Tata Housing’s subsidiary to invest Rs 300 crore near Chennai

Tata Value Homes Limited (TVHL):

 A 100% subsidiary of Tata Housing Development Company Limited, today strengthened its presence in South India by developing Spanish themed residential township at Sriperumbudur, near Chennai. The company plans to Invest around Rs 300 crore in setting up this township. Inspired by Spanish living, Santorini is designed by architects F+A. The township is spread across lush greenery at Sriperumbudur, one of the fastest growing corridors in Chennai. Speaking on the project Brotin Banerjee, MD & CEO, Tata Housing Development Co. Ltd., said, with rapid urbanisation and influx of global lifestyle trends more and more affluent home buyers are looking for homes to reflect the financial and social standing. “Launch of Santorini is in line with our strategy to cater today’s Indian buyers who come with global exposure and evolved tastes, we find ourselves constantly innovating to suit the sensibilities of our buyers,” he commented. He further added Sriperumbudur has witnessed rapid industrial growth over the years, with major global players in the manufacturing segment venturing into the region. The township will offer residents an easy access to other cities like Bangalore. Santorini is spread across 18 acres and has a total of over 1000 units which range from 1BHK (576 sq.ft.), 2BHK (855 sq. ft. and 1,008 sq. ft.) to 3BHK (1,386 sq. ft. and 1,539 sq. ft.) apartments. http://www.business-standard.com

Accurate EC was difficult because survey numbers are often mismatched

DoubleDocuments:   As if land grab bids and ‘double documents’ are not menace enough for property owners/buyers, the state registration department shocked the Madras high court on Monday, saying it is difficult to issue encumbrance certificates without any fault.

Encumbrance Certificate (EC):An encumbrance certificate (EC) is the basic document which reveals the current status of an immovable property. It is supposed to contain correct ownership details of a piece of property and inform the applicant whether it is encumbered or mortgaged in favour of a bank or any individual.
EC did not reflect latest ownership, the inspector-general of registration said:
“The ECs are prepared by making search based on survey numbers, boundaries, extent, period, etc. It is because of mismatch in present survey number and old survey number and boundaries, encumbrance certificates, at times, do not reflect all the encumbrances relating to a property . This has engaged the department in debate for quite some time.”
Giving up
The TN registration department told, the court that an accurate EC was difficult because survey numbers are often mismatched. But it said it would soon come up with a better system The admission came in a case where a landowner bought another person’s property due to a faulty EC. The HC said it was hard to believe that in a computerized world, the dept couldn’t come up with a faultless system.