08 -Sep-2015: | Mumbai’s largest-ever property deal: Kumar Mangalam Birla to pay Rs 425 crore for sea-facing Jatia House
Description : Kumar Mangalam Birla, chairman of the $41-billion Aditya Birla Group, outbid rivals to emerge as the highest bidder for the sea-facing Jatia House in Mumbai's largest-ever property deal. Birla agreed to pay Rs 425 crore to buy the two-storey house in the city's tony Malabar Hill area on Monday after a day-long auction.
Birla pipped five bidders, including Ajay Piramal 's Piramal Realty, for the 30,000 sq ft bungalow. Birla has already paid a 10% token of the entire amount.
07 -Sep-2015: | Connaught Place to get a new food and fashion zone
Description : NEW DELHI: After the success of CyberHub, real estate giant DLF's food destination in Gurgaon, a dining and fashion zone modelled on similar lines is set to be launched in the capital's commercial centre Connaught Place. The Colonnade, promoted by the Akoi Group, owner of the luxury hotel The Imperial, is scheduled to open in November with about 50,000 square feet of retail space. While restaurant brands such as Jamie's Pizzeria by Jamie Oliver, Cafe Delhi Heights, Mamagoto and Beer Cafe have already signed on, top end fashion retailers including Zara, Forever and Gap are in talks to set up stores at the Colonnade.
Although modelled on the lines of CyberHub, the property is different because it will club fashion lifestyle brands, too, said Manav Deep Singh, director at the Colonnade. He said the Colonnade is being developed in two tranches, starting with the food and beverage section, which will bring together casual and fine-dine options. The second phase will see high-end fashion retail brands come on board, he said.
"We're confident of footfalls... we're choosing the brands carefully. These are all premium brands which naturally generate consumption pull," he said.
The Colonnade is located in B block of the bustling Connaught Place. B block is a high-cost property, with rentals at Rs 250-300 per square foot, according to property consultant Jones Lang LaSalle. In comparison, DLF Cyber-Hub commands rates of Rs 350 per sq. ft. Grouping of F&B spaces always helps in improving footfalls, said Pankaj Renjhen, managing director for retail services at JLL India.
06 -Sep-2015: | Survey to shift 315 families for Dwarka e-way complete
Description : GURGAON: HUDA has completed its survey to provide alternative land to more than 300 residents in New Palam Vihar whose houses will have to be shifted for the construction of the Dwarka expressway.
Of the 359 applications, only 315 were coming in the way of the Dwarka expressway, according to the survey. "Except for Kherki Daula, all other areas falling in the alignment of the Dwarka expressway have been surveyed. Of the 359 applications we received, 44 plots in Sector 110A don't fall in the alignment of the expressway," said Om Prakash, HUDA's estate officer.
He said the urban development authority would shortly be finalizing the list of claimants in Sector 110A, who will be allotted alternative plots.
HUDA had started a land survey exercise on July 23 of plots and homes to be relocated after acquisition for completion of the Dwarka expressway (NPR) project. The land survey, which was launched on July 23, was jointly carried out by HUDA's estate officer-1, land acquisition officer and district town planner.
Following directives of the Punjab and Haryana high court, a team of 13 officials had started surveys of land to be acquired in areas falling in the alignment of the Dwarka expressway project.
06 -Sep-2015: | Microsoft may spend billions to revamp its headquarters with apartments, retail stores and open space
Description : The overhaul of Microsoft's campus, which is about 13 miles outside of Seattle, would be primarily designed to create more open space for workers to collaborate, instead of the private offices that currently make up much of the square footage in the buildings, the report says.
06 -Sep-2015: | Gurgaon's DTCP defers draw of affordable flats by Supertech after buyers cry foul
Description : GURGAON: In a first such case, the department of town and country planning (DTCP) has partially deferred the second phase of the lucky draw carried out by developer Supertech Limited, for its affordable housing project in Gurgaon, late on Friday evening. It is likely to take up the matter on Monday, to decide on future course of action.
The developer had held the first phase of the lucky draw at Epicenter on Friday afternoon, for its 12.1-acre project, Basera, located in Sector 79 and Sector 79B of Gurgaon-Manesar urban complex region. The project has 1,976 flats, including 112 1BHK, 1,744 2BHK (Category A) and 120 2BHK (Category B) units.
Sources said the draw for the 1BKH flats was conducted peacefully, but applicants expressed their concerns as soon as the draw for the 2BHK flats began.
According to the affordable housing policy of 2013, all applicants are to submit affidavits claiming they do not own any flat/plot in any HUDA colony. If their application gets selected in one or more such project, they can retain only one such flat.
The policy also states that the builder can exercise its discretion to allot up to 5% of the total number of flats approved in the building plans.
"We noticed irregularities in the draw for the 120 flats in the 2BHK (Category B). The developer had reserved 93 of the 99 flats he was entitled to from flats in this in-demand category. We have now asked the DTCP director general to take action against the developer for irregularities in the draw," said Sanjay Kumar, one of the applicants.
The 2BHK (Category B) flats are among the biggest flats on offer.
V K Goel, the Gurgaon senior town planner, told TOI, "The allotment of the 120 flats has been deferred as per demands of applicants. A clarification, regarding which flats and how many in each category the builder can reserve under its quota, has been sought."
He confirmed that applicants have sent a letter to the DTCP director general, seeking clarification on the same. "Only after we receive a reply to this letter, will we be able to take a decision on the remaining flats," Goel added.
Deputy commissioner T L Satyaprakash told TOI that after the draw, applicants alleged irregularities and raised the issue of 'grey areas' in the policy before him. They also forwarded the letter to DTCP. "I will follow it up with the higher authorities and resolve the grievances soon," he said.
Despite repeated calls, the developer's spokesperson could not be reached for comments.
06 -Sep-2015: | Cabinet okays exemption of 13 central laws from land Act
Description : NEW DELHI: The Cabinet on Wednesday approved the Centre's decision to issue an order under the `removal of difficulties' clause to ensure that exemption of 13 central laws from the land acquisition Act remains valid even after the land ordinance lapsed on August 31.
The land ordinance, which faced considerable political opposition, had incorporated the exemptions along with other measures to make land acquisition a less time consuming and complex process as set out by the 2013 Act.
After the government decided to allow the land ordinance to lapse and wait for the report of the joint committee of Parliament examining the bill, it passed an order validating the exemption of 13 central laws. The issue was discussed by the Cabinet and could figure as part of a larger debate on farm crisis and reforms at the meeting of the Sangh Parivar currently in progress in the capital.
In his `Mann Ki Baat' radio address, PM Narendra Modi had referred to the decision to allow the ordinance to lapse, blaming it on what he said was a concerted disin formation campaign to label the proposed chances as anti-farmer.
Finance minister Arun Jaitley has said the 2013 Act was riddled with contradictions and drafting errors that created contradictions and several of the changes the NDA government proposed were intended to iron out these mistakes.
The order issued by government under the removal of difficulties clause (Section 113) in the land Act extended the provisions relating to determination of compensation, rehabilitation and resettlement to all cases of land acquisition under 13 central laws which were left out in the 2013 law By using the clause, the government did away with the need to is sue the controversial land ordinance for a record fourth time.
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