S.0. 2687(E).— Whereas, certain modifications which the Central Government proposed to make in the Master Plan for Delhi-2021 as mentioned hereunder were published in the Gazette of India, Extraordinary, as Public Notice vide S.0. No. 990(E) dated 18-4-2013 by the Delhi Development Authority in accordance with the provisions of Section 44 of the Delhi Development Act, 1957 (61 of 1957) inviting objections/suggestions as required by sub-section (3) of Section 11-A of the said Act, within forty five days from the date of the said notice.
2. Whereas, objections/suggestions received with regard to the proposed modifications have been considered by a Board of Enquiry and Hearing, set up by Delhi Development Authority and also approved at the meeting of the Delhi Development Authority.
3. Whereas the Central Government has, after carefully considering all aspects of the matter, decided to modify the Master Plan for Delhi-2021.
4. Now, therefore, in exercise of the powers conferred by sub-section (2) of Section II-A of the said Act, the Central Government hereby makes the following modifications in the said Master Plan for Delhi-2021 with effect from the date of publication of this Notification in the Gazette of India.
3. A new Chapter 19.0 Land Policy is added to the MPD 2021 as under:19.0 LAND POLICY
The large scale Land Acquisition, Development and Disposal Policy of Delhiapproved in 1961 is still in operation. However, land acquisition and planned development has not kept pace with the increasing demands of urbanisation during the last five decades. Moreover, the process of acquisition is increasingly challenged by land owners due to low compensation as compared to the market value. Therefore, the new land policy is based on the concept of Land Pooling wherein the land parcels owned by individuals or group of owners are legally consolidated by transfer of ownership rights to the designated Land Pooling Agency, which later transfers the ownership of the part of land back to the land owners for undertaking of development for such areas. The policy is applicable in the proposed urbanisable areas of the Urban Extensions for which Zonal Plans have been approved.
19.1 Guiding Principles
i) Govt. / DDA to act as a facilitator with minimum intervention to facilitate and speed up integrated planned development.
ii) A land owner, or a group of land owners (who have grouped together of their own volition/will for this purpose) or a developer, hereinafter referred to as the “Developer Entity” (DE), shall be permitted to pool land for unified planning, servicing and subdivision / share of the land for development as per prescribed norms and guidelines.
iii) Each landowner to get an equitable return irrespective of land uses assigned to their land in the Zonal Development Plan (ZDP) with minimum displacement.
iv) To ensure speedy development of Master Plan Roads and other essential Physical & Social Infrastructure and Recreational areas.
v) To ensure inclusive development by adequate provision of EWS and other housing as per Shelter Policy of the Master Plan.
19.2 Role of DDA/Government
i) Declaration of areas under land pooling and preparation of Layout Plans and Sector Plans based on the availability of physical infrastructure.
ii) Superimposition of Revenue maps on the approved Zonal plans.
iii) Time bound development of identified land with Master Plan Roads, provision of Physical Infrastructure such as Water Supply, Sewerage and Drainage, provision of Social Infrastructure and Traffic and Transportation Infrastructure including Metro Corridors.
iv) DDA shall be responsible for external development in a time bound manner.
v) Acquisition of left out land pockets in a time bound manner shall only be taken up wherever the persons are not coming forward to participate in developmentthrough land pooling.
19.3 Role of the Developer Entity (DE)
i) Assembly and surrender of land as
per policy in the Prescribed time frame to
be specified in the Regulations.
ii) Preparation of the layout plans/detailed plans as per the Provisions of Master Plan and the Policy.
iii) Demarcate all the roads as per Layout Plan and Sector Plan and get the same verified from the concerned Authority within the assembled area and seek approval of layout plans/detailed plans from the DDA.
iv) a) Develop Sector Roads/Internal Roads/ Infrastructure/Services (including water supply lines, power supply, rain water harvesting, STP, WTP etc. falling in its share of the land.
iv) b) DE shall be allowed creation of infrastructure facilities, roads, parks etc. at city level subject to approval of Competent Authority v) Return of the prescribed built up space/ Dwelling Units for EWS/LIG Housing component to the DDA as per the policy. vi) Timely completion of development and its maintenance with all the neighbourhood level facilities i.e. open spaces, roads and services till the area is handed over to the Municipal Corporation concerned for maintenance. The deficiency charges if any, shall be home by the DE at the time of handing over of the services to the Corporation.
19.4 Land Use Distribution: 19.4.1 The Land Use distribution at the city level for the urbanisable areas in the urban extension adopted for this policy is as under: * Gross Residential: 53% (For every 1000 ha of Land Pooled, the gross residential distribution provides approximately 50,000 DU’s for EWS housing.) * Commercial: 5% * Industrial: 4% * Recreational: 16% * Public & Semi-Public Facilities: 10% * Roads & Circulation: 12% 19.4.2 The Recreational Land Use does not include green areas within the various gross land use categories. 19.4.3The share of city level remunerative land to be retained by DDA shall depend on the categories/size of land pooled under this policy. DDA’s share in Residential Land shall vary between 0-10%, Commercial Land shall vary between 0-2% and entire Industrial Land of 4% shall be retained by DDA.
19.5 Norms for Land Assembly / Land Pooling
The Land pooling Model proposed for land assembly & development with Developer Entities are as follows: i. The two categories of land pooling are Category I for 20 Ha and above and Category II for 2 Ha to less than 20 Ha. ii. The land returned to Developer Entity (DE) in Category I (20 Ha and above) will be 60% and land retained by DDA 40%. iii) The Land returned to Developer Entity (DE) in Category II (2 Ha to less than 20 Ha) will be 48% and land retained by DDA 52%.
iv) The distribution of land returned to DE (60%) in terms of land use in Category I will be 53% Gross residential, 2% City Level Public / Semi-Public and 5% City Level Commercial. The distribution of land returned to DE (48%) in terms of land use in Category II will be 43% as Gross residential, 2% City Level Public/Semi-Public and 3% City Level Commercial.
v) DE shall be returned land within 5km radius of pooled land subject to other planning requirements.
19.6 Development Control Norms:
i) Development Control Norms under the policy are:
a. Residential FAR, 400 for Group Housing to be applicable on net residential land which is exclusive of the 15% FAR reserved for EWS Housing. Net Residential land to be a maximum of 55% of Gross Residential land.
b. FAR for City Level Commercial and City Level PSP to be 250.
c. Maximum Ground Coverage shall be 40%.
d. Density of 15% FAR for EWS population shall be considered over and above the permissible Gross Residential Density of 800-1000 pph.
e. Adequate parking as per norms of 2 ECS/100 sqm of BUA to be provided for Residential development by the DE. However, in case of the housing for EWS, the norms of 0.5 ECS/100 sqm of BUA to be provided.
f. Incentives for Green Building norms as per MPD-2021 to be applicable to Group Housing developed under this policy.
g. Basement below and beyond building line up to setback line may be kept flushed with the ground in case mechanical ventilation is available. In case not prescribed, basement up to 2 mts from plot line shall be permitted.
ii) Sub-division of gross residential areas and provision of facilities (local and city level) shall be as per MPD 2021.
iii) Local level facilities to commensurate with the density specified at 19.6 (i.) (d ) above.
iv) Tradable FAR is allowed for development. However, in case of residential use, tradable FAR can only be transferred to another DE in the same planning Zones having approval/licence of projects more than 20 Ha.
19.7 Other terms and conditions
i) Land Pooling to be permitted as per this policy in the urbanisable areas of entire urban extension for which Zonal Plans have been approved. However, development along TOD corridors in these areas will be as per TOD policy.
ii) In case of fragmented land holdings coming forward for Land Pooling in the same Planning Zone, land shall be returned in the vicinity of the largest land holding within the same zone. If there is any shortfall / variation of land in any zone or category due to site conditions, the DE will be entitled to the entire built up area permissible to him in that category on the land returned, even though the actual land returned to DE may be lesser than due to him.
iii) EWS Housing unit size to be ranging between 32-40 sqm.
iv) 50% of the EWS Housing Stock shall be retained by Developer Entity (DE) and disposed only to the Apartment owners, at market rates, to house Community Service Personnel (CSP) working for the Residents
/ Owners of the Group Housing. These will be developed by DE at the respective Group Housing site / premises or contiguous site.
v) Remaining 50% of DUs developed by DE to be sold to DOA for EWS housing purpose will be sold to DOA / Local Bodies at base cost of Rs. 2000/- per sq. ft. as per CPWD index of 2013 (plus cost of EWS parking) which shall be enhanced as per CPWD escalation index at the time of actual handing over and can be developed by DE at an alternate nearby site. Necessary commercial and PSP facilities shall also be provided by the DE for this separate housing pocket.
vi) The EWS housing component created by the DE shall be subject to quality assurance checks, as prescribed in this regard by Govt./DDA. The final handing/taking over of this component shall be subject to fulfiling the quality assurance requirements.
vii) The DE shall be allowed to undertake actual transfer/transaction of saleable component under its share/ownership to the prospective buyers only after the prescribed land and EWS housing component is handed over to the DOA.
viii) External Development Charges and any other development charges incurred for the city infrastructure shall be payable by the DE on actual cost incurred by DDA.
19.8 Framework for Implementation of the Policy
i) The detailed Regulations for operationalisation of the Land Pooling Policy including process and timeframe for participation shall be framed separately in a time bound manner. In order to make the Policy people friendly and transparent the detailed Regulations shall be put up in Public domain for inviting views of the stakeholders giving 30 days time in the newspapers and website since it involves development through participation.
ii) Creation of a dedicated Unit in DOA for dealing with approvals of Land Pooling applications. The option of outsourcing of the scrutiny for legality of applications and online submission of building plans to experts may also be considered.
Notification of the Land-pooling policy as published in the Gazette of India on September 5, 2013
Stretch out on a plush couch and admire your swanky sports car.…parked in your living room!
And no, we are not talking about Batman.Super luxury apartments are offering sports enthusiasts the space to park their pricey cars – right inside their homes.
Modern Marvel – A success of design and technology this is new age luxury at its best.
Specially designed elevators move the car from the ground level to upper level apartments. Inside, custom made glass car parks house these super engines in style. Owners get to easily admire their super car whenever they want, and also ensure more security for their prized possession.If a single ‘in room car park’ is not enough, there is space for double parking and even penthouses suites that come with 4 showcase style car parking slots at a neat price tag of $24 million.
Source : magicbricks.com
The deepening economic slowdown, rising cost of living and low wage revisions, coupled with higher interest rares , are forcing salaried professionals who had earlier invested in properties to put them up for sale, say industry experts .People who had invested in properties some 10-15 years ago are now finding it difficult to service their home loans which have become too expensive now due to the rising interest rates and falling rental yields.
According to a survey, resale inventory has increased nearly 30 per cent over the last six months.
“Economic slowdown has hit the real estate industry. Salaried professionals who had invested in properties five-six years ago to cash in on the boom, are now looking to sell them as they are finding it difficult to cope with the high cost of living,” property portal Housing.co.in co-founder and marketing head Advitiya Sharma told PTI.
He said the resale market is currently dominated by young professionals and the high cash inflows that the sector gets, has made it a lucrative field.“In the current economic conditions, finding a tenant with higher rents has become more challenging as people have become cautious due to uncertain economic conditions and are thus opting for properties with similar or lower rents,” DTZ India CEO Anshul Jain said. Primary buyers are willing to deal in the resale sector than new homes due to the risks involved in new projects, said Shashank Jain, Executive Director, PricewaterhouseCoopers.
“Such resale inventory is mainly concentrated in large metro cities. Buyers are looking at such opportunities as they get closer to possession prices and do not have to worry about risks involved in new projects. On the other hand, sellers benefit as they can get higher returns on their investment, than settling for low rental yields,” he said.
Jain further mentioned that this situation will, however, not attract investors.
“Such deals will attract primary buyers. But people who are looking at investing in properties at this moment, may not consider this option,”
Source : indianrealtynews.com
The upward revision in repo rate by the Reserve Bank of India is likely to increase pressure on real estate developers to offer discounts in the upcoming festive season as they struggle to clear their inventory at a time when demand is tepid and interest rates are rising.
HDFCBSE -1.24 %, ICICI Bank BSE -2.36 % and Axis Bank BSE -0.44 % raised interest rates on home loans last month while State Bank of India BSE -1.24 % did so on Thursday and the RBI on Friday raised the rate at which the central bank lends money to commercial banks by 25 basis points.
“Discounts are now inevitable,” said Sanjay Dutt, executive managing director of South Asia at real estate services firm Cushman & Wakefield. This festive season is likely to see just a tenth of last year’s new project launches, according to an estimate by the Confederation of Real Estate Developers‘ Associations of India (Credai).
“Developers will want to sell their unsold inventory instead by using innovative schemes and discounts. Rising interest rates, though, will lower sentiments and could impact sales,” said Credai chairman Lalit Kumar Jain.
The festival season usually generates about 20% of the annual home sales. But demand has been severely hit this year due to the economic slowdown, higher inflation and job cuts in several sectors. The spike in interest rates can only add to the industry’s woes, developers said.
“If interest rates go up, demand will be impacted slightly,” said National Housing Bank chairman RV Verma. Home prices fell in 22 of the 26 cities in the quarter to June, according to the National Housing Bank’s residential housing index, Residex,
“If developers really reduce prices, some sales should happen this festive season. This is an opportunity for them to clear their inventory pile-up,” said a senior SBI BSE -1.24 % official, who did not wish to be named.
DLF’s group executive director Rajeev Talwar termed the increase in repo rate a missed opportunity. “There was a need to lower rates to stimulate demand,” said Talwar.
According to property research firm Liases Foras, close to 670 million sq ft of stock is lying unsold with developers as home sales have fallen over the past few quarters.
“We will not be launching new projects this festive season. Instead we will focus on delivering old projects and will offer schemes and discounts to get rid of our inventory,” said RK Arora, managing director of Noida-based developer Supertech.
Several developers are poised to launch new schemes for existing projects and also offer innovative payment structures, said Ankur Srivastava, chairman of GenReal Property Advisers. “They are also repositioning parts of existing projects to stir sales,” Srivastava said.
Freebies are now Inevitable.
DEMAND has been severely hit this year due to the economic slowdown, higher inflation and job cuts in several sectors.
BUILDERS will want to sell their unsold inventory instead by using innovative schemes and discounts.
MANY DEVELOPERS are poised to launch new schemes for existing projects and also offer innovative payment structures.
A lack of activity from the investor and underwriter segments is increasingly leading to a situation where real estate developers have no choice but to cater to the requirements of an end-user – as a result, a home buyer is in a better position to negotiate and take benefit of the softening prices.
It is due to the upcoming general elections and volatility in the national and global financial order, investors have adopted a cautious approach.
“Underwriters enter the market for short-term gains. Their presence may provide developers a sense of comfort, but at the same time, it results in escalated prices, of which an end-user has to bear the brunt,” says Abhay Kumar, chairman and managing director, Griha Pravesh Buildteck.
This is why, developers in the NCR cities such as New Delhi, Gurgaon, Noida, Faridabad and Ghaziabad, are seen fine-tuning prices to keep the ball rolling.
For instance, in sectors 76, 77, 119 and 120 in Noida, 1,000-sq ft multi-storey apartments that had touched the levels of Rs 50-52 lakh in the beginning of 2013, are now available in Rs 45-48 lakh.
“The recent price correction is a result of withdrawal of investors from various projects,” said Aman Agarwal, director, KV Developers.
Property prices in many parts of Gurgaon such as sectors 84 and 92 are down by 10-15 per cent as compared to the prices that prevailed until March 2013. A similar trend has been observed in Kaushambi and Vaishali areas of Ghaziabad as well.
The prime South Delhi areas such as Vasant Vihar and Defence Colony are reportedly witnessing a correction of 20-35 per cent, mainly because of cash-strapped investors who are now losing their patience and want to liquidate their holdings. Thus, a 1,000-sq ft apartment which was earlier priced at Rs 4.5-5 crore in these areas could now be purchased in Rs 3.5-4 crore.
While sales take a dip during the Pitrapaksh, realty companies utilize the time to devise their marketing strategies and campaigns for the Navaratra, which is the most auspicious period for land purchases for the Hindus.
Those who think that all those attached to realty world take a long break during Pitrapaksha must wake up to the new reality.
Admittedly, while sales take a dip, realty companies make strategies to launch their marketing and other campaigns immediately after Pitrapaksh.
Pitrapaksha comes a fortnight before the Navaratra festival and is considered an inauspicious period in the Hindu religious calendar. Throughout the Hindu world, departed souls are remembered during Pitrapaksha. On each day of the fortnight, special offerings are made to ancestors whose lunar date of death corresponds to that particular day.
And once Pitrapaksh is over, Navaratra is considered the best time for the realty world. It is regarded as the most auspicious time for starting any new venture or buying anything new. Of course, Navaratra sees huge sale of properties. And in order to cash in upon the auspicious period, realty companies finalize their strategies to strike gold during Navaratra.
“We update our contact list in this period and also give final touches to our marketing strategies, so that by Navaratra we have inquiries pouring in and deals being finalized,” Ajay Singhal, director of Avalon Developers, says.
Realty companies avoid north Indians during Pitrapaksh; however, they are in talks with other communities, as well as non-Hindus, during this time and canvass their projects and products. “All the marketing guys of brokerage firms follow up on prospective customers. Thanks to the names and castes, they know whom they can and should contact during Pitrapaksh. While most people of this part of the country do not talk about buying flats during this period, others are not that fastidious,” Devinder Gupta, MD of Century 21 DGS, says.
It is not uncommon for people of all caste and religious denominations to hunt for their dream homes even during Pitrapaksha, but these people seal the deal only when this inauspicious period is over. “Currently, I am looking for a flat though I will not finalize the deal now. There would be a huge uproar in the house if I finalize the deal. My parents and wife will not allow me to enter the house,” Sajal Kalra, a pharmaceutical industry professional, says.
Realty players say that after a long lull in the market, things will improve during the festive session starting with Navaratras. While there is no dearth of possible buyers in the market, people expect the prices to go down. Sanjay Khanna, director of Kailash Nath Projects Pvt Ltd, says: “While it is true that the cost of flats have gone up over the years, buyers must not forget that the cost of construction has also been steadily increasing and developers need to factor this in while pricing their products. Land is a major component pushing up prices, followed by labour cost, and then iron, steel, and cement-none of which will come down in the foreseeable future.”
However, the cost of the product is not going to deter the genuine buyer, who is likely to return to the market as soon as the conditions are favourable. “I am sure end users cannot wait for very long to buy their flats. There are enough buyers in the market who are desperately keen to have a roof over their head despite the high cost of flats,” Sameer Jasuja of PropEquity says.
There is another view: prospective buyers are not firming up their deals due to the unprofessional conduct of a few realty firms. “Many firms do not hand over flats to their buyers and harass them on various pretexts, which puts off many more genuine buyers from the market,” D K Mandal, president of ILD Developers, says. In the light of this fact, realty firms too have to pull up their socks and keep their words.
Realty firms should seriously address the issues raised by customers in their complaints, as the National Consumer Helpline is getting a barrage of calls from harassed customers of flats and plots. The complaints are wide ranging and clearly indicate that all is not well with realty firms. They seem to look the other way as soon as their customers face some trouble. On an average, the National Consumer Helpline gets close to 75 complaints against the high-handed attitude of realty firms, daily.
The complaints are of various types: construction not completed within promised time, sale of disputed land or property, demand for extra money for various amenities, possession of flat withheld even after payment, promised area not given, not refunding money or cheque bounced, low-quality building material used, not giving the promised (booked plot or flat), builder stops work in between and asks for money for completion, taking deposit for booking and then cancelling the booking over various pretexts, etc.
On an aggregate, the demand in India’s six main markets has declined by around 40% in the past one year.
- Realty companies avoid north Indians during Pitrapaksh; however, they are in talks with other communities, as well as non-Hindus, during this time and canvass their projects and products.
- While most people of this part of the country do not talk about buying flats during this period, others are not that fastidious.
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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.
After Greater Noida West (Noida Extension), Raj Nagar Extension (RNE) on NH-58, under the jurisdiction of Ghaziabad, is developing as one of the most affordable destinations for middle-class homebuyers.
RNE is a one-stop destination for a wide band of middle-class end users who have several options of purchase from construction-linked plan to ready-to-move plan. Here 2-, 3-, and 4 BHK flats are available in the price range of Rs 2,500-3,500 sq ft depending on the size of the property and its location. Builders who have already given possession or are giving possession in their projects include LandCraft, Ashiyana, SG Immersion, Ajnara Grace, Classic, Gulmohar, Devika Skypers, etc. Nearly 1,500-2,000 families have already moved into the finished projects here.
RNE started off with 12 developers who came together and built the physical and social infrastructure and then went on to raise their projects here-today, the developing area has more than 30 developers.
Many areas in the Delhi NCR came up with affordable-segment housing, but very few have been able to match up with the timely-delivery parameter. In around five years, RNE has more or less delivered on all the parameters. “Here the projects came up with the tagline of affordable luxury and we made sure that all the facilities come up on time, so that people who moved in here did not have to look to nearby developed urban centres for basic facilities,” a developer here said.
Improving infrastructure: Keeping the demands and trends of contemporary living in mind, the consortium of builders has launched ultramodern projects in the luxury segment as well.
Along with basic infrastructure in place, the area is well connected to Delhi and nearby NCR areas. The proposed Delhi Metro service from Dilshad Garden to Rithala, as well as a new substation, has been approved by the GDA. One of the major attractions of the developing area is the adjoining green belt, which will remain undisturbed because the GDA has declared 500 acres along the Hindon as a green belt and has banned construction activity in the area.
The area has got a boost with many projects lined up for improving the connectivity of the place: there is a plan to have a Metro station at Arthala—around 2km from RNE; the proposed Rapid Rail Transit System (RRTS) between New Delhi and Meerut will have station at Mohan Nagar—a few kilometers away from RNE.
Under the RRTS project, stations are likely to be constructed at Anand Vihar, Vaishali, Mohan Nagar, Meerut Road (Airtel Cut), Duhai, Muradnagar, Gang Nahar, Modi Nagar, Mohiuddinpur, Meerut Bypass Cut, and Pallavpuram.
To execute the proposed traffic decongestion plan for NH-58 and other roads in Ghaziabad, the GDA has decided to collaborate with the Raj Nagar Extension Developers Association. The authorities propose to restructure the NH-58 stretch-from Meerut crossing (near the new bus stand) to ALT cut, and close down illegal cuts to allow free flow of traffic. Manoj Gaur, MD of Gaursons Ltd, says: “The developing residential area of RNE is near the bypass; one can travel to Delhi without crossing the crowded areas of Meerut or Ghaziabad. Another good thing about the area is that it is in the vicinity of posh localities of Ghaziabad.”
Ashok Gupta, MD of Ajnara Ltd, says: “The developing area is good for investment in areas where development has already taken place and people have moved in. We always knew that once the delivery of units happens on time, the area will see enhanced interest of end users and investors.”
Sunil Mittal, MD of Addela Group, says: “Raj Nagar has been developed with the objective of offering a flawless destination to people looking for a better living, and within their budget too. Located near the hub of commercial and industrial activity, the location boasts of reputed educational institutes, specialized hospitals, etc. Raj Nagar Extension stands apart as one of the best investment destinations in the NCR.”
Realty Projects: Addela Group is developing Rajnagar Residency, a group-housing project which offers 2-, 3-, and 4 BHK apartment of 1,055-2,180 sqft. Showcasing regular design and symmetry, buyers here get to enjoy the best of nature with nearly 75% area devoted to greens and landscaping, according to the developer.
K World Group has a group-housing project, KW Srishti, on 10.5 acres. The project comprises 1,300 flats in 1-, 2-, and 3 BHK options. The company plans to give possessions in the first phase in one year, while the whole project is expected to be delivered by end of 2015. The flats are available at the basic selling price of Rs 2,400 per sq feet.
Pankaj Kumar Jain, director of K World, says: “The best part of buying a flat or property in Raj Nagar Extension is the availability of free-hold land at low cost. This area offers cheapest land in the vicinity of Delhi and if all things go according to plan, in a couple of year’s time, this area will offer smooth connectivity to Delhi as well.”
KDP Infrastructure is building KDP Grand Savanna, a group-housing project on 12.69 acres; the project offers 1,158 flats in 15 towers in the 1-, 2-, and 3-BHK options, at the basic selling rate of Rs 2,650 per sq feet. The company plans to give possession of the complete project by March, 2014.
Tanuj Goel, executive, director of KDP Infrastructure, says: “RNE is the focus of housing development in Ghaziabad today. The location offers the most luxurious, and yet economy-based units, with features like proximity to Delhi, Metro line, multi-road, surrounded by lush green areas. This place is emerging as a location most conducive to a peaceful and natural living.”
Techman Buildwell has a group-housing project, Moti Residency, in Motra village in RNE. Motra is one of the five villages, which have been earmarked by the GDA for RNE area. Moti Residency is being built over 20,000 sq metres and offers 1-, 2-, and 3 BHK units at the basic rate of Rs 2,700 psf. The company has plans to deliver the entire project by the end of 2015. Vishwa Nath Agrawal, CMD of Techman Buildwell, says: “RNE continues to be the most affordable area for property; it has the added benefits of being in close proximity to Delhi and offering low-cost land and with freehold title. Despite the various bottlenecks and delays in implementing infrastructure projects, the development authorities are supportive and are keen to speed up the work here.”
Along with basic infrastructure in place, the area is well connected to Delhi and nearby NCR areas. The proposed Delhi metro service from Dilshad Garden to Rithala, as well as a new substation, has been approved by the GDA.