Showing posts with label property news. Show all posts
Showing posts with label property news. Show all posts

News On Lodha Group


Lodha Group announces Rs 10,000-cr project in Mumbai

Real estate developer Lodha Group today announced over Rs 10,000 crore investment in a new project in the island city.
The project, titled New Cuffe Parade, will come up at Wadala and is spread across 23 acres over the next five to seven years. The project will comprise commercial as well as residential towers, company Chairman and Managing Director Abhisheck Lodha told reporters here.
The 23-acre plot is part of the 250-acre land bank that the company had bought from the Mumbai Metropolitan Region Development Authority (MMRDA) for Rs 4,053 crore.

Last year, the authority had invited bids for developing a 101-storied iconic tower at Wadala on design, build, own, operate and transfer (DBOOT) basis.

While other three bidders Sunteck IndiaIndiabulls Real Estate and Gaurhari Estate had quoted Rs 3,465 crore, Rs 3,327.50 crore and Rs 2,251.99 crore respectively, Lodha had quoted Rs 4,053 crore and emerged as the highest bidder.

According to sources, Lodha, however, had to scrap the plan of constructing an iconic tower after it failed to receive clearance from the Directorate General of Civil Aviation (DGCA).

The company is facing similar problem for the 17-storeyed World One project at Worli in central Mumbai where the DGCA granted permission only for 90 floors. An international agency is still studying the proposal for the other 27 storeys.

Speaking about the New Cuffe Parade project, Abhisheck Lodha said, "the project will be a planned development by the best minds in urban planning, making it a world-class destination."

The project in its first phase will consist of a pair of 63-storied towers, and will have 15 acre of green space.

"While 75% of the land will be dedicated to development of gardens, on the remaining 25%, 70% will be development of residential towers and 30% for commercial and retail space," he said.

The project is designed by WOHA, a leading green architects for high-rise buildings.

Source: http://www.business-standard.com/india/news/lodha-group-announces-rs-10000-cr-project-in-mumbai/148728/on

News On Real Estate

Real estate market sees a drop in foreign investments


NEW DELHI: Indian real estate market, despite its opportunities, has seen a sharp drop in foreign investments over the past two years, and in future, global investors may be more cautious investing in markets that lack international standards, says Sean Tompkins, global chief executive officer of UK-based Royal Institution of Chartered Surveyors (RICS), a professional qualification and standard setting body for land, property and construction sectors.

The country’s real estate sector saw close to $20 billion in investment between 2006 and 2009 but only about $2-3 billion of that has seen an exit yet, after over six years of investment. India, he says, hasn’t really delivered since 2005 on the promise that it held as an investment destination and today most of the capital finding its way into Indian real estate is really domestic capital.

Investors of all types are a bit wary and cautious because of the global slowdown, and it’s critical to create the right conditions to make an investor more comfortable for investment.
There will be an expectation that standards would rise and I believe that those countries that are able to provide safe and high standard environment in real estate will benefit from significant investment flows,” says Tompkins.

For a number of private equity investors who invested between 2006 and 2009, returns have been subpar from what they had hoped and been promised. Many expect to lose money because many projects have not taken off and many others are stuck in litigation with their investee companies.

Tompkins says India needs to change its mindset and look at real estate and construction as a proper profession like it is in the West if it has to come up to global standards.
The biggest challenge for investors is that, though they love the attractiveness of markets such as Brazil, Russia, India and China, the difficulty they have is that there isn’t a profession to give them the advice or the standards to give them comfort.”
For India to be a major world economy with some great winning cities, Tompkins says it’s necessary to train people in the real estate and construction professions.

There is no shortage of capital flow globally, but what’s dictating the flow of money is professionalism and international standards, which India needs to improve if it were to sustain its massive growth in urbanisation, to the tune of 40%.
For Tompkins, India’s biggest challenge is urbanisation.

Those countries that are creating successful winning cities — where people want to live in, work in and invest in — are thinking about everything.
But the problem with most governments is that they think in silos, so you will have one bit thinking about housing, one about infrastructure, one about finance, but all those need to come together, which is the challenge in most major developing countries. How do you plan for that, cause if you don’t, you might end up with big cities that don’t work,” he says. “You need to get it right on paper and policy and government has a massive role to play here.”

Then there’s the massive demand-supply mismatch of skilled manpower in real estate and construction.
According to an RICS survey, close to 3-3.5 million professionals are required annually in India, while our universities and colleges are producing only a million of them.
In all, there is 82-86% skill gaps in India, which is a huge deterrent to growth,” says Tompkins.


Source:http://www.indianrealtynews.com/category/real-estate-developers

Property in India

Property in Mumbai

Jindal Finally Cracks Deal for Prized Mumbai Mansion

Steel magnate Sajjan Jindal has finally cracked the deal to acquire Maheshwari House, a sea-facing three-storey bungalow at Nepean Sea Road in south Mumbai. Jindal has paid around . 200 crore to Manoj Maheshwari, who had stalled the transaction involving his family members as sellers, said three persons involved in the transaction.

Last year, Jindal had paid . 300 crore to other family members as part of a . 500-crore transaction, making it one of the most expensive residential property deals in the country. Manoj Maheshwari, owner of 25% stake in the property, had then refused Jindal’s offer and made a counter-offer to the acquire balance 75% stake from him. Maheshwari, who has now given consent for the sale, has made almost double of what his other family members received, taking the final deal value to over . 500 crore. His consent also involves a goahead for transfer of another five-storey building on the plot for redevelopment. The deal between Jindal and Maheshwari was inked last week. Jindal may Receive Part of Revenue from the Redevelopment Project
The bungalow and building are spread over more than an acre in one of the prime and most expensive localities in Mumbai. Property prices in this plush locality hover around . 85,000 a sq ft.

The building, Maheshwari Mansion, is controlled by a trust run by the Maheshwari family. Along with the bungalow, Jindal has entered into a memorandum of understanding for transfer of the building that will be subject to approval from the charity commissioner, said one of the persons.

Under the redevelopment plan to be executed by Orbit Corp, a new sea-facing bungalow with nearly 30,000 sq ft space will be built exclusively for Sajjan Jindal along with a luxury residential tower. The redevelopment will provide 1.2 lakh sq ft, of which around 40,000 sq ft will be for the 40-odd tenants of Maheshwari Mansion, while the rest will be available for free sale. Jindal may also receive part of the revenue from the project as part of the development transaction with Orbit.

Jindal refused comment and also did not respond to a text message regarding the deal. An email query sent to him remained unanswered. Manoj Maheshwari did not respond to several calls and text messages. Orbit Corp also declined comment. The three-storey bungalow with a sprawling porch and a large garden at the rear is close to the Consulate General of the Russian Federation.

Maheshwaris, a second-generation business family, have four factions led by brothers Manoj, Kamal, Vivek and their niece Vrinda Rajgarhia. According to one source, Jindal is planning to move into the new bungalow, once ready, along with his family. Currently, his family stays at his Walkeshwar bungalow—Jindal House—in south Mumbai. Last year, Sajjan Jindal had planned to sell another two-storey bungalow—Morena House—at Carmichael Road in south Mumbai, and was eyeing Rs 300 crore for the property. But this was not pursued. Jindal had bought the bungalow, which was used to house the Belgian Consulate, four years ago for Rs 125 crore. Close to Morena House, Jindal also owns another bungalow—Jindal Mansion—which is used as the headquarter of JSW Group.

source:http://www.mumbaipropertyexchange.com/News/NewsDetail.aspx?id=2695

Property News


Mumbai real estate prices may not fall: Oberoi

Real estate prices in Mumbai are unlikely to fall due to limited supply, real estate developer Oberoi Realty said.
“All input costs and raw material costs are going up and supply is constrained due to lack of approvals. Unless supply increases, the real estate prices in the city are unlikely to fall,” company Chairman and Managing Director Vikas Oberoi said.
The company has a portfolio of 35 completed projects across Mumbai with about 20 mn sq ft to be developed in the near future, he said, adding that the company is confident of launching its Worli and Mulund projects in Mumbai in FY2012-13.
Reuters
Oberoi pointed out that following the court order, the company is now 100 percent owner of the Worli property and it is awaiting Commissioner’s approval. The company is also developing a 3 million sq ft project at Mulund, he said.
The company’ consolidated revenue rose by 7.31 percent to Rs 230.79 crore for the first quarter of the current fiscal ended June as against Rs 215.07 crore in the year-ago period.
The consolidated profit after tax for the April-June, 2012 quarter declined by 4.90 percent at Rs 100.80 crore as against Rs 105.77 crore for the same period of 2011-12.
The company said that Oberoi Mall contributed Rs 19.85 crore to the revenue for the reporting quarter, its commercial project Commerz contributed Rs 11.26 crore, while the Westin Mumbai Garden City accounted for Rs 22 crore of revenue.
“Our results for the first quarter of this fiscal have been satisfactory in the light of the challenging global environment and the domestic macroeconomic headwinds. Our business continues to generate healthy cash flows from operations and we have managed to maintain strong order book,” he said.



Latest Property News on Gurgaon


Gurgaon: Where developers play by their very own rules

New Delhi: Even as Gurgaon continues to see a demand for property by investors and corporates, it clearly has problems to address — the main ones being bad infrastructure, skewed builder-buyer agreements and the problem of housing being affordable only to those in the high income group.

In a chat with Firstpost, executive director, Cushman and Wakefield India Pvt. Ltd., Manish Aggarwal, said that Gurgaon’s biggest problem was that of infrastructure and not of dipping buyer interest.

Swanky high rises but no basic infrastructure

While Gurgaon’s problems have long been infrastructure, even though nobody mentioned it or looked into it seriously, it has finally hit home.
Fraught with water woes, electricity cuts and bad connectivity, Gurgaon may have some of the top corporates make it home, but it is no secret that it also doesn’t have much basic infrastructure.
Most infrastructure in the city is built by its developers and the least that the government should do is maintain it, Aggarwal told Firstpost. “Gurgaon today lacks water supply, power supply, sewage disposal and road connectivity — despite being sought after by corporates. The government should at the least see that the infrastructure developed by these developers is maintained to an adequate level,” he said.
While Gurgaon’s problems have long been infrastructure, even though nobody mentioned it or looked into it seriously, it has finally hit home. Reuters
And while the new masterplan talks about development of areas beyond Gurgaon — to places like Manesar — where it is again the developers taking initiative to build roads and sewer systems, Aggarwal said that the government should make sure that these infrastructure projects are completed on time so that buyers can enjoy its benefits.

Unregulated sector leads to developers playingby their own rules

As the real estate sector is not regulated, the rules the developers play by are only the ones that govern land and its purchases. “Land is a state subject and different states have different norms — those are the only norms developers follow to develop a property depending on which state they want to develop in and what bye-laws they have to follow,” Aggarwal said.
“In India, because of lack of any real estate governance or any regulator, every developer has his or her kind of own builder-buyer agreement — which you would see is tilted towards the developer’s side and not the consumer’s side,” he added.
However, Aggarwal said that if the government’s initiative to pass the Real Estate Regulators’ Bill comes through, it will help decrease that skew and enable consumers to have clear rights over a property he/she buys from a developer — and to fight for those rights.
“So effectively builder buyer agreements will be more regulated and standardised to an extent where they will be more fair and it will be an equal playing ground for both consumer and developer,” Aggarwal told Firstpost, “It’s the necessity of the day and is good for the sector.”
What the bill will bring in is more transparency for the consumer and the sifting of unscrupulous players in the sector. “In some places it (the bill) is a little harsh on the builder but it brings more transparency for the consumer. It will give a boost to the real estate sector and weed out the unscrupulous people trying to make a quick buck in real estate,” he said.

Housing bubble or not?

Even as India faces a housing shortage of 18.78 million and the new Union Minister for Housing and Urban Poverty Alleviation, Ajay Maken, saying that vacant houses in the sector imply that the housing bubble can burst anytime, Aggarwal said prices of residential properties do need to come down.
“In the last 4-5 years developers have started making houses catering to the middle income group. However, because land and developing it became so expensive, they (the developers) were not able to maintain the price levels that could cater to middle income housing,” he said.
The problem with that, he said, was that once that price barrier is crossed then the homes built for the middle income group become unaffordable for them and hence the vacancy. “While the specifications of that kind (middle income) of housing was made for the middle income, the prices have reached a level where only the high income group can buy it — so there is a disconnect,” Aggarwal said.


HChearing in toll plaza case deferred

CHANDIGARH: Punjab and Haryana high court on Thursday deferred the hearing of a case pertaining to the toll plaza of the Delhi-Gurgaon expressway, as the judge, Justice S K Mittal, who was hearing the case, was on leave. Now the hearing has been fixed for November 6.
Earlier on October 17, the division bench of the HC headed by Justice S K Mittal had issued a show-cause notice to the Gurgaon’s ACP (traffic) Ravinder Tomar and the HUDA Administrator, Praveen Kumar, asking them as to why contempt of court proceedings should not be initiated against them for not complying with the October 8 orders pertaining to the case.
Both the officers were issued notices for removing the barricades near the Ambience Mall and permitting an L-turn in violation of the HC orders.
Apparently miffed with the decision of the HUDA administrator to remove the blockades in defiance of HC orders, Justice S K Mittal had observed that HUDA administrator had no authority to act against the directions of the court. He was not even the party in the case and if the directions were not suitable or could not be implemented, he and the ACP could have approached the bench for modification of the orders.
The court was also upset over the submissions of ACP (Traffic) Ravinder Tomar, who had deposed before the bench that directions of the bench had been implemented in right earnest.
http://timesofindia.indiatimes.com/city/gurgaon/HC-hearing-in-toll-plaza-case-deferred/articleshow/17054919.cms


Builders must let residents manage their neighbourhood

GURGAON: The Haryana government has decided that the developer, as defined in the Haryana Development and Regulation of Urban Areas Act, 1975, shall transfer the administration of the condominium to its residents’ welfare association (RWA) immediately after the grant of the occupation certificate.
The builders will also have to transfer administration in case the DTCP has given “part completion certificate”, a state government release said on Tuesday. The new rule has come into force with immediate effect and all the Senior Town Planners and District Town Planners have been informed for compliance. ,There are many condominiums for which the colonizers have secured only part completion and continue to keep all the administration under their control directly.
There is no timeline for the colonizers to hand over the administration to the RWAs but the flat owners in Gurgaon have greeted the development since it paves the way for managing their condominiums. The state government had swung into action after RWAs had raised the issue with the Gurgaon Senior Town Planner, R K Singh.
The RWAs had argued that the colonizers had executed the deed of declaration as required under Section 2 of the Haryana Apartment Ownership Act, 1983, after obtaining the occupation certificate but the administration of the condominium remained with the colonizer.
“The colonizer will take a plea that the project is not complete and the commercial side is to be developed and delay the handing over the administration to RWA. So unless the STP takes it seriously the new rule will not be implemented in letter and spirit,” said Raman Sharma, president, Gurgaon Progressive Forum.
The flat owners in Gurgaon condominiums have formed RWAs and there are 67 townships with muti-storey buildings that are occupied. At present, despite the existence of RWAs in condominiums the colonizers continue to keep all the records relating to the project.
Sharma said that new rule favours the RWA but colonizers were not keen to endorse it.
Explaining the reasons for the reluctance of the colonizers to hand over administration to RWAs, he said : “Before the hand-over the colonizers will have to pass on the entire details of the project that include the super area, common area and other factors like commercial and basement aspects. Now this will open a Pandora’s box and result in conflicts.”
http://timesofindia.indiatimes.com/city/gurgaon/Builders-must-let-residents-manage-their-neighbourhood/articleshow/17040749.cms


Local administration blamed for construction around IAF depot

GURGAON: In a hearing in Punjab and Haryana high court on Wednesday regarding illegal construction taking place within the restricted 900 metres IAF depot Gurgaon, the defence ministry counsel blamed the civic agencies for failing to prevent such construction from taking place.
According to sources, the counsel alleged that no action was being taken against people who were raising the unauthorized constructions.
It has been alleged that no monitoring has been done and the unauthorized construction was being raised in connivance with the state authorities.
After hearing the case, the court directed the authorities to conduct an inquiry into whether any fresh constructions were taking place within the restricted zone. The court also warned the state authorities that it would be treated as contempt of court if any new constructions took place in the future.
The district authorities said they were taking the necessary steps. “I have constituted teams of officers of the municipal corporation since the action against those involved in illegal construction in this area is covered by the Municipal Act,” said deputy commissioner, P C Meena.
Meanwhile, MCG officials informed the court about the number of illegal constructions they have demolished within a radius of 900 metres and also stated the action taken against the building owners, including registering FIRs against some of them.
http://timesofindia.indiatimes.com/city/gurgaon/Local-administration-blamed-for-construction-around-IAF-depot/articleshow/17040756.cms

Builder ordered to pay Rs 20,000 to resident for delay

GURGAON: The District Consumer Disputes Redressal Forum has ordered a builder to pay Rs 20,000 as compensation to a city resident for delaying possession of a flat.
The complainant, M C Goel, had booked a flat at GTM Residency’s Valley View project in 2005. The project was scheduled to be completed in 2008, but the construction is still going on.
During the hearing, the builder pleaded that the delay in completion of construction was due to non-availability of building material like steel and cement, and the firm’s dispute with the contractor.
The complainant, however, contended that the dispute between the builder and contractor is untenable. Goel approached the consumer forum against the builder for not delivering the flat within 30 months as per the agreement.
The consumer forum held that the complainant has a valid reason for seeking relief and stated that the builder was deficient in providing services to the complainant.
The complainant had argued that when the builder charges 24% interest on delay in payment, so in the case of delay in delivery, 24 % interest should be paid by the builder to the flat owners.
The consumer forum relied on a previous judgment of Supreme Court in which HUDA was made to pay 10% interest to the complainants for such a delay. The consumer forum ordered that the complainant is entitled to 10% per annum interest on the amount deposited by him to the builder from the date of each deposit till the possession of the flat.
Taking the serious note of the delay, the consumer forum said that the complainant has suffered agony and thus is entitled to a compensation of Rs 20,000 and litigation expense of Rs 5,000.

HUDA chief’s ‘violation’ of HC order may be questioned today

GURGAON: The hearing on the Delhi-Gurgaon expressway issue will once again come up in Punjab and Haryana high court on Thursday. There are various issues, including decongestion at the toll plazas, instructions to National Highway Authority of India ( NHAI) over the time frame to integrate the make-shift split toll plazas with the main system of toll collection, payment to Haryana police by the private concessionaire, Delhi-Gurgaon Super Connectivity Ltd’s (DGSCL) provision of security on the e-way on which the high court may issue directions.
While reversing its previous direction, the high court in the last hearing had allowed commuters to take an “L-turn” to go towards service lanes, the court had issued contempt notices to Gurgaon ACP (traffic) Ravinder Tomar and HUDA administrator Praveen Kumar asking them as to why proceedings for contempt of court should not be initiated against them for not complying the October 8 orders pertaining to the toll plaza of Delhi-Gurgaon expressway.
Both the officers have been issued notices for removing the barricades at the U-turn near the 32-lane toll plaza and allowing vehicles to go towards Ambience Mall while permitting an L-turn in violation of the HC orders.
This matter will also come up for hearing. The HUDA administrator had said following the high court’s direction over installation of new toll booths, that an improvement has been seen at the 32-lane toll plaza as no major traffic snarl was reported except for last Monday when toll barriers were removed on four occasions as the queue of vehicles had crossed the red line fixed by the court.
A DGSCL spokesperson said that around 2,000 vehicles were allowed to cross the toll gates free of charge in that scenario. “Due to the blocking of two lanes for VVIP movement for the Indian Ocean Rim Conference held in Gurgaon and the changes made in the plaza barricading configuration at the behest of the Gurgaon administration, there were brief periods of congestion at the toll plaza on October 29 evening. We ensured that the waiting time for commuters did not exceed 10 minutes by lifting the boom barriers in four separate incidents that evening and allowing 1,978 vehicles to go free of charge,” spokesperson added.

Real estate firm barred from selling disputed Mumbai property

GURGAON: In a significant development in Ozo Media Estate Property cheating case, a city has ordered the accused not to sell off the disputed land located at Andheri (West) in Mumbai.
Earlier, the investors, mostly Gurgaon residents and NRIs, had registered 17 FIRs against the accused. In the order, civil Judge cum-metropolitan magistrate, Meenu, stated that the court has restrained all accused persons from disposing off the property bearing city survey no 844/1-14 situated at Shah Industrial Estate, Veera Desai Road Andheri (West), Mumbai which has been used in commission of offences under different sections of IPC, till further order.
The complaints had lodged FIRs against the Mumbai-based company ( Ozo Media Estate Limited) that had taken crores of rupees by offering commercial space in 2006.
The complainants had claimed that the commercial space was offered to investors on land measuring 2,545 yards situated at Andheri West. The investors had paid money but the 25-floor project did not kick off. The investors registered the FIRs at the DLF Phase II police station had investigated the case.
The court order has come after long legal battle. In an application moved before the court, the complainant had stated that the city court had already taken cognizance of the case against one of the accused Vineet Handa, which was also upheld by the Supreme Court. Subsequently the court had directed Handa not to dispose off with the disputed piece on land. The Punjab and Haryana High Court in a separate petition had upheld criminal prosecutions against Handa’s co-accused on 5 October, which paved way for court’s proceedings against all accused in the case in the city court.

Let Ashok Khemka head HSIIDC, HUDA: Arvind Kejriwal

GURGAON: IAC activist Arvind Kejriwal Tuesday challenged the Haryana government to hand over the charges of two of the state’s urban development departments to IAS officer Ashok Khemka for two months. Attacking the nexus of IAS officials and the ruling Congress, Kejriwal demanded that Khemka be given charge of HSIIDC and HUDA.
Khemka was transferred a fortnight ago after he ordered scrutiny of United Progressive Alliance (UPA) chairperson Sonia Gandhi’s son-in-law Robert Vadra’s land records with real estate major, DLF. Khemka has been transferred 43 times in his 19 years of service.
Addressing the Kisan Mahapanchayat at Manesar, Kejriwal said that during the tenure of Om Prakash Chautala as chief minister, Khemka had opposed the government’s decision to hand over 19 acres of land in Nathupur village to DLF.
The Punjab and Haryana High Court recently quashed the deal saying it was illegal, Kejriwal said.

HUDA working for builders: Arvind Kejriwal

MANESAR: Days after calling Delhi chief minister Sheila Dikshit an agent of power discoms, India Against Corruption activist Arvind Kejriwal blamed Haryana CM Bhupinder Hooda on Tuesday of favouring the builders. He was addressing farmers at the rashtriya kisan mahapanchayat who had gathered to protest against land acquisitions from farmers at cheap rates.
“Hooda is working on the behalf of private builders. He had to change the use of land bought by Robert Vadra so that he could sell the same land to DLF at much higher price. The chief minister knew that if he did not change the land use, Sonia Gandhi would have removed him from his post. Vadra is the son-in-law of not only the Congress party but he is desh ka damaad. Even the opposition parties are not willing to say anything against him,” said Kejriwal.
He also dared the Harayana chief minister to post whistle-blower IAS officer Ashok Khemka as the director of town and country planning. “I can challenge that if an honest officer like Khemka is posted in Gurgaon for just two months, all the ill-gotten money acquired by Vadra will come back to the exchequer,” he said.
Apart from Kejriwal, other IAC members including Prashant Bhushan, Yogendra Yadav and Manish Sisodia urged the farmers to continue their fight against the way the Haryana government is acquiring their land. IAC also announced that in the coming months a rally will be organized at the Ramlila Maidan in Delhi, where farmers from across the country will gather to oppose the Land Acquisition Act, 1894.
The mahapanchayat was held under the leadership of retired IAS officer R C Rao.
Kejriwal also challenged the integrity of former Haryana chief minister Om Prakash Chautala on corruption and said that he has assets worth over Rs.1,400 crore across the country.
The mahapanchayat demanded the inclusion of representatives of farmers in the making of a new land acquisition law.
In Manesar region, villagers are critical of manner in which the state government had been passing acquired land to private builders for developing townships and colonies. The region has over 600 acres of land acquired by the state government that is under litigation.

Attention: How they manage toll gates on Route 90 in Chicago

Having lived through nerve wracking traffic jams at the Sirhol toll barrier, I now look with new interest at such facilities to see how they work at other places. Currently in the US, I was driven recently through the toll plaza at Elgin on Route 90 out west from Chicago. The passage through the checkpoint was a breeze.
There were seven lanes on either side. On the extreme right (this is a right hand drive country) were the ones where cash is collected manually. The boom at the barrier is raised after the payment is made. Most motorists try to avoid this with the result that no long queues form here, too.
Closer to the divider are the three boom-less lanes. These are the ones used most. You just drive through. There is no horizontal bar to block the road at all. What you need is an I-Pass, which is something like the tag we have in India. If you have one of these, the charge is half i.e.75 cents and there is no waiting. The cameras read the ‘transponder’ affixed to the wind shield and the amount gets charged to your account.
It is estimated that daily commuters who use this cash-less facility save about two hours every week in driving time. But what happens to the violators? These are of two kinds. First there are those who have registered and obtained a transponder but have run out of money in their account. They get a specified time to settle the charges at the cash rate, which is $ 1.50. If they don’t, depending on the number of violations, they will pay the charge and a fine that starts at $ 20 (over Rs 1000).
All infringements are captured on the camera and motorists who do not have a transponder, but drive through the cashless lane pay fines starting at $ 100. If they don’t within a specified time, the license and/or registration of the car may be cancelled and the recovery of the money is entrusted to collection agents who do not have a reputation for politeness or courtesy.
On some of the smaller roads toll charges are also collected not in person, but through metallic baskets. The driver has to fling the exact change into the basket as he drives along, which counts electronically what has been proffered and within split seconds the barrier rises. To use this lane you need to carry the money in coins. A motorist I know tried to test the equipment by mixing a rupee coin with the American quarters (they are of the same size and weight), but it did not work. The boom did not rise until the deficiency in local coinage had been made up.
Whether such systems will work in India is debatable. But the basic principle is that people should be given an incentive to use the cashless facility (which comes at a 50% discount on the cash charge) and be made to pay a harsh penalty in case they violate the law. Motorists must see some positive advantage in using the tag lanes, otherwise why would they go through the hassle of getting the cards?
Incidentally, toll barriers in the US do not have a list of VIPs exempt from payment. Robert Vadra will find himself very out of place here. And the gun wielding MP from Gujarat will get locked up without a second thought.
Back in India, the advantage of dispensing with cash transfer at various exits becomes apparent with one look at the Sikanderpur metro station. As soon as the rush hour train pulls in, queues that span the entire length of the hall form for the exits. But even before you can say “Sikanderpur” they are gone. The reason for this is that no money changes hands at the turnstiles. Commuters carry either a token or a smart card and they either drop the first into the slot or flash the second and walk through.
The principle of cashless passage has to be developed at the toll plazas on the highways as well, to get rid of the congestion. One option could be to set up a few lanes before the actual barrier for people to buy single-use tags. Those who have regular tag cards can skip these lanes and then everybody just drives through the toll barriers. No cash changes hands. Of course, there have to be severe penalties for violators. But unless we have the will and the wherewithal to persecute them, we will have to reconcile ourselves to the perpetuation of the mess we are in.

Source:http://www.indianrealtynews.com/category/real-estate-india/gurgaon



Real Estate News


Union Cabinet clears amendments to aid construction workers




New Delhi: Giving more teeth to two laws dealing with welfare of construction workers, the Union Cabinet today approved amendments which among other things eases some restrictions for availing benefits.
The amendments to the Building and Other Construction Workers (Regulation of Employment and Conditions of Service) Act, 1996 and Building and Other Construction Workers' Welfare Cess Act, 1996 was cleared by the Cabinet at its meeting chaired by Prime Minister Manmohan Singh.
The Building and Other Construction Workers Related Laws (Amendment) Bill, 2012 is expected to be introduced in the Winter Session of Parliament.
The amendments would also facilitate speedy implementation of these Acts by the Central and the state governments, an official statement said.
According to the proposed amendment, the prerequisite condition of engagement for 90 days to get registered for enjoying benefits is proposed to be done away with.
Besides, to extend benefits to the workers who are engaged in building and construction work after
attaining the age of 60 years, this upper age limit criteria is also proposed to be removed.
The amendments also seeks to empower state governments to file complaints for any contravention of provisions.
The amendments also prescribed a time limit of 30 days for cess collecting authorities to deposit cess to the state building and other construction workers welfare board which is utilised for welfare of the workers.
The amendments also seeks to empower the central government to specify the maximum cost of construction in place of the present limit of Rs 10 lakh.
At present, workers can derive benefits in establishment where the cost of construction is more than Rs 10 lakhs.
The decision of the government for amendments in the Acts follows the recommendation of a task force examining the provisions of the Building and Other Construction Workers Act.
A Tripartite Central Advisory Committee under the Act had accepted the recommendations.

Source:http://www.financialexpress.com/news/union-cabinet-clears-amendments-to-aid-construction-workers/1025288/2


Property News

Latest News About Lodha Developers


Mumbai: Lodha Developers today said it has completed the acquisition of 17-acre prime land in Mumbai from realty major DLF for Rs 2,725 crore -- the largest realty deal so far this year.
In August, DLF had announced sale of this land parcel to Lodha Developers for about Rs 2,700 crore, almost four times higher than the price it had paid in 2005.
India's largest real esate company DLF had bought the land from National Textile Corporation for Rs 703 crore and it decided to sell this piece of land as part of the strategy to exit from non-core business.
Lodha had paid Rs 500 crore as advance to DLF in August.
In a statement, Lodha said that the company "has completed its planned acquisition of the prime 17-acre Mumbai Textile mill property at Worli from DLF Ltd".
Lodha had entered into a binding agreement with DLF to acquire DLF¿s arm Jawala Real Estate, which ownedthis land.
This transaction, which was expected to complete by the end of October, has been concluded as per the envisaged timeframe.
"The acquisition is for a consideration of Rs 1,225 crore, while additional Rs 1,500 crore approx has been paid to DLF against their loans utilised for project expenses," the statement said.
"Our strong internal cashflows have enabled us to make the entire payment, without taking any high cost funding. We thank all those who have trusted us and supported us in this transaction," Lodha Deputy Managing Director Abhinandan Lodha said.
The construction of the project, with five million square feet of saleable area, is undergoing and the company expects to open bookings in the next 2-3 months.
During last fiscal, Lodha achieved over Rs 5,000 crore in sales, delivered 3 million sq ft of area and spent over Rs 1,600 crore for construction.

Source:http://www.financialexpress.com/news/lodha-developers-pays-rs-2725-cr-to-dlf-to-acquire-17acre-land-in-mumbai/1025347/2