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Monthly Archives: December 2012
To prevent land grabbing, transactions docs mandatory from Dec
With an aim to prevent land grabbing incidents, documents relating to power of attorney and sale agreement of property would be made mandatory in Tamil Nadu from December.
President Pranab Mukherjee has given his assent to an amendment in this regard by the Tamil Nadu government, an official release said here today.
“It is felt that the root cause of land grabbing and bogus registration is due to the fact that registration of documents of power of attorney, sale agreements and agreements relating to deposit of title deeds is optional,” it said.
In order to prevent the misuse of these documents, the government passed a Bill in May 2012, for amending certain provisions of the Registration Act, 1908.
“The President of India has now given assent to the above amendment and the same has been enacted as Tamil Nadu Act 29 of 2012”, the release said.
As per the amendments made, it has been made “compulsory” to register the documents relating to power of attorney, sale agreement, agreement relating to deposit of title deeds and construction agreement as provided under Article 5(i) of the Indian Stamp Act, 1899.
“The documents of Power of Attorney have to be registered either with the jurisdictional Sub-Registrar, where the property is situated”, the release said.
Besides, it was also decided to make it mandatory that pictures of the agent and the witnesses in the documents of power of attorney be fixed and it has been mandated for the agent to sign such documents.
Source:financialexpress
Our Students – Swarnabhoomi Academy of Music(SAM)
At Swarnabhoomi Academy of Music, we are proud of our students. They represent such talent, diversity, passion and drive that we are constantly reminded of how fortunate we are to be able to share our life with them.
165 students from India, USA, UK, Mexico, Democratic Republic of Congo and Bangladesh have studied here either in our Diploma programs or our short term workshops with 40 world-class musicians from USA, Canada, Switzerland, Suriname, Netherlands, Poland, Armenia, Germany, Brazil, Mexico, Greece, Argentina, Hungary, Venezuela, Spain, Cuba, Colombia, Israel, France and India in our beautiful 4 acre Campus and our apartment complex. Some of our students have already established careers as performers, composers and recording artists.
Visit:http://sam.org.in
Pandit Ravi Shankar – an inspiration to SAM
“We at Swarnabhoomi Academy of Music deeply regret the passing of an Indian cultural treasure Pandit Ravi Shankar. As a pioneering institution of excellence in India that promotes cross-cultural musical knowledge and application in performance and education, we owe a deep sense of gratitude to Pandit Ravi Shankar who was both a visionary Indian Classical musician and a father figure of cross-cultural collaborations that have influenced generations of musicians to look to Indian musical traditions respectfully for what they are and for what they represent in harmony with other world musical traditions! We thank him for showing us all the way and look forward to cherishing the inspiration for a very long time”
Prasanna
President, Swarnabhoomi Academy of Music
Will I ever own a house?
Marg Swarnabhoomi Aayush Apartment starting at 9 Lakhs* – Low budget apartments in chennai
Maniraj, a paper vendor on Velachery Main Road, had a tough time last year when he had to vacate his house. Until then he was paying Rs. 1,200 for a 350 sq.ft dwelling unit near Velachery Lake. The landlord raised the rent to Rs.6,000 and Maniraj and his family of four could not afford it. After great difficulty, he found a 200-sq.ft tenement in one of the labyrinthine lanes. “I now pay Rs. 4,500 per month, which includes electricity charges. This is more than what I spend on food every month,” he lamented.
The condition of my colleague is better, but not much toz rejoice. Two years ago, after a long search, she bought an apartment 20 km away from the city. Anything closer was pricy. As a result, she spends three hours every day to commute between home and office.
With apartments inside the city priced between Rs.10, 000 to 15, 000 per sq. ft, and rentals spiraling, it looks only the gentry can live within the city. The middle class must scurry to the suburbs and the poor must slip into the crevices in between.
The mounting complaint is why does Chennai not produce affordable housing?
The government authorities shrug it off and say “it is a market phenomenon.” On the other hand, private players feel that they cannot solve social problems. “It cannot be defined,” the skeptics argue.
Shifting blame and leaving people in the lurch cannot continue. Providing affordable housing is an obligation of the state and it has to find ways to solve it.
Is affordability difficult to define?
After a careful study, the government of India has defined affordability as follows: for lower income group, apartment should not exceed four times the household gross annual income. For the middle-income group, the prices should not exceed five times the gross annual income.
Similarly, the rent should not exceed 30 per cent of the monthly salary for the lower income group. For the middle income, it should not exceed 40 per cent.
In other words, for a middle-income family, which earns Rs. 30,000 a month, any apartment costing more than Rs.18 lakh is unaffordable. At current market prices, this income can only fetch an apartment that is less than 450 sq. ft. The city does not offer many such small-sized apartments.
The condition of the poor is worse. To many who earn about Rs.10, 000 a month, apartments priced more than Rs. 5 lakh is unaffordable, and there is no housing project in the city that takes care of this group.
What is the solution?
Multiple strategies are required. Existing efforts such as reserving 10 per cent of the developed land for affordable housing have not delivered. Apart from reviewing them, new and innovative approaches are needed.
One model that is worth looking at is the concept of Community Land Trust (CLT). In CLTs, a not-for-profit organisation builds houses on subsidized land and gives them at a price much below the prevailing market rate. The condition is that when the buyer resells the apartment, the price has to be below the market rate prevailing then. This ensures that the subsidies are passed on to the subsequent buyers and the prices are kept at affordable levels for a longer period.
This model can be tweaked to suit local conditions. The State government instead of mindlessly monetising its land, can sell or allocate them to cooperatives at subsidised prices to build affordable housing on CLT model.
Successful adoption of this model in many cities across the world should convince skeptics. For example, in Cooper Square land trust project in Manhattan, the rentals are below 30 per cent of the tenant’s monthly income, while in the surrounding area people spend 50 per cent of their salary on rent.
Cities committed to the welfare of its citizens have done better in addressing the housing problem. Chennai has not done enough and it should.
A. Srivathsan is a Deputy Editor with The Hindu. He writes on urban development, architecture and conservation.
Swarnabhoomi Cityscapes – Plots Starting from 4.99 Lakhs* on ECR.
National Conference on Indo Saracenic Architecture of Chennai- By MIDAS
MIDAS–Marg Institute of Design and Architecture Swarnabhoomi will conduct a two day National Conference on ” Evolution of Indo- Saracenic Heritage of Chennai” on the 16th of February. On the 17th a field trip is organized as a city tour. The objective is to understand the evolution of this style which impacted many a public buildings built by the British in India. The “Chepauk Palace” one of the pioneering buildings of this style was recently gutted by fire. Eminent historian Dr S Muthiah has agreed to inaugurate the Conference and deliver a key note address. The participants include, academicians, practitioners, historians and art enthusiasts. It is proposed to release a monograph during the inauguration which will showcase the photographs of this great heritage which needs attention, preservation and possibly some of them need revitalization to contemporary use like a “City Museum”.
Source:http://jafferkhan.blogspot.in/2012/12/national-conference-on-indo-saracenic.html
Commercial boom driving housing demand in Sholinganallur
Any area witnessing price appreciation has one key growth driver pushing the rates in the region. Sholinganallur, a suburban residential hub of south east Chennai, has seen commercial development in the past. The already existing commercial segment catering to the strong workforce in the region is now driving housing demand in the vicinity.
In the last three months, the locality has witnessed approximately 12 per cent increase in average property values. It offers a mix of properties. However, multi-storey apartments are in maximum supply. The value of majority of apartment projects are between Rs 4,200 and Rs 5,000 per sq ft.
Previously the locality has seen development of large IT hubs and dedicated SEZs. As a result, strong residential demand has been witnessed from those looking to stay close to their workplace. Sholinganallur is now considered an IT hub having footprints of well-known IT companies such as TCS, Wipro, HCL, Infosys etc. With its well developed road infrastructure and its swift connectivity through ECR link road on the eastern side and Velachery Main Road on the western side, the area offers good social infrastructure to service its residents. The presence of schools, colleges, hospitals, super markets, restaurants and shopping malls adds value to the overall investment. On account of existing infrastructure realtors and developers expect property prices to witness an uptrend in the long-term.
On the rental side, a 1,000 sq ft, 2BHK apartment fetches Rs 22,000 to Rs 25,000 per month. This kind of yield has attracted investors to buy properties in Shollinganallur.
Maximum demand has been for 2 and 3 BHK configurations. Approximately 1 to 1.5 year back demand for 2 BHK apartments was relatively high in comparison to 3BHK. in the past one year, there has been an increase in demand for 3BHK units with sizes ranging from 1200 to 1800 sq ft. Some developers are also building small, 450 sq ft apartments mainly for the economically weaker section (EWS) category as mandated by the Chennai Metropolitan Development Authority (CMDA).
Source: MagicBricks.com
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MARG Group one of the leading builders in chennai providing low budget flats in chennai on Marg Swarnabhoomi starting from 9 Lakhs*
Low Budget Homes At Marg Swarnabhoomi Starting From 9 Lakhs*
GRAMMY Nomination for Manuel Valera – Piano Faculty Spring 2013
Manuel Valera, Piano faculty for our upcoming Spring 2013 semester gets nominated for a GRAMMY in the 55th Annual GRAMMY Awards, to be held February 2013.
His album ‘New Cuban Express’ gets nominated in the ‘Best Latin Jazz Album’ category. The album features Manuel Valera on Piano and Keyboards, Yosvanny Terry on Saxophone, Tom Guarana on Guitar, John Benitez on Bass, Eric Doob on Drums and Mauricio Herrera on Percussion.
Congratulations to Manuel Valera from the entire SAM family.
Below is a clip of the band playing ‘Upwards’ from the album.
Visit:http://sam.org.in
Marg Limited 