Monthly Archives: August 2013

New ‘High Density’ Policy will Boost Affordable Housing

To increase the availability of affordable houses, the Haryana government recently approved a comprehensive ‘high density’ housing policy.

The Haryana government recently approved a ‘high density’ housing policy under which agencies like the Haryana Urban Development Authority (Huda) will allow developers to increase the density of population in their group-housing projects. Realty players believe that the new highdensity policy will motivate builders to construct more small sized housing units in a given area. The development authorities are also offering private builders incentives to construct low-cost housing units as per the revised population density norms. In the normal group-housing projects, the density is 300 people per acre (PPA) plus 20% variation, while in the high density projects, their new norms will permit 445 PPA.

Also, in the new draft development plan of Gurgaon-Manesar Urban Complex-2031, the Huda has reserved 125 acres for affordable-housing projects in Sector 68. As per existing norms, there will be only 300 people per acre, which means one cannot construct more than 60 units in an acre. If the population density is increased to 900, then 180 units can come up on an acre.

Plan to improve road network to to the increased density:
Provide maximum housing, the town and country planning department of Haryana has decided to increase the sectoral density from 80 PPA to 100 PPA and from 100 PPA to 120 PPA in all development plans of the town and the cities in the state.

Accordingly, it has proposed to improve the road net- of areas like Sectors 58/61, /62, 60/63, 62/65, 63/64, 65/66, 68. In Sector 68, a pocket of nearly 50 hectares with density of 1,125 PPA has been reserved, paving the way for construction of smaller flats for providing housing to low- and medium-income groups.

In order to absorb the impact of the increased density on the environment of the sectors, additional area for infrastructure would be provided in the already planned or developed residential sectors.

The minimum width of the roads in a residential colony or sector would not now be less than 12 metres. The minimum area for parks or open spaces in a residential colony or sector would be planned in such a manner that it would meet the minimum norm of 2.5 sq metres per person.

In addition, so as to provide affordable housing to the public, the government is mulling a separate policy where it would fix the upper sale price and make the entire allotments itself. All the development plans of sectors will now adopt the norms of New Master Plan-2031. The new draft plan also converted the use of land earmarked by the industries department along KMP expressway into an agriculture zone; no CLU or licence would be granted in this area so that it is used only for agricultural purpose. The new plan also earmarked land for a university over 200 hectares along the newly proposed bypass near Sector 68 in Gurgaon. Keeping in mind this additional allocation of land, the small pockets of public and semi-public uses proposed along the sector-dividing roads in Sectors 71/89A would be marked off while the site of the town park in Sector 89 would now be along the sector-dividing road of Sectors 89A-95A.

A part of the strips earlier reserved for public and semi-public use in Sector 71 may now be allocated for residential use.

Nearly 50 hectares may also be reserved for affordable housing in Sector 68 adjoining the newly proposed university site, as has been done in case of Sohna and Farrukhnagar Development Plan, to provide housing to low- and medium-income groups.

In order to improve the road network of Sector 70A, the development authority has proposed to eliminate the eastern road of sector-dividing road of Sectors 69 and 70 and also to extend the western, outer road of Sector 70A up to the proposed extended roads of Sector 69-70. The triangular space generated due to this amendment may be allotted for the development of a town park.

Why the new policy: The Haryana state government has committed to deliver nearly 75,000 housing units across the state, in the price range of Rs 15-30 lakh per unit. Out of this, a substantial number of houses will come up in Gurgaon. The Huda is all set construct 11,000 housing units for economically weaker sections (EWS) and lower income groups (LIG) in Sector 68 in Gurgaon. The minimum size of apartments available in the realty market of Gurgaon starts at 1,350 sq ft and above, costing upwards of Rs 75 lakh, while the average size of the units is 1,700 sq ft with a price of more than Rs 1 crore.

R K Arora, CMD of Supertech Ltd, says: “The high density policy benefits both buyers and developers. The Huda in the public sector and the licensed colonizers in the private sector have played a prime role in the planned development of Gurgaon-Manesar Urban Complex. Both have collectively developed around 8,000 hectares for residential, commercial, institutional, and industrial purposes.”

Ravi Sound, COO of CHD Developers, says: “In order to cater to the future demand of the Gurgaon-Manesar Urban Complex, an additional area of 22,957 hectares has been added in the form of urban usable area, which has the potential to accommodate an additional population of 20 lakh. Thus, the total urbanizable area of Gurgaon-Manesar Urban Complex would accommodate nearly 42.50 lakh people by 2031. This is one reason why the high density policy was brought in — to accommodate the projected population growth of this area.”

Realty projects: Many developers and promoters like Supertech Ltd, ILD, Era Landmark, etc, have launched new realty project in Sector 68 located near Golf Course road.

In Sector 68, Gurgaon, Supertech Ltd has launched Araville 2, which offers 3- and 4 BHK units on 50 acres. Era Landmark has also launched a project, Sky Ville, in Sector 68; this project offers 2- and 3 BHK units of 1,200 sq ft, 1,446 sq ft, and 1,827 sqft.

With modern-living options and excellent connectivity, Sector 68, reserved for the high density projects, is all set to become the next big realty destination in Gurgaon.

Quick Bites:
The development authorities are also offering private developers incentives to construct low-cost housing units as per the revised population density norms.

Source: Times Property, August, 2013
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Luxurious Residences on Dwarka Expressway

The best pieces of real estate combine two things—the coolest of locations that have the potential to emerge into the most fashionable addresses, and a space so luxurious and beautiful that it transforms your living.

And that is precisely why the Dwarka-Gurgaon Expressway, also known as the Northern Peripheral Expressway, excites so many home-buyers and real estate investors. Experts say the potential of this expressway—which is under construction—to change the landscape connecting Delhi and Haryana is enormous.

The Haryana Urban Development Authority (Huda) is developing this 18 km long expressway that begins at Dwarka, connecting with Palam Vihar and the forthcoming special economic zones in Gurgaon, and finally meeting NH-8 near Kherki Dhaula.

Once completely laid out, it will not only shrink the time taken to travel between west Delhi and Gurgaon, it will also enhance the connectivity of the residential and commercial projects to other prominent nodes of the NCR. The area is turning into one of the hottest destinations for investment with builders selling at Rs 10,000 per sq feet plus here, whereas the rates at Dwarka in Delhi are quoting at Rs 12,000 per sq feet.

“A home near the Dwarka Expressway is going to be a blue-chip real estate. You are minutes away from Terminal 3 of the IGI airport, close to a Metro station, and in proximity to the 18-hole golf course and the Diplomatic Enclave that is being planned at Dwarka. And you have excellent connectivity to Delhi, Gurgaon, or Manesar. In short, you have the unique advantage of being so near to the national capital, while you are cocooned in the serenity of your own private retreat here,” Vineet Nanda, an expert on real estate says. Pareena, with over two successful decades in the construction and contracting business, has already launched its first independent project, Coban Residences, in Sector 99A on Dwarka Expressway. The project is over 10.5 acres and hosts seven towers; lavishly designed, the project will attract people who love luxurious living.

Virender Verma, MD of Pareena, says: “Coban has everything going for it—from brilliantly planned spaces, luxurious material, inspired architecture, and world-class amenities. Pareena will prove that we are committed to nothing less than excellence.”

Spread over verdant greens, Coban makes innovative use of the water element in its landscape. Residents can enjoy a world of privileges at Club Esperanza, only an elevator ride away, or relax at the community space which is dotted with pools, spacious flowering gardens, manicured lawns, and children’s play areas. There are also gaming zones, badminton courts, a high-power gym, and facilities for foot reflexology massage or a yoga session.

The basic selling price of the units is Rs 6,250 per sq feet, which is very competitive considering the luxurious facilities and amenities offered in the project.

Surender Verma, chairman of Pareena, says: “We have incorporated some of the best features in Coban Residences. These are residences which elevate the state of living, with every possible modern amenity. The best part of this project is probably its connectivity, standing as it does on a premium location of Dwarka-Gurgaon Expressway.”

Pareena is located in an area of Gurgaon that is being developed in a planned manner. With a large number of high profile projects coming up in the area, the development of this zone into a blue-chip real estate is a given.

From an investment angle, the place scores well as prices are only bound to appreciate further.

Source: Times Property, August, 2013
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New wave of urbanization in Delhi NCR

A new proposal in the Delhi Master Plan-2021 will unlock around 21,000 hectares for residential purposes and around 2,073 hectares for commercial activities in the periphery of the existing city, which will set a new round of real estate activity in motion.

Delhi may soon see a flurry of real estate activities. A pathbreaking policy, which has been incorporated in Delhi Master Plan-2021, will make available around 21,000 hectares of land for residential purposes and around 2,073 hectare for commercial activities in the periphery of the existing city.

Global consultancy firm, CB Richard Ellis (CBRE), says in a report: “Such a large-scale expansion in the urban limits of the city is expected to stabilize property prices, particularly in suburbs, and also spur infrastructural development in these largely peripheral zones.”

According to the projections in the master plan, nearly 4 million residential units are re q u i re d for an estimated 23 million people by 2021. According to the paper, the scale of development in the city outlayed in MPD-2021 has by all standards outweighed the planning proposals of the 1962 and 1981 plan documents and has created need for an ever evolving and dynamic urban planning approach.

The paper said the MPD-2021 has identified transformation of Delhi as a ‘Global Metropolis’ as an underlying theme for most of its planning proposals.

In a marked departure from previous master plans, the 2021 document proposes that the planning and development of the city not be entirely led by the public sector, and that the private sector, too, must get involved. This covers various facets of development like land assembly, construction, infrastructure creation, capacity building, and provision of essential services. The latest master plan has significant implications for the real estate market of Delhi, CBRE says in the paper. According to one estimate, the prices in these zones, which will be part of Delhi, will be around Rs 6,000 per sq feet.

This will certainly help in reining in the unbridled rise in prices in suburbs like Gurgaon and Noida.

For this, the underdeveloped rural areas in south, west, and north Delhi zones have been identified for building five new sub-cities on the lines of Rohini and Dwarka and some private players are already in negotiations with landowners, planning for development.

The Delhi Development Authority (DDA) has earmarked land in Zones J, K2, L, N, and P2 for urban extension. The plan envisages residential real estate development across all categories—plotted, high-end, and mid-end apartments and EWS within the city.

In this new policy, the DDA has tried to encourage private entrepreneurs to aggregate land through land-pooling policy. The CBRE paper says the land-pooling policy in the plan document, which was recently approved, will allow greater private participation in pooling and development of land.

The land-pooling policy will replace the present model of acquiring land by the DDA. The policy lays down that about 40% of the land will be kept with the DDA for land parcels above 20 hectares and about 60% for land parcels below 20 hectares, the rest being allowed for development by private builders. In lieu of the land that the DDA will keep, the authority will develop external infrastructure like roads, sewer systems, water and electricity supply.

The new policy will allow private players to be more involved in the development process.

Landowners, including farmers, can form associations and engage private builders to consolidate their land parcels for development. The policy allows existing plot owners to pool in their properties to arrive at a plot size of 3,000 sq metres, the minimum requirement as far as the size of the plot is concerned, the CBRE paper said. Likewise, for spurring development and land-pooling in rural areas, the MPD has envisaged the plot size at a minimum of 2,000 sq metres.

Under the new policy, the DDA has also given an in-principle approval to the modification offering relaxation to farmhouses set up in green belts and low-density residential areas in the city. As per the new policy, land pockets of a minimum of 4,000 sq metres (around 1 acre) may be developed as residential plots. The new policy, the CBRE paper said, is expected to benefit nearly 2,400 farmhouses in areas like Mehrauli, Neb Sarai, Chhatarpur and Rangpuri. As per the new policy, owners of farm-houses will be required to cede land for infrastructure projects for construction of roads, etc.

Quick Bites:
MPD -2021 has identified transformation of Delhi as a ‘Global Metropolis’ as an underlying theme for most of its planning proposals.

Source: Times Property, August, 2013
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Bring harmony into your life

If you are ruled by wood, fire, water, earth or metal, balance your life and karmas through the principles of feng shui.

The five feng shui elements are wood, fire, water, earth and metal. Each of the elements is associated with a colour and shape. The elements are controlled by destructive and productive cycles. For example, water nourishes wood, wood then turns into fire which produces earth which in turn produces metal. It is a continuous cycle where in each element benefits from the other – creating a constant flow of harmony. This is the productive cycle of the five elements.

The destructive cycle of the elements happens when wood weakens earth, earth absorbs water, water puts out fire and fire melts metal – which in turn chops wood.

Balance is the key in feng shui and it is only when harmony is consciously maintained between the elements that we can actively benefit from feng shui.

The five elements are also associated with colours, seasons, directions and planets. For example, fire is red and is considered an auspicious colour. It denotes summer and the south direction. The other colours that denote fire are orange and fiery yellow.

Water is represented by the colour black/blue. It denotes winter and the north direction.

The direction for wood is the east and is represented by the colours brown and green. Metal is white/gold symbolising the west direction. Earth is represented by sandy yellow and earthy browns.

While considering the feng shui of office locations, and home interiors, understanding the destructive and productive cycles of the elements in relation to the Chinese astrological sign enables us to bring out the best in our surroundings.

For instance, if one is born in the earth year, then having too much wood element (plants) in the house would not be lucky. On the other hand having red objects like lights, candles (fire) would be very conducive as fire produces earth.

Similarly, if one is born in a fire year, then too much water in the home/office would be counter-productive as water destroys fire. So people born in the fire year should try as much as possible to avoid anything black, artificial waterfalls, ponds etc.

Normally when members of a family are born under different elements, then the birth element of the head of the family should be given priority for the main rooms and entrance. All other individual rooms can be designed to benefit the occupant of each room.

Source: HT Estates, August 31, 2013
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Noida property circle rates hiked up to 25%

Buying land and property in Noida in Uttar Pradesh will be costlier as circle rates has been increased by 10 to 25 per cent from August 1.

Agriculture land rates too have bee hiked by 5-8 per cent. “The hiked circle rates are effective from today,” S K Singh, AIG stamps and officiating Deputy Inspector General, stamps, told PTI.

The hike is between 15-25 per cent depending on sector location.

“A special category has been introduced this year. It relates to hospital, cinema, cold storage and marriage halls. The circle rate of this category would be 30 per cent of the rental value or 40 per cent of the commercial rate in that area,” said Singh.

The city’s residential sectors have been divided into various categories from A to E depending on the development and market value of land.

In A category sectors, circle rate has been hiked from Rs 66,500 to Rs 78,000. In B category sectors, the hike is between Rs 48000 and Rs 55000.

In C category sectors, the increase is between Rs 35,000 and Rs 40,000. Rates are for per square meter land.

Source: MagicBricks.com, August 2013
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Hike in circle rates may take away buyers from Noida

The recent 25 per cent hike in Noida’s circle rates has left buyers with low sentiments. Many buyers who were planning to purchase a property have pulled themselves out of the market. This was revealed in a survey done by MagicBricks.com which aimed at studying the impact of increased circle rates in Noida. As per the results, almost 50 per cent of the respondents flatly refused to invest in Noida post the price hike. Another 26 per cent of the respondents were having second thoughts.

Sachin Garg, Deputy General Manager, Mahagun India Pvt Ltd, says, “Though such hikes result in good appreciation, however, the buyers suffer. With the original budget, the buyer is forced to shift to other areas which fit his budget. Noida also might lose its share of buyers.”

The survey clearly revealed the major concerns of the buyers. While 45 per cent of the buyers feared a price hike in property values, 35 per cent were concerned about registration fees going up. About 90 per cent of the buyers were also bothered about the reduction in the range of negotiation.

Reiterating the buyer’s concerns, Alok Singh of Reality Infratech says, “A hike in circle rates results in a hike in the cost of property. But this might not be always true. The rise in property values may be gradual and an accumulative result of several market drivers. However, the burden of the registration fee, undoubtedly falls on the end-users’ shoulder. In Noida, the stamp duty is 5 per cent of the circle rate and a 25 per cent increase in circle rates would lead to a similar increase in the registration cost.”

While it seems to be a hard-hitting reality that a hike in circle rates has impacted the buyer sentiments negatively, there are some who are taking it positively. Almost 81 percent of the respondents felt that the hike would help in reducing the difference between the actual price and the market value, which consequently would result in a reduction in the cash component. Another 18 per cent of the respondents felt relaxed with the ease of availing higher amount of home loans.

With much speculation around the hike, the actual impact is yet to be realized. For some it may be a boon, but some might see it as a bane.

Source: MagicBricks.com, August 2013
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Noida: Price correction by 10-15% in certain areas

Property prices in certain areas of Noida have corrected by 10-15 per cent in the current month. In areas such as Sectors 76, 77, 117 and 119 multi-storey apartments, which were selling at Rs 4,500 per sqft until July 2013, have now been priced between Rs 4,100-4,200 per sq ft.

“Some developers have adopted the strategy of cutting prices in order to raise finances and sell inventory, and it is working,” says Girish Jha, a city-based realtor. On the other hand, Aman Agarwal, director – KV Developers, said: “The recent price correction is a result of withdrawal of investors from various projects they had invested in when the Rupee was stable against the Dollar. But now since the value of Rupee is volatile, investors are in a double mind. However, this is limited to certain projects only.”

Meanwhile, home buyers are making the most of this opportunity. Generally, residential properties in the resale market are available at Rs 400-500 per sq ft lesser than the price quoted by a real estate developer. This is why, a number of home buyers get diverted to the resale market and the developer ends up holding unsold inventory.

Now that the prices in fresh and resale market are at par, people are buying from the developer directly. After all, in this case, they can choose from various options. The correction has triggered sales and many such units have been taken up by buyers instantly, states Jha.

However, Agarwal believes that in the normal course, there is very limited scope of price correction owing to rising input costs and in the long run, prices will remain intact.

Meanwhile, the response to price correction shows that there has been a latent demand for properties priced at reasonable levels.

Source: Times Property, August 2013
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Survey finds Noida realtors violating norms near Okhla Sanctuary

In a joint effort involving Noida Authority and Noida Police, a survey was conducted to identify realty projects being developed within a 10 kilometer radius of the Okhla Bird Sanctuary. The team found that around 40 developers were carrying on construction without any environmental clearance. The National Green Tribunal, in its August 14 order, had ordered for such surveys.

The counsel for the petitioner reached Noida Authority and examined files of all the developers in sectors around the sanctuary. “The authority has given some documents related to the environmental clearance of several developers but we have no faith in the authority,” said the petitioner.

A physical inspection was conducted by a joint team of the Noida Authority and the petitioner’s counsel. “We could not cover all sites on Saturday, but initial reports suggest nearly 40 developers are carrying out construction. The role of Noida Authority top brass and enforcement agencies are also under the scanner since without their go ahead, such vital green norms can not be violated. We will raise this issue on August 27 ”the next hearing in the NGT,” he said.

Gautam Buddh Nagar forest department said the realty projects of more than 50 developers are falling within 10 km radius. Environment and forest ministry (MoEF) had on March 15, 2011 directed the states to declare eco-sensitive zones around national parks, wildlife and bird sanctuaries but many states including UP did nothing. State wildlife department formed a nine-member team, headed by Gautam Budh Nagar district magistrate, but it in vain. The callous attitude of authorities has put the realty projects in a lurch.

While hearing a plea on the sanctuary, the NGT asked the government, UP government, Noida Authority and other respondents to submit their replies within two weeks. Notices were also issued to the UP chief secretary and Noida Authority chairman, Rama Raman.

Source: Times Property, August 2013
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Of Licence and Lease

Can a landlord lock one room while renting out his apartment? The answer depends on the terms of agreement listed at the time of lease or issue of licence.

When a person is granted the right to enjoy an immovable property, questions about whether such a person is a licensee or a lessee, arise. In legal terms, a licence is a personal right granted to a person without creating an interest in the property (i.e. permission to use land without granting exclusive possession), while in the case of a lease, there is a transfer of interest in immovable property.

Whether an instrument operates as a lease or as a licence is a matter not of words but of substance. The intention must be gathered on a true consideration of the agreement, and not merely from the description given by the parties. So, in a sense, the landlord needs to spell out the terms and conditions clearly, without giving room for doubt.

The determining factor, however, lies in whether the interest is created in the property along with the possession. If an interest is held in the property together with possession, then it is a lease. If it only gives the use of the property in a particular way on certain terms while it remains in the possession and control of the owner, it will only be a licence.

Thus, the determination of relationship between the landlord and tenant would be governed by the terms of the agreement as well as the manner in which it is followed and implemented. The terms have to be honoured, in practice, by both the tenant and the landlord, so as to maintain an amicable relationship.

As the landlord and tenant can determine the terms of their agreement, it would be open to the landlord to provide for locking of one room while renting out his apartment and in such a case, the landlord would have a good claim to contend that the agreement is in the nature of licence rather than lease.

Source: HT Estates, August 24, 2013
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Rights and Liabilities of The Landlord and Tenant

The relationship between a landlord and a tenant is governed by the agreement that expressly stipulates the rights and obligations of the parties. The agreement is enforceable by law, and provides the reciprocal rights and liabilities of the contracting parties. However, in the absence of an agreement or local usage to the contrary, the landlord and the tenant of immovable property possess the following major rights and liabilities, amongst others.

Rights and Liabilities of the Landlord:

  1. The landlord is bound to disclose to the tenant any material defect in the property, with reference to its intended use, of which the tenant is not aware and which the tenant could not with ordinary care discover.
  2. The landlord is bound by the tenant’s request to put him/her in possession of the property.
  3. The landlord shall be deemed to contract with the tenant that, if the tenant pays the rent reserved and performs the obligations, the tenant may hold the property without any interruption.

Rights and Liabilities of the Tenant:

  1. If during the continuance of the possession of the property by the tenant, an accession is made to the property, such accession shall be deemed to be included in the lease.
  2. The landlord is bound to make repairs to the property. However, if he neglects to do so within a reasonable time after a notice, the tenant may make such repairs himself, and deduct the expense of such repairs with interest from the rent, or otherwise recover it from the landlord.
  3. If the landlord does not make payment which he is bound to, and which, if not made by the landlord, is recoverable from the tenant or against the property, the tenant may make such payment himself, and deduct it with interest from the rent, or otherwise recover it from the landlord.
  4. The tenant may during the possession of the property remove all things which he has attached, provided he leaves the property in the same state in which he received it.
  5. The tenant is bound to pay rent at the proper time and place, to the landlord or to his agent.
  6. The tenant is bound to keep, and on the termination of the agreement, to restore the property in the same condition as it was given to him at the time of possession. It can be subject only to the changes caused by reasonable wear and tear or irresistible force. The tenant must allow the landlord and his agents, at all reasonable times during the term, to enter the property and inspect the condition thereof and give or leave notice of any defect in such condition. When such defect has been caused by any act or default on the part of the tenant, his servants or agents, he is bound to make it good within three months after such notice has been given or left.
  7. The tenant is bound to give, with reasonable diligence, notice to the landlord if he becomes aware of any proceeding to recover the property or any part thereof, or of any encroachment made upon, or any interference with the landlord’s rights concerning such property.
  8. The tenant may use the property with prudence. He must not use, (or permit another to use) the property for a purpose other than that for which it was let. He cannot pull down or damage the building or commit any other act which is destructive or permanently injurious.
  9. The tenant must not, without the landlord’s consent, erect any permanent structure on the property, except for agricultural purposes.
  10. Lastly, on the termination of the lease, the tenant is bound to give possession of the property to the landlord.

Source: HT Estates, August 24, 2013
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