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Indian Real Estate News 4978 Replies
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Residential Property Prices Fall By 7% In Delhi, 15% In Kolkata The housing regulator said that even as residential property prices skyrocket, Delhi and Kolkata, are bucking the trend, reporting a decline of up to 15 per cent in the first quarter of this calendar year. As per the Residex for the period January-March 2010, a residential property index put together by the National Housing Bank (NHB) for the 15 biggest metros, the residential property rates in these two metros have come down sharply, signaling a correction in the market. While in Delhi property prices have crashed by 7 per cent as compared to July-December 2009, in Kolkata Read more the decline has been sharper at 15 per cent. In Delhi, the prices have dipped by
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Credit Suisse Downgrades DLF MANOJa
Super Mod… 7 years ago
Credit Suisse on Friday downgraded India’s DLF to underperform from neutral, citing continued weak operating performance in the September quarter. On Wednesday, the country’s top-listed real estate firm reported quarterly net profit fell 5 percent from a year earlier due to increases in land and construction costs. DLF shares had dropped 4.4 percent on Thursday, while the main stock index shed 1.4 percent. Comment
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Fin Min intervention sought to encash Rs 93 cr from Emaar MGF Agastya07
NEW DELHI: Taking exception to the "lapses" of a public sector bank in the Games Village episode, the Urban Development Ministry has sought the intervention of the Finance Ministry to encash the Rs 93 cr bank guarantee from builder Emaar MGF.
Veteran M… 7 years ago
The Urban Development Ministry has also asked the DDA to seek the presence of concerned authorities of the bank in the court. Emmar MGF , the developer of the Commonwealth Games Village, moved the Delhi High Court against the central government's direction to DDA to confiscate the company's Rs 183 crore bank guarantee. Deficiencies were found in construction besides the delay in completing the subject. Seeking the intervention of the Finance Ministry, a senior Urban Development Ministry official said, "We have written to the Finance Ministry including the banking division drawing their attention to the lapses on the part of the bank in not letting the DDA encash the entire guarantee money." The guarantee was furnished by the builder before taking up the construction of 1,168 flats in the Village on Yamuna river bank in east Delhi at a cost of over Rs 1,000 crores. Alleging lapses on the part of the PSU bank, the official said "the DDA could encash only Rs 90 crore and not the entire bank guarantee. Despite the DDA directive, the entire amount could not be encashed as clearly spelt out in the agreement." The court has asked for the status quo to be maintained till the further order in the case. Besides writing to the Finance Ministry "we have also sought the presence of the bank authorities in the court for its lapses," he said. Comment
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Will Emaar MGF be fourth time lucky in IPO efforts? Agastya07
Mumbai/Bangalore: Emaar MGF Land Ltd, the real estate company which built the athletes’ village for the Commonwealth Games, has filed a prospectus for the fourth time in four years to raise money from the equity markets. The company wants to raise some Rs. 1,600 crore to repay and prepay loans, pay for development charges, and redeem preference shares.
Veteran M… 7 years ago
Many of the problems that bedevilled its fund-raising efforts in three aborted attempts so far find their way into the latest draft document too, which Emaar MGF filed on 4 October. Emaar and its subsidiaries had a debt of Rs. 5,499 crore at the end of fiscal 2010 on a net worth of Rs. 4,805 crore. But it has to pay back Rs. 4,000 crore of debt this fiscal, some which it had to restructure earlier in the year. For fiscal 2010, the company made interest payments of Rs. 666.3 crore, according to its cash flow statement. This is more than its operating profit (before interest, taxes, depreciation and amortization) of Rs. 405.4 crore for the same year. While Emaar turned profitable in fiscal 2010 because it could book more revenue as projects neared completion, its outstanding debt is a burden on its finances. The initial public offering (IPO) will only help partially solve the problem, say analysts. Of the Rs. 1,600 crore it wants to raise, the firm has earmarked Rs. 83.6 crore for development charges and Rs. 614 crore for part-paying loans taken from UTI Mutual Fund, Royal Bank of Scotland NV (RBS) and Housing Development Finance Corp. Ltd, among others. Another Rs. 626 crore will go towards paying for the redeemable preference shares (RPS) to Horizon India BV. That amounts to some Rs. 1,323 crore (the rest being kept for other corporate expenses) and still leaves Emaar MGF with a large debt to pay this year. “We would like to clarify the amount Rs. 4,161 crore includes certain revolving facilities of Rs. 622 crore, which as a matter of routine get rolled over based on operational requirements,” the firm’s spokesperson said. The company has so far “paid debt aggregating to Rs. 457 crore till 30 September 2010 and further FCDs (fully convertible debentures) aggregating to Rs. 629 crore have been converted into RPS and maturity of the same extended by six years,” she added in an emailed response. “We are not sure how comfortable Emaar would be if at all they manage to raise the IPO money, because not many of their projects are generating liquidity and their debt obligations would still remain high,” said an analyst at a Mumbai-based brokerage who didn’t want to be named. The Rs. 1,600 crore which Emaar wants to raise is the smallest of its IPO efforts so far. The first time, it filed a prospectus in February 2007 to propose an issue of approximately 117 million equity shares to raise about Rs. 4,000 crore, but that didn’t take off. Then, in February 2008, it came up with a revised offer to raise some Rs. 7,000 crore. But despite lowering the price band by 15% and extending the offer by five days, the company had to call off that issue due to poor investor response. The third attempt was in 2009, when Emaar wanted to raise some Rs. 3,000 crore at a time when a lot of realty firms had raised money from the capital markets. Despite getting Securities and Exchange Board of India approval, Emaar did not go ahead with the issue and waited—as did many other realty firms. Comment
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Parsvanath Buys 38 Acre Railway Plot in Delhi for Rs 1652 Crore MANOJa
Super Mod… 7 years ago
In what is being called the biggest real estate deal in Delhi after the 2008-09 slowdown, Parsvnath Developers on Thursday bagged a 38-acre plot auctioned by the Rail Land Development Authority (RLDA) in Sarai Rohilla for R1,652 crore. At R43.4 crore per acre, this deal is second only to DLF’s pre-slowdown deal of R44.1 crore per acre, when it acquired 38 acres near Moti Nagar for R1,675 crore from the DCM group. “This property is going to change the skyline of Delhi, especially in terms of luxury houses, a school, hotel and luxury club,” Parsvnath chairman Pradeep Jain told HT. The plot is 5 km from Connaught Place, 3 km from New Delhi railway station and 2.5 km from Karol Bagh. While 19 bidders were shortlisted, only two put in the financial bid — Parsvnath and IndiaBulls, which quoted a price of R1,257 crore or R33.1 crore per acre. As per the terms of the sale, on 10 acres, Parsvnath will develop — for free — 500,000 sq ft of residential premises for railway employees, who are already staying there. On the remaining 28 acres, it will develop 23,00,000 sq ft of residential space, 335,000 sq ft of shopping, office and retail complexes and 100,000 sq ft of institutional area for schools and hospitals. “This is the biggest real estate deal when you consider the fact that 750 railway quarters are to be redeveloped free of cost,” said Anil Gupta, general manager (projects), RLDA, the nodal agency developing railway land across India. Comment
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HC allows DDA to encash Rs 90 crore Emaar MGF guarantee Agastya07
In a set back to real estate giant Emaar MGF, the builder of Commonwealth Games(CWG) village, the Delhi High Court today allowed the DDA to encash Rs 90 crore, which was deposited by the company as bank guarantee, for not completing the project on time.
Veteran M… 7 years ago
In an interim order, Justice Vipin Sanghi said that "the pay order for Rs 90 crore may be encashed (by the DDA)." The Court passed the order on a petition filed by the company seeking to restrain DDA from seizing the bank guarantees of Rs 183 crore as damages for not completing the project on time. The court, however, said that the rest of the amount of Rs 93 crore, shall not be encashed if it has not been encashed so far. Prime Minister Manmohan Singh had appointed a high-level committee headed by a former CAG to go into the allegations of corruption related to the mega sporting event. The committee, headed by former Comptroller and Auditor General (CAG) V K Shunglu, was asked to submit its report to the Prime Minister within three months. Comment
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MCG enlists 28 illegal colonies MANOJa
Super Mod… 7 years ago
The Municipal Corporation of Gurgaon (MCG) has submitted a list of 28 unauthorized colonies in the city which are fit to be taken under the ambit of the corporation. The authorization will ensure that these colonies receive basic amenities like drinking water, sewage management plans and well-laid roads. Last year, the MCG had prepared a list of 62 unauthorized colonies, all of which have already been evaluated by the corporation. A new list of 20 more colonies will be forwarded to the state government for consideration in the next two weeks, added officials. The new list includes areas like Saraswati Vihar, Ravi Nagar, Basai Enclave and Hans Enclave. Though the MCG has been looking after sectors like sanitation and solid waste management in these areas, a complete involvement would be possible only after the approval, said MCG commissioner R K Khullar. Comment
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I-T dept hot on trail of source of FDI in realty firm IREO MANOJa
Super Mod… 7 years ago
The income tax (I-T) department is hot on the trail of investments worth Rs7,316 crore made by 26 foreign entities in Gurgaon-based real estate company Ireo Group amid rising suspicion of "round tripping" by some of these investors. Round tripping refers to routing of investments by a resident of one country through another country back to his own country to evade taxes. Documents reviewed by Hindustan Times showed 20 Mauritius-based firms — all based out of a single address in the island nation — have made investments as equity shareholders Ireo. Another six Cyprus-based firms have invested through fully convertible debentures (FCDs) in the firm alleged to have links with BJP leader Sudhanshu Mittal. FCDs are instruments where the investor is given the option of converting the capital into equities or shares of the firm at a later date. I-T sleuths, which carried out search operations at Ireo’s office in Gurgaon last month and early this month, is scrutinising evidence to find out whether Indian resident entities have routed investments through shell companies in tax havens Mauritius and Cyprus in a specially created entity called Indian Real Estate Opportunity (IREO) Fund. It has also written to authorities in Mauritius and Cyprus seeking details of these firms. The company denied any links with Mittal, whose brother-in-law Lalit Goyal is a promoter of Ireo. It also maintained all its investments were legitimately routed adhering to established norms. "Sudhanshu Mittal has no connection with Ireo or its investors. The investment decisions and affairs of the fund are run by the fund managers based out of New York and Mauritius. We have supplied details of major investors in the IREO Fund to I-T authorities in 2008 and extended list is being submitted to them again," IREO group’s spokesperson said in an emailed response. Comment
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Real Estate Firm Unitech Sells 4.99mn sqft area for Rs 2312 Crore MANOJa
Super Mod… 7 years ago
Unitech Ltd , the country’s second largest real estate firm, has sold nearly five million sq ft of area, primarily housing, worth Rs 2,312 crore in the first half of this fiscal. “Close to five million sq ft sold during April-September 2010. Value of sales bookings more than Rs 2,300 crore,” Unitech said in a presentation to the investors. The company sold 4.99 million sq ft of area during April- September period, out of that 4.05 were in housing and 0.94 million sq ft in non-residential segment. In value terms, the housing vertical contributed Rs 1,672 crore while non-residential segment accounted for Rs 640 crore. The average realisation was Rs 4,631 per sq ft. The comparable figure of the first half of 2009-10 fiscal was not available. However, Unitech had said last year that it sold 10.11 million sq ft of area worth Rs 3,913 crore during March-September period of 2009. Meanwhile, Unitech had yesterday reported a 2.3 per cent fall in its consolidated net profit to Rs 173.76 crore for the quarter ended September against Rs 177.86 crore in the same quarter of the previous fiscal. Net sales, however, rose by 26.5 per cent to Rs 644.51 crore during JuneSeptember quarter of this fiscal against Rs 509.49 crore in the corresponding quarter of last fiscal. “Heavy monsoons and shortage of labour due to the Commonwealth Games in the NCR region had a bearing on the company’s performance during the quarter. These factors, being temporary, are behind us,” Unitech Managing Director Sanjay Chandra had said in a statement. In the first half of this fiscal, net profit rose by 5.41 per cent to Rs 353.80 crore compared to the first half of the previous fiscal. Total income grew by 41.27 per cent to Rs 1,518.49 crores for the half year ended September 30, 2010. Unitech said it has a healthy balance sheet with net debt to equity ratio within the targeted range of 0.50. As of September 30, the company had a net debt of Rs 5,707.26 crore and cash and cash equivalents of Rs 1,004.29 crore. Comment
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Urban India Relying Less on Bank Finance for Housing Needs MANOJa
Super Mod… 7 years ago
Only 25% of urban Indians have used bank finance to invest in a house, government data released on Monday showed. Instead, over 61% of the cost of houses built by families across urban India was financed by themselves. This means India is quite removed from the build-up of sub-prime lending bubble as of now. The figures from the National Sample Survey Organisation’s report on Housing Conditions and Amenities in India for the 2008-09 are startling. They confirm the anecdotal evidence of the boom in construction of residential properties in Indian towns unaffected by the changes in the rates of interest for housing loans from banks and housing finance companies. “The NSSO figures reflect under-penetration of Indian banks and show that Indian households are typically under-leveraged so far as bank financing is concerned,” said Crisil director and principal economist DK Joshi. He added that the data was also consistent with earlier findings that only few Indians hold bank accounts and very few took bank loans. The data also show that on top of the 61%, another 15% of the cost of construction is sourced from “non-institutional agencies”, a description for local lenders, including chit funds. In the latest quarterly monetary policy, the Reserve Bank of India raised the provisioning cost for real estate loans. It has prescribed an upper cap of 80% for loan-to-value ratio for all housing loans. But as the NSSO data show, the impact of such direct measures by RBI might have only muted impact on the pace of construction in domestic real estate. The data also show that migration of households to urban from rural areas does not seem to increase their access to institutional finance. In rural areas, for instance, access to bank credit is 18% of the total cost of completed constructions. In both urban and rural areas, therefore, almost two-thirds of the cost of housing has to be financed by the households themselves. Comment
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Developers Worried Over Higher Construction Costs and Low Margins MANOJa
Super Mod… 7 years ago
While higher land prices and raw material costs could put profitability of companies under pressure, a steep rise in borrowing costs is likely to hurt demand. The BSE Realty index fell 11 per cent over the last month and eight per cent over the week as real estate companies reported margin pressures in the September quarter. To add to the problems, the Reserve Bank of India (RBI) toughened stance on rising asset prices. Also, doubts are being expressed about a pick-up in volume due to high prices. “A drop in volumes due to high prices could lead to working capital issues for some players”, said an analyst. The RBI’s measures – lowering the loan to value ratio and higher provisioning for luxury home and teaser loans –are likely to have a minor impact, say analysts. The sector also faces spiraling costs, which have dented the profitability of India’s largest listed players. High land prices, construction costs and muted sentiment could hurt plans of companies such as Emaar MGF which are looking to come out with initial public offers (IPOs). Though the credit policy was negative for the sector, some realty experts, such as Sanjay Dutt, CEO, Business, Jones Lang Lasalle Meghraj, believe it will have a moderate impact. According to them, most conservative financial institutions and banks have already become cautious on home loans. Analysts say key urban markets such as Mumbai and Delhi will be impacted by higher provisioning for home loans of Rs 75 lakh and above. Given the price increase and higher construction costs (due to labour shortage and rising cement and steel prices) and lower sales in markets such as Mumbai, the norms will be an additional burden for the builders. With developers withdrawing the 10:90 (10 per cent upfront and the rest on possession) schemes, analysts believe they are likely to bring down the size of the houses or look at lowering prices. While banks have not yet raised rates, analysts believe home loan rates may rise 50 basis points, increasing the borrowing cost. Overall, higher prices and rising costs could hurt demand. According to analysts, Mumbai-based developers (Orbit etc) and others such as DLF, Unitech and Sobha will be impacted given their exposure to premium housing. High raw material costs and paucity of labour have led to spiralling of expenditure for leading developers. Unitech and DLF, India’s top realty players, saw raw material costs double year-on-year in the September quarter, while consolidated revenues rose 26.5 per cent and 39 per cent, respectively, for the duo. Construction costs were up 38 per cent for DLF on a sequential basis. DLF, which saw earnings before interest, depreciation, tax and amortisation margins drop 900basis points on a sequential basis to 42 per cent in the quarter, says the drop on account of variation in the product mix is temporary and the company is likely to end the year with margins in the 45-50 per cent range. Developers say cost pressures are likely to stabilise, but higher land prices and subsequent pricing are the key concerns. Analysts say developers that have outsourced projects with fixed contracts or whose projects are nearing completion will be less impacted as compared to those which are yet to start their projects. They say developers are no longer chanting the affordable housing mantra and are focusing on premium or luxury projects which, given high land prices and construction costs, make more sense. However, volume holds the key and needs to be monitored. The stock prices of realty companies could see more downward pressure if volumes don’t take off. In addition to higher sales volumes, successful listing of some big-ticket IPOs would reflect interest in the sector, said analysts. While Oberoi Realty and Prestige Estates managed to raise Rs 2,200 crore recently, Emaar MGF’s IPO would be closely watched, given that this would be the company’s fourth attempt to list. While most analysts are bearish on the sector per se, they advice a selective approach. In terms of picks, analysts are putting their faith on DLF, Sobha (26 per cent upside each) and Anant Raj Industries (39 per cent). Comment
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Manesar set to become state's infotech hub guesswho
GURGAON: Commercial development in IMT will attain a new level on November 12 when the multi national tech company, HCL, inaugurates its Technology Hub in Manesar. The facility will be spread over 9 lakh sq ft of commercial land in Manesar, and will be a step forward towards developing Manesar as an info-tech zone and simultaneously a centre for heavy and small industry, along the lines of the Udyog Vihar Cyber City model in Gurgaon.
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7 years ago
HRD union minister Kapil Sibal, and chief minister Bhupinder Singh Hooda, will be among the dignitaries present at the inauguration of the HCL IT hub. This will be a part of our IT expansion scheme. We have already allotted the plots in the area to IT companies. Agilent is one of those, and HCL has joined, said Hamvir Singh, DGM, HSIIDC. T he IT hub will create a huge service industry in the region, employing more than 3,200 people, a number that will grow exponentially over time with more commercial investment in the IMT. The industry owners in Manesar say that as the IT sphere gets shape in the area, the administration might become more interested in the as yet neglected region. We have an ongoing power crisis here. Small industries are finding it very hard to sustain themselves because of that. But I hope the coming days will see better planning and these issues will get redressed, said an industrialist in Manesar IMT. The IT park will create many jobs but that also means a better infrastructure will be required, said another industrialist. Traffic management, he said, will be the biggest challenge. The administration should chalk out a proper plan to manage traffic movement. Most roads in Manesar have already reached choke point, he said.
http://timesofindia.indiatimes.com/city/gurgaon/Manesar-set-to-become-statesinfotech-hub/articleshow/6891210.cms#ixzz14lWXYAR0 Comment
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HDIL Sells FSI worth Rs 650 crore MANOJa
Super Mod… 7 years ago
Housing Development and Infrastructure Limited, (HDIL), the fourth largest realtor in the country, has sold floor space index (FSI) worth Rs 650 crore and expects to increase it to Rs 950-1,000 crore by the end of this fiscal, Hari Prakash Pandey, vice-president, finance, said. HDIL has booked 80 per cent of its profits through selling transfer of development rights (TDR) and 10 per cent through FSI, DNA reported. “We expect the TDR prices to go up to Rs 3,200-3,500 per square feet as there has been no formal intimation by the state government on the 1.33x FSI regulation and those developers who had been waiting for it are coming out and buying FSI now.” Pandey added. The company currently has a gross debt of Rs 4,000 crore and a net cash of Rs 1,500 crore. HDIL, which holds 95 per cent of the TDR market share, will also launch 26 million square feet of residential space in next two quarters, taking its total residential portfolio to 35 million square feet. Apart from Mumbai, it is launching 850 villas in Kochi in the next quarter. It also plans to launch projects in Hyderabad and Pune. HDIL sold close to one million square feet in the second quarter of the current fiscal. The realty firm is also looking at breaking ground for phase II and III of the Mumbai International Airport Ltd (MIAL) project in the next three months after receiving the required government approval, Pandey indicated. It expects to complete the shifting of about 7,000 slum dwellers to Kurla by March 2011. HDIL recently bought Novino factory’s 196 acre land for Rs250 crore and received plots in Tarapur, Baroda and Shahad. It is now looking at undertaking a rental housing project in Shahad and exiting the other two land parcels. The realtor has also launched two hotel projects. The one is in Juhu, where HDIL owns 45 per cent and the rest is held by promoters of HDIL. It will be bringing the Conrad brand under Hilton Hotels. Comment
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http://www.tribuneindia.com/2010/20101118/main2.htm JAKGGN
HC notice to Tata Housing, Centre, Punjab, ASI In all, 8 respondents get notice on a PIL against Tata Housing project coming up near Capitol Complex Saurabh Malik Tribune News Service
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7 years ago
Chandigarh, November 17 Less than a week after the Punjab and Haryana High Court asserted a 35-storeyed construction in the Capitol Complex’s vicinity revealed a “disturbing state of rapid and unregulated urbanisation”, Tata Camelot Housing Colony, the Union of India, Punjab and the Archeological Survey of India were put on notice. The Division Bench of Chief Justice Mukul Mudgal and Justice Ranjan Gogoi also issued notice of motion to the UT through its Adviser and Punjab Director of Local Self Government. In all, notices were issued to eight respondents on a petition filed in public interest against the “Tata Housing Camelot Colony” coming up in Kansal village, adjoining the Capitol Complex. As the petition filed by advocate Aalok Jagga came up, counsel DS Patwalia sought directions to the respondents to maintain status quo, as the project was in progress. The Chief Justice verbally observed that if someone was going ahead after the issuance of notice of motion, he was doing it at his own risk. The assertion was made orally and cannot be construed as an expression of opinion. The Bench also fixed January 20 as the date of hearing. Let replies, if any, be filed by then, the Bench added. Patwalia asked the Bench to advance the date of hearing to December 17, as a related petition on the preparation of Chandigarh’s master plan was to come up on the that date. Opposing the plea, counsel for the state of Punjab Rupinder Khosla claimed the two matters were not interrelated. Taking note of the claims and counter claims, the Bench asked Patwalia to be present during the hearing of the master plan case too. The notice issued to the Union of India and the Archeological Survey was accepted by standing counsel Onkar Singh Batalvi, while Khosla accepted the notice served on the state of Punjab and Local Self Government. UT senior standing counsel Sanjay Kaushal accepted the notice on Chandigarh Administration’s behalf. In the petition, Jagga asserted a perusal of the brochure would “shock the conscience of the city residents. Right behind the Capitol Complex, zero kilometres from the periphery of Chandigarh, horrendous buildings as high as 35 storeys are to come up in the entire area of 52 acres, thereby completely obstructing the view of the Shivalik hills”. Jagga added: “He has learnt that initially the area was given to the MLAs of Punjab Legislature for the construction of the Punjab MLA society…. Under dubious circumstances, the land of the society has been transferred/sold to the private respondents on an understanding between them that each member of the Legislative Assembly who was a member of the Punjab MLA society would be given an amount of Rs 85/ 95 lakh in cash and one flat each to the tune of Rs 1.5 crore to Rs 2.5 crore. Under what circumstances and as to how this transaction/exchange has taken place leaves much to be desired”. The petition will now come up with related “suo motu” case. Taking suo motu cognisance, Justice Ajay Tewari had earlier asserted the structure’s construction in the Capitol Complex’s vicinity revealed a “disturbing state of rapid and unregulated urbanisation”. It was all the more disturbing as the High Court was monitoring Chandigarh’s master plan preparation. Later in the evening, Tata Housing expressed surprised about the filing of the PIL against the proposed project at Kansal. Asserting they had full faith in the judiciary, managing director Brotin Banerjee said: “Tata Housing will always follow the due process for any development as per the laws of the land. We had entered into agreements for this project about 45 months ago and have not started any activity at site till date”. He added: “We have always complied with the laws of the land and also respect the environment.... Our proposed project in Kansal, while complying with all rules and regulations, will reflect our underlying philosophies in terms of design excellence and environmental sustainability. Comment
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Sabeers Bhatia’s Nano City Project to be Developed in 2000 Acres MANOJa
Super Mod… 7 years ago
Nano City, the much touted project of hotmail founder Sabeer Bhatia, is likely to be curtailed to one-fifth the original size if the project takes off. Nano City — proposed to be developed in Panchkula district, Haryana — was to come up over 11,000 acre but now its size is to be around 2,000 acre. Though the MoU for the project was signed in June 2006 under public private partnership between Sabeer Bhatia group and Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), the developer has failed to acquire any land till date, according to a report published in Financial Express. Sources in HSIIDC informed that internal meetings are going on and the developer has been given time till the end of November to submit the final project reports and begin acquiring land. “There has been no communication yet from the developer’s side relating to this but the fate of the project will be decided within a fortnight,” said an HSIIDC official. HSIIDC had asked the developer to curtail the project size in its annual general meeting as the project was not found to be feasible for development over such huge land size. The developer was facing problems in acquiring land due to the high prices demanded by the farmers of that region. Moreover title deeds of the land could not be verified properly as same land was registered under various names. However HSIIDC will only acquire land for the developer for contiguity purpose. The promoters have to acquire the major chunk first and then they can approach HSIIDC for contiguity of land as per the land acquisition policy of the state. On the other hand the developer is busy chalking out the final plans to save the project from being scrapped. Naval Bhatia (Sabeer’s brother), managing director of the SPV floated for the project- nano city haryana infrastructure is keen on moving ahead with the project. The development prospects of project were marred when the promoters failed to pursue the farmers to give away land at prices lower than what they demanded. Moreover to induce fresh equity into the project the Sabeer Bhatia group also mulled over roping in a foreign investor for the project. But as per information available the deal has not materialised yet. Also in July 2008 the promoters of nano city had offloaded 38 per cent equity stake to Parsvnath Developers that had planned to invest Rs 400 crore as equity and debt in the project, the report added. Comment
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Major Realtors Misrepresented Facts-CAG MANOJa
Super Mod… 7 years ago
The CAG has accused major real estate firms — Unitech and Allainz Infratech— for misreprsentaing facts to the government for getting telecom licences along with spectrum in 2008 causing huge losses to the exchequer. Six newly incorprated applicant companies belonging to Unitech group (brand name Uninor) had submitted their applications for grant of 20 licences to the Department of Telecom on September 24, 2007. Along with their applications, these companies had submitted copies of their Memorandum of Association/Articles of Association and indicated they meet the eligibility criteria for grant of Unified Access Service (UAS) licences. On verification, it was revealed that all these companies had suppressed the conditional nature of certification of registration with the Registrar of Companies (RoC) on 20 September 2007 while registering the alteration in the main object clause in the Memorandum of Memorandum of Association/ Articles of Association. According to the CAG report, the condition of the change of name of these applicant companies was met in May 2008 only, while the licences were issued in January 2008. “As a result, all these six new companies were registered afresh with with the new names in may 2008 with the RoC… As a result, the Memorandum of Understanding of these companies did not permit them to operate in telecom sector on the date of application ie, 24 September 2007. The CAG has pegged a revenue loss of up to Rs 1.76 lakh crore for non-auctioning of spectrum to new licencees and also for allotment of additional spectrum to existing operators. Allianz Infratech (now merged with Etisalat) submitted its application for grant of licences in all 21 circles (pan India) on September 3, 2007 to the DoT without disclosing the fact of non-registration of alteration of the main object clauses in the Memorandum of Association as on the date of application. Comment
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