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News - Noida, Gurgaon, Delhi and
NCR
NEW DELHI: The Delhi high court has issued notice to National Capital Regional Planning Board (NCRPB) on a public interest litigation accusing the body of ignoring large-scale violations by states.A division bench of Chief Justice N V Ramanna and Justice Manmohan also sought replies from the Union urban development ministry and Delhi, UP, Rajasthan and Haryana on the allegations that they were permitting unauthorized development by favouring builders.HC posted the PIL for further hearing on January 8, 2014. Filed by one Raghuraj Singh, who claims to be a social worker and resident of Gautam Budh Nagar, the PIL assails the “haphazard and unsustainable development in the NCR, being carried out by all the states and being allowed by NCRPB.” It highlights that NCRPB’s original charter was to restrict the population growth of Delhi and to develop NCR in a balanced and sustainable manner retaining environmental equilibrium and its agrarian character.
“The present PIL is highlighting the violation of Regional Plan 2021. In that context, it is brought out that the central government and GNCT-Delhi is regularizing large number of unauthorized colonies. These colonies account for huge population and are not part of the planned development by Regional Plan 2021,” Singh’s plea argues.It alleges that participating states are adding and the board has permitted addition of at least 288 lakh population to the area contiguous and mutually dependent with Delhi. “This by government’s own appreciation and wisdom will further attribute to more pressure on Delhi and its population that in turn will make impossible to manage Delhi and NCR. It will defeat the central, rather singular purpose for which the NCR Act was enacted and the Board was constituted,” it adds.It is relevant to mention that the entire constitutional effort in enacting the NCR Act and constituting the board was to save Delhi by decongesting it through sustainable development of the region.
Source : http://timesofindia.indiatimes.com/city/delhi/NCR-board-gets-notice-for-ignoring-state-violations/articleshow/26544442.cms
New Delhi: Many highway developers, including GMR and GVK, are set to get major relief in next one week as the PM-appointed C Rangarajan committee is likely to recommend reduction and deferment of premium to be paid to NHAI.The panel is likely to suggest that for six-laning of highway projects, at least 25% reduction in annual premium payment to NHAI during construction period and about 50% during subsequent years. The panel was constituted to come out with a formula to defer the premium payment towards later part of the concession period to make projects viable for developers.In case of four-laning of projects, the developers dont have to pay premium during the construction period. During operation and maintenance period, they have to pay minimum 50% of the committed annual premium.Premium is the annual upfront revenue that the developers have promised to pay to NHAI, while bagging the projects. The promised premium of around Rs 1 lakh crore will come to NHAI in the next 20-30 years, according to the road ministry. While the developers will pay lower amount in the initial years, they have to pay higher amount in the later part of the period to fulfill the commitment.
For both six-laning and four-laning of highway projects, during operation and maintenance period, annual cash flow surplus subsequent to fulfilling debt servicing and other obligations, will have to be used mostly towards premium payment. The objective is to ensure that NHAI gets the entire premium at least three years before the contract period ends, said a source.Developers were complaining about difficulties in premium payment due to slowdown in traffic amid a weak economy. Many projects,which were awarded could not take off, while many on-going projects were getting stuck. The committee felt that a reduction and deferment of premium payment in the initial period and increasing the amount in the later, when both traffic growth and collection of toll are expected to go up, will help the developers.
Source: http://epaper.timesofindia.com/
GURGAON: With the property tax collection drive now resumed by the Municipal Corporation of Gurgaon (MCG), the issue of whether or not this is a legitimate demand has once again been brought to the fore. The industrial community didn’t respond well to this demand when it was first made last year, calling it unreasonable. Even today, many are reluctant to abide by it, while those who have agreed to defray the tax money say that they will do so ‘under protest’.“We have advised our members to pay property tax under protest, simply because the MCG is yet to take over the civic responsibility of the industrial area from the HSIIDC,” said H R Vaish, president of the Udyog Vihar Chamber of Industries.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Industry-too-reluctant-to-pay-up/articleshow/26544630.cms
GURGAON: Even as the MCG has extended the deadline for payment of property tax, DLF and other private builder area residents have refused to pay up. Residents say they will not budge till the Municipal Corporation of Gurgaon (MCG) takes over these areas from private builders.The civil writ petition filed by the Gurgaon Citizens Council (GCC) on the issue comes up for hearing in the Punjab and Haryana high court on Monday.According GCC, which is an umbrella body of various resident welfare associations in the new Gurgaon area, the MCG should first start providing them services like water, roads, and streetlights, among others, before they start paying property tax. They also said they have to pay twice – first the maintenance charges to the private builder and then to the MCG.
“We have decided not to pay the property tax as the case in this regard is still pending in the court. The next hearing is on Monday. We are hoping to get a respite from the court. Why should the residents suffer by paying dual tax?Paying maintenance to the private builder is understandable because they are providing us services, but why should we pay tax to the MCG when it is not providing us even a single service? We hope the court will look into the matter and give us relief,” said R S Rathee, president, GCC.The MCG authorities, on the other hand, insist that all private builder area residents should pay property tax like the rest. “The municipal act states that the even they have to pay tax because we provide them other services like the construction and demolition waste plant that we are planning to set up. Even these residents can send the C&D waste to this plant and avail the benefit. Moreover, we will take over these private builder areas one day or the other,” said a MCG official.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Builder-area-residents-wont-pay-property-tax-until-MCG-takes-over/articleshow/26544657.cms
GURGAON: Exasperated with the callous attitude of HUDA authorities and unable to find solutions, residents of Sector 50-51 have started an online signature campaign to demand streetlights in their area.These residents have been fighting for the past year to get streetlights installed on a two-km stretch near Nirvana Country. They suspect HUDA is unwilling to install them on the road, which is owned by them, as the properties on either side belong to private builders.“For the past one year, we have met all officials concerned in HUDA starting from the administrator, Praveen Kumar. They have been making all kinds of promises and giving every possible excuse for not installing these streetlights. There is not a single streetlight on this stretch and as a last resort I started this online signature campaign this week to pile pressure on them to act. Already we have received over 100 signatures. Apart from this, we also plan to hold a dharna and candlelight vigil to make our protest known,” said Manoj Khera, who started this campaign on Change.org.
“At first the HUDA officials said the streetlights could not be installed on the sides but had to be fixed on the median. They asked us to wait till the road was widened and a median constructed. We waited. After the median was built, they said it was narrow and the base on which the streetlights need to be installed could not fit on it,” Khera said.Despite repeated attempts by TOI, the HUDA administrator could not be contacted.Last year, a similar campaign was launched by residents of Palam Vihar, demanding streetlights in their area. Soon after the campaign was launched, HUDA installed the lights.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Sector-50-51-residents-begin-online-dirve-for-streetlights/articleshow/26544695.cms
KARNAL: Despite the nationwide ban on the activity by National Green Tribunal (NGT), there is no let-up in illegal mining by sand mafia in part of Karnal district. Illegal mining is reportedly being carried out at Kunda, Tapu, Gharounda and areas close to Karnal town as authorities have failed to check it.Sand and gravel is being excavated from riverbeds, especially Yamuna, in Karnal-Sonipat belt where trucks can be seen plying with impunity. Sources said that a truckload of sand is sold between Rs 25,000 and 30,000. Those involved in sand mining enjoy backing by politicians and escape being booked for the blatant violations, they said.In 2012, police had impounded 112 vehicles, arrested 115 persons and 105 FIRs were registered for illegal mining. This year, only 33 vehicles have been seized so far and 55 persons nabbed while illegal mining cases registered in the district were 36, records revealed.
While Karnal district mining officer Madhvi Gupta could not be contacted for comments, deputy commissioner Vikas Yadav said that strict instructions have been issued to police to ensure that no illegal mining takes place and action be taken against anyone found involved in the activity.Meanwhile, opposition parties blamed the Congress-led state government for not acting against the sand mafia, which is flouting the NGT ban. Pawan Shahpur, Karnal district chief of Haryana Janhit Congress (HJC), alleged that as those involved in sand mining were politically well-connected, authorities were reluctant to take action against them. He alleged that there was an unwritten understanding between the sand mafia and influential politicians due to which, the illegal practice was thriving, without any fear of law.
Source : http://timesofindia.indiatimes.com/city/chandigarh/Despite-green-tribunal-ban-sand-mining-goes-unabated-in-Karnal/articleshow/26490283.cms
Monteks adviser blamed for delay in e-way
project
New Delhi: Montek Singh Ahluwalias adviser Gajen dra Haldea is not just in the eye of a storm involving the resignation of 16 highway engineers.Several ministries from finance and highways to even the Planning Commission are accusing him of holding up the Eastern Peripheral Expressway around Delhi.Official documents ac cessed by TOI show that Haldeas insistence on im posing a toll that is 1. times higher than the competing road project has horrendously delayed the award of the project by least six months.The papers also allege that delaying this project would benefit the Western Peripheral Expressway, being developed by a private developer.The two projects will come up on either side of the national Capital and are expected to considerably ease traffic in the city. Docu ments show that even in November, Haldea had favoured a higher toll rate and had opposed the normal rate claiming that the 135 km road was being developed as a bypass. He had mentioned that lowering toll rate would not benefit the public as this would lead to a higher government liability in the form of higher viability gap funding.
Sources in the highways ministry said the Cabinet Committee on Infrastructure, while clearing the project, had mentioned that the expressway should be awarded with zero VGF An official note by Planning Commission member Sudha Pillai in September shows how despite every one agreeing to normal toll only Haldea pushed for higher rate.In February, even the then highways secretary R S Gujral, who is now finance secretary, had said the road should be treated as a highway. Pillai had ear lier agreed with Haldea on treating the road as a bypass but agreed with Gujral view later. Then the CCI in April and PPP Appraisal Committee in May gave the nod to the projects.Last December, NHAI and road ministry had said that Haldeas proposal of 1.5 times toll would make the EPE unviable and bring undue benefit to the WPE developer.
Source : http://epaper.timesofindia.com/
New Delhi: Ram Sumiran Pal, the 37-year-old accused arrested in the multi-crore Speak Asia scam, and the other two alleged masterminds had spent over ` 150 crore during Speak Asia’s promotional function in Goa in early 2011, Delhi police said .The lavish party was organised to convince existing investors and attract more people to invest in the fake scheme. The organisers had hired a special train between Mumbai and Goa for the investors and an exclusive portion of a beach of a resort had been booked. “Several prominent Bollywood celebrities, including actresses and singers, were hired for entertaining the company’s investors and agents. The promotional function was attended by thousands of investors after an open invitation on the company’s website,” said Ravindra Yadav, additional CP (crime).The multi-level marketing (MLM) company had planned another lavish party for investors in Delhi in June 2011. They had booked Talkatora Stadium for the party.
However, the function was called off by the organisers after scores of investors gathered outside the stadium and created a ruckus demanding refunds. Delhi Police officers claimed that some of the investors were beaten up by the organisers following which a police team reached the venue and the function was called off. Moreover, the company had organised similar parties in foreign countries.According to a Delhi police officer, Sumiran and others alleged masterminds of the scam had tried their luck in producing a Bollywood film, but they were forced to escape before they could get the returns.“They allegedly invested ` 2.5 crore on a small-budget comedy film ‘Jiyo Raja Phantom’ starring a Bollywood actor known for his comic roles. The comedian had to face an enquiry by the Mumbai police due to his link with the movie,” added the officer.After fleeing from Mumbai, Sumiran settled with his in-laws in Dehradun district. His interrogation revealed that he had invested the money in real estate with construction of villas and luxury duplex flats in Dehradun with his old associate Rajesh, a property dealer from Bihar.
Source : http://paper.hindustantimes.com/
In a bid to enhance disaster preparedness, owners of high-rise structures and hazardous industries in Haryana’s Gurgaon district will be asked to submit a compliance report on safety measures to the district authority within two months.“The owners will have to submit a compliance report on safety measures to be adopted as per guidelines of the state government issued from time to time on their premises within two months to District Revenue Officer Tarsem Sharma,” Deputy Commissioner Shekhar Vidyarthi today said at a review meeting on the preparedness of disaster management in Gurgaon.Those who fail to adhere to these directions will be penalised, he said.Presiding over the meeting, Vidyarthi directed officials of Municipal Corporation Gurgaon (MCG), Haryana Urban Development Authority (HUDA) and District Town Planner (DTP) to prepare a list of high-rises in the district.
The DTP will then prepare a blueprint showing locations of these buildings on the map. A similar blueprint of the hazardous industries will also be prepared by the Haryana State Industrial Infrastructure Corporation.The authorities would also have to show on map major and alternative routes to the premises or buildings, so that in the event of any accident these routes can be used to reach the affected area or to evacuate the premises.Vidyarthi directed the authorities to conduct a survey to identify the high-rises and hazardous industries.A team of officials would also conduct socio-auditing of the buildings to check whether the safety measures are in place or not. The team constituted by the Deputy Commissioner includes representatives of Deputy Commissioner’s office, DTP, Fire, HUDA and PWD (B&R) departments.The team would inspect at least two buildings or premises at random every month and submit its report in the monthly review meeting.
Source : http://www.business-standard.com/article/pti-stories/gurgaon-high-rise-owners-asked-to-submit-report-on-safety-113112700616_1.html
Housing prices increased in 12 cities by up to 5.30 per cent, while it declined in 10 cities, including the national capital, by up to 7 per cent during the second quarter ended September 30.Housing prices in Delhi witnessed a decline of 4.53 per cent during July-September period compared with the previous quarter. However, it jumped by 6.7 per cent on annual basis, as per Residex released by National Housing Bank (NHB).On annual basis, the prices in Delhi rose by 6.7 per cent.Maximum price moderation was seen in Meerut by 6.88 per cent while, highest appreciation in rate was witnessed in Kolkata by 5.30 per cent.
The movement in prices of residential properties for the July-September quarter has shown increasing trend in 12 cities ranging from 0.46 per cent in Mumbai to 5.30 per cent in Kolkata, and fall in 10 cities ranging from 0.93 per cent in Bengaluru to 6.88 per cent in Meerut, NHB said in a statement.Index for 4 cities namely Pune, Kochi, Coimbatore and Dehradun has remained stagnant, it said.Housing prices in Chennai rose by 4.95 per cent, Hyderabad 4.77 per cent, Ahmedabad 2.69 per cent, Lucknow 2.14 per cent, and Patna 2.04 per cent.However, prices in Ludhiana moderated by 4.46 per cent, Vijayawada 4.03 per cent, Nagpur 3.58 per cent, Bhopal 3.09 per cent, Indore 2.18 per cent, Jaipur 1.82 per cent, Bhubneshwar 1.03 per cent and Bengaluru 0.93 per cent.This latest NHB Residex for the quarter covers 26 cities, with base year as 2007.
For delaying the physical possession of a plot to the complainant, a real estate developer has been penalised Rs 1 lakh. The UT Consumer Redressal Commission has also directed the company to pay Rs 10,000 as litigation cost.The complainant, Sandeep Luthra booked a flat in 2010 with the opposition party, Omaxe Limited in a Group Housing Project under the name Omaxe Parkwoods at Baddi, and paid 95 per cent the price of the plot by way of installments. However, the opposition party failed to give the possession.As per the agreement, the opposition party was supposed to handover the plot to the complainant within 15 months from signing of the agreement and the said period could be extended by another six months but even after a lapse of more than two years, the opposition party failed to give physical possession of the plot. The complainant served a legal notice but the company gave empty assurances.
However, the opposition party claimed that the plot was offered to the complainant but despite calling upon the complainant to execute a Maintenance Agreement with the maintenance agency, the complainant did not turn up for the same. The company also claimed that the complainant didn’t pay the full installments of the total price.Hearing the arguments, the Consumer Forum decided that the company failed to hand over the possession of the plot till the filing of the complaint, which further proved the opposition party guilty of deficiency in service. Therefore, the forum directed Omaxe limited to handover the plot in time and pay to the complainant, the compensation and the litigation cost.
Source : http://www.indianexpress.com/news/builder-penalised-for-delaying-possession-of-plot/1198123/
Infrastructure upgrades get priority in Greater Noida
28 November 2013
Greater Noida : After a long and undisputed success of Noida, Indirapuram and Raj Nagar Extention, the government authorities have their hands and eyes set on Greater Noida. Already known as the industrial and educational hub of NCR, Greater Noida has been witnessing real estate development for the past few years.Major realty players have been coming up with residential, commercial and commercial-cum-residential projects in the area. There is scope for development in this region as it was untapped for decades. Names such as Supertech, Jaypee, Amrapali, Cosmic Group, Ajnara, Saya, KVD, ACE, Gaur and many more are all getting geared up with their projects. Many developers have already delivered their projects and families have moved in, few are still under construction and a major chunk are launching new projects.Ashok Gupta, CMD Ajnara India Ltd says “Greater Noida, at present is the best deal for investment. There is ample space and scope for improvement, specially with the kind of infrastructure development it has been witnessing – be it metro connectivity, education or health, etc., in the past few years. Due to this Greater Noida is expected to become the first choice of every modern day investor.”This rapid paced development has pushed the government authorities to work on the infrastructure development. After the development of roadways and electrical sub-stations, chairman GNDA believes that metro will boost projects in Greater Noida (West).
Rama Raman, CEO Noida Authority and chairman Greater Noida and Yamuna Authority said, “At present, we have four metro projects – Noida City Centre to Sector – 62 (6.7 km), Kalindi Kunj to Botanical Gardens (3.9 km), City Centre to Bodaki (30 km) and Sector 71 to Greater Noida West (7 km). We have sent the proposal of City Centre – Greater Noida to the state government for final approvals.”It is also been said that the state and central governments will share 50–50 per cent financial burden on this project. “As several housing projects are being launched in Greater Noida (W), the Metro project will give a boost to the other development projects in the region,” Raman added.With this kind of quick development, the demand for electricity will also increase manifolds in the region. In view of this, the Authority has planned to give Rs 500 crore to the electricity department to upgrade the power supply.Gone are the days of modern or luxury facilities, today’s developer is stressing upon using the provided infrastructure and giving its best. They are coming up with ultra-luxurious, seven star facilities in their projects, where you have everything under one roof.With the proposed developments, the need for safety and security also increases. And the authorities are all set for the challenge. Putting light to this, Raman added, “We have asked the state government to provide us with 80 traffic constables and sub-inspectors. In total, we have demanded 500 constables. CCTV cameras are being installed at traffic signals. With this, traffic and security arrangements would be better.”
Source : http://content.magicbricks.com/infrastructure-upgrades-get-priority-in-greater-noida/
Gurgaon : Two persons were killed and two others injured when members of a rival group opened fire at them at Behrampur village in the district today.The violence is a sequel to a long-standing dispute between two groups over a small chunk of land.The deceased have been identified as Kulbeer and Jagminder and those injured are Bijender and Ajay.Bijender is said to have received serious injuries on his chest and abdomen.The deceased were being taken to a private hospital when they succumbed to the injuries.Gurgaon Joint Commissioner of Police Vivek Sharma said an FIR had been registered in the case and 10 persons had been booked.Three of the accused, identified as Daya Chand, Mohinder and Deepak of Behrampur, have been arrested.
The other accused are absconding. The police have constituted five teams to nab them.The two groups were locked in an intense dispute over a piece of land located in the village for four years.A number of panchayat meetings were convened by the villagers to resolve the issue, but to no avail.The victims had assembled in the courtyard of a friend’s house in the afternoon.The accused, armed with guns and country-made weapons, made a sudden appearance and attacked them.Meanwhile, Behrampur is tense following the incident. A police officer said the situation was under control.
Source : Tribune News Service
Gurgaon : A manifold increase in the value of land in Gurgaon, especially in the last about eight years, has helped many to reap rich dividends, but the flip side is the erosion of social and cultural norms and spurt in crime.The sleepy and dusty villages which were earlier part of the hinterland and rank rural belt have now become a part of the booming Gurgaon urban estate, courtesy the entry of private colonisers and urbanisation pushed in by the state.The cataclysmic effect of this all is an exponential appreciation in the value of land. Although Gurgaon’s urbanisation started late in mid-eighties, it picked momentum in the nineties. Thereafter, the pace has been breathtaking, especially after the Congress came to power in 2005.Jagdish Singh of Ghata village, who is a beneficiary of the boom in land value, said traditionally, Gurgaon was not strong in agriculture as the area was sandy. Coupled with lack of industrialisation, the populace was generally not well off financially till the late eighties.However, with urbanisation, the government started acquiring agricultural land. The huge financial compensation to the farmers and landowners sent excitement among the people. With the passage of time, the compensation money increased due to period revision in circle rates.It was a blessing from the sky to the farmers and landlords when private colonisers commenced business here. They latter include the DLF, Unitech, Ansals, Ram Prastha, Vatika, BPTP, Shobha Builders and MGF EMAAR, to name a few.
While in the mid-nineties compensation to the farmers was in the range of Rs 1.5 lakh to Rs 2.5 lakh per acre, the amount increased gradually. However, the private builders now purchase land at whopping market rates.They range from about Rs 4 crore to Rs 13 crore per acre. For example, a private firm has recently purchased land at Rs 13 crore per acre in Behrampur village.Ram Dhan of Kakrola-Bhagrola village, who had windfall by the sale of his agricultural land said realtors and middlemen and brokers working as agents of private builders made a fast buck on account of hefty commission running into crores.With business in real estate becoming a money-spinning vocation, every second man in villages, albeit lacking formal education and vocational degrees, took to it. Thousands of realtor offices mushroomed in Gurgaon.With land value hitting the roof and accommodation becoming dearer, landowners in villages make money by letting out their premises to those in the low income group, including labourers, at high rates. Although Silokhra, Sukhrali, Ghata, Jharsa villages stand out, the examples are aplenty.The other side of the story is disturbing. With fast and ready money in hand, men, especially the youth, appear to have taken to bad ways.They are convinced that formal education beyond the basic level for a decent livelihood is unnecessary.
Lack of formal education among the younger generation has made them brash and headstrong.More often than not, youths in villages live life in the fast lane on account of windfall to the family. No wonder, a large number of glitzy liquor vends and restaurants have sprung up.However, with agricultural land gobbled up in the process of urbanisation, they have no other avocation left. They are ciphers in the job market. Hence, the shortage of lucre after having burnt holes in their pockets drives them to all kinds of crime.Although there are umpteen villages where agriculture land has vanished, Jharsa, Gawal Pahdi, Ullawaas, Ramgarh Dhani, Badshahpur, Tikri, Fazilpur, Shikohpur, Nawada, Naharpur can be cited as examples.Other social evils the money contributed to is the deepening of the dowry system and ostentation on social occasions. Also, the land mafia has become active. It indulges in poaching of land and illegally set up colonies.
Source : Tribune News Service
GURGAON: The conversion of Golf Course Road into a high-speed corridor can proceed at full throttle after the biggest hurdle in its way was removed.An underground oil pipeline that had stalled work for a year will be shifted into a utility corridor that is being built under the new road, a senior executives of engineering firm IL&FS, which is in charge of the project, said. The pipeline, from Mumbai to Bijwasan, converges with the project path near the Genpact crossing and runs along the rest of its length, which is about 4km. “It took over a year to complete the process (of shifting the pipeline). Finally, it has been cleared,” IL&FS executive said.The new road, a 16-lane high-speed corridor that connects NH8 to sectors 55 and 56, was planned at a cost of nearly Rs 400 crore but delays have raised the estimate to Rs 600 crore. Work has started along various stretches but the presence of the pipeline did not allow any substantial progress. The existence of the pipeline was pointed out by the project consultant in the planning stage. It starts from the sector 43/42 intersection, which is near the Genpact crossing.
“The pipeline runs in a zigzag manner along Golf Course Road till the sectors 55 and 56. It will be shifted into the utility corridor of the project,” the executive said. The utility corridor will also have power cables which at present are along the road. “Because of pipeline, no digging has been done on the left side of the road. That work will start now,” the IL&FS executive added.The project is being jointly carried out by HUDA and IL&FS. Work to shift the pipeline will be done by the oil company. A senior HUDA official said, “The oil company has been informed about the shifting of the pipeline and we have also secured its in-principle approval to start work in a phased manner.”The high-speed road will be fully integrated with the Rapd Metro network, which will reach sectors 55 and 56 in the second phase.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Pipeline-shift-clears-way-for-new-Golf-Course-Road/articleshow/26118307.cms
NOIDA: In a move that will aid buyers in choosing legally sound projects, the Noida, Greater Noida and Yamuna authorities are planning to upload details of all builders constructing housing projects on their official websites. The decision was taken after Uttar Pradesh chief minister Akhilesh Yadav directed the authorities to ensure protection for buyers and design a route to evade property-related cheatings.The chairman of Noida, Greater Noida and Yamuna Expressway authorities, Rama Raman, said directions have been issued to start the process to buy server space for the websites to upload property-related details.Aggrieved buyers have been demanding for a long time that details of all builders’ projects should be made available online. “Checking legality of land and developers projects would be just a click away. We have planned to upload all land ownership and title-related details on our website. Apart from that, lease deed conditions, status of sanctioning building layout plan and other NOCs and notices issued to developers will also be uploaded,” said Rama Raman.“We have also asked the developers to upload the sanctioned layout plan copy and other approvals on their company websites as well,” Raman added. “We hope to complete the entire process by the year end,” said Manoj Rai, OSD, Noida Authority.“The region has become a den for land sharks who have been cheating innocent investors. Even though several property frauds have been committed, they have hardly been reported due to laxity by police and authorities,” said a homebuyer.
Developers have welcomed the decision and hope this would be a great step towards ensuring transparency. “This move will instill confidence in the real estate sector. Now buyers will be able to identify genuine developers from fraudulent ones. Apart from that, this decision will increase the faith of investors in the real estate market in this region,” said Vijay Gupta of Orris Infrastructure.“This move will undoubtedly be a significant tool for all prospective buyers to understand the nature of projects in a better manner. Incomplete information is more harmful than no information. Hence, availability of information on authorities’ website would enable buyers to take a better decision towards their investment,” said Brijesh Bhanote, director (sales & marketing), The 3C Company.The association of developers, CREDAI, now hopes to get NRIs to invest in the projects. “An investor sitting kilometres away from Noida would be able to check the legality through authentic government websites,” said RK Arora, CMD Supertech and vice-president CREDAI (Western UP).
Source : http://timesofindia.indiatimes.com/city/noida/Builders-details-to-be-uploaded-on-government-websites/articleshow/26057925.cms
Chandigarh : Close on the heels of Chief Minister Bhupinder Singh Hooda’s “sop opera” at the Gohana rally, decks have been cleared for regularisation of 743 illegal colonies.The last legal hurdle in the implementation of the populist decision ahead of next year’s Lok Sabha and Assembly elections has been removed with the Punjab and Haryana High Court recently dismissing a petition challenging Haryana Government’s decision to regularise illegal colonies.During the recent monsoon session, the Assembly passed the Haryana Vidhan Sabha Haryana Management of Civic Amenities and Infrastructure Deficient Municipal Areas (Special Provisions) Bill, 2013, to notify such areas and provide essential services there. The main criteria for the declaration of “civic amenities and infrastructure- deficient municipal areas” was that construction had taken place on more than 50% plots prior to June 30, 2009, and a resolution to this effect was passed by the municipality concerned and recommended by the competent authority concerned.Earlier, the government had identified 1,340 illegal colonies across the state. “However, 543 illegal colonies had already been notified for regularisation and another 200 had been recommended for regularisation,” P. Raghavendra Rao, Principal Secretary, Urban Local Bodies, told The Tribune today.
The state government has approved policy parameters for the regularisation of plots in the “civic amenities and infrastructure deficient municipal areas”.
Officials said a regularisation fee of Rs. 250, Rs. 200 and Rs. 150 per square yard for areas falling within the limits of Municipal Corporations, Municipal Councils and Municipal Committees, respectively, would be charged. Besides, development charges would be collected at the rate of Rs 200, Rs 150 and Rs 75 per square yard for the areas falling within the limits of Municipal Corporations, Municipal Councils and Municipal Committees, respectively. The regularisation would be primarily for residential purposes.However, small shops (up to 50 square meter plot area) situated within the declared area would be considered for regularization. Regularisation fee for shops or establishments would be five times the regularisation fee for residential plots.Integrated shopping complexes or malls and plotted markets would not be regularised, the officials highlighted. The amount collected by way of regularisation charges would be invested for carrying out development works in the declared areas.
Charges for regularisation
-543
illegal colonies notified for regularisation; 200 recommended to
government for regularisation
-HC
dismisses petition challenging the regularisation of illegal
colonies
-Rs
150 to Rs 250 per sq yard regularisation fee to be
charged
-Rs
75 to Rs 200 per square yard development charges also to be
levied
Besides
residential plots, shops up to 50 sq yard also to be
regularised
Source : Tribune News Service
GREATER NOIDA: If plans of Yamuna Expressway Authority go as envisaged, the region will be the first traffic signal-free part of the Delhi-NCR. The Authority has designed roads and made the traffic management system in the exact manner stated in the Master Plan 2031 so that motorists do not have to press brakes and wait for traffic signals to turn green at every intersection and T-point.Authority CEO PC Gupta said that before planning the Yamuna Expressway region, state government officials thoroughly studied plans of cities like Chandigarh and Greater Noida and its positive and negative implications.“We concentrated on loopholes of these two cities so that the same mistakes would not be repeated in planning the Yamuna Expressway area,” Gupta said. “There would be separate roads for villages and planned sectors. Apart from that, the villages would be connected by peripheral roads, which in turn would lead to the main roads. Similarly, residential, commercial, institutional and industrial sectors would also be connected to the arterial roads,” Gupta added.
Real estate players are confident that this new feature will leave a positive impact on the market. “In an era when in several cities residents have to wait hours to cover a distance of a few kilometres, a traffic signal-free city is an innovative idea,” said Amit Gupta, managing director of Orris infrastructure and member of Assocham.“This region already has world-class infrastructure. With the city being traffic free, it will become a model for other planned cities of the country,” said Anil Sharma, president CREDAI (NCR) and CMD Amrapali group.“To avoid traffic signals, we have planned to develop roundabout at intersections and T-points. There would be a provision of two service lanes along the main road for local traffic,” Gupta said.Before planning this region, officials thoroughly studied plans of cities like Chandigarh and Greater Noida and its positive and negative.
Source : http://timesofindia.indiatimes.com/city/noida/Yamuna-e-way-region-to-be-a-signal-free-run/articleshow/26015920.cms
NOIDA: The Noida Authority is likely to launch its much-awaited scheme for allotting 866 flats in the first week of December. Officials said that as part of the scheme, there will be 41 flats for middle-income group (MIG), 47 for high-income group (HIG), 143 for low-income group (LIG), 150 for economic weaker sections (EWS) and 485 for Shramik Kunj categories. These flats are located in Sectors 67, 73, 93, 99, 100, 110, 122 and 135.The Authority identified these 866 unallotted flats, which are lying unused for many years, after conducting a survey for about a month. “The flats will be allotted through the lucky draw system,” said Singh. This is the first time after 2006-07 that the Authority has come-up with a residential flat scheme.Officials said even the rates of flats have been finalized. “MIG flats will be available for Rs 59 lakh, HIG for Rs 1 crore, LIG for Rs 37 lakh, EWS for Rs 9-10 lakh and Shramik Kunj for Rs 4.7 lakh,” said a senior Noida Authority official, adding that this will most probably the last flats scheme.
The scheme was delayed as the finance department was taking time to finalize the rates. “The exact date of issuing forms for the scheme will be decided after the board meeting scheduled on November 20. But we will launch this scheme probably in the first week of December,” said Akhilesh Singh, deputy CEO, Noida Authority.Officials said there may be 50% reservation for local farmers, industrialists and Noida Authority employees. However, the Authority is yet to take a final call regarding this.Meanwhile, the Authority will launch another scheme of 501 shops in its mega Transport Nagar project being developed in Sector 69. This scheme was supposed to be launched on October 15, but due to the protest call by transporters and farmers it was delayed. The size of the shops is 120 square metres and meant for office and commercial purposes.
Source : http://timesofindia.indiatimes.com/city/noida/Noida-Authority-to-allot-866-unused-flats-in-December/articleshow/25957175.cms
NEW DELHI: The inter-ministerial committee set up to fast track the much-delayed Delhi-Jaipur expressway has zeroed in on two options to make the project viable.The highways ministry may either allow the developer to collect the toll from the adjacent Delhi-Gurgaon and Gurgaon-Jaipur highway stretches or, the expressway could also be built via the engineering, procurement and construction (EPC) route, using funding from multilateral agencies, if necessary.The department of economic affairs will look into whether the government can get the amount of money required to finance the project through EPC route, said a senior highways ministry official. The concession for the Gurgaon-Jaipur stretch will expire in March 2022 while that of the Delhi-Gurgaon stretch will expire in January 2023.Once these concessions expire, the expressway developer can collect toll from these highway stretches and would have to augment or upgrade the highway as well thus eliminating the aspect of competition between the two projects.The ministry is also mulling that no revenue would flow to the government during the construction period as per a new model concession agreement that would be created for this project.
Under this option, the ministry expects that it would not be necessary to provide any viability gap funding to the developer by the government. The total project cost in this case for the concessionaire would be around Rs 9,000 crore.The highways ministry is also planning to market the project overseas through road shows once all clearances are in place to attract foreign investors in light of the near zero interest of Indian private players in public private partnership (PPP) highway projects.“In addition, we are also looking at the EPC route to build the project. The DEA has to see if they can open a window of borrowing of this magnitude. They have asked for time to do this,” said the official.Building the project via EPC would require about Rs 7,500 crore (excluding cost of land acquisition, resettlement and rehabilitation and so on). In total, the project would cost about Rs 14,000 crore. “After building the project on EPC, it would be given out for operation and maintenance, and the investment can be recouped through the toll collection. If government does not have the money, we could borrow from multilateral agencies like World Bank or ABD who lend at concessional rates and they can be repaid from the toll revenue,” said another official aware of the development.
Source : http://m.economictimes.com/news/economy/infrastructure/govt-mulls-options-to-get-delhi-jaipur-expressway-on-track/articleshow/26005741.cms
GURGAON: Outsourcing giant Convergys has left its iconic ship-shaped building in Cyber City and moved to a new office on Sohna Road after rents in the IT hub appreciated sharply in anticipation of Rapid Metro’s launch.Convergys didn’t renew the lease for its office in DLF Atria, whose rent shot up 33% in recent months to Rs 107 per sqft, industry insiders said. The standard rent for office space in Cyber City before this was Rs 80 per sqft.In contrast, office space on Sohna Road is available for Rs 40 per sqft. Touted as the next hot property on Gurgaon’s real estate map, Sohna Road has more than just low rents working in its favour.It is close to NH8 and has state-of-the-art office space, though it can’t compare with Cyber City yet in terms of connectivity.Convergys, which provides outsourcing services to fortune 500 companies across the globe, was one of the first BPOs to set up base in Cyber City. It moved into the multi-storeyed 2.40 lakh sqft DLF Atria nine years ago and has over 5,000 employees.
A senior DLF executive said the real estate major had struck a deal with an international oil company to rent out Atria for a whopping Rs 25 crore per annum before Convergys decided to leave. Convergys could not be contacted for its version despite several attempts. “Rentals are going northward because of improved infrastructure and Rapid Metro’s last-mile connectivity that gives cutting edge to Cyber City,” said a senior DLF executive handling the office-space vertical in Gurgaon.In Cyber Park, over 1 lakh sqft in different properties owned by DLF is up for grab. Real estate market watchers are not surprised by Convergys’ exit from Cyber City. “A lot of big corporates are now looking for SEZs, where the rents are low and the facilities better,” said a senior executive of Cushman Wakefield.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Cyber-City-rents-soar-BPO-major-moves-out/articleshow/26015752.cms
JAIPUR: The empowered committee constituted by the apex court to examine the development of the Pink City took cognizance of the Diamond Hill housing project. Gayatri Devi had also protested against the state government regarding this project as she wanted to develop a park on that land.The Jaipur Development Authority recently issued 54 land deeds on 31,000 sq m of area and after that the developer went ahead and started leveling the ground. The residents protested that the recent development is against the wishes of Gayatri Devi, who wanted to have a park here and develop the area as a green belt.On November 11, the committee secretary, Ram Nivas Meena wrote a letter to Sanjay Nagar, secretary, Kacchi Basti , saying that the factual report has been sought by the JDA and JMC officials in this regard.“The work has forcefully been started with the help of goons and protestors are living under threat. Despite several attempts, the senior police officials are not willing to meet. The property is owned by the trust and should be used as per the wish of Gayatri Devi,” said Vimal Chaudhary, an advocate.
According to the local residents, the sale agreement of land to Meena Housing Society (MHS) was revoked in 1995 under the clause of non-payment. Later, Gayatri Devi asked the JDA to develop a park and even wrote to former CM Vasundhara Raje. “Objections were issued, raised and invited on this cancellation but MHS ignored it. Now, after nearly 33 years, they came out of slumber and wanted to construct houses here,” said a local resident.However, the society maintained that they have all the legal documents to claim the title of the land. “Residents are being provoked and are unnecessarily creating an issue. Housing society has every legal right and after examining thoroughly, the deeds were issued by the JDA,” said Ratensh Kumar Pokharna, secretary of Diamond Hill housing project.
Source : http://timesofindia.indiatimes.com/city/jaipur/Committee-to-look-into-housing-scheme-at-Moti-Doongri-foothills/articleshow/25910598.cms
NEW DELHI: Kaushalya InfrastructureBSE 4.86 % today said it has received orders worth Rs 138.39 crore along with its subsidiary for constructing two residential projects in Rajasthan.The Kolkata-based firm said in a BSE filing that said it has been awarded the contract by Rajasthan Government for constructing a housing project estimated to be Rs 51.65 crore.“The housing project issued by the Rajasthan Awas Vikas Nigam Ltd, a Government of Rajasthan Undertaking, will require construction of EWS, LIG and MIG units under public private partnership model,” Kaushalya Infrastructure said.Flare Realty Enterprises, a step-down subsidiary/ associate of the company, has also secured its first order worth Rs 86.74 crore for development of new township in Sadarsahar, Rajasthan on 110 hectares Nagar Palika Land under ” Rajasthan Township Policy, it said.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/kaushalya-infrastructure-subsidiary-get-rs-138-cr-order/articleshow/25986613.cms
GURGAON: Power discom Dakshin Haryana Bijli Vitran Nigam (DHBVN) has issued notices to sixteen leading builders for deficient power infrastructure in their housing and commercial projects in Gurgaon, asking them the reason for not setting up the required number of sub-stations.These large private housing societies at present procure bulk power from the DHBVN but don’t have adequate number of sub-stations of right capacity to convert it into low-voltage electricity to be supplied to the houses, burdening the discom’s infrastructure.The list of the builders who have been issued notices, a copy of which is with TOI, includes Unitech Ltd, Malibu Estate Pvt Ltd, JMD Limited, Parsvnath Realtors Pvt Ltd, Vipul Infrastructure Pvt Ltd, Suncity Projects Pvt Ltd among others.
Confirming the move, DHBVN superintendent engineer Sanjiv Chopra said, “All the sixteen builders have been issued notices and we are waiting for their individual response.”Speaking to TOI, a senior official of Malibu Estate Pvt Ltd said: “We have already replied to the DHBVN notice. The estimate of setting up a 33 kV sub-station has been submitted to the discom and awaiting its approval.” The cost of setting a sub- station would be around Rs 2 crore. The 204-acre Malibu Town in Sector 47 has over 2500 houses including luxury units and multi- storey apartments.“The DHBVN has issued us a notice and we are complying with the power infrastructure guidelines in our housing projects.” an executive of JMD Limited said.
The discom had earlier this year approached the Punjab and Haryana high court and Lok Adalat against the builders’ failure to set up enough power sub-stations. “The delay on their (builders) part in setting-up sub-stations has further burdened the discom’s infrastructure,” said a senior DHBVN official.Some builders, however, said that unless the townships are fully occupied, installation of 33 kV sub-stations will not be of much benefit. “Before asking us to set up expensive sub-station and other infrastructure, the DHBVN must be able to fulfil 90% power demand of the private housing colonies,” said a senior executive of another prominent builder.In an email query to Suncity Projects, which claimed to have adequate power infrastructure in its township In Sector 54, the company’s spokesperson said that five sub-stations of 11kV each have been installed at the township and that there is no power deficiency.
When asked, a spokesperson of Parsvnath Realtors Pvt Ltd said: “We have not received any notice from the DHBVN. We have a sanctioned power load of 4500 kV from the discom, which we get through high-tension lines, and convert it into low-voltage electricity at our four sub-stations before supplying to consumers at our housing societies.”
Notice served
Malubi Estate – Sector 47
Suncity Township – Sector 54
Parsvnath – Sector 48
JMD – Sohna Road
Saraswati Kunj Colony
(under state govt administration) – Sector 53
Source : http://timesofindia.indiatimes.com/city/gurgaon/Sixteen-top-realtors-get-notice-for-deficient-power-infrastructure/articleshow/25917518.cms
New Delhi: After a wait of almost two decades, a man will finally be able to get his dream home from Delhi Development Authority, thanks to intervention by a Delhi consumer forum. The court pulled up DDA for its non-serious and casual approach and directed it to allot a flat to Harvansh Malik in the same area where he was allotted a flat in 2001 but denied possession on account of a slip-up by the agency.Malik, incidentally a DDA employee himself, was first allotted a flat in 1993 but a confusion over mode of payment led to its cancellation. The complainant alleged the allotment letter issued to him on September 25,1993, did not mention that the payment had to be made on cash down basis. The demand letter issued to him in October 1993, however, stated it had to be made in one go. Malik requested for the payment mode to be changed but his request was kept pending for a long time and ultimately cancelled.
In March 2001, Malik was allotted a flat in west Delhis Peera Garhi. However, the allotment letter was sent to a wrong address and returned undelivered. Fed up with a long wait, Malik enquired about the status of the flat and was told it was cancelled. The district consumer forum found serious fault with the manner in which the flats allotted to Malik in 1993 and 2001 were cancelled.DDA has committed serious deficiency and shown negligence in not considering the request of the allottee for change of mode of payment from cash down to hire purchase, the district consumer forum said. The bench comprising president Narendra Kumar of Consumer Disputes Redressal Forum VII slammed DDA for its arbitrariness in not even considering Maliks request for conversion of mode of payment.It appears no efforts were made to find out the correct address of the complainant who was an employee of DDA, the court noted. It directed the DDA to allot a new flat to Malik within 30 days in the same location but dismissed Maliks plea of seeking the flat at the same rate that was prevalent in the year 2001.
Source : http://epaper.timesofindia.com/
NEW DELHI: Residents of Alaknanda have filed a PIL questioning clearances given to a mall likely to come up in the cramped residential area of Alaknanda. The mall, spread over 7.3 lakh sq ft, is a commercial project of Reliance Eminent Trading and Commercial Pvt Ltd.This 3.6 acre-plot was allegedly meant for a sports and community centre, but the Delhi Development Authority sold it on a freehold basis for Rs 304 crore, a source said.The litigants—from a registered body called Citizens’ Alliance—are not just from Alaknanda but also from CR Park, DDA flats in Kalkaji, NRI Complex and GK-II. “Around 2,000 residents wrote to LG Najeeb Jung but we received no response. Has anyone considered how much air pollution will be caused by the mall? And why should the residents be exposed to it?” asked a member of the alliance.In the petition, residents have pointed out several discrepancies like DDA allegedly creating a “fictitious” road on map to justify how traffic can flow in the area once the mall comes up; violation of master plan; no ground-level air pollution study by the environment ministry to assess its impact on air quality, etc.The Delhi high court on Wednesday issued notices to DDA, DUAC, State level Environment Impact Assessment Authority, National Disaster Management Authority and others. The case will next be heard on January 15, 2014.
Source : http://timesofindia.indiatimes.com/city/delhi/PIL-against-mall-proposed-at-Alaknanda/articleshow/25854643.cms
NOIDA: In what could spell relief to thousands who take the narrow Kalindi Kunj bridge to commute between Delhi, Noida and Faridabad, Noida Authority is set to start work on an eight-lane bridge, parallel to the existing Okhla Barrage, in February next year.The Authority had recently received a go-ahead for the project from Central Water & Power Research Station, Pune, and Yamuna Action Plan. Estimated to cost around Rs 450 crore, the new bridge is expected to be ready in two years, once the Authority approves the project report and bids are called.The Kalindi Kunj bridge is the only link between Noida and south Delhi. It was built in the early 1980s when around 10,000 vehicles passed over it daily. In recent years, traffic on this route has grown and experts say the narrow road, which now caters to nearly 1.5 lakh vehicles daily, is no longer sufficient.To expedite the construction of the proposed bridge, the Authority had sent its estimate to IIT-Delhi last month for its nod. “We have received some queries put forth by the engineers at IIT-Delhi,” said AK Goel, chief maintenance engineer (civil), Noida. “We have replied to them and expect the clearances by the first week of December,” he added.The move came after the Yamuna Action Plan and Delhi irrigation department issued no objection certificates for the bridge. Once IIT gives the required clearance, tendering for the project will be initiated in December-end. The construction work is expected to begin in February 2014.
The proposed 575m long, 209m high bridge will be supported on 12 pillars and will have two carriageways of four lanes each. It will also have a central verge and pedestrian pathways on each side.According to an agreement between Noida Toll Bridge Company Ltd—which built and runs the DND Flyway—and Noida Authority, a competing facility is prohibited for 10 years. So, two years ago the proposal for the parallel bridge was floated. Noida Authority gave a green signal to the project in February 2011.CWPRS carried out a survey and hydraulic model studies for the bridge. Factors such as soil, river flow, water pressure, pillar strength, etc have been tested by the agency to ascertain the design of the pillars and the width of the bridge.In May, some amendments were made to the initial design of the proposed bridge. “Noida had proposed to construct the parallel bridge between Okhla Barrage and the upcoming Metro line, but after conducting surveys, CWPRS suggested that the parallel bridge be constructed 110m away from the line. The new bridge will now be located below the Metro line. A link road from the bridge to Mahamaya Flyover has been proposed,” Goel said.
Source : http://timesofindia.indiatimes.com/city/noida/Work-on-new-bridge-at-Kalindi-Kunj-starts-in-Feb/articleshow/25853906.cms
New
Delhi: Delhi government does not want Delhi Metro Rail Corporation
(DMRC) to take up any work for Metro network in Lucknow. The city
government has cautioned DMRC from taking up any interim
consultancy work, which may cause embarrassment to the organization
at a later stage.Sources said Delhi chief secretary Deepak Mohan
Spolia wrote a letter to the DMRC managing director last week
suggesting the agency not to make a commitment to the UP
government. The issue was also raised in the DMRC board meeting
last week.This will have direct impact on the timeframe that UP
government has proposed for completion of the first phase of 24 km
in the city. The delay to get even an interim consultant will mean
the projects deadline will get extended, said a government
official.UP government has approved the first phase of the Metro
project estimated at Rs 8,000 crore. The north-south corridor would
connect Lucknow Airport to Munshi Pulia.
The first phase of the project is set to be complete by 2016-17.Though DMRC officials confirmed receiving the Delhi government letter, they refused to comment. Spolia could not be reached.This is the second time Delhi government has opposed DMRC taking up work in UP. Earlier, the government had objected to DMRCs role in extension of two Metro corridors in Noida and Ghazaibad claiming that the corporation has too much work.In her letter to A K Antony, who heads the GoM on mass transit system, Dikshit said maintaining the Delhi Metro is a demanding task and diverting its resources may adversely affect its functioning.Delhi government has equal say in DMRC, like that of Central government, since the public sector body has 50:50 partnership.
Source : http://epaper.timesofindia.com
NOIDA: The Uttar Pradesh Lokayukta Justice (retired) NK Mahrotra on Tuesday said that there was no scam in the allotment of farmhouses bringing a sigh of relief to nearly a dozen Noida Authority officials.The Lokayukta’s findings contradict two other reports – one of former Noida chairman Rakesh Bahadur who had said that the farmhouse scam is of Rs 1,000 crore, and the other of local fund audit report that mentions it to be worth Rs 150 crore. the Lokayukta handed over his probe report to UP chief minister Akhilesh Yadav. “After thorough investigation, we found no scam in farmhouse allotments because the Noida board had fixed the rates at which plots were allotted,” Mahrotra said.“None of the complainants produced evidence to prove that former chief minister Mayawati was connected to the scam. Noida Authority has a process of fixing rates for land allotment and the same was followed to fix the rate of farmhouse plots. There were some minor loopholes but they cannot amount to a scam,” the Lokayukta said.The Lokayukta also slammed findings of Rakesh Bhadur and said if his version is taken into consideration then all old land allotments amount to scams.The scam pertains to allotment of about 150 farmhouse plots of 1,000 sqm in 12 villages to companies and individuals allegedly at throwaway prices and by flouting norms.
Source : http://timesofindia.indiatimes.com/city/noida/Mayawati-gets-clean-chit-in-Noida-farmhouse-case/articleshow/25662668.cms
NOIDA: In a major setback to two ambitious projects of Uttar Pradesh chief minister Akhilesh Yadav, not a single company has participated in the financial bid process. The two projects include Greenfield Expressway, a six-lane route proposed to be developed between Agra and Lucknow and the Night Safari project, which was mooted by Samajwadi Party chief Mulayam Singh Yadav.The last date to apply for the consultant bid for the Night Safari was November 15. However, due to weak response from developers Greater Noida Authority had to extend the date. “We have extended the date of participating in the bid for consultant to November 22,” said Leenu Sehgal, general manager (planning), Greater Noida Authority.Most of the companies are blaming law & order and massive corruption for not showing an interest in the projects. In October, Uttar Pradesh industrial and infrastructure development commissioner, Alok Ranjan, had claimed that work on the Night Safari project would start within three months after finalizing the consultant, but the proposal has now hit a major roadblock.In May 2012, the chief minister had given in-principle approval for the Night Safari on 102 hectares of land near Gautam Buddh Nagar University in Greater Noida. In August, the UP cabinet sanctioned the project. Originally proposed by Mulayam Singh during his chief ministerial tenure in 2005, the project was put on hold following a regime change in 2007 even though it allegedly had all clearances from Supreme Court and Central Zoo Authority.
The 270km six-lane Greenfield Expressway has often been referred to in Akhilesh Yadav’s speeches after UP’s regime change in 2012. However, lukewarm response from developers in the Rs 9,000 crore project has thrown a spanner in the works for the state government which plans to convert areas alongside the route into business hubs.Defending the situation, Uttar Pradesh Expressways Industrial Development Authority CEO, Mukul Singhal, blamed the recession. “It is a huge project and no company has come forward to invest currently due to recession. We will explore new options now,” said Singhal.Even law & order has become a major issue in Uttar Pradesh for investors. Recently, an Italian vehicle manufacturing company visited Noida and Greater Noida, but seeing the crime graph and corruption they put their investment proposal on hold. “Widespread incidents of lawlessness, multiplicity of authorities, corruption, political brinksmanship, labour unrest and communal riots are major factors for investors to shy away,” said an entrepreneur.
Source :http://timesofindia.indiatimes.com/city/noida/Developers-shy-away-from-dream-projects/articleshow/25781563.cms
GURGAON: The tall claims of the civic authorities of bolstering groundwater table in Gurgaon have fallen flat if one is to believe the findings of a study conducted by a team of students and teachers from Jamia Millia Islamia University in New Delhi.According to the study, water table in the corporation areas in the city has receded on an average of around 7 ft. Now, the water table depth in the city hovers around 280 ft and as per experts, after 600 ft, there is no water.The study was carried out by Dr Gauhar Mahmood, a professor in the department of civil engineering at the Jamia Millia Islamia. “As per samples collected in October, water table has gone down 7 ft in Nathupur and Sikanderpur. At the Biodiversity Park, the water table is down by 6 ft while in Gowshala and Rajiv Chowk, it is 5 ft,” said Mahmood.The study is a result of past eleven months of what Mahmood calls ‘micro level data analysis’. The team of researchers took data from the water harvesting pits of the municipal corporation to analyze the water table condition.The findings also point out to the fact that total extraction of groundwater from Gurgaon is much more than prescribed limits.
Last year, after the Punjab and Haryana high court banned the use of borewells at construction sites, HUDA has been supplying treated water to these sites. Now, it seems, the ban has failed to serve its purpose in preserving the groundwater levels in the city. Mahmood said: “The entire region has to invest in rainwater harvesting on large scale and authorities will have concertedly work on complete ban on the use of borewells or tubewells.”In Gurgaon the ground water extraction begins right at the time of construction. “The builders dig borewells for the construction and then the same borewell water is supplied to flat owners after the building is completed. Now unless civic authorities, like MCG and HUDA provide water to colonies residents would be forced to used tubewells.A district administration official said: “In Gurgaon over 100 borewells have been sealed and HUDA is supplying treated water from STP for constructions in the city. HUDA has been constructing rain water harvesting structures in residential and commercial areas.”
Source : http://timesofindia.indiatimes.com/city/gurgaon/Gurgaons-groundwater-recedes-to-average-7ft-Study/articleshow/25781619.cms
GURGAON: The district administration has been told not to register land in 42 villages, including some located in Pataudi, where illegal colonies have sprung up in violation of the Directorate of Town and Country Planning (DTCP) regulations.The enforcement wing of the DTCP, headed by Anil Dabas has prepared the list of villages and the properties and informed the district administration for taking necessary action. Dabas has also submitted the list of Khasra numbers and other land details to the DHBVN to ensure that electricity is not given to the illegal colonies. The district administration has been asked not to register the property in the land records. The land details have further been shared with the village-level committees.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Curbs-on-land-registry-in-42-villages/articleshow/25781784.cms
NEW DELHI: The Supreme Court on Wednesday said it will take up Mumbai’s Campa Cola society case on November 19.“We were badly disturbed by the development that is taking place at Campa Cola premises in Mumbai,” the Supreme Court said.“Apart from legal issues, there is also a human problem in the case,” the apex court said in its order.The court also agreed to consider a proposal to constrict a separate building in the premises for those whose apartments are to be demolished.The attorney general said that the BMC will give a new plan to allow building of new homes in lieu of the illegal flats. AG also told the apex court that space was available inside Campa Cola premises to raise new structure for houses.The SC has sought for fresh proposal from the AG by Tuesday.Earlier today, there were scenes of euphoria and bursting of fire crackers in the Campa Cola compound as the apex court stayed the demolition of unauthorized flats in the complex for six months.Shortly before the court order, the Brihanmumbai Municipal Corporation squad bulldozed its way inside the compound by breaking open the gate to gain access. They used an earthmover to topple the gate as residents tried to block the entrance.
Scuffles broke out between angry residents and police. Some residents alleged that police used force against women.Shortly after the court order, the civic staff began to make a retreat, leaving the residents to celebrate the reprieve.Fire crackers were burst to welcome the ruling, after the apex court took suo motu cognizance of media reports on demolition of the building and stayed the action and ordered the BMC to delay the demolition till May 31, 2014.In the ruling on Wednesday, the court has also ordered the BMC to take action against the builders.The apex court had earlier ordered BMC to demolish 96 flats across 35 illegal floors in seven buildings in the compound. The SC deadline to vacate the flats ended .The flats were built without the permission of BMC and hence were declared illegal. Over 100 families have been residing in the complex for the past 25 years.The residents of the Campa Cola compound have been waging a long legal battle since 2005 when they first went to court for water connection and regularization and the court ordered the then municipal commissioner to take time-bound action in the case.
http://timesofindia.indiatimes.com/city/mumbai/SC-stays-Campa-Cola-society-demolition-hearing-on-Nov-19/articleshow/25699835.cms
NOIDA: A day after sealing 16 properties, Noida Authority on Tuesday said it will recover lost revenue from defaulting allottees who had been earning between Rs 40,000 to Rs 80,000 per month from these shops located in prime city markets.The allottees of commercial properties owe about Rs 200 crores to the Authority. The shops had been allotted in 2000. In most cases, the defaulters paid only a few installments. Authority sources said that few of the allottees were running or renting the shops in connivance with few officials.This is the first time that the Authority has sealed properties and taken possession back from owners.
Source : http://timesofindia.indiatimes.com/city/noida/Crackdown-on-shop-allottees/articleshow/25662906.cms
November 14, 2013
Gurgaon : Rapid Metro-Gurgaon, the country’s first privately financed metro rail service, will be opened to commuters tomorrow. An announcement to this effect was made by Sanjiv Rai, MD & CEO, IL&FS Rail Ltd, here.Rapid Metro Gurgaon line will be opened to commuters from 6:05 am till 12:20 (midnight). Five fully automated trains with a frequency of 4 minutes would be run between six (currently five) stations.The launch of Rapid Metro Gurgaon is likely to boost connectivity within the cyber city. It is expected that about 30 per cent of the existing road traffic will move to Rapid Metro, thereby reducing travel time and traffic jams for commuters on the NH-8, Gurgaon and Delhi. Company officials said Phase I of Rapid Metro had entailed a cost of Rs 1,088 crore.
Source : Tribune News Service
NEW DELHI: National capital’s tony Khan Market is the most expensive retail market in the country even though its ranking worldwide has dropped two places to 28.Monthly rentals at Khan Market stood at Rs 1,250 per sq ft as of June, 2013, up by just 2 per cent from the year-ago period, according to global property consultant Cushman and Wakefield’s (C&W) report ‘Main Streets Across the World 2013′.When it comes to rental appreciation, Panjagutta in Hyderabad with 29 per cent growth is placed 8th in the list of global rental movement ranking of 2013.South Extension in New Delhi is at 17th position with an annual rental growth of 20 per cent. Kutuzovsky Prospekt in Moscow recorded the highest rental growth of 42 per cent.“In the global ranking of most expensive retail locations, Khan Market in New Delhi emerged as the 28th most expensive in the world, retaining its position as most expensive retail location in India,” C&W said.“India (Khan Market) however, dropped in the global ranking from 26th to 28th position due to the weakening of the Indian rupee against US dollar and largely stable rentals with limited increment in rental values in established retailing sectors,” it added.Hong Kong’s Causeway Bay has emerged as the world’s most expensive retail location, followed by New York’s 5th Avenue, as per the report that ranks the most expensive locations in the top 334 shopping destinations across 64 countries.Avenue des Champs Elysees in Paris is ranked third, while New Bond Street in London, Ginza in Tokyo are at 4th and 5th places respectively.
Khan Market witnessed high demand from retailers but due to limited availability and transactions, rental values have only seen a marginal increase, it said.
Commenting on the report, C&W executive managing director South Asia Sanjay Dutt said: “While retail rentals globally registered a slower growth of 3.2 per cent as compared to previous year on account of slowdown in economic uncertainties in the leading markets, the Asian markets saw a better average of rental increase at 4.5 per cent in the same period.”The economic risk remains for 2014, but conditions are expected to steadily improve across most markets, he said.“The retailers’ push towards the best and most sought after locations will continue. However, limited supply and higher rental costs will create obstacles for some brands, leading a number of retailers to look at alternative locations in close proximity to the main thoroughfares,” he added.On Indian retail locations, Mumbai’s Linking Road (Rs 750/sq ft/month) emerged as the second most expensive retail location in the country despite a correction of 11.8 per cent in rental over last year. Connaught Place and South Extension are third and fourth positions with a rental of Rs 725 per sq ft in a month.Bangalore’s Brigade road and Mumbai’s Linking Road stood at 6th and 11th positions respectively in the list of world’s top 15 markets to saw the sharpest retail rental decline.
Source : http://timesofindia.indiatimes.com/city/delhi/Delhis-Khan-Market-is-Indias-costliest-retail-market/articleshow/25712401.cms
Due to the buying spree in rural land, how much farmland has India lost? According to the ministry of agriculture, almost none.It says India lost 16,000 sq km, or 0.8% of her gross cropped area, in the 10-year period to 2010-11. The National Remote Sensing Centre (NRSC), in fact, says land under cultivation stayed constant in the last 10 years.Another number comes from the Census Department, which says area under urban use jumped by 24,000 sq km during the same period. Much of this would have been at the expense of rural land. “As cities grow, agricultural area around them comes down,” says a senior official of the National Remote Sensing Centre (NRSC), on the condition of anonymity as he is not authorised to speak to the press.Even this might be conservative. Micro-studies and anecdotal observations suggest the extent of loss of agricultural land is greater. In ‘Land Alienation and Local Communities: Case Studies in Hyderabad-Secunderabad’, a paper published in the Economic & Political Weekly in August 2007, V Ratna Reddy and B Suresh Reddy write: “Agriculture (has) ceased to be the main activity in all the 25 mandals in and around Hyderabad. The total sown area that has gone out of cultivation in these mandals is estimated at more than 90,000 hectares (900 sq km).”
The paper goes on to add that only 10% of the total sown area in the district is being cultivated. “Considering developments across Andhra Pradesh, the loss of cultivable land could be around half a million hectares (5,000 sq km) even by a conservative estimate,” it says. And this is just one state.According to Ramesh Chand of the National Centre for Agricultural Policy and Research, fertile lands being replaced by less fertile lands is one reason why the magnitude of this shift might be understated. NRSC data between 2004-05 and 2011-12 shows a decline in the areas of shrublands, grasslands, grazing lands, swamps and wastelands—poorer alternatives to fertile land if co-opted into farming.“Good land with high productivity is being reduced to banjar zameen (barren land). What about agricultural production?” asks Shiv Sena MP from Maharasthra Anil Patil, who estimates that areas around Pune have lost 20% of their agricultural land.
Source : http://m.economictimes.com/news/economy/agriculture/how-much-farmland-has-india-lost/articleshow/25607686.cms
Faridabad : Efforts of the Municipal Corporation Faridabad (MCF) to regularise the illegal water and sewer connections and mop up revenue from the exercise have failed to make an impact.The structures which have illegal connections continue to enjoy the facilities of the corporation. Consequently, they are not only cheating on the government by not paying a penny as end-users, they are also poaching on the utilities at the cost of law-abiding citizens.The lacklustre response of the defaulters to the drive is attributed to the interference by local politicians who do not want to antagonise themselves, apparently on account of vote-bank politics.Although the municipal body has no record, there are at least 1 lakh illegal connections in the city.The figure, however, does not take into account the areas where the corporation has not been able to lay water pipe and sewerage lines.The corporation launched a scheme to give rebate on installation charges if water and sewer connections were sought simultaneously.
Camps are being organised where the public could come forward and complete the formalities regarding the installations water and sewer connections.As per the scheme, an owner of 100 sq ft property would have to pay Rs 2,200 as installation charges if he opts for simultaneous connections. However, if the installations are sought separately, the total charge would be around Rs 3,500. However, the rebate differs as per the size of properties.Zonal Taxation Officer of the corporation Balbir Singh said in the camps held at various centres of the city from April to June, only 4,000 water and sewer connections were sought.
The corporation collected about Rs 78 lakh as revenue from the exercise.The camps are being organised again from the last week, but the response from the public remains tepid.Sources said even though the corporation had taken a policy decision to regularise the connections through the incentive scheme, it was not strict against the defaulters.Also, it has not set a deadline for the regularisation of the illegal connections.
Source : Tribune News Service
Lakhs of apartment owners across Haryana, including members of cooperative group housing societies, are up in arms against the new property tax regime notified by the state government last month.Apartment owners have alleged that they are being discriminated against regarding charging of property tax vis-à-vis independent plot owners.“An independent house owner having a plot area of 300 square yards in A-2 cities will pay property tax at Re 0.75 per square yard, which comes out to Rs 225 per year. A person owning a flat having a carpet area of 1,400 square feet will be required to pay property tax at Re 0.75 per square foot, which works out to Rs 1,075 per year,” said SK Aggarwal, general secretary of the Joint Action Committee of Cooperative Group Housing Societies, Panchkula.Aggarwal alleged that they were not given a personal hearing by the Surjewala Committee formed by the Haryana Government to rationalise property tax, resulting in the current anomaly. In fact, the new property tax regime had sparked off widespread resentment among flat owners, he alleged.It was a double whammy for flat owners as they were also supposed to pay for maintenance of streetlights, power transformers, water supply and internal road network, he added.
Meanwhile, terming the new tax regime as illogical and irrational, the action committee shot off a representation to Chief Minister Bhupinder Singh Hooda to intervene in the matter and rectify the anomalies in property tax.The Haryana Government recently came out with the new property tax formula on the recommendations of the high-powered committee headed by Parliamentary Affairs Minister Randeep Singh Surjewala.The notification approved the slab system and divided municipal corporation towns into two categories, A-1 (Gurgaon and Faridabad) and A-2 (Ambala, Panchkula, Karnal, Panipat, Rohtak, Hisar and Yamunanagar). Towns having municipal councils and municipal committees were categorised as B and C, respectively.Property tax was scrapped in 2010 by the Congress government. As a consequence, the Cente stopped the release of Central grants. The Hooda Government would now be eligible to get Central grants amounting to over Rs 750 crore after the imposition of property tax, which would be payable with effect from April 1, 2010.
Taxing property
-Apartment
owners up in arms against new irrational property tax
formula
-Apartment
owners to pay much more tax than freehold property
owners
-Coop
society owners never given personal hearing by Surjewala
Committee
-Apartment
owners urge Hooda to hold property tax notification in
abeyance
Source : Tribune News Service
The current slowdown in the Indian economy has impacted several sectors, including real estate. Apartment sales volumes have plummeted and inventories have piled up, creating an ideal environment for buyers to negotiate with developers.However, successful negotiations need to have a firm foundation of information and strategy
1. Knowledge of the current market situation
Currently, the biggest indicator one should be informed of is inventory levels, which play and important role in the dynamics of bargaining power across various cities. However, one must also understand how prices have moved in the recent past in order to keep flamboyant expectations in check.
High inventory levels
As per our proprietary REIS database, developers in Mumbai are holding on to inventory levels of close to 48 months. That is quite significant, considering that a comfortable level of inventory is around 12-15 months. Other tier 1 cities such as Delhi (with 21 months), Bangalore (with 25 months), Chennai and Kolkata (both with 17 months) are in a relatively more comfortable state when compared to Mumbai, although there are signs of pressure to sell in these cities as well.
Rates have not risen much versus inflation
Property prices have not risen much over the last 19 quarters (from 3Q 2008 until 2Q 2013) across major metros in India. In Mumbai, residential apartment prices have risen at a modest compounded annual growth rate of 4.3% during this given period. If we compare this with the wholesale prices inflation rate, which averaged over 7.0% during the same period, we realise that prices have actually fallen marginally. The situation in other metros such as NCR-Delhi (1.4%), Chennai (3.8%), and Bangalore (5.5%) is not too different. Therefore, it is imperative to keep expectations from a negotiation at a rational level.
2. Convert meaningless offers into meaningful cash discounts
In order to attract buyers in the currently difficult market, several builders are resorting to offers and freebies. Some of the recent examples of such offers include free 10-gram gold coin, waived floor-rise charges, free stamp duty registration, free memberships to club houses and amenities, free modular kitchens, international holidays, free cars, etc. Negotiators who do not see value in such offers can and should negotiate for better prices instead.
3. Enlist the help of an expert
Typically, buyers seek to avoid brokers because they wish to avoid brokerage fees. However, not all buyers are in a position to strike a good deal with builders or landlords. They could risk paying more than required, or winding up with an apartment in a bad locality and by a less-than-reputable builder. Buyers should explore all channels of transacting – brokers, online information sources as well as direct contact with owners, if possible. This will help evaluate one’s on-ground ability to strike a good deal. It may emerge that a good broker is actually a better bet.
4. Express interest
This is probably the most misunderstood aspect of a negotiation. It is a myth that expressing their interest in purchasing a flat puts one at a disadvantage at the negotiation table. In fact, buyers should clearly express their desire to purchase so that developer can seriously consider offering them a better deal. Builders treat genuine buyers very differently from idle information-seekers. Buyers should approach the negotiation table with their chequebooks, ready to pay a token amount and every assurance of serious interest if a good deal is offered.
5. Don’t attempt to time the market
There have been far too many victims of this syndrome in the past, both in the financial markets and in real estate. Builders are currently willing to offer good deals to serious buyers. Armed with sufficient knowledge about the current market situation and honed negotiating skills, buyers can leverage the current opportunities to purchase a house at good prices. While prices will correct to some extent in certain cities, no one can precisely predict the bottom.
Source : http://economictimes.indiatimes.com/markets/real-estate/realty-trends/checklist-to-buy-a-property-santhosh-kumar-ceo-operations-jones-lang-lasalle-india/articleshow/25587870.cms
LUCKNOW: With scant likelihood of funds being released by the government soon, Lucknow Municipal Corporation (LMC) is focusing on increasing house tax collection targets this year. The target for 2013-14 was decided at Rs 110 crore, but given the paucity of funds to carry out pending development work in the city, LMC is finding ways to improve the collection amount.The corporation has already sent proposals to the government to avail funds under ‘Samagra Vikas Yojna’ and ‘Infrastructure’ heads but they are stuck in procedural formalities. House tax is one major source of revenue which can address the problem to a great extent.While evaluating options, municipal commissioner, R K Singh took a stock of the tax payment status in Paper Mill Colony and Rafi Ahmad Kidwai ward. He was surprised to find that more than 50 huge non-residential (commercial/ institutional) properties in these wards had not paid taxes since 2010. These include malls, banks, offices and complexes.While enquiring with staff, he found that there were many non-residential properties in the city whose large payment had been pending for years, which if included could raise the collection amount by up to 30-40%. Singh said, “Many non-residential properties have evaded taxes since 2010 due to discrepancy with the corporation on tax-assessment. These if sorted out, can increase our target achievement this year by about Rs 45-50 crore.”
There are around 4.89 lakh taxable properties within the municipal jurisdiction, but unfortunately only half of them have paid taxes till date. With just four months in hand, it is a daunting task before LMC to achieve the target, leave alone assessment and increased collection from new properties.Out of 4.89 lakh, around 35-40 thousand units are non-residential properties which alone have the potential to achieve around 60-70% of the collection targets. But due to revision of tax rates from April 2010 onwards, most owners became reluctant to pay the increased rates. Few approached court for settlement; other simply avoided payment very year. Many cited discrepancies in their own assessment with that of the corporation.All these issues remained unsettled for long with LMC losing a large part of revenue in the form of tax every year. RK Singh has taken the matter seriously and instructed the tax superintendant to identify and prepare a list of such non-residential properties in all six wards on an urgent basis. The tax officials have been directed to hand-over the list to tax-collectors who can visit door-to-door, sort out issues and encourage them to pay taxes urgently.
Officials said that they are focusing on recovery from non-residential properties first as they are major tax-defaulters. There would be around 5000 such commercial properties which have not paid dues till date. Authorities have instructed tax-collectors to sort out all discrepancies in tax-assessment of pending properties and upload all self-assessment forms on LMC website. LMC has received around 2.5 lakh self-assessment forms ever since the rate were revised.
Additional municipal commissioner P K Srivastava said, “Earlier, many persons had complained about files or forms getting misplaced from our office resulting in confusion. We have decided to upload all self-assessment forms on a website to bring transparency to the system.” This would also be useful for ready reference by the top officials as well as the owner while solving the case.LMC has prepared a list of more than 160 non-residential properties across city in the first phase whose owners have chronically been tax defaulters. Officials have started sending notices to these properties to submit their dues soon; else their properties would be attached (kurki).Every year, LMC issues kurki notice to about 250-300 properties who are forced to pay tax to the corporation. Officials claim the number of properties which would be attached this year is going to increase due to the strict vigilance of authorities. Last year, LMC was able to recover Rs 90 crore as house tax.
Source : http://timesofindia.indiatimes.com/city/lucknow/Non-residential-properties-to-come-under-Lucknow-Municipal-Corporation-scanner/articleshow/25522919.cms
Residential rental yields across tier I cities in Asia have an interesting story to tell. While yields in India are higher than in Singapore, Hong Kong and Beijing, they are lower than cities such as Jakarta and Manila. Several factors are responsible — the local demand-supply situation, macroeconomic scenario, end-user demand, local land-related policies, etc.Does this yield variation in Asian cities clearly reflect the risk-return trade-off? The World Bank’s Registering Property index (part of its Doing Business index) provides some insights.The Registering Property index ranks India at 94 among 185 surveyed countries. China, Hong Kong and Singapore rank higher than India, while Indonesia and Philippines rank lower. Both Indonesia and Philippines are perceived as having relatively weak legal frameworks. This clearly shows that weakness in the legal framework is directly indicative of higher the risk – and therefore higher yield.This differential in rental yields is a crucial consideration for global investors. Higher yields in Asia might tempt them to invest while they have access to cheaper funds onshore. Local investors also benefit, because higher yields mean a rising rental value, offsetting moderated capital values.Asian vs Developed MarketsThe intra-regional comparison of various Asian cities reflects a logical differentiation between rental yields. However, the same logic does not seem to apply in developed markets. It is widely believed that emerging Asian countries are relatively more risky for realty investments than developed economies. Yet, the rental yields in emerging Asia do not reflect the relative risk-return differential.For example, rental yields in Mumbai, currently around 3.5 per cent, are lower than London, Tokyo and New York, all of which rank quite high on the Registering Property index. Despite stronger regulations and a better legal framework in developed economies, comparison with emerging Asian yields reveals a different picture. Lower penetration of financial markets, higher inflation and larger population creating a constant demand for housing could be reasons for this. Further, households in emerging nations generally prefer to channel a large proportion of their savings into assets such as gold and real estate. According to the Reserve Bank of India, the country’s household investments in physical assets are over 50 per cent of the total household savings. In the US, it is below 30 per cent.
Based on yields, global investors do display a degree of scepticism over investing in Asian residential property markets. However, domestic investors continue purchasing at lower yields purely for the capital appreciation (typically around 10 per cent p.a.).The question is, how long will this continue? Over the past few years, rental yields have been on a decline across tier I cities in Asia. So far, it has been the faster rise in capital values over rents that has led to a compression in yields.In Mumbai, yields have fallen by 50-90 basis points from 2007 to Q2, 2013. More recently, from Q1, 2011 to Q2, 2013, yields have risen moderately, owing to marginally higher growth in capital values.Rise in capital values occurred even when economies were slowing down. Mumbai has seen residential property prices surpass the previous peak of Q3, 2008, and they continue to remain high despite a slowdown in the Indian economy. This has led to concerns about affordability and overheating of the property market.In such a scenario, it is hard to foresee further price escalation unless the economies revive, or restrictions ease.In the near term, residential yields in Asian tier 1 cities will either stabilise or rise marginally as capital value appreciation begins to drag. Any or a combination of three possible scenarios could prevail in the near future:* Existing high capital values could instigate authorities to further step up efforts to curtail speculation, resulting in a price corrections — or at least stabilisation. Rentals would probably remain unchanged, thereby halting further yield compression.* Further rise in capital values could boost demand for rental housing, leading to increased rental values. This would stabilise yields if both capital and rental values grow in tandem.* An increasing number of individual investors hitherto focused on Emerging Asia could switch to investing in other regions (especially developed markets).Although the RBI has now curtailed investment by Indians into offshore property, many HNIs and non-resident locals in other Asian countries have already displayed such a preference. Such a trend can still lead to fall in domestic property prices, thus putting a floor to yield compression or fuelling gradual rise in yields.
Source : http://www.indianexpress.com/news/residential-rental-yields-in-asia-towards-stabilisation/1192631/0
Housing prices have jumped nearly three-fold on Dwarka Expressway in Gurgaon during the past five years to ~7,000 per sq ft but the slow pace of constuction of highway and litigation issues have become a major hurdle for growth of this corridor, property consultant DTZ has said.Property consultant DTZ in its report ‘Investment Hotspots in Delhi NCR’ said that average residential capital value on Dwarka Expressway has risen from ~2,426 per sq ft in 2009 to ~7,000 in 2013.The 18-km-long Dwarka Expressway, also known as Northern Peripheral Road, is a eight-lane expressway linking Dwarka-Gurgaon. It is being developed by Indiabulls group under public private partnership (PPP).DTZ said that Dwarka Expressway is one of the latest hotspots for real estate opportunities for home seekers and potential investors. Proximity to the national capital and IGI airport gives Dwarka Expressway an edge over other upcoming real estate destinations such as Dharuhera, Bhiwadi, Yamuna Expressway and Noida-Greater Noida Expressway.However, the consultant said that “the snail’s pace at which the construction of the expressway is progressing along with litigation issues with respect to land acquisition on a 4 km stretch of the expressway are proving to be major hurdles in the growth of the corridor”.
Prominent
developers like BPTP, Puri Construction, Raheja, Mahindra
Lifespace, Sobha Developers, Ansal Housing, Assotech, Paras and
Ramprastha have launched more than 50 projects on Dwarka Expressway
and are at various stages of construction. These projects range
from mid end to premium segment.“Between 2009 and 2013, the
location has witnessed the second highest number of project
launches, after new sectors in Gurgaon (in terms of number of
units). Approximately 18,000 residential units have been launched
in the last five years across 44 projects ranging from mid to
premium category,” it said.Dwarka Expressway is expected to receive
second highest number of housing units (about 24,160) between 2013
and 2018.With approval of Land Pooling policy by Delhi Development
Authority (DDA), which has unlocked substantial land for both
housing and commercial use in Delhi, the consultant said real
estate growth on Dwarka Expressway is expected to take a
hit.“Adding on to the growth inhibitors is the slow pace of
construction of the expressway and the litigation issues. In order
to realise the envisaged potential of this corridor, it is
essential for government to expedite the infrastructural
development which currently is at a nascent stage,” DTZ
said.
Aditya Birla Realty Fund invests Rs 125 crore in Tata
Housing’s dwarka project
NEW DELHI: The real estate fund of Aditya Birla Group has invested Rs 125 crore in a residential housing project being developed jointly by Tata Housing and Sidhartha group on the Dwarka Expressway in Gurgaon, two people familiar with the development said.The structured transaction is expected to give Aditya Birla Real Estate Fund an internal rate of return (IRR) of 22-24% over the next four years.CSN Estates, a company owned by Sidhartha group, has pledged the 49% stake it holds in the joint venture with Tata Housing for the Gurgaon Gateway project to Aditya Birla Real Estate Fund, these people said.The deal is structured in a way that if Sidhartha group is unable to give the fund the promised returns, the group’s stake will get transferred to the fund, one of these people said.Spokesmen for Aditya Birla Real Estate Fund and Tata Housing refused comment on the deal. Cushman & Wakefield, which was the advisor to the transaction, also declined comment. But Dharampal Dudeja, director ( finance) at Sidhartha group, confirmed the transaction.Last year, Tata Housing and Sidhartha group had signed a 51:49 joint venture to build a project on 20.8 acres. The land parcel is the first on Dwarka Expressway when one enters from Delhi and is very close to the international airport.
The land was originally owned by the local Gurgaon developer. “The two joint venture partners hope to earn revenues of around Rs 1,200 crore over the lifecycle of the project, which means Aditya Birla Real Estate Fund gets a cover of over Rs 500 crore on its investment of Rs 125 crore,” one of the people quoted earlier said. Tata Housing has already sold about 20% of the project in the first phase.Aditya Birla Real Estate Fund had recently invested Rs 75 crore in developer V Raheja’s residential project in Mumbai’s Andheri (West) area.In another transaction on Dwarka Expressway, ASK Property Investment Advisors had invested around Rs 150 crore in a residential project being developed by ATS Infrastructure.While Aditya Birla Real Estate Fund might have taken a bet on this project because of the Tata Housing brand, the residential real estate market has seen home sales slowing down over the last one year.The slowdown has been seen across most markets, including Gurgaon. With the economic slowdown and an uncertain job scene, buyers are shying away from the market.According to property research firm Liases Foras, close to 670 million square feet of residential space is lying unsold across the country, forcing builders to dole out discounts, as was evident during the festive season.The National Housing Bank’s residential housing index, Residex, shows that 22 of the 26 cities it tracks have already seen a decline in home prices in the quarter to June and prices are expected to fall further.Some correction in prices is already happening by way of freebies and promotions by developers.The secondary market, too, has suffered as investors who had invested in projects in Gurgaon and other parts of the country are finding it difficult to get buyers, even after offering deep discounts of up to 25%.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/aditya-birla-realty-fund-invests-rs-125-crore-in-tata-housings-dwarka-project/articleshow/25399819.cms
NEW DELHI: Luxury holiday homes in the hills are once again becoming an object of desire and India’s top real estate companies are ready to meet this demand, especially as the slowdown has eroded sales in urban markets. Entrepreneurs, retired industrialists and top executives are all looking to pick up a second home to get away from the hassles of city life.While small local developers have been offering homes in the hills in places such as Shimla, Kasauli, Nainital and elsewhere, it’s the entry of larger national players such as DLF and Tata Housing, besides others such as Fire Capital and Woodside Developments that has energised the market.Tata Housing has launched a gated project in Kasauli in Himachal Pradesh which will have 70 villas spread across 24 acres. The Myst villas are priced at Rs 3.5-8 crore. Woodside Developments is close to completing a project in Kasauli with 35 villas of 2,800-5,000 sq ft area and a clubhouse.Buyers include Dabur Group chairman emeritus Vivek Burman, Ambuja Cements chairman emeritus Suresh Neotia, Rajya Sabha MP and lawyer Abhishek Manu Singhvi, Arun Bharat Ram of SRF Group, Deepak Jain of Lumax Industries and Ram Sarvepalli, partner at EY. DLF has launched one project each in Kasauli and Shimla, where it is selling plots as well as homes.
“Luxury developments in the hills are the most sought after today as ideal holiday home destinations,” said Jaiwant Daulat Singh, director, Woodside Developments. The market has grown in the last few years as people have moved beyond beach destina tions for holiday homes.Gated communities in the hills are a new concept, said Rajeeb K Dash, head of marketing at Tata Housing. “People are looking for a contemporary lifestyle even in their holiday destinations.”Tata Housing has sold close to 20% of inventory in the first destinaphase of its Kasauli project, marketed as a mix of lifestyle and nature. “Ours is a biophilic design,” he said, which implies harmony with nature.Until recently, there weren’t too many options for buyers except for projects built by local developers where quality was an issue, said Mudassir Zaidi, national director, residential, Knight Frank India. “Now with some credible developers in the fray, people know what to expect.”Private equity fund Fire Capital has entered the segment with a luxury apartment project called Clouds’ End in Kufri, also in Himachal Pradesh, where apartment sizes have been deliberately kept small to bring down the ticket size —Rs 60 lakh to Rs 1.5 crore.Change in law helps buyersIn states such as Himachal Pradesh buying property isn’t easy for people from outside the state. They can, however, buy land from an agriculturist if they get approval under Section 118 of the Land Reform Act of 1972.The new Town and Country Planning Act that was put in place in September to replace the erstwhile Himuda Act of 2005 has brought more clarity to the transfer/conveyance of land and buildings for projects approved under Section 118. This means apartments in projects by developers which have approval under Section 118 can be bought by outsiders.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/top-realtors-like-dlf-tata-housing-fire-capital-rush-to-hills-to-tap-holiday-home-demand/articleshow/25467998.cms
NOIDA: A survey conducted by Central Ground Water Board (CGWB) in Gautam Budh Nagar has revealed that groundwater tables have receded by an average of 1m annually between 2008 and 2012. The report says that major factors for the decline are irrigation, consumption of groundwater by industries and paving of green areas that does not allow natural percolation of rainwater, apart from large-scale extraction for construction activities.The report adds that extraction of groundwater by Noida and Greater Noida authorities for potable supply to residents is also a major reason behind depletion. The authorities cumulatively extract 256.25 MLD water daily for supply.The report — a copy of which is with TOI — was prepared by the board upon directions of National Green Tribunal in a case which alleges that excessive groundwater withdrawal by developers in the region is responsible for its declining levels. The tribunal has already imposed a blanket ban on extraction of groundwater by developers on the petition filed by Noida-based environmental activist Vikrant Tongad.
The report has been prepared by comparing water table data collated from across six locations in two blocks — Bisrakh and Dankaur. The board collected the data either from peizometers or wells located in Sectors 62A, 63, 72, 92, Chauki and Dankaur. The sharpest decline in water level has been recorded in Sector 62A. Peizometer readings show that water table has fallen by 8.64m between November 2008 and November 2012.As part of the survey, the board also compared year-wise water table levels in pre-monsoon and post-monsoon periods of 2012 and 2013. Water tables have shown rapid declining trends in both cases in all locations surveyed.The board has suggested in its report that 75% of average annual rainfall in the region, around 45 million cubic meters of water, should be used for effectively recharging groundwater.
Source : http://timesofindia.indiatimes.com/city/noida/Groundwater-depleting-in-district-annually-by-1m/articleshow/25466199.cms
GURGAON: Chaos prevailed close to midnight on Thursday with the toll plaza authorities failing to clearly demarcate and cordon off the entry into the VVIP lane from the Delhi approach to the transit gates.As motorists approaching the toll plaza from Delhi followed the flow of the traffic into the VVIP lane, they were suddenly confronted with persons with talking sets, who placed plastic barriers just ahead of the toll booths.This brought traffic to a halt as commuters tried to reason with the persons manning the plastic barriers that vehicles should be prevented from entering the VVIP lane at the start, not when they were just at the toll booths.Unwilling to heed the arguments offered, the ‘staff’ said they were under instructions not to let any vehicle pass and dared commuters to summon the police when some of those stuck in the mess said the law-and-order authorities should be called.While tempers ran high between 11.30 pm and midnight, as the traffic pile-up steadily built up, commuters inured to daily jams began to protest the arbitrary action of placing barriers at the toll booths. After some time, the staff had to back off given the volume of traffic and sheer impracticability of what they were trying to do.
A motorist, Amit Kapoor, said, “There was huge pile-up. I had followed the cars ahead of me. After driving bumper-to-bumper for 20 minutes, I saw someone shooing the traffic to another lane.” The commuters were told the exit was reserved for VVIP movement.The midnight nightmare was resolved when the police intervened. When contacted, a DGSCL spokesperson said : “To help facilitate the passage of the delegates of the Asia Europe Meeting (ASEM) through the toll plaza, we have dedicated one lane on the Delhi to Gurgaon side and one lane on the Gurgaon to Delhi side for the delegate vehicles.” He also said the VVIP exits had been earmarked on the extreme right lanes and signboards have been put up to mark these as dedicated lanes. “These lanes will be dedicated for ASEM delegates till the 12th and traffic marshals as well as police have been stationed at the entry to the lanes.”Due to huge pile-up the traffic coming from Delhi had moved at snail pace and there were no-fixed rows to reach the different exit points. In normal course, the moving traffic joins the queues ahead of the toll counters. The absence of clear markings of VVIP exit point added to the chaos.In hurry to clear the toll the car owners kept moving ahead and majority of them inadvertently turned to the exit point on the extreme right side of the toll passage, which had been earmarked for the VVIP exit. When the commuters were told by marshals to move towards the adjoining normal exit it resulted in even bigger chaos. The confusion could have been avoided if the marshals had not allowed traffic to queue towards the restricted exit of VVIP.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Mess-at-toll-gates-clogs-expressway/articleshow/25462999.cms
NEW DELHI: Realty firm The 3C Company said it will invest Rs 3,500 crore on developing a mixed use project at Noida comprising a 5-star hotel and branded homes, to be managed by hospitality major Four Seasons Hotels and Resorts.In 2011, the Noida-based realty firm had announced its tie-up with Four Seasons for management of its 300-keys hotel and 180 branded residences, each costing up to Rs 20 crore.“We have got all permissions, including the environmental clearance, for mixed land use development. The project ‘Delhi One’ will have hotel, residences, luxury retail and office spaces,” The 3C Company Director Vidur Bhardwaj told reporters here while launching the Four Seasons branded homes.The investment on this project, spread over 12.5 acres, will be Rs 3,500 crore, he said, adding that private equity firm Red Fort Capital has invested in this project.About 3.5 million sq ft of area would be developed in this project, comprising 2 million sq ft of office and 3,00,000 sq ft of luxury retails.
“We will be selling these residences by invitation at Rs 22,000-26,000 per sq ft. The size of flat is about 7,500 sq ft,” Bhardwaj said. The project will be complete by 2016.The concept of ‘branded residences’ is catching up in India with many real estate developers launching such project in tie-up with hospitality chains and fashion/iconic brands.Earlier this year, Private equity firm IREO had entered into management agreements with Hyatt Hotels Corporation for branded ‘Grand Hyatt’ residences and a ‘Grand Hyatt’ hotel in its large township project in Gurgaon.In March, Superetch tied-up with Italian fashion brand Armani group for interior designing of 100 super luxury residences in one of its project at Noida.Recently, Mumbai-based Lodha Developers has also tied up with US-based Donald Trump to bring Trump branded residences in the financial capital.Realty firm Homestead has two luxury branded residences projects in Gurgaon –Michael Schumacher World Tower and Ballet by Sharapova.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/3c-company-to-invest-rs-3500-crore-on-mixed-use-project-in-noida/articleshow/25327482.cms
Property developers in India have launched a slew of incentives ranging from free holidays to Bali to cars during the country’s festive season in a bid to attract home buyers in a slow market.Property prices have come under pressure in India amid high interest rates, a slowing economy and unsold stock of homes in major cities in India. Twenty-two out of the 26 cities covered in a recent survey experienced falls in home prices between April and June compared to the previous quarter, according to data from the National Housing Bank.“This year, the residential real estate markets are slow in many cities, and are reaching a stage where only hard discounts will achieve any significant extra momentum,” said Anuj Puri, the chairman and country head of Jones Lang LaSalle India. “Freebies and schemes are the last line of approach for many developers – if these don’t work, they will have to mark down their prices to catalyze more sales.”The festive period, which includes celebrations such as recent Hindu festival Diwali on Sunday, is traditionally a peak time for home sales.HDIL, a Mumbai-based developer, is trying to tempt customers with cash discounts and free holidays to Malaysia, for some of its properties. It is also giving buyers a chance to win a Mercedes. Another Indian developer, Puranik Builders, is giving away holidays to Bali and Spain with certain purchases.
Other companies are offering free gold coins, cars, or waiving stamp duty and registration charges, as incentives to buy homes.
“Offering freebies is a time-honored marketing tactic used by many Indian developers to encourage sales during the festive period, which is more or less ‘peak season’ for the residential property market,” said Mr Puri. “Close to one third of a developer’s inventory tends to get cleared in this period alone; freebies and innovative financial schemes are seen as a way of upping the ante.”Lenders in India are also offering discounts for the festive season to lure buyers to the market. LIC Housing Finance, which is one of India’s biggest housing finance companies, has lowered its home loan rates by 0.25 per cent as a special festival offer.“I think there are customers that are still willing to buy,” said Hariprakash Pandey, the vice-president of finance and investor relations at HDIL.The new offers have generated significant interest, Mr. Pandey said. The company said that over a period of three days after launching the offers it received more than 3,000 phone calls, had 350 walk-ins at its site offices and converted almost 30 enquiries into bookings.
Source : http://www.worldpropertychannel.com/asia-pacific-residential-news/india-property-developers-property-prices-home-sales-national-housing-bank-interest-rates-residential-real-estate-festive-period-hdil-puranik-builders-lic-housing-finance-7603.php
NEW DELHI: Housing prices have jumped nearly three-fold on Dwarka Expressway in Gurgaon during last five years to Rs 7,000 per sq ft but slow pace of constuction of highway and litigation issues have become a major hurdle for growth of this corridor, property consultant DTZ has said.Property consultant DTZ in its report ‘Investment Hotspots in Delhi NCR’ said that average residential capital value on Dwarka Expressway has risen from Rs 2,426 per sq ft in 2009 to Rs 7,000 in 2013.The 18-km long Dwarka Expressway, also known as Northern Peripheral Road, is a eight-lane expressway linking Dwarka-Gurgaon. It is being developed by Indiabulls group under public private partnership (PPP).DTZ said that Dwarka Expressway is one of the latest hotspots for real estate opportunities for home seekers and potential investors. Proximity to the national capital and IGI airport gives Dwarka Expressway an edge over other upcoming real estate destinations such as Dharuhera, Bhiwadi, Yamuna Expressway and Noida-Greater Noida Expressway.However, the consultant said that “the snail’s pace at which the construction of the expressway is progressing along with litigation issues with respect to land acquisition on a 4 km stretch of the expressway are proving to be major hurdles in the growth of the corridor”.
Prominent developers like BPTP, Puri Construction, Raheja, Mahindra Lifespace, Sobha Developers, Ansal Housing, Assotech, Paras and Ramprastha have launched more than 50 projects on Dwarka Expressway and are at various stages of construction. These projects range from mid end to premium segment.“Between 2009 and 2013, the location has witnessed second highest number of project launches, after new sectors in Gurgaon (in terms of number of units). Approximately 18,000 residential units have been launched in the last five years across 44 projects ranging from mid to premium category,” it said.Dwarka Expressway is expected to receive second highest number of housing units (about 24,160) between 2013 and 2018.With approval of Land Pooling policy by Delhi Development Authority (DDA) which has unlocked substantial land for both housing and commercial use in Delhi, the consultant said real estate growth on Dwarka Expressway is expected to take a hit.“Adding on to the growth inhibitors is the slow pace of construction of the expressway and the litigation issues. In order to realise the envisaged potential of this corridor, it is essential for government to expedite the infrastructural development which currently is at a nascent stage,” DTZ said.
Source : http://economictimes.indiatimes.com/markets/real-estate/realty-trends/dwarka-expressway-sees-nearly-3-fold-jump-in-housing-rates/articleshow/25220084.cms
New Delhi: Allotment of prime land in Vasant Kunj to Samajwadi Party by the union government is under scanner of Delhi high court which has stayed further work on the site. Justice V K Jain directed status quo to be maintained on the 2.05-acre land on a plea by Airports Authority of India alleging the Centre arbitrarily revoked land allotment to it over 25 years ago and has now parcelleditoutto Samajwadi Party and two other political out fits.Seeking the urban development ministrys response on AAIs plea, Justice Jain directed AAI to also make SP a respondent in its petition since the Centre informed the court that it has already taken possession of one acre of the land in question.Appearing for the Centre, standing counsel Sumeet Pushkarna told court that allotment of land stood transferred to SP. However, the lease deed has not been executed yet since as per terms of the agreement the owner must first finish construction.
HC then directed that UD ministry wont execute the lease deed and demanded a comprehensive affidavit explaining why the land, which remained with AAI for half a decade, was transfer red to the political parties. In its plea, AAI apprised HC that the land was allotted to the director general, civil aviation, in 1985 to construct about 120 dwelling units to replace barracks situated in other residential areas.
It cited the memorandum of agreement and the allotment letter to claim total ownership of the land. Once National Airport Authority was formed a year later,theland andother assets stood transferred to it. AAI acquired everything after being formed in 1994.AAI claimed its predecessor took possession of the land in 1987 after paying approximately Rs 17 lakh. Arguing AAI had enough time to construct yet failed to build anything, the Centre cancelled the allotment in 2002. Despite repeated pleas by AAI that it needs land to accommodate its senior executives, UD ministry refused to change its stand and finally handed over the land to SP, the petition adds. Urging HC to intervene, AAI complained that the Centre has illegally cancelled the allotment despite being given the money for the land.
Source: http://epaper.timesofindia.com/
NEW DELHI: India’s eight major cities saw launch of 1.32 lakh homes during January-September 2013, up by five per cent from the year-ago period, according to global real estate consultant Cushman & Wakefield.These eight cities — Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR and Pune — had witnessed launch of 125,590 residential units during the corresponding period of 2012.As many as 31,434 units were launched in affordable segment, while 75,529 and 24,032 homes were introduced in the middle-income and high-end segments, respectively. Nearly 1,100 luxury homes were also launched.“Contrary to tradition, there has been a decline in new launch activities in Q3 2013 as economic conditions have not been encouraging for developers. Slowed down in demand with consumer confidence at lower ebb on account of increased and consistently high pricing in key cities,” C&W Executive Director Residential Services Shveta Jain said.
Launches of new homes fell by 43,907 units during July- September period compared with 47,048 units in the previous quarter.The demand from first time buyers and end users has been consistent as genuine buyers with adequate capital look at this phase as ideal to enter the property market on account of stable capital values, she said.“Most developers are focused on keeping the levels of unsold inventories low, thus to promote sales, developers are resolving to innovating marketing to ensure buyers can get more value from their product,” Jain said.“Developers are looking at alternate strategies from promotional offers to resizing of units in order to meet the end consumer demand of economically viable housing,” she said.
Source : http://economictimes.indiatimes.com/markets/real-estate/realty-trends/new-home-launches-up-by-5-in-january-september-cushman-wakefield/articleshow/25010498.cms
Hand
over administration of pvt colonies to MC, demand Gurgaon
residents
Gurgaon : Resentment prevails among the residents over the stance adopted by the Haryana Government against handing over the governance of the local colonies to the Municipal Corporation of Gurgaon (MCG).The residents have expressed shock and surprise at the state’s recent move of seeking the implementation of the Punjab Scheduled Roads and Controlled Areas Restrict of Unregulated Development Act, 1963, instead of more relevant and updated Haryana Municipal Corporation Act, 1994.The Gurgaon Citizens Council (GCC), a body comprising local residents and welfare associations, has maintained that the move smacked of the state authorities’ high-handedness and a nexus with private builders.“What else can be the logic behind giving the control of private colonies to the Department of Town and Country Planning (DTCP), and not the democratically elected Municipal Corporation,” questioned GCC president RS Rathee.The council has written a letter to the Haryana Chief Minister, urging him to get the final completion certificates released and handed over the colonies’ administration to the MCG in the larger interest of the residents.
“The view that only the provisions of the 1963 Act can penalise for the violations of building regulations does not hold water. The Municipal Act of 1994 evolved to correct the flaws and inadequacies of the 1963 Act. The Municipal Act has vast regulations to penalise the violators. In fact, the Act includes all relevant provisions of the 1963 Act and many more, including strict penalties, which seem imperative for the systematic development of an urban area,” the letter states.It further maintains that the contention that implementing the Municipal Act of 1994, and not the older Act of 1963, would lead to haphazard development is also devoid of logic. This implies that all Municipal Corporations of the country should be superseded by government departments.In an order dated August 23, 2012, Punjab and Haryana High Court had maintained that the Director, Town and Country Planning shall have no jurisdiction to initiate proceedings in the erstwhile controlled area now forming part of municipal area, the council asserted.It pointed out that on January 6, 2012, the MCG passed a resolution regarding takeover of the licensed colonies within its limits. This proposal was sent to the Director-General, Housing Department. However, despite the said resolution and several reminders thereafter, no decision in this regard has been received from the state government.
Source : TNS
New Delhi: Pulling up Delhi Development Authority (DDA) for handing over a flat having structural defects, the national consumer court has asked the authority to pay Rs 3 lakh to the flat owner.The court also directed DDA to fix the structural defects in three months. DDA shall restore the flat/structure allotted to the complainant to the physical condition it was in when the possession was offered to the complainant. Such rectification shall be done by DDA at its own cost, said D K Jain,president of National Consumer Disputes Redressal Commission.The commission asked DDA to hand over the possession of the flat after fixing the defects while upholding the order of the state consumer court,which had granted the compensation to the owner for a delay of 17 years in getting the possession in a habitable condition.Pramod Pal Singh had moved the state consumer court claiming that he was allotted an expandable house in 1995 by DDA in Sector 25 in Rohini Phase III for Rs 3,36,840. He alleged that DDAs brochure had claimed that the construction was complete and promised all basic amenities like water and sewage except electricity in some pockets. However, despite making several requests to the authority, the flats were not made habitable and he could not take possession, the complainant said.
After DDA moved the national commission, the consumer court appointed a lawyer to inspect the flat and it was found that the flat was in a bad condition. The report clearly brings out that the structure has plaster cracks in the front and some windows have no glasses. The kitchen, the electricity panel on the staircase, the toilet and the switch box have no wiring. Several doors have no knobs. The photographs show that the tiles are in a highly damaged state and external plaster is falling apart in several places, Jain said.Singh also raised other issues about violation of norms of construction by a neighbouring allottee. The court, however, directed the complainant to approach the appropriate authority as it was not in its purview to deal with the issue.It is evident that these issues fall within the statutory domain of the authorities concerned. They are not open to consideration in a complaint under the Consumer Protection Act, 1986, alleging deficiency in the service rendered to the complainant. On other issues raised in the appeal, liberty is reserved for the complainant to seek appropriate remedy as per law, the national commission said.
Chandigarh : The Congress MLAs today accused the SAD-BJP government of sheltering those involved in illegal mining and having failed to have an effective mining policy, which had led to the spiraling prices of sand and gravel across Punjab.The debate, taken up on the insistence of the Leader of Opposition, Sunil Jakhar, citing public importance, saw allegations and counter allegations flowing between the treasury benches and the Opposition benches.While Congress MLA from Kharar Jagmohan Singh Kang named two prominent Akali leaders from his constituency — AS Khera and Ujagar Singh Wadali — for being involved in illegal mining, Industries Minister Madan Mohan Mittal charged at him and accused him (Kang) of being the “kingpin of mining mafia”.
Interestingly, Revenue Minister Bikramjit Singh Majithia, who had been accused by Qadian Congress MLA Charanjit Kaur Bajwa of spearheading the illegal mining operations in the state, remained absent from the House during the zero hour when the debate on the issue was taking place in the Vidhan Sabha today.However, former SAD MLA Sarabjit Singh Makkar was seen sitting in the Visitors Gallery, as the two sides debated on the high price of sand and gravel and allegations continued to reverberate in the Assembly.
Starting the debate, Industries Minister Madan Mohan Mittal said the reason for high prices of sand and gravel was that the demand of the minor minerals was much more than supply. “We have a large number of sand quarries identified across the state. But because of delay in getting environmental clearances from the Centre and because of frequent court orders on the issue, we are unable to auction these quarries and increase demand,” he said, adding that many development works in the state had been shelved because of the poor availability of this construction material. He was supported by Ropar MLA Daljit Singh Cheema, who said poor availability was hurting economic development in the state. However, his statement was rejected by the Congress MLAs. Kang, who spoke for his party, said that while Rajasthan and Karnataka can get environmental clearances, there was no reason why Punjab should be denied this. “It just suits some powerful people to have a low demand, as they can then monopolise the trade,” he said.The Leader of Opposition then raised pertinent points on the issue, including the fact that the state government had been unable to hold auction of quarries in a fair manner and courts had to intervene and auction was then held in the court itself. He also said that it was strange that a journalist (referring to Jalandhar-based journalist Jasdeep Malhotra) investigating the sand mining dies mysteriously, and demanded a probe into his death. He also asked the Chief Minister to step in and make efforts to control prices by setting up state-run depots for sale of sand and gravel. In case there is delay in getting clearances, I can accompany you to meet the Union Environment Minister,” he said. Later, the House passed a resolution saying effective steps should be taken to control prices.
It
just suits some powerful people to have a low demand, as they can
then monopolise the trade of sand and gravel
—
Jagmohan Singh Kang, Congress MLA
We
have a large number of sand quarries identified… But because of
delay in getting environmental clearances from the Centre…we are
unable to auction these quarries and increase demand
—
Madan Mohan Mittal, Industries Minister
When the Indian Grand Prix was launched at the Buddh International Circuit (BIC) near Greater Noida in 2011, there was a lot of buzz in the realty market in the region. Two years down the line, the initial sheen seems to be fading, at least for the time being. This, despite the fact that the region has seen an appreciation of up to 30% in prices even after a slowdown in the sector.Anil Kumar Sharma, CMD, Amrapali Group, and president, the Confederation of Real Estate Developers Association of India, Delhi-NCR chapter (CREDAI NCR), says, “Although the future seems to be bright for Yamuna Expressway, given the global landmark of F1, for the past one year, the response has been a bit low and muted as compared to the initial years.”Developers say the major reason behind the poor response is the slow pace of connectivity and urban infrastructure development being initiated by the government. Coupled with this, even the land acquisition process in the area is yet to pick up, at least till the time the UP government streamlines its policies.Pankaj Bajaj, managing director of Eldeco Group, and RK Arora, CMD of Supertech, told fe that the properties around the F1 track are a long-term bet for investors and end users. “The movement in the next two-three years will lead to a better scenario, but as of now, it is becoming a second choice for users who are unable to invest in Noida or Greater Noida,” they say.
“F1 has certainly drawn attention to the infrastructure in Noida and Greater Noida. The realty market in the region has fast emerged as a luxury destination and will show growth in the coming days with the changing economic scenario,” says Harpreet Singh Batra, MD, Imperia Structures.But will it remain as bright, given that the future of F1 racing in the country is in doubt? Manish Agarwal, MD, Satya Group, and secretary, CREDAI NCR, doesn’t think so. “I don’t think it will change the ground reality even if the Indian Grand Prix doesn’t remain a part of the next year’s racing calendar. F1 itself is a great anchor for developers as returns will not come from the event, but out of the real estate monetisation of the township. With connectivity to Agra, which is a major tourist spot, and travel time being reduced considerably, the Yamuna Expressway has already attracted the interest of major developers,” says Agarwal, adding, “Three universities are already operational there and others are being planned. These will also go a long way in realising the area’s potential.”
Source : http://www.financialexpress.com/news/ground-realty-low-interest-in-real-estate/1187632/0
The Landmark Group has exited from Wave Group’s 4,500 acre Hi Tech City (Wave City) in Ghaziabad for Rs. 350 crore. The Group had earlier invested Rs. 111.26 crore in in the project.The first phase of the project will comprise of 20,000 dwelling units, of which 4,000 units are close to being delivered. The total project in its final configuration will have in excess of 75,000 dwelling units.Earlier this year, Wave Group ventured into affordable housing segment by launching Dream Homes at Wave City Ghaziabad, at sub Rs 14 lakh bracket.Landmark has earned 3.15 x on its initial investment. In the ongoing scenario where private equity investors in real estate are struggling to recoup their investments, this successful exit envisages the payout taking place in six tranches between June 2013 and February 2014.
Landmark has exited two more investments this year. Its investment in the ATS Group earned it a multiplier of 2.3 x on its investment, with an implied IRR of 24.5%. The other exit was from Shipra’s residential high-rise apartment development in Indirapuram, Ghaziabad, where Landmark has earned 2.10 times its original investment of Rs. 50.53 crores in the deal.Landmark, a company of the Dalmia Group, is one of the earliest and a leading investor in real estate projects. It has invested with prominent developers such as Ansals, Wave, Parsvnath, Forum, Pioneer, ATS, Kumar Builders etc. It has invested in 25 projects as an equity or a quasi-equity investor.
Source : http://www.track2realty.com/landmark-group-exits-wave-project-for-rs-350-crore/
NEW DELHI: Average housing price inched up by a meagre 0.89 per cent during first quarter of current fiscal, although property rates were nearly 14 per cent higher from year-ago levels, an RBI report said.“The quarter-on-quarter growth in the Reserve Bank house price index at the all-India level was lower at 0.89 per cent in Q1 of 2013-14 as compared to 2.46 per cent in the previous quarter,” RBI said in Macroeconomic and Monetary Developments Second Quarter Review 2013-14.The price increase was the highest for Lucknow, followed by Ahmedabad and Kochi.In Lucknow, housing prices rose by 4.66 per cent on q-o-q basis, while rates in Ahmedabad and Kochi were up by 4.47 per cent and 2.28 per cent, respectively.However, the all-India average price rose by 13.75 per cent in April-June period on year-on-year (y-o-y) basis.The index is a weighted average of city indices, weights based on population proportion. The base year is 2010-11.Kochi and Lucknow saw the highest y-o-y increases of 28.55 per cent and 27.56 per cent, respectively.Prices in Delhi and Mumbai were up by 21.15 per cent and 8.38 per cent respectively.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/housing-price-growth-moderates-in-first-quarter-rbi/articleshow/24829750.cms
NEW DELHI: As many as 29 special economic zone developers including Tata Consultancy ServicesBSE -0.20 %, Parsvnath Infra and Navi Mumbai SEZ Pvt Ltd have sought more time from the government for implementing their projects. The inter-ministerial Board of Approval (BoA) chaired by Commerce Secretary S R Rao will consider these requests at its meeting on November 8.Posco-India Pvt Ltd, Unitech Infracon and Lodha Dwellers have also requested additional time for project implementation from the BoA, according to the agenda note of the meeting.The developers have cited reasons like global meltdown and fluctuating market conditions for delay in completion of projects.TCS, which is setting up IT/ITES zone in Kolkata has requested for further extension due to problems related to construction. Unitech Infracon Ltd which is setting up IT/ITES zone in Greater Noida has “requested for further extension as work started in 2008 and the pace was slow due to global melt down and fluctuating market conditions”, it added.The developers have asked for one more year to execute their SEZs. The validity period of the approvals for most of them has either expired or is on the verge of expiry.
The validity period for Lodha Dwellers and Unitech Infracon expired on May 2 and May 22 respectively. The validity period for Navi Mumbai SEZ will end on November 21.The board will also take up two applications for setting up new zones. Under the SEZ Act, the units get 100 per cent tax exemption on profits earned for the first five years, 50 per cent exemption for the next five years and another 50 per cent exemption on re-invested profits in the following five years.SEZs, which were once major vehicles for investment and export promotion, started losing sheen after the global meltdown and imposition of minimum alternate tax. As many as 58 SEZ developers had surrendered projects due to various reasons till July 31. Exports from SEZs grew by about 31 per cent to Rs 4.76 lakh crore during 2012-13.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/29-sez-developers-including-tcs-parsvnath-infra-unitech-infracon-seek-more-time-to-implement-projects/articleshow/24816979.cms
GURGAON: A day after angry investors, who had booked flats in ‘Cambrian Forest’ housing project in Sector 95, gathered outside the police commissioner’s office, 100 of them reached at the Faridabad house of the owner of SKM Refcon Pvt Ltd, only to find him missing.The investors had paid Rs 10 lakh each as booking amount for their flats in the Cambrain Forest condominium project. The builder, SKM Refcon Pvt Ltd, however, has not started any construction and has shut down its Delhi office. “We went to the house of Sumeet Kumar Malhotra in Faridabad and found no one there,” said Nalbir Singh, an investor who is spearheading the campaign against the builder. Worried investors met Malhotra’s father who said that he was not in talking terms with his son for several years.The investors are now planning to approach the department of Town & Country Planning against the builder.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Investors-land-up-at-builders-house-find-him-nowhere/articleshow/24793793.cms
DELHI: In order to meet the significant increase in demand for premium office spaces, serviced offices and meeting rooms, Vatika Business Centre is coming up with two new business centres. One is in the heart of New Delhi at Connaught Place, and the other is Divyashree Omega in the High Tech city of Hyderabad.Located at Connaught Place, Vatika Business Centre is strategically positioned inside the heart of the business district in New Delhi. It is situated above Airport Metro Expressline which is just 50 meters from New Delhi Metro Station. It provides ease of accessibility, professional management and comprehensive services.The other business centre coming up is Divyashree Omega, located at High Tech City in Hyderabad. It offers 28,000 square feet of world-class infrastructure which is fully furnished with office spaces and meeting rooms. It is developed over 8.73 acres of land spread over 3 blocks. Government of Andhra Pradesh has given it the status of an IT park and it is in close proximity to metro.Vatika Business Centres are equipped with world-class amenities, fully furnished & customized office spaces, wireless high speed internet access, security and receptionist services during working hours. The business centres also offer meeting rooms for trainings, interviews and conferences. Apart from serviced office spaces, one can also opt for a Virtual Office for mail-handling, call-forwarding and virtual receptionist services by Vatika’s professionally trained team. It is in line with Vatika Business Centre’s on-going strategy to provide flexible space to Indian or foreign businesses with the state-of-the-art office equipment and services required for growing their businesses while helping them focus on their core activities.
Leveraging from the valuable experience and core competency of operating Business Centres, Vatika Business Centre is also planning to broaden its area of operation and expand into the global market, reaching out beyond India. With its benchmark service offerings, Vatika Business Centre is ready to become an International player with expansion plans to develop business centres in Sri Lanka, Singapore, Malaysia, Indonesia, Hong Kong & China, panning across a vast region of South East Asia.With a growth driven strategy, Vatika Business Centre has come up with four new centres in last one year and is planning to double its centres in the next three years, expanding both nationally and internationally. Gaining momentum with its growth framework, Vatika Business Centre plans to invest 200 crores in new plans across the Asian markets.Sharad Loomba, Chief Operating Officer, Vatika Business Centre said, “Vatika Business Centre has managed to keep pace with changes. Over the past decade, several micro and macro economic factors have led to a significant boost in demand for business centres. Inclination towards start-up businesses (entrepreneurship), work-from-home facilities from MNCs, expansion plans of SMEs, amendments in the Foreign Direct Investment (FDI) policy, etc. are some such factors that have led to increase in demand.An excellent location, a fully-furnished office and exceptional customer service has been the hallmark of Vatika Business Centres. Our Business centres across India are located at prominent locations in all the cities. The location of our business centres has benefitted several clients. I am very happy that we are coming up with these two new centres. We hope that this move will help our clients and they continue to consider business centres as a part of their long-term business strategy.”
Source : The Times of India
“Metro Mart will be a ground plus two floors structure with neatly designed independent shops, tailor-made to meet the requirements of end users available in sizes ranging from 350 sq.ft. to 650 sq.ft. area. The units would be priced between Rs. 55 Lakhs to Rs 1.5 Crores,” further added Sinha.The advertising campaign for Metro Mart has been created by Rose Design (London) based on the concept of transit shopping and high footfalls. There is a proposed Metro rail system that would be developed between Noida and Greater Noida by 2017, beginning from Noida City Center.The Metro Mart shopping complex will have hypermarkets in Ground & First Floor and Fashion stores in all 3 shopping levels. There is provision for Food Court of 350 seating capacity with 5 Fine Dining Restaurants & a Kids’ Play Area in the 2nd Floor. Also, there is an exhibition space, banquet hall and commercial towers above the complex. This makes Metro Mart a one stop shop to cater to all the shopping & entertainment needs of the residents of Noida.With the recent influx of expats and affluent families shifting to Noida to take advantage of better infrastructures and employment opportunities including excellent connectivity, the high street retail is expected to garner unprecedented demand. It will help its inhabitants to experience retailing similar to high streets of Singapore, Macau and Dubai right in their neighborhood.Metro Mart enjoys excellent metro connectivity and direct access from metro parking to the complex. Once the construction is completed, this complex will be a destination of choice for upmarket shoppers who are in search of good quality products and quality services.If you are a regular shopper, it will be a place to be.Furthermore, the complex will be fully air-conditioned with power-back up facility and ample parking. There will be a provision of more than 3000 car parks in 3 Basements and 3 Podium Levels. It is proposed to have separate zoning / sections for the retail shops of same category like electronics, garments, daily needs, etc. Due to its locational advantage & shop units available in varied range of sizes, Metro Mart becomes an excellent investment opportunity as well.
Source : The Times of India
DELHI: Worldwide Achievers Real Estate Awards 2013 winner’s honoured by Shri Oscar Fernandes {Hon’bl Cabinet Minister of Road Transport and Highways (Govt. Of India)}, Shri Harish Rawat {Hon’bl Minister Of Water Resources (Govt. Of India)}, Shri Amar Singh {Member of Parliament (Rajya Sabha)}.Worldwide Achievers is one of the leading market research company organized Real Estate Awards 2013 with TV Partner: Zee Business and Magazine Partner: Property Observer Ceremony to felicitate India’s top property developers, builders, Real estate sector, brokers, realtors, interior designers, architects, public relations and advertising agencies, commercial & industrial, Infrastructure & Construction companies and more. The event was held at Hotel The Ashok in New Delhi .
Worldwide Achievers Real Estate Awards (The Awards for Excellence in Real Estate) celebrate the highest levels of achievement by companies and individuals operating in all sectors of the property and real estate industry. The Awards recognise, encourage and promote excellence in the Real Estate profession and highlight important elements of real estate practice such as commitment to service, client satisfaction, innovation, professional development, community involvement and contribution to the profession. Worldwide Achievers Real Estate Awards is a world-renowned mark of excellence.The awards were based on a comprehensive market research study and opinion surveys conducted by Worldwide Achievers.
Source : The Times of India
NEW DELHI: Housing sales have risen by 18 per cent in the Delhi-NCR region during the first half of this year at 35,000 units, showing signs of improvement in the property market that has been facing slowdown in demand.“During H1 2013, the NCR residential market witnessed a total absorption of 35,000 units showing an increase of 18 per cent from H1 2012. This increase in sales can be ascribed to the high number of project launches in the affordable category,” property consultant Knight Frank India said.The absorption in Greater Noida rose almost four times compared to the same period in 2012 suggesting a strong demand for affordable options, it added.Greater Noida witnessed sales of 14,300 units in H1 2013, as against 3,750 units in the year-ago period.The absorption levels dipped in both Gurgaon and Noida, largely due to increasing unaffordability of housing options available in these markets.“The NCR market is striving for a better equilibrium. Developers are focusing on project completion and deferring new launches,” the consultant said.Knight Frank said that sluggish buyer sentiments have discouraged sales in some areas, but locations like Dwarka Expressway, Noida Expressway and Greater Noida would continue to lure investors.
On supply side, nearly 49,000 units were launched during the January-June period, showing increase of 11 per cent compared to H1 2012.Nearly 5.4 lakh residential units are under construction in the NCR market. The unsold inventory is pegged at about 1.32 lakh units, comprising unsold units in ready as well as under construction projects.“The NCR residential market indicated signs of stability in H1 2013,” Knight Frank India Chairman and Managing Director Shishir Baijal said.The developers are keeping new launches in check in order to bridge the supply and demand gap, he added.“Over the past two years, the NCR market has experienced a fall in launches by nearly 40 per cent compared to the peak levels of 2010. Both short term and long term moving average of launches confirm a plummeting trend,” Knight Frank’s Chief Economist & Director Research Samantak Das said.“However, demand has recently stabilised and improved in the last few quarters, which sketches a healthy residential market scenario for NCR and if the supply-demand gap tapers further, the region is likely to face an upward pressure on property prices,” he added.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/housing-demand-picks-up-in-ncr-sales-up-18-in-january-june/articleshow/24667882.cms
NEW DELHI: Real estate has emerged as a hot investment destination with banks, as projects in other sectors of the economy have faltered, prompting banks to rush to fund commercial realty despite slow demand and inventory pileup.Of the 173 projects of Rs 250 crore or more each that came for bank funding in the first half of 2013-14 , 53 were real estate projects that are estimated to cost nearly Rs 62,000 crore, which is almost one-fifth of the project cost. In terms of project cost, the sector lags only iron and steel, where the cost of 11 projects is around Rs 63,700 crore. But in terms of loans sanctioned so far, it tops the chart, accounting for a little under a quarter.Funding for commercial real estate is in addition to home loans given by banks, which rose 19% to almost Rs 5,000 crore by Augustend , 2013 compared to August 2012.Coming as it does in the midst of a slowdown, analysts send out a cautionary note. “If real estate exposure of banks is going up, then we need to take note. The market demand seems to be slowing down and the market risk is perceived to be higher. It’s a sector where there have been several ratings downgrades. But several projects are covered through lease rentals, which helps reduce the risk,” said ICRABSE 1.02 % managing director Naresh Thakkar. An executive at another rating agency warned of higher risks in lending to the National Capital Region, where a bulk of the projects seeking bank funding are coming up.
Bankers and real estate consultants, however, play down the concerns. “RBI has already put in several safeguards and with funding against rentals, things are much safer for banks. Besides , the sector offers them the possibility of earning a higher spread compared to telecom or pharma,” said Amber Maheshwari, managing director (coroporate finance ) at Jones Lang LaSalle, a leading real estate consulting firm. Bankers believe that funding real estate is not as risky as is made out to be.“The funding requirement is much lower, at around 10% of the project cost, and the disbursement will be over the next five-seven years. In addition , it helps steel, cement and employment,” added Oriental Bank of CommerceBSE 0.47 % CMD S L Bansal.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/real-estate-emerges-as-new-investment-destination-for-banks/articleshow/24645752.cms
GURGAON: Plot owners in Udyog Vihar have renewed their efforts to get the state to impose a revision on the controversial property norms of the industrial area. The local association on Wednesday lashed out at the industry authority HSIIDC, calling the latter’s demand for a special fee for transfer or leasing of plots illegitimate.“The law says that you cannot charge a leasing fee from entrepreneurs who own these plots on a free-hold basis,” said Sham Sundar Verma, a plot owner and the former vice president of the Chamber of Industries of Udyog Vihar. In a note circulated by Verma to the industrialists, he says that the HSIIDC, ‘by imposing the conditions of prior approval of leasing… has made an illegal attempt to subvert Sec 11 of the Transfer of Property Act, 1882.’“This act says that once a deed of conveyance is signed on a free-hold property, there should be no permission required for leasing or transferring that property. Free-hold conveyance deeds can’t be conditional,” Verma said.
According
to sources, the industry authority charges a leasing fee of around
Rs 600 per square metre, provided that an official permission is
obtained by the plot owner prior to filing the application. The
industry association has already taken the legal recourse against
HSIIDC’s estate management policy, and the case was recently
referred by the Punjab and Haryana high court to the state
government’s principal secretary, Y S Malik.“We will meet the
principal secretary soon and make around 15 points that we had
earlier raised in the writ petition submitted at the HC against the
estate management policy of the HSIIDC,” said H R Vaish, president
of the Udyog Vihar Chambers. HSIIDC officials were not available
for comment.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Plot-owners-to-challenge-HSIIDC-property-rules/articleshow/24681033.cms
Terming the allotment of more than one plots to applicants as a multi-crore scam, the Punjab and Haryana High Court today directed HUDA to file a status report. HUDA has been asked to specify how many plots– under which category–have been allotted by it.Setting a month’s deadline, the court directed HUDA officials to furnish complete information on the category under which the maximum number of plots were allotted. The court also granted six weeks to the committee set up by HUDA to resolve the matter in different phases.The court made it clear that the committee would furnish monthly status reports on action taken against defaulters. The directions came after Justice Daya Chaudhary took up the issue of allotment of more than one plots under the reserved defence category on the basis of bogus affidavits.Justice Daya Chaudhary made it clear to HUDA Chief Administrator AK Singh, present in the court, that they would have to resolve the matter within six months while taking legal action against the culprits, including the cancellation of allotments.
Justice Chaudhary asserted: “The act of HUDA is no less than that of a property dealer, which has collusion with lower to higher-level officers”. Addressing AK Singh, Justice Chaudhary questioned: “How did you fail to verify false affidavits submitted by persons along with their applications?. You verify many things when it comes to purchase of even a single shirt. Then how could such a mistake happen? You are representing HUDA and this is the matter of plots worth crores of rupees”.Justice Chaudhary added: “Take action against all illegal allottees, whether they are defence officers, other reserved categories, press people, judges or advocates”.The Chief Administrator told the court that they had initiated the process of taking legal action against the defaulters. “We have registered 325 FIRs against 379 complaints. There are 188 defence persons out of 379 who have been issued more than one plots”, he said.Haryana Advocate-General Hawa Singh Hooda suggested to the court that the committee set up by HUDA should be authorised to investigate the matter. “If anyone is found guilty, the committee will take the final decision against the person concerned”, he suggested.The case will now come up on December 4.
Source : Tibune News Service
Failure to file reply has cost Haryana dear in the Gurgaon and Faridabad ammunition depots case. The Punjab and Haryana High Court has slapped a penalty of Rs 10,000 on the state for not filing its reply.The High Court also asked the authorities concerned to file minutes of meeting on the issue. The Bench was told that the ammunition depots in Gurgaon and Faridabad could not be shifted.The High Court has already rejected the pleas for electricity and water meter connections for houses constructed in the restricted 900-metre zone around the IAF ammunition depot in Gurgaon.The orders came during the resumed hearing of an ongoing petition filed in public interest against encroachments in prohibited zones around the IAF stations in Gurgaon and Faridabad.
Appearing before the High Court, some residents, who had constructed houses in the prohibited zone near the IAF’s ammunition depot, sought directions to the authorities concerned to provide them with power connections on the ground of right to equality.They argued that a large number of residents, who had raised constructions in the restricted zone, have already been granted electricity and water connections. But, now the authorities have refused to grant them the facility.Counsel for the Union of India, Onkar Singh Batalvi, told the Bench that encroachments in the prohibited zones in Gurgaon and Faridabad had been removed.The matter had reached the High Court after a public interest litigation was filed by Suersh Goyal of Faridabad. He was seeking removal of constructions from the 100-metre area around IAF Station, Dabua, in Faridabad, as it was a protected zone under the Work of Defence Act. The High Court had also taken cognizance of a similar matter of on the construction activities within the restricted 900-metre zone in Gurgaon.
Source : Tribune News Service
NEW DELHI: They were touted as India’s most sought-after apartments — a riverfront view, Olympic sports facilities, and top businessmen, politicians and celebrities for neighbours, but the Commonwealth Games Village has just been a bag of worries for the apartment owners.Somit Makar, an investment banker-turned-executive search firm owner, paid over Rs 2.5 crore for a 3-bedroom apartment at the CWG four years ago, but it’s hardly a dream home for him.Only 100 of the 1,168 luxury apartments are occupied, the maintenance is shabby and portions of the basement got flooded in the monsoon, the club house and swimming pool aren’t operational, and there are no basic amenities.“It’s a daily struggle. Many of us bought apartments here because we thought a world-class developer like Emaar was building it. We haven’t got the quality we were promised,” says Makar, who moved into the apartment four months ago.The struggle starts from buying vegetables to groceries and other stuff such as milk, bread and even medicines. None of these are available close by.Residents here have to go to the markets that are at least a kilometre away. “We were promised many things but those haven’t been fulfilled. Housewives do not want to move in here,” says ex-bureaucrat RCM Reddy, who now works with IL&FS. He has a five bedroom house in the village.The complex is currently being maintained by money paid by 300-odd individuals and corporates who had bought apartments from Emaar-MGF as Delhi Development Authority (DDA), which owns over 722 of these apartments, has not started paying its share of the maintenance.
Another former bureaucrat, Dhiraj Mathur, who now works with PwC, says he has not moved in because of lack of infrastructure. “We are suffering because of the differences between DDA and Emaar-MGF,” he says.While the apartments are quite plush, niggles have cropped up since people started moving in. Tiles have been falling off. Some owners walked in on damaged wooden flooring as water had seeped in.The common facilities such as the clubhouse, shops and the swimming pool are not operational because DDA is yet to give a ‘completion certificate’ to Emaar-MGF since it claims there are violations in the structure.A spokeswoman for Emaar MGF says, “The clubhouse is complete. We have procured and installed all equipment.The clubhouse is awaiting OC from DDA. The necessary formalities for putting the furniture in place are in progress but it would be installed after receipt of completion certificate from DDA.” DP Singh, the chief engineer at DDA who is incharge of the project, declined comment on the issue as it is sub judice. The root cause, says Reddy, is ownership issues.“DDA and Emaar should stop the blame game. DDA has a big share of the apartments and if it wants, the issue can be sorted out quickly,” he adds.In their apartment contracts, buyers were also promised membership in the DDA sports complex next door, but that has not happened. While Emaar MGF says the membership of the sports complex lies exclusively with DDA, apartment owners contest that it is part of their contract.“Emaar MGF can promise anything, but this was not vetted by DDA. People should have verified this with DDA,” says DDA’s Singh.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/shabby-maintenance-lack-of-amenities-irk-buyers-of-cwg-flats/articleshow/24558589.cms
GURGAON: The Punjab and Haryana high court has directed the department of town and country planning (DTCP) not to issue licences allowing change of land use (CLU) to four private firms for their group housing projects in Gurgaon.The order was passed by a division bench of justices Surya Kant and Surinder Gupta on October 3 after Pawan Bhatia, a Delhi-based businessman, filed a petition alleging the DTCP had favoured these builders. The bench issued notices to the four companies – Commander Realtor, Mahamaya Exports, High Responsible and Anant Raj Industries – DTCP and the Haryana government. They must respond before February 19, the date of the next hearing. Bhatia alleged his CLU application was rejected but those from the four firms accepted despite ” deficiencies”.The petitioner has also raised questions over the proceedings for land acquisition by the state government. “In case a landowner refuses to tow the said lines, the application submitted by him is rejected by citing some frivolous reason,” alleged the petitioner.The petitioner’s counsel advocate Puneet Bali submitted that the malicious intent and scandalous proportions in the grant of CLU licences could well be understood from the fact that 90% of the licences were granted to top 12 builders in the past five years.
Source : http://timesofindia.indiatimes.com/city/gurgaon/HC-land-hurdle-for-4-builders/articleshow/24503275.cms
NEW DELHI: Realty firm Unitech Group has leased 8.1 lakh square feet of space in its under-construction Gurgaon IT SEZ to Accenture in a deal that will give Rs 1,000 crore of rental income over 15 years.Unitech and its group firm Unitech Corporate Parks (UCP), which is listed in London, last week signed the lease deed with Accenture, sources said.Unitech and UCP, listed on the AIM of the London Stock Exchange, are in talks to sell their entire stake in the special economic zone (SEZ) being built for IT companies in Gurgaon.The duo are in talks with private equity firm Blackstone and Singapore’s sovereign wealth fund GIC for selling their stake in the IT SEZ for an estimated Rs 2,700 crore.The leasing agreement with Accenture could help Unitech and UCP get better valuation for their SEZ ‘IST Infospace Gurgaon’, which has a total leasable area of 36 lakh sq ft.UCP holds 60 per cent in the SEZ project while Unitech has the remaining 40 per cent stake. Unitech also holds about 12 per cent directly in the UCP.According to sources, the leasing deal has been signed with Accenture recently for 15 years with escalation clause.
The office space has been leased at a monthly rental of over Rs 60 per sq ft, helping Unitech and UCP earn a potential rental income of about Rs 1,000 crore over the next 15 years, sources said.A Unitech spokesperson declined to comment on the development.With this deal, about 90 per cent of the total leasable area in this SEZ has been absorbed. The major portion has been taken up by Accenture at nearly 12 lakh sq ft. RBS, Sapient, Bank of America, E&Y and Amdocs are the other major tenants in this SEZ.Last month, Unitech and UCP had leased 8 lakh sq ft of office space in another SEZ in Gurgaon to US-based consultancy firm Aon Hewitt for 15 years. The leasing deal in its Gurgaon Infospace Tikri SEZ with Aon Hewitt is worth Rs 800 crore.The two leasing deals, probably the biggest in the north India this year, have come at a time when property market, including the commercial segment, is facing slowdown.Accenture is a global management consulting, technology services and outsourcing company, with approximately 275,000 people serving clients in more than 120 countries.UCP raised about 360 million pounds by issuing and placing its Ordinary Shares on the AIM of the London Stock Exchange in December, 2006. It had invested in six commercial projects in India in partnership with Unitech, of which five are in the national capital region and one in Kolkata.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/unitech-inks-rs-1000-crore-office-leasing-deal-with-accenture/articleshow/24429340.cms
The Punjab and Haryana High Court has made it clear that the land acquired for the development of Sector 48 in Gurgaon will not be “released, allotted or transferred in favour of private builder-cum-developer”.The ruling is significant as landowners before the High Court were claiming that the Haryana Urban Development Authority had “not even a single piece of land” in Sector 48 and the entire sector had been developed by private colonisers such as Parsvnath, Uppal South End and Aldico.Taking up the matter, the Bench of Justice Surya Kant and Justice Surinder Gupta have also made it clear that the acquired land shall be used “for bona fide public purposes within a reasonable time”.The directions came on a bunch of six petitions filed by Prem Chand and other petitioners against Haryana and other respondents. Challenging the process, the petitioners had contended that a survey was conducted before acquiring the land and notification under Section 4 of the Land Acquisition Act was not published as required under law.Terming the acquisition of their land totally “irrational and arbitrary”, the petitioners had added that even objections filed by them under Section 5-A of the Act were not duly considered.
Refuting the allegations, the respondents on the other hand averred the acquired land in Sector 48, Gurgaon, was proposed to be utilised by HUDA for religious buildings, police post, residential plots and other public utility services.After hearing the rival sides, the Bench observed: “The main argument of the petitioners is that the entire Sector 48, Gurgaon, has been developed by private developers. There are small pockets in this sector left with HUDA, which cannot be put to any use for regulated planned development. As such, land of the petitioners deserves to be released.“The total land notified for acquisition under Section 4 of the Act was about 500 acres out of which 150 acres were released even before issuance of notification under Section 6 of the Act….“The averments in affidavits of respondents and the documents on file clearly make out that the acquired land is required by the respondents for bona fide public purposes….We find no merit in the claim made by any of the petitioners, consequently the writ petitions are dismissed. It is, however, clarified that the acquired land shall be used for bona fide public purposes….”
Source : Tribune News Service
PDA Omaxe City, a Joint Development Agreement (JDA) between real estate major Omaxe Ltd. and PDA is all set to see the light of the day as the petition challenging the veracity and legality of the JDA project was dismissed as withdrawn in Punjab and Haryana High Court.After verifying the relevant records related to the bidding process which started way back in 2005 by PUDA, the Court expressed satisfaction over the submitted documents which clearly states transparency and fair practices in the way the tender was given to Omaxe Ltd. The 85:15 revenue sharing JDA between Omaxe and PUDA was signed in 2006.“The aforesaid process followed, thus, shows that the transparency of the procedure could not really be doubted nor was there any special or tailor-made conditions for M/s Omaxe Limited, there being a comprehensive bidding process,” the Court observed.
Welcoming the Judgment, Mohit Goel, CEO, Omaxe Ltd. said, “We were always confident and hopeful of the Judgment coming our way. We had full faith in the Judiciary and justice has been delivered. It is ultimately a victory of hundreds of homebuyers who have always stood by us. The project has assumed a new lease of life and the coming times will see more development at the site.”Omaxe says it remains committed to PDA Omaxe City in Patiala. With plots, EWS Flats and SCOs, the integrated township is one-of-its-kind in the region which remains a mix of exquisite lifestyle and affordability. Homebuyers can now heave a sigh of relief as their dream homes become a reality.With a lot of development being witnessed in the city of Patiala and with the growth of middle class and wealthy individuals, PDA Omaxe City is strategically located at Sirhind Road, Baran.
Source : http://www.track2realty.com/haryana-and-punjab-high-court-dismissed-petition-challenging-pda-omaxe-jda/
NEW DELHI: Property prices in NCR’s upcoming residential markets, which real estate experts term ‘residential micromarkets’, have nearly doubled in the last two years. This trend, analysts say, is owing to new options being made available in these micro-markets which has become an attractive proposition for buyers who can’t afford to enter the prime real estate market. These pockets of realty in Gurgaon and Delhi are defying the general slowdown in NCR market and are now driving it forward . Going by the latest real estate prices , areas like Gurgaon’s Golf Course , Golf Course Extension and Southern Periphery and Dwarka Expressway are witnessing huge property ratehikes ,say property experts Jones Lang LaSalle .In Golf Course Extension , realty is priced at Rs 8,000-13,000 per square foot while the corresponding figures two years ago were Rs 6,000-9 ,000. The real estate firm has witnessed similarly high revision in rates in Southern Periphery and Dwarka Expressway where high demands are being recorded. In Southern Periphery, properties are priced in the range of Rs 6,000-7,000 per sq ft as against price levels of Rs 4,500-5 ,500 per sq ft a couple of years ago. Santhosh Kumar, CEO, Operations, Jones Lang LaSalle, who compiled the report, gavetheexampleof the realty market within Gurgaon and at a distance in Southern Periphery.
“Gurgaon has transformed from an investor-driven market to being an end-user driven market. On the other hand, the Southern Periphery essentially remains a hotbed as the current price pointsithasthehighest magnitude of affordable options ,” said Kumar .He added that the proposed widening of Golf Course Road , construction of the underpass and the proposed expressway will improve connectivity significantly which will boost sales .
Source : http://economictimes.indiatimes.com/markets/real-estate/news/realty-prices-at-local-micro-markets-double-in-2-years/articleshow/24471103.cms
NEW DELHI: After a gap of one year, Delhi Development Authority (DDA) has decided to put several plots under the hammer. Over 60 plots, in 14 different prime locations, will be auctioned at Dwarka, Pitampura, Vikas Puri, East of Kailash, Vivek Vihar etc on November 20, 21, 22, said a DDA official. The sale of brochures will begin from October 28.DDA has chosen to initiate the auction with a high base rate, which is likely to increase the property rates in these areas. All 63 properties going under the hammer are priced above Rs 1 crore.“With the realty market witnessing a correction in prices and the investors not showing much interest, DDA has chosen to pitch their properties aggressively. At Janakpuri – where property rates usually range from Rs 45,000 to Rs 50,000 per square feet – DDA has begun auctioning the plot at Rs 42,000 to compete with the 12 bedroom park facing builder built property,” said Kapil Kalra, a city-based property dealer.
From a 70sqm plot in Yamuna Vihar to get under the hammer at Rs 1.47 crore, to a 357sqm plot in Janakpuri which will open at Rs 15.74 crore, the authority plans to take on the big players in the realty market.For investors, some prime properties include a 270sqm corner plot in Jasola which faces a 24m wide road and has a base price of nearly 13 crore; two 355sqm corner plots at around Rs 11 crore at Dwarka Sector-17, a 245sqm corner plot at Pitampura starting at Rs 10 crore; and a 357sqm corner plot at Janakpuri starting at Rs 15.74 crore.Property auction used to be regular feature at DDA till a year ago. But after the top management was shuffled repeatedly – thrice in the past one year – the auctions were put on hold. After a long gap, DDA had auctioned 54 commercial properties in the city on October 8. Senior DDA officials say that more residential properties are being marked for auction and will also be put up for sale in batches in the coming months.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/after-a-year-dda-to-auction-60-plots-in-november/articleshow/24416560.cms
NEW DELHI: Government today came up with draft rules to implement the Land Acquisition Act with a focus on consent and social impact assessment to ensure that the rights of the farmers are protected when the land is acquired.The draft rules have been put out in public domain to invite comments from all stakeholders. Comments should be submitted to the Rural Development Ministry in 45 days.According to the rules, all social impact assessment documents and consent proceedings are made publicly available and all requests for information are fulfilled within seven days.They say that consent should be taken in the pre- notification period, along with the social impact assessment study to be carried out under the Act.“The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013″ stipulates mandatory consent of at least 70 per cent for acquiring land for Public Private Partnership (PPP) projects and 80 per cent for acquiring land for private companies.The draft rules say that for large projects where acquisition is spread across multiple locations, consent must be sought in all the affected areas at the same time.
“For Public Private Partnership projects and projects by a private company in Schedule V areas, Gram Sabha consent must be sought prior to land owners consent,” they underline.They say that the appropriate government must take steps to resolve outstanding issues related to land rights, land titling and land records in the affected areas, so that all land owners can be correctly identified before initiating consent procedures.In case land owners or gram sabhas seek further information and clarifications on the terms and conditions of compensation and rehabilitation and resettlement after the public hearings, these must be immediately addressed and the required information provided within seven days by the designated district officials, the draft rules says.
Source: http://economictimes.indiatimes.com/markets/real-estate/news/govt-lists-draft-rules-to-implement-land-acquisition-act/articleshow/24160446.cms
NOIDA: The Greater Noida Authority cancelled allotments of around 1,200 plots on account of non-payment of pending dues by their owners. These include 1,173 residential plots in different sectors of the city. Authority officials informed that allotments of 25 industrial plots and 12 institutional plots have also been cancelled.Officials informed that the authority has taken the extreme step because it is reeling under a huge financial crisis to the tune of over Rs 6,000 crore to a number of banks and financial institutions. Non-payment of dues for several terms by plot allottees has added to the financial burden of the authority.The cancellations were effected after the allottees failed to pay up three consecutive pending dues against their respective plots despite repeated notices issued by the Greater Noida Authority. Officials said that more cancellations might be effected in the near future as notices are being issued to several other allottees who have goofed up on making timely payments.All plots, which had been allotted through different schemes by the authority since the year 2009, have been cancelled. Cancellation letters, said officials, have been issued to all allottees losing their plots.
“The cancelled plots will be put up for fresh allotments through a leftover scheme. The details of the scheme are being worked out following which the plots would be put up for sale,” said Manvendra Singh, DCEO, Greater Noida Authority.Greater Noida Authority intends to raise revenues through the re-allotment of these plots so that debts and loans incurred by it can be cleared. A portion of the revenue so raised would also be used for paying compensation to farmers in lieu of their land in accordance with the Allahabad high court verdict of October 2011.However, the authority also informed that it would give the first preference to original allottees of these plots to regain their allotments through a restoration process. Allottees would have to clear their pending dues together with penalties. “They will also be required to pay stiff restoration charges for regaining possession of their plots,” added Singh.
Source : http://timesofindia.indiatimes.com/city/noida/Greater-Noida-Authority-cancels-allotment-of-1200-plots/articleshow/23445458.cms
LUCKNOW: A new metro rail network will be developed between Noida and Greater Noida. Measuring 29.707 km, it will be developed at an estimated cost of Rs 5,064 crore. The detailed project report (DPR) has already been prepared by Delhi Metro Rail Corporation.However, in a bid to reduce the burden on the state exchequer, the Akhilesh Yadav-led Uttar Pradesh cabinet on Thursday directed the Noida and Greater Noida Authorities to bear the cost of the proposed project. The project, chief secretary Jawed Usmani said, would be part-funded by the Centre, UP and external agencies; while the Government of India and UP will bear 20% of the costs each, the project will depend on loans from external agencies to fund 60% of the project. Twenty per cent funding from UP, Usmani said, will be shared by Noida and Greater Noida Authorities, based on the length of track that passes through the two districts.The metro link is expected to be commissioned by 2017. The department of infrastructure and industrial development said the DPR was being forwarded to the urban development ministry for further action.
Principal secretary of Infrastructure & Industrial Development Department Surya Pratap Singh said, “in view of enormous pressure of traffic on the Delhi-Noida route and projected population of over 15 lakhs in Noida and 12 lakhs in Greater Noida by 2031, a clean and smooth public transport facility matching the transport infrastructure of Delhi is required urgently in the area.”“Moreover, with major industrial and business houses preferring Noida and Greater Noida for investment, Metro rail system will cater to the employees in this region,” he added.According to the DPR, 22 stations are proposed, of which 13 will be constructed on ground while seven stations will be elevated. Two stations at Knowledge Park-I and sector Delta-1 in Greater Noida are planned for future expansion.Starting from Noida City Center in sector 32, the proposed corridor will go towards Greater Noida via stations in sectors 50, 51, 78, 101, 81, Dadri road, 83, 85, 137, 142, 143, 144, 147, 153 & sector 149 in Noida, entering Greater Noida through Knowledge Park-II and traversing Pari Chowk, Sector- Alpha 1 & 2, terminating at Depot station proposed near Recreational Green, Knowledge Park-IV in Greater Noida. Entire metro alignment is proposed to be elevated.
Source : http://timesofindia.indiatimes.com/city/noida/Noida-Greater-Noida-Metro-link-finalized/articleshow/23476517.cms
GURGAON: Even nine years after getting possession, the residents of City Co-op Group Housing Society are running from pillar to post for registration of the flats. The residents, who have already made their complaints to the registrar office alleging irregularities by the managing committee, comprising former and serving employees of Steel Authority of India Limited (SAIL), have now written to the vigilance department of SAIL.In a complaint (copy with TOI) to the SAIL vigilance department, former deputy director of Financial Intelligence Unit of Ministry of Finance, S Sampath, has said no member of the society has got the clear title registration of their flat, despite payment of the entire liability towards the costs of land and flat construction, prior to the possession of these flats in 2004.Demanding action in the case, he said liability towards the registration of the flat is increasing day by day without the clear title in place. “After retirement and at this age, it is very difficult for us to pool the money for such delayed clearances,” he said. Despite repeated attempts, SAIL chief vigilance officer Naveen Prakash could not be reached by TOI. However, sources in the vigilance office said that they were yet to receive any complaint in this regard.
In the year 2000, Atul Srivatsava, the then senior manager and now executive director (HR), SAIL and Bimal Kachroo, former SAIL employee and now a private builder, invited membership for a proposed group housing society for SAIL employees and its subsidiaries in Gurgaon – Sail Fraternity Co-operative Group Housing Society. Later the name was changed to City Co-op Group Housing Society, read the complaint. Despite repeated assurances in annual general meetings since 2004 that the process of getting the title is going on with HUDA and the title for the flats and registration will be done shortly, nothing has changed, alleged Sampath.Sampath further said that it was learnt from the managing committee that the dues towards the cost of land have not been settled with HUDA to date. After complaints by a few individual members from the society at the Assistant Registrar’s office, it was found that there was huge financial mismanagement by the managing committee.Another resident, Vikas Bhalotia, alleged that there were gross irregularities relating to the funds of the society from the year 2000. Even after a final warning by government authorities to the managing committee to submit financial documents from 2000 to 2013 by September 10, the committee has failed to produce it.
Source : http://timesofindia.indiatimes.com/city/gurgaon/9-years-on-society-residents-waiting-for-flat-registration/articleshow/23478613.cms
The Road Transport Ministry has given NHAI time until Friday to lodge a criminal complaint against Delhi-Gurgaon road operator DSC Ltd for siphoning off toll money, and follow it up with the termination of the road concession agreement.On Tuesday, the ministry instructed National Highways Authority of India to file an FIR against DSC after a forensic audit by independent agency, KPMG, established a “huge difference” in manual traffic count by KPMG and the traffic report submitted by the concessionaire for the same period.The difference was leading to “huge misappropriation of the order of Rs 15.58 lakh per day”, the ministry said. “This is clearly a criminal act and also amounts to causing loss to the exchequer willfully and deliberately with an intent to cheating and fraud,” the ministry wrote.“NHAI must consult a reputed criminal lawyer for appropriate legal advice and file an FIR covering all the relevant aspects of the crime, under various existing laws. A compliance in this regard must be intimated to the ministry in the next three days,” the missive quoting Road Transport Secretary Vijay Chhibber said.“Necessary actions against the concessionaire must be taken expeditiously by the NHAI without allowing him any further elbow room to continue with the alleged misappropriation of funds/toll collection,” the ministry directed.
Chhibber also wrote that in view of the concessionaire’s “persisting and unrelenting” defaults, termination of this project was “the only option left before NHAI to protect public interest and put an end to the misery of the road users at the toll plazas”.The decisions, communicated on Tuesday, were taken at a meeting on September 30 after confusion arose over the possibility of NHAI buying back the project from the road promoter when the Haryana government opted out of its initial offer.Last week, the ministry had referred the project to the Chief Vigilance Commission and Enforcement Directorate to probe alleged financial fraud by DSC in the transfer of Rs 527 crores to its parent company, connivance of IDFC and public sector banks in the debt restructuring and an improper toll accounting by DSC.The project is under dispute with NHAI serving a termination notice in February 2012 after DSC failed to meet his commitments on road maintenance.
Source : http://www.indianexpress.com/news/book-expressway-operator-ministry-tells-nhai/1177591/0
Bhiwadi in Alwar district may be seen as a gateway to Rajasthan by many, its emergence as a property hotspot has more to do with the thriving economic activity in the neighbouring state of Haryana. Of course, Rajasthan Industrial Development and Investment Corporation (RIICO) is also aggressively pushing to make the place a destination magnet.What has actually goaded investors to Bhiwadi property is the skyrocketing property prices in Gurgaon-Manesar. That, however, is only the beginning of the story. Today Bhiwadi seems to be stepping out of the shadow of Gurgaon-Manesar to emerge as a destination realty on its own.In terms of connectivity, Bhiwadi has an excellent connectivity with eight lane NH-8 through Dharuhera-Bhiwadi bypass road. This town is only about 55 kilometres from the Delhi International Airport, 90 kilometres from Alwar, 40 kilometres from Gurgaon and around 60 kilometres from Faridabad. This area will also be connected with the upcoming Kundli-Manesar-Palwal Expressway which is a future connectivity promised in 2021 Gurgaon-Manesar Master Plan.Developers who were the first movers in the Bhiwadi market have already been benefitted. For instance, Ashiana Homes has been witness to this rise in demand, with the projects like Ashiana Aangan, which were launched at the price range of Rs 2,200 per sq ft, are now selling in the range of Rs 3,400 per sq ft.
Today, many of the key players in the real estate have come up with their residential projects in the area, like Avalon, Nemai, Terracity, M2K, Cosmos, Essentia, Omaxe, BDI, Genesis, Innovative colonizer, Jagrit Infra, Kajaria Infra, Kingfisher, Konark, MVL, Parasvnath, R-Tech, Star Realcon and Krish Group have also come up with their projects in this area.Vishal Gupta, MD, Ashiana Housing says this upcoming destination has turned away from the sleepy hamlet and is one of the largest industrial hub and guarantees a future growth with opportunities for residential, commercial and hospitality. Advantageous strategic location and presence of global top notch companies have also opened the atrium to fulfill upcoming humongous demand of affordable housing, retail and hospitality, proving to be a perfect investment destination for those who have a dream to own their own home without burning their pockets by the skyrocketing prices of Delhi.“Apart from thriving corporate MNCs, recession proof education and hospitality sectors, residential sector in Bhiwadi contributes significantly to the growth of city’s realty. As anticipated over 16 million homes are needed in coming 10 years to meet the requirements of burgeoning middle class families. According to the present and future scenario, the affordable housing segment and the middle income group hold the largest share of the demand pie and hence the flurry of development activities in this new location would meet the needs,” says Gupta.Many believe within 2-3 years, the area will be able to fully realize its potential and will gain foothold in the market. The immense development of MNC’s and commercial real estate markets in Bhiwadi has driven the growth of residential property in the city. Enhancing its appeal as a serious real estate market, Bhiwadi’s real estate has seen a steep escalation in property values.
Ignored by investors and developers earlier, the region has now witnessed a surge in real estate activities both commercial and residential. The biggest gripping advantage is that the property is available at affordable rates and there is ample land that can be developed.Not just comfortable affordable housing facilities, the city also offers superior educational facilities with the presence of reputed institutions like Modern Public School, St. Xavier School, Starex International, DPS, UCSKM, Presidency the International School which cater to the educational needs of the region.Shopping complexes like Village Center, Aangan Plaza, BB Mall, Genesis, Hotels including Treehouse, Optus group, Fortune hotels along with branches of premier Banks like HDFC, ICICI, SBI, SBBJ, PNB, OBC, BOB, Yes Bank, etc., makes Bhiwadi an ideal residential hub. A lucrative option to invest and yield profits in return.Omaxe has also been an early mover in Bhiwadi with two townships – Omaxe Panorama City and Omaxe Meadow Green City consisting of plots, villas, group housing, independent floors, commercial space etc. Company claims these properties have earned a premium of as high as 200% in the last six years.Surender Goyal, AVP, Omaxe believes location has always played a key role in the development of Bhiwadi. Its proximity to Delhi and Gurgaon, affordability of residential units, presence of industries, fast-paced infrastructure development and a lot of working population has helped the city emerge as a destination of choice. The authority has been proactive in ensuring that the town has all the necessities like schools, hospitals etc.“In order to make Bhiwadi further attractive for investment, including attracting large amount of FDI, the government has proposed several measures in and around the region – among the seven NIMZ along the Delhi-Mumbai Industrial Corridor (DMIC), one is at Khushkhera-Bhiwadi-Neemrana belt, which is already approved, two new airports — in Neemrana and Jodhpur, the operational Dharuhera-Bhiwadi bypass road, bullet train from Delhi to Neemrana etc are some of the proposals that are bound to take Bhiwadi on the World Map. Fast-pacing the above is the need of the hour,” says Goyal.In the coming times, as most of these proposals take shape, the price and demand for real estate projects in the region is bound to go up. Bhiwadi has been successful in pulling out buyers from NCR, Gurgaon-Manesar. Realty analysts assess that it is just a matter of time that Bhiwadi will come into full circle and become a much preferred destination with ample job opportunities.
Source : http://www.track2realty.com/bhiwadi-stepping-out-of-the-shadow-of-gurgaon-manesar/
NEW DELHI: The Ruia family, which owns the oil, steel and shipping conglomerate Essar Group, is selling a bungalow in the leafy Jor Bagh area of central Delhi and is expecting Rs 170 crore for the house that it bought for under Rs 50 lakh about 20 years ago.The Ruias have hired an international property consultant to find buyers, two persons with direct knowledge of the development said. A spokesman for the Essar Group declined comment.The 1,250 sq yard bungalow, with 12,000 sq ft of built-up space and covered by a canopy of Jamun trees, has the Nanda family of Escorts and former union ministers Natwar Singh and Maneka Gandhi as neighbours.A few years ago, Bollywood star Shah Rukh Khan was rumoured to have bought the house next to the Ruias. And former Uttar Pradesh chief minister Mayawati bought another a furlong down the road, which is now her party’s office.Two years ago, the Ruias moved into a bigger 2.26-acre Lutyens bungalow on Tees January Marg that boasts of a signature colonial-era lawn and a swimming pool.
Since then, the Jor Bagh bungalow, which also falls in the Lutyens’ Bungalow Zone and faces the ministry of civil aviation and the picturesque Safdarjung’s Tomb across the road, has been used as a company guesthouse and temporary office.One of the persons who confirmed the development said the bungalow is a personal in-vestment by the Ruias, who have been toying with the idea of selling it for a while now. Their decision comes at a time the Essar Group companies are combating rising debt.According to a recent report by Credit Suisse, at the end of fiscal year 2012-13, the group had a debt of Rs 98,412 crore, up from Rs 85,224 crore a year ago. Lutyens’ Delhi is known for its high-value deals and has become a favourite with firstgeneration entrepreneurs who want the pricey homes as trophy assets.
Source : http://economictimes.indiatimes.com/markets/real-estate/news/ruia-family-to-check-out-of-central-delhi-bungalow-for-rs-170-crore/articleshow/23430319.cms
GURGAON: An army man was duped of Rs 35 lakh on a land deal in Krishna Colony, which was allegedly sold to another person by the original owner. Police have lodged an FIR.Sher Singh, a resident of Kalwadi, now deployed in Punjab, had lodged a complaint with the Gurgaon police saying that he had bought a 160 square yard plot in Krishna Colony from one of his relatives, Jaikishan. The plot was in the name of Jaikishan wife Neelam. At that time, Sher Singh had made the full and final payment of Rs 35 lakh and also built a boundary wall on the plot.“Around two months back, when he visited the plot, he found that another person, identified as Umed Singh, was living there. The new owner showed Sher Singh the paper, which was a general power of attorney (GPA). The GPA was made on his name by Sarjeet Singh, the original owner of the plot, who had earlier sold it Neelam, which Neelam later sold it to Sher Singh. Later, when Sher Singh asked Neelam and husband for a refund, they flatly refused,” police said.The enquiry of the case was enthused to the economic offence wing, and after their recommendation, the DLF-I police have lodged an FIR against Sarjeet, the original owner of plot, who was found guilty of selling the plot twice.
Source : http://timesofindia.indiatimes.com/city/gurgaon/Army-man-duped-in-land-deal/articleshow/23428594.cms
New Delhi : The Delhi High Court has sought status report from DDA and other agencies of city government on a PIL alleging “rampant” illegal construction on public land in and around the Capital. Seeking response from DDA and also from police, South Delhi MCD, DJB and BSES Rajdhani Power Ltd, a bench headed by Chief Justice N V Ramana in a recent order sought a status report by November 27.The bench was hearing a PIL by Fraternity Against Corruption, a registered trust, alleging “rampant land grabbing, encroachment and illegal construction on DDA lands in and around Delhi which is open and brazen loot of public resources affecting public at large.”According to the plea, due to mismanagement of DDA, large chunks of land particularly in South Delhi are being misused and the land owning agency has failed to take care of them properly.
“The land mafia in connivance with corrupt officials of DDA grab the vacant DDA lands and then raise unauthorised construction over these lands. Their illegal activities do not end with this and they further sell these illegally constructed houses to innocent public and dupe them of their hard earned money,” the plea alleged.Referring to a high court’s decision in which the bench had ordered police to inform the concerned agency and also stop the illegal construction on DDA land, the plea said, “Delhi Police merely acts as a post office, they just inform this illegal activity to the public authority once, after that they just remain mute spectator to this brazen activities.”The PIL, filed through counsel Sunder Khatri and Dhananjay Tyagi, cited some areas where the alleged illegal activities involving the land grabbing had occurred in South Delhi. — PTI
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sachin May 9th, 2013 @ 07:02 AM
nice news
Nitin May 9th, 2013 @ 06:34 AM
good.....