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Toll booths on Bandra-Worli Sea Link to go solar

In the next six months, the toll booths on Bandra-Worli Sea Link (BWSL) will get electricity supply from the solar panels to be installed on the Sea Link. The Maharashtra State Road Development Corporation (MSRDC) had announced the installation of solar panels earlier this year. However, now it seems electricity generated from solar panels will only be used for toll booths and not the street lights on the Sea Link.The toll operator of the sea link has said that they would be able to have panels installed in the next 3-6 months. Jayant Mhaiskar, managing director at MEP Infrastructure Developers, toll operator, said, “Our concession period has started from October 07, 2017 and as per the concession agreement we will be in a position to install solar panels in the next three to six months.”Mhaiskar, added, “As per the concession agreement, the electricity generated from the solar panels will be used for toll booths in the day and for the night hours we will have to use normal electricity connection as we do not have a power storage facility in India.”The MSRDC’s aim is to bring down their electricity bills and will also promote the Central government’s initiative of promoting solar energy and to cut down carbon footprints.

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Denied homes, slum dwellers protest against Malad builder

More than 94 slum dwellers have been sitting on a protest against Omkar Developers in Malad alleging that the builder, who had taken up the redevelopment project has not kept up the promise of alloting their homes. Wednesday marks their 575th day of protest. The developer, however, argues that the slum dwellers are ineligible to get these homes because they lived in lofts and not shanties. The protestors have erected a tent on the service road off the Western Express Highway, and sleep there in turns. A board next to this tent has a list of their demands, and another board mentions the number of days of protest.Bacchu Chavan, a slum dweller, said, “In the entire project, there are 4,900 plus slum dwellers. But only 94 residents are protesting. Our issue is that the developer had initially promised us homes and he even gave us rent money for four years. We have the photocopies of cheques where he paid Rs 96,000 per year. However, now he has stopped giving us the rent money, and we have no option except to protest.” A spokesperson from Omkar said, “We would like to emphatically state that the 94 agitators are loft residents and hence not eligible for free housing under the state government SRA policy guideline. Omkar and its working policy are bound by the legal SRA guidelines and the matter hence is between the agitators and SRA. This is a larger matter governing all SRA projects in Mumbai.”According to Pravinbhai, another slum dweller protesting at the site said, “We have had several meetings with the developer and SRA officials, the developer representative had assured us that they are ready to pay us money or give us home in suburbs like Mira Road, but both are not feasible. Talking about the loft, there are many other slum dwellers who were loft residents but have got homes and they are residing there. Then why should we suffer.”

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CBI chargesheets IRB Infra chairman, others

IRB Infrastructure Developers’ Chairman and Managing Director Virendra Mhaiskar and others along with its subsidiary Aryan Infrastructure Investments Pvt Ltd (AIIPL) have been chargesheeted by the CBI in an alleged land scam, forcing the company’s share price to tank on Thursday.An anomaly in the land deal along the Mumbai-Pune Expressway was exposed in 2009 by the slain Right to Information activist Satish Shetty. In January 2010, the Pune-based activist was stabbed to death in Talegaon off Mumbai-Pune Expressway, months after the scam was unearthed. CBI is yet to file a chargesheet on the activist’s murder.As per the CBI chargesheet filed with Pune Sessions Court, there is involvement of AIIPL, Virendra Mhaiskar (then Director of AIIPL) for having issued Power of Attorney, in favour of then Project Head Deepak D Gadgil (Retired – Head Realty, Airport and Hospitality of the Company, then Project Head) and the company along with certain other persons.”…the CBI has filed a charge sheet today with the Sessions Court, Pune in the matter of an alleged illegal purchase of government land in village Pimploli and nearby, Taluka Maval, District Pune by AIIPL), a subsidiary of IRB Infrastructure Developers Limited,” read company’s filing with BSE on late Wednesday evening.Soon after the trading session began on Thursday, IRB Infrastructure Developers share prices fell to an intra-day low of Rs 194.70 per share, which is over 6% drop only to recover later during the day to end at 2.29% lesser at Rs 205.20 per unit.A discharge application will be filed by the company soon.”Based on a preliminary review of the charge sheet, it appears that the charge sheet focuses on an alleged conspiracy to attempt to cheat for acquiring certain land parcels belonging to the government/MSRDC. We deny any allegations made against Mhaiskar, Gadgil, AIIPL and the Company in this matter and will seek appropriate remedies under law. The Company and its management are responsible citizens and have fully complied with the law of the land,” the company clarified.In an analyst call, Mhaiskar termed the charges as frivolous. “We have received charge sheet copy and we firmly believe that no offence can and has been made out against us in the same. We strongly believe that it is a very frivolous charge sheet, as we see it and as we read it. The charges that have been made are conspiracy and attempt to cheat and not even a cheating case,” said Mhaiskar.When analysts asked him about possibility of another chargesheet by CBI against the company’s, he replied, that closure report on murder was filed earlier, but he is unaware about the status if the investigation is still underway or not. “Had there been an involvement in the murder case, that chargesheet should have been filed first as that’s a much grave case,” he remarked.Explaining the land deal, the company added that AIIPL began acquiring land parcels from 2007 onwards an acquired approximately 1,200 acres of land parcels. In early 2009, AIIPL observed that around 5% of the total land parcels owned by it were, in fact, owned by the Maharashtra State Road Development Corporation. AIIPL on its own accord proceeded to cancel agreements to sell, for these land parcels The amount attributable to these 5% of land parcels, pertaining to which the charge sheet has been filed, is Rs 6 crore only.This amount of Rs 6 crore was returned to the Mumbai-based highway developer.BLOOD IN PASTAn anomaly in a land deal along the Mumbai-Pune Expressway was exposed in 2009 by slain RTI activist Satish Shetty. In January 2010, Shetty was stabbed to death in Talegaon.
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Bully naka: Bizman alleges harassment at E-way toll booth

<!– /11440465/Dna_Article_Middle_300x250_BTF –>A 36-year-old Mumbai-based businessman was allegedly bullied by a toll operator staffer at Talegaon toll booth on the Mumbai Pune Expressway, and claims he was asked to pay toll despite being an Electronic Toll Collection (ETC) tag holder. However, the toll operator, Mhaiskar Infrastructure Private Limited (MIPL), a subsidiary of IRB Infrastructure Developers Limited denied the allegations.Namit Furia said that he had to enter the non-ETC tag lane because normal traffic was plying in the ETC tag lane which led to a long queue. He alleged, “Usually even the non-ETC tag lanes have a scanner but it was not working in the lane I entered. I was asked to pay toll by a staffer named Amit Shringarpure which I denied.” Furia further alleged that he asked the staffer to use the hand scanner machine, and was not allowed to leave until he paid the toll by cash. “It was only after I denied to pay cash and argued for over 30 minutes that he got a hand scanner machine and let me to go.”The toll operator, replying to an email query from DNA, said, “We strictly deny the commuter’s allegations. It needs to be noted that all lanes at Talegaon toll booth are ETC hybrid lanes which can be used by ETC tag holders as well as non-ETC tag holders. The said commuter entered lane number 5 speedily due to which the tag could not be read.” The toll operator added, “The on duty official tried to explain and requested him to re-enter from another lane which he refused. The issue was then resolved by arranging a hand reader machine.”ELECTRONIC TOLLThe ETC tag is a computerised system which is integrated with electronic equipment installed at toll booths. It reads the radio frequency identification (RFID) tag from the vehicle’s windscreen and opens the barrier to let them pass.

It’s raining offers at CREDAI-MCHI property expo

<!– /11440465/Dna_Article_Middle_300x250_BTF –>It was an offer galore at the ongoing CREDAI-MCHI property exhibition at Bandra Kurla Complex. Developers appeared far more realistic in their sales pitches offering price discounts as high as 10 to 15 per cent.One developer was even offering 1BHK free on the purchase of a flat in one of his projects while others were offering a car or free stamp duty and registration. The four-day long exhibition began on Thursday and will conclude on Sunday.Shailesh Sanghiv of Sanghiv developers, who has projects in Dahisar and other parts of the town, had a fortune wheel placed at his stall offering car and 1BHK flat free along with the purchase of a 2 BHK flat or a 1 BHK flat.”The free flat is in Asangaon, and if the buyer doesn’t want the free house the price will be adjusted in his purchase in Mumbai. We want to sell flats and hence the offer,” said Sanghvi.Tejas Vyas, Chairman of CREDAI-MCHI’s exhibition committee said, “We had asked developers to give discounts and offers as they deem fit. Even big brands in the world sell their products at 50 per cent of total price during sale period. The property exhibition takes place only once a year so developers are offering heavy discounts and offers.”However, homebuyers claim that the prices are still very high and out of reach for many. “There are offers but developers have hiked the rate first then put a discount on it, which doesn’t make the offer exciting. I was expecting discounts but not much is being offered in real terms,” said Syed Noorudin, a homebuyer.

Low Diwali sales for real estate

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Despite offers raining over homebuyers, the real estate market has behaved other than what was expected. Offers like — buy three bungalows in Karjat and get the fourth free, reduced prices on real estate deals, stamp duty, and free registration, or even exemption on VAT — haven’t been able to attract homebuyers. Housing experts claim that the sales this Diwali were not as expected, and may even be lower than last year’s, as buyers didn’t enter the market. Builders say that property prices have come down, but homebuyers are still expecting it to come down further.There are various reasons experts are citing for the bad performance of the real estate market. One of them being the negativity surrounding the market. Pankaj Kapoor, MD. Liases Foras Real Estate Research Agency, said, “The sale this festive period was not good. The launches were very few this year, and fence-sitters didn’t jump into the market, because of the negativity. Developers did give discounts, but then there was no exhibition. The inertia of negativity in the market continued, despite there being no property price rise in three years.”Kapoor has placed the blame entirely on negativity in the market, saying that in spite of banking loan interest rates being down and prices not increasing in the last three years, deals should have taken place, but they didn’t.According to experts, buyers are reluctant to buy. Dr Sanjay Chaturvedi, executive editor of Accommodation Times, a realty newspaper, buyers no longer fall for the gimmick of developers offering cars or discounts. “Sales weren’t as expected, and one can easily attribute this to lack of funds available. There were around 48 new project launches all over Mumbai Metropolitan Region, but still sales haven’t happened as expected. Observing the market scenario, I will put it this way: This Diwali for real estate has been bad compared to the last one too.”Manohar Shorff, Vice President, CREDAI-MHCI’s Navi Mumbai unit said, “There’s hardly any money in the market. Homebuyers are noticing that property prices have come down, but they are still waiting, expecting the prices to reduce further. Meanwhile, developers are hoping that GST will come down on real estate, and this will lift the market again.”Whatever sales have happened, it has been in the affordable segment, that too in the far suburbs. He added, “Deals are taking place, but not in projects where a developer is offering freebies, but where he’s giving a direct discount on prices. Flats are available.”Reason: NegativityA developer cited that the reason for low sales is because of negativity in the market, despite property prices not rising in three yearsManohar Shorff, Vice President, CREDAI-MHCI said that deals are taking place, not in projects where a developer is offering freebies, but where he’s giving a direct discount on prices

Office space supply in A’bad falls 86% in 2017

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Office space supply in Ahmedabad declined by a staggering 86% in the ongoing year, an industry report said on Monday. Along with lower demand on account of economic uncertainty, regulatory changes such as GST and RERA have also contributed to the sharp fall.Real estate consultant Cushman and Wakefield said in its latest report that office space supply in Ahmedabad declined to 4.54 lakh sq ft between January and September 2017, as against 33.16 lakh sq ft in the same period of 2016.Office space absorption in the city also fell sharply in the first nine months of the year. Cushman and Wakefield said that from 5.84 lakh sq ft, office space absorption declined 37% to 3.48 lakh sq ft.Developers said that a number of factors such as demonetisation, and introduction of Real Estate Regulatory Authority (RERA) and Goods and Services Tax (GST) have contributed to lower supply as well as lower demand for office space.”For other sectors, GST was the only regulatory change that took place this year. However, for real estate sector, GST was preceded by RERA from May 1. Developers were in wait-and-watch mode before announcing new projects ahead of the twin changes,” Ashish Patel, president of industry body GIHED CREDAI, had said recently.Another developer said that inquiries for office space have picked up in the last month or so, and that demand is expected to improve soon.”Lower supply in the past few months will be good for the market as it will enable developers clear existing inventory,” he said.

GST, unsold inventory result in slashed prices

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The city’s real estate market has corrected prices and this is now visible in sales pitches. In the last week, advertisements posted by developers and real estate marketing agencies show discounts as high as 50 per cent available on the market rate.Experts say that developers have now realised that for them to survive, they have to behave according to the market which needs a correction in prices. They also claim that such price correction has never happened in the history of real estate. Many attribute it to the newly implemented Acts like RERA, Goods and Services Tax (GST) Act and demonetization.A recent advertisement by Sai Estate boldly announced up to 50 per cent off on two of its projects. They attributed the correction to RERA and GST. When contacted, Amit Wadhwani, director, Sai Estate Consultant, said, “Our ideology has been to provide value homes at discounted prices for 365 days and 12 months of the year. We work only with those developers who understand that there has been an ordinary correction after demonetization, RERA and GST, as inventories are piled up in the city since a year.”Meanwhile, there are several other developers who are also offering similar discounts and there are plenty examples of slashed real estate prices in the city (see box). According to Rajesh Vardhan, managing director, Vardhman Group, the real estate market has been slow for quite some time which developers have also realised hence they are passing on practical discounts to homebuyers. “Buyers believe that GST will add 12 per cent more to the flat’s cost which means the flat prices go further up. Buyers do not want to feel this burden and builders want to sell. Hence they are passing on direct discounts to homebuyers,” said Vardhan.It is no secret that the real estate market has been sluggish for the longest period, and developers have waited a long time for it to catch speed. However, recent developments also forced buyers to keep their purse strings tight rather than invest in a property. GST, for example, has been one such drawback. To woo homebuyers, many builders have even dropped GST completely while some are offering concessions — which means they are willing to absorb the burden of GST.According to Manohar Shroff, vice president, MCHI-CREDAI’s Navi Mumbai Unit, there are many developers in Mumbai Metropolitan Region who are asking homebuyers to pay only five to six per cent GST instead of 12 per cent. “In Navi Mumbai there are developers who are absorbing up to six per cent of GST. In Mumbai there are developers who have zero per cent GST and in Pune up to 9 per cent GST is being absorbed by developers. This is being done so that homebuyers do not feel the burden and don’t leave the market,” said Shroff.Dr Sanjay Chaturvedi, a real estate expert, said, “Such price correction where developers are offering savings up to Rs 1 crore has never happened in the history of real estate. Builders have to accept the fact that only after they adhere to the market condition will they be able to attract buyers. The market’s demands are clear — buyers will come in only if property prices are reduced and hence developers have started reducing the prices of flats.”According to a recent report by Jones Lang LaSalle, an international property consultancy firm, that analysed the MahaRERA registrations, the unsold inventory of 1, 2, and 3BHK homes in Mumbai has remained almost the same. While there is a 49 per cent unsold inventory of 1BHK homes, for 2 and 3BHKs it is 50 and 51 per cent respectively.This huge stock of unsold inventory is another reason that experts claim for prices going down. “There are many ready-to-move apartments which haven’t found takers and they have been lying vacant for two to three years now. Developers have to offload this stock too or else the inventory will keep piling up,” said an expert.Rera in action14,000 and more projects have been registered with MahaRERA since May 1, 20171,400 and more complaints have been registered with MahaRERA via their email id about projects that need to be registered but haven’t yet26 cases disposed of by MahaRERA up to September 29, 20173 or more orders are passed by MahaRERA daily on an averageRs 1 crore amount the authority recently asked a developer to deposit with the housing society for conveyanceRs 15,000 the monthly rent that MahaRERA recently asked a developer to pay to a homebuyer if the developer doesn’t complete the building on time

Nine Mhada buildings propose redevelopment

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Two months after the state government amended the Development Control Rules 33 (5), nine buildings from seven colonies, of the 56 colonies developed by Maharashtra Housing and Area Development Authority (Mhada) across the city, have sent their proposal for redevelopment. Mhada Officials confirmed the move, and claimed that this is a good step, as for almost eight years there were no proposals.”The response is good, there is a lot of enthusiasm amongst people and I am sure that many proposals will come in the next few months,” said Milind Mhaiskar, VP and CEO of Mhada.The redevelopment of 56 Mhada colonies was stalled due to one of the clauses of DCR 33 (5), as it demanded housing stock instead of a monetary premium. Developers felt that it was unviable to give housing stock. The amended law states that plots below 4,000 sqm will get a Floor Space Index (FSI) of up to 3, and won’t have to give any housing stock. Instead, they will be given a “no objection” from Mhada on a monetary premium payment. If a redevelopment plot exceeds 4,000 sqm, then the developer may get an FSI of 4, of which 1 FSI has to be given to Mhada in form of housing stock.An official said, “There are nine buildings of seven different colonies from Pant Nagar, Kannamvar Nagar and Mitha Nagar (Mulund).” According to sources, these plots are below 4,000 square meter, the developer will get FSI of 3 and no housing stock has to be given.MHADA colonies were in need of immediate revamp. However, with support from political parties they protested a few years ago. The state government issued a Government Resolution (GR) in July which stated that the FSI has been exceeded up to 4 in case of plots having an area of 4,000 sqm and above, whereas plots up to 4,000 sqm will get FSI up to 3 by paying a monetary premium.

Now, deemed conveyace sans OC

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The state government has issued a circular that Occupation Certificate (OC) is not mandatory for obtaining deemed conveyance.According to the state housing department, many housing societies could not go for redevelopment because they did not have OCs. “More than 2,500 societies do not have OCs. Once this circular is enforced, societies will be able to get deemed conyenace. And once they it, they will get the development property rights,” an official said.The civic body withholds OC for a building if its developer has not met all the conditions during the building approval process. “Now, societies can apply to the registrar and obtain deemed conveyance. Developers or promoters deliberately do not complete the procedure so as to keep the developmental rights with them,” he said.

Now, telecom infra an essential component of township planning

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Telecommunication services are now being considered among other basic necessities like water and electricity. In a recent development, the Rajasthan government has included telecom infrastructure development as integral to township planning. “Looking to future needs, provision of Telecom infrastructure is essential component of township schemes,” states a recent urban development and housing department order in this regard. “It is mandatory to keep provision for telecom towers and lay underground cables at all township schemes as part of internal development by developer and all development bodies,” if further adds. The developers now will have to keep provisions for development of telecom infrastructure along with water, electricity and other basic amenities as specified in township and group housing policies of the state. The recent orders will provide for the facilities to telecommunication services presently not covered under the state policy for telecom infrastructure. “The mobile towers will be developed along the road side, where there is a right of way.The recent order though do not specify the number of towers in a planned area, it calls for provision to run underground ducts along road for cable connecting to the towers,” said a senior town planner. Details of the telecom infrastructure required will depend on the type of township and the recent order will help reduce issues faced during the process. The decision, some feel might be more in the interest of the telecom companies. “The decision might have been prompted following request of telecom companies,” a town planning expert said.

Civic body to accept part payments for bldg proposal

<!– /11440465/Dna_Article_Middle_300x250_BTF –>As part of Ease of Doing business, the Brihanumumbai Municipal Corporation (BMC) has decided to accept payments for grant of commencement certificate (CC), additional FSI permission among others in installments. The civic body has taken this step after it received several requests from developers and architects in the city.Last year, due to unfavourable market conditions, several well-known developers had written to the BMC to provide installment facilities for payment of development charges, premiums and other fees to the civic body. As per the circular issued by the BMC, the developers will have options to make payment in three or four installments, depending upon the height of the building. In addition, the gross plot area under development should be 400 sq mtere or above, and the initial payment of the installment must be Rs 50 lakh or above.Four installments of 25 per cent can be paid for a building of height equal to or more than 70 metres while 33 per cent of two and 34 per cent one installment if the height of the building is less than 33 metres.The developers will not avail the facility in the initial stage, like IOD, scrutiny fees, debris deposit, labour cess development charges, the premium paid towards using additional FSI among others.

MahaRERA sets Rs1 lakh fine on late applications

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Maharashtra Real Estate Regulatory Authority has decided to levy a fine of Rs 1 lakh or an amount equivalent to the registration fee of the project, whichever is higher, on projects seeking registration after August 2, and till 5 pm on August 16.The last day for registration of ongoing projects was midnight of July 31. A total of 10,852 projects applied for registration with MahaRERA until then.During the two days immediately after the deadline, the regulatory authority received 480 applications and decided to charge them a penalty of Rs 50,000 for registration.However, for entries after August 2, MahaRERA has decided to levy a fine of Rs 1 lakh or the amount equivalent to the registration fee of the project, whichever is higher. The registration fees is minimum of Rs 50,000 and maximum of Rs 10 lakh depending on the area of the project.The decision was taken in a meeting held on Thursday under the chairman Gautam Chaterjee. The Real Estate (Regulation and Development) Act (RERA) empowers the authority to levy a late application fine of up to 10 per cent of the total project cost.The two page ruling also disallows projects that are yet to receive their registration number from marketing, selling, advertising any of their projectManohar Shroff, Vice President, Navi Mumbai unit of CREDAI-MCHI, a recognised body of real estate developers, said, “The authority has levied a reasonable fine. Rs 1 lakh isn’t a huge sum and will encourage builders to register. There’s still a week to go. Developers should use this opportunity and register their projects instead of waiting for the fine to go up further.”…& AnalysisRegistration of ongoing projects is important to enable the authority to act against violations and safeguard the interest of home buyersWhile a heavy fine would have discouraged builders, the penalty being nominal, developers will now come forward to register

Starting from Rs 2 lakh, every building proposal has an under-the-table price

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Without greasing the palms of the Brihanmumbai Municipal Corporation officials, project proposal files does not move. Each table has got its own rate card that range from Rs 2 lakh to Rs 5 lakh for the development of 500 sq m plot in Mumbai.Sources says developers/promoters pay between Rs1100-Rs 1500 per sq ft to get approvals. “Every official from the building proposal department is involved in the corruption racket. First the file is submitted to the sub-engineer, then it moves to the assistant engineer, after that, the executive engineer to deputy chief engineer, and finally to chief engineer of the department. Every table needs to be weighted with Rs 2 lakh to Rs 5 lakh as a kickback paid in gold coins or cash or foreign tours. If the development proposal area is more than the 500 sq metre, then the rate is double,” said a source.Kickbacks are not only paid for turning illegal work to legal but also for legal work. “Many officials sit on the files for an uncertain period. Developers raise the money at high interest rate from the market and delays pinch promoters badly. Therefore, we some times pay the bribe to officials just to approve the legal work on time. We are victims of the system,” a developer from South Mumbai said.For repairs and renovations, the ward offices are important. “In each ward, mukadam are appointed to inspect and inform the junior engineer of the renovations of a particular building. Mukadam are eyes and ears of the BMC. It is their duty to inform the junior engineer and junior has to apprise the designated officer.The designated officer makes the files and presents it before the assistant municipal commissioner either for action or approval. If some illegal construction is going on in any area and has not been stopped by the BMC, it means that the BMC officials have been paid to turn a blind eye,” said deputy municipal commissioner requesting anonymity.”Without the approval of the designated officials and ward officials, nothing can be done. Corporators are also part of the syndicate,” said a senior BMC official.Rate cardIn renovations cases, the mukadam gets paid Rs 10,000 to Rs 50,000 for not reporting the renovation work to junior engineer.Junior engineer gets Rs 50,000 to Rs 1 lakh for not reporting to designated official of the civic ward.Assistant Municipal commissioner gets Rs 2 lakh to Rs 10 lakh for not taking the actions against the illegal renovations and additions and alternations.The local BMC corporator gets Rs 50,000 to Rs 2 lakh for not raising the unauthorised renovations in the civic meetings.

Jewar airport to boost real estate, generate jobs in west UP

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The proposed Jewar airport is expected to boost real estate, mobile manufacturing units, and other industries in the entire western UP, according to experts.”It is a welcome decision by the state and the Centre. This move will attract huge investment and generate lakhs of jobs. This will benefit the entire region,” Getamber Anand, CMD of ATS group and Chairman of the Confederation of Real Estate Developers’ Association of India (CREDAI) said.The ATS group is developing ATS Allure in the posh Sector 22D of Yamuna Expressway and part of the 100-acre ATS Province D’Olympia township.Another stake-holder on the Expressway, Supertech CMD RK Arora, said: “The real estate sector has been facing a slump for a long time. This announcement has given the investors a reason to cheer.” Supertech is developing two projects, one of which is in the delivery stage while another will be finished by this year.Gurneet Sikka, Director of the Sikka Group, said: “Many cities come up around one international airport. So far, infra development has been restricted to in and around Delhi. This project, however, will help create more cities and housing at a low cost.”Besides, the airport is expected to cut down travel time for those coming from Greater Noida, Mathura, Aligarh, Agra, and Alwar by two to four hours. Once operational, the airport will serve at least two dozen districts in western UP.The Jewar airport in Greater Noida will function as the second airport in the National Capital Region as the Delhi airport is likely to exhaust its capacity in the next 4-8 years.Future planningThe project is likely to be completed in 5-6 years. Nearly 5,000 hectares of land and an investment of around Rs 20,000 crore is required for the project, which will be based on the PPP model. The land has already been earmarked. Once operational, the airport will cater to 30-50 million passengers per year over the next 10-15 years.

CBI questions Satyendar Jain for 2nd day

<!– /11440465/Dna_Article_Middle_300x250_BTF –>In a setback to AAP government, Delhi Health Minister Satyendar Jain was questioned by the Central Bureau of Investigation (CBI) on Friday for second consecutive day in an alleged corruption case. The minister, who is allegedly accused of money laundering of around Rs 17 crore through shell companies and then using that money to buy agricultural land in Delhi, reached at the agency headquarters at 2 pm and was grilled till late evening.He was questioned in the alleged case of money laundering wherein he had used his official position for financial gain.The agency had registered a preliminary inquiry against Jain in the matter. A preliminary enquiry is the first step by the CBI to gather information about the allegations. The agency had then said that they would question Jain again on the matter.The modus operandi was such. Agency sources said that companies controlled by Jain had received Rs 16.39 crore from 56 shell firms belonging to three hawala operators – Jivendra Mishra, Abhishek Chokhani and Rajendra Bansal. All of the three hawala operators were based in Kolkata.These sources added that a scrutiny of the IT returns of four companies — Indo Metal Impex Pvt Ltd, Akinchan Developers Pvt Ltd, Mangalyaatan Projects Pvt Ltd and Paryas Infosolutions Pvt Ltd — all owned by Jain, revealed that money-laundering had been happening in these companies since 2010.The minister, who is a close confidante of Chief Minister Arvind Kejriwal, has maintained that he had nothing to do with the hawala operators.The role of the minister first came to light during the interrogation of two hawala operators — Mishra and Bansal. On January 6 this year, DNA carried an exclusive report on the alleged illegal transactions of the minister. The report was filed on the basis of the status report filed by the I-T department and submitted to the CBI for further investigation.

CBI questions Delhi minister Satyender Jain for a second day

Sat, 3 Jun 2017-12:25am , New Delhi , PTI
<!– /11440465/Dna_Article_Middle_300x250_BTF –> The CBI on Saturday questioned Delhi minister Satyendar Jain for the second consecutive day in connection with allegations of money laundering in which the agency is carrying out a preliminary enquiry.CBI sources said Jain arrived at the agency’s headquarters at around 3 pm and was questioned for nearly five hours. Jain was allegedly involved in money laundering to the tune of Rs 4.63 crore while being a public servant during 2015-16 through Prayas Info Solutions Private Limited, Akinchan Developers Private Limited and Managalyatan Projects Private Limited, the sources said.The minister had dismissed the allegations after the Enforcement Directorate last month attached properties linked to him in the matter.

CBI questions Health Minister over corruption charges

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Delhi Health Minister Satyendar Jain was questioned by the Central Bureau of Investigation (CBI) on Thursday for an alleged corruption case. The minister is accused of money laundering around Rs 17 crore through shell companies and then using that money to buy agricultural land in Delhi. Sources say that this was done in a bid to gain financial benefits from the rise in land prices.”Jain arrived at the agency headquarters around 11 in the morning and left at 7 pm,” CBI sources said.Earlier, the agency had registered a preliminary inquiry against Jain in the matter. A preliminary enquiry is the first step by the CBI to gather information about the allegations. The agency had then said that they would question Jain again on the matter.The modus operandi was such. Agency sources said that companies controlled by Jain had received Rs 16.39 crore from 56 shell firms belonging to three hawala operators – Jivendra Mishra, Abhishek Chokhani and Rajendra Bansal. All of the three hawala operators were based in Kolkata.These sources added that a scrutiny of the IT returns of four companies — Indo Metal Impex Pvt Ltd, Akinchan Developers Pvt Ltd, Mangalyaatan Projects Pvt Ltd and Paryas Infosolutions Pvt Ltd — all owned by Jain, revealed that money-laundering had been happening in these companies since 2010.The minister, who is a close confidante of Chief Minister Arvind Kejriwal, has maintained that he had nothing to do with the hawala operators.The role of the minister first came to light during the interrogation of two hawala operators — Mishra and Bansal. On January 6 this year, DNA carried an exclusive report on the alleged illegal transactions of the minister. The report was filed on the basis of the status report filed by the I-T department and submitted to the CBI for further investigation.As per the IT status report: “Mishra disposed that accommodation entries were provided to Indo Metal Impex Pvt Ltd, Paryas Infosolutions, Mangalyaatan Projects and Akinchan Developers during 2011-2012 through his shell companies. Thereafter, further inquiries were conducted by the Kolkata investigation wing, wherein a statement of Mishra was recorded on August 29.”IT officials also maintained that in the statement of Mishra, he said he was introduced to Satyendra Jain by his friend Raju Bansal. I-T officials maintain that during interrogation, Bansal had told them that he had met Jain at the office of JP Mohta and Associates in 2010.Bansal was said to have told officials that the cash was transferred from Delhi to Kolkata through hawala operators and JP Mohta, on behalf of Jain, used to give instructions over phone about the cash transfer. He (Bansal) also alleged that the cash transactions and accommodation entries were done under direct supervision and instructions of Jain.Finally, the I-T department also revealed that the Delhi government minister through these maze of companies, directly and indirectly owned, purchased huge tract of agriculture land, approximately 200 bighas. This land was said to be converted into commercial and residential land by the minister which would provide huge returns on investment.AnalysisThe alleged dubious deals of the minister are proving to be a major embarrassment for AAP and have sullied its image as a party with a difference. Jain may emerge clean but the political cost is already high for the party which is struggling to recoup post the Delhi civic polls debacle

National Consumer Redressal Commission issues notice to Amrapali Group

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The country’s apex consumer forum National Consumer Disputes Redressal Commission (NCDRC) served a notice to Amrapali Sapphire Developers Pvt Ltd on Wednesday and asked them to file a reply by September 21.The notice is based on a petition filed by Amrapali Sapphire Phase-1 Jan Welfare Society. This is a buyers’ group which has taken up legal battle against Amrapali Builders for not completing the Noida Sector 45 project, Amrapali Sapphire- Phase 1, on time. To fight their case at NCDRC the team has engaged Supreme Court lawyer Prashant Bhushan.General secretary of the Amrapali Sapphire Phase-1 Welfare Society Mr PK Gupta has said the project was launched by the builder in 2009. But even after eight years the project has been left incomplete by the builder, and many towers are devoid of the required number of lifts, proper fire fighting and sewage system.A recent RTI filed in the Noida Authority has revealed that the builder owes Rs 121 crore to the authority as land dues. It is due to this that buyers are unable to get their flats registered.Residents of this society had approached the UP Chief Minister and former Amrapali brand ambassador MS Dhoni and requested him to disassociate from the realty firm. Some even asked him to ask the group to complete the project.The builder said the project got delayed because of the National Green Tribunal (NGT) ban on construction on this and other 26 Noida projects. The ban was lifted only in 2015. But the fact is that there was no ban on construction however the tribunal had asked the authority to not to issue completion certificate.Amrapali launched the housing project of 1,000 flats in 2009 spread over 40,000 square metres. The project has 2BHK, 3BHK, 4BHK and pent houses proposed to be delivered in 2011. Residents said the work was pending in laying of electricity cables, the pool, elevators, parking facility and basement, among other works.

Union minister Rathore & builder settle flat dispute, SC told

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Real estate firm Parsvnath Developers has informed the Supreme Court that it has arrived at a settlement with union minister Rajyavardan Singh Rathore over the possession of his flat in the plush Exotica project in Gurugram. The firm has told the apex court that it needs 12 weeks time to implement the terms of settlement arrived at with the minister of state for information and broadcasting. A bench of Justices Dipak Misra and M M Shantanagoudar adjourned the matter for further hearing in the first week of September after advocate Gopal Shankarnarain sought time for the implementation of settlement. Rathore had earlier termed the flat given to him by the developer as uninhabitable, pointing out several deficiencies. The apex court-appointed panel of lawyers on February 20 informed it that negotiations between Rathore and the developer were nearing completion and the draft of settlement has been exchanged by the parties. A two-member committee of lawyers was appointed by the court to look into Rathore’s allegations that the flat given to him by the developer was uninhabitable. The apex court had on December 14 last year asked Rathore to sit with the representatives of the builder and settle the dispute amicably. It had also asked the realty firm to remove deficiencies in the flat as pointed out by Rathore and the SC-appointed panel, which had visited the site, and hand it over to the minister. Rathore had booked the flat in 2006 by paying around Rs 70 lakh for it. The firm had promised to deliver the flat in 2008-09. The National Consumer Disputes Redressal Commission had earlier directed the builder to refund the principal amount with interest and compensate Rathore. The apex court had on October 21 last year directed Parsvnath Developers to hand over possession of the flat to Rathore in two days, saying he should not pay any additional amount to the builder.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)

Settlement process between Rathore, builder going on: SC told

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Supreme Court was today informed that the process of arriving at a settlement between Union minister Rajyavardhan Singh Rathore and Parsvnath Developers over possession of a flat in Gurgaon was going on. “Parties submit that they need some time to put an end to the controversy. The matter is adjourned. The matter be listed on May 5,” a bench of justices Dipak Misra, A M Khanwilkar and M M Shantanagoudar said. A panel of lawyers had told the apex court on February 20 that negotiations between Rathore and the developer were nearing completion and the draft of settlement has been exchanged by the parties. A two-member committee of lawyers was appointed by the court to look into Rathore’s allegations that the flat given to him by the developer was uninhabitable. The apex court had on December 14, 2016 asked Rathore to sit with the representatives of the builder and settle the dispute amicably. It had also asked the realty firm to remove deficiencies in the flat as pointed out by Rathore and the SC-appointed panel, which visited the site, and hand it over to the minister. Rathore had booked the flat in Parsvnath’s Exotica project in Gurgaon in 2006 and paid around Rs 70 lakh for it. The firm was to deliver the flat in 2008-09. The National Consumer Disputes Redressal Commission had earlier directed the builder to refund the principal amount with interest and compensate Rathore. The apex court had on October 21 last year directed Parsvnath Developers to hand over possession of the flat to Rathore in two days, saying he should not pay any additional amount to the builder.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)

Possibility of settlement between Rathore & builders: SC told

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Supreme Court was today informed there was possibility of a settlement being reached between Union Minister Rajyavardhan Singh Rathore and Parsvnath Developers over possession of a flat in Gurugram talks for which were in progress. The counsel for both the parties informed a bench of Justices Dipak Misra and A M Khanwilkar that the settlement between them was an “immense possibility”. The bench thereaftrer asked the counsel to file details of settlement on the next date of hearing on April 10. A panel of lawyers had told the court on February 20 that negotiations between Rathore and the developer were nearing completion and the draft of settlement has been exchanged by the parties. A two-member committee of lawyers was appointed by the court to look into Rathore’s allegations that the flat given to him by the developer was uninhabitable. The court was informed on January 12 that talks for settlement of the dispute were underway. The apex court had on December 14, 2016 asked Rathore to sit with the representatives of the builder and settle the dispute amicably. It had also asked the realty firm to remove deficiences in the flat as pointed out by Rathore and the SC- appointed committee, which visited the site, and hand it over to the minister. Rathore had booked the flat in Parsvnath’s Exotica project in Gurugram in 2006 and paid around Rs 70 lakh for it. The firm was to deliver the flat in 2008-09. The National Consumer Disputes Redressal Commission had earlier directed the builder to refund the principal amount with interest and compensate Rathore. The apex court had on October 21 last year directed Parsvnath Developers to hand over possession of the flat to Rathore in two days, saying he should not pay any additional amount to the builder.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)

Maharashtra builders get options on housing stock

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Maharashtra government will now allow developers either to pay the premium or hand over the 20 per cent housing stock to government at the ready reckoner rate if they are developing more than 4000 sq metre of the plot.According to the senior urban development official, the state government in 2008 came up with the policy to increase the housing stock and that houses has been sold by Mhada through the lottery system. According to the clause 33 (5) — Mhada colony redevelopment and 33 (9) — the cluster development, the developer has to hand over the 20 per cent of the housing stock against the total project area to government.In return, a higher FSI, which is ratio between the built-up area allowed and plot area available, was given to the developers. The size of the houses for the economically weaker and low income group should be 300 sq to 500 sq ft carper in this scheme. The plot size has to be admeasuring minimum 4000 sq metres.“The policy of permitting developers either to pay premium or housing stock scrapped in September 2010. The reason developers were only paying the premium but not handing over the housing stock. Government received the total 500 proposal and out of it, 99 per cent paid the premium Developers reap more profit in paying the premium. In Mumbai, the property is gold so the developer prefers to pay premium as the per ready reckoner rate rather than handing over housing stock at the regular rate,” said an official.

I-T dept attaches assets worth Rs 33 crore under Benami Act to Delhi Minister Satyendra Jain

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Income Tax Department has attached assets worth Rs 33 crore allegedly amassed illegally by Delhi Minister Satyendra Jain, reports The Hindustan Times.The assets attached under the Benami Act are over 100 bighas of land, the total investment value of which is Rs 17 crore, along with shares worth Rs 16 crore.AAP, which had come to power by campaigning on anti-corruption, said no such order was received by Jain. “There has been no order that has been received by Satyendra Jain on this issue. He was an architect by profession before he joined politics. He was a member of the board of the companies but he quit six months before he was given a ticket by the AAP in 2013,” a senior party leader said. The initiating officer of the National Capital Territory of Delhi had issued provisional attachment orders on February 27 under Benami Prohibition Transactions Act 1988 to Indo Metalimpex Pvt Ltd, Akinchan Developers Pvt Ltd, Paryas Infosolutions and Mangalaytan Projects Pvt Ltd under the Act. It says that Jain provided cash consideration for illegal entries in Indo Metalimpex Pvt Ltd and Akinchan Developers Pvt Ltd. Jain and used the money from the accommodation entries in the form of share capital/premium for purchasing properties.Jain had come under the scanner of the Income-Tax (I-T) department in January for allegedly indulging in hawala transfers worth around Rs 17 crore, and money-laundering with the help of hawala operators. I-T officials had said that the department has already summoned the minister thrice to question him on his alleged involvement in money-laundering. Talking about the modus operandi, agency officials said companies controlled by Jain had received Rs 16.39 crore from 56 shell firms belonging to three hawala operators – Jivendra Mishra, Abhishek Chokhani and Rajendra Bansal — all based in Kolkata. Officials added that a scrutiny of the I-T returns of four companies — Indo Metal Impex Pvt Ltd, Akinchan Developers Pvt Ltd, Mangalyaatan Projects Pvt Ltd and Paryas Infosolutions Pvt Ltd — all owned by Jain, have revealed that money-laundering was taking place through these companies since 2010.Jain, however, maintained his innocence. The minister, who is a close confidante of Delhi Chief Minister Arvind Kejriwal, maintained that he had nothing to do with the hawala operators and was only summoned for questioning as a witness. He said that an assessment of the companies in question was taking place, and as he had made some investments in those companies four or five years ago, had been summoned for questioning.

GE Collaborates With Developers to Create Digital Solutions

GE Collaborates With Developers to Create Digital Solutions

Mon, 13 Feb 2017-02:58pm , PTI

editors: The following press release comes to you under an arrangement with PRNewswire. <!– /11440465/Dna_Article_Middle_300x250_BTF –>(Attn.editors: The following press release comes to you under an arrangement with PRNewswire.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)

Drought-like scene in Thane warns Bombay High Court

<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Bombay High Court on Friday observed that in ten years time, the situation in neighbouring Thane district would be like that of the Marathwada region which is suffering from severe water scarcity, if the local civic body and the government does not take proper steps.A division bench of Chief Justice Manjula Chellur and Justice G Kulkarni have directed the Thane Municipal Corporation and state government to respond to a public interest litigation (PIL) filed by a Thane resident claiming severe shortage of water supply in various housing complexes.The bench said “Developers will construct the buildings and flee, what will happen to the occupants of the flats. Is it not the responsibility of the corporation to supply water.” Advocate VP Patil appearing for the petitioner Mangesh Shelar argued that housing societies are not getting 24 hours water supply and are forced to call for water tankers on a daily basis.Complaints to civic body have fallen on deaf ears, he said. The bench while reprimanding the state and the corporation said, “Maharashtra is a welfare state. Providing water is the duty of the corporation and by not doing so, it seems a parallel water tanker economy is being promoted.”The PIL, relying on several media reports shows how societies are not getting enough water supply. It stated that proper water supply should be maintained and if not then corporation be directed to not issue occupation certificates.

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