Maharashtra CM allots 237-acres MIHAN land for Nagpur Metro.

Maharashtra Chief Minister Devendra Fadnavis announced that, 237-acre land under the Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN) will be allotted for Nagpur metro project and setting up of the Indian Institute of Management (IIM) there.

The decision was taken by CM at a review meeting of MIHAN project here. At the meeting he said while 37 acre of land would be given for Nagpur metro project, the rest 200 acres for setting up the premier institute.

He also issued directives to set up educational institutions in MIHAN which he said would benefit children of the project affected people.

MIHAN is the biggest economic development project currently underway in the country in terms of investments. The project aims to exploit the central location of Nagpur and convert the present airport into a major cargo hub with integrated road and rail connectivity,

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Housing Finance issues in Navi Mumbai deterrent in sale in this region

There have been several loopholes in the real estate sector and has overflowed in housing finance as well. Navi Mumbai is one such prime example for the need of regulation of real estate in India.www.sevagiri.com

Provision in Section 58(f) of the Transfer of Property Act , 1882 does not notify the town of Navi Mumbai to provide finance against the security of immovable properties.

The Section states, “Mortgage by deposit of title-deeds: Where a person in any of the following towns, namely, the towns of Calcutta, Madras and Bombay and in any other town which the State Government concerned may, by notification  in the Official Gazette, specify in this behalf, delivers to a creditor or his agent document  of title to immoveable property, with intent to create a security thereon, the transaction is called a mortgage by deposit of title-deeds.”

Navi Mumbai is on a lease-hold basis from City and Industrial Development Corporation of Maharashtra (CIDCO) for a term of 60 years with restrictions against the transfer or assignment of the right, title and interest in the property which also includes mortgage.

This implies that the transfer of NOC in favour of purchaser is not issued by CIDCO until a lease deed is executed, even when transfer charges are offered. Since the lease is termed by CIDCO, initially while allotting a plot as a “License” and an Agreement to lease as “Not a Demise”, the title deed in the form of “Lease Deed” is executed by CIDCO on completion of construction and issuance of the Occupancy certificate  which allows the transfer. However, the loans are required by the purchasers to pay developers during the construction itself. This is a breach of the terms & conditions  of the lease in NaviMumbai.

This means that without the Occupancy Certificate the land belongs to CIDCO. Hence, finance cannot be issued against the property in the said borrower’s name. This means that the basis on which the loan was obtained by the purchaser is invalid.

Jesse Cornelious, an advocate, opines, “It seems to be a mutual agreement between the financial institution and the borrower. Even if the land belongs to CIDCO, with prior permission obtained, it only connotes that the financial institution is willing to take that risk.”

Furthermore, when CIDCO issues a mortgage NOC, it places conditions such as disallowing parting of the possession of the mortgaged security to the financial institution and also by allowing any default securityto be auctioned off by the concerned financial institution.

However, Act 54 of 2002 of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 states that “If the borrower makes any representation or raises any objection to the notice, the Authorized Officer shall consider such representation or objection and examine whether the same is acceptable or tenable.” Lending institutions in case of a borrower default, on the other hand, can proceed treating such cases as Non-Performing Assets (NPAs) as per the guidelines of the Reserve Bank of India (RBI). This is contradictory.

 This uncoordinated fiasco opens a Pandora’s Box. A borrower can obtain finance on the basis of an immovable property that may be under construction on a plot of land. Not much of a security when you dig deep. A plot of land that belongs to CIDCO which is not notified under Section 58(f) and finance options that a financial institution is not entitled to provide. It is around this that a flat in Navi Mumbai was financed by around 20 banks and involved a fraud of Rs 1 crore.

 Even if a borrower defaults and appeals a probable consequent of the auctioning of the property, his appeal under the provisions of the SARF AESI Act 2002 will be entangled in a decade plus legal tangle.

 Two wrongs do not make a right. Financial institutions will bear a risk if such finance is provided. Something they can recover through a successful auction assuming that the borrower does not object. It’s a lose-lose situation. A deadlock.

Industry experts feel that it is advisable for the Government to simply notify Navi Mumbai under Section 58(f). It is also a furtherance to enforce a regulation to oversee the crumbling marriage between property laws and housing finance.

Govt will address concerns over Land Acquisition, affordable homes & infrastructure in Budget session : Venkaiah Naidu

Budget session of Parliament begins from today 23^rd February, Prime Minister Narendra Modi said, people of the country look at the session with lot of hopes and expectations. He addressed the leaders of various parties in both the Houses of Parliament at a meeting convened by the Government for mutual consultations on the Budget session. www.sevagiri.com

During the meeting Shri Venkaiah Naidu said that the Government is willing to address concerns if any, on the Land Acquisition Ordinance. He said, “Several state governments cutting across party line have expressed difficulties in land acquisition for development projects under the Act of 2013 and sought modifications. Subsequently, the central government sought to facilitate land acquisition for notified purposes like infrastructure and affordable housing projects etc., in an easy manner without compromising on the remuneration to be paid to farmers and rehabilitation measures to be taken up for displaced persons. The Government is ready to address apprehensions, if any in this regard’.

Naidu further said at the all party meet, “I would like to assure you all that the government is always willing to sit with opposition to resolve any differences on any issue. I don’t think there is any issue that can’t be resolved if approached with open mind. What is required is the spirit of mutual cooperation in the true spirit of Parliamentary democracy. Let us collectively strive to build a conducive environment for effective functioning of Parliament during the Budget session’.

Over thirty leaders from both the Houses of Parliament expressed their views with most of them highlighting the need for smooth functioning of Parliament to enable discussion on all issues of concern both for the Government and the Opposition.

12 Smart cities at country’s 12 major ports: Nitin Gadkari

Government moving ahead with its ambition plan of building 100 smart cities in India, thegovernment is working on a determined plan to build smart cities at the country’s ports, said,Union Minister Nitin Gadkari, at an estimated total investment of Rs 50,000 crore. We are planning to develop one smart city at each of the 12 major ports of the country, he added.

“Twelve cities at Twelve ports, is what we are trying to do. Each city will be built with an expenditure of about Rs 3,000-4,000 crore. These will be green smart cities. We are starting work on these in four to six months. You will see all these complete in five years,” Gadkari said.

The 12 major ports in the country Kandla, Mumbai, JNPT, Marmugao, New Managlore, Cochin, Chennai, Ennore, V O Chidambarnar, Visakhapatnam, Paradip and Kolkata (including Haldia) handle approximately 61 per cent of cargo traffic.

The 12 major ports under central government’s control have between them an estimated 2.64 lakh acres of land which is being mapped through satellites and are major resources with Shipping Ministry.Mumbai Port Trust alone has about 753 hectares of land with it, valued at about Rs 46,000 crore.

“The property identification will be carried out through GPS system. We do not want to sell land to builders and developers. We will develop these,” Gadkari said, adding that companies will be invited to construct houses there and private investment will be roped in. Detailing the concept, he said these cities will be built as per international standards and have wide roads, green energy, advanced townships and greenery.

In addition, these smart cities and ports will have e-governance links, international standard facilities, special economic zones, ship breaking and ship building centres besides allied things, he said.

“Port water will be recycled. Port wastes will be turned into bio gas. Vehicles will run on bio fuel. Solar energy and wind power will be generated at ports. These cities will be pollution-free and very green smart cities. We are starting these,” Gadkari said. Besides, electric vehicles will run here and these smart cities would house schools, commercial complexes and other amenities, he added.

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Venkaiah Naidu to review progress of Urbanisation in North-East region

Minister of Urban Development and Housing & Urban Poverty Alleviation Shri M.Venkaiah Naidu will review progress of schemes pertaining to his ministries in the North-Eastern states. This assurance was given to the Minister of State for Home Shri Kiren Rijuju who met Shri Naidu today for discussion on speedy and effective implementation of various central government initiatives in the region.

The two ministers decided on close monitoring of the implementation of various schemes to enable speedy development of North-Eastern states in the context of Prime Minister’s special focus on the region. They also discussed the prospective benefits to the region under various new initiatives like building of Smart Cities, New Mission for 500 cities and towns, Housing for All, Skill Development of Urban Poor etc.

Shri Kiren Rijuju requested Shri Naidu to look after the interests of all North-Eastern states under Smart Cities and other programmes. He also discussed funding of projects in Arunachal Pradesh including development of road networks in the towns of Changlang, Miao, Jairampur, Basar and Wokha, Solid Waste Management Project in Ziro etc.

Meghalaya Chief Minister Dr.Mukul Sangma discussed with Shri Venkaiah Naidu the issues relating to funding of Storm Water Drainage Master Plan for Shilling, Augmentation of Water Supply in Shillong, Williamnagar Town and Resubelpara besides development of Tura, the second largest town of the state.

Dr.Sangma requested Shri Naidu for a special dispensation under housing scheme for Meghalaya keeping in view the tribal ethos and culture, land ownership and land tenure system and topography. Shri Naidu assured the Chief Minister that these concerns would be addressed to a large context under the new Housing for All scheme to be launched soon.

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JNPT expansion, Infra development to fuel Dronagiri growth at Navi Mumbai

NAVI MUMBAI: The expansion of JNPT and the infrastructure development is expected to bring in prosperity and growth to the nearby townships, including Dronagiri and Uran, local leaders and developers feel.

The ultra modern port has already changed the landscape of the area. Several big and small businesses have been flourishing and hundreds of youths found employment and even self-employment opportunities.

An SEZ with self-sustainable integrated development project has been launched spread across 277 hectares near the port which promises to generate over 1,50,000 jobs. With this, the area will need infrastructure like housing, commercial establishments, schools, colleges which will translate into massive development.

Mr. Manohar Gajanan Bhoir, MLA from Uran who was present as a guest of honour at an event organized by Prajapati Constructions at Dronagiri, expressed his happiness on various infra development projects being undertaken in the Navi Mumbai region. He was confident that these developments will bring major benefits to the local people by giving them gainful employment and that the quality of life in the area would improve.

JNPT, India’s largest and biggest port for handling container traffic, is all set to grow as one of the top 10 global container ports in the next five years. Prime Minister Mr. Narendra Modi recently laid the foundation stone of the Rs 4,000-crore port-based multi-product SEZ and the Rs 1,900-crore Port Connectivity Highway Project at the Jawaharlal Nehru Port Trust. With phase 1 of the Rs. 14,500- crore new international airport slated to be operational by 2018, and work on the Mumbai Trans Harbour Link (MTHL) or the Sewree-Uran sea link expected to commence soon, there is an enormous interest being generated by home buyers and industry alike.

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Karjat, Matheran , Khapoli and Pali : Beware of Fraudulent NA Plot Schemes

Karjat, Matheran , Khapoli and Pali : Beware of Fraudulent NA Plot Schemes

Hundreds and thousands of people who have booked plots and bungalow in Karjat, Pali, Khapoli are running pillar to post for promoters who have duped them in the name of NA plots. Non Agriculture (NA)permissions promised were never given. Even if given it was temporary for brick manufacturing or for funeral land.

Promoters have become confirming party and do not own land. Either joint development or some marketers who have become 40% partner in the projects take money, mostly cash, and run away. The project stalled because marketers take all the funds and do not give to land owner or actual promoters. Hence there is no funds for development.

Mostly legal impediments and lis pendency never took serious part in investigation of titles. Adiwasi Land or No Development Zones, Eco sensitive zones and forest are sold as NA plots with a assurance that NA permission already applied. Agreement for sale are entered into with different landsurvey numbers, or same plots are sold to ten different people by marketers and land lord / promoters separately or individually.

People get carried away with natural beauty but forget that maintenance cost will be more than the plot cost in next ten years. Theft is common in mufsil areas. Theft of cable, lights, pols, gates, in house burglary in local is very common. Police also do not take cognizance of such crime since locals are involved and “Mumbai ka Seth” do not have any say.

Promoters are selling Hills, Forest, River Beds, No Development Zones, Reserved Lands, Adiwasi Lands, already sold to many people land. Beware!

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