Court asks CBI to lodge FIRs on illegal constructions

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A Delhi court has backed for immediate lodging of FIRs against the owners /developers of the illegal buildings, while asking the CBI to investigate the role of senior officials, builders and political babus in a case showing serious concern in fake demolition of illicit buildings.

A special CBI Judge made the verdict after clearing MCD junior engineer and two others who were accused of illegal saving of unauthorized buildings from demolition in 2002.

The court also asked to register FIRs against the developers relentlessly.

It is also observed that unauthorized basements were built in complete violation of laws which put the properties in danger. The construction of illegal basement is still in a flow which has resulted in many collapses of buildings.

The court asked a departmental action taken by the Commissioner, North Delhi Municipal Corporation in respective cases against the junior officers who are found liable for failing to take demolition action against illegal properties.

It has also directed that a copy of judgement should be sent to all the civic body and action taken report should be prepared and submitted in seven weeks.

The top investigating agency (CBI) is expected to probe the case of illegal construction thoroughly as the FIR was register by CBI and the probe the relation between MCD officers including the suspects with in their departments, builders and political bosses, the court said.

Sebi cracks down on an illicit real estate scheme

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New Delhi: Market regulator The Securities and Exchange Board of India (Sebi) restricted Servehit Hosing & Infrastructure India and its members to collect money from public after an investigation into mobilization of funds through illegal estate plans. It has also asked the Infra firm to dispose any properties as well as not to divert any funds acquired through its scheme.

The market watchdog has asked the Housing unit to submit its full data of assets and the firm has been barred from launching any new schemes in the market.

Earlier Sebi started the probe of illegal transaction of funds by Servehit Housing on complain against the Housing unit in 2010.

The Sebi ensured the interest and protection of the investors and took immediate steps so that the firm does not collect any more funds.

The infra firm had offered a plan of purchase, development and maintenance of plots and allegedly raise money from public with promise of extra returns. The firm is also asked to file their replies against the charges in 15 days time.

According to the market watchdog initial investigation, the proposal runs by Servehit Housing wherein the company invited tenders from public for booking a plot with promise of returns.

The Sebi term the business proposal as a real scheme only to mislead and attract investment from public in a wrong way.

Connectivity the new key for Peripheral areas

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A suburb is also known as outer area. It basically means an area of development that is completely residential or commercial use, a neighboring area which lies commuting distance of a city. The meaning can be applied perfectly to many areas in Bangalore that have seen rapid growth in the last few years.

The improvement of civic infra had got importance in order to provide seamless travel from various employee areas to the economic hubs and has omitted the difference living in the core city and the far localities.

The new Hosur Road expressway has connected the Business center with the IT hub. The free travel has given commercial and residential growth to the town.

 

The Metro is perhaps the most important project to commence in Bangalore. Not only will it help restrict the use of private vehicles by connecting key junction points with employment and residential hubs, but also promote the spread of development and ensure non-stop travel.

With the airport at Devanahalli, the immediate importance was to update the infra to provide quick and easy travel to this area.

The 24-km 6-lane, signal free road with four underpasses and two flyovers made easy to commute and save time for the travelers to the airport.

It comprises an area of 225 sq km forming the core city, the development of small areas from the city centre, due to mainly commercial and industrial growth. The expansion of jobs and a growing population leads to a huge demand for housing units.

The newly proposed Bangalore-Mumbai expressway will connect the city to areas in the west and onward towards the financial capital of the country. The Bangalore-Chennai expressway will head towards outer areas in the east and an easy commute to Chennai.

The Outer Ring Road was the first project to have major impact in improving connectivity to the near by areas. While it freed up the city roads from heavy traffic by diverting it to the outskirts. It also provided a short cut to reach the key localities connecting all the regions.

New home launches up by 5 pc in the first half

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NEW DELHI: India’s major cities saw launch of 1.32 lakh homes during the first half of the year. The ratio is up by five per cent compared to last year.

The eight big cities Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR Region and Pune in the country had seen a launch of 125,592 housing units during this period last year.

As many as 31, 440 housing units were introduced in affordable segment, 75, 535 and 24,040 units were launched in the middle and high-income segments. More than 1,120 luxury houses were also introduced in these mega cities.

But there is a certain decline in new launch in third quarter as the economic conditions are not so good for the developers. The low in demand with rapid high pricing in main cities has pushed the developers to act inactive in the festive season also.

Launches of new units decline by 43,907 units during Q2 compared with 47,048 units in the previous quarter.

The demand from fresh units and end re-sale units has been steady as genuine buyers with ample capital look at this phase as ideal to enter the property market on account of stable capital values.

Most developers in the country are aiming to keep the unsold inventories low, to promote sales. The builders are opting for innovative strategy to ensure the customers can get most value from their product.

Bombay HC finds Hirco arm prima facie loan debtor

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MUMBAI: The Bombay High Court has asked a arm of real estate firm Hirco Plc to unveil all its asset in an interim pass that seen that prima facie Hiranandani Palace Gardens has ducked on loan repayment to Tata Capital Financial services.

Tata Capital had filed a plea against the Hiranandani Palace Gardens, which has township projects in Chennai and Panvel near Mumbai. The finance firm had alleged a loan default of Rs 76 cr against the Hirco Plc. The lender has also demanded the dissolving the firm.

The top court in the state has passed an order to re pay the loan back to the lender.

Hiranandani Palace Gardens has acknowledged to file an undertaking in the High court that the builder will not create any third-party rights in respect of mortgaged assets and it will also not further burden other properties without the court’s approval. The matter will now be heard after Diwali holidays.

The builder defaulted on loan responsibilities from December 2012 and is now accountable to pay Rs 82.6 crore, including an annual interest of 18.5 pc.

Tata Capital in its plea stayed that Hiranandani Palace Gardens is under financial stress and is unable to meet creditor’s liabilities. It also alleged that the company has distorted facts while availing the term loan.

DLF eyes Rs 1000 cr via commercial mortgage

DLF to raise Rs.2100 Cr through IPP.

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NEW DELHI: India’s biggest real estate firm DLF announced to raise about Rs 1000 cr through securities backed by mortgage of its retail assets by November end. The fund is raise, as part of its strategy to cut down the debt.

DLF plans to start Commercial Mortgage Backed Security on an emergency basis in its two malls in National Capital. The product is a introduced first time  in Indian market.

The realty giant has a huge Rs 19,508 cr net debt and its finance cost stood at  Rs 600 cr during the September Quarter. The firm is in the final stages of designing and developing the product in its two malls.

Pension funds, insurance firms as well as non-domestic investors are welcome to take part in the process. The product will add a new chapter to the firm.

The product is being planned as paper rated higher than the firm’s overall rating, which will not only term out the liability but also be both cash flow efficient and save interest costs for the company.

The plan will now start on the two retail assets and after the initial results the firm is thinking to bring it on bigger scale . The firm is also hoping that the new instrument can improve the corporate ratings of the firm.