Wednesday, October 31, 2012

[HumJanenge] Haryana land boom

Haryana land boom

Rise of BPTP

Countrywide Promoters (BPTP) with roughly 1,635 acres was the single largest beneficiary, followed by Ansals (1,540 acres), Intime Promoters (1055.84 acres), Omaxe (903 acres), Unitech (830 acres), Parsvnath (716.56 acres), Ireo (651 acres), Vatika (631 acres), DLF (568 acres), Emaar-MGF (514 acres), Vipul (214 acres), Sonika Properties (Rohtak) (381 acres), Ambience (318 acres), Ramprastha (298 acres), Bestech (208 acres), Uddar Gagan Properties (Rohtak) (229 acres) and Baderwals (105 acres). Sonika and Uddar Gagan are subsidiaries of the Suncity Group owned by Zee.

Builders like BPTP, Omaxe, and Parsvnath have made huge gains in Haryana since 2005. Ireo, which belongs to a close relative of an influential BJP politician, and Bestech, which is owned by one Dharmendra Bhandari, have also become big brands in Haryana overnight. Countrywide Promoters (BPTP), incorporated as Rainbow Promoters Pvt Ltd in 1996 by Kabul Chawla, was an unknown builder till 2005. From a Najafgarh Road residential address, Mr Chawla now lives on Delhi's ultra plush Amrita Shergill Marg in a property said to be valued in the region of Rs. 300 crore.

Baderwals, along with DLF, is also now in the public eye for having given unsecured loans to Mr. Vadra, according to publicly available balance sheets of his companies.

Other companies like Microtek (which makes inverters) and DD Motors (which owns several Maruti showrooms in Delhi) appear to have obtained licences without any expertise in construction. According to an amendment to an April 24, 2007 memo issued the very next day by the Haryana Town and Country Planning Department (TCP), a reputed coloniser eligible for the grant of licence is "one who has already obtained licence under the Haryana Development & Regulation of Urban Areas Act, 1975 for setting up of a colony and in case of collaboration agreement with a private developer not being licensee of the Department and who is applying for obtaining the licence for the first time." This amendment helped to widen the eligibility criteria, ensuring that lack of construction expertise would not be a deterrent in obtaining licences.

http://www.thehindu.com/news/national/behind-haryana-land-boom-the-midas-touch-of-hooda/article4048394.ece

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