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RE: Chennai Real Estate- News- 2

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Corporation buys time as residents threaten to lay road

Pratiksha Ramkumar TNN

Chennai: Nolambur residents may have to continue driving over a battered mud path that passes off as Sri Ram Nagar Main Road,as the corporation has cited legal wrangles as impediments to convert it into a motorable stretch.
A private land owner,from whom the corporation intends to acquire a portion of the land,has gone to court claiming that the compensation is not adequate.Another person says she has filed a petition claiming that part of the demarcated road is her ancestral property.
After several appeals for a proper road,Nolambur residents on Saturday gave an ultimatum to the city corporation : Either blacktop Sri Ram Nagar Main Road or we would do it ourselves.As they got ready to start the work on Sunday,the corporation sent its officials to buy time till April 1 and the private owners landed up with documents.
For nearly 10,000 residents of the neighbourhood,the road is the main access to West Mogappair,which is the gateway to the city centre.The other routeSchool Roadis too narrow and has been encroached upon.Our workplaces and our childrens schools are mostly in other parts of the city,like Anna Nagar and Nungambakkam.This road is a vital link, said FONRA president GSuresh.
Nolambur began developing as a residential locality in 2007.The residents have been requesting the civic body to lay roads in the area.The Chennai Corporation in June passed a resolution to acquire land from one of the owners for 87.3 lakh,but is yet to get the government nod.Even after layouts were drawn and approved by the directorate of town and country planning,a few land owners claimed that the road we were using was part of their property, said Suresh.
Residents say they are done waiting.Due to legal issues,the corporation cannot lay the road.So we have decided to do it ourselves, said Suresh.We are going to try buying the road portion from the second land owner and give it as a gift deed to the corporation, said a resident.

LONG WAIT: The battered Sriram Nagar Main Road in Nolambur

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Mumbais residential space is 16th most expensive in world

Mumbai: Mumbai is the 16th most expensive city in the world in terms of owning a prime residential property with a price tag of around Rs 57,000 per sq ft,real estate consultancy Knight Frank has said in a report.
As per the Knight Franks prime international residential index,the financial capital is also among the few global cities that saw realty prices going up in 2012.We have seen a price increase of 0.5% in prime residential properties in Mumbai in 2012 at Rs 57,800 per sq ft, Knight Frank India Research and Advisory Services director Samantak Das told reporters in Mumbai on Friday.
The London-based consultancy expects 1-2 % growth in prices in the luxury segment in the next two years,he said.According to the Wealth Report 2013 ,Mumbais prime properties are located in the southern part of the island city like Colaba,Cuffe Parade and Malabar Hills,among others.Das pointed out that National Capital Region or NCR (Delhi and its surrounding urban areas ) may witness less than 5% rise in prices of luxury homes in 2013.Talking about the buying trend in these properties in the country,Das said Knight Frank is receiving a large number of enquiries for highend units but actual transactions are slow in this space as of now.As per the report,the top five costliest cities in terms of prime residential property are Monaco,Hong Kong,London,Geneva and Paris (in that order ).PTI

REALTY CHECK: Monaco (top) is the worlds costliest city for real estate;Mumbai (inset) at 16th spot is Indias costliest

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http://www.thehindu.com/todays-paper/tp-national/tp-tamilnadu/hc-orders-notice-to-ponneri-municipality/article4514688.ece

HC orders notice to Ponneri municipality

CHENNAI, March 16, 2013

Advocate moves court for direction to Tiruvallur Collector

An advocate has moved the Madras High Court for a direction to the Tiruvallur District Collector, Superintendent of Police and others to remove the encroachments on Railway Station Road and Alladu Road in Ponneri town, near here. This is with a view to preventing frequent accidents.

When the matter came up before the First Bench consisting of the Acting Chief Justice R.K. Agrawal and Justice N.Paul Vasanthakumar on Friday, notice was taken on behalf of the District Collector and other authorities. The court ordered notice to the Ponneri Municipality. The case has been posted for further hearing after two weeks.

The petitioner, D. Vincent Prabakar of Ponneri submitted that the town was the biggest taluk in Tiruvallur district. There were several roads in and around the town which led to Kancheepuram, Uthukottai, Gummidipoondi, Tiruvallur and Tirupati. Several buses plied through Ponneri.

Encroachments alleged

The petitioner alleged that there were several encroachments on the Railway Station Road and Alladu Road. At night, several people slept on the roads. Even pedestrians found it difficult to use the roads. Accidents occurred frequently.

He approached the local panchayat and explained the hardship the people faced and requested it to take action.

He prayed the court to issue a direction to the authorities to remove the encroachments based on his representation dated August 31, 2012.

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SLOWDOWN DISTURBANCES
Chennai luxury hotels up for sale

Sushma U N TNN

Chennai: After the deluge of star hotels setting up shop in the city through 2012,two of the newer star hotels in Chennai-JW Marriott and Hotel Leela may be up for sale.
Chennais hospitality market is facing severe rental pressures.Economic downturn coupled with excessive room inventory build up has sent occupancy levels and tariffs down.This in turn has impacted profitability,in some cases even viability,of running a luxury hotel in the Southern metropolis.The room inventory in the city almost doubled,six months back,when ITC launched its 600-room ITC Grand Chola,Hotel Leela its 327 room hotel and Park Hyatt bringing in about 201 rooms.
Viceroy Hotels which has nearly Rs 580 crore debt has kick started the process to sell the 357-room hotel in MRC Nagar.The shelf of the property is ready and work on interiors are yet to begin.The process is on and could get closed in a week or two, Narasimha Rao,directorfinance,Viceroy Hotels told TOI.Leela on the other hand,is under corporate debt restructuring (CDR).As per the terms agreed at the CDR Cell,Leela has to sell two of its properties and raise nearly Rs 2,200 crore.The Chennai hotel which was opened to the public recently,could be on the block,sources said.They have been getting offers for both Chennai and Delhi properties.It might take a while for a transaction, sources said.Attempts to reach Vivek Nair,vice-chairman and managing director,Hotel Leelaventure,turned futile.Leela sold off its IT park in MRC Nagar to Reliance Industries for Rs 170 crore a few weeks back.Its hotel,with 327 keys could fetch nearly Rs 1,200 crore.We value hotels at Rs 2.60 crore per room, a source said.
The sale of the two properties comes at a time when the hotel industry in Chennai is wading through tough times.The room inventory is still high compared with the demand,and tariffs are falling.The occupancy is about 60% but the realization rate is really low,and there is now pressure on four star hotels, industry sources said.Luxury hotels are under pressure to match weekend rates of four star hotels and there is a limit on how much they can reduce, the person said.While the corporate world is starting to see some recovery from the slowdown,it is not clear if there will be a market difference for the industry this year from last year.

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25 MAR, 2013, 06.26AM IST, ET BUREAU

Slowdown in IT space hits commercial real estate sector

http://economictimes.indiatimes.com/markets/real-estate/realty-trends/slowdown-in-it-space-hits-commercial-real-estate-sector/articleshow/19178553.cms?google_editors_picks=true&google_editors_picks=true

BANGALORE/ MUMBAI: Slow uptake of office space by information technology firms in India is beginning to cast a shadow over the country's commercial real estate sector, data from property consultancy firms indicate.

Figures provided by two property consultants — Cushman & Wakefield and DTZ — show that absorption of office space in 2012 across the top eight Indian cities stood at 29.05 million sq ft, a 23% decline over the previous year. Of this, the share of the IT sector, which accounted for 64% of the commercial space absorbed in 2009, dropped to 44% in 2012 at 13.22 million sq ft. It was 16.08 million sq ft in 2011.

Some experts attribute this drop to the economic uncertainty in the West, which accounts for over 85% of the revenues of India's IT companies. A slowdown in these economies has forced several firms to go slow on their expansion plans, including taking up of office space.

"With growth in the Euro zone and the US likely to be restrained in the short term, demand from the IT sector is likely to remain subdued in 2013," said Rohit Kumar, head of research at DTZ India.

The lower demand has started to impact supply of office space across the country. According to Cushman & Wakefield, developers launched 35 million sq ft of new office space in 2012, representing a 10% year-on-year decline. For the fourth quarter of 2012, the figure was about 7.8 million sq ft, down almost 30% from the third.

"Margins are under pressure. Companies are moving into the just-intime model, rather than blocking additional space for future growth and pay extra rental," said N Venkatraman, CFO of Bangalore-based Sonata Software, a technology solutions provider. "Companies are using money effectively and not spending huge amount on real estate."

According to the National Association of Software and Services Companies, the country's $100-billion IT services sector is expected to grow at 11% in the current fiscal, compared with 17% in the last.

Besides slower hiring, the last few quarters have also seen IT firms merging and re-aligning leased office spaces to curtail expenditure. The companies that consolidated office space include Mahindra Satyam, EMC, Sonata Software, Mphasis, Persistent Systems and Nokia-Siemens.

"In the case of consolidation and relocation exercises, occupiers are also able to able to negotiate and get better deals from office space owners and developers, as the overall space requirement becomes large," saidSanjay Dutt, executive managing director -south Asia, Cushman & Wakefield. According to the property consultant, real estate and transport of staff together account for about 24% of an IT company's total costs, and consolidation of offices could translate into a 15-22% saving for firms.

For instance, Mphasis, a unit of HP, is looking to move into special economic zones after the software technology parks scheme is phased out of.

Sonata recently closed its facility in Bangalore's central business district. It now occupies 1,15,000 sq ft in the Global Village Tech Park. The company also owns a campus in Hyderabad besides the corporate headquarters in Bangalore.

DTZ India's forecast of subdued demand in 2013 is backed by CBRE South Asia, another property services firm. "Large-scale expansion will continue to witness delays in approvals, as companies have to maintain a healthy balance between cost, efficiency and expansion," said Ram Chandnani, deputy-managing director for the company's south India operations. "This is expected to result in subdued absorption levels across most cities, particularly in IT hubs such as NCR and Bangalore."

Bangalore-based developer RMZ Corp said builders are tailoring their plans accordingly. "The incremental growth for IT/ITeS space requirement has slowed down and realty developers have been adjusting downward to this new reality since last year," said MD Raj Menda.

Admin · Guru

Regulator shield for home buyers soon

Mahendra Kumar Singh TNN

New Delhi: Undeterred by stiff opposition from private developers and builders,the Union housing ministry is pushing hard to bring the real estate regulator bill aiming to protect home buyers in this session of Parliament.
Housing minister Ajay Maken said on Sunday that the bill was expected to be soon brought up for consideration of the Cabinet before being introduced in Parliament.
The government is looking to set up a tough regulator for the realty sector which will have provisions of even jail term for developers if they put out misleading advertisements about projects.But it will be interesting to see if the legislation,which has been pending since 2009,becomes a reality before the 2014 general elections.
The consumer-friendly legislation was once returned from the Cabinet after objections were raised by some senior ministers.The bill will clearly define carpet area,and private developers will not be allowed to sell houses or flats on the basis of ambiguous super area.
A real estate regulator in every state will ensure that private developers get all projects registered before sale of property and after getting all necessary clearances addressing a major concern of buyers about incomplete or fraudulent land acquisition and pending clearances.
The bill has proposed that private developers and builders would not advertise or start a housing project before getting all necessary clearances and reporting before a real estate regulator.The developers cannot collect any money from buyers before completing all necessary permits to start construction on the project.

HOUSE THAT

Bill to be introduced soon aims to protect homebuyers by setting up tough regulator Provisions of even jail terms for developers for putting out misleading ads Regulator to ensure every project is registered and has all required clearances

Developers should have separate bank a/c

Maken said builders wouldnt be allowed to use pictures of housing projects in foreign countries to lure buyers while advertising a project.They will have to use pictures reflecting the actual project which will be delivered to homebuyers.
The developers will have to maintain a separate bank account for a particular project and will not be allowed to divert the money for other projects.
Many developers use funds collected from buyers for a particular project to buy land for another project.This result in delays and innocent buyers are forced to bear the additional cost, Maken said.Salaried people usually spend all their savings on buying an apartment but often suffer delays and cost escalation.
Before launching a project,developers will have to submit all necessary clearances to the regulator which will be displayed on the regulators website.Failure to do so for the first time would attract a penalty which may be up to 10% of the project cost;a repeat offence could land the developer in jail,Maken said.
The Real Estate (Regulation and Development) Bill,which seeks to provide a uniform regulatory environment to the sector,was opposed by private developers in totality but the ministry has stuck to it,saying the basic tenet of the legislation is based on voluntary disclosure which will infuse transparency.
As per the legislation,realty players will have to voluntarily disclose project details,including carpet area and open space and contractual obligations on the regulators website to ensure transparent,fair and ethical business practices.
The regulator will act only if there is complaint of any deviation from the project details disclosed by a developer on the regulators website.
Under the bill,there will be a model builder-buyer agreement which is expected to reduce ambiguities in real estate transactions that not many buyers are familiar with.
Real estate agents will also be asked to register with the regulator.Agents,an important link between the promoter and buyer,have been an unregulated lot till now.Once they are registered,it will be help in curbing money laundering.

USHERING A CHANGE: Maken

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Delhi HC provides judicial remedies for taxpayers

Lubna Kably TNN

Mumbai: The Delhi high court has directed that tax authorities should not adjust refunds due against past outstanding demands under any circumstances,without prior communication with the taxpayers.
Other key judicial remedies issued by the Delhi HC include that interest on refund should be paid to taxpayers for delays not attributable to the taxpayer.
At times,taxpayers are denied TDS credit because of a mismatch between the TDS claimed by them in their returns and that uploaded by the tax deductor.The HC has directed that in such cases,the taxpayer must not suffer and tax authorities must take up the issue with the tax deductor for rectification.On the taxpayer furnishing proof of TDS,the tax officer should verify the same and grant him the benefit of the tax deducted at source.
It is learnt that following the HCs order,the Directorate of Income tax (Systems) has issued instructions a few days ago to rectify the procedures.A Central Processing Unit (CPU) was set up by the tax authorities in Bangalore for pan-India processing of returns and issue of refunds.Prior to March 31,2010 this exercise was decentralized and undertaken manually.However,teething problems at the CPU resulted in taxpayers being denied TDS credit.
Even when tax had already been deducted at source,either tax demands were raised on taxpayers or refunds due to them were adjusted against the tax demand.
The tax authorities have admitted to the Delhi high court (HC) that the data uploaded in the CPU has errors and faults.According to this data Rs 2.33 lakh crore was due and payable as past arrears (payable before March 31,2010) by taxpayers.
The magnitude and number of taxpayers adversely affected can be appreciated from the past arrears figure of Rs 2.33 lakh crore,which the tax authorities accept may not be correct, states the Delhi HCs order.
The exact quantum of the erroneous amount is not known.However,based on this figure of past arrears,23 lakh adjustments,in respect of one year alone,were made by the tax authorities.This effectively means that 23 lakh taxpayers were denied refund or have been refused full refund on account of past arrears, observes the Delhi HC order.
Rejection of TDS or failure to get credit of TDS which has been deducted and paid,hurts the taxpayer and puts him to needless harassment,inconvenience and costs.It also gives a bad name to the Revenue.The problem being systematic and institutional has to be addressed on a general scale, explained the Delhi HC.
Tax is deducted at source against a multitude of income,be it by banks deducting tax at source against interest on fixed deposits,or companies deducting tax at source against their employees salary.Anand Prakash a chartered accountant addressed a letter to the Delhi high court last April pointing out the difficulties being faced by the taxpayers.
His letter said the tax authorities give credit of TDS which stands reflected in its online computer record (ie: Form 26AS).Even if there is a slightest of mismatch in reporting the particulars of the deductee (say a bank account holder/salaried employee),the TDS will not reflect in Form 26AS and no credit would be given to the deductee resulting in unnecessary demands being raised and the hassle of getting the issue resolved.
The HC asked the tax authorities to answer the points raised in the letter.After obtaining their response,the Delhi HC in its final order has issued detailed directions to tax authorities by way of mandamus (judicial remedies) on seven issues (see box).
The Delhi HC has rightly empathized with taxpayers,especially smaller taxpayers for whom redressal of wrong demands is even more cumbersome, states Sudhir Kapadia,tax leader,Ernst & Young.

THE SEVEN COMMANDMENTS

Directions issued to tax authorities Dispose of rectification applications filed by taxpayers regarding non credit of TDS expeditiously (a separate register for such applications should be kept) Do not adjust refunds against past outstanding demands without prior intimation to the taxpayers If refunds have been suo-moto adjusted,transfer the matter to the concerned tax officer for remedial action in a time bound manner Pay interest on delayed refunds where the taxpayer is not at fault If demand orders for past arrears (for the period prior to March 31,2010) were not properly communicated to taxpayers,they will be treated as invalid,unless the tax authorities can prove otherwise Communicate with tax detectors in case of mistakes made by them in uploading TDS details and get it rectified Give the benefit of TDS when taxpayers furnish evidence,even if the tax deductor has made mistakes in uploading details

Admin · Guru

Before you sign a rent agreement

The document should specify the charges that have to be paid by the tenant and the facilities offered to him

AMIT SHANBAUG

When K****ij Nadekar finalised the house he wanted to rent in Pune a year ago,he thought he would stay there for 2-3 years till he bought his own house.He had agreed to pay a monthly rent of 5,000 and furnished 50,000 as deposit money.
However,six months later,the landlord wanted to increase the rent by 500 as the rentals in the area had gone up.My landlord told me that such an increase was the norm,and since nothing was mentioned in the lease agreement,I had little option but to pay the additional money, he adds.
Nadekar could have avoided this hassle if he had scrutinised the rent agreement carefully and made changes that could have served his interests better.However,most tenants are not even aware of the points that should be included in the rent agreement.Here are the things you should check while sifting through the contract.

Is the lessor the actual owner

Before you sign the agreement,be sure that the person you are transacting with is the actual owner of the property.Often,NRIs or investors hand over their property to caretakers,who may lease it to a third party without the knowledge of the owner.
So,you should verify the title documents,such as the sale deed and share certificate,besides obtaining a no-objection certificate (NOC) from the housing society where you want to lease the property.If the apartment is mortgaged,the original sale deed will be in the custody of the bank.In such a case,an NOC should be obtained from the bank.This will mention the rightful owners name, advises Om Ahuja,chief executive officer,residential services,Jones Lang LaSalle India.Shveta Jain,executive director,residential services,Cushman & Wakefield,says that tenants should be wary of arbitrary eviction if they deal with an unsolicited party.A case of trespassing can be filed against such a tenant if he refuses to vacate within a given time frame.The tenant cannot challenge eviction in this case, she adds.

What does the rent agreement contain

A rent agreement includes the terms and conditions under which the property is given on rent.It specifies the rent value and the tenure for which the agreement is made,as well as the security amount that needs to be deposited with the landlord by the tenant.The agreement should also clearly mention the day before which the rent is expected to be paid.If the tenant fails to pay the rent before the predetermined period,the penal charges that he would be liable to pay should also be defined in the agreement.The rent agreement could also mention the facilities,such as parking space or the usage of societys gym,included with the property.There could also be additional monthly charges,such as the society maintenance charge and club fee.Its best if the additional charges for using such facilities are clearly spelt out,along with the person who is supposed to bear them.
The tenure of a rent agreement is usually 11 months,unless otherwise specified in the contract.If its for more
than a year,its mandatory for the
owner to get the document registered.The agreement should also specify the notice period and penalty for cancelling the agreement without completing specified period.Typically,a twomonth notice is served in case of high rental properties,while one months notice is sufficient for low rental ones.

What should you check

A tenant should verify whether the owner has included a rent escalation clause in the lease agreement,which could be used to increase the rent after a couple of months.The best way to safeguard yourself is to ensure that the agreement specifies the dates on which the rent escalation will be applicable and the percentage of increase, says Ahuja.
You should also make sure that there is a clause on the sale of the house.If the owner decides to sell the house during the term of the rent agreement,you should know how many months you get to search for another accommodation.
Its also important to check that all the appliances and the connections in the house are working properly before you sign the agreement.Usually,minor repair work for installed electrical appliances is the responsibility of the tenant and he has to pay for them.However,if the property is damaged because of negligence on your part,the landlord can rightfully use the security money deposited with him for carrying out the necessary renovation.
You also have the right to see the documents that prove all previous bills related to the house have been paid,especially the electricity,water and gas bills.While you are at it,make sure to peruse the papers that state the property tax has been paid by the landlord.

Admin · Guru

Multi-level bus park on cards

Proposal Part Of Plan To Decongest Koyambedu

Julie Mariappan TNN

Chennai: The Koyambedu area,housing one of Asias largest bus terminuses and a wholesale fruit and vegetable market,could soon be free of congestion if things go according to plan.
A multi-level parking terminal for the state fleet as well as private omnibuses has been proposed and is expected to go along way in bringing some order to the area.The state government buses are now parked at the Chennai Mofussil Bus Terminus (CMBT) and those of private operators at the Chennai Contract Carriage Bus Terminal (CCCBT).
A feasibility study on the parking terminal,entrusted to Mahindra Consulting Engineers Limited by the Chennai Metropolitan Development Authority,has begun.There is a plan to have a skywalk connecting the omnibus terminal,CMBT and the upcoming metro rail station, said a source.The CCCBT,spread over a 6.7- acre plot behind the CMBT,caters to about 5,000 passengers daily.Everyday,about 350 buses,about 450 on peak days,are operated from here to all parts of the state as well as to Kerala,Karnataka and Andhra Pradesh.
The situation is always chaotic and buses are parked haphazardly at the terminal.As a result,many passengers,even those with booked tickets,are unable to get into the terminal on time and on many occasions end up missing their trip, says T Murugavel,a marketing executive who travels to Madurai frequently.Tamil Nadu Omnibus Owners Association treasurer D Maran said it was high time the terminal was re-developed to regulate the flow of traffic.
The omnibus terminus,with 68 bus bays,was opened in 2003 and also houses 51 travel agency offices,22 shops.It has 14 waiting halls.It is unable to meet the growing demand.It CMBT,too,needs a lot of space for parking and hence we are planning a multi-level terminal, said a senior government official.
The government also plans to use the vacant 8.75-acre plot adjoining the omnibus terminal to construct a multi-storied terminal that will have food courts,newspaper outlets,super markets,etc.

END TO CHAOS A skywalk connecting the omnibus terminal,CMBT and metro station is also likely to come u p

Admin · Guru

TN takes over upkeep of 11 roads from NHAI

Julie Mariappan TNN

Chennai: With work on bypass roads being carried out by theNationalHighwaysAuthority of India (NHAI) moving at a snails pace,the state government,for thefirsttime,has taken over maintenance and restoration of 11 stretches,extending to81.27km.
This comes amid public outcry that the roads are in poor condition.Sources said the state government had informed the NHAI that it would take over the restoration work.But,it is not clear astowhowillbear thecost,estimated at 82.33 crore.
Under the national highways development programme,the NHAI has started widening national highways into six-lane /fourlane.In the urban areas,bypasses are preferred so as to decongest the national highways,which go into towns.But sources said there was a delay on the part of the NHAI in entrusting the works to contractors and bypass projects have been progressing slowly.Hence,the national highways stretches in urban areas remain unattendedto.It is only when the bypasses are completed by NHAI,the state steps in to maintain the highways.
Though a state governmentorder wasissuedfor taking up the maintenance works,NHAIblamedthestate government for the delay in delivery of projects.If there is a delay,it is because the statehas not given early clearances to the NHAI contractors for mining construction material, said a source.For instance,NHAI has proposed nine bypasses in the 182km long Tindivanam-K rishnagiri national highway.The contractor,sources say,could not get clearances from the state for quarrying material and has been forced to get the crushed metal from the market at a higher rate.
The situation is no different with bypasses in Keeranur,Pudukkottai,Thriumayam and Karaikudi.The delay was due to revoking of no objection certificates issuedby thestate publicworks department,citing environmental issues, said a district official.
This is the first time that thestatehasbeen keen totake over the roads aheadof NHAI completing its bypasses.The 11stretchesfallwithin Trichy,Tirunelveli,Pudukkottai,Sivagangai,Tiruvannamalai and Tirupur divisions and part of Nagapattinam- Gudalur-M ysore road,Chennai-Trichy-Dindigul,Madurai-Kanyakumari Road,Trichy-Ramanathapuram Road,Puducherry-K rishnagiri Road and Salem-Cochin Road.

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Admin · Guru

Apollo to snap up Lifeline Hospitals

Acquisition Will Give Chain A Much-Needed Foothold In South Chennai

TIMES NEWS NETWORK

Chennai: Healthcare major Apollo Hospitals is in advanced stages of negotiations to take over the 80-bed Lifeline Multi-Specialty Hospital in the heart of Chennais IT corridor in Perungudi.
The potential transaction could get consummated over the next couple of weeks,multiple sources told TOI.Lifeline Hospitals chairman Dr J S Rajkumar confirmed that his team was negotiating with Apollo Hospitals.We wont be able to reveal details at now, he said.
The contour of the transaction involves Apollo entering into a long term lease agreement to manage Lifeline.Initially,Apollo will lease the property spread across 1 lakh sqft.Upon takeover,Apollo could explore the possibility of a full-fledged acquisition after running it for a couple of years,sources said.Sources in Apollo insisted that the transaction was yet to be completed pending statutory clearances.They said Apollo is likely to pay up to 62 per sqft a month that is 7.4 crore a year as the lease value for a property that was estimated to cost 170 crore.
Healthcare experts say the expansion will give Apollo a strong foothold in South Chennai.It is a part of our growth strategy to expand in South Chennai.We do not have a presence there, said MD of Apollo Hospitals,Preetha Reddy.
On plans for Apollo includes setting up a maternity unit in Sholingannulur,again in the IT Corridor.The hospital chain is also planning to set up a dedicated cancer speciality centre near SRP Tools in Perungudi.This is the land which housed the erstwhile Dyanora.
Healthcare services in the country are highly fragmented leaving tremendous scope for consolidation.The last big hospital deal in Chennai was in 2007 when Kanchi Kamakoti Peetam-run Tamil Nadu Hospitals was taken over by Global Hospitals for 257 crore.The same year,Fortis acquired Malar for nearly 46 crore,including a transfer of 20 crore in debt.
Apollo is yet to decide on the branding it would give to the Lifeline facility.We will give it the Apollo name only if it is eligible for getting the national accreditation, said a senior operations official.
Sources in the banking industry said that Dr Rajkumar was looking out for a suitor for some time now.
timeschennai@timesgroup.com

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35 pvt hospitals pulled up for fraudulent insurance claims

Accused Of Inflating Bills,Medical Negligence

TIMES NEWS NETWORK

Chennai: Thirty-five hospitals across the state,including five in Chennai,have been blacklisted by the Tamil Nadu Health Systems Project (TNHSP) for fraudulent claims and other violations under the chief ministers health insurance scheme.
Officials said internal audits by a medical team formed by United Health Insurance and TNHSP found that fraudulent claims and needless surgeries to inflate medical bills are the most common violations,followed by medical negligence.These hospitals have been barred from operating on patients under the scheme for a period ranging from a month to a year.
For instance,one of the city hospitals had raised a bill for surgery for a patient admitted under the insurance scheme.We found that the claim was false because the records showed that the patient had already undergone the surgery at another hospital.We even settled the bill, said a senior official,who refused to be identified.
In another case,one of the beneficiaries died because of lack of adequate post-operative care.When the patients file came to the audit team,they found the death was caused by a fall a day after the surgery.When we raised queries,the hospital staff said the patient fell when he walked from his bed to the restroom.The patient should have been given a bed pan or assisted by a nurse to the restroom, a doctor from the audit team said.
Both the hospitals have been barred from the programme for one year.A hospital in Namakkal was pulled up for taking money from the patient after submitting the bill to the insurance company.Violations in state-sponsored health insurance schemes arent new.In 2009,Star Health,which was earlier associated with a similar state scheme,said many women admitted under the state government employees health insurance scheme had undergone needless surgeries such as hysetercomies.
The scheme launched by the DMK government also had several loopholes and hospitals were taking money from patients after raising bills with insurance companies.
After AIADMK came to power,the state health insurance scheme was relaunched in January 2012.
In the last year,more than 800 government and private hospitals have been enlisted for the scheme.In the last year,2.9 lakh patients have benefitted from the scheme.More than 750 crore was allocated to it in the state budget.
Violations continue,but we are able to spot them and pull up hospitals, said a senior health department official.

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Govt discovers land scam deals with deity namesakes

RETRIEVED PROPERTY MAKES TEMPLES RICHER

B Sivakumar TNN

Chennai:The state Hindu Religious and Charitable Endowments department has unearthed a major scam,involving 1,800 acres of agricultural land belonging to temples under its administration,in Coimbatore and Madurai regions.Temples in these areas realise they are now richer,having discovered that huge parcels of land,belonging to them,had been transferred over the years to individuals.The department is now trying to get them back,having already retrieved 393.32 acres of commercial land belonging to 62 temples.
Coincidentally,in many cases,individuals,to whom the properties had been illegally transferred,bore the names of deities and lived in and around the temples.Thus,if the land belonged to Lord Thyagarajaswamy temple in Tiruvarur,the name of the individual,to whom the property could have been illegally transferred,may be Tyagarajaswamy.Revenue officials or the temple trustee are said to have connived with each other to transfer these lands to such individuals.These transactions have taken place between 1960 and 1970.The properties that have been retrieved so far by the department are worth several crores of rupees,said a senior official.
The HR&CE,with the help of revenue department,has appointed special district revenue officers (DROs) in Coimbatore and Madurai to help retrieve the properties.
The scam came to light five years back when the department began the process of identifying properties belonging to temples to prepare records.So far,we have retrieved 1,802.59 acres of land belonging to 188 temples in the western and southern regions, said the official.In the past two years,more than 900 acres have been retrieved.
Many properties were also lost during computerisation of temple land records.So far,172 acres of land lost due to wrong data entry have been retrieved.All the retrieved lands have been registered in the names of the HR&CE department.

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Madurai collector,corpn in row over mall

TIMES NEWS NETWORK

Madurai: Alleged violation of building norms,Vishal De Mall in the city,has led to a tug of war between the district administration and the Madurai municipal corporation.
Reacting to charges levelled by collector Anshul Mishra that the corporation was granting approvals to buildings that had violated rules,corporation commissioner R Nanthagopal said most of the buildings in the city were granted approval after obtaining a nod from the Local Planning Authority (LPA),headed by the collector himself.But the collector,in his report submitted in the Madras high court,has accused corporation officials of forging the seal of LPA to grant approval to the controversial mall.
Till 2010,the corporation was empowered to grant building plan approvals to residential buildings up to 2,000sqft and commercial buildings up to 1,000sqft.In 2011,the corporation was empowered to issue plan approvals for residential buildings up to 4,000sqft and commercial buildings up to 2,000sqft.Buildings of larger size are granted approval only after obtaining nod from the LPA, Nanthangopal said.
The row between the collector and corporation authorities began in 2012 itself when Mishra issued show cause notices to 28 buildings for violations and pulled up the corporation for granting approval.
He also warned that the power delegated to the corporation to grant approvals would be withdrawn.Mishra also sealed a few buildings.

CREDAI sets up state apex body

TIMES NEWS NETWORK

Chennai: The Chennai,Coimbatore,Madurai and Trichy regional chapters of Confederation of Real Estate Developers Associations of India (CREDAI) on Friday launched their state apex body CREDAI Tamil Nadu to bring transparency,self-regulation and ethical practices in the real estate sector.
Inaugurating CREDAI Tamil Nadu,governor KRosaiah stressed the need for bringing together real estate developers functioning in isolation in smaller geographical areas under one umbrella to fulfill the task of providing housing for asll.
Real estate,which contributes 5% to 6% to the countrys GDP,plays a crucial role in the growth of Indian economy,he said and adding that by 2020 the sector was expected to touch $180 billion.However,creation of housing for the affluent would not bring inclusive growth.
R Kumar has been elected as chairman of CREDAI Tamil Nadu.Other office bearers are president N Nandakumar,vice-president Ramesh Bafna,secretary V Gouthaman and treasurer S Ilankovan.

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Big discounts on resale flats

The resale market offers new properties and those under construction at a discount to those being offered in the same projects

AMIT SHANBAUG

After the failed predictions over the past couple of years about a fall in property prices,you are more likely to witness the prophesied Second Coming before the promised correction.So what should cash-conscious buyers do Wait endlessly in the hope that realty prices falter or take the bait of glossy schemes offered by developers While most such offers for new houses seem tempting,you wont derive any real benefit.Fortunately,there is a third option: cheaper flats in the resale market.No,these arent old,mouldy apartments in decades-old projects.Quite a few of these houses have not even been lived in,but you can get them at a discount to similar houses within the same project or vicinity.
If youre wondering why resale flats are cheaper than the new ones being offered by the developer,it can be due to various reasons.One of them is that these houses have been snapped up by buyers and investors during the pre-launch phase with the intention of selling them after about three years to earn a profit.At this stage,they were only required to make the down payment.Many investors book a property at the initial stage just to make a small profit.If they want to make a quick exit,they will price it cheaper than the one offered by the developer,for a faster sale, says Yashwant Dalal,president of the Estate Agents Association of India,an apex body of real estate developers.
Another reason is that a lot of investors who book flats during soft launches are offered heavy discounts by builders.So,even if such investors sell the flats at a price lower than the one offered by the construction company,they make a hefty profit.
While individual buyers readily make the down payment,a few find out that their finances are strained when they have to start paying the home loan EMIs after the construction is complete,especially if they are also paying a rent.The only option is for them to sell the current house as quickly as possible to repay the home loan,even if it means earning a smaller profit than the one they had hoped for.

How you gain

The biggest benefit of buying in the resale market is that the construction is almost complete and some of the houses are ready to move in.Of course,in this case,you will also know that you are getting exactly what you are paying for.You can be sure that you wont be duped by the developer,who promises to install marble or wooden flooring and,instead,puts in regular tiles.Another advantage is that you can avail of the tax benefit beginning with the first mortgage payment.The tax deduction of 1 lakh on the principal component of an EMI is available under Section 80C,while the interest paid on a home loan is tax-exempt up to 1.5 lakh under Section 24B.However,this is possible only after you take possession of a house.In case of a property under construction,you have to pay the pre-EMI,which is the interest on the home loan.Though the total interest that you pay as pre-EMI can be tranched into five payments that are eligible for tax exemption for five years after you take possession,they are included in the capped amount under Section 24B.So theres hardly any benefit in this case.

Problems you may face

In the resale market,the down payment is higher than that demanded by a builder,which is usually 20% of the value of the property.Also,the seller may ask for a portion of the selling price to be paid in cash,which means that you will have to apply for a smaller home loan.So,you should be sure that you can afford to pay 25-30 % of the price.
Also,when you buy a property in the resale market,you are dealing with an individual rather than the developer,who has a reputation to protect.You cant take anything at face value here,so you must thoroughly scrutinise all the property documents,especially those that verify the seller as the real owner of the property,who has the right to dispose it of, says Om Ahuja,CEO,Residential Services,Jones Lang LaSalle India.
Beyond the sale price,there will be additional costs that you should factor in,such as registration costs and transfer fee to the housing society.Before taking over the house,make sure that the seller has paid all outstanding dues and taxes.However,to get the utility connections transferred to your name,you will have to pay a fee to the relevant state departments or municipal authorities.
Though these houses are practically new,you may want to carry out renovations or changes to suit your taste.So,include such costs while finalising your budget.
There could be other minor issues like not getting the membership to the societys club because it is full or the lack of parking space.If the first buyer did not buy the parking space,the new buyer may not be able to get a new parking lot even if he is ready to pay for it, says Ahuja.The situation may be worse if your family owns more than one car.

What if the property is mortgaged

If the house is already mortgaged with a bank,you should ask the seller to obtain a letter from the relevant bank stating that it agrees to relinquish the property documents when the loan is fully paid.
After you are satisfied with all the property documents,you can make a token payment to the seller and enter into a registered agreement with him.You can then deposit the balance payment to the sellers loan account,after which the bank will initiate the process of releasing the documents.The bank and the seller will fix a date by which you will have to make the full payment.If you are unable to do so by the due date,the bank will levy either a penalty or a premium over and above the outstanding principal,which you will have to pay.
If you plan to take a home loan to pay for the house,your bank will directly transfer a portion of the outstanding amount to the sellers loan account.Once the sellers bank receives the payment,it will issue a no objection or no dues pending certificate to the seller and hand over the original documents to your bank,which will then transfer the balance payment.

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Realty market strikes gold,city sees 3 deals worth 450 crore

Jayaraj Sivan TNN

Chennai: Indicating buoyancy in the realty market,Chennai-based builder Akshaya bought a 1.03-acre land on Sterling Road for 86.75 crore on Tuesday.In the past few weeks alone,threecity-basedbuilders have concluded land transactionsworth nearly 450crore.
While VGN bought a 26-ground (one ground is 2,400 sq ft) property in Nungambakkam from Tata Communications for 195 crore,Ceebros is taking over five-star Hotel Atlantic in Egmore from publishing firm S Chand and Co for 165 crore.Akshayahasbought theland,locatedclosetothe Sri Lankan deputy high commissioners office,from IFCI Infrastructure Development Ltd.Including stamp duty and registration charges,the landing price for Akshaya is 5 crore per ground,said its CMD T Chitty Babu.All the three builders are planning to develop high-end residential apartments.
TheAtlanticdealis an indicator of the financial woes of the hospitality sector in the city duetoover supply.Ceebros has paid 35 crore so far for the 30.75-ground property and is expected to complete the transaction in April,said group CEO of the hospitality division of Chand and Co,Amitabh Sanduja.Thehotelis non-operational at present.Ceebros will pull down the hotel to construct a multi-storeyed luxury apartment project,said its MD Subba Reddy.
On the decision to sell Atlantic,Sanduja said,Thehotel industry is saturated in Chennai because of oversupply in the last few years.The average occupancy in five-star hotels is only 55% now and new entrants are struggling for existence.The average room rent has come down from 6,000 to 4,000.The nextthree yearswill be really badfor hotelsin Chennai.We intend reinvesting the sale proceeds from Atlantic in Shaara Hospitalitiestoexpand in northern andwestern India.With this money we can develop threehotelselsewhere.
Chandhadbought Atlantic in 1980 for 90 lakh.It was closed down in 2002 owing to a labour unrest.The group started renovation of the hotel in 2007.We have spent 60 crore for doing up the hotel and 90 % work is over,but chose to sell it because recovering that money willtakeseveral yearsin the present circumstances.Moreover,we have made our profit becauseour landcostishistorical, said Sanduja.
Shaara recently bought a five-star boutique hotel in Goa.It is developing a five-star hotel in Noida and a health tourism resort in Almora.It started a budget hotel in West Delhi six month ago.Meanwhile,Ceebros is in discussion with P Prabhakar Reddy-owned Viceroy Hotels to buy JW Marriott,being constructed in MRC Nagar in Chennai.Work on the hotelishalted after completing the shell.If Subba Reddy buys it,he may pull down the structure to construct a luxury residential project,said sources closetohim.

THREE CHEERS

While hospitality sector is facing financial difficulties in Chennai,the citys realty market is on a high
Akshaya buys a 1.03-acre plot on Sterling Road from IFCI Infrastructure Development Ltd for 86.75 crore
VGN buys a 26-ground property in Nungambakkam from Tata Communications for 195 crore
Ceebros picks up Atlantic hotel in Egmore from publishing firm S Chand and Co.for 165 crore *One ground is 2,400sqft

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Office space demand grows,Amazon scouts for 3L sqft

Sushma U N TNN

Chennai: The worlds largest online retailer Amazon.com is set to double its operations in Chennai.The company is looking to lease out an additional 3 lakh sqft of office space in the city to expand its operations.The company currently has a development centre here which also deals with the companys e-book reader Kindle,employing close to 5,000 people.
Amazon and IBM Daksh are looking for additional space in Chennai, sources said.Amazon officials could not be reached for a comment.
Over the last few months,Chennai has seen an increase in demand for office space,primarily by IT companies,and this would add to the list of several IT deals,Mind Trees 175,000 sqft space at Ramanujan IT City (SEZ) in Taramani being the largest.
Chennai office market has witnessed nearly 3.5 lakh sqft of absorption in the January-March 2013 period.Some of the significant transactions include Synergy AKDR Building on OMR of 30,000 sqft,Episource Prince Info Park on OMR of 35,000 sqft and Sashun Bascon Towers at Nungambakkam for 22,000 sqft.The rental values across the market have remained stable compared to December 2012.
If this trend continues along with a good conversion rate,the commercial market is expected to show some intensified activity with increased level of absorption in the just commenced fiscal year, a report from real estate consultancy RECS Group said.
Investment transactions,more particularly residential investments,are on the rise.The JanuaryMarch period saw several multi-crore investment transactions like VGNs acquisition of 1.5 acres of land at Nungambakkam from Tatas,and Ceebros acquisition of Atlantic Hotel,a prime property at Egmore.
The retail sector too saw heightened activity with the opening of citys largest mall,Phoenix Market City,at Velachery,even as others like Prestige Forum Vijaya Mall at Vadapalani and the PS Groups mall at Velachery are in the pipeline.

Cenotaph Road plot sold for 330cr

Chennai: City-based realtor Jain Housing has acquired a 56-ground (one ground is 2,400 square feet) plot from NRI businessman C Sivasankaran for 330 crore,thereby making it one of the largest transactions in terms of value in the city.The land parcel on Cenotaph Road will be used to develop an upmarket residential complex.
For Chennai,the year 2013 has so far been sizzling with a number of multi-crore investment transactions.Jain Housing has reportedly struck a deal to buy 56 grounds at one of the citys posh residential areas,Cenotaph Road,from NRI-businessman C Sivasankaran, real estate advisory firm RECS Group said in a note.TNN

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VGN bags land deal for 272 crore

Anshul Dhamija TNN

VGN Developers,which bought 1.43-acres of land in Nungambakkam belonging to Tata Communications for 195 crore in February,has emerged with the winning bid for another marquee land parcel in Guindy,belonging totheerstwhileHindustan Teleprinters.
After six years and four rounds of bidding,State Bank of India (SBI ) has disposed of the 10.16-acre land of HTL after Chennai-based VGN Developers,the sole participant in the fourth roundof bidding,made a bidof 272crore.
HTL,in whichHimachalFuturistic Communications holds 74%stake,wasdeemed as a nonperforming assetby SBI,following which the bank took possession of the land.Through this sale,SBI has recovered its dues of 272 crore from the defunct PSU.The bank had set a floor priceof 250crorefor theland.
The previous rounds of bidding had seen the likes of Government of Singapore Investment Corporation,private equity investor Red Fort Capital,andB angalore-basedNiteshEstates participate.Confirming thedeal,DPratish,MD,VGNDevelopers,said the company had paid SBI 10%of totalbid value.

Land transfer plan finds few takers

TIMES NEWS NETWORK

Chennai: The government introduced transferable development rights (TDR) to acquire land for infrastructure projects without paying money to the property owners,three years ago but the scheme has found few takers.
Chennai Metropolitan Development Authority issues TDR certificates to land owners who can use them to transfer building rights to other properties.They also have the option to sell them,like share certificates,to other parties,including builders.
A grand total of 14 people have opted for TDR in the city so far.Nine of the 14 had their land acquired for Metro Rail and others lost their properties to road and other infrastructure projects.
Though CMDA permits various government agencies to use TDR for civic projects likesetting up busstops,laying water lines,drains,and electricity lines,few agencies have offered the scheme.
However,the public works departmenthas now appliedto CMDA to permit it to use TDR for widening of the Veerangal Odai drainage course.Officials said there was no need to use TDR for other projects under the Centres flagship JNNURM programme.
If need arises,we will use TDR for other waterways as well.PWD is restoring major waterways like Otteri Nullah,Virugambakkam-A rumbakkam Canal,Buckingham canal and the Cooum river under JNNURM, an official said.
Restoration of the waterways is part of flood-alleviation measures being carried out at an estimated cost of 814.88 crore to the corporation and 633 crore to the PWD.The Centre and state share 35 % and 15% of the cost and the rest is borne by the corporation.
With JNNURM work progressing slowly,the government can use TDR for restoration of all minor and major waterways.All floodwater systems in the city have been encroached upon by slum dwellers and land owners.

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