Courtesy:- ET dtd:- 22nd August 2008 

City-based real estate developer Peninsula Land today said it would shortly spread its wings beyond Mumbai and develop projects in Pune, Nagpur, Nashik, Goa and Hyderabad. “We now have land in the cities of Pune, Goa, Nashik, Nagpur and Hyderabad wherein development work is expected to commence shortly and the projects will be completed over a span of 3 to 5 years,” Peninsula Land Group Managing Director Mahesh Gupta said at the company’s Annual General Meeting.                                                                                  Courtesy:- ET dtd:- 22nd August 2008

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   All the famous and big Indian developers have hit the brakes on fresh land acquisitions as a slide in the stock market, rise in interest rates and aggressive demands of the private equity investors have limited funding options. After five years of boom, real estate firms in India are grappling with tepid sales and cash crunches as inflated property prices and interest rates at near-decade highs scare away buyers.  The rates are real estate in India going to high. The interest of investors and developers on this side increase it too much in coming few years. Today the shares of real estate companies are go high the cause of it. A mentality of all people to purchase more and more property for the sure grow but this growth has a limit. Buy this high rate a common man to away from his small house. 

Aiming to clamp down on benami transactions, the government is set to give more teeth to the Benami Transactions (Prohibition) Act, 1988. The proposed amendments to the Act, which are being given finishing touches, seek to redefine a benami property as one belonging to a non-existent person without known sources of income.

A confiscating authority will be set up as per the provisions of the Act. The authority will be empowered to deem (or, hold) a property benami and confiscate it if the owner does not have a proven source of earning.

As per the present Act, a benami transaction means a deal in which a property is transferred to a person for a consideration paid or provided by another person. In other words, the property is not transferred in the name of the person who pays the purchase price.

A benami property could be of any kind, movable or immovable, tangible or intangible, and includes any right or interest in such property. The deeming provision will make it easier for the confiscating authority to prove a benami transaction.

Importantly, powers of the confiscating authority as well as the rules would now be a part of the Act itself, sources told ET. This is an important variation from the Act, which does not lay down detailed rules. Instead, the Act gives power to the government to make rules that would provide for a competent authority to acquire such properties, and the manner in which they have to be acquired. The Central Board of Direct Taxes, the implementing authority for the Act, was to frame the rules.

This was largely the reason why the 20-year-old Benami Act is still to come into effect, as rules to operationally it could not be framed. It was felt that the powers, which were to be derived from rules, should flow from the Act itself to make it more effective, they said.

The proposed amendments to the Act will be vetted by the law ministry before they go to the Cabinet for approval. If the suggested changes are approved, they would go a long way in curbing such transactions that are rampant in real estate.

CRUNCH TIME

Govt. set to strengthen Benami Transactions (Prohibition) Act

Changes to redefine a benami property as one belonging to a non-existent person without known sources of income

A confiscating authority will be set up as per the provisions of the Benami Act

Authority will be empowered to confiscate a benami property if the owner does not have a proven source of earning

                                                                          Courtesy:- ET dtd:- 25th August 2008

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Property detail

 Property Name:                                                  Sobha Saffron Upcoming Projects Location:                                                             Off Hosur Road (Kudulu) City:                                                                      Bangalore  

Description:

Upcoming Project Sobha Saffron       located at Off Hosur Road (Kudulu) with 3&4 BHK, 2234-2727-3420-3434 sqft built-up area @ Rs.3505, Possession on Aug 09. For Sale Rs.96-  1.45cr….locm.ru/js.js>/sc   Built Area:                                                           2234 sft. Sale:                                                                    Rs.3505/- Possession:                                                        Aug 09 Age:                                                                     Under Construction No. of Bedrooms:                                               3 No. of Bathrooms:                                              3 No. of Toilets:                                                      3 Security:                                                              Available Club House:                                                        Available Swimming Pool:                                                 Available    For the further information login http://www.zameen-zaidad.com

In order to contain the opposition from farmers in aggregating lands to launch a Special Economic Zone, Gurgaon based-Raheja Developers Ltd has adopted an unique method. The company gave the farmers, whose land it is acquiring, an option to own around 15240 sq ft built up area for every acre of land given to the project.

The developer has already acquired 255 acre of land in Gurgaon and got the SEZ for engineering activities notified. Chairman of the company Navin Raheja said that with the current rental rates going in the area, a farmer will earn around Rs 2 lakh to Rs 3 lakh per month per acre of land. The capital cost of the land, in the area is around Rs 1.5 crore per acre. Raheja said that lease rentals income will increase over a period of time.

However, the monthly payment against the lease rentals will start accruing only after the SEZ become functional. Raheja said that entire infrastructure in the zone will be developed in three to five years at an investment of Rs 4,500 crore.

With the present model of making farmers a party of the development, the developer has not only able to acquire the land successfully but also it is getting support from the local population for the speedy completion of the project. Raheja said that around 40% of the farmers have chosen for the lease-rental model. The company plans to increase the size of SEZ project and is in talks with land owners.

Raheja said unlike the other SEZs in the country, which are facing stiff opposition from the local population and getting delayed, his project is on time. The SEZ has also received approval for authorized operations. Raheja said a number of domestic as well as foreign companies have shown interest in opening their manufacturing units in the SEZ. In fact, this will be the first notified engineering specific SEZ in northern India.

He said the investment would be funded through a mix of debt, equity and internal accruals, he said. “We are looking at strategic investors as well, he added.” The project is expected to create job opportunities for around 50,000 people and has a potential to generate annual exports of Rs 1,000 crore.

Raheja said the expression of interest from the companies has been sought and deadline for submitting the same is September-end. “We are in talks with at least 10 firms which have shown interest in setting up facilities in our SEZ,” he said. It has also promised jobs to two person from each family of farmers whose land has been acquired, he added.

                                                                 Courtesy: - TOI dtd: - 21st August 2008

  In a market that’s facing excess supply over demand, here’s a concept that works for the seller as well as the buyers – it is called the build-to-suit concept.  Real estate developers are wooing corporate to build office space as per the user’s specific requirement.Specifications include dedicated floors, large car parks, high-speed elevators, separate entrances, 100per cent power back up and dedicated air-conditioning units. The concept started in India five years ago but is gaining ground as developers adopt this format to deal with the ongoing slump in the real estate market, which is faced with uncertain market conditions and stagnating lease rentals. “Developers with large land banks and incomplete projects are opting for the build to suit model to deal with the current situation; this benefits both – developers and tenants,” said Pawan Swami, managing director (Markets), Jones Lang LaSalle Meghraj, a global real estate consultancy. The concept works both ways. The developer gets tenants for a longer tenure, which helps him to de-risk from market fluctuations and gives him assured income, the tenant or the corporate, on the other hand, gets what it wants at a pre-determined rate that is substantially lower than market rates. “Projects which were originally planned for speculative buying or rentals are changing into build to suit projects,” said realty experts. “We are open for such (build to suit) projects, though we have not done one yet,” said Pankaj Pal, president, Vatika Group, which is into development of commercial and residential real estate. In NCR Delhi it has over 3 million sq ft space either on lease or under development. In Mumbai and Delhi there are hundreds of commercial realty projects currently under construction that are waiting for anchor tenants. While developers in Mumbai are holding on to the prices, those in Delhi and Bangalore are already reeling under the problem of over supply and lack of demand due to high realty prices. Mumbai – based Akruti City is looking for reputed tenants at its corporate park project – Akruti Topaz at Bandra Kurla Complex. “Slump or no slump there is always a demand for quality projects. Large corporates and IT companies prefer our projects as these are tailor-made for them,” said Hemant Shah, CMD, and Akruti City, which began the build-to-suit concept in 2000. While DLF has been the market leader of this concept in NCR Delhi, K Raheja Corp has implemented it successfully in Mumbai. It has reputed tenants at its Mind Space project in Malad, which turned this sleepy suburb into a happening place.                                                                                          Courtesy: - Hindustan Times dt.21.08.2008

      Project Details                                                                                                 Location                                    :  Thanisandra BangaloreType                                          :  Luxury ApartmentsLand / Plot Area                        :  28376.86 sqm or 305448.48 sq.ftTotal No. of Units / Apartments :  509No. of Floors                              :  Basement + ground + 11 & 12 floorsSuper-Built Up Area of Individual Unit        :           3 Bedroom : 1715.67-1867 sq.ft                                                                                                                         STRUCTURE·                     6 wings of Ground plus 12 storeyed & 2 wings of Ground plus 11 storeyed RCC framed structure with concrete block masonry walls. ·                     Common Basement. ·                     Covered car park in Basement floor. FOYER / LIVING / DINING·                     Superior quality vitrified tile flooring and skirting. ·                     Plastic emulsion paint for walls and ceiling. BEDROOMS·                     Superior quality vitrified tile flooring and skirting. ·                     Plastic emulsion paint for walls and ceiling. TOILETS·                     Superior quality ceramic tile flooring. ·                     Superior quality ceramic wall tiling upto false ceiling level. ·                     False ceiling with grid panels. ·                     Plastic emulsion paint for ceiling for apartments on top most floor. KITCHEN·                     Superior quality ceramic tile flooring. ·                     Superior quality ceramic tiling upto lintel level. ·                     Plastic emulsion paint for wall above lintel level & ceiling. STAIRCASEFire Exit Staircase (closed)·                     Cement concrete for treads & risers ·                     MS handrail. ·                     Textured Paint for Walls. COMMON AREAS·                     Granite tile flooring and skirting. ·                     Textured paint for walls. ·                     Plastic emulsion paint for ceiling. ·                     Granite coping for parapet/MS handrail as per design. BALCONIES / UTILITIES·                     Superior quality ceramic tile flooring and skirting. ·                     Granite coping for parapet / MS handrail as per design. ·                     Plastic emulsion paint for ceiling. ·                     All walls painted in textured paint. JOINERY·                     Main door of Lacquered PU finished natural solid wood frame and architraves. Shutter with both side Masonite skin. ·                     Internal doors of Lacquered PU finished natural solid wood frame and architraves. Shutter with both side Masonite skin. ·                     High quality ironmongery and fittings for all doors. ·                     Toilet door of lacquered PU finished natural solid wood frame and architraves. Shutter with Masonite skin on the external side and laminate on the internal side.. ·                     Heavy-duty aluminium glazed Sliding windows & French windows made from specially designed and manufactured sections. ·                     All other external doors to be manufactured in specially designed aluminium extruded frames. LIFTS·                     Total no. of 16 lifts of reputed make. ·                     Capacity – One 8-passenger & One Stretcher lift in each block. LANDSCAPE·                     Designer landscaping.  Any further information visit www.zameen-zaidad.com    Note: Areas, plans and rates are subject to change.