Landmark Group exits Wave project for Rs. 350 crore

The Landmark Group has exited from Wave Group’s 4,500 acre Hi Tech City (Wave City) in Ghaziabad for Rs. 350 crore. The Group had earlier invested Rs. 111.26 crore in in the project.

The first phase of the project will comprise of 20,000 dwelling units, of which 4,000 units are close to being delivered. The total project in its final configuration will have in excess of 75,000 dwelling units.
Earlier this year, Wave Group ventured into affordable housing segment by launching Dream Homes at Wave City Ghaziabad, at sub Rs 14 lakh bracket.

Landmark has earned 3.15 x on its initial investment. In the ongoing scenario where private equity investors in real estate are struggling to recoup their investments, this successful exit envisages the payout taking place in six tranches between June 2013 and February 2014.

Landmark has exited two more investments this year. Its investment in the ATS Group earned it a multiplier of 2.3 x on its investment, with an implied IRR of 24.5%. The other exit was from Shipra’s residential high-rise apartment development in Indirapuram, Ghaziabad, where Landmark has earned 2.10 times its original investment of Rs. 50.53 crores in the deal.

Landmark, a company of the Dalmia Group, is one of the earliest and a leading investor in real estate projects. It has invested with prominent developers such as Ansals, Wave, Parsvnath, Forum, Pioneer, ATS, Kumar Builders etc. It has invested in 25 projects as an equity or a quasi-equity investor.
http://www.track2realty.com/landmark-group-exits-wave-project-for-rs-350-crore/

Mahagun Mantra 2 Provides a House With Luxury Above

Mahagun Mantra 2 from Mahagun designer is an eco-friendly residential task in greater Noida (West). this can be a green building that guarantees the residents of a healthy and environ-friendly manner of life around tranquil and serene surroundings.

Mahagun - the name behind growth of this legendary residential structure may be a prominent holding developer with more than 4 decades of experience. The goal with that cluster works is to produce a much higher tomorrow with improved quality of life and living standards. plus the team does this utilizing the help of high-quality residential, commercial and retail projects. Most of the projects of Mahagun area unit supported by top-notch quality, large construction standards, appealing style and better of amenities similarly as services. in short the cluster thinks in providing a life-style that redefines enthusiasm. The team attributes its success to its construct 'We deliver simply what we have a tendency to make.'

This deluxe task MahagunMantra in greater Noida (West) is yet one more jewel into the rich profile regarding the cluster. The project happens to be strategically positioned in Sector ten, greater Noida (West). This prime area is attributed by incomparable  connection and well-developed infrastructure. large roadways, expressways and highways enable quick access to areas of nationwide Capital area (NCR) and Old Delhi. National route No. ninety one (NH-91) and japanese Peripheral Road area unit a number of of the property components offered here. projected metro programs of Old Delhi metro Rail Corporation (DMRC) are situated solely at walking distance from here. Business area of town and film city area unit additionally close to the site of the task. easy accessibility is that the most fantastic word to indicate the place benefits provided by this project.

Developed motor-assisted by the unbiased to offer ultra-modern luxury homes, this project hosts 2BHK flats. Sizes of these area unit 850 square feet. twin height ceiling in living area maybe not simply offers your house a palatial look, but additionally makes an extended lasting 1st impression that your friends and relatives will harbor for keeps time. twin height balcony contiguous lounge, insulated roofs for power conservation, vitreous tiled flooring in lounge, laminated wood floor in bedrooms, standard kitchen and glass partition in restrooms area unit some round the globe-class interior specifications regarding the sumptuous homes here. Nearly all of the blocks have really already been developed with solely 2 flats per flooring to create bound utmost privacy and peaceful life.

Way of life and basic facilities provided at Mahagun Mantra 2 in Sector ten, greater Noida (West) make life more comfortable. many of the feature sufficient  lot, foliage all around, athletic facility, play area for youths, gymnasium and activities center and other people.

Ajnara Homes – Homes Getting ready for possession

As time is passing noida extension is changing its outlook. With every passing week and month, projects getting developed at noida extension get more floors. Most of the project which were launched in initial phase of noida extension are at a very advance stage, some have completed their structure work and brick work is also complete. Some are near to complete their structure work.

Ajnara homes is also at a very fast pace of construction speed and going to be ready soon. Most of the towers which were open to sell and already have been sold are on very advance stage of construction. Most of the towers structure work is undergoing and would be completed at expected time. Alongwith its structure work brick work is also undergoing. Those towers whose structure is completed upto a certain stage are also having brick work done. As towers structure would complete, brickwork would also be near to completion. So builder can start inside plaster and finishing work. Like internal electric fittings, water pipes and tiling work.

So the home seekers who have invested in ajnara homes and waiting to get their dream homes, can expect it delivery in committed time. Lets hope flats at ajnara homes are going to be good in possession time and better in construction quality.

For more information visit: www.ajnarahomes.in/

Land owners to get 25% in UP projects

LUCKNOW: Land owners in Uttar Pradesh will now be entitled to own at least 25% of their total land acquired after the completion of the development project for which the acquisition had taken place. The provision is part of the new State Urban Housing & Habitat Policy (SUHHP) 2014, the draft of which was cleared in principle by the state cabinet on Wednesday.

Talking to the media after the cabinet meeting concluded, chief minister Akhilesh Yadav expressed hope that the new policy would do away with existing provisions which led to exploitation of petty farmers owning small patches of land. Interestingly, the SUHHP 2014 is broadly based on the policy that presently exists in Gujarat and has been hailed by one and all, including the developers and the farmers whose land has been acquired under the framework.

The cabinet also authorised the chief minister to clear the draft after required amendments. Once finalized, the SUHHP 2014 will replace the existing housing policy in UP that was formulated almost 20 years ago. Despite rampant urbanization over the last two decades, the land acquisition was made as per the provisions of the policy that came into being in 1995. Land acquisition by state and central government had led to major law and order crises in the state in the last few years. The new policy also minimizes the intervention of the state agencies in land acquisition process as it provides ample scope for the developer and the land owner to negotiate directly.

At present, the development authorities pay the farmers once the district magistrate has awarded the compensation. Still, there is discontent among the farmers and, many a time, the acquisition process gets entangled in legal battle, the prime example being the 1,500-acre Prabandh Nagar scheme in Lucknow which has failed to take off since 2007. The farmers had refused to part with their land even after the Lucknow Development Authority (LDA) agreed to pay an amount twice the circle rate.

The SUHHP 2014 will help to eliminate exploitation of the farmers, particularly those who owned a small patch of land. Most of these small land owners were till now compelled to accept the compensation offered by the agency with acquires the land irrespective of the escalation in value once the area was developed. The new SUHHP was in line with the framework provided in the National Urban Housing and Habitat Policy that was cleared by the union government in 2007.

The new draft provides for a system which reduces the burden of paying compensation to the land owners as it offers ownership in the developed project directly. The policy is sure to benefit the land owners particularly in situations where the land is acquired but the development process takes years after the compensation against land acquisition is paid.

As per the housing department officials, under the scheme, a compact area will be selected in consultation with land owners for urban development. The authority concerned will provide infrastructure through funds obtained by commercially selling a part of land. The remaining land, whose value would have increased with the provision of infrastructure, will be reallocated to the participating land owners. Land owners, however, cannot claim their own piece of land. The biggest advantage of this arrangement is that it avoids public discontent and protests, and, above all, no money is required for acquiring land since there is no provision for payment of compensation.

In case the land owner’s piece of land is reserved for public utility like a road, a park and the like, then the land owner would be entitled to transfer of development rights. Under the new policy, Housing schemes will have to compulsorily reserve 20% of the housing units for the poor and financially weaker sections of the society. The parameters to define the status of the two categories were however yet to be finalized. In case the acquired land is used for Higher Use category, then the government would provide legal help to land owners to claim “Urban Use” fee from the developer.

The new policy also provides for compulsory accommodation of public utilities in housing schemes which will include public toilets, bus stops, underpass / foot over bridges for pedestrians, vending zones, solid waste management transfer station, sanitary landfills and the like.

The cabinet also decided to encourage use of non motorized vehicles for mass public transport like Metro rail, CNG based Bus Rapid Transit System (BRTS) apart from boosting construction and laying of ring roads and bypass in and around major cities to decongest the crowded commercial and residential pockets of the state.
http://timesofindia.indiatimes.com/city/lucknow/Land-owners-to-get-25-in-UP-projects/articleshow/29922413.cms

Mixed land use policy to soon be implemented after govt’s approval

NOIDA: After an in principle approval of mixed land use policy for specific areas within industrial and residential sectors in November last year, Noida Authority on Thursday held a meeting with residents and entrepreneurs to discuss the issue.

Taking the proposed policy a step closer to its implementation, over 60 suggestions and objections were received by a panel of officials, who said that the proposal will be forwarded to the state government for its final approval.

The meeting, which was initially scheduled to be held on Monday, was attended by over a hundred people including office bearers of the Federation of Noida Resident Welfare Association (FONRWA) and Noida Entrepreneurs’ Association (NEA).

In favour of mixed land use, FONRWA has called the commercialization fee formulated by the Authority “unreasonable and exorbitant”.

As per the proposed policy, interested allottees owning residential and industrial property will be able to convert it into mixed land use by paying 50% of the cost difference between the prevailing residential or industrial sector rate and the reserve price of the commercial rate of the area where the property is located.
“The conversion cost should be 10% instead of 50% and commercial activity should also be allowed on 18m-wide roads instead of only on 24m roads,” said NP Singh, president, FONRWA.

“The Authority should also allow ATMs, nursing homes, laundry services, grocery shops and banks in residential sectors,” he added.

Seeking relaxed land use norms for guest houses, restaurants, nursing homes and banks in industrial sectors, entrepreneurs said that the policy should not be limited to just auto showrooms.

“Industrial Sectors like 9 and 10 need to be commercialized as the plots are too small to run industries here. Owners can be charged a conversion fee amounting to 50% of the circle rate,” said Vipin Malhan, president, NEA, adding that the policy should not be limited to just 24m-wide roads.

The proposal to allow guest houses in residential areas was unanimously opposed. “Most people don’t mind allowing commercial use of residential property because it fetches money. However, care should be taken so that sanctity of residential areas is preserved,” said Singh.

“Guest houses could prove to be a nuisance,” added another RWA member. Singh said that affidavits need to be taken by the Authority from owners desirous of adopting commercial activities to ensure adequate parking facilities, especially in residential areas.

According to Authority officials, suggestions and objections would be studied. “They will be discussed with senior officials,” said Manoj Rai, OSD, Noida Authority.

“Once we have disposed of these, it will be approved by the Noida board,” Rai added. The Master Plan-2031 and Noida’s building byelaws will be amended once the policy gets a final nod from the state government, officials said.

http://timesofindia.indiatimes.com/city/noida/Mixed-land-use-policy-to-soon-be-implemented-after-govts-approval/articleshow/29965372.cms

Farmers agitate for abadi land

NOIDA: The protest by farmers in Gautam Budh Nagar against the state government entered its sixth day on Tuesday with a dharna continuing unabated in Greater Noida.

Upping the ante against the Samajwadi Party government for not granting approval to the policy of returning abadi land (land under habitation) to farmers, a group comprising 70 district villages are camping outside the Greater Noida Authority office.

The policy was not cleared in the cabinet meeting held last week in Lucknow. It had been sent by the Authority for its approval last March. As per the policy, abadi land that had been acquired along with farmlands in Greater Noida by the previous Bahujan Samaj Party (BSP) government was to be returned to the rightful owners.

Under pressure from farmers during the height of the land acquisition row two years ago, the BSP government had been forced to promise the return of portions of land that had been acquired despite being inhabited by villagers.

“We have met Samajwadi Party leaders as well as senior government officials in the last two years demanding return of abadi land. The approval of the policy would have a direct impact on the lives of 10,000 farmers in the district,” said farmer leader Manvir Bhati.

Farmers are also enraged over the state government’s lack of focus on the development of Greater Noida. They have alleged that the government’s decision to utilize funds generated in Greater Noida for the other districts of UP does not augur well for the development of Gautam Buddh Nagar.

The agitators have also demanded that lease deeds that are being granted to industries in the city should contain a clause for providing mandatory employment to a certain percentage of local youth.
http://timesofindia.indiatimes.com/city/noida/Farmers-agitate-for-abadi-land/articleshow/30252960.cms

Govt to amend Town & Country Planning Act

Shimla, February 10
The government will make amendments in the Town and Country Planning Act to give relaxation in the minimum plot size so as to enable construction of houses on the small 2 biswa plots, especially in case of economically weaker sections of society.

This was stated by Town and Country Planning (TCP) Minister Sudhir Sharma during the Question Hour in the Assembly today. Replying to a query by Maheshwar Singh, he informed the House that the government was already in the process of making the amendments.

“The government is already seized of the matter that after leaving offset and space, it is not possible to construct a house on such small plots; so relaxation will be given to everyone except in Shimla,” he said. In Shimla, it is mandatory have a 200 sq m plot to construct a house.

Maheshwar had pointed out that in old towns like Kullu and Manali, it was impossible to construct a house on the minimum permissible limit plot size of 60 and 90 sq m if one was to have land on all four sides.
The minister further said a uniform rate of Rs 1,000 per sq m would be charged from all as compounding rate for regularisation of the houses which had been raised in violation of the TCP norms.

In reply to another query on the Timber Distribution Policy framed by the government, Forest Minister Thakur Singh Bharmouri assured the House that there would be room for the possibility of providing wood at subsidised rates for development projects like schools and panchayat bhawans.

Maheshwar cited that earlier, TD wood was given at rates higher than for traditional right holder, but at less than commercial rate.
“The government must make a provision that TD wood is not given at commercial rate, but at less for development works,” he said.

The minister said the MLA should have filed objections during the one-month period when suggestions had been invited from the public. He said all such old rights would be restored.

http://www.indianrealtynews.com/other-city/govt-to-amend-town-country-planning-act.html