DEFAULTERS –


There has been newsreports of wrongdoing or scams in the real estate sector at Bangalore by some companies.

But, there are some bigwigs, trying to manipulate and have defaulted in the delivery of the apartments.

These bigwigs cite legal issues, litigations and other irrelevant subjects to convince the buyers, who had booked the properties.

1). One developer in Bangalore south, booked the apartments in 2009 and has not delivered it till 2017.

2). Another builder, in Bangalore east, booked the villas and apartments in 2009 is still constructing the building.

3). Another builder, has violated the Karnataka Land Reforms Act and on such defective titles, have almost sold 90% of the apartments.

4). Another builder in Bangalore east, sarjapur road, abutting the lake, is on the encroachers list released by the legislature committee on lakes and non compliance of NGT order is noticed in this massive project.

And the small time deviators and violators are innumerable.

 

DEFAULTERS – NON DELIVERY – DELAY – ENCROACHMENTS-ILLEGLITIES ARE PART AND PARCEL OF THIS GAME OF REAL ESTATE


There are too many builders and developers unable or have deliberately delayed the construction and delivery of the sites and apartments in Bangalore, citing reasons, which could not be believed or true.

But, have escaped the dragnet of the law, because of the buyers in-sensitivity and in-action.

Many in Hulimavu, Bangalore south, recently in koramangala and in all other parts (5 years delay) defaulted in the delivery of the schedule property, are not bothered are none of the buyers have taken any serious action against them for the default of the conditions of the sale agreement.

Violation, Deviation, Illegalities, Encroachment and  Delay in the delivery is a regular delivery of these defaulters.  But, all are not.  Many are very good.  There may be some delay.

Good Properties with good titles and structures have always been delivered by the good Ones.

Some formed the groups, which are impotent and headed by the developers stooge.

TAKE CARE, BEFORE PAYING THE ADVANCE MONEY !!!!@!

 

 

SAHARA – BE – SAHARA – SUPREME COURT OF INDIA ATTACHES `AMBY VALLEY`


SAHARA-BE – SAHARA – A Press Report !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Amby valley ATTACHED !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The Special Bench of Justices Dipak Misra, Ranjan Gogoi and A.K. Sikri ordered Sahara to place on record a list of unencumbered properties which would be put up for public auction to recover over Rs. 14000 crore the group owes as principal sum towards its debt.

The SEBI lawyer submitted that the interest towards the debt currently stands over Rs. 36,000 crore.

Justice Gogoi asked why the court should even bother to ask Sahara for a list of other auctionable properties when the group already has Aamby Valley, which has a declared worth of Rs. 39,000 crore.

The court recorded that Aamby Valley was itself “substantial” enough for the recovery of the amount and the Apex Court attached the group’s jewel-in-the-crown standalone real estate asset in Maharashtra — Aamby Valley property

Justice Gogoi said the Supreme Court had had enough of assembling every other week to collect “token amounts” from Sahara, and would now want a sure shot way of ensuring that Sahara settled its debts without dragging on.

Senior advocate Kapil Sibal, for Sahara, pleaded that Ambi Valley was the group’s cash cow and the main source of generating revenue.

“If you take away all my resources, I will not have anything to generate money. What will I tell my banks?” Mr. Sibal asked.

“This is not a question of banks. This is a question of obeying court orders,” Justice Misra replied.

Justice Misra observed that the only way to ensure compliance was to get the list of properties in Sahara’s possession which have absolutely no encumbrances whatsoever.

Justice Gogoi succinctly put to Mr. Sibal, “Either you speed up your schedule of repayment or we will go ahead with the auction of your properties to settle your debts. The 2019 roadmap is too long.”

“Don’t do this. There are businesses there (Aamby Valley). There are hotel resorts. Already there is a restraint order on the property from this court…” Mr. Sibal argued.

“An attachment is different from mere restraint… You say you want to keep Aamby Valley. God help you. Then give us other properties which we can order to be put up for public auction and fetch money,” Justice Misra observed.

“I need some breathing time. I need two weeks time to identify these properties for the list and fetch the Rs. 14,779 cr towards the principal amount,” Mr. Sibal submitted.

At one point, Mr. Sibal submitted that he should be heard for two hours before the court passes an order.

“Look at how much time we have given you… It has been over a year. And even now Mr. Sibal wants two hours?” Justice Gogoi snubbed.

Justice Gogoi repeated that first Sahara should file the list of encumbered properties which can be put up for auction.

“Once the properties are auctioned, then we will have to see how much of the Rs. 14000 crore need to be paid to all and sundry depositors… There are over 30 applications in this court from various persons who claim to have paid you  money…. then once payments are made, we will release Ambi Valley…. But first the money,” Justice Gogoi explained the court’s plan.

Mr. Sibal claimed 85 per cent of the investors have been paid. “So once Rs. 14000 crore is got from the auction and put it in the Sahara-SEBI account… Who will the money be paid to?” Mr. Sibal asked.

“We will deal with that then… first the money,” Justice Gogoi repeated.

The court asked for the list of unencumbered properties by February 20, the next date of hearing.

Meanwhile, Sahara paid an instalment of a little over Rs  600 crore on Monday. The court in the previous hearing had refused to give it any extension to pay the amount, and even threatened to send Sahara group chief Subarata Roy back to Tihar Jail.

“We are not sending you to custody because you have paid the money,” Justice Misra observed.

PROTEST BY THE INVESTORS AGAINST FEW DEVELOPERS AND BUILDERS – A PRESS REPORT


ಟಿಜಿಎಸ್ ವಂಚನೆ ಬೃಹತ್ ಪ್ರತಿಭಟನೆ

ಬೆಂಗಳೂರು, ಫೆ.೬: ಟಿಜಿಎಸ್ ಸಂಸ್ಥೆಯವರು ಫ್ಲ್ಯಾಟ್ ನೀಡುವುದಾಗಿ ಹಣ ಪಡೆದು ವಂಚಿಸಿದ್ದಾರೆ ಎಂದು ಆರೋಪಿಸಿ ಹಿರಿಯ ಸ್ವಾತಂತ್ರ್ಯ ಹೋರಾಟಗಾರ ಎಚ್.ಎಸ್. ದೊರೆಸ್ವಾಮಿ ನೇತೃತ್ವದಲ್ಲಿಂದು ನೂರಾರು ಸಂತ್ರಸ್ತರು ನಗರದ ಮೌರ್ಯ ವೃತ್ತದಲ್ಲಿ ಪ್ರತಿಭಟನೆ ನಡೆಸಿದರು.
ಟಿಜಿಎಸ್ ಕನ್‌ಸ್ಟ್ರಕ್ಷನ್, ಡ್ರೆಮ್ಜ್ ಜಿಕೆ ಮತ್ತು ಗೃಹ ಕಲ್ಯಾಣ್ ಕಂಪನಿಗಳು ಸಾರ್ವಜನಿಕರಿಂದ ಲಕ್ಷಾಂತರ ರೂಪಾಯಿ ಹಣ ಪಡೆದು ವಂಚಿಸಿದೆ. ಬಡ ಮತ್ತು ಮಧ್ಯಮ ವರ್ಗದವರು ಸ್ವಂತ ಸೂರು ಹೊಂದುವ ಉದ್ದೇಶದಿಂದ ಕಷ್ಟಪಟ್ಟು ದುಡಿದು ಗಳಿಸಿದ ಹಣವನ್ನು ಈ ಕಂಪನಿಗಳಿಗೆ ನೀಡಿದ್ದಾರೆ. ಕಳೆದ ಎರಡು ವರ್ಷಗಳಿಂದ ಮನೆಗಾಗಿ ಕಾಯುತ್ತಿದ್ದೇವೆ. ಆದರೆ ಇದುವರೆಗೆ ಮನೆಯನ್ನೂ ನೀಡದೆ, ಹಣವನ್ನೂ ವಾಪಾಸ್ ಮಾಡಿಲ್ಲ ಎಂದು ಸಂತ್ರಸ್ತರು ಆಕ್ರೋಶ ವ್ಯಕ್ತಪಡಿಸಿದರು.
ಸಂಸ್ಥೆಯ ಮೋಸವನ್ನು ಅರಿತು ಕೆಲವರು ತಮ್ಮ ಬುಕ್ಕಿಂಗ್ ರದ್ದುಪಡಿಸಿದ್ದಾರೆ. ಅಂತಹವರಿಗೆ ಪೋಸ್ಟ್‌ಪೇಯ್ಡ್ ಚೆಕ್‌ಗಳನ್ನು ಕಂಪನಿ ನೀಡಿತ್ತು. ಆದರೆ ಇದೀಗ ಈ ಚೆಕ್‌ಗಳು ಕೂಡ ಬೌನ್ಸ್ ಆಗಿದೆ. ಟಿಜಿಎಸ್ ಕಚೇರಿ ಮುಚ್ಚಿದ್ದು, ಏನು ಮಾಡಬೇಕೆಂದು ತಿಕ್ಕುತೋಚದಾಗಿದೆ ಎಂದು ಪ್ರತಿಭಟನಕಾರರು ಅಸಹಾಯಕತೆ ವ್ಯಕ್ತಪಡಿಸಿದರು.
ಮಡಿವಾಳ ಪೊಲೀಸ್ ಠಾಣೆಯಲ್ಲಿ ಈ ಬಗ್ಗೆ ಪ್ರಕರಣ ದಾಖಲಿಸಲಾಗಿದೆ. ಆದರೆ ಪೊಲೀಸರು ಕೂಡ ಈ ಬಗ್ಗೆ ನಿರ್ಲಕ್ಷ್ಯ ವಹಿಸಿದ್ದಾರೆ. ಆದ್ದರಿಂದ ಸರ್ಕಾರ ಕೂಡಲೇ ಮಧ್ಯಪ್ರವೇಶಿಸಿ ನಮಗೆ ನ್ಯಾಯದೊರಕಿಸಿಕೊಡಬೇಕು ಎಂದು ಆಗ್ರಹಿಸಿದರು.

A DEVELOPER IS RETURNING MONEY WITH 13% INTEREST at BANGALORE – A NEWS REPORT


A PRESS REPORT –

A XXXXXX-based developer is returning money to his customers, besides an interest of 13% per annum, after his upscale housing project in Koramangala failed to pass the height test of HAL, leading to inordinate delay. The project, XXXXXXXXX, falling within 5-km distance of HAL airport, hit the “air pocket” when authorities found that the builder had allegedly fudged the building height and HAL cancelled its sanctions. The project has been halted for the last five years and nearly 200 buyers are in a limbo as the litigation seems to be going nowhere. Left with no option, some 50 buyers have cancelled their bookings, withdrew their monies and the builder, who is already in the firing line, is offering 13% interest annually from the date of payment.

Delay in construction projects especially residential is common. If you have availed a housing loan, with EMI kicking in and your property is stuck in a huge mess with the government without a definite deadline for completion, it’s all the more worse. XXXXXX, being executed by Mumbai-based realty major XXXXXXXXXXX, is one such project that seems to be going nowhere.

On an eight-acre plot, the 11 towers scaling 17 storeys with three-five bedrooms, XXXXXX is located about 4.5 km from HAL airport. It falls in the inner horizontal surface of five-km radius and comes under the ambit of Airports Authority of India. An NoC is mandatory which was issued to the builder in 2011with a strict rider: “If at any time it is established that the said data furnished by the builder differed, it could adversely affect aircraft operations and such portion of the structure will have to be demolished.’’ In the documents submitted to the authorities, at the site elevation at 870 m Above Mean Sea Level (AMSL), the apartment height was 62 — which means, the total AMSL adds up to 932 m which is permissible by AAI.

Work started and in 2012, HAL found a mismatch of the elevation while checking some records — the AMSL of the site was 890 m and added to it, 62 m, the total height of the project would cross 952 m. This height was not permissible under the regulations and HAL cancelled the NoC. The builder moved the high court in 2013 and subsequently an aeronautical study of the project was ordered. The Airports Authority of India which carried out a structure study to ensure that safety, efficiency and regularity of flight operations is not disturbed, gave a report absolving the builder and giving a go-ahead to the construction. However, this was not taken too kindly by HAL which objected to the findings and termed it as “erroneous and is liable to be rejected in limine.’’

The 2011-launched project had offered units ranging from 2,285 sqft to 5,525 sqft and the prices were Rs 2 crore to Rs 5 crore. While 200 flats were launched in phase I, the next stage had 150 units.

DIFFERENCE IN OPINION

* The AAI gave a thumbs-up to XXXXXXX by concluding that “the existing site having top elevation of 954.41 M lies outside protection area and will not affect the operations and procedures of HAL

* The HAL, in its reply to the AAI study had hit out stating that “the report is defective, in contrary to the parameters for conduct of aeronautical study and hence liable to be rejected. Since the maximum height being stipulated at 932 metres for HAL Bengaluru airport, there is no question of permitting a structure beyond that height within inner horizontal surface.’’

Salient Features of Direct Tax Proposals in Union Budget 2017


The Union Budget 2017 was laid before the Parliament today by the Hon’ble Finance Minister of India. The salient features of Direct Tax proposals are summarised below:

  1.          Affordable Housing:
  1.         Three concessions in the scheme of Income Tax exemption for affordable housing:

(a)          Area of 30 and 60 Sq.mtr. to be counted as carpet area and not built-up area;

(b)          30 Sq.mtr. only in 4 metropolitan city limits and 60 Sq.mtr. for the rest of the country;

(c)          Completion period extended from 3 years to 5 years.

  1.         Tax on Notional rental income for builders to be calculated only after 1 year from the end of the year in which completion certificate is received.
  1.         Changes in Capital Gain taxation for immovable properties:

(a)     Holding period reduce for computation of long term capital gain from three years to two years

(b)     Base year for counting the cost of property shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property.

  1. Basket of financial instrument in which capital gain can be invested without payment of tax to be expanded.
  1.         For joint development agreement, the liability to pay capital gain tax will arise in the year in which project is completed.
  1.         For Andhra Pradesh capital, land belonging to owners as on 2.6.2014 to be exempted from capital gain if the same is offered under land-pooling mechanism.
  1.        Measures for stimulating growth:
  1.         Concessional withholding rate of 5 per cent. for interest received by foreign entities on loans given in India to be continued for another 3 years beyond 30.6.2017.
  1.         Start-ups to get two relaxations under the scheme of Income Tax holiday given last year.

(a)          The condition of continuous holding of 51 per cent. voting rights to be relaxed as long as the original investment of promoter is not diluted.

(b)          Exemption available for three years out of any 7 years from the date of establishment instead of 3 out of 5 years

  1.         The period of carry forward of MAT/AMT credit increased from 10 years to 15 years.
  1.         The corporate income tax to be reduced from 30% to 25% for companies with turnover upto Rs.50 crore in 2015-16. This will benefit 96% of existing 6.67 lakh companies.  This will result into tax saving of 16.67% for these companies.
  1.         Deduction for provision for NPA of Banks to be increased from to 8.5% instead of 7.5% of profit.
  2.         In case of NPA of non-scheduled cooperative banks, interest to be recognised as income only when received.

III       Promoting Digital Economy:

  1. In the presumptive income tax for small traders, income to be taken as 6% of turnover which is received by digital or banking means.
  1.         Cash expenditure allowable to be reduced to Rs.10,000 from the existing Rs.20,000.
  1.         Cash transaction of above Rs.3 lakh not to be permitted. The penalty of equal amount to be levied in case of breach.

            IV        Transparency in Electoral Funding:

  1.         The cash donation to political parties from one person limited to Rs.2,000/-.
  1.         Electoral Bond to be introduced for facilitating donation to political parties from explained sources.
  1.         Political parties to file their return in time limit prescribed in the Income Tax Act.
  1.        Ease of Doing Business:
  1.         Domestic transfer pricing to be applied only if one of the two companies enjoys specified profit-linked deduction.
  1.         The audit limit for business entities opting for presumptive scheme to be increased from Rs.1 crore to Rs.2 crore.
  1.         Individuals and HUFs not required to keep books of accounts if their turnover is up to Rs.25 lakhs or income is upto Rs.2.5 lakhs.
  1.         Investment in Category 1 and 2 foreign portfolio investors registered with SEBI to be exempted from provisions of indirect transfer.
  1.         TDS of 5% not to be deducted for individual insurance agents if they certify their income to be below taxable limit.
  1.         Professionals in presumptive scheme to pay advance tax only in one installment in March instead of four.
  1.         The time limit for revising a tax return reduced to 12 months. Also time limit for completion of scrutiny will be brought down to 12 months from Assessment Year 2019-20 onward.

            VI        Personal Income Tax:

  1.         Personal income tax for people with income in the slab of 2.5 lakh to 5 lakh to be reduced to 5% instead of 10%. This will reduce their tax liability to half while all other tax payers above this slab will also be benefited in terms of lesser tax of Rs.12,500 per individual (revenue loss of Rs.15,500 crores).
  1.         Surcharge of 10% to be levied on individuals with income between Rs.50 lakhs to Rs.1 crore (revenue gain of Rs.2,700 crore).

VII.     Miscellaneous:

  1. TCS exemption for state transport corporation in respect of purchase of vehicles.
  1. Income of Chief Minister’s relief fund exempt from tax.
  1. Penalty on accountant, registered valuer and merchant banker for furnishing incorrect information.
  1. In order to ensure timely filing of return and expeditious issue of refund, a fee shall be levied for delay in filing of return.