Kolkata real estate take a hike after Price protect scheme

With Kolkata residential market still trying to rise from the after effects of demonetisation, developers have started applying their tricks to attract more and more customers by offering them innovative schemes.
The price protect schemes that were launched recently with the budget, in which the interested consumers would enjoy the benefit in case there will be any decrease in property rates, have helped in increasing the demands by 15% after the two months that followed the demonetisation.
Jitendra Khaitan, CMD of pioneer Property Management Ltd. Have stated that the Market is facing a positive growth and that approximately 50% hike in queries is expected along with a hike of 10-15% in actual sales. However, the price protect scheme is temporary, it will still effect the market majorly and increase the real estate market to a great extent in profit.
Khaitan also put out the word that these schemes are highly helping the market recover from the downfall after demonetisation. After the demonetization struck the nation there was almost up to 40% drop in queries and sales of homes in and around Kolkata as buyers waited for a fall in real estate prices.

Ghaziabad Growing its Infrastructure

Ghaziabad is popular for serving to the mid-segment and affordable housing segments. The very known housing clusters such as Kaushambi, Vaishali and Indirapuram are now a major part of Ghaziabad property in terms of increasing the real estate. Apart from this, the new upcoming residential locations include Raj Nagar Extension, and other areas along NH-24 which are beyond Indirapuram, and incorporates Crossing Republic Township.
The only thing bothering the developed locations is the lack of space for further high-level development. These places majorly include Kaushambi and Vaishali. The 1BHK Flats in Ghaziabad are now available to meet all the residents and is expected to have a healthy capital appreciation. The recent projects mostly kept its focus on upper-mid and premium segments offering them new upgradations which were beyond anybody’s expectations. The affordable residential clusters which are mostly 1BHK Flats and located in Raj Nagar, Shahibabad are in the average price range of INR 2,200-3,500 per sq ft. The upper end of the range is commanded by projects which are fully completed or nearly ending its construction in Crossings Republic, whereas the newly passed projects in NH-24 are in the lower price band of INR 2,200-2,600 per sq ft. The Raj Nagar Extension corridor on NH-58 is has a price range in between INR 2,600-3,000 per sq ft range.

Hyderabad, a new commercial destination

Hyderabad is now becoming the new investment destination for the commercial property developers already based in Bengaluru. This is the time when the city’s real estate market is on a revival mode after almost five years of political ups and downs in the city.
Well developed companies such as DivyaSree Developers, Embassy, Salarpuria Sattva, and RMZ Corp have successfully built or still are in the process of building a noticeable commercial portfolio in the city. This, along with Bengaluru, which is also a home to some of the largest IT companies in the world, including Microsoft, Oracle, and Uber. However, the rentals of these cities are still not as high as other cities and therefore the companies are keenly looking at this as a growth trajectory.
As it is mostly seen, the existing customers of the city will be now looking in other cities as it provides them with more options and a higher scale for a better business. This However will result in the same rental prices of Hyderabad commercial property as it is for Bengaluru. Mike Holland, the CEO of Embassy Office Parks said that it can be strongly seen that the Hyderabad infrastructure will grow immensely after the political turmoils in Bengaluru.

Greater Noida real estate to work more on affordable housing

The Real Estate’s new Union bill spells happiness for Greater Noida homebuyers, as the recently rectified budget will give more powers to those who want to buy plots in Greater Noida and will also keep in mind the concerns of the builders to a major extent. The Real Estate Regulatory Bill directly aims at bringing transparency in the real estate sector. However, the announcements were being planned from a long time but the finance minister made the right time to announce all of it with the Union Budget of 2017. However, after demonetisation, this area has more supply for residential units and less investors but after the affordable housing schemes it is turning out to be the opposite. Most of the housing units sold in Greater Noida now have a lot of takers but have less supply. Therefore, after taking some major steps a mega plan has finally been sorted out to cater affordable housing for all till 2022.
The budget is expected to establish state level regulatory authorities RERAs with whom developers have to register projects above a certain size. If this will not be carried out, the builders will have to pay major fines. The developers will now state all facts like possession dates, construction quality facts public on their websites so as to give clearer picture. The developers will have to focus more and more on the affordable housing. They will now be providing 3bhk flats in the price of 2bhk.
All these new rules are expected to set transparency in greater Noida properties. The Big Impact is that this will prompt homebuyers to purchase property without the fear of being cheated. This will bring in more creditability to investors and the belief to invest in the real estate sector. This will also give a clear legal recourse in case of any dispute or delay in the construction.
This has helped people who were interested in buying in Greater Noida as with this law the problems of the dust made by demonetisation will settle down and more over the development which tends to cater the needs which was stalled for a long time is finally getting its breath back. This is helping the Greater Noida real estate sector to become more transparent and the work has finally resumed and the building which were left unreconstructed the last quarter, are now coming to an end to supply its consumers their dream home.

Regular efforts for affordable housing for all

Metropolises such as Noida are under scrutiny and major comprehensive plans are being drawn to build better infrastructure. The Centre is facilitating adequate amount of funds for urban local bodies in states to make cities more liveable by providing them more and more properties in Noida. “We are taking into account the, roads, water supply etc. and creating a major five-year development plan,” Naidu said while talking about Bengaluru, Pune and Noida cities. He stated that more and more 1bhk flats in Noida will be created so as to provide the urban localities the desired liveable surroundings.

State participation is the major key to achieving adequate infrastructure and it is therefore the essence of realising the ‘Housing for All 2022’ dream. Affordable housing will be a success only when these type of states perform. Around 23,000 houses still lie vacant in Delhi alone because of lack of infrastructure and therefore their buyers. “Where there are people there is a shortage of houses and now there are houses but nobody interested to reside in them. It is proving to be a grave problem,” said Naidu. The main infrastructure concerns that needs to be seriously looked after are drainage, sewage, main roads, byroads, rain water drainage, maintenance of water bodies, etc.
It is now supposed to be joint effort by the Centre, states and local bodies. People only set their keen eyes on better quality and good services. If the states can figure out a method to provide the correct measurements then there’s no going back. “They should try and study the development patterns of several states. Learn from other’s mistakes,” suggested Naidu.

Amrapali Dream Valley project’s action against MD

Homebuyers of Amrapali Dream Valley project have written a letter to the Prime Minister’s Office seeking the permission for impounding of the passport of Amrapali MD Anil Sharma.

The buyers are in a fear that Sharma may try to leave the country as the project is far from complete. Amrapali is one of top investors who is in debt of owing huge amount of money to Noida and Greater Noida authorities. Most of its projects are sold but is far from construction.

In a letter of appeal to Prime Minister Narendra Modi submitted on February 22, Dream Valley buyers have requested that impoertant measures should be taken to safeguard the interests of buyers who have deeply invested in Amrapali.

Meanwhile, the Noida homebuyers’ association on Thursday demanded explanation from the Noida Real estate authority on lack of investigation on their part and keeping a check on defaulting builders. They wrote a letter  seeking answers from the GNIDA, Nefowa referred to therecent arrest of Earth Infrastructure owner Avdesh Goel by the Delhi Police in response to complaints by the Economic Offences Wing. Goel was arrested on February 20 on the basis of complaints by investors in Amrapali.

Where to buy your house in Bangalore?

Like every other place, Bangalore also hit itself hard with demonetisation. This deeply effected the realty sector which consequenced in the announcements on Akrama Sakrama Scheme, National Green Tribunal’s drive to reduce the lake beds in the city. However, this is now beginning to change with the initial dust of demonetisation finally settling down. With the Union Budget Announcement, which extended a big hand to support the affordable housing, the demands have increased yet again.

Bangalore is reported as the third largest hub for High Net Worth Individuals which increases the demands for luxury housing in the form of apartments or plots in Bangalore. As the southern and eastern zones of Bangalore are popular for their commercial complexes and workplaces, major residential demands are fed by these areas.

With a 4% increase of ready to move in demands, a data was collected about where should buy their properties according to the budget.

For those who wish to manage a housing within 40lakhs have a number of options to choose from sppecially in the IT hubs such as electronic city. 1bhk Flats falls the most popular under this category. Amonsgt married couples who choose to live in the city regarding work, opt for a 2bhk house in Electronic City, Whitefield or Bannerghatta Road.

The residential demand in these areas are the highest and always dominate the popularity charts with a perfect capture of 40% of the total demands.

Apart from this, the Bangalore real estate is not keeping the 3BHK Flats and private villas aside and are launching new apartments under the category of 60lakh to 1 crore in areas like Hennur which have large scale infrastructure, easy connect with outer ring road and the international airport. Apart from Hennur, Kanakpura Road and Hebbal are also set with their ready to move in flats to meet the expectations of investors who desire luxury laced with tranquility.

Now for those entrepreneurs who does not wish to compromise on their lavish living and royalty, Bangalore is providing them plots and private villas in the range of Rs 1 Crore- 2 crore in areas such as Sarjarpur Road and Arekere. These have recently turned out to be a royal investing for the rich entrepreneurs which are mostly HNIs.

Hyderabad to promise a positive realty sector

The last quarter of 2016 struck all of India with major impacts on real estate sector. In terms of Hyderabad city, the real estate sector have been really promising this quarter. The initiatives taken by the government have been fairly positive towards the residential sector. After demonetisation settled down, the GHMC recieved a total of 154 crore as it begun its decision to accept the banned currency from property tax payers. This meant that the currency accepted from the defaulters could be used in a constructive manner.

Hyderabad’s realty experts have expected that Hyderabad commercial market will soon become the leading market all over India, latest by 2018. The main reason behind this is the healthy accomplishment of affordable housing which therefore boosts the residential market as well. As the newly reputed companies are starting to set their base in the city, the residential supply in Gachibowli, Hitec City and Raidurg will increase. These residential sector are expected to be consumed by the expected increase of employees from 4.3 to 4.7 lakhs within the next 12 months.

Noida increases its Infrastructure

Noida was just taking an improvement hike drive (led by the state government) this year. Moreover, the 5 percent hike in the office rental worked successfully for the eastern market of Noida Real Estate. Some of the government directives were the return of unused rental land by developers so as to pay up the pending rent that was due to the authorities.  The money which will be collected back will be used for project completion which will dissolve the problems between buyers and builders in Noida.

Noida-Greater Noida metro received a net amount of  Rs 406 crore boost from NCR planning board for the better conductivity of the travelers. This particular project worth Rs 5,533 crore will enable comfortable travel in National Capital Region and add strength to the connectivity between NCR towns.

This growth in infrastructure will give a rise to the residential complexes of Noida. Developers are now focusing on providing better-executed societies with mostly 1BHK flats in Noida to meet the affordable housing. This has given a new ray of hope fo those who thought of Noida as a tough city to live in.

These changes in infrastructure seem to have led the year ahead for Noida. Although, the changes will certainly take a time to reflect, till then the residential market, which has already witnessed a fall in property prices by approximately 5% will be much in demand for the buyers.

Via NCD Indiabulls Real Estate raises Rs 25 crore

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Indiabulls said that it has raised Rs 25 crore by issuing NCDs (Non- Convertible Debentures). In Last-month, Mumbai –based company had declared that it raise up to Rs 200 crore through affair of non-convertible company has raised Rs 131 crore in 3 branches. In a filing to the BSE, Indiabulls Real Estate said that “the operations committee of the Board of Directors of the company has allotted NCDs collecting Rs25 crore.” The company had raised Rs 400 crore via this route earlier.

Indiabulls Real Estate is constructing 11 project with a total area of 30.51 million square feet. It has presence in key metros of Chennai, Mumbai and NCR. It has also stepped towards property market of London through purchasing of 22 Hanover Square in Mayfair, Central London a commercial property of 87,444 square feet in 2014 July.

 

Raids of Income Tax Department in 35 offices of 2 Companies

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Income Tax departments carried out raids at 35 offices of 2 companies and some other firms combined with them in Mumbai, Bhopal and Indore.

A senior officer of Press Information Bureau said in a statement that officers of IT suspect that Real Estate Company and the nutritious meal manufacturing company, involved in hiding tax payments.

Including 12 offices of the associated firms raids were conducted at 26 offices in Indore, 4 places in Mumbai and 5 in Bhopal.

In the raids officers of IT have also recovered some documents, which are being examined.

He added nearly 60 policeman and 100 officers executed the raids.

 

Godrej to get investment of Rs 300 crore

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Godrej Industries has decided to invest in Godrej Properties and Godrej Agrovet-through subscription/purchase of shares.

At the upcoming AGM (Annual General Meeting) on 11 August the company will be seeking permission from its shareholders.

In a letter Godrej Industries said to shareholders that “The company decided to invest in its own company like Godrej Agrovet Limited (GAVL) and Godrej Properties Limited (GPL) up to Rs 300 crore, each, as it recognizes it to be a best investment opportunity.’’

GAVL is an Agriculture –Business Company and GPL is a Real Estate development company.

The present investment in GPL is Rs 726.78 crore hold 56.73 % stake, although in GAVL it has invested Rs 143.98 crore with a 60.81% shareholder.

The company is also seeking permission from its shareholders to enable it to “acquire by way of purchase, subscription or otherwise, the securities of GAVL and GPL, increasing 60% of its paid-up capital share, free reserves and securities premium account or 100% of its securities premium account and free reserves, which is more.’’

Godrej Industries is also looking for approval for “reimbursement and reappointment of N B Godrej as company’s Managing Director, for a time period of 3 years from 1 April 2007 to 31 March 2020”.

 

 

The environmental standards is also set for smaller buildings

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In a statement the environment ministry said to TOI that idea of integrating with environmental conditions with building permissions is to insure smaller buildings also meet the environmental standards.  Buildings area between 5,000 to 20,000 square feet meters were not under the EIA (environment impact assessment) earlier but now according to new model building laws, smaller buildings will be controlled by urban local bodies.

Manoj Kumar Singh, joint secretary said,’’ The main aim is to construct buildings follow norms of environment”. He also added that “The matter of smoothing clearance for real estate sector and building has been under review with many stakeholders for some while, the states will send proposals, after inspecting the ministry of environment will announce decision to the individual state that environmental clearance is necessary for building in those states is important or not.’’

In February urban development minister Venkaiah Naidu, wrote to the ministry of environment about the profit of these notice for real estate sectors. The ministry’s of environment said that among various ministries matter has been under discussion. Buildings which will get environmental clearance will be under 1986 E (P) or 2006 EIA Notification.

 

Indiabulls Group Shares fall

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Following the reports of media about country wide raids of income tax on their offices, shares of Indiabulls Group companies falls. This company has interest in financial services, lending and real estate development.

Sources of DNA newspaper said that raids are being conducted at Delhi and Mumbai offices of Indiabulls Housing Finance, Indiabulls Real Estate and Indiabulls Ventures.  Indiabulls is the 2 largest private housing finance company of the Country.

Indiabulls Housing Finance says to BSE (Bombay Stock Exchange) that some officers of income tax “came to our offices to check out books in the normal course”.

Shares of Indiabulls Ventures down 10% at Rs 30.85, shares of Indiabulls Real Estate traded 9% lower at Rs 87.25, Indiabulls Wholesale shares traded at 5% lower at Rs 28.20 while Indiabulls Housing Finance traded 6% lower at Rs 697.90.

 

MDDCA include 10 villages in Master plan 2025

 

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Mussoorie Dehradun Development Authority (MDDA) has decided to bring 10 villages under its master plan 2025. The project is focused at earmarking land use categories in different areas of Dehradun and Mussoorie. The blueprint of 10 villages has been approved by MDDA, it will be finalized after opinions of public.

2 municipal areas- Mussoorie and Dehradun, 185 villages are under the MDDA. For Dehradun and 165 villages master plans have been prepared. Officials at the local decision –making agency said in his statement that additional 10 villages is also under process.

Some of the villages which are in the draft plan are Vidholi, Kishanpur and Doodhi. Inspection will be done for few other rural areas such as Kali Ghat, Bekrana and Rikholi

Some category of local residents feel that MDDA failed to work on master plan so far. A socio-activist of city said,” I do not think the master plan is ever put to use, new areas which are added will not benefit the locals. The aim behind the formation of villages is only to maximize price of property in the suburb of the city.”

 

 

Construction of flats booked in 2011 ,has not started yet

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After a complaint by a group of home-buyers the chief judicial magistrate has issued orders to book  the directors of Gayatri Hospitality and Realcon Limited-a real estate company in Noida for fraud, forgery and cheating.

The buyers stated that in 2011 the company launched a project in Noida named Gayatri Aura and started bookings also but the construction has not started such as excavation of ground even not took place.
B P Singh Jadon a lawyer of one of the buyers Sunit Awasthi said that the company was to construct total 1,500 homes at sector 1 in Gayatri Aura of Noida Extention. ” Total 17.5 acres of land were allotted to the company in sector 1″. My client Awasthi booked a flat in Gayatri Aura of 1,195 square feet in Gayatri Aura in the year 2011 and paid Rs 16 lakh. Consequently, against repeated meetings and commitments by the builders, on the plot of land no construction has been started.
On 2 July the case against the company was registered. Nearly 1,000 residential units had been sold by the builder, Awasthi claimed. ” All these families had invested their hard money into the project and are still awaiting their homes” he said. ” In 2011 and 2012 people have made 30% to 90% payments across their bookings. He also added that even the ground has not been excavated by the developer.
Alok Jain, also an investor in Gayatri Aura said that on 2 July chief judicial magistrate of Gautam Budh Nagar ordered police to lodge FIR under applicable IPC sections. He said many other complaints against the builders were pending with CJM.
Pankaj Pant SHO, Noida Phase II station said “The FIR has been lodged in Noida Phase III police station against two directors of Gayatri Hospitality and Realcon Limited under IPC sections 420,406,468,467,504and 102 B”. He also said” An investigation officer has been appointed”.
CEO of GNIDA (Greater Noida Industrial Development) Deepak Agarwal said that they had not received information about the developer.” If the builder has violated norms suitable action should be taken. He said ” Our aim is to protect the interest of the home-buyers and we will continue this further”.

Centre has sanctioned Rs 658 crore to Delhi for 5 infrastructure projects

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Rs 658 crore has been approved by the urban development ministry for 5 major infrastructure projects in Delhi.

While 4 will be new projects, the Center has approved Rs 85 crore for completion of the stalled grade separator at Rani Jhansi Road, a project that has started in 2006. The new projects are an underpass and flyover connecting Mahipalpur, Aerocity, IGI Airport and NH-8: A foot over bridge and skywalk near ITO; a flyover cum- rail over bridge near Narela for providing direct access from NH-1 to the Bawana Industrial Complex and widening of the road near Nigambodh ghat and ISBT Kashmiri gate.

For direct access to the airport from passenger coming from Gurgaon, Faridabad and South Delhi the Center government has decided to build an underpasses and flyover connecting Aerocity, northern Mahipalpur, NH-8 and Airport. The cost of it will be Rs 188 crore.

An official of Delhi public works department said “These projects were jointly identified by different government agencies in Delhi and UD ministry. Center provides 80% funding under UDF. In last week central assistance was cleared and we had been pursuing the projects.

 

 

 

Lands for public utilities in Delhi will be available at Rs 1

 

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By hearing a major complaint of the Arvind Kejriwal government on lack of plots for hospitals, government offices or night shelters, the center, announced on Monday  that DDA will provide plots for such facilities at Rs 1 per annum.

Urban development minister M Venkaiah Naidu also announced that the Centre government had decided to allot plots for public utilities and services at minimal rates.

According to Sources ” DDA will provide land for health services and non -beneficial uses such as orphanages and  maternity centers at Rs 1 per annum, the rates for offices and Delhi Transport Corporation depots too have been diminished mainly. These have been diminished from rates of commercial markets ranging between Rs 1,82,400 and Rs 6.72 lakh per square meter to the ‘no gain, no loss level’ of Rs 11,745 per square meter.

Plots for health services such as hospitals, medical colleges, dispensaries controlled by the city or central governments will be available at a minimal cost of Rs 1 per annum.

According to decision, government of Delhi will also plot from DDA at ZVR (Zonal variant rate) for offices, which ranges between Rs 23,490 to Rs 52,853 per square meter. The previous market rate was between Rs 1, 82,400 and Rs 6, 72,000 per square meter. Mentioned rates are applicable for the year 2014-2015 and 2015-2016.

Naidu said ” rates of land for schools, staff quarters and hospital of local bodies and 10% of residential rates has been reduced by Delhi government which were ranging between Rs 31,000 and Rs 75,700 per square meter, to a minimal cost of Rs 1 per annum.

Lands for graveyards, roads and crematoria, parks, playground, drainage for colonies of DDA and water supply will be allotted at a reasonable cost of Rs 1 per annum or free.

 

 

 

The construction of flats booked in 2011 has not started yet

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After a complaint by a group of home buyers the chief judicial magistrate orders to booked for fraud, forgery and cheating against the directors of a real estate company in Noida, Gayatri Hospitality and Realcon Limited.
The buyers stated that in 2011 the company launched a project in Noida named Gayatri Aura and started bookings also but the construction has not started such as excavation of ground even not took place.
B P Singh Jadon a lawyer of one of the buyers Sunit Awasthi said that the company was to construct total 1,500 homes at sector 1 in Gayatri Aura of Noida Extention. ” Total 17.5 acres of land were allotted to the company in sector 1″. My client Awasthi booked a flat in Gayatri Aura of 1,195 square feet in Gayatri Aura in the year 2011 and paid Rs 16 lakh. Consequently, against repeated meetings and commitments by the builders, on the plot of land no construction has been started.
On 2 July the case against the company was registered. Nearly 1,000 residential units had been sold by the builder, Awasthi claimed. ” All these families had invested their hard money into the project and are still awaiting their homes” he said. ” In 2011 and 2012 people have made 30% to 90% payments across their bookings. He also added that even the ground has not been buried by the developer.
Alok Jain, also an investor in Gayatri Aura said that on 2 July chief judicial magistrate of Gautam Budh Nagar ordered police to lodge FIR under applicable IPC sections. He said many other complaints against the builders were awaiting with CJM.
Against two directors of the Gayatri Hospitality and Realcon Limited located in Noida Sec 63 names Hari Om Dixit and Kalyani Chaturvedi ” The FIR has been booked at Noida phase -III police station under 420,467,406,471,468,504 and 120 B sections of the IPC said Phase III police station SHO Pankaj Pant. He added ” An investigation officer has been appointed”.
CEO of GNIDA (Greater Noida Industrial Development) Deepak Agarwal said that they had not information about the developer.” If the builder has violated norms relevant action should be taken. He said ” Our aim is to give protection to the interest of the home buyers and we will continue this further”.

‘The Avenue’ project by Emmar MGF has received completion certificate

 

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The residential project name ‘The Avenue’ at Esplanade in Tondiarpet, Chennai by India’s leading real estate developer Emmar MGF has been awarded the certificate of completion.

The Avenue has 6 residential towers located in North Chennai. The company has received completion certificate of 7 units out of 232 units, whose possession and key handover process will begin soon.

In the Esplanade project Company has delivered possession of club house and residential units to its clients.

Head sales of Emmar MGF Ashish Jerath said,” In Chennai and all over India this is a big development for our clients”.

Chennai has become the one of the important markets for our development and expansion. Our company Emmar MGF, is a customer centric company, we focused on interest, process of completion, delivery and handover.

The Avenue is one of the largest housing developments spread in across 14 acres of land, within the administration of CMDA (Chennai Metropolitan Development Authority).

 

The Avenues is loaded with all ultra- luxurious and basic features of comforts like stylish flooring to room balconies, well maintained interior and exterior, meditation space, gymnasium, swimming pool etc.

 

2 Mumbai builders reserved under MOFA

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On Saturday the Kondhwa police reserved 2 builders of Mumbai with their 9 fellow for allegedly holding money from buyers but unsuccessful in handing over the keys of apartments within a committed time period.
The Mumbai builders has been reserved under applicable sections of Maharashtra Ownership Flats Act and Maharashtra Regional Town Planning Act and Maharashtra Apartment Ownership Rules and the cheating and forgery sections of the Indian Penal Code. This was the 2nd crime booked against builder under MOFA.
Rural Police of Pune registered Dehu- Road -based for not executing a transportation actions for flat buyers in Dehu Road at housing complex.
Mahavir Pawar, a resident of Balajinagar has lodged the police complaint against builders in Tilekagarnagar in Kondhwa for not getting possession on time of his flat.
It was not easy to book complete, he added that it was booked only after the mediation of Praveen Dixit state director-general of Police, Pwar told TOI.
Pawar also said that he had already sold his flat in Balajinagar and for flat he has obtained a loan from a bank.” I am paying EMIs and rent of the flat where I am currently residing I have become homeless today.
Pawar said that builders are harassing them too who have taken possession of their apartments. Builders have sent a draft to the residents for extra charges of water tankers and other things and extra Rs 1.5 lakh also.
Pawar said that he has asked to sign the supplemental agreement and were not allowed to take away their agreement outside.
He also said when he has booked the flat the name of a scheme was different and suddenly builders changed the name. Power added that everyone is facing problems while paying heavy EMIs and tax.
On Saturday Police booked the offence under MOFA, Senior inspector of the Kondhwa police station Satish Govekar said.
Govekar added ” We have started the inquiry”.

Police books 2 Mumbai builders under MOFA

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On Saturday the Kondhwa police booked 2 builders of Mumbai with their 9 partners for allegedly holding money from buyers but failing to handover the keys of apartments within a committed time frame.
The Mumbai builders have been booked under applicable sections of Maharashtra Ownership Flats Act, Maharashtra Regional Town Planning Act , Maharashtra Apartment Ownership Rules and cheating and forgery sections of the Indian Penal Code. This was the 2nd crime booked against builder under MOFA.
Rural Police of Pune booked Dehu- Road -based builders for not executing a transportation deeds for flat buyers in housing complex at Dehu- Road.
Mahavir Pawar, a resident of Balajinagar has lodged the police complaint against builders in Tilekagarnagar in Kondhwa for not getting possession on time of his flat.
It was not easy to book complaint, he added that it was booked only after the mediation of Praveen Dixit state director-general of Police, Pawar told TOI.
Pawar also said that he had already sold his flat in Balajinagar and for flat he has obtained a loan from a bank.” I am paying EMIs and rent of the flat where I am currently residing I have become homeless today.
Pawar said that builders are harassing them too who have taken possession of their apartments. Builders have sent a draft to the residents for extra charges of water tankers and other things and extra Rs 1.5 lakh also.
Pawar said that he has asked to sign the supplementary agreement and were not allowed to take away their agreement outside.
He also said when he has booked the flat the name of a scheme was different and suddenly builders changed the name. Pawar added that everyone is facing problems while paying heavy EMIs and tax.
On Saturday Police booked the offence under MOFA, Senior inspector of the Kondhwa police station Satish Govekar said.
Govekar added ” We have started the inquiry”.

Two Online plans of buildings of commercial projects in Jaipur accepted

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On Tuesday online buildings plans of 2 commercial projects in Jaipur have been approved by Urban Development and Housing ( UDH) .
The proposal has been accepted for Bhiwadi and Udaipur. This was the first time that approval of online was accepted. The online BPAS( Building Plan Approval System), was admitted by the state of government on 6 June.
It is said that the new system of digitization will make the plan less bulky and more clear and will less the corruption.
Rajpal Singh Shekhawat, Minister of UDH said,” It is matter of dignity that in all districts,Rajasthan is the 1st state in India to start the Online Building Plan Approval System. With this fast completion of projects, there will be clearity and clarification in the System.
The seeker can register on the website and acknowledge documents. Only single ID, a personal control panel for getting information and situation of online applications by the applicant. BPAS includes solution to the end for the applicant by process of giving online submission, inspection of site, processing, footprint of building plan approval and settlement of the fee.
Under this project, BPAS has been already implemented throughout the state covering all local bodies & urban development authorities, UITs and RIICO.

Delhi- NCR witnesses 39% hike in net office space

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According to property consultant Cushman & Wakefield Delhi- NCR has noted increase of 39% in net office space consumption at 2.4 million square feet in the 1st half of this year on the opposite of a some large sized rent out deal.
In January- June of 2015 net renting out of office space stood at 1.7 million square feet.
Cushman & Whitefeild said in its report ” Delhi- NCR observes 2.4 million square feet of net consumption during H1 of 2016, a flow 0f 39% from the comparing period last year.
C & W also added that the rise in the whole activities was because of few big sized deals are occurring in the market.
MD Anshul Jain said ” The development to recorded in the NCR market is the comeback of space in Npoida due to its price profit. Gurgaon witnesses constant consumption levels, this big deal in the Noida can be likely messenger to the next chapter of growth for this region”.
He also added ” Noida has to its profit a booming infrastructure and clashes in comparison with Pune and Hyderabad.
Report said that consumption of office space down to 18% to 14.5 million square feet during first 6 months of 2016 in 8 cities like Delhi- NCR, Mumbai, Kolkata, Ahmedabad, Pune, Chennai, Hyderabad and Bengaluru.
Delhi- NCR observes 45% down to 2.7 million square feet on supply of office space in the month of January – June 2016 from 4.9 million in the year ago.
During the period under overall analysis of 8 cities, supply down 7% to 19.9 million square feet from 21.5 million square feet.

Charge against Delhi Builder logged of making fool of 455 investors.

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On Tuesday Police said a developer in Delhi was arrested on allegation of making fool 455 investors in the Capital and other places.
Nupur Prasad deputy Commissioner of South Delhi told to Indo- AsianNews Service( IANS) Manoj Bhardwaj who is director of Arun Dev Builders is accused in 9 cases.
The police officer said that Bhardwaj , in 50s was arrested from his home named Raju Park area in South Delhi. Manoj was from 22 years in the business of real estate and make people fool.
The officer said that : He used to hang his company’s board in various cities where he took his eventual clients to cheat them.
He has cheated his customers by showing them so -called projects in Gurgaon, Faridabad and Rewari in HaryanaKotputali and Shahpura in Rajasthan; Pul Pehlad Pur, Ali Gaon and Chhatarpur in Delhi; and Haridwar in Uttarakhand.
Police said that many cases are booked in police stations in Gurgaon, Dharuhera, Faridabad and many place in Nothern India.
Bhardwaj has build ed 35 temples in various places to earn money from offerings of devotees and donations.