A leading builder from Pune has done the unthinkable. Krome builders is offering 1BHK and 2BHK flats on the outskirts of Pune at half the existing rate in the area. Krome is planning to construct a 425 apartment complex spread over 400 acres in Vishrantwadi, which is a 20-minute drive from Koregaon Park a posh Pune locality.
While the rates in Vishrantwadi are between Rs 2,800-3,500 per sq ft, Krome is offering flats at Rs 1,500-2,000 per sq ft. This means a flat measuring 300 to 750 sq ft will cost you anywhere between Rs 5 to 15 lakh. The project will be launched in August and bookings start in the same month. Nainesh Nandu, managing director, Krome, said, "With the slashed rates, the profit margin will be a little less. But we will buy construction equipment in bulk and optimise our resources. We plan to use vitrified tiles, aluminum windows and sanitary ware of the best quality. If people think we will compromise on quality, they are mistaken. They can have a look at our other projects."Krome's competitors are stunned by the move. Michele Arora of Property Help, a brokerage firm in Pune, said, "Buyers will be attracted to the project if the builder offers flats at 50 per cent discount." Meanwhile, builders in Mumbai say it's impossible to adopt a similar strategy here. A realty expert, who did not wish to be named, said, "Builders in Mumbai need huge profits. That's the only reason they are unwilling to reduce the rates."A prominent builder said, "We are here to do business, not charity." Rajesh Vardhan of the Vardhaman Group says land rates are too high in the city for a similar move. But Vibhoo Mehra of Mumbai Properties, a brokerage firm, said, "The land rates are a lot cheaper in the suburbs. I don't understand why the builders can't slash rates in those areas."
Free BMW, gold with bungalow Krome builders that was earlier known as Kubix Realties had offered buyers a BMW car, two kilos of gold or a year's EMI free with their 5,400 sq ft, Rs 2.98-crore bungalow in Pune in November. The bungalow had four bedrooms, a servant's room, three parking lots, and a password protected personalised elevator. The door locks were also password-protected
Sunday, August 16, 2009
High Powered committee clears two DCR 33(9) cluster projects in favour of Nish Developers and Shreepati Group
The skyline is set for a drastic change with the high-power committee for cluster redevelopment giving the go-ahead to two projects at Girgaum and Parel each. All low-rises here would be mowed down to make way for skyscrapers.
The two projects, one by Nish Developers and the other by Shreepati Group, will be the first among several similar projects expected to come up on prime plots. The minutes of a committee meeting, released on Thursday, say the panel will forward these two proposals to the government for approval under the recently amended DCR 33 (9) that allows a higher vertical limit when building clusters in a minimum area of one acre are redeveloped.
Developers can profit by selling 55 to 80 per cent of the area used for rehabilitating tenants. The project by Shreepati Group will see ground-floor to four-storey-high structures being razed and replaced by 15 to 45 storey highrises. A total 735 tenants from Pimpalwadi, Sukhanand chawl and Amarwadi at Girgaum will be rehoused in flats with a minimum area of 300 sq ft while the developer will make his profit by selling flats in two 50-storey towers. The project will now be forwarded to the urban development department.
At the 26,321 sq m New Islam Mill compound in Parel, Nish Developers will construct 22- to 50-storey towers. “It is a private mill and has been defunct for 74 years,” said developer Kailash Agarwal. The 650, second-generation workers’ families staying in 80 sq ft flats with common toilets will now be rehoused in flats of 300 sq ft.
In both projects, some flats will be handed over to the Maharashtra Housing and Area Development Authority for public housing. 33A third proposal, for redevelopment of Bhendi Bazaar by Saifee Burhani Trust, will be taken up again at the committee’s next meeting. While several have voiced fears that the mounting number of highrises will hit infrastructure, municipal commissioner Jairaj Phatak, chairman of the committee, said, “The developers will have to pay infrastructure charges which will offset the money spent on augmenting water supply and sewerage.”
He said the construction will contribute to the BMC’s coffers in terms of the octroi levied on the material brought in as well as higher property taxes.
Upgrade-IShreepati Group: developer RR ChaturvediArea: 12,318 sq m at Pimpalwadi (left) in Girgaum Now: 25 structures, up to G+4 Proposed: Rehab into one G+15, three G+22; besides one G+39, two G+45 for saleCost estimate: Rs 300 crore
Upgrade-IINish Developers; developer Kailash Agarwal Area: 26,321 sq m on New Islam Mill compound, Parel Now: Six G+4 residential; 85 ground floor commercialProposed: Rehab into six G+22 residential, one G+35 commercial structures; besides two G+50 for saleCost estimate: Rs 700 crore
The two projects, one by Nish Developers and the other by Shreepati Group, will be the first among several similar projects expected to come up on prime plots. The minutes of a committee meeting, released on Thursday, say the panel will forward these two proposals to the government for approval under the recently amended DCR 33 (9) that allows a higher vertical limit when building clusters in a minimum area of one acre are redeveloped.
Developers can profit by selling 55 to 80 per cent of the area used for rehabilitating tenants. The project by Shreepati Group will see ground-floor to four-storey-high structures being razed and replaced by 15 to 45 storey highrises. A total 735 tenants from Pimpalwadi, Sukhanand chawl and Amarwadi at Girgaum will be rehoused in flats with a minimum area of 300 sq ft while the developer will make his profit by selling flats in two 50-storey towers. The project will now be forwarded to the urban development department.
At the 26,321 sq m New Islam Mill compound in Parel, Nish Developers will construct 22- to 50-storey towers. “It is a private mill and has been defunct for 74 years,” said developer Kailash Agarwal. The 650, second-generation workers’ families staying in 80 sq ft flats with common toilets will now be rehoused in flats of 300 sq ft.
In both projects, some flats will be handed over to the Maharashtra Housing and Area Development Authority for public housing. 33A third proposal, for redevelopment of Bhendi Bazaar by Saifee Burhani Trust, will be taken up again at the committee’s next meeting. While several have voiced fears that the mounting number of highrises will hit infrastructure, municipal commissioner Jairaj Phatak, chairman of the committee, said, “The developers will have to pay infrastructure charges which will offset the money spent on augmenting water supply and sewerage.”
He said the construction will contribute to the BMC’s coffers in terms of the octroi levied on the material brought in as well as higher property taxes.
Upgrade-IShreepati Group: developer RR ChaturvediArea: 12,318 sq m at Pimpalwadi (left) in Girgaum Now: 25 structures, up to G+4 Proposed: Rehab into one G+15, three G+22; besides one G+39, two G+45 for saleCost estimate: Rs 300 crore
Upgrade-IINish Developers; developer Kailash Agarwal Area: 26,321 sq m on New Islam Mill compound, Parel Now: Six G+4 residential; 85 ground floor commercialProposed: Rehab into six G+22 residential, one G+35 commercial structures; besides two G+50 for saleCost estimate: Rs 700 crore
High Powered committee clears two DCR 33(9) cluster projects in favour of Nish Developers and Shreepati Group
The skyline is set for a drastic change with the high-power committee for cluster redevelopment giving the go-ahead to two projects at Girgaum and Parel each. All low-rises here would be mowed down to make way for skyscrapers.
The two projects, one by Nish Developers and the other by Shreepati Group, will be the first among several similar projects expected to come up on prime plots. The minutes of a committee meeting, released on Thursday, say the panel will forward these two proposals to the government for approval under the recently amended DCR 33 (9) that allows a higher vertical limit when building clusters in a minimum area of one acre are redeveloped.
Developers can profit by selling 55 to 80 per cent of the area used for rehabilitating tenants. The project by Shreepati Group will see ground-floor to four-storey-high structures being razed and replaced by 15 to 45 storey highrises. A total 735 tenants from Pimpalwadi, Sukhanand chawl and Amarwadi at Girgaum will be rehoused in flats with a minimum area of 300 sq ft while the developer will make his profit by selling flats in two 50-storey towers. The project will now be forwarded to the urban development department.
At the 26,321 sq m New Islam Mill compound in Parel, Nish Developers will construct 22- to 50-storey towers. “It is a private mill and has been defunct for 74 years,” said developer Kailash Agarwal. The 650, second-generation workers’ families staying in 80 sq ft flats with common toilets will now be rehoused in flats of 300 sq ft.
In both projects, some flats will be handed over to the Maharashtra Housing and Area Development Authority for public housing. 33A third proposal, for redevelopment of Bhendi Bazaar by Saifee Burhani Trust, will be taken up again at the committee’s next meeting. While several have voiced fears that the mounting number of highrises will hit infrastructure, municipal commissioner Jairaj Phatak, chairman of the committee, said, “The developers will have to pay infrastructure charges which will offset the money spent on augmenting water supply and sewerage.”
He said the construction will contribute to the BMC’s coffers in terms of the octroi levied on the material brought in as well as higher property taxes.
Upgrade-IShreepati Group: developer RR ChaturvediArea: 12,318 sq m at Pimpalwadi (left) in Girgaum Now: 25 structures, up to G+4 Proposed: Rehab into one G+15, three G+22; besides one G+39, two G+45 for saleCost estimate: Rs 300 crore
Upgrade-IINish Developers; developer Kailash Agarwal Area: 26,321 sq m on New Islam Mill compound, Parel Now: Six G+4 residential; 85 ground floor commercialProposed: Rehab into six G+22 residential, one G+35 commercial structures; besides two G+50 for saleCost estimate: Rs 700 crore
The two projects, one by Nish Developers and the other by Shreepati Group, will be the first among several similar projects expected to come up on prime plots. The minutes of a committee meeting, released on Thursday, say the panel will forward these two proposals to the government for approval under the recently amended DCR 33 (9) that allows a higher vertical limit when building clusters in a minimum area of one acre are redeveloped.
Developers can profit by selling 55 to 80 per cent of the area used for rehabilitating tenants. The project by Shreepati Group will see ground-floor to four-storey-high structures being razed and replaced by 15 to 45 storey highrises. A total 735 tenants from Pimpalwadi, Sukhanand chawl and Amarwadi at Girgaum will be rehoused in flats with a minimum area of 300 sq ft while the developer will make his profit by selling flats in two 50-storey towers. The project will now be forwarded to the urban development department.
At the 26,321 sq m New Islam Mill compound in Parel, Nish Developers will construct 22- to 50-storey towers. “It is a private mill and has been defunct for 74 years,” said developer Kailash Agarwal. The 650, second-generation workers’ families staying in 80 sq ft flats with common toilets will now be rehoused in flats of 300 sq ft.
In both projects, some flats will be handed over to the Maharashtra Housing and Area Development Authority for public housing. 33A third proposal, for redevelopment of Bhendi Bazaar by Saifee Burhani Trust, will be taken up again at the committee’s next meeting. While several have voiced fears that the mounting number of highrises will hit infrastructure, municipal commissioner Jairaj Phatak, chairman of the committee, said, “The developers will have to pay infrastructure charges which will offset the money spent on augmenting water supply and sewerage.”
He said the construction will contribute to the BMC’s coffers in terms of the octroi levied on the material brought in as well as higher property taxes.
Upgrade-IShreepati Group: developer RR ChaturvediArea: 12,318 sq m at Pimpalwadi (left) in Girgaum Now: 25 structures, up to G+4 Proposed: Rehab into one G+15, three G+22; besides one G+39, two G+45 for saleCost estimate: Rs 300 crore
Upgrade-IINish Developers; developer Kailash Agarwal Area: 26,321 sq m on New Islam Mill compound, Parel Now: Six G+4 residential; 85 ground floor commercialProposed: Rehab into six G+22 residential, one G+35 commercial structures; besides two G+50 for saleCost estimate: Rs 700 crore
PEATA urges Heritage panel to relax regulations
A Leading body of Architects and Engineers, which feels that the city’s stringent heritage regulations are getting in the way of construction activity, has submitted a list of suggestions to the Heritage Panel.
The Practising Engineers', Architects' and Town Planners' Association (PEATA), led by president Manoj Dahisaria, met chairman Dinesh Afzulpurkar and other members of the Mumbai Heritage Conservation Committee on Thursday. The heritage committee is currently reviewing its laws in order to "strike a balance between developmental needs and conservation''. Some of the guidelines being considered for adaptation have been drafted from the local laws of Ahmedabad and Hyderabad. These allow construction work at a distance of 30 m from Grade I structures rather than limit them 100 m away, as Mumbai's regulations do. Dahisaria said, "Development is an important issue for the city that can only grow vertically for lack of space. Redevelopment projects are being sidelined due to the inordinate emphasis on conservation." Citing the example of Five Gardens, Dahisaria said, "We are prevented from developing specific precincts. This overenthusiasm needs to be curtailed. We are happy that the heritage panel understands and appreciates our viewpoint.'' Afzulpurkar said he would forward PEATA's proposal to the state government. City historian Sharada Dwivedi is alarmed at the prospect. "Relaxation of the laws will certainly jeopardise the heritage we will leave behind for our children.''
The Practising Engineers', Architects' and Town Planners' Association (PEATA), led by president Manoj Dahisaria, met chairman Dinesh Afzulpurkar and other members of the Mumbai Heritage Conservation Committee on Thursday. The heritage committee is currently reviewing its laws in order to "strike a balance between developmental needs and conservation''. Some of the guidelines being considered for adaptation have been drafted from the local laws of Ahmedabad and Hyderabad. These allow construction work at a distance of 30 m from Grade I structures rather than limit them 100 m away, as Mumbai's regulations do. Dahisaria said, "Development is an important issue for the city that can only grow vertically for lack of space. Redevelopment projects are being sidelined due to the inordinate emphasis on conservation." Citing the example of Five Gardens, Dahisaria said, "We are prevented from developing specific precincts. This overenthusiasm needs to be curtailed. We are happy that the heritage panel understands and appreciates our viewpoint.'' Afzulpurkar said he would forward PEATA's proposal to the state government. City historian Sharada Dwivedi is alarmed at the prospect. "Relaxation of the laws will certainly jeopardise the heritage we will leave behind for our children.''
Inquiries to buy flats increasing in city
Buyers may have been conspicuous by their absence despite property prices correcting upto 35% in the past one year. But a stable government at the Centre seems to have given a fillip to the city's property market. In the past few weeks, real estate brokers and developers say there has been an increase in the number of inquires for flats, and in some cases, deals have been struck.
Though property experts differ to whether this revival of interest is genuine or it is a sign of prices more or less bottoming out, developers are taking the opportunity to entice fence sitters to book flats by hiking rates.
"Buyers are not very keen to buy underconstruction property as they are not very sure that the projects will be completed on schedule. Also, interest costs are involved, making underconstruction properties more expensive. As a result, they are queing up to buy ready properties which is in short supply with most builders. Taking advantage of this, developers are hiking the price to cash in on increased demand,'' said Mahesh Ahuja of Dreamz Housing Ltd at Thane, who in the past few weeks have struck 5 deals.
Echoing a similar view, Rajiv Jain of Jaisons Property Management who has sold 2 flats in Bandra, said, "The reason people are buying is rates have reduced substantially upto 30%. People also believe the economy is doing good. The improved sentiments is reflecting their confidence to purchase.''
Prakash Ahuja of Prakash Estates in Andheri says though there is a renewed interest, the buyers are not those who have to take a home loan of upto 80%. "If a flat is worth say Rs2 crore, these buyers are those who need to loan of just Rs40-50 lakh. They have money that just needs to be parked somewhere,'' said Ahuja. Chauhan of Bharat Estates at Kandivili said that the market is very fluid and it will be some time before it becomes clear whether the trend (sales) will continue.
Interestingly, property consultants like Pranay Vakil, chairman of Knight Frank and S Sriniwasan, executive director of Kotak Realty Fund, said that correction is more or less over. "Correction is more or less over. Prices will not go up in the next six months as there is lot of volume in the market. Pricing would be more or less firm,'' said Vakil.
"Despite the hype due to the budget, developers will not reduce or hike the rate if he has sold 80% of the total flats. The eagerness to offload would be less as the real estate sentiments are much better now.''
Sriniwasan said, "Any future correction would be due to passage of time. There will be no price hike as there is a lot of supply in the suburbs beyond Bandra. So, if a buyer purchases a property in January 2010, he is likely to find almost the same rate as prevailing currently.''
The experts' views apart, the ground reality seems to be a tad different. DLF, a major realty giant, is still not out of the red. They have backed out of their plans to set up four Special Economic Zones in the country. The company has sold its stake of 5 acres of the 8 acres it purchased jointly with Akruti City at Prabhadevi.
A majority of developers have stalled projects and adopted cost-cutting measures by reducing some staff in order to remain cash-rich in the economic crises. Pankaj Kapoor of Liases Foras, a real estate rating agency, said: "Actually, it is a mystery to me to how developers are claiming sales when the market is still sluggish. I believe that there is still scope for another 20% correction. There is a huge volume of almost 3 crore sq ft of ready flats available in the market and that is bound to affect the pricing.''
Though property experts differ to whether this revival of interest is genuine or it is a sign of prices more or less bottoming out, developers are taking the opportunity to entice fence sitters to book flats by hiking rates.
"Buyers are not very keen to buy underconstruction property as they are not very sure that the projects will be completed on schedule. Also, interest costs are involved, making underconstruction properties more expensive. As a result, they are queing up to buy ready properties which is in short supply with most builders. Taking advantage of this, developers are hiking the price to cash in on increased demand,'' said Mahesh Ahuja of Dreamz Housing Ltd at Thane, who in the past few weeks have struck 5 deals.
Echoing a similar view, Rajiv Jain of Jaisons Property Management who has sold 2 flats in Bandra, said, "The reason people are buying is rates have reduced substantially upto 30%. People also believe the economy is doing good. The improved sentiments is reflecting their confidence to purchase.''
Prakash Ahuja of Prakash Estates in Andheri says though there is a renewed interest, the buyers are not those who have to take a home loan of upto 80%. "If a flat is worth say Rs2 crore, these buyers are those who need to loan of just Rs40-50 lakh. They have money that just needs to be parked somewhere,'' said Ahuja. Chauhan of Bharat Estates at Kandivili said that the market is very fluid and it will be some time before it becomes clear whether the trend (sales) will continue.
Interestingly, property consultants like Pranay Vakil, chairman of Knight Frank and S Sriniwasan, executive director of Kotak Realty Fund, said that correction is more or less over. "Correction is more or less over. Prices will not go up in the next six months as there is lot of volume in the market. Pricing would be more or less firm,'' said Vakil.
"Despite the hype due to the budget, developers will not reduce or hike the rate if he has sold 80% of the total flats. The eagerness to offload would be less as the real estate sentiments are much better now.''
Sriniwasan said, "Any future correction would be due to passage of time. There will be no price hike as there is a lot of supply in the suburbs beyond Bandra. So, if a buyer purchases a property in January 2010, he is likely to find almost the same rate as prevailing currently.''
The experts' views apart, the ground reality seems to be a tad different. DLF, a major realty giant, is still not out of the red. They have backed out of their plans to set up four Special Economic Zones in the country. The company has sold its stake of 5 acres of the 8 acres it purchased jointly with Akruti City at Prabhadevi.
A majority of developers have stalled projects and adopted cost-cutting measures by reducing some staff in order to remain cash-rich in the economic crises. Pankaj Kapoor of Liases Foras, a real estate rating agency, said: "Actually, it is a mystery to me to how developers are claiming sales when the market is still sluggish. I believe that there is still scope for another 20% correction. There is a huge volume of almost 3 crore sq ft of ready flats available in the market and that is bound to affect the pricing.''
Service Tax refund in SEZ zones
F.No.354/163/2006-TRU
Government of India
Ministry of Finance Department of Revenue
(Tax Research Unit)
*****
Room No.153, North Block,
New Delhi, the May 20, 2009.
Circular No. 114/08/2009-ST
Subject: Refund of service tax paid on taxable services which are provided in relation to the authorised operations in a Special Economic Zone – Reg.
Notification No.9/2009-Service Tax, dated 3.3.2009 was issued to provide refund of service tax paid on taxable services specified in section 65(105) of the Finance Act, 1994 which are provided in relation to the authorised operations (as defined under SEZ Act, 2005) in a Special Economic Zone (SEZ), and received by a developer or units of a SEZ, whether or not the said taxable services are provided inside the SEZ.
2. Notification No. 15/2009-Service Tax, dated 20.05.2009 has been issued to amend the aforesaid Notification 9/200-ST dated 3.3.2009 to provide unconditional exemption to services consumed within the SEZ without following the refund route thus dispensing with the requirement of first paying the tax by the service provider and then claiming the refund thereof by developer/unit. The exemption by way of refund would be limited to situations only when taxable services provided to SEZ are consumed partially or wholly outside SEZ.
3. In cases where refund needs to be claimed, notification No. 15/2009-Service Tax, dated 20.05.2009 provides for certain conditions. One of the conditions is that the Assistant / Deputy Commissioner should satisfy himself that the said services have been actually used in relation to the authorised operations in the SEZ. This may be primarily done through the documents submitted with the claim. The notification requires that the refund claim shall be accompanied by the following documents,-
(i) a copy of the list of specified services required in relation to the authorised operations in the SEZ, as approved by the Approval Committee;
(ii) documents evidencing payment of service tax.
5. The Assistant / Deputy Commissioner may, in select cases, especially where the refund amount claimed is significant cause verification of the end-use of services consumed for which refund claim is filed.
6. Board’s Circular No. 809/06/2005-CX, dated 01.03.2005 read with Circular No.857/15/2007-CX, dated 02.11.2007 which prescribes the procedure relating to sanction and pre-audit of refund / rebate claims, shall apply mutatis mutandis to cases where the individual refund claim amount exceeds Rs.5 lakh under the said notification.
7. As regards the issues relating to jurisdiction for the purposes of refund of service tax, STC code to be issued to the developer or unit of a SEZ and document evidencing payment of service tax, Board’s Circulars No. 101 /4 /2008-ST, dated the 12th May, 08 and No. 106 /9 /2008-ST dated the 11th December, 08 shall apply mutatis mutandis to the refund scheme under this notification. 80% of the due refund amount is to be sanctioned as adhoc interim refund to developer or unit of SEZ, within 15 days of filing of a refund claim, subject to the condition that refund claim is complete and contains the requisite documents.
8. It is reiterated that refund of service tax paid on taxable services used in relation to the authorised operations in the SEZ should be disposed of expeditiously. The refund claims should be finalized within a maximum period of 30 days from the date of filing of refund claim and in any case not beyond 45 days from the date of filing of the refund claim.
9. Commissioners are advised to put in place a system of review and monitoring of disposal of refund claims filed and disposed within the prescribed time limits.
10. Any difficulty faced in implementing the above provisions may be immediately brought to the notice of the undersigned.
(J. M. Kennedy)
Director (TRU)
Government of India
Ministry of Finance Department of Revenue
(Tax Research Unit)
*****
Room No.153, North Block,
New Delhi, the May 20, 2009.
Circular No. 114/08/2009-ST
Subject: Refund of service tax paid on taxable services which are provided in relation to the authorised operations in a Special Economic Zone – Reg.
Notification No.9/2009-Service Tax, dated 3.3.2009 was issued to provide refund of service tax paid on taxable services specified in section 65(105) of the Finance Act, 1994 which are provided in relation to the authorised operations (as defined under SEZ Act, 2005) in a Special Economic Zone (SEZ), and received by a developer or units of a SEZ, whether or not the said taxable services are provided inside the SEZ.
2. Notification No. 15/2009-Service Tax, dated 20.05.2009 has been issued to amend the aforesaid Notification 9/200-ST dated 3.3.2009 to provide unconditional exemption to services consumed within the SEZ without following the refund route thus dispensing with the requirement of first paying the tax by the service provider and then claiming the refund thereof by developer/unit. The exemption by way of refund would be limited to situations only when taxable services provided to SEZ are consumed partially or wholly outside SEZ.
3. In cases where refund needs to be claimed, notification No. 15/2009-Service Tax, dated 20.05.2009 provides for certain conditions. One of the conditions is that the Assistant / Deputy Commissioner should satisfy himself that the said services have been actually used in relation to the authorised operations in the SEZ. This may be primarily done through the documents submitted with the claim. The notification requires that the refund claim shall be accompanied by the following documents,-
(i) a copy of the list of specified services required in relation to the authorised operations in the SEZ, as approved by the Approval Committee;
(ii) documents evidencing payment of service tax.
5. The Assistant / Deputy Commissioner may, in select cases, especially where the refund amount claimed is significant cause verification of the end-use of services consumed for which refund claim is filed.
6. Board’s Circular No. 809/06/2005-CX, dated 01.03.2005 read with Circular No.857/15/2007-CX, dated 02.11.2007 which prescribes the procedure relating to sanction and pre-audit of refund / rebate claims, shall apply mutatis mutandis to cases where the individual refund claim amount exceeds Rs.5 lakh under the said notification.
7. As regards the issues relating to jurisdiction for the purposes of refund of service tax, STC code to be issued to the developer or unit of a SEZ and document evidencing payment of service tax, Board’s Circulars No. 101 /4 /2008-ST, dated the 12th May, 08 and No. 106 /9 /2008-ST dated the 11th December, 08 shall apply mutatis mutandis to the refund scheme under this notification. 80% of the due refund amount is to be sanctioned as adhoc interim refund to developer or unit of SEZ, within 15 days of filing of a refund claim, subject to the condition that refund claim is complete and contains the requisite documents.
8. It is reiterated that refund of service tax paid on taxable services used in relation to the authorised operations in the SEZ should be disposed of expeditiously. The refund claims should be finalized within a maximum period of 30 days from the date of filing of refund claim and in any case not beyond 45 days from the date of filing of the refund claim.
9. Commissioners are advised to put in place a system of review and monitoring of disposal of refund claims filed and disposed within the prescribed time limits.
10. Any difficulty faced in implementing the above provisions may be immediately brought to the notice of the undersigned.
(J. M. Kennedy)
Director (TRU)
Extra FSI for private plots in Dharavi
Owners of private land pockets in Dharavi that have so far been kept out of the purview of the Rs 15,000 crore Dharavi Redevelopment Project (DRP), can now avail of higher vertical limit in case they decide to be part of the project.
A month before the financial bids for the project are set to be opened, the state government has decided to amend the development control rules so that privately-owned land pockets totalling five hectares can get a Floor Space Index (FSI) of 4, which is at par with the clusters of slums that are part of the project.
As of now, the private plots have a FSI cap of 1.33 as is the norm in the rest of the island city. “If these plot owners join the project, their plots would not stand out incongruously when the rest of Dharavi is developed later. The state will give them an additional FSI of 2.66 over and above the prevailing FSI. However, landlords will have to purchase this FSI by paying a premium that will go to the Dharavi Development Authority,” said a senior state government official.
Till now, only 150 hectares of the total 240 hectares of land in Dharavi were included in the DRP. The slums will be razed to make way for highrises, where eligible slumdwellers will be housed in flats with a minimum area of 269 sq ft.
Of the remaining land, five hectares is privately owned while the rest of the 85 hectares comprise the green zone under Mahim nature park, a sports complex, BEST bus depot, roads, a cemetery and land owned by the railways. The private plots belong to Tata Power, Estrella battery, Johnson and Johnson as well as a few residential buildings.
A month before the financial bids for the project are set to be opened, the state government has decided to amend the development control rules so that privately-owned land pockets totalling five hectares can get a Floor Space Index (FSI) of 4, which is at par with the clusters of slums that are part of the project.
As of now, the private plots have a FSI cap of 1.33 as is the norm in the rest of the island city. “If these plot owners join the project, their plots would not stand out incongruously when the rest of Dharavi is developed later. The state will give them an additional FSI of 2.66 over and above the prevailing FSI. However, landlords will have to purchase this FSI by paying a premium that will go to the Dharavi Development Authority,” said a senior state government official.
Till now, only 150 hectares of the total 240 hectares of land in Dharavi were included in the DRP. The slums will be razed to make way for highrises, where eligible slumdwellers will be housed in flats with a minimum area of 269 sq ft.
Of the remaining land, five hectares is privately owned while the rest of the 85 hectares comprise the green zone under Mahim nature park, a sports complex, BEST bus depot, roads, a cemetery and land owned by the railways. The private plots belong to Tata Power, Estrella battery, Johnson and Johnson as well as a few residential buildings.
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