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Indirapuram to get hi-tech housing project

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.

Source:  hindustantimes.com

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Metro to hit tracks in Faridabad next year: Hooda

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

For more Information Sanjay Rastogi,  Email Us    Houses in Delhi NCR  Or SMS :SAVIOUR at 53030

Smart homes catch pace in NCR

Delhi NCR

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.

Source:  magicbricks.com

For more Information Sanjay Rastogi,  Email Us    Houses in Delhi NCR  Or SMS :SAVIOUR at 53030

Gurgaon real estate: Can Sohna Road be the next MG Road?

Delhi NCR

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.

Source:  magicbricks.com

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Greenarch Project in Greater Noida

Final GreenArch ad (Mailtoday)

Source :timesofindia.com

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Over The Top Luxury Homes

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

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Salaried real estate investors in mess as loan cost pinches

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 :

Source : indianrealtynews.com

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YEIDA revokes ban on transfer of land

In a huge relief to property owners, Yamuna Expressway Industrial Development Authority (YEIDA) passed a circular on 24th September allowing for land transfer, which had in 2011 been stopped after an order was passed by the Allahabad high court. In 2009, the Authority had launched a scheme of 21,000 residential plots. However, after the land row the court had imposed a stay.

Yamuna Expressway Authority CEO PC Gupta said that transfer of undisputed land can resume. “This decision has officially been circulated in all departments,” Gupta said. He added that there are 25,000 residential plots and a court stay exists on 12,000. While status quo will exist on the ones mired in legal proceedings, the rest of the plots can be easily transferred.

When asked about the impact of this decision on the realty sector, Credai (west UP) president and Gaursons MD Manoj Gaur said a positive impact will be seen on the real estate sector which is in a slump. “A positive sentiment in the market will be seen if properties can be transferred. Apart from that, the Authority will also be able to generate funds as registration duty which can be used for development purposes,” Gaur said.

Meanwhile, buyers and sellers have begun submitting applications for agreement to lease and transfer land. There are 21,000 plots in Sectors 18 and 20 of Yamuna Expressway which have borne the maximum brunt of the ban on transfers.

Source: Magicbricks.com, September 2013
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What holds NRIs from buying property in India?

This may be the right time for NRIs who wish to buy property in India but there are reasons which are holding them back. Developers across India acknowledge that the number of enquiries from NRIs have certainly increased in the wake of appreciation in US Dollar’s exchange rate against Rupee, but they are not necessarily translating into transactions.

Arjun Agarwal, director and chief executive officer of Bangalore-based real estate developer Bharatiya Urban, states different reasons for this. “Some are expecting more depreciation in the Rupee’s value, some want the dust to settle and some find prices unrealistic,” says Aggarwal.

Yashwant Dalal, president of the Estate Agents Association of India, at the other end, says, “For NRIs, who wish to book profits and liquidate their assets for some reasons, depreciation in Rupee’s value is not good news.”

“The actual returns squeeze when the gains in Rupee are converted into US Dollar,” he explains, adding, “In this scenario, an NRI buyer has no option but to re-invest in India and this may not always be the preference.”

Dalal, who is based out of Mumbai, also feels that property prices in Mumbai had reached the peak years ago, and now many parts of Navi Mumbai are also experiencing artificial hike. “Property prices at places such as Wadala and Sewri are touching the levels of Dadar,” Dalal adds.

AP Mull, president, Consulting Engineers Association of India, is also of the opinion that high property prices in Mumbai are keeping NRI buyers away from the market. As per industry reports, levels of property prices in Mumbai float at par with New York, London and Tokyo. However, the presence and quality of infrastructure in the city is far from the global standards.

Source: Magicbricks.com, September 2013
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Family arrangement is binding on The Members

Key terms of a family settlement.

Each time there is a crisis in a family, there is talk of a settlement. However, not many know the ingredients of a family settlement. Technically, a family arrangement is an agreement between members of the same family, intended to be general and reasonable for the benefit of the family. It is intended to clear the air over doubtful or disputed rights and preserve the family property—the idea here is to avoid litigation by saving its collective honour.

The agreement in such a case may be either express or implied. An implied family arrangement can be deduced from a lengthy course of dealing. However, the terms are spelt out by way of an agreement, in the form of a deed of ‘family arrangement’. To put the binding into effect and the essentials of a family settlement in a concrete form, the matter may be reduced to specific terms.

The family settlement must be bona fide, in order to resolve family disputes and rival claims, by a fair and equitable division or allotment of properties between the various members of the family. It must be voluntary and not ‘induced by fraud, coercion or undue influence’.

A family arrangement may be even oral in which case, no registration is necessary. Members, who may be parties to the family arrangement, must have some antecedent title, claim or intros-even a possible claim in the property, which is acknowledged by the parties to the settlement.

Additionally, if one of the parties to the settlement has no title but under the arrangement, the other party relinquishes all its claims or title in favour of such a person and acknowledges him to be the sole owner, the antecedent title must be assumed and the family arrangement will be upheld.

Despite a bona fide dispute present or possible, which may not involve legal claims, if settled by a bona fide family arrangement, which is fair and equitable, the family arrangement is final and binding on the parties to the settlement.

Registration would be necessary, only if the terms of the family arrangement are reduced to writing. Here, a distinction must be drawn between a document containing the terms and recitals of the family arrangement made under the document and a mere memorandum prepared after the family arrangement has already been made.

In such a case, the memorandum does not create or extinguish any rights in the properties and therefore does not fall within the ambit of ‘mischief’ of Section 17 (1) (b) of the Registration Act, and is therefore not compulsorily eligible for registration.

Quick Bites:

  • The agreement in such a case may be either express or implied. An implied family arrangement can be deduced from a lengthy course of dealing.
  • The family settlement must be bona fide, in order to resolve family disputes and rival claims, by a fair and equitable division or allotment of properties between the various members of the family. It must be voluntary and not ‘induced by fraud, coercion or undue influence’.

Source: Times of India (Property), September 2013
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