Chennai development body to e-auction plots along Outer Ring Road in January

Chennai Metropolitan Development Authority has announced e-auctioning of plots along Chennai Outer Ring Road in Jan, marking a step forward in transforming the 62-km corridor into a thriving eeconomic zone. Nearly 80% of work on the Master Plan for CORP is complete, say CMDA officials. CMDA aims to develop CORP into a vibrant economic corridor featuring premium housing, industries, warehousing, hotels and urban forests, with areas such as Minjur, Red Hills, Poonamallee, and Vandalur integrated with the third master plan. CORR, connecting Minjur in the north with Vandalur in the south, was part of the first master plan but areas along it remain largely underdeveloped. Now, CMDA plans to unlock its economic potential by concentrating on key infrastructure nodes such as Parandur airport, port near Minjur, Meenambakkam Airport and Kilambakkam terminus. Select parcels along CORR will be e-auctioned, said a CMDA official. The land parcels, located between Poonamallee and Vandalur, cover 20km. CMDA is also working on a comprehensive flood drainage plan While there are distinct plans for Poonamallee, Vandalur, Minjur, and Red Hills, the first is positioned to become a business district and multi-modal connectivity hub, thanks to its location near Bengaluru highway, metro connectivity and proximity to the planned Thirumazhisai New Town. Vandalur is set to evolve into a cosmopolitan hub, Minjur an industrial and multi-model hub with portal based development, while Red Hills is palnned as an eco-sensitive zone with urban forests. 

http://www.livehomes.in/news_letter

Deep Financial Consultants director buys apartments for rs106cr in Mumbai Worli

Jagdish Naresh Master, prominent stock market investor and director of finanical services firm Deep Financial Consultants, has acquired a luxury sea view apartment in super premium residential tower in Mumbai plush Woril locality for over rs 106 crore. Interestingly his wife Urjita Jagdish Master also a stock market investor and director of Deep Financial Consultants too acquired a luxury apartment on the 59th floor of the same tower for over Rs 105 crore just last month. The newly purchased apartment is spread over a total of over 7,139 sq ft area in one of the wings of the tower Oberoi Three Sixty West on Dr Annie Besant Road and is on the 60th floor and 44th habitable floor. The transaction values the apartment at nearly Rs 1.50 lakh per sq ft ranking it among the most expensive deals for a residence anywhere in the country. The buyer has now paid over Rs 3.97 crore in stamp duty charges alone for the registration of the deal. As the same apartment has been transacted within three years of earlier registration that attracted stamp duty of Rs 2.86 crore, the new buyer has paid the differential stamp duty, showed the document accessed through Zapkey.com. This rule is aimed at aligning stamp duty payments with current property valuation and preventing revenue loss for the state government exchequer. Residential property sales in the top eight cities have soared to an unprecedented high in 2024, fuelled by strong demand across mid-income, premium and luxury segments. The year is also expected to conclude with an all-time high sales activity. Mumbai has been leading the pack as the country’s biggest and most expensive property market as it continued the record-setting spree in terms of property deals. South and central Mumbai, home to India’s most expensive apartments, have been playing a key role in driving this performance. The micro markets witnessed many large-ticket transactions involving industrialists, top corporate executives, actors, and sports personalities in the last few years. 
 

http://www.livehomes.in/news_letter

Assam CM announces 300cr residental colony in AMCH

Construction of a residential colony at the prestigious Assam Medical College and Hospital (AMCH) in Dibrugarh was announced by chief minister Himanta Biswa Sarma on Tuesday. With an estimated investment of Rs 300 crore, the project aims to provide a significant boost to medical infrastructure in upper Assam. The announcement came during a comprehensive review meeting at AMCH, where CM assessed the existing facilities and infrastructure of the medical institution. AMCH principal and chief superintendent Dr Sanjeeb Kakati presented a detailed overview of the medical college's operations. The new residential colony at AMCH represents our commitment to improving healthcare infrastructure in Assam. This project will significantly enhance the living conditions for our medical staff and contribute to better healthcare delivery. The CM's visit to Dibrugarh was marked by multiple high-level meetings over various civic and safety concerns. Earlier in the day, he chaired a crucial road safety meeting at the CM's Secretariat, attended by top police officials, including DGP GP Singh, special DGP Harmeet Singh, commissioner and SPs from nine upper Assam districts. Emphasising the importance of road safety during the festive season, Sarma issued strict directives to law enforcement agencies. "We must maintain heightened vigilance until Jan 15 to prevent road accidents during the new year celebrations. There will be zero tolerance for drink driving and rash driving. We are looking at comprehensive solutions to address the waterlogging problem in Dibrugarh. Our govt is committed to improving the urban infrastructure and quality of life for residents. The CM concluded his three-day visit to Dibrugarh before departing for Guwahati.
 

http://www.livehomes.in/news_letter

Noida Homebuyers of Jaypee Infratech approches NCLT over construction

Homebuyers of Jaypee Infratech Ltd (JIL) have approached the National Company Law Tribunal (NCLT), alleging lack of headway in construction of flats by Suraksha Group despite its resolution plan being approved in March 2023 and upheld by the appellate tribunal this May. In their petition, members of the Jaypee Infratech Real Estate Allottees Welfare Society (JREAWS) alleged that Suraksha — which took over JIL through insolvency proceedings — had failed to mobilise the promised Rs 3,000 crore required for construction, deploy workers, or even establish escrow accounts as stipulated in the resolution plan. According to the approved resolution plan — passed by NCLAT in May this year — Suraksha was supposed to resume construction of flats within 90 days. The tribunal heard the appeal by buyers on Dec 10 and issued notices to Suraksha, JIL, the Insolvency and Bankruptcy Board of India (IBBI), and Anuj Jain, the former interim resolution professional (IRP). The next hearing is scheduled for Jan 8. The buyers — who have been waiting for their flats for over a decade — said construction activities had ceased entirely, despite promises By Suraksha to improve pace from the fourth month since the plan's approval. The limited work undertaken during the IRP regime stopped after the previous contractor's removal. Of 97 towers across nine projects, tenders were floated for only 41 towers by Aug 2024, with no progress on the remaining 56 as yet. The homebuyers alleged that Suraksha had unilaterally increased administrative and transfer charges, demanding more than Rs 8,000 per sqft for unsold units, which was significantly higher than the resolution plan's estimate of Rs 4,575. Sources in the company admitted that construction had taken a hit because of various stages of GRAP imposed since Nov. For the buyers, patience is waning. "We have waited long enough. Our dreams of owning a home are fading because of such unwarranted delays. We need action on the ground now. 
 

https://www.livehomes.in/news_letter

Government plans zero collateral housing laons for low annd middle  income groups

The government is firming up a zero-collateral housing loan scheme for low- and middle-income groups which will offer up to Rs 20 lakh with minimal documentation or third-party guarantee, said people familiar with the matter. Amendments to the Credit Risk Guarantee Fund Scheme for Low-Income Housing (CRGFTLIH) are being examined to pave the way for the scheme, they said, adding that the loan could have a tenure of 30 years. Under the existing provisions, housing loans up to Rs 8 lakh are eligible for guaranteed cover. "The idea is to make credit available for those homebuyers who do not have any documented income or minimal supporting documents. Talks are on between the ministries of finance and housing & urban affairs, National Housing Bank and other commercial banks to firm up the parameters such as eligible income and equated monthly instalment and net monthly income ratio. A bank executive said up to 70% of the loan amount in default will be guaranteed under CRGFTLIH. Changes to its operational guidelines dealing with the extent of the guarantee and coverage period are being examined. In August, the government increased the corpus fund of Credit Risk Guarantee Fund Trust (CRGFT) to Rs 3,000 crore from Rs 1,000 crore to provide benefit of credit risk guarantee on affordable housing loans to EWS and LIG households. Under Pradhan Mantri Awas Yojana-Urban 2.0, government assistance of Rs 2.30 lakh crore will be provided to 10 million urban poor and middle-class families through states or union territories to construct, purchase or rent a house at an affordable cost in urban areas in five years.
 

https://www.livehomes.in/news_letter

Noida YEIDA completes 1400 registries for industrial plots

The Yamuna Expressway Industrial Development Authority (YEIDA) has executed 1,400 registries out of the 3,040 industrial plots allotted so far. The increasing interest in completing registries has been driven by the development of the upcoming Noida International Airport, which has significantly boosted the region's appeal. Officials said that over 1,200 of these registries were executed in the past one-and-a-half years alone. With these formalities now finalised, the allottees are expected to begin construction and make their industries operational within the next three to four years. Major industrialisation will be visible in the next three to four years when Apparel Park, Toy Park and Medical Devices Park become functional. YEIDA plans to issue fresh notices to remaining allottees, urging them to complete the registry process for plots where checklists have already been issued. According to the authority, the registry process, which was sluggish until 2022, has accelerated in recent years. Previously, only about 30 to 35 registries were completed annually. The industrial plots span key sectors such as 24, 28, 29, 32 and 33. In Sector 29's Apparel Park, 149 plots have been allotted, with 75 lease deeds executed so far.
 

https://www.livehomes.in/news_letter

Gross Leasing of Office space set to rise 14 percent to record 85 million sqft in 2024 Cushman and Wakefield

 Gross leasing of office space across eight major cities is likely to rise 14 per cent to touch a record 85 million square feet this calendar year, according to Cushman & Wakefield. The gross leasing of office space stood at 74.6 million square feet in 2023 across eight cities -- Bengaluru, Hyderabad, Mumbai, Delhi-NCR, Chennai, Pune, Kolkata and Ahmedabad. India's office real estate has consistently been witnessing more than 70 million square feet of gross leasing volume (GLV) since 2022 across the top 8 cities. The current year 2024 is likely to register a historic high  volume of 83-85 million square feet of GLV," the consultant said in its round-up for the calendar year. Already, during the January-September period of 2024, the gross leasing has reached 66.7 million square feet. Office leasing stood at 49.1 million square feet in 2018; 67.7 million square feet in 2019; 46.6 million square feet in 2020; 50.4 million square feet in 2021; 72 million square feet in 2022; and 74.6 million square feet in 2023.The growth is driven by healthy volumes seen in the IT-BPM, BFSI, Engineering & Manufacturing and flex operator spaces, as these were the top-performing sectors, the consultant said. The GCCs are likely to contribute nearly 30 per cent of the total gross office space leasing, he added. The consultant said that the expected surge in leasing across top-grade assets in 2024 and 2025 has been putting upward pressure on rents across prime micro-markets. Bulk of the new supply that is coming in 2025 is concentrated around prime micro-markets, suggesting that overall rents could witness a rise. However, the rise is anticipated to be moderate owing to the consistent influx of supply, thereby helping a tenant-favourable market sentiment to persist for some time," Cushman & Wakefield said.
 

https://www.livehomes.in/news_letter

Supreme court issues landmark directives to curb illegal constructions

In a significant judgment, the Supreme Court on Tuesday said unauthorised constructions cannot be legitimised merely due to administrative delays, passage of time, or monetary investments and issued a slew of directions to curb illegal constructions. A bench comprising Justices J B Pardiwala and R Mahadevan said even the post-construction violations must trigger swift corrective action, including demolition of the illegal part and penalties for erring officials. The bench also upheld the demolition of unauthorised commercial constructions in a residential plot in Meerut, emphasising the need for strict adherence to urban planning laws and accountability of officials. The court issued a slew of comprehensive directions in larger public interest to streamline urban development and enforcement. All necessary service connections, such as, electricity, water supply and sewage, should be given by the service providers to the buildings only after the production of the completion and the occupation certificate, it said. The development must be in conformity with the zonal plan and usage and any modification to such plan and usage must be taken by strictly following the rules in place and in consideration of the larger public interest and the impact on the environment. Banks and financial institutions should sanction loan against any building as a security only after verifying the completion certificate. The top court directed its registrar to circulate a copy of judgment to all high courts to enable them to refer it while considering such disputes. The judgment pertained to the appeals, including the one filed by Rajendra Kumar Barjatya, against the Allahabad High Court's 2014 decision directing demolition of the illegal structures on a plot in Shastri Nagar, Meerut. 
 

https://www.livehomes.in/news_letter

Bombay HC impose rs 20 Lakh cost on Kakade Construction builder its director

The Bombay high court last week imposed rs 20lakh cost on builder and former Rajya Sabha MP Sanjay Kakade of Kakade Construction Co Ltd, its other director Usha Kakade and the Company and dismissed its appeals relating to an international commercial arbitration award against it. The appeals were not maintainable, the HC held. The Kakades must pay Rs 10 lakh to Vistra and Rs 10 lakh to the State Legal Services Authority, directed a division bench of Justices M S Sonak and Jitendra Jain in a Dec 14 judgment. The matter pertains to a 2014 arbitral award of Rs 178 crore, plus interest, against them over certain contracts with Vistra ITCL (India) Ltd, formerly known as IL&FS Trust Company Limited, and Mauritius-headquartered IIRF Holdings III Limited. Vistra and IIRF had sought recovery of Rs 276 crore from Kakades to enforce the award that was passed by consent. In 2017, Vistra also moved the HC for appointment of a court receiver, which the HC did in Aug 2018, for certain disputed properties of the builder. The HC said the Supreme Court had already in 2016 analysed the Arbitration and Conciliation Act and the Commercial Courts Act and given a harmonious interpretation to provisions governing appeals to eschew any delays in enforcement of foreign arbitral awards. The SC had underscored that arbitration is meant to be a speedy resolution of disputes. Senior counsel P Chidambaram and Navroze Seervai appeared for Kakade and Karan Bhosale for Kakade Construction. Senior counsel Aspi Chinoy and Gaurav Joshi represented Vistra and IIRF.
 

https://www.livehomes.in/news_letter

DTCP bans sale and purchase in Mahira Homes societics in Gurugram

The Department of Town and Country Planning (DTCP) has banned the sale and purchase of properties in two societies developed by Mahira Homes Group in Sectors 103 and 104. The group came under scrutiny after it failed to deposit external and internal development charges (EDC/IDC). Earlier, a show-cause notice was issued to the developer on August 11, 2023, granting an opportunity to clear the dues and resolve disputes related to licensing documents. The builder, however, ignored the orders. This came after landowners filed complaints accusing the builder of obtaining licenses using forged documents. Mahira Group and Czar Buildwell had obtained housing licenses in 2019 and 2021 respectively. Citing the builder's negligent approach, the DTCP director asked the district deputy commissioner to ban all transactions involving land or flats in the two societies. More than 5,000 homebuyers have been protesting against the developer due to these stalled projects that has left them grappling with uncertainties about their investments. Amid the growing tension between developers and regulatory authorities, affected residents hope for swift resolutions and stricter enforcement of housing norms. 
 

https://www.livehomes.in/news_letter

Bengaluru Ozone Urban Developers face allegations rs 3300 crore fund

The Central Crime Branch (CCB) of Bengaluru police has registered a case against Ozone Urbana Infra Developers Private Limited, alongside several banks and financial institutions, for allegedly defrauding homebuyers of a staggering Rs 3,300 crore. According to the industry sources, the scale of the alleged fraud is unprecedented in Bengaluru’s real estate history. ”The investigative agencies are working on tracing the misappropriated funds and identifying the full extent of the conspiracy. The complaint was filed by Errol John Noronha, president of the Ozone Urbana Buyers Welfare Association, who accused the developers of  securing loans in buyers’ names, misusing funds, and failing to deliver housing projects as promised. According to the FIR, the developers obtained Rs 1,500 crore in mortgage loans and diverted an additional Rs 1,800 crore from homebuyer payments and related transactions. These funds were meant for the one of the largest township project— Ozone Urbana township project in Devanahalli, launched in 2012. Over a decade later, the project is only 49% complete, far from its promised 2017 deadline. The FIR names several leading financial institutions, including HDFC, Indiabulls Housing Finance, Bank of Baroda, and Piramal Capital and Housing Finance, accusing them of complicity in the alleged fraud. The developers and their associates are suspected of siphoning off the money to other entities, leaving buyers and financiers in the lurch. The agency is expanding the probe to uncover all parties involved,” said one of the earlier source. The case has sent shockwaves through Bengaluru’s real estate sector, with buyers demanding stricter oversight and immediate  justice for the financial and emotional toll they have endured.

https://www.livehomes.in/news_letter

Chennai Valasaravakkam plot to transform into lake and eco park

A once-slushy, garbage-ridden four-acre plot in Valasaravakkam is now a sprawling lake and will soon be transformed into an eco-park offering a leisure experience to people. Valasaravakkam and Porur neighbourhoods, with more than 5 lakh residents, faced constant flooding, with knee-deep water near metro rail work sites. This caused snarls on the busy Porur-Vadapalani stretch regularly. Greater Chennai Corporation (GCC) found a fix for the civic issue by transforming an abandoned private land into a three-acre pond last month. It is now brimming with 1.5 million cubic feet of water. Located just 200 metres away Arcot Road on First Main Road in Valasaravakkam, the pond will soon be converted into an eco-park at a cost of 5 crore. The Subramania Venkateshara Swamy pond has multiple tree islands for birds and an elevated bund to keep encroachers away. Residents demanded the construction of boundary walls at the western end of the pond. "The pond does not have boundary walls. People throw garbage from the balconies of houses, and in abandoned corners, and deploy a watchman," said K Sivasankaran, a resident of Sairram Nagar.
 

https://www.livehomes.in/news_letter