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Studio-cum-Service Apartments in The NCR

The shift to studio-cum-service apartments in urban localities has become a global phenomenon—top Indian realty firms are now emulating the major cosmopolitan centres of the world in catering to this niche market.

Top realty players like DLF, JP Group, Wave Infratech, Paras Buildtech, Eldeco, Assotech Realty, Supertech, Amrapali, etc, are following in the footsteps of New York and London where fashion designers, musicians, and artists use such space for their studios.

Professionals like lawyers, CAs, architects, doctors, etc, are now using them as smart offices, while corporate houses find these very convenient as guesthouses.

Why studio-cum-service Apartments:
Studio-cum-service apartments have emerged as smart economical investment options in India, as several top developers have started offering them across the country. The anticipated demand for studio apartments is far outstripping its existing supply, generating high rental income, property appreciation, and offering opportunities to high-value business tenants.

Arjun Puri, director of Puri Constructions, says: “Studio apartments have a great future in Gurgaon, as a lot of single professionals working there prefer them over the traditional 2- and 3 BHK format. We are in the process of planning a couple of studio apartment projects to cater to this market and will be launching them there in the near future.”

Realty experts say there is a higher demand for studios apartments in and around Noida as the city has exceptional infrastructural facilities in the NCR, some in place while others under construction, like an adventure park, IT park (which would hostnine IT companies), the F1 international racing circuit, Yamuna Expressway, FNG Corridor, the proposed cricket stadium, and the proposed 102 hectare night safari.

The concept of fully-furnished serviced studio apartments is here to stay and is arguably the best economical alternative to 5-star hotel accommodations, experts say.

In this line, JP Group has the Buddh Circuit Studios apartments at Jaypee Greens Sports City along the Yamuna Expressway. Over 3,500 units were launched in two phases at two separate locations in the Sports City. These beautiful and spacious apartments come in two options-1 BHK (560 sq ft) and 1 BHK and study (725 sq ft), with the price starting from Rs 18.42 lakh. The project is likely to be completed in three years, a spokesman of the firm said. The Buddh Circuit Studios are part of Jaypee Greens Sports City on 1,012 hectares. This urban integrated township is a holistic complex merging sports, entertainment, and culture within an environment-friendly ambience. The integrated township will also comprise world-class educational facilities, medical centres, and recreational facilities. The Sports City provides a variety of residential and commercial offerings along with breathtaking view of perennial lakes and canals.

Vidya Basarkod, president (sales and marketing) of Jaypee Greens, says: “The tremendous response to the emerging trend of studio apartments is a validation of Jaypee Greens’ continuous endeavor to create right products at the right prices. We consciously created the product for the first time buyers keeping the price, specifications, and amenities in mind.” These developing studio apartments are close to India’s first Grand Prix Circuit, which has successfully hosted two editions of Formula One events. Buddh Circuit Studios are located close to the world-class motorsports arena.

Realty giant DLF has followed this emerging trend by launching My Pad, a studio project located in DLF City Centre in Vibhuti Khand, Gomti Nagar, in Lucknow. Here, My Shop, a retail project, offers a ready catchment to various brands, cafes and many other funfilled places.

My Pad offers nearly 600 contemporary studio suites spread over 4.9 acres. While the upper floors of the complex provide studio suites, the ground and first floors are earmarked for high street shopping area, My Shop. The project is designed to cater to a potential population of 25,000 people residing in and around My Pad.

Lucknow is a major market and trading place in northern India and an emerging hub for producers of goods and services. My Shop, being in the heart of the state capital, offers many opportunities in the business and service sector with self-employed professionals also burgeoning in the city.

Ananta Singh Raghuvanshi, director (marketing and sales) of DLF Universal Ltd, says: “Subsequent to the launch of My Pad, we look forward to a similar response for My Shop. After Lucknow, we plan to introduce this international concept of living to various other cities like Ludhiana, Goa, etc.”

Supertech Group is offering studio apartments in its township projects like Upcountry and Golf Country along the 165 km-long Yamuna Expressway. The group is also offering studio-cum-service apartments in some of its highrise projects like North Eye in Sector 74 and Supernova in Sector 94, on Noida Expressway, Eco City in Noida and ECO Loft project in Greater Noida West (Noida Extension). These studio apartments are priced between Rs 4,000 per sq ft and Rs 10,000 per sq ft, based on location, specifications, services provided, and payment plans on offer.

R K Arora, CMD of Supertech Group, says: “Studio apartments are proving to be good investment opportunity for small investors wanting immediate return, as studio apartments are considered better than costly hotel accommodation by those seeking continuous outstation stay for weeks and months on business tours.”

Wave Infratech, a leading realty player, has recently launched a world-class multi use studio project, Edenia, at Wave City Center in Sector 32, Noida. Edenia offers air-conditioned studios with a commercial licence. This is a place where young and ambitious entrepreneurs can work and live at the same place without any legal or regulatory hassles. Edenia also offers services with superior social infrastructure and ample options for entertainment and retail options in the neighbourhood. The project is expected to be completed by 2016.

Edenia offers units in sizes ranging from 422 sq ft to 678 sq ft, priced between Rs 35 lakh and Rs 66 lakh. The services offered include concierge service, travel desk, housekeeping, laundromat, etc, on demand. There will be a total of 558 units, a few of which will be fully furnished and managed by a hospitality service provider.

R K Panpalia, MD of Wave Infratech, says: “Taking into consideration the market fundamentals in the real estate sector, we are looking to slightly revise our strategy for Wave City Center in Noida. We will be offering products in the range of 1,000-1,250 square feet, which will suit more pockets than only a few. Our new launches like Vasilia and the multiuse Edenia have received tremendous response from the market.”

Eldeco Infrastructure has three projects with studio apartments – Eldeco Hillside and Eldeco Eden Park at Neemrana and Eldeco, The Studio in Sector 93A in Noida. These projects offer 192, 60 and 52 studio apartment units, respectively, in the size of 550 sq ft, 565 sq ft and 800-895 sq ft, which are priced in the range of Rs 15-77 lakh.

Paras Buildtech has two studio apartment projects, Paras Tierea and Paras Square. Paras Tierea is on Noida Expressway in Sector 137 and offers 672 furnished units; the current offer price is Rs 5,800 per sq ft onwards. Paras Square on Golf Course Extension Road in Gurgaon offers 147 units, priced at Rs 11,000 per sq ft onwards.

Pankaj Bajaj, MD of Eldeco Infrastructure, says: “Studio apartment products are very attractive for out-of-city buyers, NRIs, corporates, etc. Some investors like to buy them and give them on rent to students or corporate executives. But these are not really serviced apartments in that there is no housekeeping, or pre-furnishing of the apartment. Unlike abroad, they are not available for short leases like a week or a month. The reason is that as soon as the developer starts running them as a hospitality product, the authorities deem it to be a commercial use of land, which is not allowed in residential projects.”

As a part of the integrated business park, Assotech Business Cresterra in Sector 135 on Noida Expressway, Assotech Realty launched Sandal Suites. These are a set of luxurious studio-cum-serviced apartments on 1.75 lakh sq ft, with nearly 142 units in sizes ranging from 775 sq ft to 975 sqft.

Neeraj Gulati, MD of Assotech Realty, says: “Entrepreneurs, professionals, and corporate travellers are turning to serviced studio apartments as these are affordable; besides, for investors, the returns earned on serviced residences are far higher compared to those in commercial office spaces. Keeping in view the recent five-year trend, the returns are estimated to be between 17-18% with occupancy rate of 80% , while for the commercial sector, it is likely to be around 7-9%, almost half in comparison. Once the economy is back on rails, the service sector will open up, especially in the ITITeS sector, which translates into a good demand for these products.”

Ajnara India Ltd has launched studio apartments, Vice Royal, in Ajnara Panorama, located along Yamuna Expressway. Ajnara Panorama F1 is a mini township, which will have high-end luxurious villas called London Square, studio apartments called Vice Royal, and highrise apartments called Panorama; the project also has a modern clubhouse.

Cosmic Group has launched corporate studio apartments in their Cosmic Corporate Park in Sector 154 and Sector 140, Noida. Cosmic Corporate Park in Sector 140 offers studio apartments of 300 sq ft while at Cosmic Corporate Park in Sector 154, the studio apartments are 360 sq ft. The company also plans to build modern studio apartments in Cosmic Cruise, a project in Greater Noida West.

Sushant Muttreja, MD of Cosmic Group, says: “Today’s high-flying executives are accustomed to good lifestyle and they demand the same kind of facilities at work place. Looking at such things we designed the corporate studios where one can work and also stay, enjoying all the modern facilities.”

KRASA Group has also plans to launch studio apartments in its project in Sector 129. The project will have office spaces and studio apartments, which will complement each other.

Earth Group has launched fully-furnished studio apartment in Techzone, Greater Noida; the project will have 375 studio apartments of 465 sq ft.

Quick Bites:
For investors, the returns on serviced studio apartments are far higher compared to those in commercial office spaces.

Source: Times of India (Property), September 2013
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Real estate investors go slow, home buyers in NCR to benefit

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.

Source: Magicbricks.com, September 2013
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Gurgaon: Condominiums or floors – take your pick!

Gurgaon has undergone fast urbanization during the past few years with an influx of people from all corners of India as well as overseas. The wide gamut of industries in Gurgaon attracts a huge workforce with heavy pay packets. Consequently, there is a continuous demand for housing. In a bid to cater to this demand, developers are building both condominiums and independent floors. But what to buy is always a concern for a real estate buyer. To find out, MagicBricks.com organised a Brokers Meet who unfolded facts to help you make your choice.

Ashok Narang of Insight Re-location and Realty consultant says, “Due to high plot prices, the cost of a condominium and a builder floor is at par today. However, the rate of growth is always higher in case of condominiums as compared to builder floors in Gurgaon”.

Many experts feel that condominiums score over independent floors in terms of security and power backs-up. Pankaj Bansal of Oxford Realtors and Arbitrators says, “Gurgaon houses a number of migrants who have shifted due to job opportunities. These young professionals have nuclear families. For them, security in Delhi-NCR is a major concern. Therefore, they prefer condominiums over independent floors as it offers 24-hours security with latest technologies such as CCTV cameras, in comparison to gated communities or societies.” However, there is an extra cost involved in condominiums. One has to pay for security, maintenance charges, facilities and recreational activities, which can be avoided in independent floors.

Talking about security with respect to independent floors, Ajay Bajpai of Home2office says, “Developers today, are also offering integrated townships which include plots, villas, floors and apartments with tight security measures.”

In addition to this, independent floors win over condominiums in terms of space. Adesh Munjal of Home2office says, “Independent floors offer more carpet area, whereas in the case of multi-storeys, a builder has to draw space for common areas such as lift, staircase and recreational activities.”

So, if you are looking for space, independent floors in Gurgaon can be your choice but at the same time condominiums offer an array of benefits that you may not want to overlook.

Source: Magicbricks.com, September 2013
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Delhi-NCR builders have no choice but to slash rates

The tumbling rupee and drying liquidity may bring in a productive spell in NCR’s realty market, experts say. The biggest gainer from this crisis will be the mid-range property segment.

Consultants say while the rupee crash led to a rise in construction costs and the liquidity crunch has forced developers to slash prices.

With property costs falling across NCR, realty experts say for those with spare capital, now’s the time to buy.

Prices have dropped by 5% to 10% in south Delhi and by a smaller percentage in parts of Gurgaon. Experts say this could be the beginning of a trend that’ll last till the rupee rebounds. Till then, builders will have no bear the brunt of cash crunch.

“NCR is now, what can be called a buyer’s market. Cost is escalating, sale price isn’t. There’s been a price correction in the past few months. The mid-range segment has seen the severest impact. It’ll continue for some time,” says Lalit Kumar Jain, chairman CREDAI, India’s apex body of builders.

Jain adds the weakening rupee is drawing NRIs. They now have greater purchasing power, and inquiries should start turning into deals in a few weeks time. Real estate consultancy Cushman and Wakefield corroborates this. “If the rupee maintains current levels, developers will see more interest from NRI buyers,” says Shveta Jain, executive director (residential) Cushman & Wakefield India.

Property developers say they haven’t seen such a slump since 2008. Developers say with every five-rupee rise in diesel cost, they shell out Rs 115 extra per square foot. Profits will further be shaved off with cost of steel expected to go up by about Rs 1500 per tonne.

“The falling rupee impacts cost directly. Many materials are imported, in high-end projects particularly,” says Arjun Puri, director, Puri Constructions.

Source: Magicbricks.com, September 2013
Wish to purchase Apartments in Delhi NCR, Email us or SMS: SAVIOUR at 53030.

Gurgaon: Condominiums or floors – take your pick!

Gurgaon has undergone fast urbanization during the past few years with an influx of people from all corners of India as well as overseas. The wide gamut of industries in Gurgaon attracts a huge workforce with heavy pay packets. Consequently, there is a continuous demand for housing. In a bid to cater to this demand, developers are building both condominiums and independent floors. But what to buy is always a concern for a real estate buyer. To find out, MagicBricks.com organised a Brokers Meet who unfolded facts to help you make your choice.

Ashok Narang of Insight Re-location and Realty consultant says, “Due to high plot prices, the cost of a condominium and a builder floor is at par today. However, the rate of growth is always higher in case of condominiums as compared to builder floors in Gurgaon”.

Many experts feel that condominiums score over independent floors in terms of security and power backs-up. Pankaj Bansal of Oxford Realtors and Arbitrators says, “Gurgaon houses a number of migrants who have shifted due to job opportunities. These young professionals have nuclear families. For them, security in Delhi-NCR is a major concern. Therefore, they prefer condominiums over independent floors as it offers 24-hours security with latest technologies such as CCTV cameras, in comparison to gated communities or societies.” However, there is an extra cost involved in condominiums. One has to pay for security, maintenance charges, facilities and recreational activities, which can be avoided in independent floors.

Talking about security with respect to independent floors, Ajay Bajpai of Home2office says, “Developers today, are also offering integrated townships which include plots, villas, floors and apartments with tight security measures.”

In addition to this, independent floors win over condominiums in terms of space. Adesh Munjal of Homes2offcies says, “Independent floors offer more carpet area, whereas in the case of multi-storeys, a builder has to draw space for common areas such as lift, staircase and recreational activities.”

So, if you are looking for space, independent floors in Gurgaon can be your choice but at the same time condominiums offer an array of benefits that you may not want to overlook.

Source: Magicbricks.com, September 2013
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Demand spikes prices of Luxury Housing in Gurgaon

End users and foreign nationals are buying into the luxury residential segment in Gurgaon, pushing prices northward in this area.

The luxury housing market of Gurgaon is currently registering greater end-user demand, in contrast to the previous trend of the investment-driven purchases.

The sale of luxury projects has gone up by nearly 30% in past few years-with end users and foreign nationals not averse to pay a steeper price for the world-class lifestyle features that most of these projects boast, demand has spiked, along with appreciation in their value.

Luxury and ultra luxury housing projects in the price range of Rs. 1 to 15 crore in the residential market of Gurgaon like Dwarka-Gurgaon Expressway, NH-8, and Golf Course Extension Road are being snapped up eagerly, spurred by new product offerings, greater end-user demand, and an increasing upwardly-mobile segment. The capital value of these luxury apartments varies from Rs 6,000-15,000 per sq ft depending upon the services offered and their location.

With rising aspirations, better infrastructure, and proposed mega projects in the vicinity, Gurgaon is expected to keep on the growth track in this segment of the housing sector.

Keeping this trend in mind, developers like DLF, Ansal API, Sobha Developers, Chintels Ltd, ATS, Godrej Properties, Raheja Developers, Homestead, Adani, Puri Constructions, Ireo, Vatika, Tata Housing, Oberoi Realty, Assotech Ltd, Supertech Ltd, etc, are partnering with international players to design exclusive apartments and condominium space here.

Ireo has roped in the international hospitality chain Hyatt Hotels to introduce its branded housing product, Grand Hyatt Residences, in Gurgaon, which will be managed by the hotel firm.

To cost between Rs 11 crore and Rs 25 crore-or even higher-the owners of these exclusive apartments will enjoy hotel like facilities like valet service, concierge, laundry, in-residence dining, housekeeping, etc.

Residents would also be able to walk down to a nearby 7-star Grand Hyatt hotel, an office complex, and an opento-sky market in the 29-acre integrated complex set to come up on Golf Course Extension Road.

South India-based Sobha Developers is building an ultra luxury project, International City, in Sector 109, 106, and 108 on Dwarka-Gurgaon Expressway. International City is a 150-acre exclusive villa community in the vicinity of the IGI airport and is on a 25 minute drive from the posh south Delhi areas like Vasant Vihar, West End, Shanti Niketan, as well as the business hub of Gurgaon.

With just six villas per acre and ample green and open spaces, International City offers low-density villa living right at the edge of Delhi. International City offers exclusive presidential and duplex villas along with large, landscaped open spaces, a secured community living, planned roads with broad, tree-lined walkways, a spokesman of the firm said. Launched in 2011, International City is being built by Sobha Developers in association with Chintels Group and QVC Realty Co.

Homestead Infrastructure, a Londonbased real estate player, has announced a new luxury residential project in Sector 73, Gurgaon, in association with sports icon and tennis superstar, Maria Sharapova. The developer
has also roped in UHA-London, Indian architect DFI, and Halvorson & Partners to execute the project. Homestead Infrastructure, which focuses on building niche and branded houses, recently launched its first project, Michael Schumacher World Tower in Sector 109 on Dwarka-Gurgaon Expressway.

Manoj Shrivastava, COO of Homestead Infrastructure, says: “This project is located in one of the prime sectors of Gurgaon and the current product is being designed for elegance, style, class, and perfection, hence we chose Maria Sharapova as the brand ambassador.”

Maria Sharapova Tower is in Sector 73, within a suburb called Golf Course Extension, an emerging residential and commercial hub; it offers 4- and 5 BHK luxury apartments.

Top realty player DLF has plans to develop DLF Garden City over 450 acres in Sectors 86, 87, 90, 91, and 92. This zone will comprise group-housing, commercial, and plotted development. Garden City comprises projects like Primus, Regal Gardens, and New Town Heights, plotted development, and a commercial complex, Galleria 91. Galleria will house multiplexes and anchor stores.

Alpha G:Corp is set to build a 12.5-acre residential project in Sector 84, Gurgaon, with 670 apartments; adjacent to the 210-meter-wide forthcoming expressway that connects Dwarka and the IGI airport, the project is around 2.5km from the Metro hub and the Inter State Bus Terminal planned in the Gurgaon Master Plan-2021.

Paras Buildtech is developing a luxury project, Paras Quartier, on Gurgaon-Faridabad Road. The project has a spiral Iconic Tower and two grand condominium towers. Iconic Tower offers lavish amenities in its 4BHK units like family lounge, modular kitchen, contemporary bedroom, separate service corridor and balconies with glass all around.

Harindra Nagar, MD of Paras Buildtech, says: “Paras Quartier’s unique private clubhouse delivers a stunning modern design. It has a sports center, squash courts, and facilities for table tennis, card-billiards, etc.”

Puri Construction has two high-end luxurious projects, Diplomatic Greens and Emerald Bay, in Sector 104 and Sectors 110-111 respectively. Diplomatic Green is a 20-acre residential, gated property that’s part of an 82-acre master plan of mixed development inclusive of hotel, retail, and commercial spaces.

Encouraged by the launch of Supernova, one of the tallest mixed-use realty projects in Sector 94, Noida, Supertech Ltd has recently embarked on an integrated township project over 200 acres in Sectors 68 and 79, which will offer high-end luxurious residential housing.

R K Arora, CMD of Supertech Ltd, says: “With rising demand in residential, office, retail, and hospitality sectors, Gurgaon is a prime development corridor in the country. A large number of white-collar jobs have been created in Gurgaon after it emerged as a hub for MNCs, IT and IT-enabled services. Transportation facilities with other neighboring states, close proximity to the IGI airport, and Metro rail connectivity to Delhi, have all added to its position as a preferred residential as well as commercial destination.”

Harpreet Singh Batra, MD of Imperia Structures Ltd, says: “Gurgaon continues to rule the NCR realty market and is a favorite among end users and investors as it promises high returns, while providing a secure investment environment. The biggest strength of the city lies in the massive employment opportunity available, which translates into strong demand for housing in peripheral areas as well.”

Quick Bites:

  • With rising aspirations, better infrastructure, and proposed mega projects in the vicinity, Gurgaon is expected to keep on the growth track in this segment of the housing sector.
  • Keeping this trend in mind, prominent developers are partnering with international players to design exclusive apartments and condominium space here.

Source: Times of India (Property), September 2013
Looking for Luxury Apartments in Delhi NCR, Email us or SMS: SAVIOUR at 53030.

एनसीआर में मिड रेंज की प्रॉपर्टी हुई सस्ती

रुपए में गिरावट और लिक्विडिटी क्राइसिस का असर एनसीआर के रियल्टी मार्केट पर दिखेगा। एक्सपर्ट्स के मुताबिक, इस संकट का सबसे ज्यादा असर मिड रेंज प्रॉपर्टी सेगमेंट पर होगा। कंसल्टेंट्स का कहना है कि रुपए में गिरावट से कंस्ट्रक्शन कॉस्ट बढ़ी है। लिक्विडिटी (कैश) क्राइसिस से डेवलपर्स को कीमतें घटाने पर मजबूर होना पड़ा है। साउथ दिल्ली में प्रॉपर्टी की कीमतों में 5-10 फीसदी की गिरावट आई है। गुड़गांव में भी प्रॉपर्टी की कीमतों में कुछ कमी हुई है। जानकारों का मानना है कि यह ट्रेंड रुपए की रिकवरी तक कायम करेगा।

देश में बिल्डर्स की सबसे बड़ी संस्था क्रेडाई के चेयरमैन ललित कुमार जैन ने बताया, ‘एनसीआर अब बायर्स का मार्केट है। कॉस्ट बढ़ रही है, लेकिन कीमतें नहीं। पिछले कुछ महीनों में प्रॉपर्टी की कीमतें कम हुई हैं। सबसे ज्यादा असर मिड-रेंज सेगमेंट पर देखने को मिला है। यह ट्रेंड कुछ समय तक जारी रहेगा।’

जैन का यह भी कहना है कि कमजोर रुपए से एनआरआई की दिलचस्पी प्रॉपर्टी मार्केट में बढ़ेगी। रियल एस्टेट कंसल्टेंसी फर्म कुशमैन एंड वेकफील्ड भी इससे सहमत है। कुशमैन एंड वेकफील्ड इंडिया की एग्जिक्यूटिव डायरेक्टर (रेजिडेंशियल) श्वेता जैन ने बताया, ‘अगर रुपए का करेंट लेवल कायम रहता है, तो एनआरआई बायर्स की संख्या बढ़ सकती है।’ डेवलपर्स का कहना है कि 2008 के बाद से प्रॉपर्टी की कीमत कम नहीं हुई है। उनका कहना है कि डीजल की कॉस्ट में 5 रुपए बढ़ोतरी से उनका खर्च 115 रुपए वर्ग फुट तक बढ़ जाता है। स्टील की कीमतों में भी बढ़ोतरी की संभावना है। इससे डेवलपर्स का मार्जिन कम हो सकता है। पुरी कंस्ट्रक्शंस के डायरेक्टर अर्जुन पुरी ने बताया, ‘रुपए में गिरावट का हम पर सीधा असर होता है। खासतौर पर हाई एंड प्रोजेक्ट्स में कई मैटीरियल इंपोर्टेड होते हैं।’

Source: NavBharat Times, September 2013
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‘Neharpar, Bahadurgarh and Rohtak are investor’s destinations’

With land bank shrinking in Delhi, the NCR (National Capital Region) has expanded its footprints in the last 5-10 years.

What factors drive demand and sales in Delhi-NCR?

Demand in the residential space in Delhi and certain pockets of Noida and Greater Noida may not be encouraging this year. However, commercial space may be a favourite with developers owing to allowance of FDI and the demand from retailers, IT companies and banks. Cities like Faridabad, Bahadurgarh, Bhiwadi, Sonepat, Palwal and Rohtak may outshine due to their proximity to Delhi, boost in infrastructure development and excellent connectivity.

Do you see any particular locality or area in the NCR that is expected to emerge as an investor destination?

Neharpar in Faridabad is a region to watch out for. Besides, the accessibility to Bahadurgarh and Rohtak is improving. Affordability is the reason why middle income population is moving away from the more costly NoidaGreater Noida and Gurgaon to these regions. Since these markets are end-user driven, the prices are realistic.

Bhiwadi is also emerging as a destination for property investment. Your take on it.

The real estate market in Bhiwadi is still at a nascent stage. The demand is huge and major developers are beginning to eye this as an alternative to Gurgaon and Manesar. The infrastructure development, too, is progressing rapidly. Due to large-scale employment generation as a result of existing industries and more being set up, the demand for housing is growing by the day. Affordability is another factor that has been attracting buyers to this market.

Your opinion on the infrastructural development in Bhiwadi.

The authority has been proactive in ensuring that the town has all the necessities like schools, hospitals etc. All of it is because the industries have been there for a long time. In order to further make Bhiwadi attractive for investment, including large FDI, the government has proposed several measures in and around the region – being one of the seven NIMZ along the Delhi-Mumbai Industrial Corridor (DMIC), the one at Khushkhera-Bhiwadi-Neemrana belt is already approved, two new airports —Neemrana and Jodhpur, the operational Dharuhera-Bhiwadi bypass road, bullet train from Delhi to Neemrana etc are some of the proposals that are expected to increase the potential of Bhiwadi. On-ground work needs to be speeded up further to ensure a balance between growth, population increase and urbanization.

Is it wise to invest in Bhiwadi? What is the expected rate of return in the next two years?

It is the perfect time to invest in Bhiwadi. With the completion of all development works in Bhiwadi, increase in working population and rise in disposable income, there would be approximately 60-70 per cent appreciation in property prices in the next three years.

Source: Magicbricks.com, September 2013
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A stitch in Time…

Given a choice, would we leave our old homes, where we spent 30-40 years, for a plush new flat-or renovate that dear old house, where our fondest memories are locked?

Noted ad guru and film personality, Prasoon Joshi, said in an interview that even though he lives in a very spacious and nice flat in Mumbai, he considers his nest in Nainital as his dream house.

He says that when he reflects upon his childhood days, he finds himself in that old family home. Although it is now very old and not well maintained, he says he loves it and is very attached to it.

It goes without saying that you too would have many memories of your childhood home. The question is, if one has the choice (money!), would we leave our old homes, where we spent 30-40 years, for a plush new flat. Of course, one always has the choice to either move to that new house or renovate that old home.

It has been observed that while most of us care for the upkeep and maintenance of an old car or our physique when we are old, the same kind of care is not paid to a house when it is old. Somehow, we presume that a house is a permanent and solid structure which time does not touch.

“Most of us mistake maintenance for renovation, which is not the case. To renovate an old house, elaborate examination of ‘weak links’ and application of new technologies for better and comfortable living is necessary. An example of renovation is the upgradation of bathrooms with latest anti-skid floor tiles and fixing of rails around the walls for good grip if elders are living in the house. In order to protect the house’s beauty, it is important that we follow some principles of maintenance. To start with, it is necessary to clean the roof and outlets often. In case there are trees around the house, dry leaves will block the flow in drain holes, which have to be removed, or the water will get clogged and seep into the walls,” Sanjay Khanna, director of Kailash Nath Projects, says.

There are many agencies that undertake the job of home repair services as well as maintenance services go to the Google and you will find many such agencies catering to your local area (if you live in a city, that is).

Experts say that it is important that you must set apart some money for unexpected repairs and replacements if you live in an old home. “Many modern repair techniques and materials, even for ordinary troubleshooting, can actually harm an old house. Those who live in old houses need to have their buildings professionally assessed by an architect, surveyor, or an engineer,” Gaurav Mittal, MD of CHD Developers, says.

Of course, the vagaries of time take its toll on water pipes, plumbing, plaster, etc, of your house. These have to be attended to before they magnify into serious structural problems for the house. “Badly painted iron downpipes can rust through and leak. A leak may only be a joint that needs remaking but if the pipe is broken or rusted through then it is preferable to replace the pipe, with the same material,” Alimuddin Rafi Ahmad, MD of ILD Developers, says.

Lala Narayan Prasad, 88, refused to shift to a Greater Kailash house where the other members of his family migrated-he is too much attached to his Old Delhi house to abandon it to builders. “It is where I, my father and my grandfather were born. I keep on spending money on the maintenance of this dream house. As old houses used relatively simple technology, it is often possible to replicate their original mortars, plaster, paint, and finishes that help to preserve the appearance of these old-modelled houses,” Prasad, who is also one of the oldest charted accountants of the capital, said.

Ajay Agarwal, director of Avalon Developers, says: “It is not uncommon to see houses and apartments in a very sorry state owing to the lack of proper maintenance. Falling balconies, leaking toilets, seepages running across walls and roofs is an all too common sight everywhere. One major reason why people shift from old houses is that these houses, often multistoreyed, have no lifts and the elderly members of the family find it very difficult, if not impossible, to walk up or down long flights of staircases.” Many people would like their old houses to reflect many of the original qualities of finish and appearance, which is perfectly possible. However, one major necessary renovation that people who love their old house must go for is to change the electrical wiring of the entire housefor safety, and for efficiency.

Knob and tube wiring is the most common type of old-house wiring that one can still find in such houses. This wiring is easily identified since it is strung between ceramic knobs, which are attached to the beams in the house. The problem with this wiring is that it is potentially unsafe. The system is not grounded, which means you can get a shock from it.

If you are one of those people who are dearly attached to their old homes, as these bind you emotionally to your childhood, you need to spend money on its upkeep regularly. Remember, a stitch in time saves nine—regular maintenance is cheap and will prevent major structural problems in your old, dream house.

Quick Bites:

  • Many modern repair techniques and materials, even for ordinary troubleshooting, can actually harm an old house. Those who live in old houses need to have their buildings professionally assessed by an architect, surveyor, or an engineer.
  • If you are one of those people who are dearly attached to their old homes, as these bind you emotionally to your childhood; you need to spend money on its upkeep regularly. Just remember, a stitch in time saves nine.

Source: Times of India (Property), September 2013
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On common ground

Regular payment of dues for the maintenance of common areas in your housing society is a must.

Reducing the widening gap between the urban population and the urban housing stock is a pressing need. However, given the acute shortage of land in urban areas, providing adequate housing is easier said than done. Given this stark scenario, the government has been rigorously promoting affordable multi-storeyed buildings where more persons can be provided housing facilities on a common parcel of land.

With the growth of apartments and cooperative group housing societies there is a need to regulate such growth to safeguard the interests of both buyers and sellers. Accordingly, many state governments have a state-specific apartment act and corresponding rules in place. Apartments in Noida, Greater Noida and other parts of Uttar Pradesh are governed by the Uttar Pradesh Apartment (Promotion of Construction, Ownership, and Maintenance) Act, 2010. Likewise, apartments in Gurgaon and other areas in Haryana are governed by Haryana Apartment Ownership Act, 1983.

These acts provide for the ownership of apartments, owner’s rights, rules governing common areas and facilities and related incidental matters. In a multi-storeyed building, common areas and facilities usually refer to areas earmarked for basements, gardens, parking area, etc, meant for use by all occupants and owners of apartments in the complex. Under these acts, an apartment owner has ownership not only of his/her apartment, but also holds a particular percentage of undivided interest in common areas and facilities of the building/apartment complex. Such undivided interest in common areas and facilities is conveyed to the apartment owner along with conveyance of the apartment. Since such interest is undivided, an apartment owner cannot seek partition of his separate share of land underneath the complex and common areas.

For the effective management of affairs concerning the apartments, these acts also mandate the creation of an Association of Apartment Owners governed by a set of bye-laws. To ensure the upkeep of common areas and facilities, the acts mandate all apartment owners to proportionately share the common expenses incurred lawfully for maintenance and repair works in common areas.

Under Haryana Apartment Ownership Act, 1983, common expenses are charged to owners according to the percentage of undivided interest they have in the common areas and facilities. Thus, the bigger the size of a particular apartment, the larger the owner’s percentage of undivided interest in the common areas and facilities. This means a bigger contribution made towards the common expenses of the complex. No apartment owner can claim or demand to be exempted from contributing towards the common expenses, irrespective of whether the apartment is inhabited or lying vacant.

There are similar provisions for sharing of common expenses in the Uttar Pradesh Apartment Act, 2010. In addition, if an apartment owner fails to pay his share of common expenses for more than six months, the association of apartment owners may cut off or curtail any essential service enjoyed by the apartment owner. If the amount is unpaid for more than 12 months, the association can even approach a competent authority for legal action recovery of dues.

Apartments owners are required to use common areas without encroaching upon the rights of other apartments owners. Given that these are integral to the enjoyment of an individual apartment as well as the entire complex , it is important that residents (owners, rentals) as well as association members comply with the applicable act.

Source: Hindustan Times (Estates), September 7, 2013
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