WB: Raghunathpur Township Project

The state government has come up with a land use and development control plan (LUDCP) for the proposed Raghunathpur industrial township on a 29,000-acre barren and less fertile land identified in Purulia. It will prepare a land policy to determine the kind of industries that can be set up in the area and at what rate prospective investors could buy land from landowners. State urban development minister Firhad Hakim said that the department will also conduct an economic corridor survey on how new roads could be set up in the area to develop the infrastructure. A plan is on to set up a six-lane corridor that will connect Raniganj to Dhanbad via Raghunathpur. “The chief minister wants industries to be developed in the area and we are working accordingly,” the minister said. The government has been lately stressing on developing micro, small and medium scale industries. Senior government officials said that setting up an industrial township along with residential clusters in Raghunathpur and its surrounding areas will help develop the socio economic-condition of people. as more job opportunities will be created and more people will be able to start living in what is presently lying idol as unused barren and low productivity land that mostly do not have any agricultural value. According to estimates, the present land price of the area is about Rs 1 lakh per acre, which is very nominal compared to other areas. In Rajarhat New Town, Hidco have been auctioning land for record prices. For example, Hidco had fetched Rs 51.13 crore for a 2.5-acre plot, which is equivalent to more than Rs 20 crore...

TN: Chennai Palace Gardens Township Project

Housing Development Finance Corporation (HDFC) has initiated an auction of London-based Hirco-owned Hiranandani Palace Gardens’ township in Chennai under the Sarfaesi Act to recover Rs 539.86 crore dues. The township is spread over 200 acres and built over three phases. Hiranandani Palace Gardens has another township at Panvel in Maharashtra. HDFC plans to conduct an e-auction on March 3, 2014 with a reserve price of Rs 551 crore for the properties, the mortgage lender announced through a public notice. In the notice, HDFC said It has allowed the borrower (Hiranandani Palace Gardens) to sell residential apartments in the currently existing buildings on project land and the buyer of the Chennai properties have a “step in obligation” of completing the structures on the existing project land” according to the terms of agreement between the borrower and buyers of residential buyers. The two townships in Chennai and Panvel were a bone of contention between the Mumbai-based Hiranandani Group and Hirco. Both the projects of Hirco have defaulted on their payments to their lenders. Hirco was floated by Hiranandanis in 2006 and it acted as the family’s investment vehicle in Indian projects. However, the promoters exited the board with Hiranandani family patriarch Niranjan and his daughter Priya stepping down as chairman and CEO of the company, respectively, in 2010. Last year, Hirco sued Niranjan and Priya alleging they had committed fraud and other misconduct prior to their resignation. It also sought damages to the tune of £220 million. Hirco’s contention was that it received neither interest nor dividends from its investments and payments towards the purchase of units were not passed to...

TS: Godrej to convert Hyderabad IT SEZ into housing project

The Godrej Group’s realty arm, Godrej Properties (GPL), plans to convert its information technology (IT) special economic zone (SEZ) project in Hyderabad into a residential one, a top company official said. GPL had bought over 34 acres in Hyderabad in 2006 to set up an SEZ, keeping in view the then boom in the IT sector.“SEZs are no more lucrative following the slowdown in the IT sector and some government regulations. We are looking at converting our Hyderabad SEZ project into a residential one, most likely catering to the mid-market segment. We will not focus on SEZs as of now,” Godrej Chairman Adi Godrej told reporters after the company’s AGM here today. The company earlier had plans to build a six-million-sq-ft IT park or, alternatively, an IT SEZ in Hyderabad. Currently, the company is developing two IT parks in Kolkata’s Salt Lake city, one of which will be completed by this year-end. GPL’s profit for the first quarter in 2010-11 has increased seven times to Rs 22 crore on the back of impressive bookings in its residential projects in Ahmedabad and Kolkata, Godrej said. The third phase of the Ahmedabad project will start in the next...

JH: Greenfield Township Project

LN Mittal has stopped its operation to set up its greenfield plant in Jharkhand,according to official sources. “Arcellor Mittal steel officials are no longer showing any interest to set up its plant in Jharkhand”,said a senior officer of the Jharkhand’s Industry department. Jharkhand’s Principal Secretary (Industry)AP Singh was not available for comment.In fact,launching its maiden venture in India, Mittal Steel Company in 2005 had signed an MoU with the Jharkhand government, committing to invest Rs 40,000 crore to enter mining and steel making operations in the state. The MoU includes setting up of a 12 million tonne greenfield steel plant. Mittal,who had come to Ranchi with his family had said the project would be developed in two phases of six million tonnes each with the first phase expected to be completed within 48 months of the agreement of the detailed project report and the second within further 54 months after completion of phase one. The steel baron also signed two additional MoUs committing to work closely with the mineral-rich state to achieve improvement in technical skills and education to sustain the pace of industrialisation in the state. The company would also study the possibility of setting up of a 2,500 mw power plant and a township for its employees as part of the project. Mittal, however, would not commit the amount to be invested in the power plant. Later,the company opened its office in Ranchi. Subsequently,while it started exploring the site and the land for setting up the plant, Jharkhand and the Central government allotted the iron ore and coal mines to the company. Though no body knows the...

UP: SC sets aside 156 hectares acquired in greater Noida

In a big blow for thousands of people who have bought property in Greater Noida the Supreme Court on Wednesday set aside the land acquisition at Noida extension by the Greater Noida Authority The court said that the Greater Noida authorities had exercised coloured power in acquiring Noida extension. “GNIDA allotted the land to builders in complete violation for which the land was acquired,” a bench comprising justices G S Singhvi and A K Ganguly said. The bench said even before the government approved the use of land from industrial to residential purposes, the authority allotted the land to some builders. The bench said it need not interfere into the judgement of the division bench of the high court which held that the urgency provision applied by the authority for the acquisition of land was “entirely a colourable exercise of power.” The court said it will give detailed reasoning for arriving at this judgement later. The apex court upheld the Allahabad High Court order which quashed the acquisition of land in Greater Noida. The High Court in May ruled that the Greater Noida Developement Authortity did not give farmers the opportunity to file their protest at the land takeover, under section 5 of the Land Acquisition Act. The apex court also directed the Greater Noida Industrial Authority to hand over the land to villagers and farmers. Along with imposing a cost of Rs 10 lakh on the Greater Noida Industrial Authority, the court also stopped the construction by well known builders Amrapali, Mahagun, Ajnara and Supertech. The land acquired by Greater Noida authority was 156...