association

Noida Extension Buyers Protest Peacefully; Submit memorandum to GNIDA

by Paul Joseph July 25, 2011

More than 2,500 home-buyers representing the Noida Extension Flat-Buyers Welfare Association (NEFBWA) held a huge peaceful protest and submitted a memorandum to the Chairman, Greater Noida Industrial Development Authority (GNIDA) at its Camp Office, Noida, requesting him to safeguard their interest in the wake of the stalling of real estate projects in the troubled Noida Extension area as a fall-out of the recent court judgements. The NEFBWA’s rally which also created a huge traffic jam in the city began with the raising of slogans by the home buyers to the effect that they want their homes to be built instead of their invested money to be returned. They were of the opinion that they had put their hard-earned money in these projects only with an intention to move into their dream homes. And now they would not accept anything less than their proposed homes to be created and handed over to them. Speaking to Realty Plus, home buyers stated that they had faith and a sense of security in buying into these projects since they knew that these were already approved by the GNIDA. The Association members said, “We are all end-users and want the houses for our self-use. We are not investors or brokers. We have made arrangements for the payment of our houses by disposing off some of our existing properties, gold or other valuable possessions. We have also availed loans from banks/finance institutions or our employers. A large number of us are middle class government employees and so our interest should be positively taken care of by the government. ” Starting from the Gautama Buddha Statue at the Noida Entry Gate, the rally marched till Noida Sector-18 and ended at GNIDA’s Camp Office, Noida. According to the memo submitted, the Association has expressed their sympathy with the farmers, acknowledging the fact that injustice has been done to them as the farmers have their own genuine grievances which must be addressed. But at the same time, it is also equally important that the progress of development should not be put on hold. The memo states that there is huge increase in land prices in the NCR region in recent years because of growing urbanisation. In view of this, the government should ensure adequate availability of land to meet the acute shortage of affordable dwelling units. The memo further states, “The Association has already filed impleadment applications in the Allahabad High Court that the bonafide flat-buyers will suffer huge and irreparable losses on account of any hard decision with regard to the Noida Extension projects. In view of this, the Association has urged the Hon’ble Court that we must be given an opportunity to be heard before a decision is taken”.

Tagged as: allahabad, association, city, delhi, farmers, gautama-buddha, government, gurgaon, noida-sector-18, payment, real estate, real estate developers

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Chhattisgarh Developers to Follow CREDAI Code of Conduct

by Paul Joseph April 27, 2011

Real estate developers in Chhattisgarh will follow code of conduct to ensure transparency in the dealings of the sector. “The sector has been under the scanner of consumer and the real estate developers across the country are on a mission–transparency’ and hope to achieve it through the code of conduct formulated,” Confederation of Real Estate Developers Association of India (CREDAI) National president Lalit Jain said. Anand Singhania, president of Chhattisgarh Chapter of CREDAI, said the members in the state were prompt and had signed the declaration to follow the code of conduct drafted by the apex body of the real estate developers. The state will also have a consumer redressal forum managed by the Confederation. Under the code of conduct, it would be mandatory for the developers to mention the actual usage area to buyers (Carpet area), compensation in case of project delay and honouring of the agreement between the two parties. Besides, there should be a true disclosure of the property under development in the “Title Certificate” from a solicitor / Advocate showing the rights and obligations of the developers along with the Agreement for sale. All sanction from the sanctioning authorities like approved plans and commencement certificates, should be made available for perusal of the purchaser at the time of signing the agreement. The members will have to abide by a set of rules laid down by the national body. “If any member violates the same, he would be removed from the Association,” Jain said, adding that they would appeal people not to purchase property from the developer who was not a member of CREDAI.

Tagged as: agreement, association, between-the-two, country, declaration, india, national, property prices, purchaser, real estate india, rights, the-developers, time

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Credai makes carpet area mention mandatory for builders

by Paul Joseph April 15, 2011 Uncategorized

New Delhi, Apr 13 (PTI) Credai, the apex realtors body, today said it has made mandatory for all members of the association to mention carpet area in their brochures and sale agreement, aiming to bring in transparency in the sector. Confederation of Real Estate Developers” Association of India (Credai), which has over 10,000 builders as member across the country, has decided that in the next six

Tagged as: all-members, apex, association, country, india, india property, mention-carpet, real estate india, realtors-body, sector, the-country, their-brochures, today-said

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Projects worth Rs 15000 cr Stalled in Gujarat Due to Environment Clearance

by Paul Joseph February 28, 2011 Uncategorized

Realty projects worth Rs 15,000 crore have been stalled in Gujarat. This hurdle has been created by the Central government’s directive which makes it mandatory for all realtors to get an environment clearance certificate before launching building projects. The Central government had in 2009 made it mandatory to get environment clearance from the Union Ministry of Environment and Forest (MOEF) or its state-level body. As per the directive, all constructions spread over 20,000 sq mt built-up area had to go through mandatory environmental clearance from the state-level Environment Impact Assessment Authority. Projects larger than that had to be cleared by the MOEF. As per the directive, the developers, after acquiring the environment clearance, had to move his file for building plan approval by urban department of the state. Sources said almost all states were approving the projects with an undertaking that the developer would get the environment clearance. However, three months back, the MOEF issued directives to the urban bodies that environment clearance is mandatory before passing the building construction project plan. Jaxay Shah, president of the Gujarat chapter of Confederation of Real Estate Developers’ Association of India (CREDAI), said the association has opposed the decision as it is delaying numerous projects. He said, “Once a file is moved for environment clearance, it takes about six to eight months to complete all formalities and then an equal time is necessary for the plan approval by urban authorities. This causes inordinate delays and jeopardises projects.” “The corporation and urban bodies in Gujarat approve the building plan only after they have drainage and sewerage disposal systems in place. This takes care of the environment concerns. We are not against environment clearance but let such regulation should be implemented for projects that are spread over more than 20 lakh sq mt,” said shah He said the strict implementation of this norm has stalled projects worth Rs 15,000 crore in Gujarat alone. He demanded that the MOEF should simultaneously allow the developer to move his project file for environment clearance while he acquires the final approval from the civic bodies.

Tagged as: association, banking and finance, central, india, project, property prices, real estate developers, state, urban

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Major Realtors Misrepresented Facts-CAG

by Paul Joseph November 18, 2010 Uncategorized

The CAG has accused major real estate firms — Unitech and Allainz Infratech— for misreprsentaing facts to the government for getting telecom licences along with spectrum in 2008 causing huge losses to the exchequer. Six newly incorprated applicant companies belonging to Unitech group (brand name Uninor) had submitted their applications for grant of 20 licences to the Department of Telecom on September 24, 2007. Along with their applications, these companies had submitted copies of their Memorandum of Association/Articles of Association and indicated they meet the eligibility criteria for grant of Unified Access Service (UAS) licences. On verification, it was revealed that all these companies had suppressed the conditional nature of certification of registration with the Registrar of Companies (RoC) on 20 September 2007 while registering the alteration in the main object clause in the Memorandum of Memorandum of Association/ Articles of Association. According to the CAG report, the condition of the change of name of these applicant companies was met in May 2008 only, while the licences were issued in January 2008. “As a result, all these six new companies were registered afresh with with the new names in may 2008 with the RoC… As a result, the Memorandum of Understanding of these companies did not permit them to operate in telecom sector on the date of application ie, 24 September 2007. The CAG has pegged a revenue loss of up to Rs 1.76 lakh crore for non-auctioning of spectrum to new licencees and also for allotment of additional spectrum to existing operators. Allianz Infratech (now merged with Etisalat) submitted its application for grant of licences in all 21 circles (pan India) on September 3, 2007 to the DoT without disclosing the fact of non-registration of alteration of the main object clauses in the Memorandum of Association as on the date of application.

Tagged as: association, companies, delhi, department, noida

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Vascon Plans to Develop 105 Acre Township worth Rs 2,000-cr in Chennai

by Paul Joseph September 29, 2010 Uncategorized

Pune-based Vascon Engineers, plans to invest Rs 2,000-crore to develop a 105-acre township in Chennai over six-years, a top company official said. “We plan to develop a 105-acre township, predominantly residential, at Oragadam on the outskirts of Chennai in four phases. In all, we will develop around 10-million sq ft,” Vascon Engineers’ Managing Director, R Vasudevan, told PTI here today. The project will be developed in a joint venture with Balakh Realtors and the association will be on a revenue-sharing basis, Vasudevan said. “They bring in land and equity and we will do the development,” he said. Construction will start in a year’s time and Phase I of the project will be completed in two-and-a-half years, he said, adding the entire project will be completed in six-years. Funding will be through internal accruals, project collections and some debt, he said. “We expect to realise around Rs 3,500-crore in sales from this project,” he said. This is the Pune-based company’s second real estate project in Tamil Nadu, the first being Tulips in Coimbatore where Phase I work is on “in full swing”, he said. Apart from residential, this project, spread over 7-acres, will also include a hotel and hospital for which the company is scouting for a joint venture partner, he said, adding “we will ink deals with our partners within the next six-months.” The company will expand its footprint further in the southern state with another project at Madurai in about a year’s time. “We are planning to develop another 30-acre project in Madurai on which we propose to start work in about a year. It will predominantly be residential but will have a shopping mall and a multiplex,” he said. Investment details are presently being worked out for this project, he said.

Tagged as: association, chennai, joint-venture, project, pune, tamil-nadu

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Builders engaging in collaborations

by Paul Joseph September 2, 2010

After years of trying to drum down competition, the real estate industry has finally realized the value of collaboration. Just look around you and you see corridors of development all across the country. Take the Golf Course Road, Sohna Road or even the Golf Course Road Extension across Gurgaon and the benefits are there for all to see. When an isolated pocket is developed, it remains in the realm of dirt tracks and bad roads. But the minute there are more developments along the same stretch there is pressure on the authorities to deliver good off-site services. This method of collaboration has been perfected in a couple of experiments East of Delhi. In hitherto unique experiments, in the Raj Nagar Extension (RNE) and the Crossings Republik (CR), erstwhile rivals who had adjoining plots of land or even along the same corridor got together to market the area first before their individual properties. So, what brought them together? Manu Garg, spokesman of the Raj Nagar Extension Association and director of Landcraft Developers, says: “We have put group interest ahead of individual success. The common ground was that we were all offering affordable properties and so had similar requirements as far as development of the area was concerned.” Obviously, the driver is not altruism but a necessity. Gaurav Gupta of SG Estates says: “In the beginning, during recession, the idea of joint marketing of the area was a matter of necessity than a choice since real estate was the worst victim of slowdown and was facing extreme liquidity pressures. It was then that the builders working in Raj Nagar Extension, SG Estates Ltd, Landcraft, Ashiana Homes, MCC, SVP, KDP, Ajnara, Quantum, Moti, etc, decided to join hands to jointly promote the area rather than expend individual time, effort and money. It not only helped in sharing of marketing costs but also gave a unique positioning of the area and a uniform message was communicated to customers since all the marketing communication was done under the banner of Raj Nagar Extension Developers Association. Joint marketing did not stop at media advertising alone but also included press conferences, exhibitions, web promotions, among others.” Rohit Modi of Ashiana Homes corroborates this at the association at RNE. “In addition to promoting the area together and the obvious marketing benefits, we also formed a pressure group which could work with development authorities to speed up development work. Since there were common needs we all focused on speed of implementation.” Having seen the benefits of collaboration, they are now pushing for further enhancement of the area. Now that the first connecting road is ready, Modi and other members of the association are confident that the remaining link roads and other infrastructure will happen soon. For Palash Aggarwal , a late entrant to RNE, “The association added value to the area. It is a healthy concept where 20 developers collaborate for the common purpose of development. When the common facilities like water, electricity and roads are taken care of then selling is not a problem at all. Today, we are promoting the area as a belt for affordable housing and marketing expenditure for individual developers too is substantially reduced.” For Vijay Jindal, CMD of the SVP group, there is a point of comparison. While in RNE, he benefits from the association with others, in Mohan Nagar, he is the only big builder. “The customer has no point of comparison and is confused about our assurances about the quality of investment in the area. In RNE that problem does not arise. When a builder is alone, he spends far more time and money on marketing the area and then his project.” R K Arora of the Supertech Group saw similar advantages in speed of completion when developers got together in the Crossings Republik. Why did he not go for a similar association along the Noida Expressway? “Because there was no land consolidation involved there. The authority gave us land with clean titles and the transport corridor was already there.” For the salaried middle-class buyer who constitutes the largest chunk of today’s property buyers, these basic facilities make the area livable. Pooja Sethi, who lives opposite Niravana in Gurgaon, explains: “Till the inter-linking roads were created, these homes were inaccessible to people like us and we would not consider living here. Today, with accessibility issues resolved, we find these affordable rental options and love living here. The difference is that in Gurgaon, the roads came as a government initiative that happened because of citizen activism. Collaboration by developers for common ends is still not as organized as in Ghaziabad.” Today’s buyer is an end user. That use is possible only when there is a critical mass of residents in an area. From the user perspective, places like Gurgaon are benefitting from multiple developers building along corridors. Issues like telecom cabling, telephony and water and power supply becomes easier. Even common facilities are provided by one or the other and all the developments benefit from it. Source : http://content.magicbricks.com/builders-engaging-in-collaborations Filed under: Builders/ Developers , Delhi Tagged: Ashiana Homes , Gurgaon , SG Estates , Supertech Group , SVP group

Tagged as: association, builders/ developers, country, gurgaon, infrastructure, project

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Second Annual Convention Of NAR

by Paul Joseph July 11, 2010

Photo by respres The Real Estate Agents Association of Chennai is all set to host the annual convention of the Indian National Association of Realtors. This will be the second year of the meet. It will be a two day event that will take place on July 16 and 17 at the seaside Radisson Resort temple bay at Mamallapuram. The town is situated 45 km from Chennai. The participation of around 400 delegates from around the globe is anticipated. They will discuss on matters related to the developments in real estate as well as the opportunities and the challenges. Some other topics of discussion will be legal aspects of transactions and case studies, retail, industrial and warehouse marketing. The event will include a seminar which will be addressed by an expert panel on a wide range of topics and also a workshop by Mr. Marcus Wally from UK on Marketing Real Estate for Profit. It will be a good opportunity for people of the trade to exchange cards and information.

Tagged as: association

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Emaar MGF Gurgaon

by Paul Joseph June 1, 2010

Subsequent of Gurgaon real estate news is certainly an excellent scheme lest you have plans for landed property investment in the city. Via departing during the Gurgaon realty news you would be capable to obtain a apparent plan of the city’s real estate bazaar development. MGF Group residential and commercial properties incorporate architectural splendor with greater functionality. All MGF Group plans are fetched to execution on the rear of up to date technology and more than seven decades of knowledge in this region. As a MGF Group sales agent, this group carries to investors leading MGF Group schemes that are identical with superiority, advanced plan, and all round value. The MGF Group has engaged among Emaar Properties PJSC Dubai – a foremost property corporation of the planet. This association has resulted in biggest FDI inflow in the property in India . The business is entitled Emaar MGF and is occupied in pan Indian actions with plans in commercial, residential, infrastructure and hospitality zones that are just about in incorporated master schemes and a range of special economic zones all over India. Emaar MGF Launch EMaar Palm Hills in Gurgaon

Tagged as: association, city, dubai, emaar mgf, gurgaon, india, india property, indian, real estate

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Buyers of Scam Hit Maytas Properties Feel Let Down by Govt

by Paul Joseph April 15, 2010

The Hill County Home Owners Welfare Association, a group of property buyers in the scam-hit Maytas Properties, feels let down by the Government as it is yet to help resolve the problem by finding a suitable strategic partner to carry on the project. While Satyam Computer Services Ltd and Maytas Infra Ltd, also affected by the scam, found new partners, with the former celebrating one full year under the new management, Maytas Properties continues to languish without any development, according to Anilkumar K, a member of the executive committee representing the association. Anilkumar said that Maytas Properties had collected nearly Rs 630 crore from about 900 people who had booked apartments and villas. All that money remains locked up without much progress in terms of development, and there was lack of clarity on the outcome of litigations, he added. “The company is now faced with income tax-related claims, which has put the project in limbo. We feel the Government could have strengthened the Maytas Properties Board with additional directors. This would have helped in addressing its concerns, including finding a suitable partner,” he explained. The Andhra Pradesh High Court has issued a notice to Maytas Properties on a petition filed by a couple seeking winding up of the company for not meeting its financial commitments and failing to complete the Hill County project. The Court has asked the company to explain the situation. The couple, who had paid a consideration of about Rs 42 lakh contend that the company is in a financial mess and therefore unable to meet its obligations, including return of money of the petitioners who had cancelled their contract. In spite of the assurance by the company promoters, the petitioners contended that their money was blocked and there was no certainty in securing the return of the funds given to the company. Therefore, they wanted the court to declare the company as insolvent and accordingly direct winding up of the company.

Tagged as: association, india, money, project

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