Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.
Monday, December 24, 2007
Need of Real Esate Regulatory Body in India
If you want to buy an insurance policy, you have to purchase the policy from an insurance agent recognised by the Insurance Regulatory Development Authority. If you want to invest in fixed deposits, you have to follow RBI guidelines.
If one wants to invest in shares then there are SEBI guidelines for regulation. However, when a person is on the verge of making the most significant investment in his or her life i.e. buying a house, there is no regulatory body.
A paradoxical situation indeed, which has led to lack of professionalism and has brought builders and brokers of all kinds, who are not aware of basic rules and facts of civil engineering, into the picture.
According to Union Minister for Urban Development S. Jaipal Reddy by next year a real estate regulatory body would be in place to protect interests of consumers. However, consumer rights experts have reservations over the proposed regulatory body. “Will the regulatory body be allowed to run by people who do not have vested interests? Will the huge lobby of builders and brokers allow the regulatory body to come in the first place?” asks consumer activist N. Ganesan of Consumer Care Centre.
However, several builders feel that a regulatory body would go a long way in bringing transparency. “It’s like providing guarantee to the consumer. We also came to know that some kind of control would be exercised over pre-launch offers to stop builders from taking consumers for a ride before taking project clearances,” says the president of Builders Forum for Andhra Pradesh, C. Shekhar Reddy.
Builders’ version
Certain sections in the builders’ community also point out that the regulatory body can help builders.
“What will the builder do when the customer pulls out or pays for the project irregularly? The honest builder suffers and is not able to complete his project on time. So, in addition to the consumer, the regulatory body would also help builders involved in some high quality projects,” points out a builder.
source: mybangaloreproperty.com
If one wants to invest in shares then there are SEBI guidelines for regulation. However, when a person is on the verge of making the most significant investment in his or her life i.e. buying a house, there is no regulatory body.
A paradoxical situation indeed, which has led to lack of professionalism and has brought builders and brokers of all kinds, who are not aware of basic rules and facts of civil engineering, into the picture.
According to Union Minister for Urban Development S. Jaipal Reddy by next year a real estate regulatory body would be in place to protect interests of consumers. However, consumer rights experts have reservations over the proposed regulatory body. “Will the regulatory body be allowed to run by people who do not have vested interests? Will the huge lobby of builders and brokers allow the regulatory body to come in the first place?” asks consumer activist N. Ganesan of Consumer Care Centre.
However, several builders feel that a regulatory body would go a long way in bringing transparency. “It’s like providing guarantee to the consumer. We also came to know that some kind of control would be exercised over pre-launch offers to stop builders from taking consumers for a ride before taking project clearances,” says the president of Builders Forum for Andhra Pradesh, C. Shekhar Reddy.
Builders’ version
Certain sections in the builders’ community also point out that the regulatory body can help builders.
“What will the builder do when the customer pulls out or pays for the project irregularly? The honest builder suffers and is not able to complete his project on time. So, in addition to the consumer, the regulatory body would also help builders involved in some high quality projects,” points out a builder.
source: mybangaloreproperty.com
PNB signs pact with IIFCL
Punjab National Bank has entered into a MoU with India Infrastructure Finance Company Ltd. The MoU was inked by Dr. K.C. Chakrabarty, PNB Chairman, and Mr S.S.Kohli Chairman and Managing Director, IIFCL, here on Wednesday. Under the MoU, PNB and IIFCL will cooperate and complement each other's capabilities in the area of creating a deal flow of infrastructure projects that could be structured along commercially viable lines based on project appraisal undertaken by PNB, IIFCL and PNB Gilts Ltd.
source: mybangaloreproperty.com
source: mybangaloreproperty.com
ADAG, Sobha team to build India's tallest building
A consortium lead by ADAG Group company Reliance Energy and Bangalore-based Sobha Developers has succeeded in their bid to build India’s tallest building ever built.
Sources said, APIIC Towers, will be developed on 78 acres of land in Manchervelu on the Express Highway to the upcoming Hyderabad International Airport. Reliance Energy will hold 66% while Sobha Developers will hold 23%. The balance stake of 11% will be held by APIIC (the AP Government’s investment arm).
It is learnt that the first phase of the project will consist of a 100-storey twin tower complex on 30 acres of land. The total project cost is pegged at Rs 6,000 crore. Work on the project will commence next year and is to be completed in three years. The project itself is coining up with certain conditions like milestone achievements.
“In two years, the company has to show signs of progress. If the state government is satisfied with the progress, then land for the second and third (final) phases will be handed over,” sources added.
When TOI contacted ADAG, the spokesperson confirmed winning the bid to construct the towers, but did not divulge any detail on the project or its partners.
The twin towers will have about 4.5 million sq ft of built-up space. The total project will have 11 million sq ft of built-up space. There will be residential complexes, hotels, serviced apartments, and malls to make it an “all under one roof” integrated structure, sources said. The tower is expected to be completed by 2010.
It is learnt that some 23 developers had bid for the project, including Reliance Industries, DLF, Unitech, Mantri Developers, Hiranandani and besides companies from Israel and Malaysia.
The AP Government feels that the proposed twin towers will be the centre piece of all developments in the region.
source: mybangaloreproperty.com
Sources said, APIIC Towers, will be developed on 78 acres of land in Manchervelu on the Express Highway to the upcoming Hyderabad International Airport. Reliance Energy will hold 66% while Sobha Developers will hold 23%. The balance stake of 11% will be held by APIIC (the AP Government’s investment arm).
It is learnt that the first phase of the project will consist of a 100-storey twin tower complex on 30 acres of land. The total project cost is pegged at Rs 6,000 crore. Work on the project will commence next year and is to be completed in three years. The project itself is coining up with certain conditions like milestone achievements.
“In two years, the company has to show signs of progress. If the state government is satisfied with the progress, then land for the second and third (final) phases will be handed over,” sources added.
When TOI contacted ADAG, the spokesperson confirmed winning the bid to construct the towers, but did not divulge any detail on the project or its partners.
The twin towers will have about 4.5 million sq ft of built-up space. The total project will have 11 million sq ft of built-up space. There will be residential complexes, hotels, serviced apartments, and malls to make it an “all under one roof” integrated structure, sources said. The tower is expected to be completed by 2010.
It is learnt that some 23 developers had bid for the project, including Reliance Industries, DLF, Unitech, Mantri Developers, Hiranandani and besides companies from Israel and Malaysia.
The AP Government feels that the proposed twin towers will be the centre piece of all developments in the region.
source: mybangaloreproperty.com
Top bids worth Rs 2,790 crore for BKC plot in Mumbai
Mukesh Ambani promoted Reliance Industries Limited, Wadhwa Builders, TCG Infrastructure and Hiranandani Constructions have emerged as the leading bidders for the three Bandra-Kurla Complex (BKC) plots in Mumbai measuring 75,350 square metres. The total value of the top bids is Rs 2,790 crore.
Milind Mhaiskar, joint metropolitan commissioner and project director (Mumbai), MUTP, told The Indian Express: “The highest bid per square metre this time is somewhere over Rs 5 lakh, which is easily three times our base price of Rs 1.56 lakh, the amount which was the per square metre bid by Reliance last year when they bagged the convention centre.
In that sense, we are happy with the bids as it reflects a steep upward trend in prices.” According to Mumbai Metropolitan Region Development Authority (MMRDA) Commissioner Ratnakar Gaikwad, MMRDA would lease out its properties for 80 years for the development, operation and maintenance of the commercial complex and car park. “Plots C-70, C-54 and C- 55 (the latter two have been offered as one plot) have been earmarked for commercial and office use while plot C-66 has been reserved for a multi-storeyed car parking for a minimum of 500 cars along with a commercial complex,” he said.
“This is just the first phase of the bidding process and each bid needs to be analysed before they are awarded. These bids will now go to the executive committee after whose approval it will be announced,” Gaikwad said. “Our target is to raise Rs 2,60,000 crore for the development of the entire MMR region based on our draft plan. The bulk of this will be towards all the mass transit projects that have been earmarked as priority, which will partly come from such bids. MMRDA has another 50 acres of area in such plots.”
MMRDA officials said Reliance Industries emerged as a leading bidder for the C-66 Plot (30,550 sq m) with Rs 918 crore at the rate of Rs 3,00,501 per sq m. The second runner-up is RR Mega City, which had quoted Rs 2,13,093.28 per sq m, and the first runner-up is Business Park Town Planners Limited (BPTP) at Rs 2,48,348 per sq m.
For plot C-70 measuring 16,500 sq m, Wadhwa Group has quoted Rs 5,04,000 per sq m for the total at Rs 831 crore. JSW Property Group is the runner-up by quoting Rs 4,50,000 per sq m. Third bidder is Suzuki Powertrain India Limited (SPIL), who have quoted Rs 4,03,000 per sq m.
For plots C-54-55 with an area of 28,300 sq m, a joint venture between TCG Infrastructure and Hiranandani Constructions quoted a bid of Rs 3,67,992 per sq m totalling Rs 1,041 crore. The second bidder for this plot is SPIL at Rs 3,57,000 per sq m and JSW Property Group at Rs 3.33 lakh per sqm.
source: mybangaloreproperty.com
Milind Mhaiskar, joint metropolitan commissioner and project director (Mumbai), MUTP, told The Indian Express: “The highest bid per square metre this time is somewhere over Rs 5 lakh, which is easily three times our base price of Rs 1.56 lakh, the amount which was the per square metre bid by Reliance last year when they bagged the convention centre.
In that sense, we are happy with the bids as it reflects a steep upward trend in prices.” According to Mumbai Metropolitan Region Development Authority (MMRDA) Commissioner Ratnakar Gaikwad, MMRDA would lease out its properties for 80 years for the development, operation and maintenance of the commercial complex and car park. “Plots C-70, C-54 and C- 55 (the latter two have been offered as one plot) have been earmarked for commercial and office use while plot C-66 has been reserved for a multi-storeyed car parking for a minimum of 500 cars along with a commercial complex,” he said.
“This is just the first phase of the bidding process and each bid needs to be analysed before they are awarded. These bids will now go to the executive committee after whose approval it will be announced,” Gaikwad said. “Our target is to raise Rs 2,60,000 crore for the development of the entire MMR region based on our draft plan. The bulk of this will be towards all the mass transit projects that have been earmarked as priority, which will partly come from such bids. MMRDA has another 50 acres of area in such plots.”
MMRDA officials said Reliance Industries emerged as a leading bidder for the C-66 Plot (30,550 sq m) with Rs 918 crore at the rate of Rs 3,00,501 per sq m. The second runner-up is RR Mega City, which had quoted Rs 2,13,093.28 per sq m, and the first runner-up is Business Park Town Planners Limited (BPTP) at Rs 2,48,348 per sq m.
For plot C-70 measuring 16,500 sq m, Wadhwa Group has quoted Rs 5,04,000 per sq m for the total at Rs 831 crore. JSW Property Group is the runner-up by quoting Rs 4,50,000 per sq m. Third bidder is Suzuki Powertrain India Limited (SPIL), who have quoted Rs 4,03,000 per sq m.
For plots C-54-55 with an area of 28,300 sq m, a joint venture between TCG Infrastructure and Hiranandani Constructions quoted a bid of Rs 3,67,992 per sq m totalling Rs 1,041 crore. The second bidder for this plot is SPIL at Rs 3,57,000 per sq m and JSW Property Group at Rs 3.33 lakh per sqm.
source: mybangaloreproperty.com
Piramal Group Enters the Real Estate Market
Piramal Enterprises, part of the Ajay Piramal Group, is planning to develop properties in Mumbai's central and northern regions. The company has set up a joint venture (JV) with Sunteck Realty, Mumbai-based real estate developers. The move comes close on the heels of Ashok Piramal Group-formed after a formal family settlement with the Ajay Piramal group-- to develop areas near Lower Parel in Central Mumbai as an IT park. The new projects would be both commercial as well as ultra-luxury residential. Mumbai's central areas, in and around Grant Road, Parel and Tardeo are in for major development, according to recent reports. The JV, called Piramal Sunteck Realty Pvt. Ltd. will focus on realty projects in locations in metros and select tier-II cities across the country, according to a release from the company. The names of the cities were not specified. The JV will have a corpus of Rs 1000 crore. The first project would a commercial-***-Information Technology (IT) park of over ten lakh square feet at Sion, Mumbai, near Dharavi in North Central Mumbai. In addition to ultra luxury residential projects, Piramal Sunteck Realty Pvt. Ltd. will develop commercial projects, mixed-use townships and Special Economic Zones (SEZ).
source: mybangaloreproperty.com
source: mybangaloreproperty.com
Subscribe to:
Posts (Atom)