Gurgaon one sector 84-The epicenter of new Gurgaon

Leading real estate developer Alpha G Corp Development Private Limited will be launching shortly a premium residential project named Gurgaon one sector 84. Earlier Alpha G:Corp which is one of the fastest growing real estate company had launched Gurgaon One sector 22 and Gurgaon one sector 84 will be its second offering . The company is developing several projects all around the country. These projects are located in cities like Ahmedabad, Amritsar, Delhi NCR, Fatehabad, Gurgaon, Goa, Kurukshetra, Karnal, Jaipur, Meerut and several other cities located in the states of Gujarat, Punjab, Rajasthan and Madhya Pradesh. On the whole an area of over 30 million square feet is being currently developed by Alpha G:Corp.

The design of Gurgaon One Sector 84 has been executed in such a way that there is maximum open area including vast expanses of greenery. The landscaping is crisp and the entire planning has been planned taking an unprejudiced approach. An appropriate space is kept between the high-rise towers that allow an independent visual to each building while keeping the physical connection intact. There are seven high-rise towers that are built along the periphery. Landscaping has been done on approximately 6 acres land. To provide ample parking space to the residents two basements are being built.

Real estate company Rose Valley files petition against SEBI at Kolkata high court

A petition is being filed in the Calcutta High Court by Rose Valley

Real Estate

and Construction Company seeking an injunction on the order passed by SEBI. The SEBI order has restricted the real estate company from collecting money from investors and from launching any scheme. As per the SEBI order which was passed on 3rd January 2011 the company under its collective investment scheme cannot collect money from investors and it cannot launch any scheme to dispose of any or part of its properties/assets.

P C Sen and S Pal, the counsels of Rose Valley while pleading before Justice Jayanta Biswas for an injunction against the order contended that since Rose Valley is not listed in any stock exchange it is beyond the jurisdiction of SEBI and as such the market regulator cannot interfere in its affairs. Their petition stated that company affairs of Rose Valley come under the provisions of the Companies Act, 1956 and hence regulated and administered by the Ministry of Corporate Affairs of the Government of India.

Praying for an injunction the counsels stated that the company has been receiving money from public in exchange for allotting a plot of land and this they argued cannot be termed as collection of deposit from public or trading in the securities market.

CCI probe against DLF gets Compat approval

The proceedings initiated against India’s leading real estate major DLF by the Competition Commission of India (CCI) has got the approval of Competition Appellate Tribunal (Compat). While refusing to stay the proceedings against the real estate major Compat has granted its permission to CCI to carry on with its inquiry. CCI began probing complaints against DLF when customers alleged that the realty major was abusing its dominant position by including clauses that were discriminatory and abusive in the agreements that it had signed with allotees of its real estate projects in Gurgaon. DLF had approached Compat to put a spanner in the probe conducted by CCI.

The Delhi High Court too refused to put a stay order on CCI proceedings. Some allotees of premium DLF residential projects like Park Place and Belaire formed associations and filed petitions before CCI against DLF. They stated in their complaints that the real estate company did not deliver the said projects within the stipulated period and apart from that it put discriminatory and abusive clauses in the agreements.

Both the projects will have 2200 flats in total and these are priced from Rs 1.5 to Rs 3 crore. These projects were started in August 2006 and completion was expected within three years. However the deadline for completion was extended to April 2011 by DLF much to the chagrin of the customers.

CREDAI Orissa comes out with ‘Code of Conduct’ for builder members

Now there will be hope for real estate customers affected by fraudulent deals of unscrupulous builders. CREDAI (Confederation of Real Estate Developers’ Association of India) Orissa is coming up with a ‘Code of Conduct’ that will help real estate customers to get fair and transparent deals. CREDAI Orissa has 40 builder members under its fold who will be signatories to this enactment and they will work towards providing clean deals to customers in the future.

D S Tripathy the general secretary of CREDAI Orissa while talking to media persons said that from January 15 onwards it will be mandatory for all CREDAI Orissa members to adopt the Code of Conduct. The code of conduct will also include a grievance cell that will entertain complaints from consumers against real estate developers regarding any problem or deficiency faced by them. Moreover developers on their part have to provide their customers project details like status of various clearances which will include building plan approval, environmental clearance etc. Mr. Tripathy further added out of the 40 members of CREDAI Orissa 30 have already given a written undertaking to abide by the provisions laid down in the Code of Conduct. He made it clear that members not adhering to the code will be expelled from the association.

HDIL sells 7 acre Andheri east (Mumbai) plot for Rs 800 crore

Last week a plot measuring 7 acres located in Andheri (east) was sold out for Rs 800 crores thereby which made the land transaction deal the largest outside Bandra. The said plot which is located at Popular Car Bazar on Andheri- Kurla Road and measures 30,000 sq m or approximately 3,23,000 sq ft is owned by HDIL a Mumbai real estate company. The plot was sold by HDIL last month to the Kanakia Group. The Thakur family was once the owners of the land. Two years ago the family sold the land which was being used as a garage to HDIL at a price of over Rs 400 crores. At present slums cover almost 20% of the plot.

The new owners are planning to develop about seven lakh sq ft of the plot. According to reliable sources Kanakia Group evinced interest in the plot because they are already developing a large commercial project at Popular Car Bazar and this plot will help to further their interests in the area.

The Mariott Courtyard hotel which is located in the same area is owned by the Kanakias. The plot bought by the Kanakia group is near the vicinity of the metro line which is coming up. The company is planning to develop a new commercial project on the new plot where the commercial rates vary from Rs 15000 to Rs 20000 per sq ft.