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Ghaziabad – Getting Fame for its Attractive and Affordable Areas

Residential Flats in GhaziabadSource: Hindustan Times (HT Estates Hindi), May 18, 2013, Page – 5

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Noida Extension has World Class Infrastructure

Construction Companies in Delhi/NCRSource: Hindustan Times (HT Estates Hindi), May 18, 2013, Page – 5

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Buying property may get easier, govt to amend law

CLEAN DEAL Detailed property records in public domain to ensure transparency.

A big chunk of the stress associated with buying a piece of property could be eliminated if a government proposal to amend the registration act goes through.

Under the amendments proposed by the rural development ministry and due to be taken up by the cabinet soon, all records of future property transactions will be digitised and made easily available for any potential buyer to access.

This means that ownership would be clearly established, as also prices at which the property changed hands, making it easier to value in years to come. The changes, which could be the most significant in the 105-year history of the Act, will benefit buyers in both rural and urban areas.

“The proposed amendments have been cleared by law minister Kapil Sibal. Now, we will seek cabinet clearance,” rural development minister Jairam Ramesh told HT.

He said the new set of amendments, if passed, will ensure the process of registration becomes more transparent and the information available to the public is more detailed and accurate.

Currently, land records and related information are haphazardly managed and difficult to get, often resulting in buyers ending up with a property that’s already been sold to someone else.

This problem was widespread enough to inspire the 2006 Bollywood hit Khosla Ka Ghosla, in which a middle-class retired man faces major hassles in claiming possession of a piece of land he has bought because of a lack of clarity about its actual ownership.

The amendments have been proposed as a supplementary measure to the land acquisition bill. Though the bill is expected to have more of an impact on rural areas, the supplementary measure will benefit potential buyers in cities and towns as well.

Source: Hindustan Times, Delhi, May 16, 2013, Page – 1

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वसीयत को रजिस्टर कराना न भूलें

जरूरी पेपर को संभाल कर रखने की आदत कम ही लोगों में होती है। लेकिन, अगर आप फ्यूचर में किसी तरह की परेशानी में नहीं पड़ना चाहते हैं तो ऐसा करना जरूरी है। हम एक हालिया मामले की मिसाल लेते हैं, जिसका समाधान सुप्रीम कोर्ट में हुआ। अपीलकर्ता नरेंद सिंह राव के पिता ने कागज के एक टुकड़े पर लिखा था कि उनकी मौत के बाद उनकी प्रॉपर्टी पर उनकी पत्नी का अधिकार होगा।

इस पेपर पर सिंगल विटनेस का हस्ताक्षर था और यह रजिस्टर्ड नहीं था। पिता की मौत के बाद उनकी मां ने पूरी प्रॉपर्टी अपने 9 बच्चों में से एक के नाम कर दी। दूसरे भाई-बहनों ने मां की वसीयत को कोर्ट में चुनौती दी। उन्होंने दलील दी कि वह पूरी प्रॉपर्टी की मालकिन नहीं हैं, क्योंकि पिता की वसीयत वैध नहीं है।

सुप्रीम कोर्ट ने इस दलील को सही माना। उसने कहा कि कोई वसीयत तभी वैध होगी, जब इस पर दो गवाहों के हस्ताक्षर होंगे। इस डॉक्युमेंट के जरिए प्रॉपर्टी के ट्रांसफर को वैलिड नहीं माना जा सकता, क्योंकि यह इंडियन रजिस्ट्रेशन ऐक्ट के तहत रजिस्टर्ड नहीं है। सुप्रीम कोर्ट ने नरेंद्र के पिता की वसीयत को वैध नहीं माना और भाई-बहनों के हक में फैसला सुनाया। इस मामले से दो नियमों का पता चलता है, जिनका स्पष्ट जिक्र हमारे कानून में किया गया है। पहला, वसीयत का सही तरीके अटेस्टेशन होना चाहिए। दूसरा, डॉक्युमेंट रजिस्टर्ड होना चाहिए।

वसीयत का अटेस्टेशन

दो गवाहों के हस्ताक्षर के बाद ही वसीयत को अटेस्टेड माना जाता है। हालांकि, उनके लिए एक दूसरे की मौजूदगी में वसीयत पर हस्ताक्षर करना जरूरी नहीं है, लेकिन वसीयत पर आपका हस्ताक्षर उनकी मौजूदगी में होना चाहिए। उन्हें कम से कम इस बात की पहचान करनी होगी कि वसीयत लिखने के लिए आपकी मानसिक स्थिति ठीक है। गवाहों को वसीयत से कोई फायदा नहीं होना चाहिए।

जरूरी है रजिस्ट्रेशन

ऊपर बताए गए मामले का सबसे अहम हिस्सा डॉक्युमेंट के रजिस्ट्रेशन को लेकर सुप्रीम कोर्ट का फैसला है। देश की अदालतों ने समय-समय पर प्रॉपर्टी ट्रांसफर को सिर्फ इसलिए वैध नहीं माना है, क्योंकि इससे संबंधित डॉक्युमेंट रजिस्टर्ड नहीं थे। इंडियन रजिस्ट्रेशन ऐक्ट के सेक्शन 17 में साफ तौर पर कहा गया है कि किसी अचल संपत्ति के ट्रांसफर से जुड़ा डॉक्युमेंट पक्के तौर पर रजिस्टर्ड होना चाहिए। ऐसा नहीं होने पर ट्रांसफर को वैध नहीं माना जाएगा।

2011 के एक मामले में सुप्रीम कोर्ट ने कहा था कि सामान्य पावर ऑफ अटॉर्नी के जरिए अचल संपत्ति के ट्रांसफर को भी अवैध माना जाएगा। इस फैसले से एक नियम बना कि रजिस्टर्ड डीड के जरिए प्रॉपर्टी ट्रांसफर को ही वैध माना जाएगा। अभी तक वसीयत को रजिस्टर्ड कराने की जरूरत नहीं पड़ती थी, भले ही अचल संपत्ति का ट्रांसफर उसका हिस्सा हो। एक्सपर्ट्स का भी कहना है कि आपको अपना डॉक्युमेंट रजिस्टर्ड कराना चाहिए, क्योंकि इससे डील में ट्रांसपेरेंसी आती है।

स्रोत:- इकनॉमिक टाइम्स | May 14, 2013

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Realty Bites: Mumbai housing prices jump 66% in 4 years

Housing prices have increased by an average 66 per cent in Mumbai over the last four years on account of steady demand and rising input costs, according to property consultant Jones Lang LaSalle (JLL).

The incredible increase has been even higher at 70 per cent in Thane and 74 per cent in Navi Mumbai.

‘The cumulative price escalation figures for Mumbai, Thane and Navi Mumbai represent the highest among all cities in India,’ Jones Lang LaSalle India Managing Director (West) Ramesh Nair said in a statement.

Gurgaon and Bangalore saw price appreciation rates of 52 per cent and 46 per cent, respectively, during this period.

‘Residential property prices in Mumbai have increased steadily after the correction seen post the Lehman debacle. In the period from the second quarter of 2009 to the same quarter in 2013, residential real estate prices in Mumbai have increased by 66 per cent,’ Nair said.

On reasons for price rise, Nair noted that the demand for investment residential properties and end-user homes in the country’s financial capital has remained stable.

That apart, the consultant attributed the prices movement to limited supply of clear land, reduction in new launches between 2011 and 2012 middle and high interest rate scenario.

‘In the Indian city which has for years carried the unwholesome reputation of being the most over-priced in terms of residential real estate valuations, there is no relief in sight for aspiring home buyers.

‘Over the last four years, property valuations in the financial capital have increased by an average of 66 per cent. All ‘expert’ predictions over the last three years, of an imminent correction have proved to be wrong,’ Nair observed.

Source: Millennium Post, New Delhi, May 14, 2013, Page – 12

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Faridabad, as An Investment Destination

Improved infrastructure and good transportation facilities, will augment development of the property market in Faridabad.

If investment in Gurgaon and Noida is beyond your budget, consider Faridabad. Residential properties in Faridabad are affordable. However, being a part of the National Capital Region (NCR), appreciation of property values is expected in the coming years. Faridabad is soon expected to emerge as a favourite destination for real estate developers, against stiff competition from neighbouring Gurgaon, Noida and Greater Noida. Improved infrastructure and good transportation facilities, will augment development of the property market in the area.

According to a Knight Frank report, peripheral micro-markets of Gurgaon, Noida, Greater Noida, Ghaziabad and Faridabad, have seen a steady increase in average prices during the Oct-Mar 2012-13 period, compared to the same period in the previous year. Faridabad is the only market to have shown stable demand. Nearly 65 per cent of the absorption has been in the affordable and mid-segment housing, with a ticket size less than Rs 25 lakh and in the Rs 25-50 lakh bracket. In the commercial space too, Faridabad is rapidly shedding off its traditional image of being an industrial hub and is emerging as a commercial destination. With a large number of business and IT parks coming up in the NCR, the commercial scenario is expected to revamp. According to Ankit Gaur of Gaur Properties, “The commercial sector has already noted an average escalation of 8-10 per cent in the past six months and is still appreciating. The demand for commercial space in the city, has increased by nearly 40 per cent during the past one year and is expected to rise further with increasing occupancy level. A 10-15 per cent rise was noted in the occupancy level in the commercial sector in the past four to six months.”

A diverse range of commercial property will soon be available in the city, creating opportunities for business as well for long term investments. “There are many big IT/ITeS companies planning to set up their base in the area soon, owing to affordable capital and operational values as compared to Noida and Gurgaon,” confirmed Gaur. The upcoming monorail connecting Gurgaon to Faridabad, will not only benefit commuters but will impact the real estate sector as well. The trial runs for the monorail are over and the service is expected to start soon. The impending 1,483 km long Delhi-Mumbai Industrial Corridor (DMIC) will also play a vital role in the development of the real estate sector. Reliance Infrastructure’s 66 km-road project on a high-density traffic zone, will involve four-laning of the Gurgaon-Faridabad Road and improvement of the Ballabhgarh-Sohna Road on a Build-Operate-Transfer basis. It will also widen the 165 km-long Yamuna Expressway stretch of NH-2 (Faridabad to Agra), under DBFOT (Design, Build, Operate, Finance and Transfer) from four to six lanes under NHDP Phase V. The cost of the project is Rs 2,945 crore. NH-2 (Delhi-Agra Highway) will connect major cities like Delhi, Faridabad, Ballabhgarh, Palwal, Kosi Kalan, Mathura and Agra. NH-2 is well connected with west, north and south Delhi and states like Haryana, Punjab, Chandigarh, Himachal and Jammu & Kashmir.

The 180 km long Delhi Agra Toll Road Pvt Ltd (DATRL) which starts from the Badarpur border and ends before the Yamuna Bridge in Agra, will bring relief to commuters traveling between IGI Airport, Delhi and Agra. Faridabad with its geographical, infrastructural and connectivity advantages, offers a wide scope for real estate development. The city has the merit of proximity to Delhi, as well as the NCR cities of Noida, Greater Noida and Gurgaon. These factors act as the driving forces for end-users, investors and corporate to choose Faridabad as a potential booming real estate destination.

Investor’s Dream

Faridabad is soon expected to emerge as a favourite destination for real estate developers, against stiff competition from neighbouring areas like Gurgaon, Noida and Greater Noida.

In the commercial space too, Faridabad is rapidly shedding off its traditional image of being an industrial hub and is emerging as a commercial destination.

Source: The Economic Times(ET Realty), May 10, 2013, Page – 19

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Realty Regulatory Bill to recognize only Carpet Area

The proposed bill to regulate the real estate sector would make it mandatory for the development authorities to clear the building plan on the basis of carpet area, a top government official said today. 

The government will bring the Real Estate (Regulation and Development) Bill in the next session of Parliament. 

Addressing an Assocham conference on affordable housing, Ministry for Housing and Urban Poverty Alleviation (HUPA) Secretary Arun Kumar Mishra said only the carpet area will be recognized in the regulatory bill. 

“The municipalities and the development authorities would have to pass the map on the basis of carpet area and this would be a mandatory requirement as any other criteria apart from that like the super area or the built-up area and others would not be recognized by us,” Misra was quoted as saying in a statement issued by Assocham. 

In the national capital region (NCR), developers sell housing units on the basis of super area that includes built- up area plus area occupied by common amenities like lifts, corridors, club house and stairs. Super area is usually around 25 per cent more than built up area. 

On the real estate regulatory bill, he said: “It would be difficult to give a time frame as we wanted to bring the real estate bill in Parliament in this session but we will not give up and definitely try to bring it in the next session.” 

Last month, the Union Cabinet had deferred the approval of draft bill to set up a regulator for the real estate sector with provisions for jail term for the developer for putting out misleading advertisements about projects. 

The proposed regulator also seeks to make it mandatory for developers to launch projects only after acquiring all the statutory clearances from relevant authorities. 

It also has provisions under which all relevant clearances for real estate projects would have to be submitted to the regulator and also displayed on a website before starting the construction. 

Mishra said the government would release the affordable housing task force report to the state governments in the next 15 days and would ask them to adopt the policy guidelines NEW DELHI: The proposed bill to regulate the real estate sector would make it mandatory for the development authorities to clear the building plan on the basis of carpet area, a top government official said today. 

The government will bring the Real Estate (Regulation and Development) Bill in the next session of Parliament. 

Addressing an Assocham conference on affordable housing, Ministry for Housing and Urban Poverty Alleviation (HUPA) Secretary Arun Kumar Misra said only the carpet area will be recognized in the regulatory bill. 

“The municipalities and the development authorities would have to pass the map on the basis of carpet area and this would be a mandatory requirement as any other criteria apart from that like the super area or the built-up area and others would not be recognized by us,” Mishra was quoted as saying in a statement issued by Assocham. 

In the national capital region (NCR), developers sell housing units on the basis of super area that includes built- up area plus area occupied by common amenities like lifts, corridors, club house and stairs. Super area is usually around 25 per cent more than built up area. 

On the real estate regulatory bill, he said: “It would be difficult to give a time frame as we wanted to bring the real estate bill in Parliament in this session but we will not give up and definitely try to bring it in the next session.” 

Last month, the Union Cabinet had deferred the approval of draft bill to set up a regulator for the real estate sector with provisions for jail term for the developer for putting out misleading advertisements about projects. 

The proposed regulator also seeks to make it mandatory for developers to launch projects only after acquiring all the statutory clearances from relevant authorities. 

It also has provisions under which all relevant clearances for real estate projects would have to be submitted to the regulator and also displayed on a website before starting the construction. 

Mishra said the government would release the affordable housing task force report to the state governments in the next 15 days and would ask them to adopt the policy guidelines.

Source: The Economic Times

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Demand outstrips supply

Though all projects launched in the affordable category have been sold out, the good news is that you can tap the secondary market units, which come at affordable prices — starting from R35 lakh to R40 lakh.

Is it possible to buy something decent in the R40 lakh price range in Delhi? Not very likely, but Noida’s real estate market will not disappoint you. You may not get wide-ranging residential options, but a small decent unit is certainly within your reach if you are ready to shell out R35 lakh to R 40 lakh.

Some such options are available in the 1 to 2BHK category in 3C’s Lotus Zing and Paras Seasons in Sector 168; Jaypee Greens’ Aman in Sector 151 and Kosmos, Kingston Boulevard, Kasa Isles, Klassic in sectors 128 to 134. Logix’s Blossom Zest in Sector 143 and Unitech’s Unihomes phase 1 in Sector 117 also have some great options.

“These projects are spread in various upcoming Noida sectors. The demand for studio flats and smaller units is so high that almost all such apartments have been sold. Just a few are available in the secondary market. For instance, a 1 BHK flat in 470 sq ft area in Logix’s Blossom Zest in Sector 143 costs R22 lakh in a secondary sale. Similarly, in Lotus Zing located in Sector 168, a 1BHK in 575 sq ft area costs around R29 lakh in the resale market,” says Gaurav Tiwari from Reliable Homz.

These projects were launched just a couple of years ago and their launch price were within R15 lakh to R20 lakh. They were all sold out within a few weeks of their launch because they were in the affordable range.

Even 2BHK flats in 750 sq ft to 850 sq ft area are in great demand because they are in the affordable range of below R40 lakh. For instance, a 2BHK in Jaypee Aman in Sector 154 is available in the secondary market for R28 lakh to R30 lakh, Tiwari adds.

Property experts say that since these upcoming projects offer excellent amenities and services such as green surroundings, power backup, great locations, latest security systems and designated parking space, among other things, they are selling like hot cakes.

“Noida in the past few years has been emerging as a planned, integrated and a modern industrial city that is well-connected to Delhi. It is also one of the largest planned townships of Asia. That’s the main reason why buyers from all price categories are attracted to this city,” says Raj Sharma from Best Property Deal, a real estate consultancy firm.

“For those interested in investing in real estate as well as end-users, private developers’ projects offer several good features, outstanding facilities and locations. Nothing, however, is available in the R40 lakh price range in the ready-to-movein-category as they all are under construction. Possession will take two to three years and the apartments are likely to give very handsome returns when completed and handed over,” Sharma adds.

Many real estate experts are of the view that in another few years the real estate market in Noida will witness a huge number of ready-tomove-in flats and due to this “the possibility of steep price rise is quite dim. The market will appreciate quite slowly and steadily. For example, for the last six months, there hasn’t been any significant movement in the property prices. So one can wait and take time to take a decision on investing here,” says real estate broker.
In the ready-to-move-in category, Noida Authority’s 1 BHK LIG flats measuring 550 to 750 square feet in sectors such as 55, 71, 73, 82, 99 and 135 are available in the secondary market for R5200 to R7000 per sq ft.

“If we calculate the purchase cost, including registration and transfer, these flats will cost anywhere between R34 lakh to R40 lakh, depending on the number of floors and their location. This is the best you will get for a small budget,” says S C Malik, a local broker from Radhey Krishna Real Estate and Developers.

He adds, “One good thing about these LIG flats is that in many sectors they are located in the same complex as other high-end properties such as HIG flats and duplex houses. Thus, they share many facilities such as shopping complexes, parks etc. Besides, they are quite well ventilated as there are balconies on both sides. Many home owners have covered the balcony area and converted it into another room.”

Local brokers say that these LIG flats have witnessed a good price escalation in last few years.

Source: Hindustan Times (HT Estates), new Delhi, May 4, 2013, Page – 3

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Commercial realty to face heat from new norms

REAL estate developers may find it more difficult to raise funds for their commercial projects as the Reserve Bank of India has told banks to carve out a sub-section of commercial-residential housing in lending to them with appropriate prudential regulatory norms on risk weights and provisioning.

Exposure to commercial real estate (CRE), a banking term for lending to property developers, is sensitive in view of their inherent price volatility. Therefore, these exposures generally attract higher risk weights and higher provisioning requirements. However, it has been observed that the residential housing complex sector under the CRE poses lower risk than the other components of CRE sector.

Accordingly, it is proposed to carve out a sub-sector of ‘CRE-Residential Housing’ within the CRE sector with appropriate prudential regulatory norms on risk weights and provisioning. Detailed guidelines on the same will be issued by end-June 2013, the RBI said.

Niranjan Hiranandani, managing director, Hirana ndani Group, said there is greater risk associated with commercial real estate. “In the next policy, we will request to bring some breather for commercial real estate also as it has been witnessing a sluggish growth for the last few years.” At present, the risk weightage for commercial real estate is 150 per cent. The provisioning is at the rate of 20 per cent for loans which have gone bad for up to a year, 30 per cent for beyond one year and 100 per cent for more than three years.

Rajeev Talwar, executive director of DLF, said, “Banks want to concentrate on residential real estate where the risk is less. The commercial real estate will do better only when the economy revives. Both the government and the federal bank must look at improving the economy of the country.” “Already, banks are charging slightly higher interest rates from developers for lending to commercial properties, as the risk is higher in these projects given the uncertainty in the economic conditions globally. The lending rates are usually 2-3 per cent higher compared to residential projects. If the commercial real estate is separated then the lending ratio will also change. For residential projects, banks lend up to 80 per cent of the total cost, while for commercial the lending ratio maybe only 6065 per cent,” said Pankaj Kapoor, chief executive officer at Liases Foras.

“The third round of cut in repo rates during the year that currently stands at 7.25 per cent is a positive move for those looking to buy a house. In the wake of slow economic growth and low investments, even a minor reduction in interest rates by 25 basis points is optimistic for the sector though it may not lead to a big resurgence as the structural inefficiencies in infrastructure and policy remain,“ said Sanjay Dutt, executive managing director of South Asia, Cushman & Wakefield.

Brotin Banerjee, managing director, Tata Housing, said: “Rate-sensitive sectors were definitely expecting the RBI to be more aggressive. Although RBI has stressed upon `limited scope’ for further easing, it has maintained that it will manage liquidity to ensure credit flow to productive sectors. This is good news for the real estate and construction sector, which faces a perennial liquidity crunch due to external factors.“

Source: Financial Chronicle, May 4, 2013, Page – 8

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Gaurs 60 Days Property Carnival

Best Builders In NoidaSource: HT Estates, May 3, 2013, Page – 3

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