by Paul Joseph
August 30, 2011
Real estate player M3M on Friday said it has launched a luxury housing project in Gurgaon comprising 72 units, to be offered at prices of up to Rs 7 crore. The project — M3M Polo Suites — is likely to see an investment of about Rs 130 crore and will be developed inside its another luxury housing complex, M3M Golf Estate. “This new project will be developed on a concept of living with the polo sport and this will be for the first time in India. We want to create a lifestyle here,” M3M India President Kunal Banerji told reporters here. The company will develop 72 housing units in 3 towers in the project and sizes will vary between 4,000 sq ft and 5,000 sq ft, he added. When asked about the selling prices, Banerji said: “We will be selling the flats for Rs 12,600 per sq ft, which will finally come out to be between Rs 5 crore and Rs 7 crore”. He, however, declined to share any investment figure that the company is likely to put in to develop the project in about 4 acres of land. Industry sources close to the development said M3M will invest about Rs 130 crore in construction of the project. In order to offer and manage the polo sport lifestyle in the project, the company has tied up with polo player Adhiraj Singh-led Equisport. Commenting on the association, Singh said: “We have tied up with M3M for three years with an option to renew it further. We will offer the residents to enjoy every bit of polo sport”.
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by Paul Joseph
July 22, 2011
Uncategorized
Fingers are now being raised at acquisition of 8,700 acres, spanning 18 villages in Ghaziabad, for a “hi-tech city” even as the Uttar Pradesh government faces flak for acquiring agricultural land for private builders in Greater Noida. This time, the land being acquired is for a modern township, the licence for which had been granted by the Ghaziabad Development Authority (GDA) to the Uppal Chadha and Sun City groups. The 8,700 acres comprise land owned by farmers and the government. The government land, also called community land or Gram Sabha land, is controlled by panchayats Former GDA member, Rajendra Tyagi alleges that around 450 acres of Government land has been illegally transferred to builders by GDA for the project against the rulings of the Allahabad High Court and the Supreme Court. “The Allahabad High Court had clearly stated in its October 1, 2007, order in the case of Crossings Republik that Government land cannot be resumed for private purposes under Section 117(6) of the UP Zamindari Abolition and Land Reforms Act, 1950,” Tyagi said. “The High Court, in its final order in the same case, had quashed the commissioner’s notification for resumption of Government land to transfer it to a private builder,” Tyagi added. Further, a Supreme Court order on January 28 declared that transfer of village community land for private and commercial use is illegal and directed the states to evict the encroachers, he said. “This amounts to a gross contempt of the orders not only of the high court but the Supreme Court too,” Tyagi said, adding, “We would soon approach the court on the issue”. According to him, village community land was transferred to the Hi-Tech builders at just Rs 1,100 per square metre which was then sold off to buyers at Rs 18,700 per square metre, while the integrated builders were selling the same priced land at Rs 35,000 per square metre. The administration is paying Rs 1,000 per square metre compensation to the farmers while an equal amount is being paid to them as “motivational fund”, which Tyagi says is not taken into account in the official records.
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