Delhi: Builder Arrested for Allegedly Duping Investors Worth Over Rs. 30 crore

New Delhi:  A 42-year-old builder has been arrested for allegedly duping investors for over R

s.

 30 crore on promise of providing them residential properties, police said today.

Manoj Bhardwaj, a resident of Khanpur area, was arrested by the Economic Offences Wing (EOW) of Delhi Police on April 3.

The accused had floated a company without prior registration and land sanction of site plan.

"Manoj had formed M/s Arun Dev Builders Ltd in 1997. His company in 2006 had proposed a township project 'Arun Dev City - Haridwar' without having prior registration, land, approval/sanction of site plan etc.

"Manoj induced gullible investors by showing rosy pictures through luring brochures and advertisement and collected a huge amount of Rs. 36 crore, taking bookings from around 1,500 investors," DCP (EOW) Sanjay Tyagi said.

with thanks : NDTV : LINK : for detailed news.

Around $16 billion locked in Mumbai's fund-starved real estate sector

Close to Rs1,00,000 crore (around $16 billion) by private equity funds is locked in the fund-starved real estate sector as hundreds of projects get delayed across the country and investors struggle for an exit.

Over and above, investments worth around $1 billion are waiting to be deployed in the sector as the fund managers continue to scout for "quality" projects to ensure a steady cash flow for their investors.

The sector now pins its hopes on a stable government in New Delhi that could drive up the market and bring in a new policy framework.

Ever since banks dropped developers from their client list a few years ago and reduced exposure to the "risky" real estate sector at the behest of the RBI, the sector has been at the mercy of private equity (PE) funds. The PE players raised huge funds from the domestic market as well as foreign (offshore) markets promising their investors attractive returns. In return, developers who sourced funds from PE players are doling out a steep 20-30% interest to the funds, making their projects expensive.

with thanks : DNAINDIA : LINK : for detailed news.

Buying Property? Get Ready to Pay Seller’s Dues to EB

A person purchasing a property cannot demand a fresh electricity connection without settling the dues left behind by the erstwhile owner, the Madras High Court has observed.

“A property buyer steps into the shoes of the  erstwhile owner. He has to pay the outstanding dues as condition precedent for seeking restoration of electricity supply or fresh connection for the same property,” Justice D Hariparanthaman said.

To ensure that the verdict is enforced uniformly without any ambiguity, he also directed the TN Electricity Board chairman to issue circulars to all his subordinate engineers.

“The TNEB chairman is directed to circulate this judgment to all superintending engineers concerned to insist upon payment of dues of erstwhile consumers in the premises for which electricity supply has been disconnected for default in payment of dues, by the subsequent purchasers,” the judge said.

Earlier, invoking the ‘buyers beware’ principle, TNEB counsel SMS Johny Basha and S Srimathy told the bench that law contemplates that the buyer should be careful before purchasing a property.

with thanks : NewIndianExpress : LINK : for detailed news.

Puravankara Sells 50% Stake in Kochi Project to Sobha Developers

Real estate developers Puravankara Projects has sold 50 per cent stake in its upcoming project in Kochi to Sobha Developers for Rs 326 crore.

With this deal, both the companies will jointly develop a housing project on the 16.69 acres of land near Marine Drive in Kochi. The company has entered into a co-owner agreement with Sobha Developers to develop this project.

“This is to inform that the Puravankara Projects has sold by way of sale deed and agreement for sale to Sobha Developers Ltd lands in Marine Drive, Kochi, Kerala, and as co-owner, Sobha Developers would be constructing a residential project at Marine Drive in Kochi, Kerala,” Puravankara said in a

filing to the Bombay Stock Exchange. “The total consideration of `326.56 crore will be paid by Sobha Developers,” Puravankara said. Puravankara has already got `161.56 crore and Sobha Developers would pay rest of the amount within nine months from the date of receipt of plan approval.

“The company will be using the proceeds substantially to prepay debt,” Puravankara said.

In a separate filing, Sobha Developers said: “The total consideration for acquiring the co-ownership rights is `326 crore”.

Sobha said it will undertake the construction of the project and will be entitled to the cost of construction plus a mark-up of 10 per cent over and above such cost.

with thanks : newindianexpress : LINK : for detailed news.

Delhi high court raps corpn on illegal properties

NEW DELHI: The Delhi high court on Monday lashed out at South Delhi Municipal Corporation for glossing over illegal constructions mushrooming in Mehrauli .

Justice S K Mishra gave two days time to the SDMC to ensure unauthorized constructions in more than half a dozen properties in the area is razed immediately.

HC warned it will not tolerate "cosmetic makeup" by which the corporation attempts to portray it has taken action against illegal construction. The court was quick to discover that most of the claims of the SDMC were superficial as far as its assurance of taking action is concerned.

It pulled up the agency saying lack of action despite repeated orders smacked of collusion with the accused property owners and warned the agency of strict action in case it fails to honour court orders.

with thanks : Times of India : LINK : for detailed news.

Capitol Alert: As California property values rise, owners see big tax bill hikes

The revival of California's economy and a rising housing market mean some hefty property tax increases for homeowners, the Legislature's budget analyst believes.

When property values were dropping sharply during recession, county tax assessors adjusted tax rolls downward, which then lowered property tax bills. Many property owners also applied for reductions.

The average homeowner saw a $1,600 property tax cut while those for commercial property averaged $7,500. "In total, temporary property tax reductions depressed local government property tax revenues by an estimated $7 billion in 2013-14, amounting to a 15 percent reduction statewide," theLegislative Analyst's Office (LAO) says in anew report.

But with a rising market, the LAO says those cuts are being rescinded, as state law allows, and some property owners may see tax increases as high as 20 percent. It notes that home values rose statewide by 12 percent in 2012, but those increases were not immediately reflected in property tax bills.

with thanks : fresnobee : LINK : for detailed news.

Read more here: http://www.fresnobee.com/2014/05/05/3910901/capitol-alert-as-california-property.html#storylink=cpy

Latest trends in new homes

We are all as different and unique as our fingerprints, and your dream home should fit you like a glove. Take your time and shop the market for all the perks and perfections that your new-construction home buying budget can buy.

GOING GREEN AND SAVE MONEY

 The buzz word today is “green,” and the finer newly constructed houses have mastered this art to perfection.

 Energy-saving home features include alternative energy resources that not only protect the environment but also keep the utility costs down. Solar paneling and wind generation power along with a combination of other money-saving strategies are perks found in some modern neighborhoods.

 Ask your builder to double-up on the insulation, add extra rubber stripping beneath the doors and opt for advanced windows to keep the air temperature comfortable.

CREATURE COMFORTS

 Let builders entertain you with a variety of media perks to woo and court the fussiest buyer.

 Home theater rooms are no longer a luxury, but rather are becoming the norm. In addition, built-in sophisticated security systems add a special touch to set the property apart from the pack.

 Not to be neglected is the outdoor living space that when carefully planned can provide a backyard entertaining area with or without a pool.

KITCHENS AND COMMON AREAS

With thanks : TCTimes : LINK : for detailed news.