Lets talk about Property

Cheaper Gujarat Land Allotted to Judges: Third Judge Exits Case

NEW DELHI:  In a case involving alleged irregularities in the allotment of prime real estate to 27 judges in Gujarat, the Supreme Court today put on hold a high court order. Earlier today, a judge exited the case - the third to do so.
Here are 10 developments in the story:
  1. The court has put on hold the Gujarat High Court's order yesterday that a larger panel of judges will hear the case.
  2. One of the judges on the new panel today withdrew from the case.
  3. The Gujarat High Court took up the case on Monday, based on complaints by two judges who failed to get the plots, and issued notices to 27 judges, including those who have retired.
  4. The allegation is that the state government in 2008 gave plots in prime areas to the judges, at a huge concession on the market rate.
  5. The complaint by the two judges says correct procedure was not followed in the allotment of government plots to judges.
  6. The judges involved were each given plots of 400 square metres at subsidised rates in Ahmedabad; their market value is believed to be worth crores of rupees but the complainants say, the judges paid just Rs. 25 lakhs.
  7. Treating the complaint of the two judges as petitions, the High Court stepped in. Acting Chief Justice VM Sahai led the two-judge panel that started hearing the case.
  8. On Tuesday, the two judges exited the case after a rare, heated argument in court.
  9. The government's lawyer, Advocate General Kamal Trivedi, had said that the panel is not qualified to hear the case as both the judges, including the Acting Chief Justice, "desired plots themselves."
  10. As the government lawyer repeatedly questioned whether he should hear the case, Justice VM Sahai referred it to another, larger bench.



Image description

Realty Trends

Home prices near most-affordable levels in over 30 years: HDFC

Home prices may have been on an upward spiral for many years, but the cost of owning a house in India remains near the most affordable level in over three decades, shows data compiled by mortgage giant HDFC Ltd.

The average price of a home, purchased with a housing loan, rose to over Rs. 45 lakh in the 2012-13 fiscal year -- marking the fourth consecutive year of uptrend from about Rs. 25 lakh in the year 2008-09, HDFC has said in a presentation.

However, factors like an even greater surge in the personal income levels, tax incentives and lower interest rates, have resulted into houses becoming more affordable to purchase, it said.



Image description

India Property Investment Gyan

Major schemes for affordable housing to be modified: Girija Vyas

NEW DELHI: Major schemes meant for providing affordable housing to urban poor will soon be modified to make them more people-friendly, the government said today and invited the private sector to contribute more actively in this area. 

Speaking to reporters here, Housing and Urban Poverty Alleviation (HUPA) ministerGirija Vyas today said her ministry is modifying all the major schemes including the Rajiv Awas Yojana (RAY), Rajiv Rinn Yojana and the, Affordable Housing in Partnership scheme and added enormous budgetary support has been earmarked during the current plan period. 

Secretary HUPA Arun Kumar Misra told reporters that a fund of Rs 35,000 crore had been allocated to the ministry for the implementation of three major schemes, including RAY, which was being run in as a pilot project earlier under 12th five- year plan. 

He said the ministry would require approval from the cabinet for the implementation of these schemes and efforts would be made that through these funds 2 million affordable houses are encouraged. 

He said that in addition to the central government funds, banks and credit institutions would be providing funds for construction of affordable houses. 

Vyas said that with urbanisation, the number of urban homeless and area under slums had grown. 

Vyas said there was a need for private developers to develop economic models to foster affordable housing for economically weaker sections and lower income group households in urban areas as government efforts in this direction needed to be supplemented. 

Vyas also said a technical group, set up by her ministry, had shown that out of 18.78 million housing shortage in the country, 96 percent shortage is in EWS and LIG category and for this huge investments and private sector participation were required. 

Misra said the group set up by the ministry has suggested incentives for the affordable housing sector included concessions to development-related charges and service taxexemptions. 

It also sought direct tax rebates for affordable housing projects and inclusion of the sector in the 'infrastructure facility' he said and added the task force had felt that governments need to still provide direct capital grant support to affordable housing projects. 

Misra said that in the symposium held today where states, experts and private sector representatives were present, there was unanimity on many of the suggestions.

Image description

Green Property- Eco Homes

Reclaim your city space: Projects in Delhi, Mumbai and Kolkata aim to transform lives

Three projects in three cities aim to transform the lives of people who live close by. The one in Mumbai hopes to transform a congested area into a green precinct; the one in Delhi converted an open drain into a walkway, while Kolkata hopes to bring the crowds back...