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Post Info TOPIC: Chennai Real Estate- News- 2


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The apartment ARGUMENT 

Moving Into A Flat Has Benefits But Homeowners Who Trade In Bungalows Have To Adjust To A Whole New Way Of Life 

Joeanna Rebello Fernandes | TNN 


You dont need superior vision to spot the difference.Step back from the street and youll grasp the architectural evolution of the city.Over the last decade,whole orchards have been force-fitted into planters,verandahs have been julienned into bitty balconies and villas have been sliced and stacked as multistorey buildings.It isnt just the landscape,though,that has evolved.
For homeowners who boldly went where no predecessor may have gone before to put their bungalows on the block and set up house in apartments this was no mean move.One required to not only adjust to unfamiliar spatial arrangements,but also learn new social conduct.
From never having exchanged a word with ones neighbours in the adjacent villa to encountering them on the landing daily,from prizing ones privacy behind boundary walls to having strangers tramp routinely past your door,from observing strict dietary rules on your premises to coming to terms with non-kosher aromas wafting down the stairwell,from lording it over your land to adjusting to the democracy of a residents association.Is the barter worth it You bet,Chennaiites chorus.
Seeta Raman (name changed) was urged by her mother to consider the switch a decadeand-half ago.The old house was difficult to manage and we felt apartments would be easier to maintain.Better security was another positive aspect. 
It was,admittedly,a big decision.The Ramans had lived all their lives in their bungalow on Boat Club Road,on five grounds (12,000 sq ft) of land.However,when they entered a joint venture with a leading developer,Seeta used her know-how in spatial planning to propose a design that would not completely obliterate accustomed assets such as open space,greenery and privacy.I do miss our garden, she admits.But if you plan you can accommodate large balconies and open areas.I think our space is now better utilised. 
Most homeowners who approach developers,no longer need to be won over to the apartment argument.Pon Ravichandran,director of Greentree Homes,a real estate company,says people want to unlock the value of their property.According to Jayanth Hemdev,business director at Hemdevs,a real estate consultancy firm,the concept of apartments arrived in Chennai in the early 1970s,and from the 80s,multistorey buildings sprang up.
Ravichandran says that an independent house was once a sign of status;conversely a homeowners social value fell if he lived on a co-owned estate.These codes have far less franchise today.Landlords have realised theyd be foolish to hold fast to their properties and chosen to compromise on their inherited values, he says.
Some will compromise,but only to a point.K N Radhakrishnan,a former chartered account,insisted on a lone condition when he signed up for an overhaul.That the buildings new owners be vegetarian, he says.While the Radhakrishnans main objective,security,was met,the place did make a few demands of him.At home,I could walk around without a vest,but in the flat,I have to keep it on, he says,for fear that someone might spot him through the windows.I have to also remind myself to use water with caution,keeping the needs of neighbours in mind. 
For some,civic-mindedness is the unforeseen payout of the exchange,as they have to deal with the dispensation of resources and troubleshoot collectively.Nagendra Babu,who sold his house in Nungumbakkam to the developer Isha Homes,says his living space may have been reduced,but the benefits far outweigh the losses.I now share the expenses of maintenance,water and security with my neighbours.Security men screen strangers at the gate,while at our bungalow vendors would come right up to the door, he says.We also enjoy greater interaction with our neighbours,particularly at cultural get-togethers organised by the residents association. 
Sometimes,owners instinct runs deep and one forgets she/he has surrendered their privileges with their land.Suresh Krishn,MD of Isha Homes,says that the few who continue to consider themselves proprietors often have run-ins with present owners.They disregard parking instructions,and bristle when theyre not accorded the same respect as,say,the building society president, he chuckles.But then home truths are not always palatable.
joeanna.rebello@timesgroup.com


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REMAINING SPACES: A few hold on to their sprawling homes while people like Nagendra Babu (below) have sold their places to move into apartments 
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6 TN colleges pulled up for poor standards 

Ahead of Admissions,AICTE Cracks Down On Institutions That Do Not Meet Norms 

M Ramya TNN 

Chennai: Ahead of the new academic year,the All India Council for Technical Education has cracked down on technical institutions that do not meet quality standards and the requirements.The AICTE has sent notices to 101 institutions across the country,including six in Tamil Nadu,to get them to pull up their socks.
Admissions are set to begin in engineering colleges across the country.Anna University will begin issuing application forms for the single window counselling system for admission to BE/ BTech courses in Tamil Nadu colleges soon.
Twenty-six of the institutions that have received notices from the AICTE are in Andhra Pradesh,23 are in Maharashtra and 12 colleges in Uttar Pradesh.Six institutions in Tamil Nadu,including one business school,have been asked to explain their position.Colleges in Erode,Dharmapuri,and Theni have been asked to explain why they have not complied with the rules and regulations for setting up an institution.
Educational consultant Moorthy Selvakumaran said,Many of the colleges have defaulted on the faculty and infrastructure requirements,but some have also been pulled up for offering applied science courses in engineering colleges. Courses like BSc Information Technology,BSc Bioinformatics and MS IT are being offered in engineering colleges because IT companies that visit the college for placements are now more inclined to employ these graduates,who are expected to possess the same skills as BE/BTech graduates but are cheaper to hire.
Academics said this was only an audit of 5% of the colleges that were perceived to have problems.Senior academic and former vicechancellor of Anna University E Balaguruswamy said,As many as 40% of all engineering colleges can be closed down for want of faculty shortage,infrastructure requirement and harassment of students and faculty.In Tamil Nadu alone,200 colleges can be closed down. The colleges that have been issued notices have been asked to explain their noncompliance and the efforts taken to upgrade their institutions on April 16 and 17.
Earlier this month,Anna University had issued show-cause notices to 200 affiliated engineering institutions in Tamil Nadu.Incharge vice-chancellor of the university P Kaliraj said,This is not to threaten them.We are not closing down the institutions.This is only to get them to improve their quality.We are sure that they will meet the quality standards before the academic year. 
ramya.m@timesgroup.com

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Govt eases land norms for SEZs;IT gets a boost 

TIMES NEWS NETWORK 

New Delhi: The government on Thursday announced a slew of measures to breathe life into special economic zones (SEZs) and boost investment,but the much-vaunted Foreign Trade Policy (FTP) fell short of concrete steps to revive the export sector reeling under the global slowdown and rising input costs.
The key element of commerce and industry minister Anand Sharmas package was the move to halve the minimum land area requirement for the SEZs.Those setting up information technology zones will not have to worry about the minimum limit of 10 hectares as Sharma did away with the stipulation.P 18

Govt tries to breathe life into SEZs 

Cuts Area Requirement,Allows Exits But Minimum Alternate Tax Stays 

TIMES NEWS NETWORK 

NewDelhi:The government on Thursday announced measures to revive interest in special economic zones (SEZs) and boost investment,but the much-vaunted Foreign Trade Policy (FTP) fell short of concrete steps to revive the export sector reeling under the burden of the global economic slowdown and rising input costs.
There was a promise of more to come with the Reserve Bank of India reviewing the dollar-credit window for exporters.Commerce and industry minister Anand Sharma also indicated that steps to boost gems and jewellery sector may be announced next month.A new task force on reducing transaction costs was also set up,a move that will bring much needed cheer to the industry which loses cost advantage due to procedural hurdles.But the key element of the package announced by Sharma was the move to halve the minimum area requirement for the enclaves.Those setting up information technology zones will not even have to worry about the minimum land requirement of 10 hectares as Sharma did away with the stipulation.Flexibility has been offered to other developers as well with the government also providing an exit policy for SEZ units.But as reported by TOI on March 30,finance minister P Chidambaram refused to provide tax concessions,including doing away with minimum alternate tax,a major demand of the commerce department and SEZ developers,while agreeing to measures that will not have a bearing on revenue collections.Sharma was candid enough to admit that the tight fiscal situation played a part in policy formulation,although in the Budget,Chidambaram had promised measures to revive exports and bridge the current account deficit.
For Sharmas department,which had been pushing for changes for 14 months,even in its present form,the new regime will provide major comfort.But the announcements turned the FTP into SEZ policy session with Sharma limiting himself to announcing a series of extensions in schemes from interest subsidy to Export Promotion Capital Goods (EPCG).Under EPCG,the government promised simplified norms for companies importing capital goods,provided exports by them were six times the duty saved in the import of machinery.Of course,with the current fiscal being the last year of the current five-year policy,the minister was not in a position to announce major changes.
Textiles,which happens to be Sharmas other charge,was in line for some additional sops with firms having taken advantage of the Technology Upgradation Fund Scheme also allowed to avail of EPCG.
In several cases,the ambit of schemes was widened.For instance,2% interest subsidy will not be offered to 134 more products of engineering sector.Similarly,the scope of duty credit scrips was expanded to allow for payment of service tax under the Focus Market Scheme,Focus Product Scheme and the Vishesh Krishi Gramin Yojana.

BOOSTER DOSE 


Minimum area for multi-product SEZs reduced from 1,000 hectares to 500 hectares For sector-specific zones,area requirement halved to 50 hectares 10 hectare requirement for IT enclaves removed but minimum built-up area required to be met Zones with each contiguous 50 acre parcel can set up additional sector specific SEZs


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New SEZ policy to boost IT sector 

TIMES NEWS NETWORK 

Bangalore: The IT sector received a big boost on Thursday with the government withdrawing the minimum land area requirement for IT SEZs.Previously,an IT SEZ could be established only on land area of 10 hectares or more.This hugely restricted the ability of companies to claim SEZ benefits.
Large mandatory land requirements made it difficult for small companies to take advantage of the SEZ policy.Waiving land requirement and reducing minimum built-up area will now make it feasible for IT SEZs to come up in tier II and III locations.These changes are likely to make the SEZ policy more inclusive by attracting SMEs (small and medium scale enterprises) to consider their options, said Som Mittal,president of IT industry body Nasscom.
The minimum built-up area requirement of 1 lakh square metres (about 1.1 million sqft) is now applicable only for the seven major cities Mumbai,Delhi (NCR),Chennai,Hyderabad,Bangalore,Pune and Kolkata.For category B cities,the minimum requirement is down to 50,000 sqmt and for the remaining cities only 25,000 sq mt.
The IT industry contributes over 7.5% of Indias GDP and over 25% of Indias exports.Exports from IT SEZs during 2012-13 exceeded Rs 1.40 lakh crore (about $28 billion),a growth of over 70% over the previous years exports.The IT SEZ exports account for over a third of total IT exports.

 



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Senior AG official transferred in housing scam 

TIMES NEWS NETWORK 

Chennai: The Comptroller and Auditor General (CAG) of India on Thursday issued an order transferring a senior administrative head of the accountant generals (AG) office,Chennai to Andaman and Nicobar Islands on alleged irregularities in a recent land allotment.A TOI article on Thursday had reported the irregularities by,C Saravana Murthy,in the allotment of land worth about 10croreto 13senior officials.
The transfer order has been sent to Murthy,hewillbe relievedfrom theChennai officeon May 3,said a CAGofficial.
Sourcesin AGsofficesaidCAGwaslikely tolaunch an inquiry intothe allegedirregularities and improper allotment in a 1989 launched by the AGs Office Staff Cooperative Building Society.The seven-acre land wastobe allottedto 96employees as per a list approved by the societys general body.But 13 senior officers were included on the list and more than one plot was allotted to some of them by Murthy,special officer of the society,in contravention of the rules andwithout the general bodys approval.The registrar of societies (housing ) under the state cooperative department also launched an investigation into the allotment on Thursday,an official of thedepartmentsaid.
The land was allotted by Murthy without consulting the societys general body,sources said.Documents with TOI showed that a society member included in the original list prepared in 1989 got just777sqft of landagainstthe1,178sqft promised,while some senior officials whowerenotintheoriginallistgotmore thanoneplotof morethan4,000sqft.
TheMadrasCivilAccountsAssociation,a coordination body of employees in the AGs office,has demanded a probe by a central agency.

 



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TN revives river-link plan 

With Central Proposal Yet To Take Off,State Decides To Fund Project On Its Own 

TIMES NEWS NETWORK 


The state govern ment has em barked on an am bitious project to interlink many rivers in the state.Four river linking projects have been an nounced by the government Of them,Pennaiyar (Sathanur Dam)Palar river link project will be taken up at a cost of Rs 250 crore without any external funding,said PWD minister K V Ramalingam in the assem bly on Thursday.Three other projects include linking Pen naiyar (Nedungal anicut) to Palar,linking Cauvery,Vaigai and Gundar and Cauvery (Mettur dam) with Sarabanga river.
The 23.55km Sathanur dam-Palar river linking project envisages transfer of flood water from Pennaiyar to its tributary Cheyyar through a canal that joins upstream of Alathur anicut.
Another link canal will be constructed for a length of 38.72 km,linking the main ca nal,Thurinjalar and Nandan channel.This river linking project is estimated to transfer 5.69 thousand million cubic (tmcft) floodwater to irrigate 46,069 acres of land in Tiru vannamalai,Thandarampat tu,Chengam,Polur,Vandavasi and Gingee regions.Owing to the delay in obtaining finan cial assistance for the project from the Centre,the state gov ernment has decided to fund the project fully.
The Nedungal Anicut-Palar link project has been suggested by the National Water Develop ment Agency (NWDA) as an alternative to the Tamil Nadu governments earlier proposal to link Krishnagiri reservoir and Palar river.The NWDA started a detailed study for the Nedungal-Palar scheme,ex pected to help irrigate 29,319 acres in the area and recharge groundwater potential in the Palar basin.
The Cauvery-Vaigai Gundar link project aims at diversion of seven tmcft of sur plus floodwater from the Cau very river from Kattalai bar rage by a 258km canal to Agni yar,South Vellar,Manimuthar Vaigai and Gundar.A detailed project report has been pre pared for the project estimated cost Rs 5,166 crore.The state has sought central funding for the project under the flood management programme.
The Mettur dam-Sarabanga link project seeks to divert 2tm cft of surplus water through a canal covering 182 km to Sara banga and Thirumanimuthar river basins.
About 30,400 acres of land in Salem,Namakkal,Peram balur and districts will get irrigated once the project is completed.It is estimated to cost Rs 1,134 crore,going by the cost of construction that pre vailed last year.Sanction has been accorded for carrying out survey and levelling operations at the site at a cost of Rs 50 lakh said Ramalingam.
Tamil Nadu has been de manding interlinking of riv ers across the country.
The NWDA has prepared a feasibility report to link Ma hanadi,Godavari,Krishna Pennar,Palar,Cauvery,Vaigai and Gundar.It is estimated that a surplus of 925tmcft from Mahanadi and Godavari could be diverted to new basins if the project is implemented.
Of that,Tamil Nadus share is expected to be 214tm cft.Tamil Nadu has suggested that the water realisation in the state through the project be increased to 314tmcft.
The project,however,is still in the.


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CUTTING DISTANCES 
TN pushes for industrial corridors to aid growth 

Proposal To Cut Distance Between Chennai-Blore By 100 kms 

Aparna Ramalingam TNN 

Chennai: The proposed Chennai-Bangalore industrial corridor has got a fillip with the state-run SIPCOT (State Industries Promotion Corporation of Tamil Nadu) completing a study along with other consultants for the development of highways along Chennai-Sriperumbudur-Ranipet-Hosur,Madurai-Thoothukudi and Coimbatore-Salem.
After the study,it was proposed to create industrial parks in the Madurai-Thoothukudi corridor to develop the backward southern districts for increased economic growth, state industries minister,P Thangamani said.
Meanwhile,Karnataka has also started the process of DPR (detailed projects report ) for the peripheral ring road (PRR) project between Tumkur and Hosur.This road will be in the proposed Chennai-Bangalore corridor.In December 2012,the Karnataka state cabinet cleared the first phase of the 65 km PRR project between Tumkur and Hosur at a cost Rs 1,750 crore.The Chennai-Bangalore corridor is being modeled along the proposed $100 billion Delhi-Mumbai (DMIC) industrial corridor.
In his budget address,Union finance minister P Chidambaram had said the project with assistance from the Japan International Cooperation Agency (JICA) would be developed in collaboration with the governments of three southern states.JICA and the Union governments department of industrial policy and promotion are preparing a master plan for the corridor.The corridor will be developed in collaboration with the governments of Tamil Nadu,Andhra Pradesh and Karnataka, Chidambaram had said.While the existing road connecting Chennai and Bangalore is 350 kms long,there is a proposal to cut the distance by 100 kms with new roads 
Also,the NPAR (northern port access road) project,an integrated project to strengthen connectivity to the Ennore Port,is being implemented jointly by the state highways department,SIPCOT and TNRDC (Tamil Nadu Road Development Company ).Industrial parks will be set up abutting the NPAR to an extent of about 10000 to 15000 acres, Thangamani said.

Truck terminals in Sriperumbudur soon 


Chennai: In order to reduce trafiic congestion on the arterial roads of industrial corridors of Sriperumbudur and Oragadam,the Tamil Nadu government has proposed to establish truck terminals at Irungattukottai and Oragadam industrial parks in an area of 12.48 acres with an investment of Rs 8.65 crore.Industries minister P Thangamani told the assembly that the proposed terminal will be on a (BOOT) build-own-operate-transfer mode.TNN


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Solar park to come up in Ramanathapuram soon 

TIMES NEWS NETWORK 

Chennai: The Tamil Nadu state government is proposing a solar park in Ramanathapuram in southern Tamil Nadu.State industries minister P Thangamani on Friday said that state-owned TIDCO (Tamil Nadu Industrial Development Coporation) is proposing to develop the solar power park at a cost of Rs 920 crore.
The minister said around 1,000 MW of solar power projects would be set up in public-private ventures.In the first phase,TIDCO and Bangalore-based Raasi Green Earth Energy are jointly developing 100 MW capacity solar power project in Paramakudi taluk of Ramanathapuram district in 500 acres of dry lands,he said,adding that this project is expected to be completed in six months.
The minister said in the next phase,TIDCO has also proposed to facilitate 1,000 MW capacity solar power park projects in multiple locations in association with private players during the current fiscal at a total investment of Rs 9,000 crore.
The proposed solar parks will provide common facilities to the independent solar power producers such as developed lands,roads,water supply,drainage,dedicated power and evacuation facilities,he added.
In addition,the minister also said TIDCO completed a feasibility study for an aerospace project in Chennai.


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GOING GREEN 
TN proposes setting up of Ethanol plant in Thanjavur 

TIMES NEWS NETWORK 

Chennai: The Tamil Nadu government has proposed to set up a distillery-cumethanol plant in Aringar Anna Sugar Mills in Thanjavur.The state government would soon be initiating activities for establishing a 45 KLPD (kilo litres per day) during 2013-14.
The government has also issued orders for the establishment of a 45 KLPD distillery-cum-ethanol plant in Cheyyar Co-operative Sugar Mills.
State industries minister P Thangamani said that the government has fixed Rs 2,350 as the state advised price,inclusive of transportation charges of Rs 100 per tonne for sugarcane for the 2012-13 season.Higher production of sugarcane will be utilised for the production of ethanol in addition to sugar, the minister said.
The works relating to the establishment of a 45 KLDP distillery-cum-ethanol plant in MRK Co-operative Sugar Mill will be started after getting the orders from the green bench (for environmental clearances ), the minister said.
Also,a co-generation and modernisation project of 12 sugar mills (10 cooperative and two public sector) with a capacity of 183 MW is being undertaken at a total cost of Rs 964.88 crore.The project works are expected to be completed during this fiscal, Thangamani said.
There are 46 sugar mills in Tamil Nadu of which 16 are in the cooperative sector,three in public sector and 27 in the private sector.


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Addl lines for TNPL planned 

Chennai : State government paper manufacturer Tamil Nadu News Print and Papers (TNPL) will get to plant pulp wood trees across 2400 acres this fiscal.
Tamil Nadus industries minister P Thangamani on Friday announced series of expansion initiatives for TNPL including setting up 100 tpd (tonnes per day) wet ground calcium carbonate plant and planting pulpwood trees in 2,400 acres during this fiscal.
The minister said to increase the production of pulp,the company will purchase twin roll press machine at the cost of Rs 7 crore.There is also plan for a recycle machine to convert the waste pulp to cardboard at the cost of Rs 6 crore.Thangamani said steps were taken to revamp of the steam and power generation system by installing three old boilers and installing a new 41 MW capacity turbo generator by replacing the existing ones at a cost of Rs 145 crore.
This project will be completed by May 2013, he added.Claiming that TNPL is the largest exporter of printing and writing paper in the country,the minister said the company has exported 70,951 tonnes of printing and writing paper in 2012-13.



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AIDING GROWTH 
TN to get 6 more industrial parks soon 

TIMES NEWS NETWORK 

Chennai: Industries minister P Thangamani on Friday said six new industrial parks will be established across the state spread over 8,000 acres.He told the assembly that these parks would come up in Sriperumbudur,Cheyyar,Tuticorin,Madurai,Oragadam and Tindivanam.
The minister said the new park in Sriperumbudur will generate direct employment for 3,000 persons and indirect jobs to 20,000 persons.This park would be spread over 1,780 acres.Many MNCs have evinced an interest to establish units in their park, the minister said.
The Cheyyar industrial complex would entail an expansion on 2,300 acres of land while in the case of Tuticorin it would be 1,179 acres under Phase II for the Thoothukudi industrial complex.In case of the Madurai industrial park,the government is in the process of acquiring 1,478 acres and 720 acres of land in the Tindivanam industrial park.Land extending 616 acres will be added to the Oragadum industrial growth centre under Phase II of the project.
In addition,SIPCOT (State industries Promotion Corporation of Tamil Nadu) is also in the midst of preparing a comprehensive plan for Sriperumbudur with the help of consultants to upgrade basic social infrastructure and also housing facilities for employees in the region.The government has issued orders for 100 acres of land each to be allotted by SIPCOT for setting up separate industrial parks for investors from countries like Japan,Korea,Finland,Germany and France to attract more foreign investment, Thangamani said.The allotment would be made after acquisition of lands in the Sriperumbudur industrial park expansion (Vallam-Vadagal scheme).
In addition,SIPCOT has identified another 25,000 acres to develop the industrially backward southern districts.It is proposed to create a land bank of 20,000 acres to fulfill the Tamil Nadu Vision 2023 document, the minister said.
SIPCOT is exploring the possibility of establishing a water treatment plant to meet the present water requirements of 10 MGD (million gallons per day) for industrial park requirement either through a public private partnership model or with Chennai Metro Water.
TIDCO (Tamil Nadu Industrial Development Corporation ) is also in the process of constructing bio park Phase II that will provide an additional lab space of 6.13 lakh square feet for bio technology,pharmaceuticals,nano technology and other research and development activities at a cost of Rs 150 crore at Taramani,Chennai and is also planning a LNG (liquefied natural gas) import terminal at an estimated cost of Rs 4,320 crore near Ennore.


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Take heart,real estate wont go the gold way,say experts 

Jayaraj Sivan TNN 

Chennai: With gold prices on the descent,investors are worried as to whether residential real estate prices will follow suit.
The performance of residential real estate as an asset class is doubtlessly dependent on the macro-economic factors that also dictate the performance of other asset classes,including gold.Butto presume that real estate market would crash following a slidein the pricesof precious metals is too far-fetched,because unlike gold,whose priceisuniform globally,real estate prices are city and location-specific,saysA nujPuri,chairman and country head,Jones Lang LaSalle India.
The demand drivers in real estate are not the same as that of gold.The demand for residential property stems from the desire to own a home,hard-wired into the Indian psyche and its this demand from end-users that dictates investors appetite for residential property.It performs differently at different times in different cities, says Puri.
There are three parameters for successful investment in any asset -- when to invest,how much to invest and when to exit.Puri says there are three additional variables in real estate --which city to invest in,which location and which size and configuration.
There is no reason to foresee an imminent across-theboard correction in real estate prices,says Prakash Challa,MD,SSPDL,a citybased builder.Markets with very high supply and low demand may see some price correction.But wherever the supply is limited,prices will remain stable, said Challa.
Financial analysts,however,are apprehensive that with Cyprus expected to offload a sizeable share of its gold reserve to bail out its economy and Japan expected to follow suit to fund its $1.4 trillion fiscal stimulus package,investors may park more money in gold,thereby leaving very little for the real estate sector.This theory wont hold water in the case of conservative residential markets like Chennai,which are end-user driven.Only markets driven by speculators will crash when money flow reduces.Outskirtsin the National Capital Region may see some turbulence because speculators (who look for short-term gains in less than a year ) and investors (who look for medium-term gains in 3 to 5 years ) have a significant presence there, says Jayant Hemdev,business director of Hemdevs,a Chennai-based realty consultant.
Prices in Hyderabad,on the contrary,have been shooting up in recent months.The city had been struggling to inch back to the 2007-level,but in the past six months prices in Banjara Hills have gone up from 8,000 per sqft to 12,000 per sqft,said Challa.
Chennaicity is going steady too.Recently,P Mahalingam,a designer,picked up a 4,000 sqft apartment nearing completion in the not-so-premium Sastri Nagar for 7.75 crore,at 19,375 per sqft.The fundamentals of the Indian real estate are extremely strong.Even in this turbulent economic environment,India remains the focus of global MNCs and investors who see the potential of a young,growing economy and a wealth of highly trained workforce across manufacturing,IT/ITeS and services industries.All this translates into assured job creation,and therefore demand on the residential real estate market, says Puri.


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Man,91,gets 3-yr jail for bank fraud 

His Son,Who Worked With Bank,Sentenced To 7 Years In Prison,Fined 3cr 

A Subramani TNN 
20130424a_007108007
Chennai: More than 20 years after a bank fraud,a CBI court here has sentenced a 91-year-old man and his two sons,one of them a bank officer at the time,to jail terms ranging from three years to seven years.The bank officerson was also asked to pay a fine of 3 crore.
E M K S Siddharthar,XI additional special judge for CBI cases,found 91-year-old N Radhakrishnan,his two sons -- R Lakshmi Narasimhan and R Gurumurthy guilty of cheating the Mylapore branch of the Indian Overseas Bank to the tune of 23 crore between 1989 and 1991.While Narasimhan was assistant manager of the branch then,Radhakrishnan and Gurumurthy had floated fictitious companies that availed themselves of overdraft and other facilities from the bank.
Narasimhan was sentenced to seven years of imprisonment,besides being slapped a fine of 3 crore.Radhakrishnan and Gurumurthy were given three years of rigorous imprisonment besides being asked to a fine of 20,000 each.Two other accused senior manager A Santhanam and a company owner L Muthiah had died during the trial.
The total liability of these persons,along with the accumulated interest,was 23 crore,special public prosecutor M V Dinakar told TOI.They had formed companies that existed only on paper and obtained overdraft and other facilities without the knowledge of senior officers,he said.Radhakrishnan,now aged 91 years,deposited 5 lakh at the judgment stage hoping to obtain an acquittal.It helped reduce his jail term,otherwise he too would have been sentenced to a longer jail term, Dinakar said.
According to CBIs anticorruption wing,Narasimhan,former assistant manager of IOBs Mylapore branch,his brothers R Suriyanarayanan and Gurumurthy,and father Radhakrishnan entered into a criminal conspiracy with senior manager Santhanam.Abusing their official position,the bankers allowed overdraft facilities,packing credit and open cash credit facilities to Vijayalakshmi Agencies of which Suriyanarayanan was the managing partner.Such facilities were also given to fictitious firms such as Continental Exports,Guru Exports and Saha Traders floated by Muthiah (who died during trial),Gurunmurthy and Radhakrishnan respectively.
The facilities were sanctioned without the approval of higher authorities and without any security,investigating agency said.The transaction caused a wrongful loss of 33.27 lakh the Mylapore branch of the bank and corresponding wrongful gain to the accused,it said.


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Redeveloping TNHB flats needs no govt approval: HC 

Board Has No Rights Once Flats Are Sold 

A Subramani TNN 

Chennai: The Madras high court has cleared the decks for the redevelopment of housing board properties in the city in an order that leaves no room for state agencies to insist on fresh approvals or charge a levy.
Paving the way for the demolition of old Tamil Nadu Housing Board (TNHB) apartments and their redevelopment in posh localities,the high court ruled that redevelopers do not need a no-objection certificate (NOC) from the board or any other authority.Also,the TNHB would not have a stake in the common area such as parking lots within the property and that it could not insist on payment of 10% of the market rate as redevelopment fee from flat owners,the court held.The space within the complex cannot,however,be utilized for any non-residential commercial purposes,it clarified.
A bench headed by acting Chief Justice R K Agrawal and comprising Justice NPaul Vasanthakumar and Justice K Venkataraman said: ... The Tamil Nadu Apartment Ownership Act,1994 and the covenants in the sale deed executed by TNHB... will amply establish that the Board having not retained any right over the land appurtenant to the flats or common area,the question of obtaining NOC it will not arise. 
Owners of housing board flats in areas such as Besant Nagar,K K Nagar and Anna Nagar are increasingly tying up with developers to demolish existing buildings and redevelop properties by maximising use of floor space index.

Surveyors may be held accountable 


T he city corporation is considering holding its 700 registered licence surveyors responsible for building plans they upload on the corporation website for approval.It is also planning incentives for builders who follow guidelines.P 5 

REALTY CHECK 




WHAT THE MADRAS HIGH COURT SAID 


Redevelopment does not require NOC from TNHB Additional apartments are also permissible TNHB cannot demand 10% of market rate for additional space TNHB has lost all hold over the property Non-residential or commercial use of the land not allowed Public purpose of the TNHB project ends with its sale to allottees


Pc0012000.jpg TNHB allottees have right to demolish bldg,says court 



FSI is the ratio of built-up area to the land on which a building stands.Redevelopment is a win-win for developers and flat owners: construction of additional flats in taller apartments earns the developer saleable property while existing flat owners get extra space or cash.Till now,the TNHB had been insisting on NOCs for such proposals,and Chennai Corporation and CMDA too did not process building plans without the NOC.
As for advocate-general A L Somayajis submission that the lands had been acquired by the government in order to achieve asocial purpose of providing affordable housing to people,the judges said: Though the lands have been acquired from the public by invoking the provisions of the Land Acquisition Act,on the ground that the lands are required for public purpose,the public purpose ends with the construction of the flats and handing over the same to allottees after execution of the sale deed. 
After execution of the sale deed,TNHB allottees have every right from now to demolish their existing building and construct new apartment blocks,the judges said adding: Even if additional dwelling units are constructed and sold to third parties,the Board cannot lay any claim over such additional construction.As long as the construction is within the parameters of the rules of the CMDA,in our considered view,the TNHB have got no say,even if additional dwelling units are constructed after demolishing the existing flats. The Board loses its rights as soon as it executes a sale deed in respect of the flats,adjoining land and even in the areas earmarked for common use of flat owners,the full bench said.The common area has to be enjoyed in common by the flat owners.If a consensus is arrived at by all the flat owners,they can utilize the common land also to put up construction without NOC from the Board. 
The judges said,Even assuming that there are restrictive clauses in the sale deed the violation of the same cannot be questioned by the Board since as soon as it executes sale deed in favour of the allottees,it loses all its rights on the property and it cannot any more question the action of the allottees by saying that the allottees have violated the conditions in the sale deed. 
As for the requirement of paying 10% of the market rate to be paid to TNHB for the additional space built by owners,the bench said: There is no rhyme or reason for the Board to insist on 10% of the market value for issuance of NOC.When the Board need not be approached for obtaining NOC for demolition of the existing flats and putting up new construction,the collection of charges at the rate of 10% of the market value on the additional floor area/eligible FSI,which is not traceable to any Act or Rules,cannot be levied.



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Surveyors to play key role in checking bldg violations 

Chennai Corpn Plans Incentives For Builders Who Follow Norms 

Pratiksha Ramkumar TNN 

Chennai:The city corporation is studying options to control building violations by increasing accountability of its 700 registered license surveyors and introducing incentives for builders who follow guidelines.
It plans to hold the surveyors responsible for the building plans they upload on the corporation website for approval.Currently,a surveyors role is restricted to uploading the plan using Autocad software.The software approves or rejects it automatically.The surveyor then informs the zonal assistant executive engineer.
The corporation plans to give the surveyor a larger role.The surveyor should ensure that he uploads a design,which adheres to our guidelines.We want him to ensure that the builder sticks to the approved design, said a senior corporation official.They intend to make a license surveyor visit a building thrice during constructionwhen he draws a building design on Autocad,during construction,and after completion before property tax assessment.He will have to visit the site after work begins to ensure that the builder sticks to the approved plan, said the official.
If a license surveyor notices deviations during construction,he can inform the engineers in the zonal office.They will order demolition of the deviations or issue a stop work notice, said the official.
If a building is completed with violations,the surveyor who uploaded the initial drawing will lose his license.He should inform the civic body during the early stages when corrections are possible, said another official.The civic body is also planning to issue licences to a few architecture firms,which will be held responsible for the buildings they design.They often encourage deviations,convincing the house owners that it can be taken care of later, said the officer.
The corporation is considering improving an existing initiative based on one followed by the Ahmedabad corporation for four years.Currently,when an engineer comes for site inspection for a new building approval,an inspection fee cum security deposit is collected from the owner.It is calculated based on the square feet and the locality, said an official.The deposit is returned when the completed buildings property tax assessment is done,or held back if deviations are found.Most builders do not bother about the security deposit being held back because it is a nominal amount fixed around a decade ago.Compared to the money they earn on every extra sqft,the security deposit is just a drop, admitted a senior official.
The corporation and CMDA are looking at raising the security deposit.They are considering returning the amount with interest,based on nationalized bank rates,if the builder sticks to the guidelines,as is done in Ahmedabad.
Officials are skeptical about the idea working because raising deposits and costs of inspection require government approval.Everyone hesitates to make a decision that will cost builders more.So the government is not likely to approve it immediately.Without it,the incentive is not attractive, said the official.

TOWERING PROBLEM 


The corporation plans to give licence surveyors a larger role to check violations 
The surveyor has to ensure he uploads a design that sticks to corporation guidelines 
Ensure the builder sticks to the approved design 
Visit a building thrice during its construction 
If a building is completed with violations,the surveyor will lose his licence 
The civic body also plans to raise security deposit for building approvals


Pc0050600.jpg 



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CHOOSING RIGHT 
Bringing all owners to same level biggest challenge to redevelopment 

TIMES NEWS NETWORK 


The biggest challenge in redeveloping a housing board residential complex is bringing together all the owners to take a collective decision.
V Subramaniam,a radiologist,who along with 11 others,got his housing board complex in K K Nagar redeveloped,said,It took more than a year to make everybody agree to the idea.Owners should look at the previous experience of the builder in handling similar projects and should ensure that all of them get equal treatment.If one owner is selected to represent them,there is a chance of his taking undue advantage from the builder. 
The rapport between the builder and the land owners is another key factor.While some builders are courteous,others ignore the owners once a joint-venture agreement for redevelopment is signed.
Before choosing a builder,owners should consult at least five to six developers who have done similar projects,said R Shankar,an engineer,who got his apartment complex in Besant Nagar redeveloped a year ago.It not only gives an opportunity to drive a better bargain,but also helps owners understand the issues involved,he said.
Owners should know the full development potential of their land before they negotiate with builders.Moreover,they should have a fair idea about the cost of construction and expenses involved in getting approval for the project,said S Vijay Kumar,a mediator.Only then can they strike a winwin deal,he said.
Owners also need to see that the entire undivided share of land (UDS) is conveyed to the apartment owners.They should guard against builders who try to retain a portion of the UDS to carry out future development,said Kumar.
Above all,only builders who complete projects on time and those who do not violate building norms should be entertained.It is worth checking how many of their previous projects have got completion certificates from the regulatory agencies.
All said and done,one remains nervous till the project is completed and handed over for possession, said V Balabaskaran,a former IIT professor,despite having a pleasant experience while redeveloping his old apartment complex in Tiruvanmiyur.



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HC relief to residents in protected Pallavaram 

Court Asks Authorities To Accept Building Applications Despite ASI Ban On Construction 

TIMES NEWS NETWORK 

Chennai: In a small relief to about 5,000 households in Pallavaram,where the Archaeological Survey of India has banned construction of new buildings and repair of existing ones,the Madras high court has asked civic authorities to accept building applications from the residents.
Since June 2010 no construction activity,repair or renovation of buildings or development of residential layouts has taken place on the 21.77-acre piece of land in Pallavaram,that the ASI had declared a protected area because of the presence of megalithic cairns and cists.The Federation of Civic and Welfare Associations of Pallavaram Municipality moved the high court saying municipal and other authorities were not accepting plan/ building applications from residents citing the ASIs April 13,2010 communication imposing a ban or stringent curbs on development activities within the protected zone.
Justice K Venkataraman,before whom the matter came up for hearing,issued notices to the authorities last week and asked them to receive applications which,however,need not be processed till June 4 when the matter is to be taken up for further hearing.
The federation said the petition was filed to highlight the hardship being faced by residents in and around the survey numbers 63 and 56 of Pallavaram,who have been brought under the restrictive provisions of the Ancient Monuments and Archeological Sites and Remains (Amendment and Validation) Act,2010.
The details of survey numbers were made public by the ASI which wrote to the Chennai Metropolitan Development Authority (CMDA) on June 9,2010.Following the ASI letter,the CMDA sent a letter to the Pallavaram Municipality saying no construction activity could be permitted in the prohibited and regulated area till further directions from the Centre.According to the federation,nearly 5,000 houses and about 8,000 housing plots were lying frozen,because they fell within the prohibition zone.According to the ASI,no construction activity in any form could be permitted within 100 metres of a protected monument,and up to 200 metres would be the regulated area where construction activities would depend on the bylaws to be finalized by heritage bodies such as INTACH.
It also envisaged a National Monuments Authority which would stipulate procedures for grant of permission for constructions,reconstructions and repairs within the prohibited and regulated areas.
The residents federation wanted the ASI declaration to be quashed and the civic bodies to allow construction and repair works to buildings located in and around the survey numbers in question.

SHADOW OF THE PAST 




April 2010: 


The ASI imposes ban or stringent curbs on development activities within the protected and regulated zone in Pallavaram,where megalithic cairns and cists were found 

August 2010: 


Local bodies in TN,where 163 archaeological sites are located,banned construction activities around protected sites.Even electricity connections were not provided 

February 2011: 


ASI sought help from the Kancheepuram collectorate to hold a joint survey to demarcate megalithic sites.The survey could not be done till date due to protests from the residents (in picture one such protest)


Pc0070800.jpg 



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 Highways pulls down shops,widens road near Aminjikarai 


A Selvaraj TNN 

Chennai: A bottleneck near Aminjikarai on Poonamalle High Road has vanished.Officials of the state highways department,following a Madras high court ruling,recently cleared the encroachments that had reduced the width of the road.
Several top traffic police officers had recommended clearing the encroachments on thebusy stretch asthe piling up of vehicles caused frequent traffic snarls but the task proved difficult.
Highways officials said they struggled to retrieve the land as some of the residents who lived on the natham poromboke land (land without patta as per revenue records ) had moved the high court.We fought them and finally won, said a highways department official.The bottleneck,which stretched for about 300 metresin Shenoy Nagar,acted as a speed breaker for motorists.
A highways official said about 30 small shops and a few showrooms had parked themselves right on the road.We issued notices to all of them and vacated them before bringing the structures down.There are plans to ease a few more bottlenecks near Central station and at NSK Nagar near MMDA Colony.The road width will be restored as per the original plan, he said.
The highways department officials are busy clearing the debris and are preparing to relay a large portion of the road.A median will be laid after the entire width is cleared.This will help the free flow of vehicles on either side of Poonamallee High Road from Central station to Koyambedu, a traffic police personnel said.
The traffic police plans to relocate the traffic signals in this area and install a new signal near Shenoy Nagar crossing immediately after the Pachaiyappas College signal.
selvaraj.a@timesgroup.com



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 Buy property over 50L,pay 1% of value as tax 

TIMES NEWS NETWORK 

New Delhi:Even if a buyer of a flat or land does not have Tax Deduction and Collection Account Number (TAN),he will have to deduct 1% of the gross amount he pays to the seller and deposit it with the revenue department.
The onus of deducting and depositing 1% of the gross value of the property lies with the buyer.This provision will apply for a property value of over Rs 50 lakh,with effect from June 1,2013.FM P Chidambaram made the changes while introducing the amendments to the Finance Bill on Tuesday.He need not have a TAN but he must deduct the tax, he said.
The seller can claim 1% tax paid by the buyer from the revenue department.While depositing the amount,he has to mention the Permanent Account Number (PAN) of the seller.The seller,while filing his I-T return,can take credit for the amount.
While introducing the Finance Bill 2013 in February,the government explained that there was a statutory requirement to quote PAN in documents regarding purchase or sale of immovable property for value of Rs 5 lakh or more.The explanatory memorandum further said the information furnished to the department by the registrar or sub-registrar showed that a majority of buyers or sellers of immovable properties valued at Rs 30 lakh or more,during 2011-12,did not quote or quote invalid PAN in the documents regarding transfer of the property.

 



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Old TNHB flats make way for swanky apartments

Jayaraj Sivan, TNN Aug 13, 2010, 12.00am IST
 

CHENNAI: Lack of adequate open space for housing stock development in the city has led to builders increasingly turning to re-development of old apartments, promoted by the Tamil Nadu Housing Board (TNHB) in the last 50 years.

Many organised builders, including Landmark, Ramaniyam, Kgeyes, Nutech, Harmony and GRN, are already in this fast-growing field. It is estimated that in the past five years, about 10% of TNHB-promoted apartments and houses in sizes ranging from 300 sq ft to 1,500 sq ft have been re-developed.

Most of these buildings, owing to poor quality construction and lack of proper maintenance, have falling balconies, leaking toilets and walls with seepage. "Since old buildings do not have lifts, elderly people face difficulty in climbing steps," said S Sankararaman, who has entrusted the re-development of his apartment on LB Road in Tiruvanmiyur to a private builder. Most owners are aged above 60 years. A sizeable number of them are retired government servants too.

Builders are attracted to TNHB buildings because most of them have achieved hardly 1 FSI (Floor Space Index the ratio of land area to the built-up space) and as per the new development regulations of Chennai Metropolitan Development Authority (CMDA), 1.65 FSI is achievable. Wherever premium FSI is applicable, the builder can go up to 2.1 FSI. The flat owner gets a bigger apartment (1.5 times to two times the size of the original), some cash in hand and a rent-free apartment to stay till the project is completed. The builder manages a minimum profit of Rs 50 lakh when he re-develops a project with an undivided share of land (UDS) of one ground (2400 sq ft.)

As a thumb rule, the price difference between a TNHB flat and a private apartment in a particular locality is 60-100%.

"Builders show interest in re-developing TNHB apartments because most of them are in prime locations and abut roads that are at least 60 ft wide. They have the best of transport, drinking water, sewerage and drainage facilities. Secondly, these properties have clear title deeds and are free from litigation," said T Udaya Kumar, MD, Landmark Construction, which has completed re-development of two apartment complexes and is doing another 17 projects at present.

Since its inception in 1961 and up to the emergence of private builders in the mid-1980s, the TNHB played a key role in promoting layouts and apartments in Chennai. The city owes it fully to the TNHB for its expansion on the southern and western directions.

In the late 1970s and early 1980s, the TNHB developed several self-sustaining satellite townships like Anna Nagar, K K Nagar, Ashok Nagar, Besant Nagar, Adyar, Shastri Nagar, Tiruvanmiyur and Tambaram. The development included apartments, row houses, duplexes, large group housing and also housing plots with big bungalows catering to low income groups (LIG), middle income groups (MIG) and high income groups (HIG). In the mid-segment, the Board developed housing colonies in Mogappair and Velachery. "Though once developed as neighbourhood projects, they form part and parcel of the modern city," said Udaya Kumar.



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09_05_2013_006_02509_05_2013_007_002 09_05_2013_010_009 09_05_2013_253_00420130509c_01510101025259718 09_05_2013_004_00609_05_2013_253_005  09_05_2013_253_017

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20130510a_01010100920130510a_010101010



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10_05_2013_002_01511_05_2013_006_05311_05_2013_002_008 11_05_2013_010_00311_05_2013_190_003 11_05_2013_192_019 11_05_2013_003_024 



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12_05_2013_012_02512_05_2013_401_003 12_05_2013_003_003 (1)12_05_2013_405_003 



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 15_05_2013_007_00215_05_2013_013_021 15_05_2013_106_00815_05_2013_256_00815_05_2013_003_02115_05_2013_101_02415_05_2013_004_01015_05_2013_004_026 15_05_2013_005_003 (1)15_05_2013_005_01715_05_2013_005_02415_05_2013_005_02715_05_2013_006_00720130515a_005101005



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16_05_2013_006_018 16_05_2013_010_00516_05_2013_010_034 16_05_2013_010_035 16_05_2013_101_010 20130516a_01210100820130516c_016101008 16_05_2013_004_019 16_05_2013_005_041 16_05_2013_006_011 



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17_05_2013_012_03317_05_2013_013_004 (1)17_05_2013_015_01617_05_2013_101_01317_05_2013_258_007 20130517a_001107003 20130517a_011100002 20130517aA001100006 17_05_2013_004_024 17_05_2013_007_00217_05_2013_007_015 17_05_2013_005_00417_05_2013_006_06617_05_2013_005_023



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