Sunday, January 01, 2012

Laughing Waters is no Laughing Matter

http://www.bangaloremirror.com/index.aspx?page=article§id=1&contentid=2011020420110204081607853b53eeb38


An IT czar, two top-notch cricketers and a leading fashion designer have one more thing in common besides being super-achievers in their respective fields: All four, along with some 400 affluent Bangaloreans, seem to have been taken for a royal ride while attempting to purchase posh villas.


Another major issue is the ambiguity over who the developer-cum-owner of the land really is. The name that has repeatedly cropped up is that of Prestige. According to Balasubramanian, the property was jointly developed by O G Ragulu’s son, Shrivatsa Rajulu, P S Developers (Prestige) and Laughing Waters. The permission for the layout from the administrator of Ramagondanahalli was obtained by Irfan Razack, chairman and managing director, Prestige Group. Razack held the power of attorney for O G Rajulu, the original owner of the land. Razack’s address mentioned in the documents is Copper Arch, Infantry Road — the official address of Prestige before it moved to the current office on Guard Cross Road.

However, Prestige maintained that P S Developers was never a part of it. In a letter to the Laughing Waters Owners and Residents Association on November 9, 2010, Prestige Group’s senior vice president, T Arvind Pai, clarified: “We maintain that P S Developers is not part of the Prestige Group and to our knowledge is no longer in existence.” Pai stated that as per the grant khata issued by the thasildar’s office on March 13, 1967, “There is a kharab land of 4.36 acres which has to be reserved for road and drains. It is very clearly established that Laughing Waters is not a Gomala land or government land, and it is therefore incorrect to state that this is a Gomala land.”

18 comments:

Anonymous said...

Nothing is going to happen here. It is just a means for the babus to get black money. Eventually everything will be set right and everyone will be happy.

samix said...

Pawan, With respect to Gold, India planning to free gold dore imports

http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=141534&sn=Detail&pid=102055

Unicon said...

Hi, thanks for providing us information. Please keep posting similar type of informative news.

Pawan said...

http://www.firstpost.com/economy/indian-gold-imports-plunge-56-in-q4-from-last-year-170224.html

Anonymous said...

Its payback time for the Indian companies on the borrowings they have made from international markets more over our exports haven't risen. The rise in housing market has always lead to the collapse of an economy as more money goes in terms of mortgage...... Think about living on a 30 year mortgage..... Again our stock exchange is one big gambling den no better then Kalyan Matka

Ankan said...

Nice and informative blog, Thanks. Keep on posting like this.

Anonymous said...

Realty experts predict astronomical rise in slum prices
http://www.mid-day.com/news/2012/jan/050112-Millionare-slumdogs.htm

According to this average price of a shanty is 20,000 rs /sq.foot.!!!!!!!!!!!!!

Imagine the ripple effect this will create in Mumbai!!. Soon everything will be unaffordable unless you are very rich

Back to 1970's era!!! India growth story is all fu*ked up. Now the govt will blame the population growth. At this rate we can easily identify ourselves with sub Saharan people. Soon European and Americans will pitch tent here to distribute much required aid and will eventually rule us.

Gandhi family is paving way for the entry of their ancestors, in this case the white folks

Jai Hind will soon become 'God save India'

Anonymous said...

anon@4:44

I agree with you. The masses in India can't seem to see beyond emotional polemics and vote bank based charity...
They can't seem to grasp that the largesse doled out by Congress, comes back to keep them poor and worse harms them in so many ways in keeping them uneducated, loots them of any chances of becoming civilized...
While its clear that the Gandhi family and their cronies have usurped large amounts of wealth through corruption and graft.

It's not clear as to what will help Indians..especially now since people are not interested in participating in the Anna campaign either.

Pawan said...

At this rate we can easily identify ourselves with sub Saharan people.

Where the world population is today and the rate it which it is increasing, there is no way everyone can live affluently. Earth does not have enough resources for that. In fact, it is predicted that by 2030, i.e., 20 years from now there will be major scarcity of water, food and energy. As some people say only guns and gold will be useful then.

For a start, read http://en.wikipedia.org/wiki/Overpopulation

Anonymous said...

@Anon 4:44
Realty experts predict astronomical rise in slum prices
http://www.mid-day.com/news/2012/jan/050112-Millionare-slumdogs.htm

According to this average price of a shanty is 20,000 rs /sq.foot.!!!!!!!!!!!!!


Expected. Indians don't like to put decreased price tag on their real estate assets. Therefore for equilibrium to set prices of all other things need to go up! Shanty at Rs.20,000 (~USD 377) per sq ft is far more expensive (4 times) than my 3000 sqft single family home in USA!!!

Anonymous said...

This blog provides interesting info about the out-of-control Indian RE. When one looks at the RE situation from outside of India, it is mind boggling. Prices rival NY and developers think there is nothing unusual about it.

Anonymous said...

@Anon 4:44

your observations are thought provoking. The country is headed for disaster. Why doesn't the govt build toilets in major cities instead of wasting money on showbiz.

India isn't shining, it is rusting

Anonymous said...

This is why inflation is high in India
Stupid IT guys dont know how to spend money
http://www.mid-day.com/news/2012/jan/060112-pune-Conmen-sell-slab-of-stone-cake-of-soap-for-Rs-50-000.htm

Anonymous said...

This is why inflation is high in India
Stupid IT guys dont know how to spend money
http://www.mid-day.com/news/2012/jan/060112-pune-Conmen-sell-slab-of-stone-cake-of-soap-for-Rs-50-000.htm

Anonymous said...

Anyone interested in a stone slab we offer free soap? Excellent deal, please book your orders we encourage only hard cash Dollars preferred.

Ankan said...

This is very well written post.

chethran said...

Thank you for the info. It sounds pretty user friendly. I guess I’ll pick one up for fun. thank u


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