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दिसंबर में आएगी फ्लैटों की योजना

तय हो रहा योजना में श्रेणीवार आरक्षण
नोएडा। प्राधिकरण के 866 फ्लैटों की योजना दिसंबर के पहले सप्ताह में आने की उम्मीद है। प्राधिकरण अभी आरक्षित श्रेणी के अनुसार फ्लैटों की संख्या तय करने में जुटा है।
दरअसल, प्राधिकरण की आवासीय योजनाओं में उद्यमियों, व्यवसायियों, किसानों और प्राधिकरण कर्मचारियों को आरक्षण मिलता है। इस हिसाब से करीब 50 फीसदी फ्लैट आरक्षित श्रेणी में आ जाते हैं। उसके बाद बचे हुए फ्लैटों पर सामान्य लोग आवेदन कर सकते हैं। इसी आरक्षण के हिसाब से फ्लैटों की संख्या तय की जा रही है। यह काम सप्ताह भर में पूरा कर लिया जाएगा। योजना का आवेदन पत्र तो एक होगा, लेकिन श्रमिक कुंज, ईडब्ल्यूएस, एलआईजी, एमआईजी और एचआईजी फ्लैटों में से किस श्रेणी के लिए आवेदन कर रहे हैं, इसका जिक्र करना होगा। इसी श्रेणी के हिसाब से ड्रॉ होगा।
गौरतलब है कि 866 फ्लैटों में से 485 श्रमिक कुंज, 150 ईडब्ल्यूएस, 143 एलआईजी, 41 एमआईजी और 47 एचआईजी फ्लैट हैं। श्रमिक कुंज सेक्टर-66, 73, 93, 110 और 122 में स्थित हैं। ईडब्ल्यूएस फ्लैट सेक्टर-73 और 99 में, एलआईजी फ्लैट सेक्टर-99 व 135 में, एमआईजी फ्लैट सेक्टर-100 में और एचआईजी फ्लैट सेक्टर-99 में स्थित हैं। प्राधिकरण ने एचआईजी फ्लैट की कीमत एक करोड़, एमआईजी की 59 लाख, एलआईजी की 35.51, ईडब्ल्यूएस की 9 व 10 लाख और श्रमिक कुंज की कीमत 4.70 लाख रुपये तय की है। डीसीईओ अखिलेश सिंह ने दिसंबर के पहले सप्ताह तक योजना को लॉन्च होने की उम्मीद जताई है।

Source:indianrealtynews.com

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Possessory title independent of Proprietorship

Possession of a property is a right recognized by law.

A person in actual physical possession of a property or any person entitled to its possession is said to possess the possessory title of the property.

This possessory title is independent of the proprietary title of the property. Possession by itself is a substantive right recognized by law and has legal advantages attached to it apart from the true owner’s title.

The right to possession is a heritable right and a transferable right. Even the equitable relief of declaration and injunction are available to the person in possession, as against any person threatening to infringe on it. Suits of possession are generally classified as based on proprietary title and on possessory title. Section 6 of the Specific Relief Act 1963 even treats possessory title in a way better than the proprietary title, in matters where the person in possession is dispossessed without his consent, otherwise than through due course of law.

In such matters, the person in possession or any person claiming through him may, by instituting a suit within six months of dispossession, recover possession of the property, notwithstanding any other title that may be set up in defence, in such a suit. If the person holding a possessory title is sought to be dispossessed, without his consent but in due course of law, the person holding possessory title is likely to succeed as against all people except the true owner.

Article 64 of the schedule to the Limitation Act 1963 recognizes that a person holding possessory title, that is while in possession of the property, on being dispossessed, can institute a suit for possession of the property within 12 years of the dispossession. This, the person holding the possessory title can do, even if he does not have the proprietary title.

Possessory title is nothing but a title derived from possession and is good against all except rightful owner and as held by the division bench of Bombay high court in the case of Mariumbi Aslam khan vs Vithoba Yeshwanta-such possessory title has all the features of an estate in land and like any other estate, it can be transferred inter vivos [literally, between the living. It identifies a gift made during the donor’s lifetime.] and can also be acquired by inheritance.

Possession has a two-fold value—it is evidence of ownership and is itself a foundation of right to possession.

Source: Times of India (Property), September 2013
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YEIDA revokes ban on transfer of land

In a huge relief to property owners, Yamuna Expressway Industrial Development Authority (YEIDA) passed a circular on 24th September allowing for land transfer, which had in 2011 been stopped after an order was passed by the Allahabad high court. In 2009, the Authority had launched a scheme of 21,000 residential plots. However, after the land row the court had imposed a stay.

Yamuna Expressway Authority CEO PC Gupta said that transfer of undisputed land can resume. “This decision has officially been circulated in all departments,” Gupta said. He added that there are 25,000 residential plots and a court stay exists on 12,000. While status quo will exist on the ones mired in legal proceedings, the rest of the plots can be easily transferred.

When asked about the impact of this decision on the realty sector, Credai (west UP) president and Gaursons MD Manoj Gaur said a positive impact will be seen on the real estate sector which is in a slump. “A positive sentiment in the market will be seen if properties can be transferred. Apart from that, the Authority will also be able to generate funds as registration duty which can be used for development purposes,” Gaur said.

Meanwhile, buyers and sellers have begun submitting applications for agreement to lease and transfer land. There are 21,000 plots in Sectors 18 and 20 of Yamuna Expressway which have borne the maximum brunt of the ban on transfers.

Source: Magicbricks.com, September 2013
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Saviour Builders Pvt Ltd – Times of India (Classifieds), September 22, 2013

Saviour Builders Pvt LtdSource: Times of India (Classifieds), September 22, 2013

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What holds NRIs from buying property in India?

This may be the right time for NRIs who wish to buy property in India but there are reasons which are holding them back. Developers across India acknowledge that the number of enquiries from NRIs have certainly increased in the wake of appreciation in US Dollar’s exchange rate against Rupee, but they are not necessarily translating into transactions.

Arjun Agarwal, director and chief executive officer of Bangalore-based real estate developer Bharatiya Urban, states different reasons for this. “Some are expecting more depreciation in the Rupee’s value, some want the dust to settle and some find prices unrealistic,” says Aggarwal.

Yashwant Dalal, president of the Estate Agents Association of India, at the other end, says, “For NRIs, who wish to book profits and liquidate their assets for some reasons, depreciation in Rupee’s value is not good news.”

“The actual returns squeeze when the gains in Rupee are converted into US Dollar,” he explains, adding, “In this scenario, an NRI buyer has no option but to re-invest in India and this may not always be the preference.”

Dalal, who is based out of Mumbai, also feels that property prices in Mumbai had reached the peak years ago, and now many parts of Navi Mumbai are also experiencing artificial hike. “Property prices at places such as Wadala and Sewri are touching the levels of Dadar,” Dalal adds.

AP Mull, president, Consulting Engineers Association of India, is also of the opinion that high property prices in Mumbai are keeping NRI buyers away from the market. As per industry reports, levels of property prices in Mumbai float at par with New York, London and Tokyo. However, the presence and quality of infrastructure in the city is far from the global standards.

Source: Magicbricks.com, September 2013
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‘Noida is transforming into a luxury destination’

From being an affordable housing destination, Noida – Greater Noida is slowly transforming into a hub of luxury and high-end projects. Many developers have recently launched residential projects in this segment. Unnati Fortune World that caters to the demand of an integrated community that includes Corporate IT Park, 5-star hotel & club, manmade-lake, playing area, residential units, entertainment zone and commercial places, is one of the developers who have launched maximum projects in the high-end segment. Anil Mithas, CMD, Unnati Fortune shares insights on the demand in the luxury segment of Noida and how it is transforming into a luxury destination. Excerpts from his interview with Neha Nagpal of MagicBricks.com Bureau:

Affordable housing is the need of the hour, but you have maximum launches in the luxury segment? What is the reason behind it?
There is demand in the market for luxury products. We are trying to meet this demand by creating affordable luxury. Considering the land cost, which is now demanding premium pricing, the projects are catering to the niche luxury segment. At the same time, we also have projects like Aranya Homes in Greater Noida West, which is an affordable housing project to meet the requirements of customers looking to buy/invest in the affordable housing segment.

What do you mean by affordable luxury?
We are offering a lot of amenities including gym, pool, power back-up, parking as part and parcel of the package at very affordable rates. A lot of builders offer these separately as luxury. Hence, we believe in the concept of amenities becoming basic necessities.

What is the demand and supply of luxury projects in Noida?
The demographics of the current society suggests a generation which wants to move away from the traditional concepts in housing. This in turn has created demand and is pushing the residential segment towards the premium and luxury segment. There is also an increase in double income families wherein, people are looking at investing in the luxury segment. Also, a lot of our clientele is looking to upgrading from 2 to 3/4BHK to augment their lifestyles.

What is the profile of the buyers?
Demand for luxury housing is mainly from high net worth individuals (HNIs), who aspire to reside in spaces which are in sync with their aspirational lifestyle with traction more towards end users.

There is a huge supply in Noida and Greater Noida and the occupancy rate is low. What makes you launch maximum of your projects in these areas?

NoidaGreater Noida is slated to be the destination next in DelhiNCR. Basis our understanding of the various market forces we believe in creating solutions for the demand which would create an environment to support the potential growth in this region.

Source: Magicbricks.com, September 2013
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Festive season, Market Conditions Beckon Investors

This festival season, as always, the real estate market is likely to see more offers from lenders and industry with rates holding steady.

People are slowly returning to the real estate market as an investment avenue. It began with the Reserve Bank of India (RBI) initiating some gradual steps to infuse more liquidity into the banking system to promote lending and growth. The industry has been demanding a softer monetary policy for some time now and these steps led to more interest in property on the back of expectations of easier loan terms.

This festival season, as always, is likely to witness more offers both from lenders and industry with rates holding steady.

Another development that is pointing to more investor interest in the real estate sector is the steady depreciation in the value of the rupee. With the dollar bringing in over Rs 60 now, NRIs earning in dollars are looking at investing in property here given the increasing capital values and rentals. The dollar gaining value translates to lower property prices for investors from abroad, making property an even more attractive option given the market conditions here.

Also, the rapid urbanization leading more people to relocate to cities in search of better opportunities is leading to a growing demand for property.

Given these market conditions, it makes sense for investors, especially high net worth investors, to evaluate their portfolio again. Property has a strong case to be a part of an investment portfolio. A portion of equity and equity-based products that are taking a beating at the bourses can be liquidated to raise the margin money. The tax benefits on a home loan to acquire a second property bring down the effective interest cost of the funds, and make the investment even more efficient.

A large number of investors entering the property market will mean a spike in the price graph. In this context, a project makes a good buy at the pre-launch offer stage, given the fact that it will command higher prices even as the construction progresses. Add to this the benefit of festival season offers from lenders, and investors have an attractive option that promises to beat the inflation effect over a period of time.

A key aspect of leveraging property to draw more from your investment portfolio is in efficient management of margin money and home loan finance.

Quick Bites:
A key aspect of leveraging property to draw more from your investment portfolio is in efficient management of margin money and home loan finance.

Source: Times of India (Property), September 2013
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Stable rupee will mean easing in Policy

The rupee will bounce back sharply once speculation decreases. The RBI is then expected to soften the monetary policy stance. Many analysts believe the fall in the value of the rupee is not based on strong fundamentals. The rupee will bounce back sharply once speculation comes down, they say. The RBI is then expected to soften the monetary policy stance. A tight liquidity condition and high interest rates will have an adverse impact on the growth rate. With the slide in the value of the rupee, the Reserve Bank of India (RBI) is expected to take further steps. Banks are under pressure because of the tight liquidity condition. There have been reports that they may increase interest rates on deposits and loans too.

However, many analysts believe the fall in the value of the rupee is not based on strong fundamentals. The rupee will bounce back sharply once speculation comes down. The RBI is then expected to soften the monetary policy stance. A tight liquidity condition and high interest rates will have an adverse impact on the growth rate. A home loan is driven more by the long-term interest rate movements in the economy. The focus of the RBI’s recent monetary tightening measures was to raise the interest rates on short-term instruments and gradually bring them down as the rupee stabilizes.

Source: Times of India (Property), September 2013
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Tenancy-in-common can be Changed

Team Times Property explains the legal process by which a joint tenancy can be converted into a tenancy-in-common.

Joint tenancy has four characteristics: distinguishing features of joint title, joint possession, joint interest, and the same time of commencement of title.

Tenancy-in-common has two basic characteristics: joint interest and the same time of commencement of title.

In tenancy-in-common, if a co-owner dies without leaving any testamentary document behind, the legal heirs can claim the property as per the law of succession. The property is not retained by other co-owners as per the doctrine of survivorship.

In tenancy-in-common, the specific share of every co-owner is somewhat defined. Where the specific shares are not clearly defined, every co-owner is deemed to have an equal share.

Section 45 of the Transfer of Property Act details joint transfer for consideration: “Where property is transferred for consideration to two or more people and it is paid out of a fund belonging to them in common, they are, in the absence of a contract to the contrary, respectively entitled to interests in the property identical, as nearly as may be, with the interests to which they were respectively entitled in the fund. Where such consideration is paid out of separate funds belonging to them respectively, they are, in the absence of a contract to the contrary, respectively entitled to interest in the property in proportion to the shares of the consideration which they respectively advanced.”

In the absence of evidence as to the interest in the funds to which they were respectively entitled, or as to the shares which they respectively advanced, they will be presumed to be equally interested in the property.

Joint tenancy can be converted into a tenancy-in-common when the shares of the joint tenants are defined with the consent of all the joint tenants, by partition, by sale of the property or share of any joint tenant.

If a coparcener expresses his individual intention in unequivocal language to separate himself from the rest of the family, that affects a partition, so far as he is concerned, from the rest of the family. By this process, a joint tenancy gets converted into tenancy-in-common.

Quick Bites:

  • In tenancy-in-common, if a co-owner dies without leaving any testamentary document behind, the legal heirs can claim the property as per the law of succession. the property is not retained by other co-owners as per the doctrine of survivorship.
  • Joint tenancy can be converted into a tenancy-in-common when the shares of the joint tenants are defined with the consent of all the joint tenants, by partition, by sale of the property or share of any joint tenant.

Source: Times of India (Property), September 2013
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‘ Work on 95% Projects will Come to a Stop’

Nine months since the National Green Tribunal (NGT) passed an interim order to stop use of underground water for construction in Noida and Greater Noida, it has taken cognizance of the violation of its orders against 12 developers. Sources reveal that this is just the tip of the iceberg and that if the Tribunal’s orders are properly implemented, work on more than 95% projects will come to a halt.

Dewatering a must for basements:
Many architects are of the opinion that the Tribunal’s order to stop groundwater extraction during construction is inconsistent with the construction plan approved by the development authorities. No basement, especially in projects close to river beds, can be constructed without dewatering the foundation.

“If you are building a 20-storey structure, you have to dig at least four metres under the ground for a basement. If you go higher, you need to dig deeper. How can a developer construct an apartment in projects close to the riverbed without dewatering the foundation,” asks AK Jain, a well-known architect and developer who has recently launched a luxury project, The Jewels of Noida, in Sector 75.

Pile foundation is an expensive alternative:
On there being a viable alternative to dewatering for basements, Jain says pile foundation is the only technique in civil engineering which can work, but the drawback is the high cost involved. “If a developer utilizes this pile foundation technique for a high-rise, he will not need to dewater the foundation. The problem, however, is that the cost of laying the piles is one-and-a-half times more than the cost for basement construction. So the total cost of the project will go up and buyers will not be able to afford it,” says Jain.

It is also suggested that since raft and pile foundations (and sometimes a combination of both) decrease the possibility of water extraction, this should be made mandatory in areas where the water table is quite high. As far as the requirement of parking in buildings is concerned, it should be provided in the upper floors of the apartment.

Says Pradeep Kharbanda, an architect and town planner, “In India any one can misuse natural resources in the name of development to earn high profits. Why do we need to go for basements and why can’t we make provisions for multi-storey parking by building one or two towers (blocks) in project/townships which will take care of all the residents’ parking requirements? Unfortunately, developers will not like this as it will reduce the salable area.”

“Some environmentally-conscious builders are taking precautions and are working towards logically dewatering through their own efforts,” says Kharbanda.

Amend Construction Plans:

  • Many civil engineering experts hold the development authorities responsible for the violation of the NGT order. “First of all, the approval of building plans for any area should be assessed on the basis of its water table.
  • “No project should be approved in areas where construction permits interfere with the water table. The development authorities should keep this in mind while giving approvals to any project in future,” says a senior professor of civil engineering from IIT, Delhi.

He adds, “Now when a lot of projects have already been approved and are under construction, the development authorities should take up each project and assess whether they can be constructed in compliance with the NGT’s order.”

Inadequate water supply from STP:
Another challenge in the implementation of the NGT order is the lack of adequate water supply from sewage treatment plants (STP) for construction. In its order delivered in January, 2013, the NGT prohibited developers to use underground water for construction purposes.

Though the concerned authorities claim to have enough STP water to fulfill every need, the developers dismiss it. “Most of the sewage treatment plants are defunct in Noida and Greater Noida. Those which are functional are unable to meet the huge water demand, so everyone is facing a difficult situation,” says Jain.

Many developers, who do not want to be named, admit that due to constant pressure by home-buyers to deliver projects on time, they cannot help but violate these norms.

“Authorities are unable to present the correct picture to the Tribunal. The industry is already under pressure due to several new developments. We are also accountable to home-buyers to deliver the project on time. The delay in delivery will invite penalty. Even if I get my building plan amended and adopt the combination of raft and piles foundation practice, how will I construct a building if I don’t get enough water supply from STPs,” asks a real estate developer.

International norms are against Dewatering:
Is dewatering for construction a common practice in other countries too? Experts say no. According to Rajesh Gulati, an NRI architect and one of the partners in DDG, an internationally renowned planning, architecture and design firm based in the US, developers should look for more innovative solutions instead of choosing the easiest way out – which is more often than not likely to be harmful for the environment.

“We have designed mixed- use projects across the globe, which are close to the ocean front/riverbeds with high water table. Building any basements in such spots is virtually impossible and definitely not practical. Diverse projects such as supermarkets, hotels, apartment towers and office buildings have been successfully accommodated in the same structure without resorting to a ‘dug-out basement’ concept,” says Gulati.

It is very common in the West to have an integrated approach to mixed-use planning. Typically, a structure incorporating parking entry ramps, lobbies of residential buildings/offices/hotels are all planned at the ground level. This practice is complex but highly successful and cost-effective, he adds.

Building experts say that there are quite a few places where height restrictions are in place, which necessitate underground construction. However, it is done with a lot of caution. “Authorities in some countries know that the cost to dewater and waterproof the basement is very high. The retaining walls too need to be designed to take water pressure from surrounding areas,” says an IIT Delhi professor from the civil engineering department.

For example, within the federal triangle area in Washington DC, no building can be higher than the Capitol Dome. Therefore, most builders have to pursue basement construction for parking. Also, there are areas close to airports where the height of buildings is restricted.

Source: Hindustan Times (Estates), September 2013
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