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Government’s organizes, Pay only for flooring region, not fantastic developed

by Paul Joseph July 5, 2011

The Developer lobby which has till date cocked a snook at the Civic Body’s tries to check misconducts in the property sector, will at present has a tough law to transaction with. This monsoon period, the government is scheming to identify a new user-friendly policy that aspires to place builders on a tight leash while forcing them to sell residences on the basis of carpet region merely. Remarked Real Estate Regulatory Authority (RERA), the policy will have stipulations for sterner punishment for those who deny to tow the line, and make it more simple for residential purchaser to look for legal recourse. Verifying the growths State Housing Minister Sachin Ahir remarked Mumbai Mirror, “Government has made a modification in the draft model which will stay a check on builders who sell flats on the source of developed region. Over the years, residential purchasers have been arm twisted into paying for in excess of what is the definite region of the flat. A 1000 square feet home in Juhu valued at Rs 25,000 / square feet, should cost you Rs 2.5 crore. But because of the addition of the developed property area which places the marketable region of the flat at 1350 square feet, you have to pay Rs 3.37 crore. Although the civic corpse has banned the sale of flat on the founded on developed real estate region , the builder lobby has mostly unnoticed the diktat, because of the lack of penal measures. These contain safeguarding the purchaser’s attention when builders renege on their brochure swears of squares and open regions. “These would be the perfect conditions when purchasers can draw back on RERA, which will be armed with judiciary powers,” Ahir announced, adjoining, former judges will taken on board as committee members.

Tagged as: builders-renege, civic, developer, government, marketable, purchaser, residential purchaser, source, state-housing

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WordPress for webOS: A New Way to Blog

by Paul Joseph July 1, 2011 Uncategorized

It’s a new way to blog, on a new type of platform. Today we’re excited to share a glimpse of the future for all the WordPress mobile apps. Drumroll please! I give you WordPress for webOS , available as a download for the HP TouchPad with support for more webOS 3.0 devices coming in the future. Here’s the run-down: It’s the first official WordPress app to have a full featured WYSIWYG ( what’s this? ) post editor. The app has been translated to all languages available on the TouchPad. It uses a “Sliding Panels” interface, which takes full advantage of the larger screen of the TouchPad and makes for fast and easy blog management on the go. Check out the video below to learn more! Of course the app also features everything else you’ve come to expect from a WordPress app. You can manage posts and pages, as well as add new ones. Moderation is built right in, and you can even reply directly to comments. If a comment comes in and you’re working on something else with your TouchPad at the time, you’ll get notified about it. Peruse the Stats panel for in-depth information on what your visitors like the most about your site. Another neat thing about this app is its use of “Cards”. This is a webOS invention that lets you stack screens belonging to the WordPress app in a single pile, making it very easy to, for instance, write a post while keeping the main window open. In fact, if you tap an email address in a comment, a compose email card will be stacked together with those of the app. Learn more about WordPress for webOS at webos.wordpress.org and follow @WPwebOS on Twitter for the latest news! Are you rocking a TouchPad? You can download WordPress for webOS directly on your device using the HP App Catalog. Just search for “WordPress”. Visiting on a device? Follow this link to download . Get involved! Just like all the other official WordPress apps, WordPress for webOS is an Open Source project that craves your mad programming skills. Head on over to the development section to learn more. Huge thanks to Beau Collins for some major webOS pwnage. We’d also like to thank our partners at HP for making all of this possible. So, what’s your favorite invention in WordPress for webOS? Comment detail view with a few comments pending moderation. Compose card using the WYSIWYG editor. Post detail view. The main sliding panel is collapsed. Stacked cards and notifications example.

Tagged as: access-the-app, app, development, download-word, info-at-webos, mobile, sliding-panels, source, time, touch, touchpad, video, webos, wordpress for webos, wordpress mobile

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Booked flat in Bopal? Now, pay more

by Paul Joseph August 27, 2010 Uncategorized

Get ready to pay more for the flat you booked in Bopal. The urban development department of the government of Gujarat has decided to levy extra charges on realtors operating in Bopal, particularly south Bopal. Now, real estate players will have to pay for getting extra 0.6 FSI (floor space index) and they are going to pass on the additional cost to the customers.  Some 17 real estate developers had launched residential schemes in south Bopal, which falls under town planning (TP) scheme No. 3 prepared by the Ahmedabad Urban Development Authority (AUDA).AUDA’sdraft scheme of TP-II and TP-III covered a majority area of Bopal as residential zone-I (R-I) allowing the realtors to build high-rise buildings. However, the urban development department changed AUDA’s plan and declared TP-II and TP-III as R-II in April 2010. This made builders and customers, who had already booked their flats, anxious.  Having received suggestions and objections from all the stakeholders, UDD finally declared TP-III as R-I zone along with TP-I and TP-II as R-II zone. However, it levied additional charges of 40% of jantri rate for offering 0.6 additional FSI in TP-III. So the builders will have to shell out more money to get final approval for their high-rise building plans and building usage permission for their schemes. The realtors will naturally pass on the additional cost to the customers. However, this cost will vary according to saleable area of the scheme.  The realtors are of the opinion that there will not be much increase in the property rates for the customers who have already booked their flats. The increase in the price will be in the range of Rs20 to Rs50 per sq foot depending upon plot size and total marketable area. Uday Vora, managing director of HN Safal, said that the additional cost will not be around Rs20 per sq ft in Safa Parisar taking into consideration plot size and saleable area in our scheme.   “We do not think customers will object to paying a little more,” said Vora. Although customers may not be willing to pay more, they will not have any other option as they would not be able to afford to get their booking cancelled as property prices have gone up sharply in the past few years.  “If the customers will not pay additional money, the developers will return their original amount and seek other properties that may not be viable for them,” said sources.  As the government has declared TP-II as R-II zone, the future of four schemes in this area is uncertain. Various realtors have planned and even started construction work of four high-rise residential apartment schemes in TP-II of Bopal. If the developers return money to the customers who have already booked their flats, the latter will lose interest as well as they will have to pay higher prices for new property compared to what they have already booked.  Source: http://www.dnaindia.com/money/report_booked-flat-in-bopal-now-pay-more_1428419 Filed under: Builders/ Developers , New projects Tagged: FSI , Real Estate in Bhopal

Tagged as: flats, fsi, opinion, scheme, source, stakeholders

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DB Realty set to develop Wadias’ land in Thane

by Paul Joseph August 21, 2010 Uncategorized

DB Realty, the Shahid Balwa and Vinod Goenka promoted realty company, is all set to undertake joint venture development on a 106-acre Thane plot, Shahid Balwa, managing director, DB Realty, told analysts in a conference call. Sources close to the development said that DB Realty is acquiring the Botanium Ltd land, which is owned by Wadias, the promoters of Bombay Dyeing. “Wadias had put the land on block long time back with clear land title and were looking at close to Rs500-600 crore, but DB Realty is paying close to Rs300-400 crore for the joint venture,” the source said. The joint venture ratio could not be ascertained and it is not clear if Wadias would be the joint venture partners. Botanium Ltd is a 94.71 acre industrial land parcel at Ghodbunder road, which earlier had adiwasi (tribal) right and title issue, and Wadias were looking at an outright sale of the property. DB Realty is acquiring a few acres from a nearby parcel. The project would come up next to the Lodha Group’s Casa Royale project. Balwa said in the conference call that that the Thane property would add 15 million square feet (msf) to the company’s portfolio. In an email response, DB Realty said, “We are currently bound by a non-disclosure agreement and hence cannot disclose any details of the proposed transaction.” DB Group is all set to expend Rs 1,000 crore for acquisition of new redevelopment projects. The company plans to acquire and add 44 million sq ft of new inventory in its books. It is in the final stages of securing rights to redevelop the Abhyudayanagar property at Kalachowkie, a 3 msf land parcel, which is a Mhada project. It is a 60:40 joint venture project with 40 per cent owned by Shreepati Group. DB Realty has also secured a slum cum open private land in Premnagar, Goregaon, which will add 6 million sq ft to its land bank. It has also acquired one-third share in Mahal Pictures Pvt Ltd to develop a 58-acre land in Jogeshwari with a total built-up area of 5 million sq ft. Source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=9838&cat_id=1 Filed under: Builders/ Developers , Mumbai , New projects Tagged: DB Realty , Mumbai , Thane

Tagged as: development, source

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GHB launches housing scheme in Naranpura

by Paul Joseph July 23, 2010

After a long lull, dormant Gujarat Housing Board (GHB) is back in action. The state housing agency has announced a scheme of 400 flats for middle and lower income families near Naranpura Telephone Exchange. The blueprint of the plan is ready and consultants have been appointed to execute the project. Four 10-storey buildings consisting of two BHK and 3 BHK flats will come up in the area. The prices of the flats are being finalised and attempt is being made to make them affordable for middle class families. “Our Anmol Tower scheme in Naranpura got good response. The price was Rs 9 lakh per flat. If this new scheme generates good response, we will propose a housing plan of 10 towers which will have 1000 flats,” said Urban Development Minister Nitin Patel. In Naranpura, the current rate of land is Rs 40,000 per square metre. Housing board will charge cheaper land price than this to make the home affordable. Nitin Patel himself visited the place before launching the scheme and decided to float it. The board suffered heavy loss in several schemes floated earlier as people stopped paying back housing loan instalments. “The board has incurred losses as two-third of the individuals who bought flats in GHB schemes defaulted on payment. Thus, the board has decided to change its policies. The state housing agency will now tie up with banks which will provide loan to potential buyers,” said a source in the Urban Development Department. The board could recover only Rs 45 crore against the Rs 115 crore dues. In fact, to make up for the losses, the GHB had brought in several beneficial schemes like exemption from interest and penalty, however, they too failed to recover the dues from defaulters, the source added. For the newly announced scheme, the loan papers of bank will be available and terms and conditions will be like private housing projects. Not only for Amdavadis, the state housing board is contemplating introducing similar projects in other cities like Surat, Vadodara and Rajkot. Filed under: Ahmedabad , Builders/ Developers , New projects Tagged: Ahmedabad , Gujarat Housing Board , Naranpur

Tagged as: city-trends, new-projects, source, urban

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Shree Ram to sell part of mill land for Rs2,500 crore

by Paul Joseph June 10, 2010

Mumbai: Shree Ram Urban Infrastructure (SRUI), the Vikas Kasliwal-run real estate company, is set to sell a part of its 26.5 lakh square feet in Shree Ram Mills in Worli (central Mumbai) for Rs2,475-2,500 crore, sources close to the development said. The company is in talks with a venture fund that also has realty parcels and a few local developers for the same. However, before the sale, the company will have to sort out a dispute over a part of the Mill land with the Kalpataru group. “Though the exact size of the land parcel that will be hived off is not available, it is estimated to be about 5 lakh sft and would fetch Rs 4500-5000 per sft. The deal is expected to be closed before the month end,” said the source who did not wish to be identified. Repeated attempts to contact the company officials failed. “SRUI is developing a luxury residential project, Palais Royal, in the Mills land, which would have a saleable area of 8.8 lakh sft,” the source added. The Palais Royale was slated to be the tallest tower in Mumbai’s skyline before the Lodha group announced plans to build Mumbai’s tallest tower in Wadala and world’s tallest tower at Shrinivas Mills, Lower Parel. The project was earlier projected to have 88 flats. However, it recently received approval from for a FSI (floor space index) of 4 from the Brihanmumbai Municipal Corporation. Now the company can build an additional 30 flats at the project, taking the total to 120. Of the proposed 88 flats, SRUI has already booked 51 and has received Rs231.65 crore as booking amount. SRUI plans to acquire land banks to develop high-end properties, starting with areas where it has inherent strengths. It is targeting Bangalore, Hyderabad & Ghaziabad. It also plans to come up with township projects in Indore and Mysore. The company expects to register a profit after tax of Rs2,400 crore from its Worli project, which it expects to complete by the end of 2012. Its present realisation is Rs50,000 per sft. The company’s market capitalisation is Rs400 crore at present. Source : http://www.dnaindia.com/money/report_shree-ram-to-sell-part-of-mill-land-for-rs2500-crore_1394186 Filed under: Builders/ Developers , Venture funding / P.E Tagged: Mumbai , Shree Ram Urban Infrastructure

Tagged as: mumbai, project, real estate, source, urban

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Prestige to Acquire Radisson Hotel project in Bangalore

by Paul Joseph June 9, 2010

The IPO-bound Prestige Estates, a south-based real estate major, may be acquiring an under development Radisson Hotel project in the Whitefield suburb of Bangalore. This is part of the company’s efforts in consolidating its hospitality interests — which currently include Oakwood Premier Serviced Residences, Angsana Oasis Spa, and the proposed Hilton Hotel — into a sizable business segment and parked under Prestige Leisure Resorts Pvt Ltd. Prestige was buying out the 200-key project for an undisclosed amount, which has been put on the block by D K Adikeshavulu, an influential regional politician and Chairman of Tirumala Tirupati Devasthanam (TTD). Prestige is planning to buy the asset from Adikeshavulu’s Chaitanya Property Pvt Ltd, which is the land partner in the 105-acre Prestige Shantiniketan development in the IT/ITeS suburb of Bangalore, the VCCircle has reported, citing baking sources. Last year, Duet India Hotels Asset Management had entered an initial agreement to acquire the project from Adikeshavulu, but did not go ahead with the deal. Chaitanya Property Pvt Ltd, through a subsidiary, was developing the hotel after inking a management contract deal with Radisson Hotel & Resorts in 2005. The delayed project is still under development (between 60-70 per cent completion achieved) and it is not clear whether Prestige will be acquiring it along with the Radisson management contract, or just the project, a second source added. “The project has suffered long delay with the original promoter putting the property on the block sometime ago,” this source explained. The development comes even as the parent Prestige Estates is in the midst of an IPO roadshow. Prestige has been working on a Rs 1,200-crore issue since November last year for which it received SEBI approval two months ago.

Tagged as: bangalore, hotel, project, real estate, real estate developers, source

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Mumbai Developers taking Interest in Booming Ahmedabad Realty

by Paul Joseph May 11, 2010

The boom in Ahmedabad realty and the good profits that can be made here have spurred not only the city’s realtors into action, but have also attracted some major Mumbai-based players. If sources in the city’s real estate sector are to be believed, many of the Mumbai-based builders have plans to come up with affordable housing schemes for the middle income group. The Ajmera Group has, in fact, re-entered Ahmedabad’s realty market after almost 20 years. The company, in association with city-based Bakeri Realty, recently bid successfully for 2.39 lakh sq metres of Calico Mills land at an auction on May 1. The two realty companies together paid Rs211 crore for the land. The other entrant, Gemstone Investments, a non-banking finance company which is also listed on the BSE, has formed a new company called, Dhanushya Infracon Pvt Ltd, for forays into the city’s real estate market. The Mumbai realtors are excited by the state’s industrial and economic development. They believe that the development of the Dholera Special Investment Region (SIR) and a new airport at Fedra (both near Ahmedabad) will boost industrial and economic activity in and around in the city. The fact that a large portion of the proposed Delhi-Mumbai Industrial Corridor (DMIC) passes through the state is also expected to push up realty rates here. “Given that there is large-scale development on the outskirts of the city, the future of real estate in Ahmedabad definitely looks bright,” said Manoj Ajmera, director of Ajmera Group of Companies. “This is one of the reasons why we decided to re-enter the market.” He revealed that the group had been scouting for land to build residential schemes in the city for the past six months. They want to focus on affordable housing for the middle-income group, he said.“Our core expertise lies in our ability to meet people’s expectations of good construction and timely delivery of homes,” Ajmera said. Narendra Ganatra, chairman and managing director of Dhanushya Infracon, said the state has registered double digit economic growth and is considered very safe for making investments. The group wants to focus on the Ahmedabad realty market for at least 10 years, he said. Heavy investment in real estate by NRGs and NRIs and the growing gap between demand and supply of residential properties for the middle-income group have also encouraged realtors to come forward with various schemes. A number of townships are coming up on the outskirts of the city but that has not dimmed the faith of Mumbai-based realtors in the profitability of the Ahmedabad market. They believe there is potential for development of affordable houses even within city limits. “The townships are coming up on the outskirts,” Ajmera said. “But we want land within the city and are looking at different locations.” A source said there are many other players keen to enter the Ahmedabad realty market. These include Mumbai-based Rustomjee Builders and Acme Group of Companies and Bangalore-based Nitesh Estate. “These real estate majors are scouting for big chunks of land in the city and surrounding areas,” the source said.

Tagged as: development, real estate, source, state, the-city

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Ahmedabad Gets over Recession, Rs 2500cr Property Sold this Fiscal

by Paul Joseph March 26, 2010

If the revenue collected by the state government as stamp duty on real estate transactions this fiscal is any indication, Ahmedabad realty has come out of recession. Figures for revenue collected as stamp duty indicate that, between April 1, 2009 and March 31, 2010, properties worth Rs25,000 crore were sold in Ahmedabad. Till February-end this fiscal, the state government had collected around Rs780 crore as stamp duty. The government is likely to collect an additional Rs100 crore by March 31. The Gujarat government levies 5.9% stamp duty on property transactions. Ahmedabad district alone is expected to generate revenue of Rs880 crore from stamp duty this financial year. It is estimated that, in 2009-10, properties worth around Rs15,000 crore were sold in the city on paper (i.e., officially). If Rs880 crore is collected as revenue when the stamp duty is 5.9%, then it follows that property worth nearly Rs15,000 crore (Rs14915.25 crore to be exact) was sold. “The state stamp and registration department has collected Rs780 crore in the current fiscal (till February 2010) and is likely to collect another Rs100 crore by March-end,” said a source in the Gujarat government. “The total revenue earned through stamp duty would then come to Rs880 crore.” The source added that, by the end of March this year, property worth around Rs14660 crore would have been traded in the city. However, as sources in the city’s realty sector were quick to point out, stamp duty is collected only on the white money involved in property deals. “A lot of black money changes hands in real estate deals in Ahmedabad,” a source said. “No stamp duty is paid for this money. In fact, black money comprises around 40% of the total transaction in realty deals.” If this is true, properties that are officially shown to be worth Rs15,000 crore are actually worth around Rs25,000 crore. Another government source said that compared to the previous year, a nearly 45% increase in property deals is expected this year. “In 2008-09, the state government collected Rs613 crore as stamp duty,” the source said. “This is expected to rise by around 45% this year.” The source added that, last year, property worth around Rs10,000 crore was sold. Incidentally, properties purchased in Ahmedabad district alone comprise around 38% of the total property deals in the state. “Till February this year, the state stamp and registration department had collected Rs2,080 crore,” sources said. “Out of this, around 38% came from Ahmedabad district alone.”

Tagged as: fiscal, government, gujarat, real estate, real estate developers, real estate india, source, state, year

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Unitech to Focus on Real Estate-Looking to De-merge Non-Core Business

by Paul Joseph March 19, 2010

Unitech Ltd, the second-largest real estate developer in the country , is looking to de-merge its non-core businesses in order to focus only on real estate, a source familiar with the development said. The company’s non-realty businesses include construction, special economic zones (SEZs), power, telecom and hotels. The company plans to unlock value through private equity investment or outright sale, the source said.Details such as valuation or the interested companies could not be ascertained immediately and a Unitech spokesperson declined to comment. The New Delhi-based developer has been trying to sell its telecom tower-making business, based near Nagpur in Maharashtra, for about Rs 700 crore as part of the de-merging plan. This arm initially operated through a tie-up with Hyundai. Unitech acquired Hyundai’s stake some years back. Unitech has also been planning to sell its non-core assets like hotels, commercial properties and land plots. Funds raised through the de-merger and sale of non-core assets could be used to reduce its debt, which stood at Rs 6,200 crore as of December. The developer had hinted that it will pay back Rs 1,000-1,200 crore and refinance the balance as long-term debt. About Rs 2,300 crore of Unitech’s debt is to mature by March 2011 and the company may pay Rs 350 crore in the current fiscal.

Tagged as: country, development, property prices, real estate, real estate india, source

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