Saturday, 9 April 2016

Bombay High Court dismissed builders’ plea for concession on affordable housing


                                               






          The Bombay High Court on Thursday disposed of a petition filed by a few developers seeking concession in rules that require all builders to construct 20 percent additional small sized apartments in their plots on all projects that are bigger than 4,000 square meters.  The judges held that the government’s decision was correct.

The division bench headed by Chief Justice Mohit Shah was hearing petitions filed by DB Realty and few other developers, which said that it was not possible to provide 20 percent affordable housing in all projects and it would hinder many construction projects and so this policy should be scrapped.

It was submitted by the petitioners that restriction on the land owner’s right to develop and construct on his land is arbitrary and constitutes an unreasonable restriction on the petitioner’s right given in the Constitution of India.

The Judges, however held, we are not satisfied with arguments put before by the developers and disposed of the petitions without granting any relief to them.

The draft notice of the inclusive housing policy made it mandatory for all owners to develop plots of 30 to 50 square metres to hand over to Maharashtra Housing and Area Development Authority (MHADA) for economically weaker sections and low income groups.


In 2014, Jabong and Snapdeal made large office space transactions, too.  They are expected to continue to do so this year.  While Jabong picked up 120,000 Sq.ft. in Gurgaon, Snapdeal absorbed 115,000 Sq.ft. in Delhi last year.  This year, Jabong is taking a new and larger rented office.

Though the American e-commerce major Amazon refused to discuss the specifics of its office expansion plans, it is believed to be looking at a large office space of more than one million Sq.ft. in Bengaluru this year.  The Company already have campuses in Bengaluru, Chennai and Hyderabad, besides Offices in 15 Indian cities.  The Amazon spokes person said that “We are growing at a fase pace and you can expect our real estate foot print to grow this year”. 

Estimates suggest the total warehouse space uptake could more than be double in 2015 to 4 million square feet.  Besides the likes of Amazon, Flipkart, Jabong and Snapdeal, those like UrbanLadder, PepperFry, Quikr and FabFurnish are also looking at taking up more office space as their business grow. 

In Bengaluru, the absorption by e-commerce firms rose to 622,811 Sq.ft. from 453,495 Sq.ft., a year earlier. 

Delhi-NCR, Bengaluru, Hyderabad, Mumbai and Kolkata office space absorption by e-commerce firms grew significantly. Warehouse space take up may double to 4 million Sq.ft. in 2015.  Added to this, the growth in number of employees and consumers fuelling realty boom. 

DLF to sell 50% stakes in 4 projects to PE firms

REALTY major DLF plans to divest around 50 percent stake each in four new housing projects to private equity firms for over Rs.3,000 Crores.

India’s largest real estate firm expects to close some of the deals by June and would utilize the funds to improve its cash-flows that have been affected due to slow down in housing demand.http://advocateselvakumar.com/legal_topic.php?id=37

The Chief Financial Officer of DLF said that they are looking for private equity in 4 green field housing projects in Delhi-NCR and South India and also said that the discussions with few Private equity players have already started. 

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