Tag Archives: Amrapali Group

False promises land Amrapali Group in serious trouble

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Track2Realty Exclusive

News Point: Delayed possession and false promises land Amrapali Group in serious trouble, as homebuyers cry foul, celebrities backing off and political connections deserting.

Anil Sharma, Amrapali Group, India Real Estate News, Real Estate & Crime, Indian realty news, India property market, Noida real estate, Track2Media Research, Track2RealtyAfter taking the homebuyers for a ride long enough, the Amrapali Group seems to have ran out of luck with the homebuyers taking to social media to mobilise support, the brand ambassador Mahender Singh Dhoni exiting as face saver and the political support to the builder deserting.

Amrapali Group, after much-publicised “Mission Possession” has only been diverting the attention of the buyers till the residents of Amrapali’s Saphhire project in Noida lost their patience and went viral on Twitter. They also tagged the brand ambassador Mahender Singh Dhoni in their tweets asking the cricketer to dis-associate himself from the builder.

Residents are complaining about the pending civil and electrical works in the project. The company said it would complete the same in next three months.

Amrapali Group CMD Dr Anil Sharma said, “Sometimes there are so many unforeseen reasons. There are so many force majeure, which are beyond the control of a developer. So, during those periods construction is stopped for two years, three years, four years, five years. Those period can’t be contracted. There are two losses, one is time loss, another is finance loss. We are not burdening that finance loss to our esteemed customers, but time loss we can’t make up. Ultimately, time loss has to be extended.”

As the homebuyers were welcoming the Dhoni’s rebuttal to Amrapali, another cricketer Harbhajan Singh tweeted: “Well done @msdhoni for dropping #Amarpali builders’ brand ambassadorship..they didn’t gave us VILLAS they announce after 2011 worldcup win”.

“At least they should give them houses who paid..may be announcing a villa for us .. was a publicity stunt,” he said in another tweet.

Reacting to Harbhajan’s complaints on social media, Amrapali CMD issued a press statement, “We offered these villas to World Cup winning team as to honour their efforts, for that we did not charge anything. Amrapali Group never denied to handover those villas, nor now.”

“In this duration, cricketers or their representatives did not ask about the status of their villas and also there were some relevant process and formalities need to be done from their end.

“Whenever they will ask us, we will share the required details of their villas with them. I would also like to clarify that the project is in final stage where villas were promised,” Sharma said.

However, it is not just a case of one or two projects of Amrapali Group getting delayed. The homebuyers allege most of their projects are delayed and they are just unresponsive to the buyers.

Over 4,000 buyers of the Group’s Golf Homes project are also the sufferers after the developer delayed the possession by about 15 months and allegedly stalling the construction work.

As if the ire of homebuyers and the celebrity cricketers was not enough, sensing the public mood even the political patronage of Amrapali Group has deserted. Anil Sharma, who contested Lok Sabha Elections on JD(U) ticket in 2014 found his party distancing itself from Dr. Sharma. The party’s General Secretary, K C Tyagi, said, “Anil Sharma for the last Lok Sabha Elections was on the ticket of JD(U), but after 15 days he was an independent candidate.”

Tyagi added, “As a member of the Real Estate Committee, I am on record to say that they (builders) must be prosecuted. I am with the buyers of Amrapali Golf Villas and stern action must be taken against him. Homebuyers must go to the court and they must present their case to the Parliamentarians. From the 25th, Parliament session will start and I am hopeful that entire Parliament, after passing the Real Estate Bill, will stand by the consumers.”

Once a powerful man as an influential builder with connections in cricket to film and politics, it is not just fall from grace for Anil Sharma, but could be termed as self-inflicted disaster. It is a learning curve for the builders who think they are too powerful to take the homebuyers for a ride.

By: Ravi Sinha

Amrapali La Residentia starts possession of 1400 flats

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Amrapali La Residentia in Noida Extension is a 1200 crore property built across 20 acres of land with 39 towers and 3265 flats with 70% of green cover within the project.

Amrapali La Residentia Noida Extension Possession , Amrapali Group, Dr Anil Kumar Sharma, La Residential, Noida Extension property, NRI investment, India real estate news, Indian property market, Track2Realty, Delayed Possession in Delhi-NCRLa Residentia in association with Amrapali developers have provided possession of 408 flats in their 6 towers as the first installment of possession. Flats built around 880-1705 sq. ft are handed over to its residents in a musical evening at the site where over 2400 residents gathered to participate in this success story.

The possession of Phase – 1 (comprising of 18 towers) of this property will be complete by July 2016 which will have 1400 flats, the formal mail for which is already shared with the buyers.

The property has unique parks with separate walking tracks for everyone like senior citizens, kids and adults will have their own tracks as per their need, temperature controlled swimming pool, 500meter connectivity to metro, schools and hospitals within the vicinity.

Every flat is 3 side open and towers have only 4 flats per floor along with 2 working lifts with touch control system. Keeping the green objective in mind the central area of the project is a vehicle free zone.

According to Pankaj Jain, Director, La Residentia, “This being our first project we have put our best of the efforts and used quality products in construction to make it our landmark project. Top branded fittings, fixtures, Lifts are used in each and every tower to give it a more urban feel at an affordable cost which starts from 28lacs.”

On this occasion Anil Kumar Sharma, CMD, Amrapali Group shared, “The amount of commitment shown by Mr. Jain and his team is commendable, we are very pleased with the final product and are looking forward to be associated with them for future projects.”

Sanjeev Kumar Director –La Residentia added, “This project is a very good example of time bound delivery in the market as there has been so much of negativity in the market related to the possessions. We committed possession in July 2016 and we have already started giving possession and would like to do the same in the coming years.”

Amrapali Group CMD Anil Kumar Sharma booked in murder case

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Anil Sharma, Amrapali Group, India Real Estate News, Real Estate & Crime, Indian realty news, India property market, Noida real estate, Track2Media Research, Track2RealtyTrack2Realty-Agencies: An FIR has been lodged against seven persons including real estate baron, Amrapali Group’s Anil Kumar Sharma in Bihar’s Lakhisarai district in connection with the murder of a former secretary of an educational trust who was shot dead.

Sharad Chandra Kumar, former Secretary of Balika Vidyapeeth Trust, was shot dead by two unidentified persons on Saturday, August 2, after which an FIR was filed by his wife Usha Sharma.

“We have arrested one of the seven accused persons and raids are being carried out in Lakhisarai and Patna districts to nab other accused persons named in the said murder case,” Superintendent of Police of Lakhisarai Ashok Kumar said from Lakhisarai.

“We have simultaneously launched a massive manhunt for arrest of two unidentified shooters who committed the crime in order to find out motive behind the murder case,” the SP said.

Kumar said that a seven-member investigation team has been constituted with the Town Police Station’s Officer In-Charge (OIC) Manoj Kumar as the Investigating Officer (IO) to probe the case.

Refusing to share specific lead in the case, he said that the police will be able to move in the right direction only after the two shooters are arrested.

Chandra had served as the secretary of Balika Vidyapeeth Trust for 20 years before being succeeded in that post by Anil Sharma five years ago.

Meanwhile, Anil Sharma the CMD of Amrapali Group has rubbished the murder slur on him saying he has been ‘falsely framed’ in the murder case and the allegations of conspiracy against him were ‘completely false and ill-motivated.’

“I have resigned from the trusteeship of the Balika Vidhya Peeth Trust and also from its official position on March 9 last itself and since thereafter I in no manner related to the affairs of Balika Vidyapeeth,” Sharma has said in a statement.

“I have been falsely framed and the allegations of conspiracy against me in the murder case of Sharad Chandra Kumar are completely false and ill-motivated,” he said.

Property exhibitions saviour during festivals-II

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By: Ravi Sinha

CREDAI Delhi NCR, Amrapali Group, Anil Sharma, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyTrack2Realty Exclusive: A Delhi-based brand strategist says property exhibitions are more about BTL (Below the Line) brand positioning. Requesting anonymity, he maintains that footfalls are not necessarily translated into actual buying. Even the sales figure that developers so glorify out of the property fest is, more often than not, accumulative sales figure of the given period.

“I am not against property fests per se. It is good actually for meeting the prospective buyers, investors and even within the peer group. But then such platforms are actually B2B (Business to Business) forums. To assume that a property exhibition is a catalyst to sales drive or revival of the market is far from reality. But yes, it is one of the best tried and tested brand drivers in real estate business,” he says candidly.

Manju Yagnik, Vice Chairperson, Nahar Group, however, gives another dimension to property exhibitions. According to her, such fests offer a great opportunity for the home buyers to understand the state of the art development of the real estate sector at different locations. World over, property exhibitions serve two purposes; one, they showcase the latest innovations and improvements that enables customers to make an informed decision.

Second, exhibitions also offers various developers to showcase their own growth in terms of new destinations and value additions they have brought in with a view to gain more satisfied customers.  With great success of exhibitions organized by various forums, it has now emerged as a benchmark in the industry.  A series of advertisement campaigns during the property exhibitions has resulted in changing market sentiments.

“Initially when property exhibitions were introduced, the number of footfalls recorded then was good. But these footfalls were not necessarily converted in to sales. However, in the recent past, property exhibitions have emerged as a business platform in the real estate and many deals have started happening during the exhibitions. We have seen some of the developers entering into a mega corporate deals during the mega property exhibitions. Analysts too have begun visiting the mega exhibitions to gauge the trend in the real estate market and to prepare a report on its basis,” says Yagnik.

…to be continued

CREDAI NCR committed to give facelift to sector

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By: Dr Anil Sharma, President CREDAI NCR

CREDAI Delhi NCR, Amrapali Group, Anil Sharma, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyTrack2Realty Exclusive: We all understand that real estate needs a facelift and brand management from the industry standpoint. The sector has indeed come a long way in the last around ten years but we still need to work on the trust deficit in the sector.

For us, like any other business, buyers’ interest is important and hence immediately after taking over as the President we have clearly outlines the objectives and focus of CREDAI NCR. For the outstanding growth of real estate sector we have a charter plan in place.

Our first and foremost objective is to improve the credibility of our Association through transparency, fair dealings, redressing the disputes fairly and speedily. Implementation of the law of the land, creation of better environment in real estate Industry and simplification of tax structure is what we aim to achieve.

CREDAI NCR has already got the charter of Code of Conduct signed by its member developers and is being followed by them. This is being implemented with a view that it will bring in transparency and uniformity to the system. It will help the buyer to fairly evaluate the various proposals before he decides to buy the property.

Besides, CREDAI NCR has started a consumer grievance redressal forum to resolve any sort of dispute which may arise between its member developers and their respective customers. I am happy that this system got a very good response and we have been able to resolve more than 90 percent cases till date.

Within the CREDAI NCR we are also discussing ways & means to provide affordable housing. For affordable housing, costs have to be reduced. Major costs are land, taxes, easy availability of finance at reasonable rates and speedy implementation of the project.

Since land cost are very high in A and B grade cities, one way to reduce this cost is to increase the FAR and density allowed for development of the project. However, for this meticulous planning is required by the local authorities for implementation of adequate infrastructure facilities.

There are various taxes imposed by the central and state government. They vary from state to state and are not simple to implement. These contribute to a major chunk of the cost and are very cumbersome to implement. This need to be simplified and we are encouraging towards single taxation source.

For easy availability of finance at reasonable rates financial institutions should work towards a system which will ensure that the finance provided is utilized for construction of affordable housing in reasonable time.

Environment Ministry has also been cracking down hard on infrastructure and real estate projects. Compliance of the appropriate environmental regulations is necessary in order to preserve our scarce natural resources and to provide a clean environment is essential. The developer community is all for having proper norms in order to safeguard the environment. What we are against is redundant approvals and duplicate red tape.

We should have uniform norms across all the states. These should be simplified and be practical for implementation. There are certain norms which need implementation at the local body /local surroundings and certain norms which are specific for the project. The developer should be made responsible for implementation of the project specific norms only.

Besides clearance/approval of environment before commencement of construction activity is very time consuming which adds to the cost and delays in project implementation. Government is providing incentive for the green building project which is a welcome step and we will promote this initiative.

Input prices have been showing a northward trend in this supply constraint market. CREDAI has limited role in addressing the cost of inputs. In fact our members compete against each other for resources. At CREDAI level, we try for better exchange of information between members, better dissemination of new construction technologies and construction practices. We also at times look at getting into preferred partnerships with some vendors.

Despite of all these odds, CREDAI NCR is committed to give brand facelift by having better transparency with the customer, improve the credibility of the real estate sector with the customer and the government, conserve scarce resources by developing eco friendly projects, follow professional business practices, get involved in corporate social responsibilities (CSR), work with the government for providing single window clearance thereby reducing the clearance time, reduce the taxation burden on the real estate sector and increase the tax revenues by involving more tax payers, provide more jobs to the needy section of the society, provide affordable housing to the common man and work towards implementation of environmental norms.

Policy advocacy desirable yet debatable in realty-II

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CREDAI Delhi NCR, Amrapali Group, Anil Sharma, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2RealtyTrack2Realty Exclusive: Realty is predominantly a regional business, primarily on account of land being a state subject. Therefore it is a tough task for one single body or association to represent the views and opinions of all stakeholders in the sector.

Some sector analysts assert that few realty associations and public interest bodies such as RICS are all working at some level in the same direction to improve dealings within the sector, albeit the medium used to communicate these views vary.

They insist at the end of the day, it is not necessary for there to be one voice in the industry, as far as the message is the same and consistent across any one whom delivers it. The question remains—has the voice been one?

Harmit Chawla, Managing Director of HCorp Realty rather questions the intent and seriousness of the developers’ respective bodies in their approach to policy advocacy.

According to him, in this dog-eats-dog business environment of real estate, any serious approach to policy advocacy is a misnomer since policy advocacy by its very essence is aimed at creating a level playing field which won’t suit the bigger players in the fray here.

“Policy advocacy is the second level in the growth curve of a business. When lack of regulation, transparency and absence of professionalism suits the business model of the sector at large, then why will they get a patient hearing by the policy makers? The point is you ask the government to grant you all the fancy wish list but not keep a track of your shady functioning. If the sector gets really serious with its causes and concerns, then only the government will show you seriousness. For instance, asking for industry status that will ease many bottlenecks, including bank finance, but not being monitored by a regulator is like contradicting your wish list and making the sector appear greedy,” says Chawla.

Therefore, it is not just desirable but necessary for the sector to create enablers of change, where all industry bodies and associations need to communicate the same message.

All stakeholders need to ‘walk the talk’ for the larger benefit of the sector. If it is automobile or telecom, any industry analyst knows who acceptable faces of the industry are and what the common cause is. Does acceptable voice and common agenda exist in realty?

…..to be continued

CREDAI-NCR aims to regulate secondary transactions & property brokers

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CREDAI Delhi NCR, Amrapali Group, Anil Sharma, India real estate news, Indian realty news, Property new, Home, Policy Advocacy, Activism, Mall, Retail, Office space, SEZ, IT/ITeS, Residential, Commercial, Hospitality, Project, Location, Regulation, FDI, Taxation, Investment, Banking, Property Management, Ravi Sinha, Track2Media, Track2Realty Track2Realty: The NCR chapter of realtors’ body CREDAI said on Saturday, April 13, it will direct developers to disclose both saleable and carpet area in their brochure and is considering measures to regulate brokers who are engaged in mis-selling projects. It also claimed to put a check on the secondary sell by speculators.

In this direction CREDAI-NCR plans to boost end-user demand in housing by imposing lock-in-period for re-sale and higher transfer charges.

Announcing the new team for 2013-15, CREDAI-NCR President-elect Anil Sharma, the Chairman and Managing Director of Amrapali Gtroup, said, “A new team has been formed. We will focus on consumer awareness and consumer redressal,” Sharma told reporters while listing out his priorities for the next two years.

CREDAI-NCR has already formed a consumer redressal forum last year and has so far received about 700 complaints and claims to resolve around 650 cases so far.

Asked about non-disclosure of carpet area by developers in their brochure and application form, he said: “We will ask our members to disclose saleable as well as carpet area and also method used for calculation of such areas”. The saleable area is built-up area plus common area, he added.

On the brokers’ mis-selling products, Sharma said, “We have come across situation where some of the brokers are not providing full information to buyers. The governing council will take up the matter how to regulate them.”

Asked about rates being lower in the secondary market compared with developers’ price-list, Sharma said this is because of investors selling their units with some premium.

In order to curb investor demand and encourage end-user demand, he said the association would consider steps like lock-in-period for re-sale and higher charges for transferring the property on some other name.