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✔ Rs 700 Crore worth of land bought by Godrej FM from Century Group

✔ Employees of Chandigarh administration turned down 11-storey housing proposal

✔ Increased Maintenance fee by Housing Societies upsets residents

Rs 700 Crore worth of land bought by Godrej FM from Century Group

BENGALURU: A deal worth Rs 700 Crore between Godrej and Century Group took place. The real estate focused private equity arm of Godrej Group i.e. Godrej Fund Management (GFM) bought a land parcel in north Bangalore.

Godrej FM on this new land area would develop a new commercial property of 700,000 Sq.ft that will shake the Bangalore’s property market. 

“Century has sold a part of the 2.4 mn Sq. ft office land and is looking to divest some land parcels and raise equity to generate liquidity,” said people aware of the deal.

 

Under the Rs 3,200-crore Godrej Build to Core-I’ (GBTC-I) fund this investment has been undertaken. 

 

GFM has two funds—$450 million Godrej Build to Core and a $150 million Godrej Office Fund. Jointly if both the funds are invested they can develop office assets valuing over $1 billion. 

 

“Century is in talks with Godrej Fund to monetise 15 acre land in North Bangalore as part of the land monetisation drive. The firm had sold land worth Rs 500 crore last year,” said another person, who did not wish to be named. 

 

More than 2,500 acres of land parcel across Bengaluru is owned by Century Real Estate Holdings. Century Real Estate has the largest land bank in Bengaluru is targeting commercial real estate. And will be developing a commercial portfolio of 7 million sq ft over the next five years.

 

Besides, it plans to look at affordable segment development (Rs 50-60 lakh bracket) and plotted development.

 

Employees of Chandigarh administration turned down 11-storey housing proposal

CHANDIGARH: A proposal of Chandigarh Housing Board (CHB) has been rejected by the employees of UT administration to build 11-storey tower under the housing scheme 2008.    

As directed by the Central Government, under the scheme different proposals were being explored by the administration for the flats construction. Also, in recent times the administration recalculated the flat rates that are to be build for different categories as directed by the Centre.

The proposal by the board to build 11-storey tower with increased FAR (Floor Area Ratio) and the allottee will only be charged for the flat’s built-up area instead of the total area of the project, which includes land for road and green belt. 

 

Dr. Dharmender, General Secretary of UT Government Employees Housing Welfare Society stated that this proposal will delay the project. Along with this, UT plans to construct an 11-storey tower to adjust almost 4,000 allottees will create mess and number of problems will be faced by the employees. He further added that they had a meeting with CHB officials and stand against the 11-storey proposal. The proposal that was earlier presented with ground plus 5 storeys was favored by the employees and soon another meeting with CHB and UT officials will be held. 

The administration had decided to reconsider the high prices of the flats under the scheme after the opposition by employees last year. The delay by UT to hand over the flats led employees to move Punjab and Haryana high court. Last month, through videoconferencing a meeting was held as directed by the Punjab and Haryana High court. Under the chairmanship of Union home Secretary Ajay Kumar Bhalla. To resolve the issue relating the rates of flats, it was decided after discussion that the rates will be calculated again for different categories by applying various factors like FAR, collector rate and plot area in consultation with the representatives of petitioners of the scheme. 

 

Last year, a 3 BHK flat was priced at Rs. 1.76 Crore, 2 BHK for Rs 1.35 Crore, Rs.99 Lakhs for 1 BHK flat and Rs. 58.07 Lakhs for 1 BHK (EWS) by the CHB. Through a public notice, CHB asked all the successful applicants to provide their consent within 21 days for payment in five installments with applicable interest.

Earlier the prices estimated by CHB for 3 BHK was Rs. 2.08 Crore, 2 BHK for Rs.1.64 Crore, 1 BHK for Rs. 1 Crore and Rs.60 Lakh for 1 BHK (EWS) flat. As per the discussion it was decided to construct the flats for UT employees on “NO profit, No loss” basis and then the prices were recalculated.   

   

In 2008, when the scheme was announced, 3 BHK was priced at Rs. 34.70 Lakh, 2 BHK for Rs. 24.30 Lakh, 1 BHK for Rs 13.53 Lakh and Rs 5.76 Lakh for 1 BHK (EWS) flats. On January 2 last year, the cabinet meeting headed by Prime Minister Narendra Modi approved the proposal of UT employees' housing scheme pending since 2008.

 

With a total of 73.3 acres of land area that was allotted for the construction of 3,930 dwelling units for the employees. Out of which, 11.8 acre was already in the possession of the CHB. 

PUNE: Increased Maintenance fee by Housing Societies upsets residents

PUNE: With the decision of hike in the maintenance fee by several housing societies made residents upset and unhappy.   

Rupali Naik, resident of NIBM road said, “We have suffered pay cuts and we’re trying to make ends meet in a limited budget. Though the income had reduced, bills have not. From this month, the management committee of our housing society has also increased the maintenance fee by 10%.”
 
“I thought that the society is overcharging me but I found out that these are additional costs for sanitation that will be added to the maintenance charge. We don’t know whether it will be for the next few months or more. They have said that it is a temporary increase. In addition, we also have to pay for regular checkups for domestic help and security staff,” said by Wanowrie resident Rahul Agarwal said, 

 

“Living in a housing society is getting very expensive. This year, the rent has been increased because the flat owner has to pay the extra maintenance charges.” As stated by Sumit Patel, a resident of Salunkhe Vihar. 

 

One member of Managing committee of single-building housing society in Kondhwa said, “We have had a couple of Covid-19 cases in our building. We have to keep up the sanitization standards to ensure residents’ safety. For this, the expenses have risen over the last few months we have been using our funds. Now, since sanitization costs have become a regular expense we have to add it to the maintenance charge.” 

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