ARK Real Estate

16/04/2013

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15/04/2013

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14/04/2013

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13/04/2013

****NLD demands probe into Hooda government’s land deals****

The main opposition Indian National Lok Dal (INLD) in Haryana Monday demanded a probe by a sitting Supreme Court judge into all land deals done by the Bhupinder Singh Hooda government.
“The CAG (Comptroller and Auditor General) in its report has mentioned that thousands of acres were allotted to private builders. The matter should be probed immediately as the land scam in Haryana is bigger than the 2G and Coal scam,” INLD’s state unit president Ashok Arora said.
Arora alleged that 350 acres of prime government land was sold to realty company DLF in Gurgaon at throwaway prices.
“The irregularities found in the Robert Vadra (son-in-law of United Progressive Alliance chairperson Sonia Gandhi) and DLF land deal is only a hint that big land scams have taken place in the state during the Congress regime,” the INLD leader said in a statement.
Arora said that working under the pressure of Vadra, the Haryana government had tweaked tender norms in favour of DLF and the land was given under a single tender at throwaway prices.
He added that the government had also helped DLF by owning responsibility to get clearance from environment, defence and civil aviation departments.
The INLD leader also alleged that the Hooda government had forced farmers to sell their land at cheaper rates by misusing the Section 4 and Section 6 of the Land Acquisition Act to provide huge benefit to private builders.
Hooda has been heading the Haryana government since March 2005.
The government was left red-faced when the then director general (consolidation) Ashok Khemka cancelled the mutation of the Vadra-DLF land deal worth Rs.58 crore.
Arora said that the Hooda government, while not implementing Khemka’s orders, got “clearance” from a committee of senior officials to help Vadra.

12/04/2013

**** Redevelopment in Chennai ****

What do you do if you have an ancestral home that is too large for your nuclear family? A large number of families in Chennai who were faced with this problem have now found a solution to this dilemma. And the answer is redevelopment!!

What is redevelopment and how does it benefit the owner of the house? A growing number of house owners in different parts of the city are entering into joint ventures with developers. As per this venture, independent houses are being demolished and reconstructed by these developers as structures having three to four floors each. The owner and the developer agree upon a profit sharing.

“Land is fast becoming a coveted resource in Chennai. The rate at which land prices are rising, new projects are difficult to come by. Redevelopment was the only way out of this dicey situation which Chennai’s realty is facing today. As both parties benefit out of such a venture, it is a win-win formula,” explains DS Shyam Sundar, Director, SP Homes Pvt Ltd.

“The owner gets a brand new house with better interiors in terms of facilities such as air conditioners, bathroom fittings, tiles etc along with better exteriors such as basement parking and open space for balconies,” says AV Murali, Managing Director, Green Earth Property Services.

This trend is particularly prominent in old localities developed by the Tamil Nadu Housing Board such as Anna Nagar and Shenoy Nagar in north west, KK Nagar and Ashok Nagar in south west and Thiruvanmiyur, Besant Nagar, Indira Nagar and Shastri Nagar in south east. “While in certain localities such as Anna Nagar and
KK Nagar this trend had picked up long ago, with almost 65-70 per cent properties already redeveloped, in other localities such as Ashok Nagar and Besant Nagar redevelopment is in nascent stages,” says Murali.

With high buyer demand in central locations of the city and land becoming a scarce resource, redevelopment surely seems to be the way forward for the Chennai real estate market.