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RE: Chennai Real Estate

Admin · Guru

56-ground plot in city centre on the block for 340 crore

Rajesh Chandramouli TNN

Chennai: NRI businessman C Sivasankaran has put on the block a 56-ground plot off Cenotaph Road in south Chennai for 340 crore.At this price,the valuation works out to roughly 6 crore a ground (1 ground equals 2,400sqft).
After a couple of aborted attempts to sell the land,Sivasankaran,sources said,was close to signing a deal.We are talking to several buyers.We are close to finalizing it,but in such deals nothing can be said unless you get the money, officials at Siva Ventures said.
Market sources said Chennai-based Khivraj,Landmark Constructions,Jain Housing,Arihant and another Bangalore-based developer were interested in the property,located opposite the Japanese consulate and DMK leader M K Stalins residence.
The difference between the offer price and the asking price is not much.We can expect the deal this time, sources said,adding that the buyer had to get some financial support from private equity investors or real estate focussed fund houses.

Siva sells assets bought from B&C

The landing cost for the FSI (floor space index),will be nearly Rs17,000 per sqft,at the estimated sale price of Rs 340 crore.This may result in the buyer quoting an unprecedented price of upwards of Rs 25,000 per sqft for apartments promoted there.
Chennai is witnessing some large real estate transactions.Tafe groups purchase of land at nearly Rs 6.4 crore per ground in Nungambakkam set a new benchmark for that locality,while Tablets India picked up L&Ts regional headquarters land on Club House road for nearly Rs 4.6 crore per ground.
Sivasankaran had acquired the property off Cenotaph Road in early 2006 for nearly Rs 120 crore from Best & Crompton Engineering.Beacon House came to the fold of UB chairman Vijay Mallya after he acquired Best & Crompton.Later,when B&C was acquired by Indonesia's Polysindo Texmaco group,it decided to sell the property.Since Sivasankaran had picked up stake in B&C,it helped him to clinch the deal.TNN

Admin · Guru

Rentals in city go through the roof

Influx of Professionals Sharing Homes Partly Responsible For Hike: Realtors

Daniel P George TNN

Chennai: Many landlords in the city have hiked rents between 10% and 15% this month citing inflation as reason.In many such cases,annual rental agreements were due for renewal in December.
Tenants in many areas like Lake Area,Nungambakkam,Kodambakkam,Trust Puram,West Mambalam,Postal Colony,Sterling Road,Rutland Gate and Velachery are feeling the heat.They say that the hike in rental is a huge burden as their salaries have not increased commensurately.But they are left with no choice as shifting home is a costlier proposition.Moreover,one should get a house close to schools of his/ her children,feel tenants.While a five percent hike per annum is acceptable in many cities,some landlords in Chennai insist on a 10% hike.
Anil Arora,a real estate agent in Nungambakkam,said one-bedroom apartments were the most sought after.Chennais one-bedroom apartment stock is very low.
Single bedroom flats fetch rentals ranging between 10,000 and 12,000.The influx of bachelors and spinsters among IT and other professionals,who share accommodation with their colleagues,is partly responsible for the steep hike in rentals,realtors feel.They agree to the high rentals because they share the burden and per head cost is kept low.
Raj Kumar,a software professional who is planning to move into a two-bedroom apartment with his family,said,Brokers are the biggest culprits in jacking up rentals.They always take sides with the landlords as they also stand to gain in the form of higher commission. Brokers in the city collect one month rent as a commission.
The broker mafia is so well entrenched that in some places landlords cannot even put up to-let boards,fearing the wrath of local brokers.
I am new to the city and hunting for accommodation.This is my first job and the landlords are asking for 1.50 lakh as advance for a single bedroom apartment, said Mrinalini Khatri,a marketing professional who has moved in from Gurgaon and is looking for a house in Velachery.
Middle class people seem to be the worst hit by this hike.I live with my wife and two children in a small two-bedroom 900sqft house.We were paying 10,000 as rent and had given 10 months rental as advance.Now my landlord wants to hike the rent to 13,000,citing increasing costs of living, said Shafiq Mohammed of Mandaveli.I earn a small salary and have to service a personal loan too.I dont know where I will find money to pay the hike, he added.
But landlords have a different take.We also have families to support and with the rise in prices of essential commodities and salaries of staff and the hike in taxes,I had no option but to hike the rent by 10% for apartments in Nungambakkam said Syed Yusuf,who owns many apartments in the area.

Admin · Guru

CMDA seals Greams Rd bldg

TIMES NEWS NETWORK

Chennai: The Chennai Metropolitan Development Authority on Friday sealed a residentialbuilding on Gulam AbbasAliKhan Street,of Greams roadin ThousandLightsfor violating building norms.Officials said the owner obtained permission to build stilt plus two floors,but constructed a building with a basement,ground floor and two floors above it.He also partly constructed the third floor.
CMDA officials,who inspected the site,found several violations,including in building dimension,setback area and floor space.Interestingly,the building was earlier sealed on October 25 for violations.But the owner continued with the construction.
Strict action will be initiated against such violators.Going ahead with the construction despite the CMDA sealing the building is a serious issue, a senior official said.The official also called upon general public to inform CMDA about construction of unauthorized buildings.

CMDA officials found several violations in the residential building

Admin · Guru

Bldg violations land colleges in trouble

Institutions Told To Submit Approved Plans,Surrender Area Reserved For Parks

Jayaraj Sivan TNN

Chennai: Professional colleges are heading for a stand-off with the state government as the latter turns the screws on institutions that have violated building rules.
The directorate of town and country planning (DTCP) sent notices to about 2,400 colleges recently to submit approved plans of their buildings and asked them to surrender OSR land (open space reservation or area allocated for parks on their campuses).Only 85 colleges have obtained approval for their buildings and ten have submitted plans seeking approval on receipt of DTCP notices in the last two months.
Most colleges which had not bothered to get their buildings approved by the regulatory agencies for almost two decades have also not surrendered OSR lands to the local bodies,though rules stipulate that 10% of the total land area should be earmarked for public purposes.Going by the current land values in the state,the net worth of OSR lands for which the DTCP has staked claim will be several thousand crores.
There is no contiguous stretch of land that can be earmarked for OSR in most colleges because of haphazard planning and construction.While the DTCP has asked colleges to pay the guideline value of OSR land if they dont surrender land,managements have sought exemption from surrendering the land and paying penalty.
Since development regulations of the Chennai Metropolitan Development Authority (CMDA) gives exemption to colleges from surrendering OSR land to local bodies,colleges functioning in DTCP limits should also be given the relaxation, said the chairman of a private college.
However,as per DTCP development control rules,no such exemption can be given.An official said,Colleges in CMDA limits were given exemption because of the high cost of land in the city.Only the state government has the authority to decide on similar exemptions in DTCP limits.
Apart from staking claim over OSR land,DTCP has also asked colleges to remit infrastructure and amenities charges,collected for providing support infrastructure.Though many colleges were constructed before the introduction of amenities charges in 2007,they will have to pay up as they are seeking building approvals only now.Amenities charges range from 19 per sqft to 37 per sqft.Even going by a conservative estimate,colleges may have to collectively pay about 300 crore towards this levy.

Admin · Guru

HC upholds land acquisition for power substation

TIMES NEWS NETWORK

Chennai: Taking note of the grim power situation in the state,and reiterating the need to commission pending power projects,the Madras high court has upheld the acquisition of more than 100 acres of land in Dharmapuri district for a power transmission facility.
Justice V Dhanapalan,upholding the governments decision to invoke the urgency clause and dispense with inquiries,said,In view of the power crisis faced by the state,delaying the commissioning of the power grid project will definitely cause serious prejudice.The authorities have proceeded with the acquisition process only after hearing the objections of the landowners and taking into account the feasibility report.Therefore,dispensing with Section 5-A inquiry is justified.
The matter relates to 122.91 acres of lands in Somanahalli and Pangunatham villages in Dharmapuri,where a substation was to be established by the Power Grid Corporation.The acquisition process started in March 2011,as the sub-station was scheduled to be commissioned in March 2013.It was being set up to evacuate power generated from two private power producers in Tuticorin.
While the authorities dispensed with a round of inquiry proceedings by invoking Section 5-A of the Land Acquisition Act,the landowners challenged the notification on grounds such as low compensation package,bypassing inquiry proceedings and failure to consider alternative sites for acquisition.
Justice Dhanapalan said,Taking into consideration the fact that the government and the public will be benefited by it,the government invoked the urgency clause in view of the fact that the power crisis faced by the state is alarming. He added,This is a case where public interest,urgency in implementation of the time-bound project,power crisis in the state and nation are involved,and hence inquiry under Section 5-A is not mandatory.
The objections of landowners had been taken into consideration and only thereafter the acquisition notifications were issued,he pointed out.He then dismissed the batch of petitions.

Admin · Guru

CONSTRUCTION OF OVERBRIDGES
New policy: First acquire land,then float tenders

Julie Mariappan TNN

Chennai: Facing difficulties in acquiring land for construction of high-cost bridges,the state government has decided that it will float tenders for a project only after completing the land acquisition.
To start with,the government has decided to acquire land for constructing 12 rail overbridges across the state.A major policy decision to this effect was taken recently,after the state highways department got fed up with delays in acquiring land for its projects.
Government sources told TOI that land acquisition for nearly 36 projects was stuck for many years.The delay may lead to cost escalation.
But this new move will help carry out construction without any hassle.It will also help authorities to shift service lines like power cables,sewer and water pipelines before starting work, said an official.
As per initial estimates,it would cost 70.03 crore for acquiring land for only eight rail overbridges.The projects have been proposed near Anvarthinganpet in Vellore,between Panruti and Nellikuppam railway stations in Cuddalore,Sri Rangam and Trichy railway stations,Ramanathapuram-Ucchupuli railway station in Ramanathapuram,Palayamkottai and Seidhunganallur railway stations in Tirunelveli,Dindigul and
Akkaraipatti railway stations in Dindigul and Sholavandan in Madurai.Four more bridges have been recommended by the Southwestern Railway in its railway works programme for 2010-2011 in Dharmapuri district.Official sources said the Southern Railway has also recommended another project in place of the existing narrow and non-standard subway near Sankagiri railway station in Salem district.
The railway sanctioned a subway at this location.But it warrants a bridge.Therefore,railway has been requested to sanction it.After approval,the land acquisition will begin, said an official.At present,there are 23 rail overbridge projects costing 740 crore under various stages of scrutiny.Detailed project reports are being readied for five such projects in Vellore,Dindigul,Ramanathapuram and Tirunelveli districts.

Admin · Guru

Rushdie to lose home,but may gain 100cr

Dhananjay Mahapatra TNN

New Delhi: Salman Rushdie is sure to have mixed feelings about it.
The Supreme Court has snapped the controversial authors ancestral link to Delhi,ordering him to honour his father Anis Ahmed Rushdies December 1970 agreement to sell his bungalow at 4,Flagstaff Road in Civil Lines to then Congress leader Bhiku Ram Jain.However,the master story-teller has got a hefty compensation,with the court asking Jains heirs to pay the market value for the single-story bungalow that is spread over 5,373 square yards at a prime location: A conditionality which can fetch Rushdie approximately 100 crore instead of the 3.75 lakh his father had agreed to sell the property for in 1970.
Although the court held the agreement between Rushdie Sr and Jain to be sacrosanct,it factored in the lapse of time as well as the galloping property prices to order that the Jains ought to pay the current market price.

Rushdie told to return 50,000

New Delhi:The market price of Salman Rushdies Delhi bungalow is estimated to be anywhere between Rs 80 crore and Rs 100 crore,mainly because of its size and location.The order brings the curtains down over the protracted legal battle between Rushdie Sr and Jain,both of whom died during the course of the trial.
The dispute wound its way through the trial court and the high court before reaching the apex court.
Anis Ahmed Rushdie inducted Bhiku Ram Jain as a tenant to half of his bungalow on December 20,1970,for a princely monthly rent of Rs 300.Interestingly,just days later,he signed an agreement on December 22,1970,to sell the property to Jain for Rs 3.75 lakh.As per the agreement,Jain paid Rs 50,000 up front to Rushdie,while committing to pay the rest after the owner got tax clearance certificates from I-T authorities.The Rushdies had left India for good in 1963,and were located in London when the agreement was signed.
The matter did not move forward beyond the payment of earnest money and exchange of letters about the payment of the remainder.
Jain filed a suit in 1977 requesting the trial court to direct Rushdie for the execution of the December 1970 agreement.On October 5,1983,the trial court ruled in his favour,saying that the Jains could have the property after they had paid Rs 3.25 lakh to Rushdie.Rushdie appealed before the Delhi HC which after 28 years ruled that the Jains could not ask for transfer of the bungalow to them.On October 31,2011,the HC directed Rushdie to return Rs 50,000 to the Jains with 12% interest from December 22,1970;in effect ruling that Rushdies remained the owner.
Deciding the appeal in favour of the Jains,an SC bench of Justices P Sathasivam and Ranjan Gogoi said the language of December 22,1970,agreement was clear that the plaintiff (Jain) was to pay only Rs 50,000 and the rest after tax clearance certificate from the I-T authorities,which was never produced by Rushdie.

PYRRHIC VICTORY

Dec 1970 |

Salman Rushdies father agrees to sell Civil Lines bungalow to Bhiku Ram Jain for 3.75 lakh.Jain pays 50,000;remaining to be paid after owner got tax certificates.Matter remained there

1977 |

Jain moves court,which rules in his favour in 1983.Rushdie appeals in HC

2011 |

HC says Rushdie to remain owner on returning 50,000 with interest.Jains heirs move SC

Dec 2012 |

SC directs sale,Rushdie to get market value

Admin · Guru

LIVING A SUBURBAN NIGHTMARE

High Commuting Costs And Poor Amenities Leave OMR Residents In The Lurch

Kamini Mathai | TNN

The icing is perfect,it is just the cake that isnt ready yet.Residents of apartment complexes along Old Mahabalipuram Road (OMR) say that while life in the suburbs is supposed to be cleaner,cheaper and more relaxed,reality isnt as pretty as the postcard.
While the complex may have everything an owner wants from swimming pools to landscaped gardens for a person working in the city,the commute is draining both physically and financially, says software engineer A Kumar,who moved out of Lancors Central Park back into the city.If you are not a house-owner,you will have to pay 35 a day just on the toll, he says.
There are no public transport options other than buses,and most of them do not ply on the inside roads.My fuel bills are up 40% from when I was living in the city, he adds.While the MTC recently announced four new routes along the OMR stretch,residents feel it is still not enough.
Also,with basic amenities such as electricity,sewage and garbage disposal,and drinking water supply still not in place in some complexes,residents say costs for all these basic services are on the rise.As we are outside the corporation limits,we have to figure out what to do with the garbage and sewage, says a member of the Mantri Synergy Residents Association.These residents have created a YouTube channel airing their grievances about living along the OMR.For 750 apartments,the association spends every month 8 lakh on diesel for the generators owing to the power cuts,8 lakh on drinking water,4 lakh on sewage disposal and around 1.5 lakh on garbage disposal.
Cost of employing maids and drivers is 20% more in the area than in the city,say residents.K Krishnan,a resident milk costs 4 more a packet than in the city,however,urban planners say that people moved to the suburbs knowing that they are getting affordable housing options partly because the amenities are not yet in place.
T Chitty Babu,chairman and CEO,Akshaya Homes,says that in areas such as OMR where the rate of development in terms of housing is growing more rapidly than infrastructure,builders need to ensure the residential complexes are self-sustaining.A developer only has control within the premises and needs to provide sewage treatment plants and rainwater harvesting to make the complex a selfsustaining unit, he says.

WOES OVERFLOW

Residents of Sholinganallur say that commuting is a killer physically and financially.If one is not a houseowner,they have to pay 35 a day as toll Public tranport options are much less.Though MTC introduced new routes in these areas recently,it is still not enough,residents say There is no garbage and sewage disposal system for residential complexes as they do not come under the city corporation limits.Most areas,including Oragadam and Sriperumbudur,dont have water supply,sewerage system or health and recreation facilities Mantri Synergy Residents Association residents have created a YouTube channel airing their grievances about living along the OMR

ITS A GRIM PICTURE BELOW: While highrises have come up at a rapid pace in the suburbs the infrastructure growth has not kept up with the pace;(below) entrance to a building in OMR that is waterlogged

Admin · Guru

Comprehensive infra plan needed in suburbs,say experts

TIMES NEWS NETWORK

The suburbs will have to wait a while before they catch up with the city when it comes to having reasonably priced civic amenities,say urban planners. Now,residential projects are coming up in the Outer Ring Road project areas, says K P Subramanian,former professor at Anna Universitys urban engineering department.Projects have been announced before the land acquisition was complete,he adds.
Most of these areas,including Oragadam and Sriperumbudur,dont have water supply,sewerage system or health and recreation facilities.Here,housing projects come before development of social infrastructure as all you need is a road connection to your plot for permission to build mini-townships, says M G Devasahayam,a trustee of SUSTAIN,an NGO in urban development.
The problem is compounded by the fact that development control rules meant for the city are being applied in suburbs.According to a CMDA official,a highrise is allowed if the approach road is of a certain width,the logic being that wider roads in the city will have stormwater drains,underground sewerage and electricity lines.
Planning permissions inside the Chennai Metropolitan Area (CMA) are based on whether the builder gets No Objection certificates from Metrowater,electricity boards,traffic and fire services.However,a promoter building a 27-storeyed complex beyond Uthandi,outside CMA limits,will approach the directorate of town and country planning and local authorities who dont thoroughly scrutinise the applications,says the official.
According to former CMDA chief planner Anantharanjan Das,it will take time before the law and market catch up with the fast-paced development in and around Chennai.In the 1930s and 40s,the electric railway line was the only way to reach places like Tambaram.Sensing the development potential,people moved to suburbs along the railway line and areas like Nanganallur were carved out, says Das.In the early days,the suburbs didnt have tarred roads or amenities.The next wave of migration was to ECR that primarily attracted people with enough means to own cars to ferry them back to the city from their farm houses.
The development of the IT Corridor again saw middle class families moving to the suburbs.The accumulated development of last 30 years happened in the space of 10 years, says Das,who along with his team prepared an infrastructure plan for the IT Corridor up to Siruseri in 2000.Now,projects are going beyond Melmaruvathur along NH45,Maraimalai Nagar and Chengalpet in Kancheepuram.It is a market economy where developers cant be held responsible for providing social infrastructure.The market will catch up with the pace.Koot Road that connects southern suburb Madipakkam with Medavakkam resembles a mini-T Nagar with its shops.The situation will improve the government acts, he says.It is also up to the government,which collects 100 per sqft as infrastructure charge from builders,to prepare a development plan and implement it,he says.

Admin · Guru

Trench soon for metro line to airport

TIMES NEWS NETWORK

Chennai: Metro rail construction work is closing in on the airport.Workwillsoon begin to cut a trench on one side of GST Road where the line will go underground just before it crosses the flight pathof secondary runway.
Metros rails Saidapet-LittleMount-airportelevated line will deviate into the airport campus after Officers Training Academy (OTA) andthen,on a stretchof more than 400 metresstarting from near Trident Hotel,go beneaththesurfaceto preventit from becoming an obstacle to aircraft using the secondary runway.Machines have moved in and the old perimeter wallof the airportisbeing demolished.
The old perimeter wall will be removed and the land will be levelled to begin trench work.The stretch will not be as deep as tunnels bored for underground corridors, said a senior metro rail official.Engineers had earlier proposed an elevated line,but changed plans after the Airports Authority of India raised objections.An extra 50 crore will be spent to take the line below the surface on thestretch.
Building the line from OTA to airport is a challenging task,nextonly tobuilding the line over Kathipara flyover,because of a peculiar alignment.The line zigzags along GST Road,veers off the road for a brief stretch and then gets back onto the middleof the main road.Itwill also have to be built by the side of the flyover before the airport to connect it to metros airportstation.
Piers and open foundations are being made on the OTA-airport stretch of the line.Construction of cut-andcover ramps are also in progress along the stretch where ever it is necessary, the officialsaid.
The construction includes open foundations and ramps because spans will have to be installed over pillarsof uneven height.
Metro rails elevated line is being built at great pace in Guindy andon GSTRoad asis the line on the Little Mount-OTA stretch.Twenty-nine spans and 99 pillars needtobe installedtocompletetheline.

MAKING WAY: Portion of the airports old perimeter wall is being demolished to begin work on a trench for the metro line

Admin · Guru

Corpn seals unauthorised building in Parrys

TIMES NEWS NETWORK

Chennai: Continuing the drive against unauthorised buildings,Chennai Corporation officials on Wednesday locked and sealed a commercial building on N S C Bose Road in Parrys for violating building rules.
The owner obtained permission for construction of ground and first floor but the building was found to have three extra floors (ground + 4 floors).A senior official said: The owner deviated from the original plan submitted for approval.Wednesdays exercise is part of the continuing crackdown against building violations in the Broadway area.
A notice was sent more than a month ago.But the owner did not respond.So we have taken action under the Town and Country Planning Act,1971, the official said.Apart from construction of additional floors,the owner flouted rules relating to floor space index,setback area,parking and fire safety measures,he said.
Official sources said many builders get approvals for constructing ordinary buildings (ground + two floors) which dont require a CMDA completion certificate to apply for Metrowater and TNEB service connections,but construct extra floors later.CMDA rules say any commercial building that is bigger than ground plus two floors is a special building and requires a CMDA completion certificate.Unless service connections are denied,such violations will continue, said a corporation official.
Many commercial buildings in the narrow bylanes of Broadway,including Rattan Bazaar,Govindappa Naicken Street,Godown Street,Bunder Street,Badrian Street and Malayaperumal Street dont have enough parking facilities.
Many Broadway residents said most building violations went unchecked.Vigneshwaran,a shopper on Govindappa Naicken Street,said: Its difficult to walk on the street.Many shopkeepers have constructed additional floors and made modifications without approval.But little action has been taken against them.
A corporation official said: Nearly 60% of the buildings in Broadway are unapproved.But shortage of staff and pressure from politicians are hampering the action against the violators.

Officials said the owner of the building had deviated from the original plan submitted for approval

Admin · Guru

Nod only to raze building,not to build: Corpn on actors land

TIMES NEWS NETWORK

Chennai: Even as the Nadigar Sangam (actors association ) informed the Madras high court on Thursday that no construction was being made at its 150-crore property in T Nagar,the Chennai Corporation said it only gave its permission to demolish the existing structure and not to build a new one.
The first bench comprising Chief Justice M Y Eqbal and Justice T S Sivagnanam,however,asked the association counsel to file an affidavit with regard to this.Earlier,S Prabakaran,counsel for a resident of Habibullah Road where the property is located,submitted that the issue needed to be argued elaborately as it involved a controversial proposal to develop a multiplex and multistoreyed shopping mall in a prime residential area.
The Chennai Corporation filed a counter-affidavit stating that though it had sanctioned the demolition of an existing structure belonging to the actors body on the Habibullah Road,it had not approved any building plan for the proposed construction.Citing the delegation of powers,the corporation submitted that the Chennai Metropolitan Development Authority (CMDA) alone had the authority to grant permission for special buildings and multi-storeyed buildings.
The controversy revolves around an 18-ground property belonging to the Nadigar Sangam.A charitable trust of the association had sought to lease out the property to SPI Cinemas to develop a multiplex at the site.Alleging irregularities in the deal,a civil suit has been filed in the Madras high court.The proposal includes building eight cinema theatres,indoor games and a shopping mall,spread across eight floors.Three of the floors would be earmarked for vehicle parking.
The petition was filed by R Sukumaran,a resident of Habibullah Road,saying construction of a multiplex in the prime residential area,which has educational institutions and narrow roads,would cause inconvenience the residents.
Besides seeking to restrain the civic authorities from granting any approval or building permission for the proposed project,the petitioner wanted the court to quash the project.

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Power 15_12_2012_004_015 Building Cracks 15_12_2012_004_002 BDA 20121214aB002100003

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Agri Land IT 13_12_2012_013_061 Temple lands 13_12_2012_005_002 Correspondence BE No use 20121213a_005101009 Pc0031500

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Airport 10_12_2012_003_030 CMDA Bus stops 10_12_2012_001_005 Hyd Property Tax 10_12_2012_003_029 Siruthavur 10_12_2012_002_037

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Documents to check before buying a house

If you do not conduct due diligence,you could end up losing the property and face a financial disaster

SAKINA BABWANI

Buying your own home may be a cherished dream,but it doesnt take much for it to turn into a nightmare.Given that real estate is among our most expensive purchases,landing a lemon can prove to be a financial disaster.The only way to avoid such a situation is to take time out to conduct due diligence before finalising any property deal.Of course,a reliable shortcut is to buy into a project that is backed by financial intermediaries like banks.
You can also engage a lawyer to carry out due diligence,but as a smart buyer,its best to pore through the documents yourself.Here is a checklist of documents that you should peruse before signing on the dotted line.

Projects under construction

The first thing one should do in the case of projects that are still under construction is to make sure that the builder has all the necessary approvals in place,without which it would be considered illegal.The first of these is the permission to develop land into a residential complex.Builders need to get government approval to convert agricultural land or even land specially designated for industrial purposes into a residential area.If the builder has gone ahead without securing this approval,the entire project is illegal.In addition,there are environmental and municipal clearances to factor in.For instance,the builder has to ensure that his project does not interfere with the urban and town planning,and that it has unrestricted road access.
Next,find out if the builder has the authority to transfer the undivided share of land to each flat owner and the entire plot to the society,on completion of the project.A Knight Frank research report on Parameters for Buying a Home mentions that you should also ensure the builder does not reserve any right on your portion of the apartment,such as balconies or terraces.
Lastly,never forget that theres many a slip between the blueprint and the final product.The developers tend to charge a premium for additional features,such as a swimming pool or designer furniture.However,unless you ask the builder to incorporate all the promised features in the agreement and make provisions for penalty in case of non-fulfilment,you stand on shaky ground.Also,watch out for the fine print: builders may slip in a clause in the agreement,stating that they reserve the right to alter any of the promised features.
To be safe,take a look at the approved construction plans and ensure if they match what has been promised to you.Ask the builder to show you the requisite permits from the concerned authorities.While the approved construction plans have to be mandatorily displayed at the construction site at all times,all the important approvals should be available at the builders office.Under the Transfer of Property Act and Maharashtra Ownership Flats Act,a seller is required to disclose all facts relating to the property,which includes the various permissions secured by him.In case a builder refuses to do so,a prospective buyer has recourse under the same Acts.In addition to these documents,you should also take a look at the Commencement Certificate for projects in Mumbai.As the name suggests,this certificate is given to the builder to begin construction only after he has obtained all the requisite clearances.

Independent home owner

As a primary rule,check and verify if the seller owns the property and has a right to dispose
it of, says Shveta Jain,executive director,residential services,Cushman & Wakefield,India.In case he is a joint owner,he cannot sell the property without the consent of the other owner(s).One way to be sure of ownership is to go through the house agreement.If you are purchasing a flat in a housing society,ask for the original share certificates.To double check,you can peruse the telephone and electricity bills as they are always issued in the name of the legal owner.Alternatively,you can check the housing society maintenance bill,which contains the owners name and property tax details.This will also highlight any pending charges that are due for the flat you want to buy.This is crucial because if the owner sells a flat without paying his dues,the society may recover it from the new owner.To avoid such hassles,ask the society to issue a no-due certificate as well as a no-objection certificate.
Any pending litigation on the property should also be a signal to hightail it.This is because you are bound by the result of the suit,and if the court establishes that the seller was not the rightful owner,you will have to hand over the property to the winning litigant.To check for pending litigation,go through the lis pendens registry at the sub-registrars office,as it will contain the owner's name if there is pending suit.
Mortgaged properties are the other lemons you need to watch out for.In such cases,the original documents are sure to be with the lending institution.So,if the seller fails to show you the originals,it's reason enough to be on an alert.If the seller claims he has cleared all debts,ask him to show you the banks original discharge letter.
Some experts are of the view that a clear title is not assurance enough and one should consider contacting past owners to rule out fraud.As a safety measure,publish an advertisement in the newspaper stating that you wish to buy the property and inviting objections.

After the deal...

1

After the agreement is drawn,have it whetted by a lawyer to spot loopholes.

2

Do not delay registration of the sale deed after signing it.

3

Ask for the issuance of share certificates after a society is formed.

4

If you are paying an advance without getting possession,document it in the form of an agreement or a memorandum of understanding.

5

Contact a tax consultant to explain your tax liabilities to you.

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Housing Board Patta 18_12_2012_002_013

Hyd Lake buildings 18_12_2012_002_034 Koil lands 20121218c_013101007

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Sriperumpudud Lake 18_12_2012_251_004 Solar 18_12_2012_005_002

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AP Guide 18_12_2012_001_007 ASI 18_12_2012_251_010 Agri Loans Ap 18_12_2012_006_031

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CMDA Drafts wasted 18_12_2012_101_002

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Govt Lands 17_12_2012_251_025

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Real Estate Infra 17_12_2012_012_006 Temple Lands 17_12_2012_251_028 Tiruthani Bypass 17_12_2012_004_032 AP Mla Palace 17_12_2012_006_036

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AP Metro bUILDINGS 19_12_2012_005_005 Anna Nagar Tower Club 19_12_2012_101_029 18_12_2012_007_009 18_12_2012_007_007 Road widening 19_12_2012_006_024

-- Edited by Admin on Wednesday 19th of December 2012 08:52:19 PM

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Panagal park Multi car park 19_12_2012_010_017 Poondi Reservoir full 19_12_2012_252_010 Slum board place19_12_2012_007_002 Temple Lands 19_12_2012_255_009 Thozuvuvr 20121219a_005101001

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PIL against T Nagar car park dismissed

TIMES NEWS NETWORK

Chennai: The Madras high court gave its green signal to the Chennai Corporations plans to build a futuristic,fully automated multi-level car parking facility close to Panagal Park at T Nagar,saying there was no move to either obstruct entry into the park or shrink its size.
Passing an order to this effect on Tuesday,the first bench comprising Chief Justice M Y Eqbal and Justice T S Sivagnanam dismissed a public interest writ petition filed by social activist Traffic K R Ramaswamy.The corporation plans to build a car parking facility at Bashyam Salai entrance of the Panagal Park.Assailing the plan,the PIL said it would block access to the park and obstruct peoples free movement.It wanted the proposal to be scrapped.
Additional advocate general P H Aravindh Pandian,who represented the corporation,and government pleader S Venkatesh,appearing on behalf of the CMDA,denied the allegations and said it would ease traffic in the area.
Noting that the administrative sanction for the project was issued on November 11,2011 and that a consultant has already submitted a report,Pandian said it would come up on a vacant area on Bashyam Street where vehicles are parked now.The corporation adopted a resolution accepting the report on August 24,2012,and it also approved the fixing of 30 per hour as parking fee for cars and 7 per hour for two-wheelers.
Stressing that the facility was meant for general public and not traders,the corporation told the court that its action against traders who had violated development control rules would continue.The judges also pointed out that the facility envisaged a lift system,wherein vehicles parked on a tray would be lifted and parked in a vacant slot automatically.Similar systems are in operation in Delhi,Mumbai,Kolkata,Ahmedabad and Pune.
Recording the submissions,the judges said,We do not propose to interfere in the decision of the corporation of Chennai.

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Blackstone chases tech park deals

Private Equity Biggie In Talks To Buy Blore Co Vrindavan For 900 Crore

Anshul Dhamija & Boby Kurian TNN

Bangalore: Private equity giant Blackstone Groups aggressive buyouts of office space building shows little sign of abating.Blackstone,which has struck a string of deals with developers,including DLF,is in fairly advanced talks to snap up one of the largest IT park developments,Bangalore-based Vrindavan Tech Village,paying up roughly between Rs 800-900 crore ($160 milion),said people directly aware of the matter.
This comes even as Blackstone is vying with other global investors Mapletree and Xander Group for a potential buyout of Unitechs IT park at Dundahera,near Gurgaon,as foreign capital lap up rent accruing real estate assets in India.Blackstone is completing due diligence on Vrindavan Tech Village with 2.1 million sft of tenanted space and 75 acre undeveloped land.The Vrindavan promoters has 106 acres (through lease and sale model from the state government ) to develop up to 9 million sft,of which 25 acre has been used for the initial phase.The existing tenants include Cisco,Sony,Ness Technologies,Nokia,and Talisma.
The deal is expected to value Vrindavan at about Rs 2,200 crore after factoring Rs 1,200 crore debt and possible payouts to state government to settle the lease-cum-sale model.The project also has an ongoing arbitration with Citigroup,which provided mezzanine financing to project in the past,said sources.Vrindavan TechVillage,which is located on Outer Ring Road,is promoted by industrialist Mithilesh Kumar Tripathi,chairman of Vikas Telecom and is being developed by Assetz,a property development company,which also has sweat equity.
Blackstone and Assetz declined to comment,while Vikas Telecom could not be reached for immediate comments.Another southern developer RMZ Corp too have been in discussion but failed to agree on a deal with Vrindavan promoters due to technical glitches.Blackstone will rope in its local joint venture partner Embassy Group,if it goes ahead with the deal.Two months ago,the PE investor paid Rs 1,015 crore to strike an equal JV with Embassy to own and manage technology parks in India.
At least three investors,including Blackstone,has been in the fray to acquire Unitech InfoSpace,a 3.6-million-sft tech park nearing completion next year.This is part of Unitechs office space portfolio which is owned by the real estate developers AIM listed entity Unitech Corporate Parks.Unitech did not respond to emailed queries at the time of going to press.
Blackstone,like its peers,Ascendas and Xander,plans to aggregate office space assets before taking them for an overseas REIT listing.The strategy aims to provide global investors a stable platform to buy into Indias volatile real estate market.The buyout fund owns hotels,shopping malls and office buildings primarily in North America and Europe.Blackstone has shown appetite for Indian office buildings and struck smaller deals with developers like DLF in the past two years.Last year,it paid Rs 810 crore to acquire DLFs IT SEZ in Pune.Blackstones real estate portfolio includes Hilton hotels and the recent acquisition of Motel 6 from Accor.

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DLF sells Aman Resorts in 1,637-crore deal

TIMES NEWS NETWORK

New Delhi: Real estate major DLF has sold luxury hotel chain Aman Resorts back to its founder Adrian Zecha for an enterprise value of $300 million (Rs 1,637 crore).
The deal,however,does not include Aman New Delhi,earlier known as Lodhi Hotel,which DLF will continue to own.Aman Resorts owns around 25 other properties globally.
DLF,through its wholly owned subsidiary DLF Global Hospitality,sold its entire stake in Silverlink Resort,the holding company of Aman Resorts,to Zecha.In 2007,DLF had acquired all properties,including Lodhi Hotel,from the Indonesian hotelier for an enterprise value of $400 million.
DLF later hived off Lodhi Hotel into a separate company.Aman Resorts had acquired Lodhi Hotel for Rs 73 crore in 2002-03 in the governments disinvestment programme.
According to one expert,its current value should not be less than around Rs 450 crore.
With the sale of Aman Resorts,DLF has almost completed its restructuring to exit non-core businesses like hotels to focus on real estate.
This is the second bigticket sale by DLF in recent times.In August,DLF had sold 17-acre prime land in Mumbai to Lodha Developers for Rs 2,727 crore.
Proceeds from sales will be used to retire debt,senior executive director Sriram Khattar said.DLF has a target to reduce debt from Rs 21,200 crore to Rs 18,000 crore by the end of the current fiscal.
DLF also sold its hotel land in Kolkata,Bangalore and Chennai.It has also put its wind energy asset on sale.Till September-end,DLF had raised Rs 5,773 crore from the sale of hotel plots and IT Parks/SEzs.From the sale of its wind energy business,where talks are in advanced stage,the company expects to rake in about Rs 1,000 crore.

DLF chairman K P Singh

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Govt set to end incentives to SEZs

Move Amid Concerns Over Misuse Of Sops

Sidhartha TNN

New Delhi: Special economic zones (SEZs) are set to lose more sheen with the government ready to withdraw tax benefits available for nonprocessing activity such as duty concessions on inputs used in building schools,hospitals or residential units amid concerns over developers availing of the fiscal concessions only to offload the assets in the open market.
Sources said there are instances of developers building residential units and leasing them to entities that were not part of the zone.Since then the zone in Maharashtra has been de-notified,although an investigation showed that the developer had not availed of duty concessions to build the units.In another case in Maharashtra,the developer of a zone got around 10 acre of nonprocessing area de-notified on which an international school has been set up.Again,the board of approvals sought a certificate from the developers saying that no benefits have been used and in case any concessions were given the tax has to be refunded to the government.
There are other instances too,officials acknowledged,which has prompted the commerce department to review the concessions on offer as the revenue department has mounted a fresh offensive against the zones that it has for long believed are mere real estate ventures.The issue has figured prominently during discussions with the commerce department on reworking the policy to make it more attractive for investors and revive investment.Sources said the commerce department too is of the view that developers would not mind giving up the option of getting duty-free inputs for non-processing work.In a way it limits them.If there are no takers within the zone,what do you do an official asked.
Currently,there are 158 SEZs in the country,with seven set up by the government,and a majority engaged in information technology or ITenabled services.The likely withdrawal of the remaining duty concessions would be the latest blow to the zones which were once touted as Indias answer to Chinas mega zones and a tool to bridge the manufacturing gap in the country.But the finance ministry,which blamed SEZs for shifting of manufacturing and IT units from the domestic tariff area,withdrew one of the biggest attractions a direct tax holiday by introducing minimum alternate tax (MAT).

CAUTIOUS STANCE

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Kanmai missing in Lakhs 20_12_2012_016_004 Madurai Building sealed20_12_2012_005_002 Perungalathur land grab 20121220c_015101009 Ayapakkam TNHB 20_12_2012_002_043 Police Housing 20_12_2012_016_003 Capital Gains 20_12_2012_013_032 CMDA 20_12_2012_101_005 cmda gREEN iNDUSTRIAIAL20_12_2012_004_012 EB Meter 20_12_2012_003_008 House Solar 20121220a_006101014 Houses 14.6 Lakh Million homes20_12_2012_012_005 Indirect tax 20_12_2012_012_028

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CMDA PPA On disputedd land 21_12_2012_101_013 21_12_2012_004_039 21_12_2012_006_046 21_12_2012_007_007 21_12_2012_011_036

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tEMPLE lANDS 20_12_2012_251_011 TNHB Tech21_12_2012_002_011 Windmill Grid 21_12_2012_004_017

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Penalty ILllegal buildings 23_12_2012_003_002 House PURCHASE 23_12_2012_008_009 Insurance 23_12_2012_008_035 Kodambakkam Road 23_12_2012_410_015 TN Industries 22_12_2012_004_030 Gravit yBulb 20121221a_014100003 Solar Boat 20121221a_007101011

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Real Estate 201320121224a_011101018 Nadigai bungalw sealed24_12_2012_005_002 Illegal Buildings 24_12_2012_002_023 Realtors 24_12_2012_002_022

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Akshya 24_12_2012_002_026 Chennai Realty 24_12_2012_002_025 Illegal Buildings 24_12_2012_002_023

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Eviction for road-widening near airport sparks tension

TIMES NEWS NETWORK

Chennai: Tension prevailed on a stretch of GST Road in front of the airport on Monday morning when state highways department officials began the process of clearing shops and other structures for widening the road from the airport to Alandur.
When the highways department officials arrived at the spot along with a team of revenue staff and a posse of policemen for protection to begin the eviction process,they faced protests.Several residents and shopkeepers made a hue and cry and tried to stop the eviction process.However,the highways officials spoke to them and said they had been given enough time to move out.
Officials said the notification about the expansion of the road had been served on them a year ago,ample time for the residents to relocate from there.
Three earthmovers were used to clear land on a small stretch between the flyover in front of the airport and the old airport gate.
The road,which is now 20 metres wide,is being widened to 30 metres.This is expected to ease the traffic congestion on the road,where this particular stretch was a troublesome bottleneck for motorists.
Traffic on the stretch was forced to move slowly as the demolition of structures was going on.Highways department officials said the demand to widen the road was a long standing one from police and road users.
A policeman manning traffic on the stretch said,Every day there are huge traffic snarls on this stretch and vehicles move at a snails pace.With the widening of the road we hope the flow of traffic will become smoother.