First city project at Mihan - Page 4 - Indian Real Estate Forum

kamal.bhatia · 05-04-12

I havent checked with Mahindra's sales person but hope they wont have any issue of being inside MIHAN.
How come Mahindra is diffrent from FirstCity since both are adjecent, Any idea?

livelife123 · 05-04-12

Some time back First City was stopped from selling flats to anyone out of MIHAN. so they applied for status change from within SEZ to something as 'co-developer' which allows them to construct and lease flats to others..

I had asked Mahindra by email if they are allowed to sell flats to others and he replied it won't be an issue.

I doubts FirstCity or Mahindra can 'sell' flats, they can give on lease though.. as they are not true owner of the land and they hold long term lease.

aniketarekar · 09-04-12

When First City had signed MOU with MIHAN_MADC, the national SEZ rules did not have any mention of having to sell flats only to people employed in the SEZ, however from 2010 Gr govt incorporated this rule, and hence Reatox was in trouble and so they had to apply for status change which was a straight forward to govt mistakes while allotment.drafting for rules. Mahindra land, from the start is not in the SEZ but the residential zone. Reatox got into SEZ because there are certain benefits to projects in SEZ, like waiver of excise duty on products like steel and cement and also there was no service tax. now however, first city and mahindra share same status and all kind of taxes applicable are same for both the projects. As rightly said, both are not land owners and hence they can only lease appartments, actual lease will be between MADC and the buyer and builders will act like POA holders. of becoming a Co-developer apart from the fact that they dont own land, also does not necessarily enforce completion of project in stipulated time, that is how Infosys is also gaining entry so that it is not under pressure to complete the project because it has been allotted land.

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05-04-12	#31
kamal.bhatia New Member Join Date: Sep 2011 Posts: 23 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	I havent checked with Mahindra's sales person but hope they wont have any issue of being inside MIHAN. How come Mahindra is diffrent from FirstCity since both are adjecent, Any idea?

05-04-12	#32
livelife123 Member Join Date: Aug 2009 Posts: 59 Thanks: 0 Thanked 1 Time in 1 Post	Some time back First City was stopped from selling flats to anyone out of MIHAN. so they applied for status change from within SEZ to something as 'co-developer' which allows them to construct and lease flats to others.. I had asked Mahindra by email if they are allowed to sell flats to others and he replied it won't be an issue. I doubts FirstCity or Mahindra can 'sell' flats, they can give on lease though.. as they are not true owner of the land and they hold long term lease.

09-04-12	#33
aniketarekar New Member Join Date: Jul 2011 Posts: 10 Thanks: 0 Thanked 0 Times in 0 Posts	When First City had signed MOU with MIHAN_MADC, the national SEZ rules did not have any mention of having to sell flats only to people employed in the SEZ, however from 2010 Gr govt incorporated this rule, and hence Reatox was in trouble and so they had to apply for status change which was a straight forward to govt mistakes while allotment.drafting for rules. Mahindra land, from the start is not in the SEZ but the residential zone. Reatox got into SEZ because there are certain benefits to projects in SEZ, like waiver of excise duty on products like steel and cement and also there was no service tax. now however, first city and mahindra share same status and all kind of taxes applicable are same for both the projects. As rightly said, both are not land owners and hence they can only lease appartments, actual lease will be between MADC and the buyer and builders will act like POA holders. of becoming a Co-developer apart from the fact that they dont own land, also does not necessarily enforce completion of project in stipulated time, that is how Infosys is also gaining entry so that it is not under pressure to complete the project because it has been allotted land.