Sham and loot behind
shamlat

Throwing norms to the wind, village common land is being usurped blatantly, says Chitleen K. Sethi

This is appalling loot that is happening silently. Village common lands in Punjab are being picketed. Slowly, but surely, shamlat deh, an integral feature of almost every village in the state, is shrinking.

Shamlat is village common land, kept aside for use for common purposes. The control of the land vests with the village panchayat and the land can be used by the panchayat to earn income to carry out development works in the village. The division, distribution and sale of shamlat deh is not allowed.

But all rules are forgotten when the stakes are high and a single acre of shamlat land near large cities can fetch crores. Active connivance of government officials in violation and misinterpretation of rules to “assist” the land mafia has led to the division and sale of shamlat in many villages through the khewatdars (village landowners).

The instances are more in villages that fall on the outskirts of bigger cities where the shamlat is virtually the only green patch left in the midst of a concrete jungle. At such places, there is a massive attraction to usurp shamlat and benefit from the over-blown land prices due to proximity to the city.

Majri block in SAS Nagar district has under its jurisdiction the Punjab portion of Chandigarh’s periphery. A former Block Development and Panchayat Officer (BDPO) stated in a remarkable and rare report on how shamlat land is being usurped in the periphery:

“In many villages in the Majri block consolidation of land never took place, so the question of shamlat land being shared by those who own land in the village (khewatdars) does not arise. In some villages, the title of the shamlat deh has not been decided by the collector.”

“In such villages,” the report states, “the revenue department proceeds to decide the share of the khewatdars in the shamlat without having any authority to do so. Then the general power of attorney (GPAs) of these shares is executed in favour of one person after taking consideration for the land shown under their share. Following which either the sale deeds are executed on the basis of the GPAs or a case for decision of title is filed in the court of the collector by the GPA holders. The cases are filed under Section 11 of the Punjab Village Common Land Act, 1961.”

Even in villages where consolidation took place and the title was decided in favour of the Panchayat by the collector, the revenue department on its own identified the share of khewatdars in the shamlat and following the same process an appeal is filed under Section 11 of the Act before the collector. “Despite the fact that the collector’s court has already decided the matter in favour of the Panchayat, the collector begins to hear the case again without any hesitation,” states the report.

For example, decisions regarding shamlat in Kansal and Mianpur Changar villages were taken by the collector’s court in favour of the panchayat in 1998. And yet again in 2006, a case was filed in the Ropar collector’s court to decide on the title and these cases are still going on.

The BDPO also pointed out that the title of the shamlat lands which has been ordered to be vested in the panchayat by the collector’s court more than seven-eight years ago cannot be questioned in appeal after such a long duration. But even in such cases the collectors start hearing such appeals.

“Even when a collector decides in favour of the panchayat,” continues the report, “the panchayat has to file another case for dispossession of the land in another court. This could again take years, by which time the panchayats change and lose interest.” The BDPO found that the most sensational and shocking cases of usurpation of land are those where the area under shamlat is many times more than the land owned by the villagers where consolidation has not taken place. “In such cases, a khweatdar, owning even only a single acre in the village, claims share of many acres of land in the shamlat. For the division of such a shamlat land, the additional director consolidation, the collector, the commissioner, revenue officers and patwari are directly responsible.”

In an effort to find a solution to this rampant usurpation of shamlat, a former assistant deputy commissioner SAS Nagar Ajoy Sharma wrote to the Secretary, Department of Rural Development and Panchayat, Punjab, suggesting that collectors should be careful in using Section 11 of the 1961 Act when deciding the title.

“In the order under Section 11,” he wrote, “the presiding office can decide only as to whether the land vests in panchayat or not. He is not competent to determine the share of proprietors in the land in dispute. Even if the case under Section 11 is decided by the Supreme Court in favour of proprietors they must approach the consolidation authorities for partitioning of the land.”

“In case, it is ordered that the land in despite does not vest in panchayat,” the former ADC stated, “the presiding officer must clearly mention in the concluding para of the order that the shareholders must approach the consolidation authorities for determination of their share in the said land. Land can be mutated in the name of individual shareholders only in case the competent authority has determined the shares. ”

Ajoy Sharma also noted that following the amendment of Section 42 of the Consolidation Act, the consolidation authorities cannot partition the land. “Revenue officials are themselves partitioning the land without determination of share by the consolidation authorities. So when the Consolidation Act is bypassed, what can we achieve with the amendment of the Consolidation Act?”

“Can we rely on the sarpanch when the stakes are so high?” he asks. “I think we cannot. Replies must be vetted by the DDPOs and cases should be defended personally by the BDPOs. In fact, where the sarpanch deposes against the panchayat, the presiding officer must call the BDPO to verify the authenticity of the statement made by the sarpanch.”

Freehold move to drive up realty at Ambala Sadar

Decision to provide impetus to stagnant prices, says Rahul Das

The proposal to turn Ambala Sadar into a freehold area is likely to have an impact on property prices.

Ambala Sadar is the only area in Haryana where the land is owned by the government while the residents own the building superstructure. To correct this anomaly, Haryana government is now considering a proposal to turn Sadar area into freehold.

This proposal may have a direct impact on property prices, which had stabilised over the last couple of months. It is expected that once the Sadar area is turned into freehold, it will enable much easier transaction of property, which, in turn, would help in bolstering property prices.

Despite inherent handicap in property transaction, prices had shown a considerable upward swing during the boom period. But, now it seems that the party could be nearing its end, as there are practically negligible number of buyers.

Since the beginning of this year, only those persons who are in urgent need of buying a property for some specific utilisational purpose are buying property. Speculative buying of property is now witnessing a downslide. Pick and choose of buying commercial property is particularly true in the main markets of Sadar area.

Recently, a small shop measuring 30 square feet was sold for about Rs 20 lakh near Sarafa Bazar. That is not all. A few weeks ago, a house located on the commercially viable Alexander Road was sold for Rs 30 lakh. The house measured 80 square yard. The house has now been demolished and a three-storeyed office structure is being developed at the site.

However, there is a word of caution from property developers who believe that once the area becomes freehold, the upswing of property prices may not be on expected lines. They say that property prices have already ballooned and there is hardly any scope left for further inflation of property prices.

They are of the opinion that there could be a marginal rise in property prices once the area becomes freehold. The property price rise trend would become clear once the proposal for turning Sadar area into freehold gets a green signal from the government.

Retailers, realtors increase ad spend, says study

Organised retailers in India are not only expanding their physical presence, but are also increasingly making it felt on television airtime through advertisements as they grapple to attract more footfalls.

Estate talk
Joint venture flavour of the season for hotels
Peeyush Agnihotri

Stringent land policies, soaring property prices and other legal formalities are some of the factors that discourage the real estate industry from bringing more hotels required for the tourist arrivals.

In an interview with The Tribune, Vincent Lottefier, CEO of Jones Lang LaSalle Meghraj India, the country’s largest real estate services firm, said the hotel industry plans to expand primarily through joint venture mode.

Excerpts:

What is the potential of the hotel/hospitality sector in India?

India is on the move and the hotel industry is not being left behind. Across India average room rates are skyrocketing. In the past 12 months to August 2007 average room rates have risen 28.7 per cent to $174, driving revenue per available room (revPAR) up 26.9 per cent to $122. The Indian hotel market however, does suffer from limited supply. This lack of supply, especially in the lower end of the market, combined with increased demand, is allowing hoteliers to push up average room rates.

Shortage of hotel rooms is believed to be putting off visitors. Construction of good accommodation facilities is moving at snail pace. Stringent land policies, soaring property prices and other legal formalities are some of the factors discouraging the real estate industry from bringing more hotels required for the tourist arrivals.

With hospitality sector growing, where do the hotspots lie?

India has 181 hotels/31,319 rooms in the pipeline averaging 173 rooms per project. There will be a flow of 4 and 5-star projects in the major cities, but most of the future development opportunity is expected to be mid-market and economy construction located in the suburban “new cities” and office park developments that house so many of call centres and “back of the house” service operations that are driving India’s economy.

Increasing cost of doing business in tier I cities is leading firms to locate in tier III cities such as Kochi, Mysore, Nagpur, Chandigarh, Ahmedabad and Jaipur. These are the new hubs of real estate growth and future hotspots lie here.

Post-Commonwealth Games 2010 would budget hotels be viable business models?

Budget hotels are the need of the day. These are economy hotels with limited room sizes, services and thus lower room tariffs, generally ranging between Rs 1,000 and Rs 2,000 per room. Post 2010, a definite decrease in average room demand would be witnessed, as these hotels will not be able to sustain the occupancy levels, witnessed during the games.

One cannot see a hotel project as a small-term business model but a long-term one. Thus, in the long run while bigger brands would be able to sustain such sharp declines and fluctuations, smaller players would definitely be wiped out.

Such budget hotels, however, can be successful in smaller towns and cities where an overall feasibility in terms of land prices, construction costs, occupier appetite and presence of a vast middle-income class can be maintained.

What is the latest expansion trend in hotel industry?

Owner-operators dominate Indian hotel industry. Few international chains that operate in big cities or main tourist destinations operate under franchisees. Last few years have seen developers like Raheja, Unitech, DLF entering into hotel business. There is also a trend towards international operators entering into management contract with hotel owners, a sign of maturity of this sector. The trend towards separation of asset ownership and management would grow further as more capital flows into real estate sector in the form of private equity or with the expected development of REITs in India.

The latest expansion trend in the hotel industry seems to be joint ventures, with a host of international bigwigs tying up with Indian hotel chains or developers. Global hoteliers with plans to set hotels in India are making joint ventures with prominent realty companies. Hilton Group has joined hands with DLF to develop 25,000 hotel rooms within the next five years. Accor, a pioneering hotel group in Europe, will introduce Formule 1 budget hotels and set up hotels with the capacity of 5,000 rooms over five years. The company has also signed a deal with Mumbai-based Nirman Lifestyle to build 5 hotels with 1,080 rooms.

Some other strategies have been that of carrying out acquisitions or entering into management contracts with international players, examples include that of Indian Hotel Company (IHCL), which has undergone brand restructuring in recent times to actively look at expanding globally. Taj Hotels Resorts & Palaces took over Campton Place, San Francisco.

The East India Hotels (EIH), one of the early flag-bearers of the Indian hospitality, is in a mode of shifting strategy from owning properties to expansion by way of management contracts. It now has signed an exclusive agreement with Starwood Hotels & Resorts, which enables it to have the premium brand, the Luxury Collection, in India.

HOME DECOR
Sound conditioner

Devendra Malik tells how to keep that unwanted noise at bay

If different sounds entering your room while you work or sleep disturb you, it is then time to take a look into the different soundproofing techniques.

Soundproofing is done by materials, which either block the sound from entering the room or absorb to contain it in an area. Since sound is measured in decibels, all soundproofing materials have a standard transmission class rating. This helps to depict how many sound decibels the material will block or absorb. A normal wall has an STC rating of 20 or 25, which allows you to hear normal speech through the wall. If you want the normal speech to be heard as a murmur, you will need a wall with an STC rating of at least 42.

Location of the home, the nature of the noise problem, and of course the budget of the homeowner is a major factor in determining the techniques for soundproofing required.

One of the most effective noise proofing techniques for new construction is to stagger the location of the doorways so that they are not directly opposite one another. This technique restricts the sound from traveling across hallways and reverberating around the house. Absorbent materials like carpets, curtains or furniture helps to absorb sound. Installing a soundproofing mat on the walls and ceilings is also helpful. Use of two sets of disconnected wall studs framed back-to-back wall act as soundproofing entity.

Even the fiberglass installation helps sound absorption. The use of double-paned glass and vinyl frames for windows is another good way to soundproof a home. Adding shutters to the interior of the window can be a big help. Rugs and carpets not only help soak up noise, but also provide a form of insulation when used beneath tables and chairs, since hardwood floors tend to amplify sound the most.

Soundproofing may be accomplished by undertaking different approaches - the space in which the sound can dissipate may be increased, huge barriers can be used to absorb the sound waves and dampening structures can be used to suppress the sound and prevent it from spreading. Active anti-noise sound generators may also be used to counter noises and undesirable sounds prevalent.

Aspects Reduction or deadening of sound by setting up acoustical barrier is what soundproofing is all about. New materials, like vinyl barriers, that help bring about soundproofing in an effective manner have hit the market. The process of soundproofing has also been simplified. Advanced technology enables quick, easy and low-cost retrofitting in existing home and office buildings. The existing drywalls of the structures need not be removed and yet there is a considerable increase in the sound transmission class (STC) ratings. The STC rating serves as an indication of the extent of soundproofing achieved. The higher the rating, the greater is the capacity to dampen sound.

While venturing into soundproofing programs four things need to be given due importance. These four items of interest, worthy of consideration, are weight, space, cost and aesthetics of the soundproofing setup. The viscoelastic (viscous as well as elastic) properties of some materials have been put to gainful usage in soundproofing. Techniques of soundproofing vary depending on whether the home is under construction or whether retrofitting is being done to prevent sound pollution.

— The writer is a New-Delhi based interior designer. His email id is devendramalik@yahoo.co.in

GREEN HOUSE
Right tree for the right spot

Most of the ornamental trees come with their own set of problems, details Satish Narula

Man learnt the art of landscaping from nature. The basic elements being the undulations, flowing or falling water, skyline and above all, the trees. But I find this being least understood of all in the modern era. Now when the concept of selling houses by colonisers is the trend and plantations are done beforehand to attract prospective buyers, it is important to do judicious planning, especially for trees.

The importance of trees is well defined and we need not deliberate upon this. When we talk about the trees in a jungle and growing on its own in nature, it has a different meaning. But when we include it as an element of landscape it has to be given the respect it commands. A landscape designing without a tree cannot be thought of. Call it ignorance or casual attitude, trees usually find wrong placements in the design. The effects are visible only after a few years when it is too late to replace them. Remember - trees are the only permanent features in a landscape; the rest are dynamic.

It is very important to understand the potential shape and size of the trees for times to come. It is also important to know what aspect of light, shade or sun is the requirement of a particular species. Is the tree deciduous or evergreen? Whether it is shady or foliage or flowering tree? What is the time of flowering and for how long does it continue? Present day horticulture means minimum maintenance plantation and whether the tree suggested falls in that category?

Let me discuss where we usually go wrong. While planting a tree in a regular avenue or outside the home gardens, we normally look down upon the sapling and never up. The result of this negligence is that when a tree attains shape for which it is valued, it is time to prune this heavily in the middle because of interference with the overhead lines.

The untrained crew of the electricity department uses crude weapons like axe and ‘ gandasa ’ giving irregular cut-ends, making the exposed wounds a breeding place for insects like tree borers which feed on the bark and also make the tree hollow from within. The result is the falling of limbs on the slightest excuse with a little more velocity than normal, causing danger to the life and property. For such locations, one has to select and plant trees with lower height or columnar or cylindrical growth. Plumeria (Plumeria alba), Queen of Flowers or Pride of India (Lagerstroemia), Ashok (Polyalthea longifolia pendula) and certain palms could be suggested depending upon whether it is the regular avenue plantation or a few trees outside, on the berm of a garden.

A wrong plantation may show effect after many years. Planting of trees like Arjun that has immense medicinal value, as avenue tree along the roads is absolutely wrong. Invariably, there are drain water inlets, along the road berms, to draw rainwater. Arjun bears bold seedpods that are shed during the monsoon. They swim with water to block all sewerage points with the result that there is a pool after every rain. Growing Jamoa and neem, along the avenues or near market places is another folly. Both shed ‘fruit’ during monsoon. At such locations, the roads become too messy, slippery and accident-prone, especially for the two-wheelers.

Have you ever seen an old Araucaria cooki tree (normally known as Christmas tree) growing straight up? It will invariably bend at a dangerous angle and on which side, you will never know. Do not ever plant it near the entrance, premises or overhead lines. Planning to grow Silver Oak? Brace yourself for white ants for the rest of the plant life.

In general when the purpose is flowering, one can go in for Bauhinia (Kachnar), Silk Cotton Tree (Bombax malabaricum), Dhak (Butea monosperma), Bottle brush (Callistemon lanceolatus), Amaltas (Cassia fistula), Java ki Rani (Cassia javanica), Nilli Gulmohur (Jacaranda mimosaefolia), Gulmohur (Delonix regia), Chorisia (Chorisia speciosa) Magnolia (Magnolia grandiflora) Lahura (Tecomella undulata) etc and for shade purpose, you could chose Siris (Albizzia lebek), Alstonia (Alstonia scholaris), Bischoffia (Bischoffia javanica), Ficus benjamina and many other Ficus species plants, Karanj (Pongamia glabra) and Mahagoni (Swietenia mahagony).

— The writer is a senior horticulturist at PAU. His email id is satishnarula@yahoo.co.in

Realty takes off in Haryana’s educational hub
R.C. Sharma

Kurukshetra, the land of Bhagvadagita, is catching the fancy of realtors as well as genuine buyers. Being well connected through rail and road with Punjab, Himachal Pradesh, Uttar Pradesh, Uttarakhand, J&K, Chandigarh and New Delhi, this town is becoming cynosure of all eyes.

The town is a hub of education and trade. Kurukshetra University, one of the premier institutions of northern India, is based here. Then there is National Institute of Technology and Sri Krishna Govt. Ayurvedic College and Hospital besides many other colleges that impart education in various disciplines.

An educational hub, Kurukshetra is fast emerging as a tourist resort as well. Adjoining areas of Jyotisar, Pehowa and Kaithal, which have ancient temples of the time of Mahabharata and some other historical and religious places are also developing at a fast pace.

Keeping these aspects in mind, investors have started looking at this otherwise laid-back town rather seriously.

Sectors 13, 5, 7, 3, 2, 4 and 8 - currently under rapid development - are much sought-after places for plots and built-up houses. Construction activity is fast picking up.

Banks, educational institutes and commercial centres have pushed up the rentals and land prices in the town over the years. Since the house building plans are approved by HUDA, unauthorised construction has taken a back seat.

The other factor that goes in favour of the town is its non-polluting environment.

— The writer retired as a Superintendent from Kurukshetra University

Dubai firm keen on India, China

A government-backed investment company from Dubai plans to invest $2.5 billion in Asian economic giants India and China over the next two years, a report from New York stated.

TAX TIPS
Working out tax on sale of one house and purchase of two
By S.C. Vasudeva

Q. Section 54 of the Act provides for an exemption of capital gains in case “a residential house is purchased within the specified time limit”. Can exemption be granted if two houses are purchased by the assessee from the capital gain earned on sale of a residential house?

— Ram Parkash, Ludhiana

A. The expression “a residential house” has not been defined by the section but the section itself uses the word buildings or lands appurtenant thereto while dealing with the transfer of a long-term capital asset. In my opinion therefore word ‘a residential house should be read as ‘any residential house’. This aspect is further amplified by a clarification issued by the Board vide Letter No. 207/24/76-IT (A-II), dated March 25, 1977.

“Section 54 lays emphasis on the use of the property mainly for the purpose of assessee or his parents’ own residence. If an assessee has retained more than one house for the purpose of his own or the parents’ own residence, and has used them for such residence, and not for any other purpose the capital gains arising on transfer of each such house would qualify for exemption under Section 54, provided the other conditions spelt out therein are fulfilled.”

In this connection, a Tribunal decision reported in 91 ITD 53 (Bangalore) can also be relied upon in support of the above opinion that exemption under Section 54 of the Act would be allowable even if two residential houses are purchased out of the capital gain earned on the sale of a residential house.

Profit calculation

Q. I am a senior citizen. Besides pension, my income comprises interest on bank deposits, which when aggregated after deducting permissible deductions does not cross the tax-free limit. I have PAN and regularly submit income tax return.

This year, I sold a small piece of self-acquired rural land in my village at a rate slightly more than determined by the revenue department as market price.

My queries are:

1. Will this amount constitute ‘income’ to be exhibited in the IT return? If so, under what head?

2. Would it be reckoned as agriculture income for the purpose of slab calculation in order to work out income tax on rest of the income?

3. Is any other tax, like capital gains, payable and how is it to be calculated?

4. Finally does the law permit exemption of the entire or part of the amount invested during the same assessment year in acquiring some land or immovable property.

— Sudarshan Sood, Shimla

A. The replies are as under:

(a) In case of sale of land, the capital gain, that is the remainder of the amount of sale price minus cost price or indexed cost of land as the case may be, plus cost of improvement, if any and amount spent wholly and exclusively in connection with such sale is income.

(b) If the land is situated outside municipal limits on the basis of the notification no 9447 (F. No. 164/3/87 ITA-I) dated January 6, 1994, the capital gain arising on the sale of such rural land (presumed to be an agricultural land) would not be taxable. Such capital gain cannot be classified agricultural income.

(c) Yes, the capital gain arising on such sale if it is within the municipal limits on the basis of the above said notification, would be taxable @ 20 per cent plus applicable surcharge and education cess. The capital gain would be computed in the following manner:

Capital gain = Sale price of land minus cost or indexed cost of land plus cost of improvement, if any plus expenditure incurred wholly and exclusively in connection with such sale

(d) The indexed cost is computed by multiplying the cost price with index for the year of sale divided by the index applicable for the year of purchase. The Government of India notifies the index every year.

Yes, the investment of capital gain can be made in buying another piece of agricultural land within a period of two years if the land sold is an agricultural land and was being used by the assessee or his parents for agricultural purposes. In such a case, capital gain arising on sale would not be chargeable to tax. The investment can also be made in the buying or construction of a residential house if the net consideration (sale price of land minus expenditure incurred wholly and exclusively in connection with such a transfer) is so invested in buying a residential house within one year before or two years after the date of transfer (sale) of or in construction of a residential house within three years of the date of transfer (sale). If the investment in the aforesaid assets is less than the capital gain / net consideration as the case may be, proportionate exemption is allowable.

Further, in case of investment in acquisition or construction of a residential house, the exemption would be allowed if the assessee does not own more than one residential house other than the newly acquired or constructed residential house on the date of transfer (sale) of the land.

Capital gains and ‘transfer’ clause

Q. I have handed over the possession of the house as I received the major consideration of the sale thereof. However, registration of the deed will take some more time. Please let me know whether the capital gain would be taxable in 2007-08 or after the sale deed is registered which may be after March 2008.

— S.K. Sapra, Jalandhar

A. In view of the amended provisions of the term ‘transfer’ as given in the Act, even if the documents are not registered but the following conditions of Section 53A of the Transfer of Property Act, 1882, are fulfilled, ownership in the property is deemed to have been transferred:

1. There is a contract in writing;

2. The transferee has paid consideration or is willing to perform his part of the contract; and

3. The transferee has taken the possession of the property.

In view thereof, in case the above conditions are satisfied, the capital gain would be taxable for the assessment year 2008-09 (i.e. financial year 2007-08).

The writer can be contacted at sc@scvasudeva.com

Buzz on Bourses

AEZ mall for Ghaziabad

New Delhi: Real estate developer AEZ Group has said it will invest Rs 500 crore in setting up a new shopping mall in Ghaziabad. The mall will come up in an area of 11.5 acres and is expected to be fully operational by 2010. “The new mall Celebration City in Ghaziabad is one of the 10 such shopping complexes we plan to set up in the NCR. The company will invest Rs 500 crore on the Ghaziabad mall and is presently working on acquiring land for the remaining nine,” AEZ Group CEO R. Tewari said here. — PTI

Propmart bullish in Mysore

Mysore: Propmart, a real estate provider for both builders and end users, has said Mysore was emerging as one of the fastest growing tier II cities in the country with real estate market experiencing a sharp growth over the last four years. The Bangalore-based company’s CEO R Balaji told newspersons that Propmart would offer office buildings for all segments from builders to small enterprises in this city. He said Propmart offered B2B services to builders and also acted as facilitator between builders and their customers. — UNI

4-star hotel plans

Chennai: The GRT Hotels and Resorts chain is planning to build a four-star hotel each in Coimbatore and Hyderabad. GRT Hotels is part of the jewellery retail store G.R. Thangamaligai in Chennai. It has submitted hotel building plans to the concerned municipal authorities for approval. The company operates under three brands — GRT Grand (four-star hotels), GRT Regency (three-star), Radisson GRT (five-star). It also owns the luxury beach resort GRT Temple Bay at Mahabalipuram near Chennai. — IANS

Oberoi luxury hotels in UAE

Dubai: India’s Oberoi Group, which owns or manages 32 hotels and luxury cruises across five countries, said it is entering the UAE and has signed an agreement to develop two luxury hotels in Abu Dhabi. The Indian Hotel Chain Chairman PRS Oberoi said the group had entered into a strategic relationship with the UAE’s Aldar Properties PJSC, the largest real estate company in Abu Dhabi by market capitalisation, to develop one property at Al Raha beach and another at the Al Yas beach, both entirely funded and owned by Aldar. Aldar Hotels and Hospitality managing director Paul Bell could not immediately provide an estimate of what it would cost the company to build the two hotel properties. — UNI

Mantri Realty plans IT park

Mumbai: Mantri Realty, a real estate developer under the flagship Mantri Group, will pump in Rs 100 crore for a multi-project development plan, including an IT park in Kolhapur. Under this plan, the group will invest Rs 80 crore to develop an ultra-modern mall and a township project in Kolhapur. The rest Rs 20 crore will be invested by the group to set up an IT Park on an area of one lakh square feet, the group said in a statement here. The group is also taking over the IT Park, with a 1,000-seat capacity to be constructed by Maharashtra Industrial Development Corporation (MIDC) within a time frame of one year, the statement added. — UNI

Ansals scout for PE players

Mumbai: Ansal Housing & Construction has said it would soon tie-up with two foreign private equity (PE) players to form a special purpose vehicle (SPV) which will develop six townships across Punjab, Haryana, Karnataka and Uttar Pradesh. “We are at the final stages of discussion and hope to announce the tie-up soon,” Ansal’s Vice President and Company Secretary Mohinder Bajaj said here. Ansal has already built a few townships, including three in Ghaziabad, two in Greater Noida and one each in Lucknow and Ludhiana. — PTI

MGF Metropolitan in Jalandhar

Jalandhar: MGF Developments, a major player in real estate developing sector in the country, has announced foray into the city of Jalandhar with the bhoomi pujan of its mega mall, The Metropolitan, here. Executive Director, MGF Developments Siddharth Gupta while elaborating upon the company’s expansion plan in Punjab on the occasion, said that the state had a ‘high potential market’ with a significant upper middle class population with high disposable income. To be built in collaboration with Sarup Tanneries of Lotus Bawa fame, the mall is strategically located on Guru Ravidas Chowk, Nakodar Road in the heart of Jalandhar city. — UNI