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India demolishes Kerala skyscrapers over environmental violations

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A high-rise residential building is demolished with controlled blasting in Kochi, India, 11 January, 2020.

Authorities in southern India have demolished two luxury lakeside apartment complexes that were built in violation of environmental rules.

Residents of the high-rises in the state of Kerala watched as their homes and investments imploded in seconds.

The Supreme Court ordered the demolition last year, after a committee found that they were built in breach of rules protecting coastal areas.

Two more skyscrapers were set to be razed on Sunday.

In total, some 343 flats – home to about 2,000 people – were expected to be destroyed over the weekend in what has been described as one of India’s largest demolition drives involving residential buildings.

The H2O Holy Faith complex, containing 90 flats, was the first to be brought down on Saturday. It took just seconds for the 19-floor building to be destroyed in a controlled implosion.

The twin towers of Alfa Serene were next.

  • How do you demolish a skyscraper?
  • The families waiting for their homes to be blown up

Resident Shamshudeen Karunagapally said his wife and children could not watch the buildings go down as it was “too painful for them to see their dreams shatter before their eyes”.

“We are suffering without any fault,” he told AFP news agency.

How did we get here?

The Kerala Coastal Zone Management Authority (KCZMA), which was created to prevent degradation of coastal and marine areas, says permission for the buildings to be constructed was given by local officials without its approval.

The KCZMA said the location of the apartment complexes, in the municipality of Maradu, was a critically vulnerable area where no new construction was allowed.

After they were built, bankers, executives and affluent retirees were among those who bought up the luxury apartments. One bank executive told the BBC last year that he had spent what would now amount to $70,000 (£55,000) to purchase a 2,140 sq ft (198 sq m) flat in Alfa Serene in 2006.

One of his neighbours sold his apartment last year for $176,000, he said.

But in May, the Supreme Court ruled in favour of KCZMA and ordered the demolition of the buildings, although officials had never sought it.

The court said builders were in breach of construction rules and called illegal construction in the area a “colossal loss” to the environment.

It also referred to the devastating floods in Kerala in 2018 and said they were the result of “the entire environment being degraded and coastal zones being illegally occupied”.

Following the top court ruling, some residents initially refused to leave. But officials cut water and electricity supplies to the buildings, leaving them with no choice but to go.

The state government has been ordered to pay “interim compensation” of about $35,000 (£27,000) to affected residents, according to local media reports.

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Apartments

Piramal Realty sells over 300 apartments in Thane `value housing’ project

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Piramal Realty, the real estate development arm of Piramal Group, has sold more than 300 apartments with a sales value of ₹200 crore in its maiden value housing project at Piramal Vaikunth in Thane. The project offers one, 1+Study and 2-BHK apartments with prices starting at ₹57 lakh.

“Consumers are now moving towards projects that offer efficient layouts with amenities at the right price and in good locations. We are glad to establish our presence in the value-housing segment and have impressed our consumers with the overall offering of ‘A-Class Homes’,” Gaurav Sawhney, President, Sales & Marketing at Piramal Realty said.

Piramal Vaikunth is a residential complex spread over 32 acres, featuring high-rise towers, townhouses, world-class amenities and facilities. The development will also include an ISKCON temple.

Credits: thehindubusinessline

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Oberoi Realty Q3 profit up 7 per cent

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Oberoi Realty has reported 7 per cent increase in consolidated net profit at ₹148.24 crore for the quarter ended December despite fall in total income. Its net profit in the year-ago period stood at Rs 137.93 crore.

The company’s total income, however, fell to ₹536.53 crore in the third quarter of 2019-20 from ₹548.79 crore in the same period a year ago, according to a regulatory filing.

“The Union Budget and the new RBI policy have paved the path to growth and liquidity. Reputed corporates thrive in challenging times due to their ability to adapt and deliver value to their stakeholders,” CMD Vikas Oberoi said. “We have also seen a marked improvement in buyer interest across all our projects; our diversified businesses also continue to perform well,” he added.

Mumbai-based Oberoi Realty is one of the leading real estate developers in the country.

Credits: thehindubusinessline

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Buy your Independent house in Top cities of India

Buying a home is probably one of the most common thoughts citizens of India have in their mind

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Buy your Independent house in Top cities of India

Buying a home is probably one of the most common thoughts citizens of India have in their mind. Buying a house of your own involves managed finances, clarity on requirements, lots of research and most importantly negotiating the price. There are many options for independent houses, floors, apartments, duplexes and villas today. In India, if you are willing to invest in properties, then you will surely end up saving the invested capital in long run. As we all may have read in newspapers or heard in a news that good return on investments are attracting many NRI’s from all around the world to invest in India. Government of India is appreciating this move and have eased up the process of buying the home for non – Indian residents.

Also, to ensure that everyone who is investing in the properties is not getting fooled by the fraud ones, RERA has been introduced to the system. It takes care of the genuineness of the builder, if the property is built on right soil, is the house made up of genuine cement etc. It is a huge sigh of relief for all the aspiring buyers today. Even in the loan sector, we can see that many banks have changed their schemes and decreased their rate of interests so that anyone can rely on the loans to buy their choice of home. You can now also select different banks from where you want to take loan from and then you have options to close your loan early or reduce the interest rate by paying fast EMI.

Here are top 3 cities of India where you can buy your independent home –

1. Bangalore – Bangalore is basically an IT sector where you will find many migrants moving to this city for the purpose of better education and lots of job opportunities. There is a consistent need of housing which means if you invest in the property here it will carry a lot of worth. You will find independent house for sale in Bangalore south for sure at good prices. If you lag behind the budget for independent house, then no need to worry as there are lots of apartments in Bangalore at reasonable prices. If you are searching for the best areas in this city, these are as follows –

a. Ashok Nagar.

b. Marathahalli.

c. Indira Nagar.

d. JP Nagar.

e. Koramangala.

There has been a lot of fashion for independent house for sale in Bangalore south. Builders have built a lot of houses with lots of amenities inducted. In short there are many ready to move in houses so that you do not have to go into any hassle. Budget has no bar in the city. You will find lot of cozy apartments in Bangalore as well as luxurious villas. Good weather, better education and endless employment opportunities make Bangalore an ideal city to live.

2. Hyderabad – Hyderabad is also an IT city located in Telangana state. You will good management institutes and well-developed IT companies working fine. The weather of this city is amazing, and you would not feel extreme cold or hot here. It is a metro city and is less crowded as compared to other cities. You will find greenery and peace at the same time. There is a huge trend of apartments in Hyderabad buy you will also find many independent houses and villas at few localities. Some of the best areas in Hyderabad are –

a. Gachibowli.

b. Jubilee Hills.

c. Madhapur.

d. Manikonda.

e. Hitech City.

Some of the famous builders of Hyderabad are – Phoenix group, Mantri Builders, My Home constructions etc. It is a large city and there are many locations also. You will get affordable 2bhk apartments for your family, but you need to consider feasibility and locality as the worth of your house will be largely dependent on that.

3. Mumbai – Mumbai is known as city of dreams. It located in the state Maharashtra and second home most of the NRI’s. It attracts numerous tourists every year. Several people shift to Mumbai to become artists and entrepreneurs. It is also a hub of education by consisting many science and management institutes. The weather in Mumbai is quite tricky buy fine if you get used to it. It is one of the safest places in India and you will get transportation at cheap rates even in the nth hour of the clock. Some of the best places in Mumbai where you can buy your home are –

a. Powai.

b. Juhu.

c. Bandra.

Properties in Mumbai are little expensive but hold a lot of worth. Talking about the trend of properties Mumbai follow, apartments are mostly constructed because of the space crunch. You will also find many bungalows but in very limited numbers as well areas.

These were the top 3 cities in India where you can buy your house. Before investing anywhere just make sure you have researched quite well and are confident. Internet is filled with helpful websites which will redirect you to the genuine properties matching your requirements without asking you for money. Apart from the cities mentioned above, you can also look for houses in Delhi, Chennai, Chandigarh. Rest buying a home depends on personal reasons and choice as well. If you are a beginner, then you can ask your acquaintances for help. Talk to your banker to plan your finances throughout so that while buying a home so you do not end up with loosing your savings. Try to focus on the long-term goals while you are planning to purchase your home. In the nutshell, do not over- estimate your budget and pay EMI’s or under – estimate it. Guidance is an important path to buy a good home that fits into your requirement. Keep in mind that not every property is worth much because behind the cost depends factors such as – location, construction feasibility etc. One should wait for some time before deciding on buying a home.

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