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Kochi Realty Market News

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  • #31

    #31

    Re : Kochi Realty Market News

    Wakf board’s nod must to alienate its property: HC

    Setting aside the decree granted by the tribunal, a division bench of the high court said, “Wakf Board is a necessary party to all suits and proceedings relating to a Wakf property.TNN | December 06, 2016, 12:00 IST

    KOCHI: Alienation of wakf property by the trust through court-approved compromise is impermissible if sanction is not obtained from the state wakf board, says the high court.

    The court’s decision was after considering an appeal filed by Kerala State Wakf Board challenging Ernakulam wakf tribunal’s order allowing alienation of 154-acre Sathar Island near Paravoor in Kochi on the basis of a compromise settlement entered into between the trust and third parties and registered with the court. Though the wakf board was a party to the case earlier, the tribunal had allowed a plea to delete it from the list of parties and later on accepted the settlement.

    At the high court, the Wakf Board contended that the compromise should not have been accepted by the tribunal as Section 93 of the Wakf Act specifically says compromising of suits or court proceedings in relation to wakf property should not be allowed without the sanction of the Wakf Board.

    Setting aside the decree granted by the tribunal, a division bench of the high court said, “Wakf Board is a necessary party to all suits and proceedings relating to a Wakf property. This is the prescription of the Act. The Wakf Board was made a party to the suit from which these revisions arise. That authority was excluded from the process of arriving at the compromise.”

    “The very presence of the Wakf Board in the Wakf Tribunal as a party to such suits is to ensure that the best interest of the Wakf is always under the continuous gaze of the Wakf Board which is duty bound to alert the Wakf Tribunal if something were to go against the interest of the Wakf. Therefore, the procedure adopted by the court below by deleting the Wakf Board from the party array and thereafter, recording a compromise between the parties resulting in the alienation of the property through court cannot be countenanced. It is a clear infraction of the all guarding doctrines inbuilt into the statutory provisions in the Act,” the court added.

    Restoring the Wakf Board as a party to the suit, the court directed the wakf tribunal to dispose the case expeditiously.







    http://realty.economictimes.indiatim...ty-hc/55827286


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    • #32

      #32

      Re : Kochi Realty Market News

      Kochi's realty sector stays hopeful

      After initial hardships, the real estate sector that felt cash crunch pinch is optimistic that business will become better in the coming days.TNN | December 09, 2016, 12:30 IST


      KOCHI: A month ago, Prime Minister Narendra Modiannounced the demonetisation move to curb black money. After initial hardships, the real estate sector that felt cash crunch pinch is optimistic that business will become better in the coming days.

      In the current scenario property buyers have held back their decisions. Confederation of Real Estate Developers of India (CREDAI) Kochi president J Paul Raj said that buyers believed that the existing situation would change and better conditions would emerge. "People are awaiting for positive indications from government departments and banks, and these will be a catalyst, prompting change," he said.

      Even though the Reserve Bank of India (RBI) did not announce any change in interest rates, relators and builders continue to remain hopeful that government departments and banks would come forward offering incentives to home buyers like reduction in stamp duty, relaxation in income tax and interest rates and redefining eligibility for availing loans.

      "The fact is food, clothing and housing remain the primary requirement of people. As the number of families increase, the need for housing in affordable segment also increase. A new couple would always consider investing in a new house within a span of 5-10 years after marriage. It is certain that market would always continue to grow," he said adding that a steep hike in salaries of public servants following the implementation of pay commission recommendations would also give a boost to realty sector.






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      • #33

        #33

        Re : Kochi Realty Market News

        Kerala HC upholds order directing action against DLF

        A division bench headed by Justice P R Ramachandra Menon found that there was violation of Coastal Regulation Zone norms in the construction of certain portions of DLF apartment complex on the banks of the Chilavanoor backwatersPTI | December 21, 2016, 18:09 IST

        KOCHI: The Kerala High Court today upheld the verdict of its single bench directing action against real estate major DLF for constructing an apartment complex in an ecologically fragile land near here and asked it to pay Rs 1 crore as compensation.

        A division bench headed by Justice P R Ramachandra Menon found that there was violation of Coastal Regulation Zone norms in the construction of certain portions of DLF apartment complex on the banks of the Chilavanoor backwaters.

        The bench, however, said there was no need for demolition of the offending building portion as directed by the single bench of the high court in 2014 but ordered the company to pay Rs one crore as compensation for uplift of the environment.

        The company has been directed to deposit the amount with the District Collector, Ernakulam.

        The order was issued in an appeal filed by DLF challenging the single bench verdict directing it to demolish certain portions of its apartment complex.

        The construction had been undertaken after reclaiming 'wetland pokkali field' which had been classified as CRZ-I (ii) areas as it was an ecologically fragile area.









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        • #34

          #34

          Re : Kochi Realty Market News

          Land acquisition compensation: Kochi civic body faces attachment proceedings

          This follows the failure of the civic body to comply with a court order to compensate additionally a person from whom land had been acquired for widening the Sahodaran Ayyappan Road.M K Sunil Kumar | TNN | January 04, 2017, 18:00 IST

          KOCHI: Financial burden caused by land acquisition for various projects is likely to cost the Kochi corporation dear. On Tuesday, officials from district court were at the corporation office to attach official cars of mayor, deputy mayor and corporation secretary.

          This follows the failure of the civic body to comply with a court order to compensate additionally a person from whom land had been acquired for widening the Sahodaran Ayyappan Road.

          Several court cases have been filed against the civic body demanding additional compensation for land acquired for various projects.

          Earlier, TOI had carried a story detailing the consequences if the corporation authorities continue to handle land acquisition cases carelessly . In many of the cases counsels employed by them failed to effectively defend the civic body .

          The civic body will have to shell out at least Rs 20 crore more for land acquired for widening SA Road and constructing Ponnurunni ROB.

          Additional compensation to be paid to land owners for the solid waste treatment plant at Brahmapuram is around Rs 70 crore.

          During the 2000-2010 period, land was acquired on either side of Sahodaran Ayyappan (SA) road for widening. Though the land owners were given compensation as per the rate fixed by revenue department, they were not satisfied. Later, the land owners sought additional compensation, but the civic body refused to pay.The land owners then moved the court which gave them a favourable verdict.

          After the local body failed to pay Rs 1.83 crore to the petitioner, the court was moved again for implementation of the order. The court issued orders to attach the properties of Kochi corporation. Following the move to attach property including official cars, the corporation authorities gave an assurance that they would take immediate measures to pay the additional compensation.

          “It was while I was leaving my office for attending a function that the officials from the court reached here. I instructed them to contact corporation secretary. The move is in connection with delay in giving additional compensation to one of the land owners whose holding was taken over for a project," said deputy mayor TJ Vinod.

          He said that none of the pro perties including the official cars of top authorities were attached on Tuesday. Corporation secretary Haritha V Kumar said that the civic body would start immediate measures to comply with the court order.








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          • #35

            #35

            Re : Kochi Realty Market News

            Look for water before buying apartments, says Kerala Water Authority

            In short, it becomes the responsibility of the buyers to check with KWA and ascertain the supply of water before signing an agreement with buyers.Greeshma Gopal Giri | TNN | Updated: January 06, 2017, 17:53 IST

            KOCHI: If you are looking out to buy an apartment in the city, then make sure there is sufficient water supply to the flats. With the Kerala Water Authority (KWA) stating its inability to provide new connections to apartments coming up in areas facing severe water shortage, it becomes the buyers' responsibility to ensure water supply to their dwellings.

            "Chilavannor, Vaduthala, Jawahar Nagar and West Kochi have been identified as the main regions, where there is severe water shortage in the city. These areas are also the prime locations identified by builders in the city. It will not be possible for KWA to supply water to the new apartments coming up in these areas," said a KWA official.

            Officials said the demand for water from apartments, which concentre on high income groups was high. "It is not possible for the water authority to meet such high demands when there is scarcity in supply," added the official.

            In short, it becomes the responsibility of the buyers to check with KWA and ascertain the supply of water before signing an agreement with buyers.

            The water authority is of the view that if they have to meet the demands of those residing in apartments it would adversely affect the supply to others living in the neighbourhood. Meanwhile, VK Shankarankutty, president of All Kerala Apartment Owners' Apex Association said unless the KWA stepped in to supply water the residents will have a tough time.

            "Whenever we raised the issue of shortage in supply to apartments those including people's representatives have maintained that providing more water to flats would have a negative impact on the supply to the entire neighbourhood," he said.

            The authority provides water through ¾ inch pipes to apartment complexes, and only one connection is provided for an entire complex. "Irrespective of the number of flats in it, an apartment complex gets 15,000 litres water per day," he said.

            "If KWA does not provide connections to new apartments it would end up in chaos," said Shankarankutty.

            The water tankers operating in the city have also stated that it was difficult for them to meet an increased demand from apartment complexes.






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            • #36

              #36

              Re : Kochi Realty Market News

              For Kochi civic body, proper revenue collection is key

              Property and professional tax and rentals are the major sources of revenue for the corporation.TNN | January 18, 2017, 13:31 IST

              KOCHI: Despite Kochi being the commercial capital of the state, city corporation finds it difficult to mobilize its own revenue and depends mostly on plan fund and centrally-sponsored projects.

              Designing fanciful projects to generate revenue and adopting effective steps to collect revenue will certainly lead to a leap in the corporation’s revenue.

              Property and professional tax and rentals are the major sources of revenue for the corporation.

              The corporation authorities do not have any idea on the number of buildings in the city. As per estimates, there are around 50,000 buildings in the city and around 1.5 lakh door numbers.

              “The amount we collect from property tax every year on an average is around Rs 69 crore,” said Paul M Philip, revenue officer, Kochi corporation.

              The corporation is yet to move on to the new method to collect property tax completely.

              Earlier, the tax for each building would be fixed as per average rental value (AVR). Later, it was replaced with plinth area (total built-up area) based property tax collection. “Now, the property tax of a residential building is being calculated by multiplying the plinth area with Rs 20. If the building is rented out for residential purpose, it would be plinth area multiplied with Rs 40. In case of commercial space, the property tax would be the fixed by multiplying plinth area with Rs 90,” said a corporation official.

              “Still, the process of assessing tax for each building in the city is slowly progressing. Owners of most of the buildings in the city pay the tax as per the earlier method of AVR. Compared to AVR, plinth area method will at least double the amount collected as property tax,” he said.

              As per a survey conducted around five years ago, the number of unauthorized buildings in the city stands at 16,000. Now, the number would be at least 20,000.

              “Though we started a drive to collect tax from unauthorized buildings some five years ago, it didn’t work due to various reasons, including political pressures,” said K J Sohan, former mayor.

              A building becomes unauthorized if there is any deviation from the plan which was approved by the civic body. Property tax would be three times the tax charged from authorized buildings.

              “Even if we collect tax from at least 5,000 commercial buildings, the revenue through property tax would go up many fold,” Sohan said.

              “Now that there is no election round the corner, there won’t be much political pressure against taking action on unauthorized buildings. So, it is the apt time to resume such a drive,” he said.

              As per the local fund audit report, only insignificant number of professionals like lawyers and doctors pay professional tax. If special adalats to collect arrears from lawyers and doctors alone are organized, crores of rupees can be collected.

              Rent of the corporation’s buildings has not been revised for the past few decades. Revising the rent would also see a jump in the revenue.

              Many of the educational institutions in private sector in the city don’t pay property tax to the corporation.

              A major hospital in the city hasn’t paid property tax for buildings which house their educational institutions and the defaulted amount comes to around Rs 30 crore.

              Special drives for collecting property tax from unaided educational institutions should be initiated.







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              • #37

                #37

                Re : Kochi Realty Market News

                Highway beautification project meets its beast

                TNN | Jan 22, 2017, 08.09 AM IST

                KOCHI: The Vyttila-Edapally Highway beautification project has hit a roadblock. The Kochi Bypass Beautification Society , which was involved in beautifying and maintenance of the medians along the stretch, has decided to discontinue its work after January 31. In a complaint submitted to mayor Soumini Jain, the society has said that it was impossible for them to go ahead with its activities. "We face threats from political parties, police and individuals when we remove hoardings, flex boards. It is difficult to go ahead with the work due to non-corporation of various organizations and departments," said ME Mohamed, secretary of the society .

                The office bearers of the society pointed out an incident that took place on December 9, 2016. An individual threatened and filed a police complaint against a supervisor and workers engaged by the society. "They were detained at the police station for several hours and were subjected to verbal abuse. It was with much difficulty that we were able to get them out of the station. Though the matter was brought to the attention of the mayor and higher police officials, no action was taken," added Mohamed.

                The Kochi Bypass Beauti fication Society was entrusted with the beautification work on December 31, 2014. An agreement was signed between the corporation and the society for carrying out the beautification works for three years. As per the agreement, the society has to be informed before any works are carried out on the beautified areas between Vyttila and Edappally .It was also authorized to remove hoardings and flex boards set up in the region. "The society has been carrying out these activities for the last two years. We have spent around Rs 1.10 crore.There are 15 establishments as members in the society and each member has spent around Rs 2-12 lakh for the beautification works. So far, the local body has not spent any money on this project," said Kochouseph Chittilappilly, the society's chairman.

                The society said its members have put in enormous effort and resources. On any given day there are eight employees and a supervisor.They have dug 34 bore-wells for watering the plants. Besides, they have brought in tricycles fitted with generators and pump sets. Pipelines were laid along 7km stretch.







                http://timesofindia.indiatimes.com/c...w/56712081.cms


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                • #38

                  #38

                  Re : Kochi Realty Market News

                  Flat owners hit out against Kerala govt over framing of RERA rules

                  AOAS working president C S Vinod said that the state government had constituted the Kerala Real Estate Regulatory Authority (KRERA). But it continue to remain a toothless establishment.TNN | January 24, 2017, 13:00 IST


                  KOCHI: The apartment owners' apex association (AOAS) hits out at the state government for its inability to regulate the real estate sector. The association wanted the state government to end uncertainty over framing of rules under the Real Estate (Regulation and Development) Act 2016. They said that though the act had come into effect, the delay in framing rules give leeway to unscrupulous builders.

                  AOAS working president C S Vinod said that the state government had constituted the Kerala Real Estate Regulatory Authority (KRERA). But it continue to remain a toothless establishment.

                  "As per the act, it is mandatory for builders to get approval of KRERA before announcing the project in public domain. Even brochures of the new projects have to be registered with KRERA. But builders have come up with ideas like distributing pamphlets and announcing new projects. This is violation of the act. As rules are not formed, KRERA is unable to take action in such matters," said Vinod.

                  The association also criticized the state government's decision to regularize illegal construction. They said that the move would only help in mushrooming such constructions.







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                  • #39

                    #39

                    Re : Kochi Realty Market News

                    Local bodies lack plots for industrial development

                    Aswin J Kumar| TNN | Feb 5, 2017, 12.03 PM IST

                    THIRUVANANTHAPURAM: The capital district has no land available with any of the local bodies for industrial purpose, according to the latest report prepared by the local self-government department (LSGD). The report shows details of land available with local bodies in the state for the promotion of small scale enterprises as part of a project being planned by the industries department. The proposal envisages utilization of vacant plots with local bodies in the coming years for promoting micro and small enterprises.

                    With not a single vacant plot available for industrial development, Thiruvananthapuram presents a dismal picture. Though the situation is not much brighter in other districts, with each having 1-5 plots of vacant land, the non-availability of land for development projects has exposed the biggest challenge facing local bodies in the district.

                    "We had communicated the audit on available land to all local bodies. It was never a matter of non-compliance in the case of Thiruvananthapuram. Capital district faces scarcity of land to plan development projects," said a senior LSGD official associated with the report.

                    As per the data prepared by the town planning wing, the industrial land use was having an area of 0.43 sq km in 1966 in the city, occupying an area of 0.5%. In 1990 the industrial area increased and accounted for 2% of total area. The setting of new industries during this period increased the area under industries. As per the 2012 data, the industrial area is having an area of 1.82 sq km. The area of the industries remained almost same because, during this period no large scale industries were set up as the demand of area increased and the value of land also increased.

                    District panchayat president V K Madhu admitted that shortage of land has forced the panchayat to omit certain schemes from the plan outlay. The severity of the problem has been such that the panchayat is set to purchase land to set up crematoriums. Land purchase is being done by the panchayat for the first time. An amount of Rs 3.5 crore has been set aside to purchase 4-5 plots. "The issue has also crippled the progress of ABC scheme and setting up of slaughter houses. Land availability has been a major concern for us," said V K Madhu.

                    The city corporation also shares the same tale, which was forced to abandon key projects due to non-availability of land. The idea to start an industrial centre at Pappanamcode on 8.5 acres was cancelled after encroachment was reported on the same site. The city corporation's dream project of having its own petrol pump and a shopping complex at Jagathy was aborted following a notification from the revenue department which said that the land belonged to the revenue department and not to the corporation. The corporation had recently decided to purchase land to set up a centralized waste treatment facility.

                    " Scarcity of land is a huge issue for Thiruvananthapuram," said mayor V K Prasanth.









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                    • #40

                      #40

                      Re : Kochi Realty Market News

                      Metro agencies not on the same page

                      TNN | Feb 18, 2017, 06.47 AM IST

                      KOCHI: While the Delhi MetroRail Corporation (DMRC) is of the view that delay in land acquisition has delayed execution of Kochi Metro's civil works from Maharaja's College to Pettah, the Kochi Metro Rail Ltd (KMRL) maintains that they have already handed over the required land along the stretch.

                      Countering DMRC principal adviser E Sreedharan's statement on land acquisition, KMRL said that they have "acquired and handed over the entire land required for the construction of Metro to DMRC".

                      As per the data released earlier, the planned Metro alignment between Maharaja's College ground and Pettah required about 6.50 hectares.

                      "Except for the land required for widening the stretch between Chambakkara and Pettah on Vyttila-Pettah road, we have met all other land acquisition requirements," said KMRL spokesperson.

                      The Metro work from Vyttila to Pettah or Tripunithura could be taken up only after completing road widening, the spokesperson added.

                      It was pointed out that of one of the DMRC's contractors had started to set up barricades at KPCC Junction to proceed with the work from Maharaja's College to Ernakulam south in December 2015. However, DMRC off-loaded this contractor and decided to retender the work.

                      But the Metro authority could not finalize the tender as there was only one contender and has decided to retender it.

                      Meanwhile, the Metro works are progressing between Panampilly Nagar and Vyttila.

                      "These developments are a clear indication that land was made available for construction of Kochi Metro. In fact DMRC is finding it difficult to find contractors to undertake the remaining work in Kochi. It is difficult for contractors to meet the stringent clauses stated in the contract under the current circumstances in Kochi," said a representative of Kochi Metro contractor.

                      DMRC had promised to complete Metro works from Aluva to Palarivattom in December 2015, and the stretch from Palarivattom to Pettah by March 2016.

                      Meanwhile, a report on social impact assessment (SIA) for extending Metro to Tripunithura was also submitted. The report will be taken up for discussion by an expert committee and people's representatives on Monday.








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