A couple who allegedly sold their property here to two persons landed in police net in Gujarat.
Rabendra Jha, a doctorate in Gandhian Thoughts, and his wife Kum Kum Jha were arrested from Gujarat following complaints that the couple first sold their property to Arvinder Singh of Vikram Vihar here for Rs 67 lakh and later took an advance of Rs 30 lakh from one Harish Kumar after reaching a sale agreement with him.
In his complaint, Singh said he came to know that the property was already under lien with ICICI Home Finance Company in Green Park and original papers were in the custody of the bank.
In another complaint, the couple allegedly made an agreement to sell off the same property with complainant Harish Kumar and took Rs 30 lakh from him. The property was in the name of Kum Kum Jha.
More : ptinews.com
Real estate firms build hopes on festival sales
Property firms are launching housing projects and raising pitch for ongoing ones in the hope of making decent sales going into the festive season. The mood among builders may be buoyant, but very few believe price hike is possible as demand is still hesitant and new supplies are hitting the market.
The festive season, which usually begins late September with the Hindu festival of Navratra and continues up to Christmas, often sees higher sales of property, cars and other durables.
Last years festive season was a total washout. But this time indications are that we are back to normal, said Mumbai-based Lodha Developers director Abhisheck Lodha. He said property firms usually make 30% of their sales in one-and-a-half month between Navratra and Diwali, and this time will be no different.
More : economictimes.indiatimes.com
Realty check: jacking up property rates bad for sales
Developers who have been hiking rates of apartments hoping to cash in on the demand have lost out — as far as sale in the second quarter of 2009 is concerne— to those who held on to reasonable prices.
The average price of housing stock unsold in the second quarter of 2009 was 56 per cent higher than the average price of apartments sold. The average price of the net residential sales in the Mumbai Metropolitan Region (MMR) between April and June is Rs 3,438 per sq-ft, while the average price of the net unsold property for the same period is Rs 5,356 per sq-ft, according to findings of the second quarter assessment of the realty market by the real estate research agency Liases Foras.
The figures show few takers for higher priced properties across MMR.
Of the total 83,000 flats available in this three-month period, a whopping 78% (65,000 flats) remained unsold. For the average homebuyer this market trend would mean a further fall in property rates post Diwali.
More : expressindia.com
Housing sector is shining again
Last August, Gurgaon real-estate broker S Karan was planning to move out of his tiny basement office in a small building to a fancy new one in one of the tall steel-and-glass buildings that have become the signature of this booming Delhi suburb.
Then, Lehman Brothers, one of the Big Four investment banks in the US, collapsed on September 15, sparking off a global recession, an Indian economic slowdown, and a slump in the once booming real-estate sector.
Karan (34) then thought his dreams would remain still-born — till the first signs of a recovery in the first quarter of 2009-10. Usually, we seal 70 per cent of our deals around Diwali. Last year, that figure dropped to 30 per cent.
More : hindustantimes.com
City is finally home to a permanent youth shelter
A permanent shelter for at-risk youth has opened without much fanfare, and is quietly operating on Norwich Street East.
The eight-bed facility, operated by Wyndham House on 18 Norwich St. E., opened on July 30. The property was bought by the city in August 2008 for $530,000 and $357,000 in renovations was completed by late July. Most of the capital cost for the project was covered through a provincial grant, with about $77,124 coming from the city’s affordable housing reserve.
According to a city council report, it is estimated the new shelter will need $482,103 to operate in 2010. The capital and operating costs fall to the city, outside of available provincial subsidies.
More : news.guelphmercury.com
Four held for gold heist
In a plot similar to that of Bollywood film Aankhen in which the protagonist plans a robbery at the bank from where he was sacked, Santosh Kumar (23) conspired with his associates to rob his employer in Shalimar Bagh in January this year. Kumar, after he was sacked by Manappuram Finance Company, and his accomplices allegedly looted 11.4kg gold and Rs 2.3 lakh from the firm’s branch in Shalimar Bagh on January 29.
Four persons Mintu (23), Harish (26), Shankar Das (28) were apprehended on September 9 with a bag in Shalimar Bagh. It was during their questioning that we came to know the four were connected to the robbery. We later nabbed Mithai Munni Lal, a Jaunpur-based gold smith, who received looted gold,'’ said police commissioner Y S Dadwal.
Police seized Rs 8.69 lakh cash, 342.2 gram gold worth Rs 5.22 lakh, movable property worth Rs 3.81 lakh and documents related to immovable property worth Rs 35.81 lakh from the accused.
More : timesofindia.indiatimes.com
Yesterday once more: Realty firms start raising prices
DLF, the countrys largest property developer, will soon conduct a poll among property brokers to decide the pricing and number of apartments to be offered in the second phase of its Capital Greens project in West Delhi.
Its a novel experiment, but property brokers in Delhi say the company is trying to test the waters in view of the vastly changed situation in the real estate market.
Though DLFs spokesman said the company is yet to fix a final price, feedback from brokers suggests the company is exploring the option of charging around Rs 7,000 a square foot (sq ft). At this level, the price is 56 per cent more than Rs 4,500 a sq ft it charged in the first phase of Capital Greens, when DLF had sold 1,356 apartments in a single day in April this year.
More : business-standard.com
Leela Aims to Unseat Rivals as Top Luxury Hotel Chain in India
In a country where information technology is the largest industry, the Leela Palaces, Hotels and Resorts organization aspires to become the best-known brand in India’s growing hotel corridor.
Leela’s newest property is the Leela Kempinski Gurgaon in the fast-growing suburb of Delhi. Since its soft opening in April, the hotel has posted occupancy rates in the low 70s.
Between July 14 and July 24, the hotel was sold out, according to hotel officials. They say guest demand in India is for 100,000 to 150,000 new hotel rooms, particularly at business-oriented properties.
More : realestatechannel.com
Wealthy Indians look to buy property on foreign shores
Call it the turn of the tide. Wealthy Indians are making the most of the Make home loan repayment easy downside and are again choosing to buy property onforeign shores after a decline in 2008. The US sub prime crisis and the global economic downturn is making Indians eye good bargains in international markets. According to international property brokers in India, the number of transactions have gone up by 15-20% in comparison to the same period last year.
Says Samir Chopra, CMD, Re/Max India, an international property broker with presence in over 73 countries across the world, There has been more interest over the last six months. Firstly, prices especially in the US are quite low as compared to earlier. Also, a lot of HNIs (high networth individuals) who send their children for education are also looking at buying property outside. Moreover, RBI has relaxed foreign expenditure to $200,000 (Rs 1 cr) per year…so many HNIs prefer to buy during March-April as it increases their buying power from $200,000 to $400,000.
In fact, the permissible level could go up to Rs 4 cr if both husband and wife buy a property together and the payment gets split in March and April.
More : economictimes.indiatimes.com
Prime Indian property prices up 15%
With residential demand on rise once more, particularly in key destinations such as New Delhi and Mumbai, India property prices in these regions have appreciated by up to 15% in recent months, as developers seek to cash in, by increasing prices across their projects.
Experts monitoring the Indian property market fear that the there recent hike in property prices could adversely affect demand.
Vikas Chimakurthy of Realty fund Kotak Investment Advisors said: There was a substantial demand, especially in the mature markets, after prices dropped a few months ago.
More : homesoverseas.co.uk
Intellectual Property Training Programs Funded
As part of United States efforts to combat transnational crime and promote the protection of intellectual property rights (IPR) worldwide, the State Department has approved eleven projects totaling $3.9 million in Fiscal Year 2009 (FY09) anticrime funds. These funds will enable U.S. law enforcement agencies and diplomatic missions to collaborate in the delivery of criminal enforcement training and technical assistance programs on IPR protection to foreign law enforcement partners.
Training and technical assistance in the investigation and prosecution of IPR crime will be provided to foreign law enforcement partners in nations across the Pacific Rim, Latin America, Eastern Europe and Sub-Saharan Africa.
The Bureau of International Narcotics and Law Enforcement Affairs and the Bureau of Economic, Energy and Business Affairs selected the projects after considering input from industry, other Federal agencies, our overseas missions, and Congress.
More : state.gov
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More : bignews.biz
Delhi HC allows DDA to take charge of its prime land near Safdarjung
The Delhi High Court dismissed the petition of the residents of a prime property near Safdarjung hospital who wanted directions from the court for DDA that they should not dispossess them from their land even though their names are not on the revenue records.
The DDA claims the ownership of the land, nearly 65 acres, situated at the prime location of village Pilani Hasanpur, near Safdarjung hospital. About 14 families are in possession of this land and claim that their forefathers were the owners of this land. The land is required to build a hospital for the sports injury centre and also for construction of Delhi Metro Rail Corporation (DMRC) station.
Earlier, Justice Rajiv Sahai Endlaw, on August 24, last ruled that the 14 petitioners had no document to prove their ownership of the land nor is there any record to show that they have been allotted the land as compensation, the court ruled.
More : indlawnews.com
Emaar races to finish Delhi Games project
Emaar MGF is working around the clock to ensure that its US$300 million (Dh1.1 billion) Commonwealth Games Village project in Delhi is finished on time.
More than 7,000 labourers are crammed around the 34 towers on the 11-hectare site, living in a makeshift village on its fringes and toiling day and night to complete the project by the deadline of March next year.
Logistics-wise, this is one of the most challenging projects which may exist in this country, said Sanjay Malhotra, the chief operating officer of Emaar MGF, the Dubai property giants Indian joint venture. Theres very little free space for labour camps and the storage yards.
More : thenational.ae
Amrapali’s apartment complex
Delhi-based Amrapali group has launched Amrapali Empire on NH24 at Ghazaibad. Spread over 16,000 sq.mt, the complex offers two- and three-BHK apartments ranging from 1,000 sq.ft to 1,650 sq.ft. Prices start at Rs 22 lakh and go up to Rs 37 lakh. The project is to be completed within 27 months, according to a press release.
Facilities include full power back-up for essential functions, a club membership that includes access to swimming pool, gym, play school, community hall and round-the-clock water supply, security, fire-fighting facilities and lifts. Amrapali Group has launched four projects and sold more than 3,000 flats over the last four months in Delhi-NCR.
Apart from Amrapali Empire, the group is also setting up a project at Sector 70, Noida, a developed and well-connected location in NCR. The initial market response has been quite encouraging and the formal launch is eagerly awaited, says the release.
More : thehindubusinessline.com
MCD launches amnesty scheme for tax defaulters
Not paying your property tax can land you behind bars for a period of seven years now. The Municipal Corporation of Delhi (MCD) has
launched am amnesty scheme under which tax defaulters can clear their dues without having to pay a penalty or the interest amount. But those who fail to pay the tax by October will not only face penalties like sealing of bank accounts and attachment of property but may also be jailed for a period of seven years.
Said mayor Kanwar Sain: The 30% penalty will be waived off for those paying property tax dues before October 31. In addition to this, 1% interest levied every month on unpaid amount will not be charged from them. The amnesty scheme will be open from Tuesday to October 31.’ For the scheme, the civic agency has constituted special teams in all the 12 zones and the property tax headquarter at Lajpat Nagar.
Under the scheme, all the property tax payers in the city will get a special identification number similar to Permanent Account Number from the civic agency. In future, the facility will be extended to other property owners too, added Sain.
More : timesofindia.indiatimes.com
After a lull, land deals make a comeback
The slowdown in the property market, induced by the global meltdown and negative sentiments, had dealt a body blow to the mega land deals, in the country. But the gloom seems to be finally lifting. Coinciding with the return of buyer interest in select pockets of residential market and the improved liquidity position of builders, land auctions are inching back into the spotlight.
Consider this. DLF Ltd recently made headlines when it walked away with 350.7 acres in Gurgaon, for an estimated Rs 1,750 crore, marking one of the largest land deals in the country. The prime land, on the Gurgaon-Faridabad road, had been put on the block for re-bid after the only bidder in the first round (DLF) had drawn attention to certain difficulties in project implementation.
HSIIDC (Haryana State Industrial & Infrastructure Development Corporation) re-invited bids in July this year with easier terms and conditions, including staggered payment plan spread over seven years. This time, DLF clinched the deal with its winning bid of Rs 12,000 per square metre — two other bidders did not qualify on technical grounds.
More : thehindubusinessline.com
Harley-Davidson Scouting Locations for New Plant
Harley-Davidson is scouting sites in four states as it mulls a decision to move its York, PA, manufacturing facility – the largest Harley plant in the country – to the Midwest.
According to recent reports, officials from the Milwaukee-based motorcycle manufacturer have toured locations in Murfreesboro, TN; Shelbyville, IN; Shelbyville, KY; and Kansas City, MO.
In May, Harley-Davidson Motor Co. announced that it was considering closing its 1.5 million-square-foot York plant, which employs more than 2,300 people but has struggled to remain cost-effective, the company said. Harley Davidsons second quarter net income dropped 91 percent from the previous year.
More : costar.com
Property owners may soon have guaranteed title deeds
In a move to promote efficient land markets and enhance the capitalisation potential of property, urban
development ministry has
asked state governments and local bodies to speed up the property title certification
system (PTCS) to grant conclusive title guarantee, as part of the reforms agenda under Jawaharlal Nehru Urban Renewal Mission (JNNURM).
In what may revolutionise the land market, the government guaranteed title will ensure easy transfer of property, raise its value and its securitisation. The ambitious plan assumes significance given rampant title frauds and growing number of identity frauds on mortgages that have afflicted the property market.
To start with, the ministry has suggested that city authorities maintain three sets of registers – register of titles, register for disputes and register for charges and covenants – which together would constitute complete record of title of all properties.
More : timesofindia.indiatimes.com
DLF bags deal worth Rs 1750cr
DLF has bagged the country’s largest land deal so far for Rs 1,750 crore, barely two days after it emerged as the sole bidder for the 350.7 acres of prime real estate in Gurgaon.
This is also seen as a sign of revival of real estate in the country. The land was originally tendered in January 2009, but not much interest was shown by the developers so the authority decided to shelve the process. It was put for re-bid later this year and received three bids.
Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) MD, Rajeev Arora said that they have sent the letter of acceptance to the developer. The industrial authority had disqualified two other bidders — Unitech and Bharti Realty — on technical grounds, though their financial bids were better than that of DLF.
More : timesofindia.indiatimes.com