Tag Archives: TDI LakeGrove

TDI infrastructure slapped with Rs 35 lakhs fine for deficiency of service

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TDI LakeGrove, 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-Agencies: The Delhi Consumer Commission has asked TDI Infrastructure Pvt Ltd to pay over Rs 35 lakh to a man for non-completion of project, in which he had booked a plot, even after three years from date of promised delivery of possession, saying it “amounts to deficiency of service”.

The Delhi State Consumer Disputes Redressal Commission, presided by Judicial member S A Siddiqui, asked the real estate firm to pay Rs 35,80,000 to one Amar Singh Pahal, noting that “it can also be taken as indulgence in unfair trade practice”.

“…it would be in the large interest of justice that the amount deposited by complainant is refunded back…He should also be adequately compensated for the harassment, mental pain and agony.”

“Non-completion of project even after three years from the date of promised delivery of possession definitely amounts to deficiency of service on the part of Opposite Party (firm). It can also be taken as indulgence to unfair trade practice,” the commission said.

In its order, the commission also added that a consumer cannot be made to wait indefinitely on whims and fancies of a builder.

“The OP is directed to refund a sum of Rs 35,20,000…The OP further directed to pay a sum of Rs 50,000 as compensation for mental pain, agony and harassment. OP will also pay as sum of Rs 10,000 towards costs of litigations,” it added.

Pahal had contended before commission that in May 2006, he had paid Rs 35,20,000, which was 80 per cent of total cost, for a shop in firm’s commercial proposed project at Kundali, Sonepat, Haryana, which was to be completed by February 2009.

However, the firm did not handover the possession of the unit till date and made false promises.

After observing the delay in completion of project, Pahal sought refund of his money but the firm did not reply.

Thereafter, he approached commission, seeking a direction to firm to refund the amount, besides Rs 10 lakh towards compensation and costs of litigation and miscellaneous expenses.

The firm, however, denied allegations made against it and contended before the commission that Pahal had deliberately misrepresented the status of development of the construction of the complex, and also added that Pahal was not a consumer.

It said that the pace of construction was slowed down due to various reasons, including the global recession in 2008 and a few legal complexities, adding that it was still committed to handover possession of the unit in near future after its development.

Clubs redefining the conventional housing needs-II

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TDI LakeGrove, 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: In Mumbai Kohinoor City has a club house with wide range of international standard gymnasium equipments, rubberized jogging track, badminton court with herculean flooring, squash & table tennis court with wooden flooring, lawn tennis, swimming pool with Jacuzzi, steam rooms, yoga room, carom & pool room, cricket ground and even amphitheatre.

The question is whether such frills are sustainable and financially viable to maintain in the long run.

Atul Modak, head of Kohinoor City asserts that any club house, though not profit making centre, should be self-sustainable in the term. If proper policies and procedures along with revenue generating sources are in place, the club will not lose sheen in the long run.

“Most of the clubs across the country are like fake frills to customers but now more and more developers are giving full fledge clubhouse. I feel even the clubs within residential projects help diverse set of people come together and socialize. Ours being cosmopolitan nature of residential societies further helps in bring diverse sets of people together,” says Modak.

Ashwani Prakash, Executive Director of Paramount Group also believes that clubs in a residential project has all the necessary ingredients of bringing together diverse set of people.

According to him the clubs in residential projects do cater the needs of different sets of people with similar social standing. If the facilities in the club are designed keeping in view the social and other needs of the residents, a club would definitely provide a smooth atmosphere, which will support the life style of the residents residing in the project.

“In an integrated township the facilities and the atmosphere should be designed aptly which covers the comfort and gives a support to the life style of the cross-section of the people who reside within that township. The club in any group housing is offered only to the residents of that township no outsiders are permitted. The people residing in group housing are almost with similar social standing and form a cohesive social group which has almost the similar taste. Thus making the maximum use of club facilities available to them,” says Prakash.

Chitty Babu, Chairman and CEO, Akshaya Homes categorically believes that to make a club happening place it has to organize get together at regular intervals for the occupants where activities like karoake nights, tambola, conducting sports competitions for the children and adults have to be organised rather than just mundane cafeterias. Clubs in his residential projects also screen a new movie for the kids every week.

“To our understanding clubs within residential projects are more about offering facilities for sports and recreation rather than offering cafeterias as the requirement for clubbing to have food and drinks are limited in residential projects. Normally in a residential project the sports and recreation club is the preferred form primarily to provide a venue for the occupants to take care of their physical fitness,” says Chitty Babu.

The fact of the matter is that the concept of clubs has gone a tremendous change and facelift, thanks to the cut-throat competition among the developers.

It often works as a show case of the project as well and there is a clear distinction in the architecture and decor of the clubs constructed of late as against the nineties.

Older clubs have a colonial design and formal interiors whereas the new ones have contemporary design. Small bedroom but large club house is something that the urban India seems to have settled with.

Statistics misleading with India’s SEZs

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TDI LakeGrove, 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: Commerce Ministry data fails to give a comprehensive picture where many grandiose plans have failed to tap the potential that actually existed. Several SEZ projects and the expansion plans, like the SEZs at Navi Mumbai, Jhajjar in Haryana, Adani’s Mundra, DLF’s Cyber City in Gurgaon, Mahindra World City in Chennai, K Raheja Universal and Flagship Infrastructure in Maharashtra are facing difficulties. The SEZs cumulatively have been losing ground over the past couple of years.

Export growth of SEZs has slid from over 120 per cent in 2009-10 to just 15 per cent in 2011-12. Critics argue what came as a big bang policy initiative in 2006, is systematically losing sheen. Not all is well with the country’s Special Economic Zones.

Statistics may show one side of the picture where more than a quarter of the country’s exports still come from them, but SEZs are grappling with a sharp slowdown in growth. The number of new SEZs too has dropped drastically in recent years. An inept, nebulous policy framework seems to have taken a toll.

“The fiscal concessions and duty benefits allowed to SEZs are inbuilt into the SEZ Act, 2005. These exemptions are in the nature of incentives for export and investment and are consistent with the principles that guide export/investment promotion initiatives of the government in general, and cannot be termed as a revenue loss,” Anand Sharma says.

The question is what has gone wrong? It seems the government’s half hearted approach, infrastructure bottlenecks, Centre-State vision mismatch, policy twists & turns and taxation issues proved to be dampener for most of the projects to take off the way it had been planned. Added to this, the bleeding global market forced many developers to put the plans on hold.

With IT and ITeS being the major chunk of approved SEZs, they are reworking on the feasibility of the projects. Multiproduct SEZs have their own list of issues ranging from infrastructure, road, rail and port connectivity.

India’s largest Adani Port & SEZ sprawling over 6,000 hectares is finding problems in expansion due to inability to acquire an additional 1,500 hectares. Similarly, DLF’s expansion at the Gurgaon City Centre SEZ has been denotified, though the company spokesperson Sanjey Roy claims all its buildings in SEZs across India are operational.

A Reliance official says, requesting anonymity, their Jhajjar SEZ plan was based on the idea that companies would set up factories there to produce for the world market. But the recession has taken its toll and Reliance now hopes to create an industrial township over there jointly with IL&FS.

“India has lost a very good opportunity to draw foreign investors into SEZs. Our lackadaisical and uncertain policies are entirely the reason,” says Ajay Nijhawan, Convenor of the panel of SEZ developers in the Export Promotion Council for SEZs and senior Vice President of Reliance Jhajjar project.

Next: How China succeeded with SEZs

Rebirth of integrated townships in 2013-VI

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TDI LakeGrove, 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: Puniet Singh, CEO, Sherwoods Independent Property Consultants says the latest trend of moving to the outskirts in the vicinity of IT companies benefits individual and professionals to have their comfort nearby with office and home in the same areas. This will expand the horizon of modern living as well. Further the distance from the city allows its residents to stay away from traffic, pollution and congestion.

The difference between a city and such a township is that it is a venture entirely conceptualised and executed by the developer. “Integrated townships provide residents with the tranquillity of a home in the countryside, equipped with comforts and amenities of a bustling metro. These self sustained townships are mini cities,” says Ravi Saund, COO, CHD Developers who is building a 250 acre township at Karnal in Haryana.

“There seems to be a good amount of demand for integrated township development as long as there is a right mix of various elements as part of the development,” says Brotin Banerjee, MD & CEO of Tata Housing.

According to Madhav Pai, Director, EMBARQ India, townships should aim to retain urban characteristics, prioritize pedestrian and bicycling accessibility and promote mixed-use developments that accommodate the needs of all including children, the elderly and differently-abled.

“This will result in improved accessibility, reduced carbon emissions, enhanced quality of life and economic development. It is important to influence the way we imagine, plan and build our cities and make mobility – especially non-motorized modes and linkages to public transport – an active indicator that consumers, builders and policy makers insist upon in new developments,” he says.

While encouraging sustainable mobility principles in real estate, Kishor Pate, CMD, Amit Enterprises Housing and Hon. Secretary, CREDAI (Maharashtra) says, “From a residential real estate point of view, the solution clearly lies in providing residents with as many facilities of daily living as possible within residential projects. The developers should focus on project designs that incorporate such facilities and designating no-vehicle zones. The location of the project is also a critical factor. If space constraints within the project do not permit the provision of these facilities, the project can still be located close enough to them to minimise vehicle use.”

Seconds Ashok Kumar, Principal and MD, Cresa Partners, “The new residential developments and townships should inhibit the growth and use of motorized mobility options. This will result in improved accessibility, reduced carbon emissions, enhanced quality of life and economic development.”

Many corporates nowadays take up huge spaces for their offices along with residential premises for their employees. This enables the employees to walk down to the work place, which is nearby. This avoids commuting and the ordeal of parking and gives extra time on hand to spend at sports or recreational activity or with family members. This saves time, hence energy and cost.

…..to be continued

Rebirth of integrated townships in 2013-IV

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TDI LakeGrove, 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: Many urban planners maintain the genesis of the model integrated township in India lies in Jamshedpur, developed by the TATA Group. However, modern realty analysts maintain no one understands the grandeur of an integrated township better than Jaypee Group due to its locational vantage point and large tract of land bank. The infrastructure major has to its credit state-of-the-art township along the Yamuna Expressway.

Jaypee Greens not only stands up as a case study but also throws challenge for the future integrated townships in terms of size, value and overall holistic development of self-contained township. After all, how many townships can afford to be spread over 1162 acres of lush green land, the way Jaypee Greens Wish Town is positioned.

The township in Sector 128 includes five sectors. The mega golf view integrated township has Jaypee Greens Klassic in Sector 129, Jaypee Greens Kosmos in Sector 128, Jaypee Greens Garden Isles, and Jaypee Greens Kensington Park in Sector 133, Kalypso and Pavilion Court in Sector 128.

Mahindra World City in Chennai also stands out as a successful integrated township developed far away from the then existing commercial hubs in the city. It is extremely large, spread over 1500 acres, with multiproduct SEZs managing to attract prominent anchor firms across a number of industry verticals.

Magarpatta City spread over 430 acres near Pune needs a special mention as a model integrated township. It is an internationally appreciated model of self-sustainability. The township has solar water heating system, garbage segregation at source, bio gas, vermi-culture, bio-compost, tree plantations, cold storage in addition to the usual facilities.

All these amenities are managed by the developer through its property management services (PMS) arm. The Pune Municipal Corporation even reduced the property tax for Magarpatta City residents by 10 per cent in appreciation and in support of their efforts.

Another success story has been the Hiranandani Group’s Powai project. There are dozens of township projects across India at various stages and the average price range is between Rs 5,000-8,000 per sq ft. For Example, Vedanta City near Surat in Gujarat offers 2BHK flat at around Rs 15 lakh while Nanded City at Pune by Magarpatta Township is in the range about Rs 40-44 lakh. The 2 BHK flat would cost more than Rs 1 crore in Kohinoor City at Kurla, Mumbai. Villas will cost Rs 2-3 crore near tier-II cities while it will cost about Rs 5-6 crore in the suburbs of these cities. For example, Amanora Sweet Water Villas are quoted at Rs 4 crore and above at Amanora Park Town at Kharadi near Pune.

…to be continued

Rebirth of integrated townships in 2013-II

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TDI LakeGrove, 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: Conceptually across the world integrated townships have gone beyond a well-planned housing complex that meets daily needs of its residents to a functioning city that aims at self reliance. The townships being built today have a balanced configuration of residential and commercial spaces intermingled with well-developed infrastructure and recreational amenities besides the green and open spaces.

The provision of such services envisaged usually requires a land parcel of more than 100 acres. As such tracts are usually unavailable in metropolitan cities today townships have to move either in the suburbs where such lands are available or else, the outskirts of the city. Brotin Banerjee says though integrated township is a fast emerging social trend in Indian urban cities, it is slowly gathering momentum in smaller cities.

“Due to huge demand coupled with convenience and economy, an integrated township offers all these amenities and at a relatively low and affordable price. Witnessing the current inflation rate, the prospects of a reduced cost-of-living has always tempted consumers. The trend will soon turn into a necessity with growing urbanization in the coming years. We have been successfully developing integrated townships in various locations across India and the response has been overwhelming,” says Banerjee.

“As land prices peak in key cities and basic infrastructure lagging to balance with increasing populace, the property developers are building cities away from the city to facilitate better quality lifestyles. The enhanced lifestyle and community living are now perceived to be synonymous with the concept of integrated townships,” says Kaushal Sampat, President & CEO, India, Dun & Bradstreet, a global business information and knowledge provider.

But to make a township successful on the outskirts, it has to be developed as the corridor of self sustaining economic activity. Many of the integrated townships in the Indian context are not actually the economic corridors that have the ability to create a large number of commercial and industrial jobs. At the best, they have been self-contained units offering residents everything for their daily needs, with the office spaces to promote walk-to-work.

“An integrated township is a well planned project where spaces are clearly demarcated for residential, commercial and institutional and social use. However, the township format, although not new, is still not a unified one across the country. This lack of common definition means that anything from a development of 25 acres to 2,500 acres is being touted as a township,” says Neeraj Bansal, Partner, Real Estate & Construction, KPMG India.

…..to be continued