Kumar Builders, one of the leading real estate players in Pune has come up with a unique two-bedroom-hall-kitchen flat scheme to enable the shanty dwellers to fulfil their needs of getting living space of their own. The company with focus on residential and commercial development in Pune, also has presence in Mumbai, Bangalore, Hyderabad, Panchgani and Nagpur. Company’s projects span across affordable, mid-segment and luxury homes to commercial and retail complexes, apart from IT complexes and SEZ.

This is one of it’s kind of a project, the very 1^st in India by KUL – Kumar Urban Development Limited. The project aims at socio-economic upliftment of the slum dwellers with cottage industry projects. It ensures privacy and dignity of life for them and provides enough space of living with the help of innovative design concept.

49 buildings with over 5,045 flats shall be developed on the site at, 45, Nirvana Hills. Out of these buildings, 11 buildings shall have Parking plus 12 floors and the remaining 38 shall be with parking plus 7 floors.

The flats will come free of cost to erstwhile slum-dwellers of Survey number 44 – Erandawane-Kelewadi Slum Rehabilitation Project, as per the SRA scheme launched by the Government of Maharashtra.

With new revisions in the area provided under slum rehabilitation scheme from 225 sq.ft. to 269 sq. ft. carpet, a 2 BHK concept has been offered to these slum dwellers. various solutions like dining for 6 ,a secluded kitchen and Japanese concepts of multipurpose foldable furnishings has been adopted for optimisation of the existing space.

KUL has set up a benchmark in Indian slum rehabilitation movement and has virtually redefined the very idea of  a slum rehabilitation project by offering this unique home design.

Along with the rehabilitation of these slum dwellers, KUL shall set up a Cottage Industry for Men and Women and an ITI for the students in the second phase of the project. Other facilities in the complex shall include, temples, school and health facilities, a crèche, a multi-purpose recreation and health complex etc.

KUL also plans to develop a botanical garden dedicated to the citizens of Pune for which about 600 medicinal plant species have been already planted on part of the property. A highest in the City, statue of Chatrapati Shivaji Maharaj shall be erected in the area in order to salute the great Maratha warrior who set up the city of Pune.

State Government of Maharashtra has recently issued a directive to Brihanmumbai Municipal Corporation (BMC) not to allow petrol pump owners to change the designated use of the land for any other purpose.

The directive was issued on the background of a few cases in Mumbai where some of the fuel refilling station owners have given up their current business to switch over to the land development  purpose. To cash in on the rising property prices, petrol pump owners have been submitting development proposals to the BMC. Some of these, have already got the civic body’s permission to change the usage of the land.

Out of the 257 petrol pumps in the city, 40% are on lease land. With the government order, the civic body would now extend the lease on the condition that the owner would not change the usage of the land which earlier was not planned. 

The Federation of All Maharashtra Petrol Dealers’ Association had demanded the facility for the change of use only for Mumbai, as the city is facing acute shortage of land and the land prices are booming. Against which, the state government has issued the notification not only in Mumbai but all over the state.

Many social organisations had also requested the government not to allow any change on petrol pump land as the huge disparity in the ratio between petrol pumps and number of vehicles in the city limits is a factor definitely to be worried about. The Mumbai Taxi men’s  Association too, had filed a writ petition in the Bombay HC regarding the issue. following the HC judgment,the government has decided that the land of petrol refilling stations should be used only for the designated purpose and in no case for any other purpose.

Banks are now offering loans to value as 60% on agreement value. Prices have gone out of proportionate with income level. Supply is restricted and majority is constructed by private players.

These are the facts which restrict a home seeker person to find his dream home. In Mumbai, a minimum 2BHK is selling for a crore of rupees. And to purchase it, you must be able to pay an EMI of one lakh a month. Housing Finance Companies are making the loan process difficult day by day. Previously, it was 110% of agreement value and without O.C., and the housing finance was available. But now, the O.C. is a must to get a home loan. By increasing the margin upto 40% for such expensive assets, it is now practically impossible for a common man to purchase property in Mumbai.

Those purchasing are mainly financed by family partition or compensation received from redevelopment of society or government projects. A common man is simply left with nothing but to ask rates every day with the hope that property market will drop to his affordable limits.

Politicians, margin investors and speculators and mediators are inflating property rates by 1000%. Now mutual funds and other fund managers are speculating for a margin of above 30 % IRR in a year.

Taxation like property tax for recurring expenses after acquisition is also one of the most vital aspects in deciding to purchase property. There are no buyers and takers for such costly properties. From Goregaon to Borivali, the rates have reached to Rs.10,000/- level again. Those who have purchased are funded by redevelopment money offered by builders. But by and large the sustainability of such rates is not likely in near future. The same situation is with the Central Suburbs. Chembur and Ghatkopar are the only localities where the sale is happening but at a discounted rates.

The rates will fall in near future since the festive sensitivity is over and affordability rule will prevail in the market. Housing Finance is hard to come by for under construction projects and the economic scenario is very dull even after a strong government. Real estate will take time to become real.

Wakf is a permanent dedication of movable or immovable properties for religious, pious or charitable purposes as recognized by Muslim Law. The Wakf Institutions deal with the religious, social and economic life of Muslims. They are not only supporting Mosques, Dargahs etc. but many of them support Schools, Colleges, Hospitals and Musafirkhanas. Proper registration of Wakfs started after independence and today we have more than three lakh registered wakfs in the country.
Wakf Legislation
In the absence of a national legislation, the Parliament enacted the Wakf Act in 1954 to provide better administration and supervision of Wakfs through State Wakf Boards. Being a pioneering effort, the actual working of the Wakf Act, 1954 brought out many deficiencies and had to be amended in 1959, 1964 and 1969. It was subsequently replaced by a more comprehensive legislation in 1995 enacted on the basis of consensus at various levels on the Report of a Committee. The Committee was set up by the Government following an assurance to this effect to the House during a discussion on the Wakf (Amendment) Bill, 1969. The Committee was asked to look into the working of the Wakf Act and for making an inquiry into the position of Wakfs at all levels. The Wakf Act, 1995 came into force in the entire country except the State of Jammu & Kashmir.
Wakf Act
The Act directs State Governments to constitute State Wakf Boards in their respective states, appoint Survey Commissioners for survey of Wakf properties and set up Wakf Tribunals for determination of disputes and matters relating to Wakfs.
The Act provided for establishment of separate Wakf Boards for Shias and Sunnis in the same state if the Shia Wakfs in that State constitute in number more than fifteen percent of all the Wakfs in the State or if the income of the properties of the Shia Wakfs in the State constitutes more than fifteen percent. As a result of this, Uttar Pradesh and Bihar have separate Boards for Shias and Sunnis.
The Act also provides that in a State where there are Shia Wakfs but no Shia Wakf Board, at least one of the members would be a Shia Muslim. The Act restricts the power of Mutawallis in the interest of better management of Wakf properties.
State Wakf Boards
So far 21 States viz., Andhra Pradesh, Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, NCT of Delhi, Orissa, Punjab, Rajasthan, Tamil Nadu, Tripura, Uttar Pradesh, Uttaranchal and West Bengal have constituted Wakf Boards. Five Union Territories, viz., Andaman & Nicobar Island, Chandigarh, Dadra & Nagar Haveli, Lakshadweep and Pondicherry have also constituted Wakf Boards.
Arunachal Pradesh, Jharkhand, Mizoram, Nagaland, Sikkim and the Union Territory of Daman and Diu have not yet constituted the tribunals as required under Section 83 of the Wakf Act, 1995.
Fourteen States and Union Territories have notified the Wakf Rules. Another six States have only framed regulations while the remaining States/UTs are yet to take action in this regard.
Survey of Wakf properties
The survey and identification of Wakf properties constitute an important measure to prevent encroachment. For this purpose Survey Commissioners are to be appointed. All the States and UTs except Arunachal Pradesh, Mizoram, Nagaland, Sikkim and Daman and Diu have appointed Survey Commissioners for carrying out the survey of wakf properties. Except in Himachal Pradesh, the survey has not yet been completed in any State or UT, which makes it difficult to identify the wakf properties and secure them against encroachments and misuse. The Minister of Social Justice & Empowerment, Smt. Meira Kumar recently at a conference of Chairpersons of State Wakf Boards called for expediting the survey work. She urged the State Boards to “complete records of properties owned by Wakf Boards and register the succession of Muttawalis.”
Development of Urban Wakf Properties
With a view to protect vacant Wakf land from encroachers and to develop it on commercial lines for generating more income in an order to widen the scope for welfare activities, Central Wakf Council has been implementing a Non-Plan scheme with yearly grant-in-aid from the Central Government. This scheme was started during 1974-75 with the annual grant-in-aid from Central Government to Central Wakf Council. Under the scheme, loan is extended to State Wakf Boards/institutions for the construction of economically viable buildings on Wakf land, like commercial complex, marriage halls, hospitals, cold storage etc. Under the scheme, the Government of India has released grant-in-aid amounting to Rs. 2,540.11 lakh up till 31.3.2004.
So far the Council has taken up 168 projects for construction of commercial complexes. The amount of these projects has been given to the State Wakf Boards in form of interest free loan. The amount thus repaid forms a Revolving Fund of the Council, which is again utilized for the smaller projects on the Wakf land by advancing loan up to the tune of Rs. 20 lakh only. 83 such projects have been taken up so far.
Most of the loanee Wakf Boards/Institutions do not adhere to the repayment schedule. As a result, as on 31.3.2004 an amount of Rs. 9.40 crore (Principal 5.54 crore Donation Rs. 3.86 crore) was outstanding on the loanee Wakfs of 12 States. During current financial year, the Wakfs have paid Rs. 2.01 crore (Principal Rs. 1.59 crore Donation Rs. 42.22 lakh) till February 2005.
Educational Scheme
While advancing loans, the Wakf Council puts two conditions. These are: first, the loanee Wakf institutions would pay 6 per cent donation on the outstanding loan to the Education Fund of the Council meant for educational upliftment of the poor Muslims; and secondly, after the repayment of the loan, they would spend 40 per cent of their enhanced income on the education of the Muslims.
The 6 per cent donation received from loanee Wakfs on the outstanding loan for the development of Urban Wakf properties, as well as the interest accrued on the Bank deposits of the Revolving Fund form the Education Fund of the Council. This fund is utilized granting scholarship to the poor students pursuing Technical/Professional Degree Courses @ Rs. 6,000/- per annum and ad-hoc grant to the poor and needy students of general degree courses @ Rs. 3,000/- per annum. The Council also provides from the Fund matching grant to the State Wakf Boards for providing scholarship to the School students, Madrasa students and to the students doing Technical/Professional Diploma courses in their respective States. Grant is also given for the establishment of Industrial Training Institutes (ITIs) in the Muslim concentrated areas.
8,795 scholarships have been granted by the Council to students of technical/degree courses like MBBS, BUMS, BAMS, B.Tech and B.Sc(Ag.) etc. till March 2004. Similarly in 1,816 cases “Ad-hoc” grant have been given under the scheme of Ad-hoc grant to poor and needy students. 598 Voluntary Organizations/Technical Institutes have been assisted for technical training/vocational training. The Central Wakf Council has approved 9 I.T.Is. to be set up in the Muslim concentrated areas under the newly launched scheme.
While protection and development of Wakf properties by the State Wakf Boards remains the prime concern of the Central Government, it wants them to increasingly focus on education of Muslims particularly the girl child. Addressing the Sate Wakf Chairpersons, the Social Justice & Empowerment, Smt. Meira Kumar drove their attention to the address of the President to the joint session of the Parliament last month. She said, “Hon’ble President has called for a new knowledge revolution and a new wave of investment in education at all levels of the knowledge pyramid from elementary school in villages to world-class research institutions. In my humble opinion, there can be no better contribution than utilizing our financial resources of wakfs for promotion of girls’ education, particularly in the rural and inaccessible areas.

(PIB Features)

In big relief to flat buyers in the state, the Hon supreme court in its historic verdict under the presence of Justice Arijit Pasayat and Justice SH Kapadia in the case of M/s Jayantilal Investments vs Madhu Vihar co-operative housing society Ltd as on 11th Jan 2007 held that Once the original plans of the building are approved by the local authority and the flats are sold on that basis, promoter/developer is prohibited from making any additions or alterations without the consent of the flat purchasers. It was held by Supreme Court that a comprehensive project scheme has to disclosed on such plot of land where the builder is going to construct the flats. Further it interpretated section 7A of Maharahstra Ownership of flat Act,1963 stating that builders cannot construct additional structures which is not in original layout plan without the consent of flat purchasers and concluded that it will not get protection under the said provisions if any additional structure proposed to be constructed is absent in the original layout plan. Thus Once the original plans are disclosed and registered, then subsequent amendments cannot made by the builder.

The Hon. Supreme courtThe MOFA law which regulates the activities of the builder. It was enacted for the benefit of  flat purchasers and not to confer benefits to builders which makes amply clear that when builder enters into agreement with the flat purchasers, he is required to form the society as soon as minimum number of flat purchasers is required to form the society. And, thereafter the conveyance has to be executed in the favour of the society within 4 months. The court reminded that builder’s obligation is statutory as the concept of development should be directly in rhythm with the conept of registration of society and conveyance

In the given case Madhu vihar scheme was floated by developer at Kandivali where he had purchased the plot. Construction of the Madhu vihar scheme started in the year 1980 and was completed in the year 1989. In the mean while, there were changes in the plans as many as four times. However no additional building like the one proposed in the plan approved on 29th march, 2001 was included in the plans between 1985 and 1989. The promoter wanted to utlilise the garden which was maintained by the flat purchasers to construct additional building. Promoter/developer neglected to form the society. Inspite of stiff opposition from the promoter, the purchasers moved to the concerned authorities for registration. Ultimately, when the society got registered on 20th January, 1993, it was obligatory on the part of the promoter to convey and to give conveyance within 4 months from the date of the registration of the society. But unfortunately the promoter neglected as the Madhu Vihar scheme was incomplete which was the main plank of the developer against the society.

Nainesh Shah, of Everest group reacted, “ the entire project approved plan cannot be obtained in big projects but as far as transparency is concerned we can disclose how we  are going to utilize the FSI in the given layout to the purchasers.”
“The verdict is good but cannot be generalized, but as there are so many housing projects in Mumbai where several times the layout plan get changes. What can be done if a builder is developing a big project in phases and getting additional FSI and TDR later which is also a cumbersome process that normally gets delayed due to the slow system. Consequently, a revise plan has to be submitted before the corporation once you get additional FSI and TDR”, concurs Mufotraj Munnot, president of Maharahstra chambers of housing industry.

”Before the Supreme court verdict, there was a lot of confusion among the flat purchasers in Mumbai due to the routine mundane excuse of the builders stating that they are unable to form cooperative housing society and give conveyance as the entire project is not yet completed”, explains Advocate D.S. Vader, chairman of Mumbai Housing Federation. Supporting the view of Housing Federation, Advocate Vinod Sampat said, “it is a misconception of many developers to wait for the entire project to get completed and then register the society and thereafter give conveyance. Now such misconceptions shall have no place due to this verdict.” Further he said, “ non cooperation from builders to form the society and give conveyance due to such planks , purchasers can take the support of this verdict which would be of immense help while filing a  case in the consumer court.”

Point to be noted is that Supreme court interpretated the law already under the provisions of MOFA.In the past there was a micsconception that builders are protected under section 7A of MOFA.
The arguments shall never end but this verdict is a real New Year gift for the purchaser’s as the builders will be now duty bound to be more transparent while dealing with the purchasers. The verdict has shown that today consumers are the king and they cannot be taken for a ride.

Industry body ASSOCHAM expects Foreign Direct Investment in the Indian realty sector may achieve six-fold to $ 30 billion in the next 10 years. According to ASSOCHAM the sector is expected to grow more than 30 per cent in the next few years.
Presently, the flow of Foreign Direct Invest in Indian Realty Sector is estimated at around 5 to 5.50 billion dollars. The domestic real estate market stands at $14 billion, is expected to be $102 billion in the next 10 years, when the FDI inflows to the sector would be about 30 billion dollars.
Venugopal Dhoot, President, ASSOCHAM expected that foreign developers can undertaken construction activities on a minimum space of 50,000 sq ft, which may be raised by the government over the years. Currently, the domestic real estate market is expected to be worth USD 15 billion, with an FDI share worth USD 6 billion.
The government needs to do away with the multiple approvals at the central and state levels required for setting up townships. Seeing the instant growth of the country’s IT sector, which would require space of 200 million sq ft and around 20 million dwelling units, the real estate sector is set to grow exponentially, Mr. Dhoot further added.

India’s 7500 kms long coastline will be soon free from Coastal Regulation Zone (CRZ) rules. In fact CRZ was never a Act nor it was provided in any law of land. The self imposed discipline for restricting coastal line development is a major hindrance in city like Mumbai which is starving for space. Same was the case in Goa and other coastal states and city which are helpless for any further development.
CRZ had cleared many schemes including private development in the past and doing it at present. The relevance of the Act was lost as in the case of ULC.
The 2007 draft of Coastal Management Zone will replace the CRZ Rules. The draft, prepared by the Union Ministry of Environment and Forests (MoEF), has been forwarded to the Prime Minister for his approval.
On July 19, 2004, MoEF had constituted a 13 member panel under agriculture scientist M S Swaminathan to review the 1991 notification of CRZ. The committee submitted its report in February 2005, paving the way for the new draft.
The draft of CMZ categorises coastal areas into four management zones – CMZ-I, CMZ-II, CMZ-III and CMZ-IV.
CMZ-I includes ecologically sensitive areas like coral reefs and mangroves.
CMZ-II consists of areas of particular concern – coastal municipalities, panchayats with more than 400 persons per sq. kms, ports, tourist areas and Special Economic Zones.
CMZ-III includes open areas including coastal waters – excluding those classified as CMZ – I, II and IV.
CMZ-IV includes the inland territories of Andaman and Nicobar, Lakshadeep and other offshore islands.
The draft has given a new definition to “Coastal Zone” which includes “ the area from the territorial waters limit – 12 nautical miles measured from the appropriate baseline – including its sea bed, the adjacent land along the coast and inland water bodies influenced by tidal action”.
The draft set up a process of creating what it calls setback lines along the coast. This is a line that will be scientifically calculated based on the vulnerability of the coast to various hazards.
According to MoEF, many industrialised countries follow the practice. Though the draft is silent on the technical guidelines for measuring the line, the ministry says they may be provided later.
The draft has also recommended constructing a seawall for setback line in CMZ-II areas. It also has a provision for creating a 31 member National Board for Sustainable Coastal Zone Management chaired by the Union Minister for Environment and forest.

The History :
In 1981, the then prime minister Indira Gandhi proposed that no permanent structure should come up within 500 meters of the high-tide line along the coast. The discussions that followed were culminated in MoEF issuing the CRZ notification on February 19, 1981. After that many amendments were made to the notification.

Points for comparison
Coastal Regulation Zone Notification, 1991
Focus on regulating coastal areas
CRZ-I designated as an NDZ
CRZ-II is defined as areas substantially built up – more than 50 per cent as on 1991 – or that have municipalities or corporations
In CRZ-II, development only on the side of the road facing land.
CRZ-III has a NDZ of 200 metres, tourist activities only beyond the 200 metres mark.
Draft Coastal Zone Management Notification
Focus on managing coastal areas.
CRZ-I not a NDZ Activities will be determined by integrated coastal zone management plan to be prepared by the state government
No clear distinction, categorisation depends on economic consideration of the area. Many of the CRZ-III areas will now become CZM-II
Introduces setback line. Some activities allowed in front of the setback line in CZM-II. Seawall can be constructed as protection.
NDZ provision removed in CZM-III, allows tourism anywhere.

The Government of India had announced a SEZ scheme in April, 2000 with a view to provide an internationally competitive environment for exports. The objectives of SEZs include making available goods and services free of taxes and duties supported by integrated infrastructure for export production, expeditious and single window approval mechanism and a package of incentives to attract foreign and domestic investments for promoting export-led growth.
In order to give a long term and stable policy framework with minimum regulatory regime and to provide expeditious and single window clearance mechanism, the Special Economic Zones Act, 2005 has been brought into effect along with the Special Economic Zones Rules, 2006 from 10 February 2006. The same was further amended on March 16, 2007.
The Act and the Rules together aim to provide a single self contained legislation governing the operations of SEZs and replaces the hitherto applicable legislations and rules governing the operations of SEZ in India.
Under the Act, SEZ could be set up either jointly or severally by the Central Government, State Government, or any person (including a private or public limited company, partnership or proprietorship) for :

1) Manufacture of goods
2) Rendering services
3) Both manufacturing of goods and for rendering services; or
4) Free trade and warehousing  

The Act provides for certain exemptions, drawbacks and concessions and other fiscal incentives to developers of SEZ and units established in SEZs. 

Exemptions, drawbacks and concessions are :

a) Exemption from customs duty on goods imported into the SEZ by the Developer or SEZ Unit to carry on the authorised operations 

b) Exemption from customs duty on goods exported from the SEZ by the Developer or SEZ Unit to any place outside India 

c) Exemption from excise duty on goods brought from Domestic Tariff Area (“DTA”) to the SEZ by the Developer or SEZ unit to carry on the authorized operations 

d) Drawback or such other benefits (as may be admissible from time to time) on goods brought from the DTA into a SEZ by the Developer or Unit to carry on the authorized operations

e) Exemption from service tax on taxable services provided to a Developer or Unit to carry on the authorized operations in a SEZ

f)  Exemption from the securities transaction tax in case the taxable securities transactions are entered into by a non-resident through the International Financial Services Centre (“IFSC”)

g) Exemption from levy of Central Sales Tax on the sale or purchase of goods by the Developer or SEZ unit if such goods are meant to carry on the authorized operations

Fiscal incentives are :
a) Tax Holiday for SEZ units engaged in manufacture or providing services – A new section 10AA has been inserted in the IT Act by SEZ Act, 2005 which provides that the units in SEZ which start manufacturing or producing articles/ things or which start providing services on or after April 1, 2005 will be eligible for a deduction of 100 percent of export profits for the first five years from the year in which such manufacture/ provision of services commences and 50 percent of the export profits for the next five years. Further, for the next five years a deduction shall be allowed of upto 50 percent of the profit as is debited to the profit and loss account and credited to the Special Economic Zone Reinvestment Reserve Account (subject to conditions).

b) Deduction in respect of certain incomes  – Under the new section 80LA, to scheduled banks or foreign banks having an Offshore Banking unit in SEZ or to a unit of IFSC would be allowed deduction in respect of certian incomes. The deduction shall be for 100 percent of income for five consecutive years beginning from the year in which permission/ registration has been obtained under the Banking Regulation Act or the SEBI Act or any other relevant law and 50 percent of income for next five years. Interest received by non-residents and not ordinary residents on deposits made with an Offshore Banking Unit on or after April 1, 2005 shall be exempt from tax. 

c) Exemption from Minimum Alternate Tax (“MAT”)  – Income arising or accruing on or after April 1, 2005 from any business carried on, or services rendered by SEZ unit would be exempt from MAT under section 115JB. 

d) Exemption from Capital Gains – Capital gains arising on transfer of assets (machinery, plant, building, land or any rights in buildings or land) on shifting of the industrial undertaking from an urban area to any SEZ would be exempt from capital gains tax. The exemption would be allowable if within one year before or three years after such transfer. The amount of exemption for capital gains would be restricted to the costs and expenses incurred in relation to all or any of the purposes mentioned above.
e) Tax holiday for SEZ developers – A new section 80-IAB has been introduced in the IT Act vide SEZ Act, 2005 whereby a deduction of 100 percent of profits derived from the business of developing SEZ (notified on or after April 1, 2005) would be available to developer of SEZ for any 10 consecutive years out of 15 years beginning from the year in which SEZ has been notified. Exemption under section 10(23G) that was available to infrastructure capital fund or a cooperative bank on interest and long term capital gains investment had been extended to investment made by SEZ developers qualifying for tax holiday under section 80-IAB of the IT Act. However, this exemption has been withdrawn with effect from assessment year 2007-08. 

f ) Exemption from Dividend Distribution Tax (“DDT”) – No DDT would be payable by a developer of SEZ on dividend declared, distributed or paid on or after April 1, 2005 out of current income. 

g) Exemption from MAT – Any income earned on or after April 1, 2005 by a SEZ developer would be exempt from MAT under section 115JB of the Act.
 
Contributed by
Sangeet H Kumar
CEO
New Equations Consulting

BOX
Major projects cleared by FIPB
Dubai based Emmar USD 500.0 million
CESMA Intt Pvt Ltd with AP Govt- township project at Hyderabad and Vijaywada
Jakarta based Salin group USD 100.0 million project at Kolkata.
Lee Kim Tah holdings , Singapore USD 155.0 million project at Chennai.
IJM’s USD 350.0 Mn project at Mohali, Chandigarh.
Keppel Land , Singapore ’s USD 13.0 million land acquisition at Bangalore for condominium project in JV with Purvankara
Capital Land’s investment with Runwal Group , Mumbai
Morgan Stanley’s USD 70 million in Mantri , Bangalore.