While the gazette notification had come out on November 5, it is only now that implementation is taking place.
“The land reserved for the project stands de-notified and the farmers can use their land,’’said a senior MIDC officer. Although the names in the seven-by-twelve extracts were not changed, the farmers who were prevented from use of their own land for the last two years now are free to start any activity.
“It is 1, 800 hectares and the farmers have won the agitation as it is against the SEZ rules to acquire land without the consent of the farmers,’’ he added. Circle officer M Ghadge said that the farmers will get back their extracts which have their names.
“With the overall proposal earlier marked out for the proposed SEZ, these farmers were issued notifications under the MIDC act. All this stands scrapped,’’ he said. Zilla Parishad member Ram Dabhade too had supported the movement and had led the agitation.
“We were successful in stopping the project only because the farmers were very sure that they did not want to give up their irrigated land for industrialisation. Most of the areas have mangroves and lots of sugarcane crop cultivation. The farmers depend on this and they did not want to trade it for a one-time amount,’’ said Dabhade who himself had two acres in the project.
A stay order was issued in November 2007 and the status quo of the SEZ was maintained for the last two years.
While the process of de-notification would take a month’s time, SDO for the land acquisition Jayashree Katkare from Haveli taluka said that there was some delay but they would speed up the process.
This is the first time a SEZ proposal has been rolled back in Maharashtra following a protest from farmers.
The notification has actually been released by the state government on November 5, 2009, but the SDO only got it recently.
The SEZ, was a joint venture between the Videocon and Maharashtra State Industrial Development Corporation.
Videocon pulled out from the project but the land remained in the name of the MIDC and the government will now remove MIDC's name to enable the original owners to cultivate or use the land for any other purpose.
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Because 75 per cent of land acquired under SEZ will be used for construction of houses, airport, trading and business houses and hospitals, SEZ looks like a golden opportunity for a real estate developer to exploit huge profits.
"But a developer of SEZ with the mindset of a real estate developer is destined to fail!" says Mr Yogesh Ashar, who has recently co-authored with Mr Kanu Doshi ‘Treatise on Special Economic Zones’. Mr Ashar and Mr Doshi, both chartered accountants, are associated with Welingkar Institute of Management, Mumbai as faculty.
"The system as created by Special Economic Zones Act, 2005 is bound to strike back at such attempts. This concern is very legitimate. Many developers of SEZs are afflicted with real estate syndrome. But SEZ under the present regime shall have to be a business venture in infrastructure development (as against real estate venture) with its own dynamics, if it is to succeed."
If you conspire to profit by converting the world-class infrastructure within non-processing area of SEZ in to a real estate scam, the whole exercise is bound to collapse under its own weight.
The non-processing area by default is meant to serve the legitimate needs of the processing area of the SEZ. If this does not happen, the viability of the SEZ shall be defeated. And the first hit shall have to be taken by the developer himself.
The checks and balances under the law are bound to defeat such attempts and deny the benefit of concessions and tax exemptions to clever developers.
This reminds me, what Mr.Gurcharan Das has said about SEZ in his article "Tipping Point" in TOI.
"SEZs are export zones to get around the problem of our bad infrastructure.
Why do we need special zones — why not reform the whole country? It is not easy to reform in a democracy with vested interests; at our current pace, it will take 20 years to get there, and by then we shall lose another generation.
But why restrict SEZs to exports? In an open economy with low tariffs, shouldn’t domestic activity be as valuable as exports, especially when we have plenty of foreign exchange reserves?
True, but history teaches that industrial revolutions in all countries were led by exports. No country, not even China, has a large enough domestic market to shift its people rapidly from farming to industry."
God bless all Pune Real Estate developers who are venturing into infrastructure development! Jai Hind!!
However, according to the president of PBAP, not all 400 members of his organization have the skill sets required to execute such projects, so that only 10 members have been able to attract under $1 billion investment from abroad.
“FDI is our strategy for growth: most of our growth over the next few years will be through FDI. We have ongoing talks with an overseas partner for Rs 200-crore FDI in our first large project, an integrated township at Hadapsar, which we will announce by October,” Sanjay Runwal.
The Rs 16,000-crore proposed township-cum-SEZ project is spread over 400 acres at Fursungi, on the city’s eastern edge city and a memorandum of understanding for a Rs 1,000 crore joint venture has been signed.
Citigroup Property Investment picking up an equal stake in a high-end housing complex.
FDI norms:the project should have a minimum size of 50,000 sq mt for a commercial project and 25 acres for a residential and a minium investment of $5 million with a three-year lock in.
Information technology Tata Consultancy Services on Friday said Tata Realty And Infrastructure Ltd (TRIL), engaged in development of real estate and infrastructural facilities, will develop its properties.
TCS have entered into a Memorandum of Understanding (MoU) with TRIL for developing properties for the IT company on land owned or to be owned by it.
The MoU covers eight properties located at Pune, Trivandrum, Kochi, Ahmedabad, Hyderabad, Kolkata, Nagpur and Mangalore about 380 acres acquired or to be acquired by TCS, the company said in a statement to the Bombay Stock Exchange.
Under the MoU, properties would be developed in a phased manner over the next few years. The buildings would be constructed and owned by TRIL (or by Special Purpose Vehicles set up by TRIL) and would be leased to TCS.
TCS and TRIL are both promoted by and subsidiaries of Tata Sons Ltd.
Tata plans to develop excess land owned by various group companies through the recently-floated $1-billion real estate fund under the Tata Realty and Infrastructure. The group believes the exercise will help it “unlock intrinsic value” for the benefit of the shareholders of its various group firms.(Real Estate Intelligence)
Mumbai, India, February 19, 2007 - Leading Indian industrial group Tata is to set up a new company Tata Realty & Infrastructure with a corpus of $1 billion to invest in real estate in the country:INRnews
Tata Realty and Infrastructure, which will make investments in various infrastructure and development projects. The arm is known to have modeled on the lines of Kishore Biyani, promoted Future Group’s Kshitij, says a source familiar with the plan, who did not wish to be identified.
RK Krishna Kumar, Tata Sons director is driving the initiative. Kumar has brought on board Dinesh Chandiok, the former CEO of Ansal Properties to head Tata Realty. KPMG, International Consultancy firm is also making contributions in drawing out the working strategies for the Tata’s real estate business.(Indian Realty News)
Singapore’s Changi Airports International has started work with local partner Tata Realty and Infrastructure Ltd on its search for viable locations for "Merchant Airport".
Merchant airports are expected to allow up to 100% foreign ownership; investors could even be foreign airport companies or airlines.
Merchant airports would cater to domestic and international passenger traffic apart from meeting cargo requirements of industry and retail chains. The policy on greenfield airports allows private developers but the land is to be acquired by the state government.(Aviation India)
Jafza International is the global operations arm of Economic Zones World. Jafza International currently manages seven mega facilities in four countries and has 20 different projects at various stages of development. With the Tata partnership, the company is planning to expand its operations in India.(Real Estate India)
The Tata group may have to rework plans of setting up a special economic zone (SEZ) in Maharashtra, following the Centre’s recent policy intervention. The Tatas were on the verge of finalising its second SEZ at Sinnar near Nashik.(Nashik Real Estate)
Sources in Tata Sons say that the group is in advanced negotiations with a clutch of financial investors like PE funds Carlyle and Warburg Pincus, who are keen to chip in as co-investors. Talks are also in the last leg with Macquarie Bank, Citigroup and a consortium of Japanese banks.(Chennai Real Estate Property)
Paranjpe Schemes is one of the largest developers in Pune and has pioneered housing for senior citizens. The proposed project is the first hotel venture of the company.
The new hotel will be a part of the Taj Business Hotels portfolio. The Gateway Hotel will be a 150-room mid-market hotel with a multi-cuisine restaurant, a bar, banquet, meeting facilities and a health club.
Real estate private equity fund, Indiareit, has announced an investment of Rs250 crore into the $1 billion integrated realty project.
The 138-acre project will have IT/ITeS SEZ, residential apartments and villas, a retail mall and a star hotel.
“We have received the land clearance from the State government and also the initial approval from the Centre. We hope to start the project in the next two months,” Paranjpe Schemes Ltd managing director Shashank Paranjpe said.
He said that the project should have a market value of Rs3,200 crore and will generate employment for 30,000 knowledge workers.
Chinese architect ECADI has been commissioned to design the project, which is estimated to be complete in six years.
Paranjape Schemes, which has completed over 100 projects since its inception, also has an office in Singapore.
HDFC India Real Estate has a corpus of Rs 1,000 crore. The fund has bought stake in another Pune based real estate developer Vascon Engineers.
The fund has a mandate to invest in three broad classes of projects-those that are complete, those in the development stage and those in the planning stage. These could be in the residential as well as commercial sector. The fund is managed by HDFC Venture Capital, in which SBI has a 19.5% shareholding apart from HDFC
The capital will be used for development of upcoming projects of the company. The investments made by GE Capital are believed to be specifically for project in Pune, as told by Shrikant Paranjape.
GE Capital, one of the largest private equity investors in the world, has bought equity in a specific project of the company and will not hold equity in the holding company-Paranjape Schemes. The model may be that of a Special Purpose Vehicle with GE Capital holding a significant stake.
Athashri is an innovative concept in housing developed by Paranjape Schemes. It focuses on special needs of senior citizens and develops a total housing solution aimed at giving the senior citizens a life of comfort, convenience, care and camaraderie. Various factors like increasing life expectancy and affluence, migration of young generation to the US in search of greener pastures have resulted in increasing number of senior citizens that need to be cared for and provided with a decent quality of life. Athashri therefore is an idea whose time has come, a fact well supported by tremendous response to Athashri housing projects, making Athashri, Hadapsar the fourth project in the Athashri series in Pune. Plans are also underway to extend this scheme for ethnic Indians abroad.
Mr. Shashank Paranjape, MD, Paranjape Schemes, outlined the ambitious expansion plans of the company which include two mega townships in Pune, both with Athashri housing for senior citizens. Concept of Athashri is already on the way to becoming national with a project at Bangalore under development and 5 new projects planned at Ahmedabad, Kolkata, Hyderabad, Mumbai and Delhi, the first 2 being launched during the current year.
Paranjape Schemes’ commitment to senior citizens has resulted in the establishment of Athashri foundation that takes a holistic view of the life of senior citizens. Athashri foundation is in the process of setting up Continuing Care Units for senior citizens who don’t need to be hospitalized and yet require continuous attendance and support. These units will be manned by trained staff and will be equipped with high tech gadgets and equipments that make the life of senior citizens comfortable and convenient.
Other than the Athashri projects, Paranjape Schemes is planning a number of ambitious projects involving IT parks, SEZs, Malls and Multiplexes, and world-class housing. “We take investment by HDFC as an endorsement of our track record and it will go a long way in supporting our growth plans” said Mr. Shrikant Paranjape, Chairman, Paranjape Schemes. With support from HDFC, Paranjape Schemes a household name in Pune and Maharashtra is said to scale greater heights on the national and international level.
Mr Parekh, chairman of HDFC, said that they would be more flexible and liberal in lending to residents of Athashri since the developer remains involved in the project. He added that as the developers take the housing for senior citizens project nationally, which they will do over a two-three year period, HDFC will go along with them.
Reverse mortgages are widely used in the US by the elderly when they have no income, but own an asset like a home. By mortgaging that asset, they are able to generate an income through it for lifetime and whatever loans are accumulated are recovered through its sale when they expire. “We will start with the 300 households in this project where it is easier for us since the developer will remain in control and it is all under one roof.
Microsoft is planning to set up an IT park at Hinjewadi, (visit PuneRealEstate for photo feature),near Pune in Maharashtra. The announcement was made during the visit of state chief minister Vilasrao Deshmukh to the US, where he had a business dinner with Microsoft chairman Bill Gates in Seattle.
The Maharashtra government’s industrial infrastructure arm MIDC will jointly develop an integrated township with a New York-based realty firm Vorando Reality Trust at Hinjewadi.
Hinjewadi is known for housing some of well known IT companies like Infosys, Wipro, Oracle, IBM and others.
Voreando will invest $200 million on the township which will be developed over the next five years.
Its sheer size and growth prospects make India's property market attractive to many foreign developers, including those from Malaysia, who want a share of the growing pie. According to SunCity managing director (property development) Ngian Siew Siong, the company plans to focus on tier-two cities where prices have not gone through the roof, and new entrants would be able to make good profit margins. Ngian said the company hoped to find the right joint venture partners for its Bangalore and Pune ventures within the next one year.SunCity enters India
The Navi Mumbai SEZ proposal of Ambani and his close aide Anand Jain was finally given the nod after the Centre received a green signal from the Maharashtra government.
The state government was asked to give its views on the report of Revenue Department, which raised issues that included rights of the villagers in the area......
Mehraboon Irani of Darashaw & Company is of the view that one can exit Akruti Nirman at present level.
Irani told CNBC-TV18, "Akruti Nirman, a real estate play, mainly focusing on Mumbai market, which is now ruling pretty high. As per the prospectus, they are executing thirty-five projects, the market value of which they stated was around Rs 4,000 crore, so the marketcap is around Rs 3,200 crore right now. The IPO according to me was priced very aggressively; I think it was rather expensive, even at the present levels, so it is not a stock, which attracts my attention because the valuation even now looks a little bit expensive."......Moneycontrol India :: News :: Exit Akruti Nirman, says Irani :: Akruti Nirman :: Stocks Views :: Mehraboon Irani of Darashaw & Company,Akruti Nirman
Breaking new ground: While international real-estate majors have adopted a variety of business models, Indian companies are still at the experimentation stage in tapping market opportunities. 1.Integrated Townships 2.Slum Rehabilitation Schemes (SRS) 3.Special Economic Zone (SEZ) 4.Redevelopment of Dilapidated Building Projects
Farmers passed an unanimous resolution seeking Special Economic Zone status for their village which is located about 20 kilometres from the proposed international airport at Rajgurunagar. A copy of the resolution, approved at a gram sabha meeting on Thursday, has been sent to the Central and the State governments for “necessary permission..
The board of directors of Akruti Nirman recommended a dividend of 15% a share at a meeting held on Jul. 04, 2007, subject to the approval of the shareholders in the ensuing annual general meeting. The company is in the process of setting up three SEZs - one in Mumbai and two in Pune.....Akruti Nirman board recommends 15% dividend
Real estate developer, DS Kulkarni Developers said on Wednesday that the special economic zones board of approval has recommended the proposal of the company to develop a multi services SEZ of 250 acres in Pune, for in-principle approval in its last meeting held on Jun. 22, 2007.........SEZ board recommends DS Kulkarni`s multi services SEZ in Pune
In a t�te-�-t�te with Niren Shah, the chairman of Parsvnath Developers, Pradeep Jain, lashes out at competitors including the largest real estate player DLF for showing sudden jump in revenues and profits and claims that his company has maintained consistent growth over the past many years.
In FY07, the company reported robust numbers with 93 per cent growth in its topline and 147 per cent surge in operating profit. Re-iterating that the company would continue its rapid growth going forward, Jain says that real estate prices are still headed up and the company would continue to focus on Tier-II and Tier-III cities...........'Our profitability has been consistent'
Property investment is a global business. Nicola Quinn explains why Irish buyers are setting their sights on Asia
INDIA is emerging as a major global market with a population of over a billion people, including 25pc of people in the world under the age of 25. In 2005, India displaced the US as the second most favoured destination for foreign direct investment after China.
In terms of purchasing power parity, India is the fourth largest economy in the world. The middle class is set to double in three years and increase four fold in a decade. This has resulted in a boom in the demand for retail outlets, commercial office space and residential townships. .......India is now a real option for investors - Property & Mortgages, Business - Independent.ie
Indiabulls, through its wholly owned subsidiaries, acquired 396 acres of land in Panvel, near Mumbai, to develop large scale residential projects.
Indiabulls Industrial Infrastructure (IIIL) a wholly owned subsidiary of the company is in discussions with MIDC to finalize its stake in the joint venture, for development of a multi product special economic (SEZ) at Nasik. .......Indiabulls Real Estate to start two housing projects in Chennai
PUNE: The rural police, who set up an Economic Offences’ Wing (EOW) in April this year to exclusively investigate cases of land-grabbing, said that Vadgaon Maval and Mulshi taluka areas were worst affected by land scams.
Budhadeb Bhatattacharya, chief minister of West Bengal, must wonder what he did in his previous life to deserve Mamata Banerjee in this one. All his good work to make Bengal attractive to investors is beginning to unravel. Companies have begun to shy away from Bengal for safer, more attractive destinations. After Mamata threatened a few weeks ago to pull down their boundary wall, even the Tatas are worried and must rue their decision to build a car factory in Bengal. Most Indians, however, are confused by this debate, especially this animal called Special Economic Zones (SEZs)..............
The Fund has identified a host of investment opportunities and is in the midst of securing more. The recently announced investments in International Tech Park, Pune and International Tech Park, Nagpur will be executed through the AIDT. Constituted in Singapore as a private trust and denominated in Singapore dollars, AIDT has a term of eight years extendable by two years, and will be managed by Ascendas. In addition, all property related services will be provided by Ascendas to ensure consistent quality and delivery standards.
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