Monthly Archives: October 2013
India’s real estate market is on an increasing growth curve. It is speculated that the industry will be growing in the near future. Evaluating from a bigger lens, the impact of recession seems like a hiccup. In 2012, the prospects for retail real estate in Delhi NCR were devastated by a slowing new supply along with inferior quality of the supply that was quite prevalent then . NCR’s property market, which is currently passing through a setback phase is all set to regain its lost momentum with the revival in economy. Government is attempting for all required initiatives to capitalize on the inherent capabilities of the real estate and infrastructure sector to bring back the lost glory and deliver better opportunities to its citizens. The impact of the subdued economic sentiment and the rising inflation rate on the realty market and the attractiveness of a city’s business environment can largely be gauged by evaluating the health of commercial realty in that city. The top real estate companies in the delhi ncr region are back to their actions. Re sales and new projects can also be traced in the northern part of India. The impact of recession has undoubtedly eased.
Veterans say real estate developers were Developers were caught in a trap — of ambitious expansion, decelerating sale, hardening interest rates, and weakening cash flows,’’. Or does the problem lay elsewhere, far more structural? Let’s understand this problem via simple Economics. Most of us understand how demand and supply affects prices of any commodity and real estate is one such commodity. As per available data, India is facing a shortage of over 24 million housing units. So, the demand is there and supply has not kept pace with it. Housing is not a scarce commodity, unlike gold, where the prices keep increasing disproportionately to its actual need. From 2005 to 2013, the average salary of an Indian has increased 2.5 times. On the other hand, property prices in the major Indian cities have gone up nearly 5 times. Now add in inflation over the same period and the net salary increase is less than 100 per cent. Now factor in the hardening interest rates along with the fact that the banks today, lend on an average a maximum of 80 per cent of the property price compared to 90 per cent during the boom years. Even if we were to discount the current bleak economic scenario, the math is pretty clear about the affordability of present day properties.
One of the leading real estate companies in India ,Saviour Group, incorporated in 18 December, 2006 have been leaving its mark in the real estate firmament through its lavish constructions. Being placed in the capital of the country it has been equally active in the NCR region. Saviour builders have lately launched their new project Greenarch . The project is a joint venture by Saviour Builders Pvt Ltd. and New Way Homes Pvt Ltd. Greater Noida is a fast-growing region and is connected to Agra by the six-lane Yamuna Expressway especially when it comes to absorption or sale of residential units and project launches. Over the past 5 Years, it’s become one of the prestigious locations for investors.
Golf Course Road continues to dominate Gurgaon’s suburbs as the prime address for both residential and commercial property. It is followed closely by Golf Course Extension Road, which is emerging as yet another zone for luxury real estate and golf-themed projects.
Sohna Road is being considered for investment opportunities in the medium term but it is Dwarka Expressway that is drawing maximum interest owing to its future potential. While the expressway evokes optimism over its profile, it is drawing skeptic remarks over its timelines-but it is creating waves in real estate market, nevertheless. Its great prospects and connectivity through a very wide 150 metre road makes it an attractive option, also due to slow payments at the moment.
Rajat Mahajan, a consultant, says: “Gurgaon is the place for high net worth investors. DLF recently launched Camellias here-a project in the league of Aralias and Magnolias-an ultraluxury, golf property. Apartment sizes range from 7,400 sq ft to 9,500 sq ft and penthouses come in sizes between 13,000 sq ft and 16,000 sq ft; at Rs 25,000 per sq ft, they cost between Rs 20 and Rs 25 crore.”
Broadly, the minimum ticket size of an average three bedroom flat at Golf Course Road is Rs 3 crore plus, Rs 2 crore onwards at Golf Course Extension Road, Rs 90 lakh onwards at Sohna Road, Rs 1.2 crore onwards at Dwarka Expressway, and Rs 75 lakh onwards at New Gurgaon. The next emerging micromarket is Sohna Road where values are in the ranges of Rs 5,000-8,500 per sq ft while the values are in the range of Rs 4 , 5 0 0 – 6 , 5 0 0 per sq ft in New Gurgaon. But the area to watch out for in the medium term is Dwarka Expressway.
The 18km-long Dwarka Expressway has construction on both sides of the expressway. At present, there are 50,000 units in various stages of construction and the prices of these are in the range of Rs 5,500-9,500 per sq ft. Nearly every developer has something here: Vatika, DLF, BPTP, Ramprastha, Sobha, Raheja, ATS, among others. Some of the noteworthy projects are Diplomatic Greens by Puri Construction at Rs 8,500 per sq ft, Sobha Developers’ project at Rs 9,500 per sq ft, and Raheja’s Vedas at Rs 5,700 per sq ft.
Interestingly, the prices go up for projects located closer to Delhi and taper down as you move away from Delhi and towards Gurgaon. While the quality of projects is good, the issue here is that the expressway has been delayed and is eighteen months behind schedule. This was supposed to have come up by October 2013. One of the reasons for the delay has been the dislocation of 500 families at Palam Vihar. The other issue is that it’s now becoming an investor-driven market; off-take has also been slow due to the slowing down of the economy.
Nikhil Jain, CEO of Ramprastha Group, says: “Reality is now weighing heavy over perception for Dwarka expressway. The state government has made huge strides in developing physical infrastructure in Gurgaon. Reputed and trusted developers are still getting good response from investors as well as first time house hunters, as delivery of projects is becoming the key for consumers. At Ramprastha, we are gearing up to deliver three of our projects—The Edge towers, Atrium, and The View—in the next three-six months.”
As physical and social infrastructure fails to keep pace with the oversupply of residential units, investors are turning wary; while this is becoming an investor’s market, caution is advised owing to the oversupply.
Microtek Infrastructure is set to launch an ultraluxury project, Microtek Greenburg, in Sector 86 on Dwarka Expressway, and has five other projects lined up here. Ajay Aggarwal, MD of Microtek, says: “Despite hurdles in some quarter, we expect the expressway to be the leading property market, not only for high-end users, but also in the affordable and commercial segments. Infrastructure hurdles are part and parcel of realty markets globally, but property market around Dwarka Expressway has registered price appreciation of more than 206% in the last five years—this speaks for the expectations, and value placed, upon this destination.”
Builders in Delhi NCR are hopeful that the festive season will stoke demand and give the much needed fillip to sales in the real estate industry. Harindra Nagar, MD of Paras Buildtech, says: “The last five-six months have been tough for developers owing to the overall slowing of the economy. On the one hand, end users seem to have postponed their plans to buy property due to the slowdown impacting their earnings, as well as due to the high rates of property. On the other, investor activity has also been impacted—they are not buying as much as six months earlier.” Paras Buildtech has projects in Noida, Gurgaon, and Punjab.
Harinder says the current festive season has injected some momentum into the market as there are positive signs visible in the market— “we are hoping for the return of the good run”.
Nikhil Jain of Ramprastha says: “Sohna Road commands a higher price than some bigger and better projects on Dwarka Expressway, owing to its proximity to developed sectors of Gurgaon. We can vouch for its potential after the forthcoming DMIC corridor comes through—this is one of the most ambitious infrastructural projects undertaken in India since Independence. The long-term growth potential of Dwarka Expressway is better than that of any other location in the NCR region.”
Source: Times Property, The Times of India, Delhi/NCR
The surging interest rates, liquidity stringency in the banking system and gradual retardation of economy have badly affected the real estate sector. As the demand for residential real estate has decelerated, its prices across the markets in India have started showing a declining trend. The experts foresee its consequence as an increase in the sales of residential real estate.
The REAL Trends Housing Market Report for October 2013 declares that the rate of housing sales have strongly exalted in September 2013 growing to 20.9 percent from September 2012 which is a perpetuation of the powerful increase in housing sales that initiated in October 2011. The annual rate of new and existing home sales for September 2013 was 6.228 million up from 5.153 million recorded in September 2012 but down slightly from the rate in August 2013. The average price of homes sold increased by 5.5 percent in September 2013 compared to September 2012. Sanjay Dutt, joint MD at Cushman and Wakefield, a property consultancy, said that the falling in in prices won’t suffice to attract a good range of buyers in long run. But, the good thing is that a beginning has happened.
Housing unit sales for September 2013 increased upto 24.4 percent in the Midwest, the highest showing in the country. The next highest region was in the South region at 23.3 percent, the Northeast region was up 21.5 percent and the West was up 14.2 percent.
The average price of homes sold in September 2013 increased 5.5 percent across the country which is a slight slow down from the results in August 2013. The West had the best results with the average price of homes sold increasing 10.2 percent followed by the South region at 7.3 percent and the Midwest at 7.0 percent. The Northeast region saw prices move downward by 0.3 percent.
“September 2013 sales of new and existing homes were surprisingly strong, especially in view of the rise of mortgage rates over the past few months,” said Steve Murray, editor of the REAL Trends Housing Market Report. “Historically when a recovery starts to drive rates up buyers increase their buying activity to beat the rise in rates and we saw that in the July 2013 results. September results showed a small decrease in the annualized rate of homes sales from the prior month which was also expected. Inventories continue to constrain sales as well and although homes available for sale have increased they remain below historical levels of balanced housing markets.”
Saviour Group, incorporated in 18 December, 2006 have been leaving its mark in the real estate firmament through its lavish constructions. Being placed in the capital of the country it has been equally active in the NCR region. Saviour builders have lately launched their new project Greenarch . The project is a joint venture by Saviour Builders Pvt Ltd. and New Way Homes Pvt Ltd. Greater Noida is a fast-growing region and is connected to Agra by the six-lane Yamuna Expressway especially when it comes to absorption or sale of residential units and project launches. Over the past 5 Years, it’s become one of the prestigious locations for investors.
Mr. Raghuram was on the verge of going through with a property deal, when he found out that the seller did not have all the property papers. The seller cited that some of the papers were misplaced by his banker. This is not a very uncommon issue these days. Either due to the carelessness of the holder or neglect of the banker, documents are found missing from banks. Misplacement of property papers is a serious matter, so do not take it lightly. If your banker has negligently misplaced your documents, take stringent action and sort out the matter at the earliest.
Procedure for getting duplicate papers of property when you lose them
Missing documents play a critical role especially in the sale and purchase of property transactions. Selling a property with a missing paper is not an easy task. In case of a lost document, you will have to get a duplicate and also shell out extra money. Here are the steps required to get the duplicate papers for your property:
1. File a police complaint immediately
You will need to file a police complaint as soon as possible, after you have realised that certain papers are missing. The FIR or first information report should be filed only by the owner of the house, stating that the property papers have been misplaced, lost or stolen. Take a copy of the FIR and keep it safely with you, as at the time of sale, buyers may ask for that as well.
2. Publish an advertisement
Once you have filed the FIR, you will need to publish an advertisement in an English daily newspaper and in any regional newspaper about the loss of property documents. Then you have to wait for the next 15 days to see if anybody finds it and returns it within that time frame.
3. File an application for share certificate
On the basis of your FIR, you can file an application for share certificate from the housing society. The authorized Resident Welfare Association (RWA) calls a society meeting and checks your proof (FIR) of loss. If your application gets approved, the housing society will charge a fee and in return issue you a share certificate. Also, ask for an NOC (non-objection certificate) from them as it plays an important role in transacting further.
4. Register with the notary
The next step is the preparation of undertaking on stamp paper about the loss of documents of the particular property along with the text of advertisement which was published in newspaper and the police complaint number. Documents will then be attested and registered with the notary, so that your undertaking becomes legal.
5. Get the duplicate sale deed
The final step is to get a duplicate copy of the property’s sale deed. For this, you have to deposit copies of the police complaint, text of the advertisement, the share certificate and the undertaking stamped by the notary to the registrar office, since all the records regarding property transactions will be kept in that particular office. Then, you need to pay the fees and they would issue a duplicate copy of the sale deed.
Although, a good sum of money is required to go through all these steps, but at the end of it all, you will get a legally certified duplicate copy for your property. Bank loans are not easily granted on such properties, but after the verification of all the documents, and the FIR, loans are sanctioned, provided the documents are found to be authentic. Loans in such cases are at the sole discretion of the bank.
Do remember that if you keep the documents in the bank and they are misplaced, you can claim compensation from the bank. It is the duty of the bank to preserve your credentials and they can be penalized for carelessness.
Property Prices News Delhi NCR | Realty prices at local ‘micro-markets’ double in 2 years in Delhi-NCR
Property prices in NCR’s upcoming residential markets, which real estate experts term ‘residential micro-markets’, 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 rate hikes, say property experts Jones Lang LaSalle.
In Golf Course Extension, realty is currently 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. Properties on Dwarka Expressway are currently selling at Rs 6,000-8,000/sq ft which, the firm says, is an appreciation of over 50% over the corresponding 2011 levels.
Santhosh Kumar, CEO, Operations, Jones Lang LaSalle, who compiled the report, gave the example of 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—short-term speculators on the lookout for immediate capital gains have ceased to exist in this market. On the other hand, the Southern Periphery essentially remains a hotbed as at the current price points it has the highest 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 further boost sales.
On Golf Course Road, apartments are currently priced in the range of Rs 12,000-16,000 per sq ft as compared with the price range of Rs 8,000-9,000 per sq ft two years ago. On MG Road, the current prices for residential apartments are at Rs 10,000-12,000 per sq ft as against an average of Rs 8,000-9,000 per sq ft in 2011.
Source: The Times of India, Delhi/NCR
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 propertyrates 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: The Times of India, Delhi/NCR
If you’re thinking of buying a house this festive season but have a fixed budget of Rs. 30 lakh to Rs. 50 lakh, we suggest you look at residential options along major highways such as NH58, NH24 and Yamuna Expressway. Raj Nagar Extension, located along NH58 in Ghaziabad, offers 2BHK
units of 1,000 sq ft for a price as low as Rs. 30 lakh, and a 3BHK unit of 1,400 sq ft starting at Rs. 42 lakh, depending on the location, the stage of completion of the project and the features. The area can be accessed within 20 minutes from the Delhi border. As many as 30,000 units are in different phases of construction, and over 3,000 residents have already moved into projects in this area.
Yamuna Expressway is a good long-term investment option for those wanting to invest in a small-ticket studio, a 2BHK or a 3BHK unit overlooking the proposed Singapore-style Night Safari park and zoo. It offers price points that suit all pockets. The area has great infrastructure and has already hosted two Formula One events. Plots over here are available from Rs. 25,000 per sq yard, and units in group housing projects are priced at Rs. 3,000 per sq ft.
The government also plans to develop an industrial zone here to encourage multiple IT companies to invest. The expressway leads to Agra, famous for its Taj Mahal, and the pilgrimage centre of Mathura. The Night Safari is also expected to boost real estate growth in the area.
Crossings Republik, located on NH24, is a full-fledged township with dozens of group housing projects catering to buyers from all walks of life. It was launched in December 2006 by a conglomerate of seven developers. It is an ideal place for anyone looking for a spacious 2BHK or 3BHK in the Rs. 50 lakh budget.
Out of the 25,000 flats planned, 15,000 are at present ready to be occupied. About 8,000 families have already taken possession of their flats and many more will be moving in, once all the facilities are up and running.
Other projects located on the stretch include Wave City by Wave Infratech, Golf Links by LandCraft Developers, Sushant Aquapolis by Ansal API, Mahagun Puram by Mahagun Group and Springview Heights by Sare Homes.
In Indirapuram too, buyers can look for ready-to-move-in options in many group housing projects in Shipra Sun City. A 2BHK in Shipra Sun City Nova is available within Rs. 50 lakh. Other projects like Arihant Harmony and Regalia Heights, also have 2 BHK flats available in this price range.
Santosh Kumar Yadav, vice chairman, Ghaziabad Development Authority talks to Vandana Ramnani about plans to develop new residential growth corridors in Koyal Enclave, Rajnagar Extension and Indirapuram
Q: After Vaishali, Vasundhara, Indirapuram and Crossings Republik, is the Ghaziabad Development Authority (GDA) planning to introduce new residential growth corridors along NH 24 and in Raj Nagar Extension?
A: These are all saturated portions. There is a 600-acre land bank with Awaas Vikas across CISF headquarters, this is virgin land located in an area called Siddharth Vihar and is as big as Vaishali. The direction of residential growth in Ghaziabad will now change. We are now constructing a new ring road, also to be called northern peripheral road. This will start from NH24 near Dasna toll, move towards NH58, connect the Pipeline Road, Hindon Air Force station and culminate at Delhi’s Wazirabad Bridge. This is a six-lane ring road sanctioned under the PPP mode, 13 major bidders from the country are bidding for this project, including one from Mumbai and one international bidder from Oman. At least R200 crore is being spent on land acquisition. In this case land is being bought by Ghaziabad Development Authority and the construction of the road will cost at least R500 crore. This means that from then on anybody can enter Delhi and cross over this stretch in just about 25 minutes. This stretch will be on an embankment and not on the ground like NH24.
Q: Tell us about your plans for the Hindon elevated road.
A: The newly-developed areas of Ghaziabad such as Rajnagar Extension and proposals for new areas east of Ghaziabad with world-class infrastructure to compete with nearby cities has been hampered due to inaccessibility of this area with Delhi. The enormous traffic on existing highways is causing congestion in the city throughout the day, especially during peak hours. An urgent need has been felt for a new four-lane access-controlled elevated road for free flow of traffic and also for internal connectivity between eastern areas of Ghaziabad with west Ghaziabad and Delhi. This will be called the Hindon elevated road. It will start from NH24 and terminate at a Master Plan road connecting NH58 with Loni at zone 1 of the Ghaziabad Master Plan 2021 along the Hindon river. Part of this road in Rajnagar Extension area will be a surface road with controlled access. The project is a green field one and its approximate length will be 10 km. This will pass through UP Gate, Raj Nagar Extension, Hindon Canal through Vaishali and Indirapuram and Hindon Canal green verge. Pillars will be erected till Raj Nagar Extension. This will be an elevated road like the Barapullah Road in Delhi and will be built at a cost of R1000 crore. This will be of six lanes. The idea is to reach Delhi as fast as possible. There will be one exit to Vaishali and one in Indirapuram because I expect a lot of people from these areas to use this road. The growth engine of Ghaziabad will now shift to areas along these new corridors.
Q: What are the new residential growth areas that will emerge along these new infrastructure initiatives?
A: We are planning a deeper extension into Raj Nagar Extension. Besides, we also have a 100-acre land parcel just next to Delhi. There was an ongoing dispute over this land with farmers since 1991. While the Supreme Court gave its verdict against Greater Noida Authority, the judgment went in our favour in case of this land parcel. We are planning at least 14 to 15 group housing projects in this parcel. GDA will sell land here through a bidding process. Come what may the attraction will be distance from Delhi. This parcel is in Koyal Enclave area near the Wazirabad entry Gate in Delhi.
We also have a lot of land in the Raj Nagar Extension area that has not yet given to builders. GDA has about 200 acres and will bring its own group housing. We are also planning to construct a group housing project in Indirapuram spread over 10 acres. This will be an ultramodern state-of-the-art apartment project. It will be a market correction exercise and we will be selling it at competitive prices. The idea is similar to the government introducing its regulated priced sugar in the market when sugar prices hit the rood in order to correct the prices. Our intent will be similar. We plan to launch 1000 units in this plot around Diwali. The plot is located across DPS Indirpuram, behind the Devansh Pratham project.
In Raj Nagar Extension, where GDA holds over 200 acres, it will construct its own group housing and also sell some parts to private developers through a bidding process. GDA has about 1370 acres near Govindpuram and Sadarpur. Of this, about 760 acres is with GDA and it has paid compensation to farmers for the remaining 600 odd acres. The matter, however, is pending before the Supreme Court for a final hearing. GDA is working on a group housing project here called the Madhuban Bapudham scheme.
Q: What about plans to widen NH24?
A: NH24 widening has in principle been sanctioned by the government of India. It will be widened from a four-lane to a six-lane road with 10 underpasses from UP Gate to Dasna. The big underpasses will ensure that cross migration does not occur on the main road and costs are estimated to be around R160 crore.
Q: Have the zonal plans for Rajnagar Extension been prepared?
A: We are making zonal plans through satellite imagery to define sub uses such as commercial, parks, institutions etc for the area through an outsourced agency. There was a delay because some maps had been cleared earlier without zonal plans and that had led to a mismatch. We are correcting that through satellite imagery. I have seen the initial presentation of the zonal plan and I reckon it will be ready within three months.
Q: There were certain density norms set under Master Plan 2021 but infrastructure has not kept pace with the rising population in areas such as Vaishali, Indirapuram etc. What is being done about this issue?
A: A development authority only develops an area as per the current requirements of the area. It is then handed over to the municipality, the municipal corporation levies taxes, after which it is not our baby. It is up to them (municipal corporation) to keep pace with it and take care of it. They get an infrastructure fund to upgrade infrastructure.
Q: What is the update regarding the dumping ground near Crossings Republik?
A: The dumping ground case is before the Supreme Court. The court will decide its fate. We have to give land to the Nagar Nigam for the purpose. We have already given them 22 acres to develop an ultramodern solid waste plant facility in Galandh. This is an additional site. If the court decides that the one at Crossings will not be constructed, it will be subsumed in this one.
Q: Is purchasable FAR permitted in Ghaziabad?
A: Purchasable FAR is effective in Ghaziabad but you need a road with a particular width and sewerage to be able to purchase it. FAR is 2.5 in Ghaziabad but you can purchase FAR of up to four. But it is not your right. You can go up to 4 FAR only if the development authority is in a position to provide those services. For that, one needs to see if the road is wide enough to withstand the load of additional population. We also take an additional amount to develop infrastructure to sustain the additional load of the population. The maximum height of a building is governed by the setback.
Q: What is the update regarding the Metro extension from Dilshad Garden to Ghaziabad?
A: We have submitted a proposal to the government of India. The connection from Dilshad Garden to UP Gate is approximately 9.6 km. The UP government has taken its cabinet decision and sent it to the Delhi Metro Rail Corporation (DMRC) and the urban development ministry. They will take up the matter with the board of DMRC. Money has also been committed for the purpose. There is no talk about the Indirapuram extension unless the Noida Sector 62 metro line in constructed.
Q: Tell us about Master Plan 2031?
A: This is still in the pipeline. We are in the process of finalising the base map. We are not yet at the proposal stage. The thrust will be on employment-generation drivers, introducing a magnet, economic drivers such as IT, wholesale, warehousing, logistics and industrial development, institutional development. I hope it will be ready in two to three months.
Emaar MGF Land Ltd (EMGF) has announced the launch of Imperial Gardens, a luxury project in sector 102, Gurgaon. The company plans to develop 9 high-rise towers comprising 580 units of 3BHK apartments with floor area of 2000 sq ft each.
he project offers 3 BHK flats with a family
lounge and luxury specifications in a modern gated development spread across approximately 12 acres of land along Dwarka Expressway.
Imperial Gardens has 9 towers arranged aesthetically to ensure all homes face green areas inside the project and the area surrounding it. The project itself has more than 6 acres of green area.
Ashish Jerath, vice president, Sales, Emaar MGF said, “Luxury has always been our forte. Imperial Gardens is the next chapter in defining luxury in its finest details. We have strategically launched it along Dwarka Expressway as the area is designed to change the way Gurgaon currently looks.”
“With its proximity with airport, upcoming aerocity and other main centers including the national capital, Imperial Gardens promises the best return on investment. We have already started receiving good responses. As the market sentiments have revived, we are expecting an overwhelming response in coming days,” he adds.
Dwarka sub-city is mainly an end-user driven market with the whole infrastructure up and running. It is well-connected with Metro Rail and airport, and a destination of choice for home buying.
We have seen a trend wherein, existing residents of Dwarka sub-city look for better and bigger apartments within the Dwarka sub-city itself. These are primarily the ones who are residents of the earliest launched societies in the area and are now looking towards societies with better maintenance and construction quality. In a way they are looking for upgrade. Those who are already residing in a 3BHK with twin car parking, power back-up, etc and are looking towards 3BHK+servant’s room with other things remaining the same.
We have seen good inventory available in Sectors 21 and 22 and now Sector 19B being a hot spot. The price range for the 1,500 sq ft, 3BHK apartment, with parking facility and power back-up in Sector 7, is Rs 95 lakh to Rs 1.15 crore, depending upon location of the society, infrastructure quality, internal maintenance and many other factors.
Is it the right time to buy?
For Dwarka-Gurgaon Expressway, this is the best time for the first-time home buyers, as they will not only get the property at discounted rates, but also may get further discount of 3-6 per cent, in terms of freebies. The charges like PLC (Preferential Location Charges) and club membership can be waived off, based on the level of negotiation and the type of property.
For Dwarka sub-city, we have seen the prices softening for the past six months, and there is no reason for delaying the decision now.
Is it the time to invest?
For Investors, Dwarka-Gurgaon Expressway still holds a lot of opportunities, provided one can spot the properties under distress. We have been seeing the quantum of distress sales and one can have a great bargain in these times, when short term real estate investors are exiting.
It is not recommended to go for investment in the said stretch as far as the newly launched or already launched properties are concerned as better options are already available. An investor could rather consider other alternative such as Sohna in Gurgaon and also Neemrana.
Neemrana provides the best point of price-entry that many have missed at the Dwarka-Gurgaon Expressway. This is backed by the whole infrastructural development that is coming up to support it, with Japanese city coming into existence along with many other international firms setting up their base.