Jaypee Boomerang Residences

Welcome to the epitome of luxury. Welcome to your destiny. At Boomerang Residences, you are destined to live a life of luxury. Imagine an entire floor especially for you. These residences have been especially designed to ensure privacy, such that as soon as you step out of the elevators, you're home.
Standing tall at over 20 floors, these limited, 108 ultra luxurious condominiums tower above their surroundings, are scaling the height of opulence.
Nestled at the confluence of two golf courses, Boomerang Residences are encased by million dollar views. Triangular in shape with soft edges, these hi- rise towers stand next to the world class Boomerang Club. The club is located amidst the sprawling gleam of these emeralds greens, enveloping it in spectacular views. Within its expansive spread of 50,000 sq.ft, all your recreation needs can easily be met.
Starting at an expansive 5000sq.ft, Boomerang Residences are created for a life of luxury. Give in to the plush interiors, indulge in the world class amenities;
cherish the home you have always dreamt of.

MILLION DOLLAR VIEW FROM BOOMERANG HOMES
Jaypee Greens recently launched Boomerang Residences at Jaypee Greens Wish Town, Noida.
As the name 'Boomerang Residences' suggests, the project has been developed to bring luxury, comfort and convenience at the doorstep of its residents.
Boomerang Residences will offer blissful and luxury living at its best; built to ensure harmony with nature, these premium highrise residences will cater to people who have a taste for fine living, a company spokesman says.
Having over 20 floors, these limited, 108 ultra-luxurious condominiums will be located amidst a golf course and just next to 'Boomerang -- The Club'.
At Boomerang Residences, the apartments have been especially designed to ensure privacy, "so that as soon as you step out of the elevators, you're home with only one residence on each floor", says the spokesman.
Triangular in shape with soft edges, these highrise towers stand surrounded by an 18-hole signature Graham Cooke golf course on one side and a 9-hole golf facility on the other, with manicured greens all around.
These apartments are large, starting from approximately 5,180 sq ft , where they will have top-end fixtures that include Italian marble flooring, teak wood doors and a fully equipped modular kitchen.
"Dedicated to rejuvenating and revitalizing the senses, the residents' exclusive ultra-luxurious Spa Zone offers a choice of therapies for improved health, fitness and beauty.
"With special therapies to ease the mind and the body, the spa is your own personal retreat, which is drawn from traditions of meditation, respect for nature and the desire to achieve physical and mental well-being," the catalogue promises.

WISH FOR CONVENIENCE
Surrounded by 1,162 acres of lush greenery, Jaypee Greens Wish Town is picturesquely placed and has numerous golf courses, landscaped parks,thematic gardens, lakes and water bodies that comprise, from lowrise and midrise apartments to highrise skyscrapers. "Designed as a perfect place to live,work and have fun, Wish Town offers excellent education facilities, internationalstandard healthcare facilities, recreational and entertainment centres, various art and cultural galleries, museums, spiritual centres, hotels, multiple shopping complexes, corporate offices, IT parks and public services," the spokesman adds.
Boomerang -- The Club, which will have a unique design, offers a wide range of amenities like a multi-cuisine restaurant, cafes, gym, sports, banquet facilities, etc. A superspecialty medical and research centre is being established here, over 27 acres of land, with cutting-edge technology and state-of-the-
art infrastructure. "Jaypee Group has endeavoured to provide the best of the world-class facilities and infrastructure with latest educational aids to residents," the spokesman says. Apart, from these amenities, the township will also have commercial complexes and business establishments, which will
ease the stress of commuting to the office through traffic jams.
"Jaypee Greens has created a new yardstick for luxury living. And with homes amidst tranquil surroundings that incorporate every convenience of daily life as well as luxurious amenities, Wish Town is definitely a 'dream come true' for many, the spokesman adds.


http://www.jaypeenoida.co.in/jaypeenoida/jaypeeboomerangresidences

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Jaypee pulls out of Ganga e-way

NOIDA: In a major setback to the Maya government and commuters, the Jaypee group has reportedly pulled out of the 1,047km-long Ganga Expressway project after withdrawing the Rs 1,000 crore bank guarantee. Sources in the developer group said that the government had failed to provide environmental clearance for the project and it was in no position to invest a huge amount in it.

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The fate of the Rs 40,000-crore project, which was to connect Greater Noida to Ballia through an eight-lane access-controlled expressway, went under a cloud since May 2009, when the Allahabad High Court restrained the state government from proceeding with the project and directed it to obtain prior environmental clearance from the Centre. Later, farmers' unrest and violent protests against land acquisition regarding compensation issues added to the project landing in limbo.

According to sources, the decision comes in wake of the fact that delay in getting the environmental clearance was beyond the control of either the state government or the concessionaire and, hence, the money was being withdrawn.

Sources in Jaypee group said that they could foresee no profits from the amount submitted as the fate of the project remained undecided. "With the court adding to the issue, and non-utilization of the investment, the group decided to withdraw the bank guarantee so that this huge amount could be invested in other projects," said a senior official in Jaypee group on the condition of anonymity.

The bank guarantee has been returned to the concessionaire with a clause that if and when the project gets the environmental clearance, the amount can be deposited by Jaypee again so that the project can commence.

Sources also add that Jaypee has been keeping a close tab on developments in the state. The latest move has reportedly been prompted by the prospect of the forthcoming UP assembly elections. "Uncertainty about the possibility of the Mayawati government making it back after the polls has probably led to this decision," sources said.

All opposition parties in UP, including the Samajwadi Party, Bharatiya Janata Party and the Rashtriya Lok Dal, had been vocal in resisting the project. Earlier, farmers' groups and environmentalists, too, had demanded the scrapping of the Ganga Expressway project saying that it was a conspiracy to render farmers unemployed and landless and that it would also expose large parts of the state to environmental hazards.

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Kotak Realty Fund exits 3C’s Noida IT park

It’s also likely the first of more exits this year as several funds enter final phases of their investment cycles, adding pressure on builders

Bangalore: Private equity firm Kotak Realty Fund has sold its stake in 3C Company’s information technology park project in Noida back to the promoters, earning a return of less than 30% on its investment, chief executive S. Sriniwasan said.

The fund had picked up a 35% stake in the project for about Rs. 65 crore in 2007. The exit continues a pattern of modest returns as the sector struggles to beat slowing sales and a dearth of capital. It’s also likely the first of more exits this year as several funds enter final phases of their investment cycles, adding pressure on builders.

Since early 2011, Kotak Realty Fund has sold investments worth $240 million. Last March, the $100 million Kotak India Real Estate Fund-I sold its stake in Peepul Tree Properties Pvt. Ltd for Rs. 385 crore, earning a four-fold return on investment. Later in the year, Kotak sold its Rs. 120 crore investment in Piramal Sunteck Realty Pvt. Ltd’s Signia Isles residential project in Mumbai’s Bandra-Kurla Complex for a return of little more than 23%.

“In real estate, the momentum of exits need to continue though there may be some exits in one’s portfolio which will make a lot of money and some won’t,” said Sriniwasan. “When residential sales pick up, exits will be faster.”

A spokesperson for 3C Company said on Tuesday the executive authorized to speak to the media was not available for comment. Kotak recently invested about Rs. 250 crore in two residential projects in Gurgaon, being developed by BPTP Ltd and Orris Infrastructure Pvt Ltd.

Analysts say Kotak Realty Fund has had a fair run of exits and has been able to return a fair sum back to its investors. While 2012 will continue to see investor exits in the sector, the value of the sales may dwindle, they said. Since a majority of the investments in the sector were made in 2007-08, the fiscal year beginning April is an opportune time for stake sales, the analysts said.

There were 14 private equity (PE) exits in the sector at a value of $451.8 million in 2011. In 2010, only eight exits happened, but for $1.18 billion, according to VCCEdge, which tracks investments. Of the PE investments of about $13 billion in real estate since 2005, about $3 billion of exits have been recorded so far, Jones Lang LaSalle, or JLL, a property advisory, said in a recent report.

While there are many drivers for exits by a PE fund, a chunk of them will be natural exits, through the completion of the project life cycle particularly in residential projects that are self-liquidating by nature, JLL said in the report. The dominant driver for exits in the near-term will be clearly the completion of fund life, JLL said.

Many of the real estate PE funds in India were set up with a five-seven year investment horizon and typically initiate their exit phase four-five years from the date of the investments.

Amit Goenka, national director-capital, Knight Frank India, another property advisory, said he thinks the pressure of providing exit routes to funds will only aggravate the liquidity pressure on builders.

“Developers are already looking to borrow capital at high interest rates under pressure to buy back stakes from funds, and with this the liquidity crisis will only deepen,” said Goenka.

livemint.com/2012/01/04221421/Kotak-Realty-Fund-exits-3C82.html

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DDA's role as housing watchdog may get the axe

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Delhi Development Authority (DDA) could soon lose its monitoring role over all housing activities in the national capital. The finance ministry has initiated work on creating a new regulator for the capital's housing sector to replace the DDA, which currently acts as a regulator, a housing board as well as a builder.

The move is likely to face resistance from the DDA which has prepared an ambitious 2021 Master Plan for Delhi that entails planned development of 202 square kilometers to make the capital a global metropolis. The urban development ministry is currently reviewing the Master Plan and considering the issue of appointing regulators for urban governance which could include one to oversee land development authorities.

Top finance ministry mandarins met senior officials of the DDA, the home ministry and the ministry of housing and urban poverty alleviation last week to kick-start the exercise to divest DDA of its conflicting regulatory roles. "Obviously, the authority is not going to be pro-active about this, so the government will have to drive the change," said a senior official close to the development.

Land acquisition and allocation by housing boards or urban development bodies generally come under state governments' purview, but the central government has administrative control over the DDA.

The DDA acquires land, develops it and allots it for commercial and housing purposes. It is also in charge of making institutional allotments of land for hospitals, clubs, schools, colleges and religious institutes.

The committee on allocation of natural resources, chaired by former finance secretary Ashok Chawla, had urged the government to 'immediately' constitute a regulatory body for the housing sector to take over the monitoring and oversight functions from DDA to bring transparency.

The committee's report, submitted to the Group of Ministers on tackling corruption in June 2011, had said that the presence of a regulator would help provide sufficient housing at reasonable costs with government realising the true value of its land holdings.

Pushing for more transparency, the natural resources' allocation panel had asked that DDA must be asked to put up an 'Asset statement' on its website disclosing all lands and assets under its custody. It had also mooted a centralized land data bank with complete ownership details with the use of satellite images for tracking encroachments and actual land use.

Such a system, with real time updates of all property transactions, will not only improve government revenue collections but also expose the scourge of benami properties in the capital. There are several lacunae in the way the DDA currently functions, often short changing the government's coffers.


realtyplusmag.com/rpnewsletter/Fullstory_Newsletter.asp?news_id=17937&cat_id=3

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Flat owners' association in Noida Ext to move court

NOIDA: A flat owners' association in Noida today decided to take legal recourse after a private developer allegedly sent letters to its flat buyers asking interest on pending installments.

The Noida Extension Flat Owners and Members Association (NEFOMA) decided that it would approach court in the second week of January.

"Palm Olympia Builder is charging interest from buyers, and not agreeing on taking back their demand letter. We have invited all Palm Olympia flat buyers to come with their copy of the demand letter on January 8 at Gole Chakkar here to plan our legal options," NEFOMA general secretary Shweta Tiwari said.

The letter says that interests ranging from Rs 50,000 to Rs 70,000 be paid within a fixed period, she claimed.

Flat owners are not willing to pay the interests as delay in executing the project was due to the stalling of construction work following court order in land acquisition cases, Tiwari said.

"We have also decided that if the demands of flat owners are not met before January 5, we will go to National Capital Region Planning Board, Lodhi Colony Office, on January 9 and protest there," she said.

The builder of the Palm Olympia project could not be reached for its comments.


economictimes.indiatimes.com/markets/real-estate/news-/flat-owners-association-in-noida-ext-to-move-court/articleshow/11305954.cms

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