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DLF to Sell NTC Mill Land

2011 November 17


By Stampdutyregistration

DLF to Sell NTC Mill Land
Bankers expect land sale to fetch up to . 4,000 crore; Co had bought it for . 702 cr in 2005

DLF, India’s largest real estate developer, has decided to sell its prized asset — the 17.5-acre NTC Mill land in central Mumbai — which bankers estimate would fetch between . 3,000 crore and . 4,000 crore. This will make it one of the biggest land deals in the country. The company that bought the land for . 702.2 crore in 2005 has started the process of appointing investment bankers for the proposed transaction that is likely to complete in the current fiscal, said two persons familiar with the development.

More than four foreign investment bankers, including UBS, Morgan Stanley and Deutsche Bank, have already given presentations to the company. The appointment process is likely to complete by month end. Rajiv Talwar, group executive director, refused to comment. “We do not comment on market speculation.”

The proposed fund-raising exercise through sale of assets is in line with annual target to raise . 7,000 crore through this route, a company executive told ET on the condition of not to be named. The fund will be used to reduce its debt, which is slightly over . 21,000 crore. “The consultants are giving a guidance between . 2,500 crore and . 3,000 crore for the land, while the company is aiming to fetch a much higher price of . 4,000 crore,” the person said. Though DLF has stated it would sell only non-core assets and lands where it has no immediate development plan, the Mumbai land is considered to be of great importance for the country’s largest builder as it would have helped it to venture into the Mumbai market. The company has a bigger project in Mumbai near Mahalaxmi Race Course, which it would develop in consortium with Shapoorji Pallonji and Ackruti, the official said.

Besides the prized Mumbai land, the company also aims to culminate two more transactions in the third quarter ending December 2011. These include the sale of iconic Aman Resorts barring Aman Hotel Delhi (formerly Lodhi Hotel) and will be able to bring in HCL group as strategic partner in its life insurance joint venture DLF Pramerica in which the US based Prudential International has 26% stake, another person familiar with development said.

The company will raise another . 800 crore by end of this month through sale of two assets — a 25 acres land in Gurgaon to M3M for . 440 crore and its 71% stake in an IT Park in Noida to IDFC Private Equity, he added. It has already raised . 240 crore in the first quarter by selling small parcels of non-contiguous land.

Earlier this year, the company had planned to develop the NTC Mills land as Mumbai’s ‘largest luxury residential project’, with a saleable area of 4.7 million square feet and one of the largest parking lots in the city with an area of 25 lakh square feet. The company has received in principal approval of higher floor space index (FSI, the amount of construction allowed on a plot of land) granted for parking lots to develop the project. In Mumbai, developers get an FSI of four if they build a parking lot and hand that over to the government for public use. Given the current market rate, the saleable value of fully built up project will be over . 15,000 crore. However, it will take anything between five and seven years to complete the project of this magnitude in central Mumbai, , said one of the officials. Since the company intends to become zero debt company in next three years, and to less than . 15,000 crore by end of this fiscal, it has decided to divest some of the high value assets, he added.

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Supreme Court Paves Way for Lower Transfer Fees on Leased Civic Property

2011 November 17


By stampdutyregistration

In a huge relief for civic lessees, the Supreme Court (SC) held that the Brihanmumbai Municipal Corporation (BMC) could not charge 50% premium to transfer ownership of its leased property.

On Monday, the apex court disposed of four appeals filed by the BMC against a February 2011 judgment of the Bombay high court that set aside its decision to levy a 50% premium (fee) to transfer ownership of its properties given on lease in four cases.

According to real estate experts, the SC verdict is likely to boost redevelopment schemes on civic leasehold plots. This, they said, will put psychological pressure on asset pricing which is already seeing “historical highs” in Mumbai, especially in residential space. The only way out for the BMC now may be to consider amending or enacting a new law, said an expert.

The battle in the SC was the BMC’s appeal for its right to charge a hefty premium on a cumulatively large amount of its land given mostly on 999-year leases in the first half of the 1900s. The BMC owns 551 hectares in the city with 4,551 leased plots (all in the island city). Of these, 1,107 properties are in the process of transfer.

Whenever a lessee of a BMC property would transfer the property by way of assignment or sub-lease, the BMC would demand 50% premium on the grounds that the state also demands the same amount. The premium was 5% in 1972.

The BMC has issued very few leases that require its prior permission for affecting a transfer, the courts were told.

Senior lawyer Milind Sathe, who represented one of Mumbai’s leading developer from the Raheja group and the Maharashtra Chamber of Housing Industry (MCHI), argued in the apex court that for a premium to be charged, there had to be an authority in a contract or in law, when neither existed in the cases at hand.

The BMC, through attorney general Goolam Vahanvati, acknowledged that in the few leases before the court, the civic body cannot levy a transfer fee in the absence of a statutory or contractual authority, but he said the high court verdict had gone “Far beyond merely quashing their demand and had granted wide relief to the petitioners”.

The apex court’s decision has poured cold water on the civic body’s plan to garner over Rs 500 crore in transfer fees.
Additional municipal commissioner Aseem Gupta, in charge of the estates department, said he would be able to comment only after reading the order.

SEZ Bubble Bursts as More Developers Quit

2011 November 17

SEZ bubble bursts as more developers quit

3 Fresh Proposals To Withdraw, 16 Denotified


The Democratic Front government’s plans to promote Maharashtra as a destination for industrial investment has suffered a set back with a section of developers knocking the doors of the ministry of commerce for denotification of their special economic zones on the ground that there is no scope.

‘‘Sofar, a proposal for denotification of 16 SEZs has been approved and three more such proposals are pending before the ministry of commerce. These three proposals will be denotified within a week. It’s a big set back for Maharashtra,’’ a top bureaucrat told TOI on Monday.

More shocking was the fact that of the 19 proposals, eight have been submitted by the state-run Maharashtra Industrial Development Corporation (MIDC), which is expected to promote industrial development in adverse circumstances.

‘‘MIDC was setup for the promotion of industry. Under such circumstances, it was wrong on its part to submit applications for denotification of SEZs. Apparently, MIDC’s contention was that due to the negative response of its co-developers, it had no option, but to abandon the proposals,’’.

The MIDC has proposed denotification of its proposed biotechnology SEZ on 30 hectares of land near Pune and agro processing SEZ on 100 hectares of land near Akola. A private firm, which has proposed an IT sector SEZ near Pune, has also sought withdrawal on the ground that there was no demand for space.

The bureaucrat admitted that denotification of such a large number of proposals will result in a loss of proposed investment of Rs 31,000 crore and well over 5 lakhs jobs.‘‘The maximum number of denotified SEZs is in Maharashtra. Our information is that of the 60 denotified SEZs across the country, 19 are in Maharashtra,’’.

In year 2000, SEZs were projected as engines of growth. Now, a decade later, it appears that quite a large number of SEZs are stuck either in agitations or failure of the state government to bring about a comprehensive legislation, particularly on granting concessions. ‘‘Maharashtra was the first to formulate an SEZ policy, an Act was also drafted, but it was never passed by the legislature. Now we are facing a piquant situation. The countries, where we were targeting exports, have declined to accept our products due to the recession. As a result, most of the SEZs,which were operating, are facing closure,’’ .

The bureaucrat said it was high time that CM Prithviraj Chavan steps in and reviews the SEZ policy. ‘‘We had promised waiver in sales tax, octroi, electricity duty and stamp duty on all transactions. But in absence of legislation, there is no relief for developers,’’ .

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CLUSTER ReDevelopment Dilapidated Buildings in Mumbai

2011 November 17

A policy paper for a complete turn around of the Mumbai Metropolitan Region (MMR), by treating the redevelopment of dilapidated buildings and encroachments in Mumbai, Thane and Raigad districts as one cohesive urban unit,is under active consideration of the state government, chief minister Prithviraj Chavan told a delegation of Shiv Sena MLAs from Thane.

The CM is said to have suggested a higher FSI for the cluster redevelopment approach in the fast-growing urban landscape of Thane and Raigad,which could help transform the cities and rid them of the vertical slums and illegal buildings.

The CM told the Sena delegation that was led by Thane MLA Eknath Shinde that senior IAS officer T C Benjamin would shortly visit the area to study the ground realities. Instead of a fractured approach to the redevelopment plan in which each city or district is given a different FSI, the state’s strategy is to announce a uniform policy plan for the MMR area to facilitate speedy redevelopment, the CM is learnt to have told the delegation.

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Order on GPA Seen Hitting Realty Sales in New Delhi

2011 November 17

Order on GPA Seen Hitting Realty Sales


By Stampdutyregistration

New Delhi:

Experts analyzing the Supreme Court order barring the sale of properties through general power of attorney (GPA) and sale agreements (SA) said the ruling could reduce black money component in deals and reduce legal disputes.

However, they added that it would hit liquidity in the real estate market, bringing down the number of transactions in the short term. They said the order would cause hardship to owners who have bought dispute-free properties on GPA and SA. ‘70% Delhi realty sales done via GPA’

Lawyers and property consultants say the Supreme Court’s ruling on the sale of properties through general power of attorney (GPA) and sale agreements (SA) will hit owners of properties bought on GPA and SA because the paperwork wasn’t complete for a proper sale registration. Such owners will have problems selling these properties, senior lawyer Kumar Amit, who works for public sector banks that fund transactions through first power of attorney, said.

The SC had ruled that, effective prospectively from October 11, registered sale deed will be the only valid instrument of transaction of property in the country. The verdict is likely to affect a large number of property owners. A senior lawyer who vets sale documents for a leading bank estimated that around 70% of property sales in Delhi take place through GPA and SA.

Apartment owners in societies which have not got a completion certificate will find themselves on a sticky wicket because these flats cannot be converted into freehold. Until now, these properties could be sold through GPA and SA. The new ruling will effectively mean such apartments cannot be sold. Experts also say the verdict will raise the market value of freehold real estate while depressing the price of leasehold properties.

Those holding properties on GPA and SA will have to get a sale deed registered if they wish to sell the property. But lawyers pointed out that many of the owners may face problems getting sale deeds because their properties do not have a clean title. They said authorities must share part of the blame for the state of affairs.

“Take the erstwhile unauthorized colonies. Even after regularization, a large number of properties here are still owned through power of attorney because the authorities have never facilitated their conversion to freehold. With the SC ruling, these properties cannot be sold as the owners do not have property titles,” a lawyer said.

Flat owners in co-op societies without completion certificates and house owners in lal dora land won’t be able to sell Those who own property through general power of attorney won’t be able to sell unless they convert their papers into sale deed and get it registered
Banks unlikely to give loans for deals through GPA or sale agreements

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Reliance Industries Ltd, Wadhwa in talks to Develop BKC plot

2011 November 17


By Stampdutyregistration


Developer Wadhwa Group is believed to be at an advanced stage of negotiations with Mukesh Ambani’s Reliance Industries Ltd (RIL) to jointly develop an 18-acre Bandra-Kurla Complex (BKC) plot reserved for a convention centre, said sources familiar with the talks.

In January 2006, RIL won the bid for the plot when it quoted Rs 1,104 crore to the Mumbai Metropolitan Region Development Authority (MMRDA). Almost six years later, the plot is still lying vacant. A Wadhwa Group official declined to comment. A Reliance spokesperson said the plot cannot be developed because of pending litigation.

The plot has a development potential of around 80 lakh sq ft. Sources said if the deal goes through, Wadhwa will build the convention centre as well as Reliance’s new headquarters, hotel and mall on part of the land and hand it over to the company. The developer will get to exploit the remaining portion for commercial development. ‘‘Depending on how much portion Reliance plans to retain for itself, Wadhwa will have to shell out a premium of anywhere between Rs 1,000 crore to Rs 3,000 crore to RIL,’’ said sources.

When RIL won the bid in January 2006, a company representative had said Mumbai would soon get a world class convention-cum-exhibition centre ‘‘between Dubai and Singapore’’.

But the project never took off after younger brother Anil, whose Reliance Communications & Infrastructure Ltd (RCIL), which was also a strong contender for the plot, moved the Bombay high court. RCIL’s bid was Rs 1,011.12 crore, Rs 93 crore less than Mukesh’s.

RCIL objected when MMRDA granted additional built-up area to RIL after completion of the bidding process. RCIL questioned how MMRDA could give this ‘‘largesse and bonanza’’ to RIL after the ‘‘tender was duly approved’’. Describing the decision as ‘‘totally irrational, arbitrary and capricious’’, RCIL said it would have quoted a higher amount if it knew that MMRDA would sanction additional construction rights.

The MMRDA gave RIL the additional area it had sought for the convention centre as well as additional area for the commercial complex. The MMRDA sanctioned RIL 41,000 sq m that was to be used for the convention centre and 31,500 sq m for the commercial complex.

In 2009, with the litigation going no where and the project stuck, RIL asked (MMRDA) to refund the Rs 696 crore it had paid as premium for the additional built-up area. According to the tender condition, the winning bidder had to construct the centre within four years.

Interestingly, in 2004, when bids were invited for this plot, reserved for an exhibition-cum-exhibition centre in the BKC, the highest offer was Rs 75 crore made by a pandal decorator. The bid was promptly rejected because not only was it too low, the company wanted to defer payment.

Once the deal is concluded, it will be the second joint venture between Wadhwa and Reliance in the BKC. Last year, Wadhwa paid over Rs 1,000 crore to RIL to develop a 2.5-acre plot (C-66) in this commercial business district. RIL had purchased this plot for Rs 918 crore through a bidding process in 2007.

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US Mumbai properties worth 1K cr on the block

2011 November 16

The US government has given its consulates the nod to consolidate their real estate across India, estimated to be worth around Rs 5,000 crore. On Tuesday, the consulate in Mumbai put up sale notices on two prime properties estimated to be worth Rs 1,000 crore: the sea-facing Lincoln House at Breach Candy and the three-storey Washington House at Altamont Road. The consulate is set to relocate later this year to a new building constructed on about 10 acres at Bandra Kurla Complex.

The announcement has the real estate industry buzzing with excitement. “These are exclusive properties and bound to generate interest; the sale will give an indication of market sentiments in South Mumbai,” said the managing director of a global real estate firm, warning nevertheless that “one cannot benchmark the sale prices as ones persisting in the area”.

The two properties are bound to generate interest from buyers living abroad, said Aniruddh Wahal, director, DTZ, the real estate consultants who took out the advertisement on behalf of the consulate. “But then they will be bound by foreign direct investment norms.”

Lincoln House, spread across two acres, was formerly known as Wankaner Palace. Constructed in 1938 by the Maharaja of Wankaner (central Gujarat), the sprawling grade II heritage building offers an unrestricted view of the Arabian Sea. At present, it houses the office of the consulate general (the consulate’s principal officer), a consular section (an economic and political wing) and a management office. The property, estimated to be worth Rs 600 crore, “is an ideal location for a hotel”, said an experienced realtor. “A successful bidder could get a floor space index of up to 3, as Coastal Regulation Zone rules have been relaxed.”
Another realtor said that even before Lincoln House hit the market, 10-15 cash-rich corporate houses and individuals like Reliance Industries CMD Mukesh Ambani had privately voiced interest in it.
Washington House, home to senior consulate officials, is built on a little over half an acre and is estimated to be worth Rs 300 crore.

The US currently maintains residences and offices in New Delhi, Mumbai, Hyderabad, Kolkata, Chennai and Bangalore. It owns 38% of 340 residences; its offices number 25. The US embassy and the consulates pay rent of over Rs 20 crore per year.

A property expert said the Mumbai consulate’s decision is part of plans announced three years ago. The consulate’s new address at BKC is an integrated complex to house all its offices. A consulate official said it will provide better security and also facilitate better coordination of operations for the Western region, which in consular terms covers Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh and Goa.
Possible candidate for sale American Center At New Marine Lines, near the income tax office at Churchgate Built on about 3.5 acres Estimated worth is 350 crore Houses offices of the foreign commercial service (promotes US exports and trade), the food and drug administration, the public affairs section and the US-India Educational Foundation (manages the Fulbright-Nehru fellowship) Lincoln House On Bhulabhai Desai Road, Breach Candy Built on about 2 acres Is a grade II heritage mansion Estimated worth is 600 crore Formerly known as Wankaner Palace Constructed in 1938 by the Maharaja of Wankaner (central Gujarat) Offers an unrestricted view of the Arabian Sea.
Houses the office of the consul general (the consulate’s principal officer), a consular section (an economic and political wing) and a management office Washington House On Altamont Road
Built on a little over 0.5 acres Is a three-storey building Estimated worth is 300 crore Is home to senior consulate officials.

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Five Basic Elements of Vaastu Shastra

2011 November 8

Vaastu Shastra has clear-cut definitions——Vaastu means abode or a house & Shastra means science or technology, means it is the scientific method of house construction. Vaastu Shastra considers a house to be a living soul, having prana

1. EARTH (Bhumi) :

Earth, the third planet in order from the sun, is a big magnet with North and South poles as centres of attractions. Its magnetic field and gravitational force has telling effects on everything on the Earth, living and non-living. It is tilted by about 23% degrees at the meridian. It comprises of the land structure, landform, landscape, flora and fauna. It also establishes availability of local construction materials and their workability. In India, we worship our Bhumi and give her a place of our mother.

2. WATER (]al) :

This is represented by rain, river, sea and is in the form of liquid, solid (ice) and gas (steam, cloud). It forms part of every plant and animal. Our blood is nothing but water with haemoglobin and oxygen. The habitat and physical

life are where water is present. This is true for all life forms and eco-cultures. The type, form and pattern of life also greatly depend on relationship of earth and water. If we see our history, all the cultures had developed on the bank of any water bodies, so this shows the influence of the water on our life, since ages.

3. AIR (Vaayu) :

As a life—supporting element, air is very powerful life source. Pure air with oxygen is good for brain and blood. Atmosphere of earth which is about 400 kms., in depth, Oxygen, Nitrogen, Carbon-di-oxide, Helium, other gases, dust particles, humidity and vapour in certain proportions. Human physical comfort values are directly and sensitively dependent on correct humidity, airflow, and temperature of air, air pressure, air composition and its content. In this aspect, air deals with the entire body surface through skin, blood system——through respiration. Air also represents the movement.

4. FIRE (Sun) :

It represents light and heat without which the life will extinct. All the days and nights, seasons, energy, enthusiasm, passion, vigour is because of light and heat only. Sun is a source of mental energy too. Best minds evolve in a natural process where the sun was temperate. Not very hot, not very cold, just the right temperature of 24 degrees. The different zones with the variety of climate have distinctive culture and architecture. Sun has played an important role in development of visual qualities of architecture in terms of textures, colours and above all the expressions of vitality.

5. SPACE (Aakash) :

All the above elements are skillfully engineers towards the creation of physically comfortable, emotionally pleasant, intellectually determinant, totally vibrant and blissfully satisfying spaces for human shelter and habitat.

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Stamp Duty Act Changes And Uniformity Proposed

2011 August 9

Stamp Duty Act  Changes And Uniformity Proposed

Stamp duty is one of the main sources of revenue for states. Stamp duty is a form of tax that is levied on transactions such as buying and selling of land (real estate, immovable properties) and shares.

The Indian Stamp Duty Act might undergo some major changes as the government is set to implement a new legislation that will bring uniformity in the duty levied on transactions in financial instruments and avoid double taxation.

States have agreed in principle to the proposed changes in the 1899 Act.

According to a finance ministry official, a draft cabinet note has been circulated for inter-ministerial consultations and the bill could be introduced in the Monsoon session.

Stamp duty reforms are vitally important because the levy has been kept out of the proposed goods and services tax that seeks to replace a number of state and central indirect taxes.

The new legislation has proposed a uniform levy of 0.005% on all securities transactions, which will end complications due to differential rates among states. Uniformity in rate is good for the market but according to an expert the stamp duty rate proposed is on the higher side and can inflate already high transaction costs.

The new law will allow stock exchanges to collect stamp duty from the purchaser of a financial security and pass it on to the state government entitled to the tax. At present, brokers collect stamp duty on any sale or purchase of shares or financial instruments and deposit it with the state government.

The new framework, finalised over the past six years, will drop several provisions.

Apprenticeship deed, article of clerkship, award, cancellation deed, and charter party that currently attract stamp duty will be exempt if the current draft of the bill is accepted by the states.

The centre and stock market regulator SEBI had also asked states to either waive or rationalise stamp duty on financial transactions executed electronically to bring down transaction costs.

The duty levied on the total value of the transaction varies from state to state and this differential prompts brokers to shift to states with lower duties. Maharashtra levies stamp duty at the rate of 0.005% of the transaction value. Delhi levies it at 1,000 per 1 crore while Kerala charges 5,000 per 1 crore.

Lack of clarity in rules over the imposition of the levy also complicates matters and leads to double taxation.

Some states had also sought a change in overall duty structure from monetary value to a fixed-percentage based rate system.

States get a bulk of their revenues through stamp duty on real estate transactions, conveyance deeds and financial instruments. Parliament has the powers to prescribe stamp duty rates on instruments such as bills of exchange, cheques, promissory notes, bills of lading, letters of credit, insurance policies, transfer of shares, debentures and proxies.

In the case of other instruments, the power to prescribe rates rests with the states. The new bill will also provide for e-stamping and changes of all registry offices in India.

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StampDutyRegistration – Residential Property Plots – Land in India

2011 August 1

Residential Property Plots – Land in India

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