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.
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.
CHANDIGARH: The work on extension of Metro rail service to Faridabad city is on and will be completed by next year, Haryana Chief Minister Bhupinder Singh Hooda said today.
“Extension of Metro rail service is under progress at Faridabad city at a cost of Rs 2,500 crore which will be completed by 2014,” he said.
Hooda said that the Haryana government will spend about Rs 470 crore on the extension of Metro rail line from Faridabad to Ballabgarh.
“Also, the construction of Badarpur flyover has been completed at a cost of Rs 340 crore,” the chief minister said.
Hooda, who was addressing a public meeting in Faridabad, announced to give a grant of Rs 25 lakh to each of the 21 villages of NIT Faridabad constituency for their development.
He also dedicated two projects costing Rs 18.40 crore to the people of Faridabad.
The chief minister laid the foundation of Gaunchhi Drain costing Rs 13.40 crore, an official release said here.
Extending his best wishes to the people on the occasion of Vijay Dashmi, Hooda said that the government has launched various projects for the development of Faridabad.
He said that during the tenure of the previous INLD government, Rs 431.53 crore were spent on the development of Faridabad whereas during last 8 years the Congress government has already spent Rs 4167.95 crore on its development and projects costing Rs 437.42 crore are in progress.
Source : indiatimes.com
Imagine you log on to your Facebook account and get to see the number of electricity units consumed by each and every equipment in your home. Welcome to the world of Smart Homes. This is not a distant possibility any more. Real estate developers in the National Capital Region (NCR) are introducing several smart features in their projects.
These features are intelligent and efficient. For instance, a basement parking may not require full-scale lighting through-out the evening. So, the lights would remain dim when there is no movement in the parking area and gain intensity the moment you enter your car or when somebody moves in.
The same would apply to your home as well. Lights will be switched on automatically when you enter a room and switched off automatically when no one is there. “Smart homes provide unique benefits to apartment owners including access control, asset tracking, automated number plate recognition, building management systems, intercom and door entry systems, unified communications, smart home energy management and boom barrier control,” says Abhay Kumar, chairman and managing director, Grihapravesh Buildteck Pvt Ltd.
“It has been observed that use of intelligent and energy efficient devices help save energy by more than 30 per cent,” says HS Singh, chairman and managing director, Radius Group. A user can actually get to know how much electricity an air-conditioner is consuming and could adjust consumption accordingly.
Devices in a smart home could be operated remotely. Therefore, a user can switch devices on or off from remote locations. Even curtains could be programmed so that they roll up or down automatically in the morning and evening.
“In India, the concept of ‘smart homes’ has started gaining popularity only recently in major cities including Delhi, Mumbai and Bangalore particularly catering to the requirements of the higher level section and even gadget-oriented and tech savvy professionals,” says RK Arora, chairman and managing director, Supertech.
“Along with energy efficiency, smart homes also come equipped with advanced safety and security features. “The ‘smart home technology uses touch-screen, motion sensors, security camera, security alarm, wi-fi connectivity so that occupants not only see the visitor on security camera but can also have a view of their home, right from their work place or anywhere in the city at just a click of a button,” adds Arora.
Office spaces on MG Road and Cyber City are scarce so, corporate houses are looking at alternative locations and Sohna Road tops the chart. Can it, thus, be the next MG Road in Gurgaon?
“Sohna Road will undergo significant growth in the next five years,” says Ajay Bajpai of Homes2offices. The area enjoys several advantages.
Location: At one end, Sohna Road is seamlessly connected to Golf Course Road, a prime commercial as well as residential destination and at the other end it goes straight to NH-8, making all commercial destinations of new and old Gurgaon accessible. This includes Udyog Vihar, Signature Towers, MG Road and Cyber City.
The access to NH-8 ensures that it is linked to Manesar, Bhiwadi and Jaipur also.
Livability: Sohna Road has a mix of commercial and residential real estate. How does this matter? Because it promotes the ‘walk-to-work’ concept. People could buy or rent houses near their offices. Capital values of multi-storey apartments, in this area, are within a range of Rs 40-60 lakh. The rental values of 2BHK apartments start from Rs 10,000 per month.
Since a number of residential projects have already given possession in the area, several families have moved in. The state of roads and water supply is average and the issue of power shortage is persistent as it prevails in the entire Gurgaon city. On a positive note, it has come up with a number of local markets and shopping malls.
Range: While the prime commercial destinations in Gurgaon offer larger floor plates, Sohna Road offers offices within a wide range of sizes. One can find large offices and also find offices as compact as 300 sq ft.
“We have seen that many companies look for smaller offices not just because they want to cut on cost, but also because they need a satellite office to accommodate employees who have to travel long distance to their main offices,” says Girish Dayal of RR Properties.
With these advantages, Sohna Road displays the potential to become the next commercial hub in the coming years.
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
MUMBAI: A tussle for control over unused land with development potential in a residential project has erupted between Mahindra Lifespaces Developers, GE Shipping and existing residents of their project, Great Eastern Gardens, in a suburb of Mumbai, a development that can have repercussions for builders and home buyers.
Around 400 residents of the complex are seeking control of the undeveloped land worth over Rs 800 crore inside the complex. The residents say that the vacant plot has a total development potential of 7.5-8.0 lakh sq ft and are objecting to further development by the developers.
GE Shipping and Mahindra, however, claim that they are the rightful owners of the land parcel and will go ahead with their plan of constructing two more buildings. But the irate residents say that the developer had not informed them about their proposed plan when they booked their apartments and had not made a complete disclosure of the development potentiality. Therefore, they argued, that the proposed buildings are not part of the original layout. The complex includes six residential buildings comprising 4 condominiums.
“Residents of Great Eastern Gardens are entitled to balance (of) FSI, TDR and additional FSI as the property has already been submitted under the provisions of Maharashtra Apartments Ownership Act, 1970, by declaration and supplemental declarations, the last of such supplemental declaration being as far back as in December 2008 and, moreover, since GESCO failed to convey the land within four months of last supplemental declaration,” said Savitri Dadhich, a resident of the Great Eastern Gardens and partner at Dastur Dadhich & Kalambi, Advocates & Solicitors.
But Mahindra Lifespaces and GE Shipping stuck to their guns, saying Great Eastern Gardens has been developed in a phased manner, in line with the development plan that was envisaged at the start of the project.
“This fact has been categorically disclosed in the relevant agreements with the flat purchasers that the project is being developed phase-wise and, further, that GE Shipping as owners have the right to construct the said buildings. Therefore, the proposed construction is in line with the development plans and is not a new addition to the project,” GE Shipping and Mahindra Lifespaces said in their response to ET’s email query. The civic authority has also granted the commencement certificate for the proposed construction, the response said, while adding that the claims made by the residents have no legal validity.
Residents of the complex, however, have a different take. According to Dadhich, the layout plans for construction on the entire property have not been disclosed in the declaration/supplemental declaration of AB and CD condominiums. Most of the residents of the GE complex were not informed about future development plans.
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