Wi-Fi Connectivity

For more information vist:-  http://proplaritybizlife.co.in/