Luxury holiday homes in the hills are once again becoming an object of desire and India’s top real estate companies are ready to meet this demand, especially as the slowdown has eroded sales in urban markets. Entrepreneurs, retired industrialists and top executives are all looking to pick up a second home to get away from the hassles of city life.
While small local developers have been offering homes in the hills in places such as Shimla, Kasauli, Nainital and elsewhere, it’s the entry of larger national players such as DLF and Tata Housing, besides others such as Fire Capital and Woodside Developments that has energised the market.
Tata Housing has launched a gated project in Kasauli in Himachal Pradesh which will have 70 villas spread across 24 acres. The Myst villas are priced at Rs 3.5-8 crore. Woodside Developments is close to completing a project in Kasauli with 35 villas of 2,800-5,000 sq ft area and a clubhouse.
Buyers include Dabur Group chairman emeritus Vivek Burman, Ambuja Cements chairman emeritus Suresh Neotia, Rajya Sabha MP and lawyer Abhishek Manu Singhvi, Arun Bharat Ram of SRF Group, Deepak Jain of Lumax Industries and Ram Sarvepalli, partner at EY. DLF has launched one project each in Kasauli and Shimla, where it is selling plots as well as homes.
“Luxury developments in the hills are the most sought after today as ideal holiday home destinations,” said Jaiwant Daulat Singh, director, Woodside Developments. The market has grown in the last few years as people have moved beyond beach destina tions for holiday homes.
Gated communities in the hills are a new concept, said Rajeeb K Dash, head of marketing at Tata Housing. “People are looking for a contemporary lifestyle even in their holiday destinations.”
Tata Housing has sold close to 20% of inventory in the first destinaphase of its Kasauli project, marketed as a mix of lifestyle and nature. “Ours is a biophilic design,” he said, which implies harmony with nature.
Until recently, there weren’t too many options for buyers except for projects built by local developers where quality was an issue, said Mudassir Zaidi, national director, residential, Knight Frank India. “Now with some credible developers in the fray, people know what to expect.”
Private equity fund Fire Capital has entered the segment with a luxury apartment project called Clouds’ End in Kufri, also in Himachal Pradesh, where apartment sizes have been deliberately kept small to bring down the ticket size —Rs 60 lakh to Rs 1.5 crore.
Change in law helps buyers
In states such as Himachal Pradesh buying property isn’t easy for people from outside the state. They can, however, buy land from an agriculturist if they get approval under Section 118 of the Land Reform Act of 1972.
The new Town and Country Planning Act that was put in place in September to replace the erstwhile Himuda Act of 2005 has brought more clarity to the transfer/conveyance of land and buildings for projects approved under Section 118. This means apartments in projects by developers which have approval under Section 118 can be bought by outsiders.
Can runaway property prices in Gurgaon and Noida be reined in? That could happen with about 40,000 acres of land expected to come into the market because of Delhi’s new land-pooling policy. This could mean some 1.5 million apartments will be launched over the next three-four years in the city, possibly having an impact on the appreciation in the value of property in the wider National Capital Region, which includes Gurgaon and Noida.
The policy announced by the Delhi Development Authority recently is aimed at freeing up land and ensuring infrastructure is in place before construction of homes begins in newer areas of the city that are residential zones under the city’s master plan.
Landowners can pool their land for development by the city’s land-owning agency. But instead of being compensated when the government takes over the land, the owners will get 48-60% of it back after the authority has set up the infrastructure.
The owners will be allowed to build on this land themselves or give it to real estate developers in Delhi Ncr. The Master Plan of Delhi 2021 envisages development of several hundred acres of land for accommodating an additional population of 48 lakh by 2021, up from the current 1.6 crore. “More homes and planned development would mean prices will come down,” said a senior DDA official who did not wish to be named.
Importantly for the authority, this will be an alternative to the compulsory land acquisition and disposal process, he said. The new land acquisition bill that has been recently passed by the Parliament will make it difficult to acquire land, he added.
The new policy will arrest the sharp rise in property prices in NCR areas such as Gurgaon, Noida and Ghaziabad, said Gaurav Jain, a town planner and managing director of land consultancy Samyak Properties & Infrastructure. Prices of residential property on the Dwarka Expressway in Gurgaon, for instance, have seen a 150% increase in prices in the last five years, according to property consultancy DTZ.
Source: The Economic Times, Delhi/NCR
Noida real estate market touched a new high after worldwide luxury hospitality giant Four Seasons launched its private residences by Four Seasons at mix land-use property in Delhi One with a cost of Rs 3,500 crore.
At a cost between Rs 10 crore and around Rs 25 crore, service apartment owners would be able to enjoy hotel-like facilities such as valet service, temperature controlled swimming pools, concierge, personnel laundry, transport services, in-residence dining, housekeeping and others.
While launching branded residences of Noida project, Chris Hart, president, hotel operation, Asia-Pacific, Four Seasons Hotels and Resorts said that “out of 92 Four Seasons hotels across 38 counties, 27 have residential components”.
When asked why chose Noida as a destination to enter in the North India market, Hart said, “Noida has a great potential. It is rich in greenery and natural beauty and also loaded with world class infrastructure. Delhi One is the result of a winning combination.”
The 3C’s Delhi One project spread on 12.5 acres next to Delhi-Noida-Delhi (DND) toll Plaza in Noida, features Four Seasons Hotel, three adjoining towers of Four Seasons private residences connected to the Hotel via a sky bridge, five commercial office towers as well as luxury retail, high end restaurants and cafes.
180 Four Seasons private residences having size of 7, 500 sqrft to offer in Delhi One project, a mixed-land use iconic Noida address which is R 3,500 crore project as claimed by the 3C realtor. These branded residences’ interior is inspired from London Decor, California and Manhattan.
“The definition of quality living has been transformed. Elites in Delhi-NCR and other parts of the country too ready to spend to enjoy quality living. In last five years, India has witnessed 10-15% growth in luxury segment of housing, and Noida is an ideal market for it because of the vision this city holds,” said Vidur Bharadwaj, director, the 3C Company. “Depending on the theme, the cost of each private residence will cost ranges from Rs 22000 and Rs 26000 per sq. feet,” Bhardwaj said.
From being an affordable housing destination, Noida has slowly transforming into a hub of luxury and high-end projects to give a stiff competition to the neighbouring city of Gurgaon in Haryana.
The chairman of the three authorities of Noida, Greater Noida and Yamuna Expressway, Rama Raman, said, “Now, Gurgaon will have only one USP, which is close proximity to the airport. As builders are coming up with projects developed by world class agencies, in the next five years, Noida will beat Gurgaon in all respects.”
Even developers are upbeat about the new tag being given to the region. The CREDAI (western UP) vice-president and CMD of Supertech, RK Arora, said that this change was imminent as time demands it.
“World renowned Italian couturier Giorgio Armani is designing an exclusive flat in the Supernova project. The cost of one designer flat with an area of 4,000-5,000 sq feet will be around Rs 10 crore. For starters, Raj Kundra has decided to purchase a flat for his wife, Shilpa Shetty, in Supernova,” Arora added.
Another project, Curio City, will be using extensive art styles in design with an amalgamation of several schools of art – Middle East, European and Contemporary. The township will have a mix of plotted development, villas, group housing, commercial establishments, club, institutions, hi-street and luxury retail, 5-star hotel, business hotel, etc.
“Investors, especially NRIs believe that investment in luxury serviced apartments is a wise decision as it offers solid returns in a short duration of time,” said Amit Gupta, member Assocham and MD of Orris group.
With Rs one thousand crore investment Bhasin group is building Mist Avenue IT Park in sector 143 along Noida Expressway. The group under its Mist project is offering bungalows ranging between Rs six crore and Rs 10 crore.
Source: The Times of India, Delhi/NCR
The Gurgaon administration on 7th November made it mandatory for housing societies in the district to install CCTV cameras.
The order issued by district commissioner Shekhar Vidyarthi also covers pubs and bars. It says cameras must be installed at the entry and exit gates, be of good quality and store footage for at least 30 days. “These orders have been issued in view of some incidents of crime which occurred in the recent past in the district,” the notification said. The order, officials said, comes into force with immediate effect and violators will be punished under Section 188 of the Indian Penal Code.
Barring high-end condominiums, a large number of group housing societies do not have CCTV coverage. There are over 100 group-housing societies in different Haryana Urban Development Authority (HUDA) sectors.
The order was hailed by residents. A Residents’ Welfare Association functionary of Karamyogi society, Vishal Bharat, said, “The RWA is aware of the order and will be installing CCTVs at the entry and exit gates of society premises. The money will have to be pooled because the management committee has recently been formed after elections.” Installation of CCTV cameras will cost each society around Rs 30,000.
“At least four CCTV have to be installed,” said Bharat. The CCTV cover, he said, will definitely bolster the condominiums’ safety.
The police have been complaining about the absence of CCTVs in colonies. The latest order will be of great help in investigations of thefts and burglaries. “CCTVs should not just be installed at entry or exit gates but also inside the colony, covering corridors and other places,” Amit Arora, a Sector 4 resident.
“The presence of CCTVs will help in monitoring all the movement of visitors in and out of the colony. At present, security guards have to maintain a register on visitors,” said Chetan Aggarwal, a resident of Park View (II).
Source: The Times of India, Delhi/NCR
Thousands of prime commercial properties are up for sale in Delhi. After a gap of about one year, Delhi Development Authority is about to start selling properties in the capital. Over 50 commercial plots, six multilevel car parkings and two banquet halls have been opened up for auctions.
As an extra sop, the authority will sell all the properties on freehold basis. The huge supply of commercial space in Delhi’s real estate market is expected to bring overall prices of property down in the coming weeks.
Some of the big offerings, for which DDA will start receiving tenders on October 8, will be a 20,040 sq mt community center area in Rohini Phase-III with a base price of Rs 333 crore. Two other similar spaces in east Delhi’s Mayur Vihar Phase-I, having an area of 8773 sq mt and 9451 sq mt, and base prices of 263 and 267 crore respectively. A district centre property in Dwarka sector-11, with an area of 18,260 sq mt, is also going under the hammer with a base price of Rs 393 crore.
Tenders for 54 commercial plots in all, one shopping complex-cum-nursing home, one two-storyed parking plots, six multi-level parkings and two banquet halls will also go under hammer from October 8.
DDA, which used to auction commercial properties every two to three months, has not held a single auction in the past one year. Sources say the reason for this is the frequent changing of top level officers, including those at the vice-chairperson level, and the appointment of a new Lieutenant Governor of Delhi as well.
More commercial properties are expected to be auctioned by DDA, in batches, in coming months. Such a move is expected to bring down property rates in the city further.
Source: The Times of India, Delhi/NCR
Indian developers are using the latest technological advancements to ensure that their projects are green and secure, with ambience and facilities that match international standards. Nowadays, developers are providing world-class features in the new commercial office space that is coming across the country, like automatic valet parking, water harvesting, zero disposal with sewage treatment plants, access control, intelligent building management systems, under-body car scanners, and intelligent elevator technologies.
Good tenants: The occupiers of these buildings are a veritable who’s who. Typically, banks are considered to be the best tenants but large conglomerates are coveted clients too. Why? First, they pay the rent on time as they are cash-rich and second, these companies bring with them superior standards of corporate governance and compliance, thus, ensuring process driven smooth payment flows.
Good location: The locations of these buildings are in prime business districts of major metros. Many locations attract investment from the government. With the government working to provide superior infrastructure in these locations, a virtuous growth cycle has been initiated. This is because the government itself can occupy large buildings with multiple departments and ministries. Additionally, a large number of government-owned companies and public sector undertakings may be directed by the government to occupy in these locations.
Stable, predictable income: Another good aspect of a commercial property lease is the long tenure, typically three years, and in multiples of three years, with monthly or quarterly payments and deposits ranging from 6-12 months. The tenant invests alongside the investor in the property and, at times, spends good money in the upkeep of the building amenities and landscaping to meet global standards. The tenant invests in the property by doing the fit-outs, which could cost anywhere between Rs 1,500-4,000 per sq ft based on corporate guidelines. This makes the tenant ‘sticky’, as he has a financial disincentive to terminate the agreement, apart from the lease contract termination clauses.
High yield: According to a recent study, India has the highest yield (rent, capital value) second only to Manila, which are almost 50% higher yield than Europe or the US. This can be better appreciated as the quality of the tenants and quality of buildings (energy-efficient, glass, and aluminium) is the same. Contrast this
to residential yields which are around a quarter of that of commercial yields in India. The case for commercial property becomes stronger as you can earn up to four times more with the same initial investment. Another benefit of locking in high yield is that as interest rates fall, investors can earn a ‘spread’ between the yield and the interest rate charged to the investors, should they take a loan to finance the acquisition.
Tax-efficient structures: There are multiple tax-efficient structures available to hold commercial property investments, ranging from trusts to private limited companies.
These structures can impact taxation levels, quantum, incidence, and estate planning; investors should take help from experts to arrive at the optimum structure for their objectives.
Source: Times Property, The Times of India, Delhi/NCR
How these two income tax deductions apply.
You can claim an income tax exemption on your house rent allowance (HRA) as well as on interest paid on a home loan. Many salaried employees take a home loan to acquire a residential property but do not stay in that property for various reasons. They may stay in a rented premises and be in receipt of HRA from the employer. The exemption of HRA is covered under Section 10 (13A).
The conditions for allowing the exemption on HRA are:
The rent must actually be paid for the rented premises which you occupy The rented premises must not be owned by you
The amount of HRA exempt is the least of:
- The actual amount of allowance received by you in respect of the relevant period The amount by which the expenditure actually incurred by you in terms of rent exceeds one-tenth of your salary in the relevant period
- Half of the salary in the relevant period if the rented house is in Mumbai, Kolkata, Delhi, or Chennai
- 40% of the salary in the relevant period if the rented house is anywhere else
As long as the rented house is not owned by you, the exemption of HRA will be available up to the limits specified in the relevant rules. In case of interest paid on a home loan, the deduction is allowed while computing ‘Income from House Property’. In order to compute the ‘Income from House property’, the net annual value of the property is reduced by 30% and from the balance, the interest payable on the loan taken for acquisition or construction of this property is deducted.
In case the property is given on rent, the annual value will be calculated based on the rent received and the final ‘Income from House Property’ will be calculated. In case the property is lying vacant and is neither rented out nor self-occupied, the rental that could have been derived had it been rented out is taken as the deemed rental income and the calculation has to be then made.
There are a few circumstances under which the annual value of a self-occupied or vacant property is treated as ‘nil’. First, where the property is located in a city different from where you work, and you stay in a rented house.
You will be able to take the annual value of such property as ‘nil’ even though it is not occupied by you.
Second, where the property is located in the same city as your rented house but is in your occupation, and used to live in. In the case of a self-occupied property, the annual value is taken as ‘nil’. The only deduction is on account of interest on housing loan, which is restricted to a maximum of Rs 1.50 lakh.
- As long as the rented house is not owned by you, the exemption of HRA will be available up to the limits specified in the relevant rules.
- In case of interest paid on a home loan, the deduction is allowed while computing ‘income from house property’.
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One cannot ignore the flooring of the house, as it must not only feel good under our feet, the floors must look good too.
Flooring is very essential to give an overall look to the entire home. One cannot ignore this aspect of the house, as this is the only structure of the house with which we are in perpetual contact. Thus, the flooring must not only feel good under our feet, it must look good too.
Nowadays, wooden flooring has become very popular as it gives a natural and versatile look to any room. The best part of wooden flooring is that it goes well with any kind of décor, theme, furniture and accessories.
But, just because wooden floors give an element of class, you cannot possibly paste every inch of your house with wooden boards or tiles—you must first ascertain the utility and purpose of a room before replacing its floor. You must have a proper plan in place before you rush to the market.
First, choose the rooms where you would like to have this novelty-needless to say, exclude the bathrooms, balcony, and any other room which is exposed to excessive moisture or. Next, set a budget for the whole exercise. Remember, the cost of the flooring is only a part of the expenditure, as you will need to call in a professional to install the flooring. Now, head for the market! The market is awash in wooden flooringhardwood floors, laminated floors, bamboo floors, etc.
Hardwood, or solid-wood flooring, expands and contracts with the variation in the temperature and relative humidity in the atmosphere. You will have to leave gaps between the floor and the wall to prevent the wood from cracking up when it expands.
To hide this extra gap, installers use moldings. Leave this job to the professionals; if done properly this flooring is very durable.
The most popular varieties used for hardwood flooring are oak, teak, maple, etc. With this flooring, you have to very careful as hardwood requires proper cleaning-not with water-you have to buy good quality wood cleaner from the market.
Protect it from water as moisture can be harmful to this kind of floor.
Laminated flooring is very sturdy, requires low maintenance, and is easy to install. It is resistant to water, stain-free, as well reasonably resistant to scratch marks. Select thick flooring (tiling) as it is more durable compared to thinner versions. Laminated floors give luxurious look to any room.
Bamboo flooring is the latest trend in décor and it is gaining popularity owing to its durability and sustainability. People choose bamboo flooring for their living space and commercial areas as it lends a stylish and elegant look to the whole room.
People who earlier on had gone in for hardwood flooring are now shifting their preference to the bamboo floors-bamboo floors not only come with the same properties as hardwood floors, they are comparatively cheaper to boot.
This type of flooring is environmental friendly too. Bamboo flooring is harder than the hardwood floors. If you are going for the bamboo flooring, you can get carbonized bamboo floors, strandwoven bamboo floors, etc.
Wooden floors give sophisticated look to the living space. This flooring does not require any extra effort on your part to give your place that classic or antique look. And, if you can invest a little time and care, these types of flooring are very durable.
You could mark the trance of your home using wooden tiles along the border. Most people love to floor up their kitchens using wooden tiles, but this preference calls for extra care-against fire, water, and food droppings. If you have furniture in a light shade in the living room, select darkcoloured wooden floor or vice versa, as they will complement each other.
Wooden floor also look great in the bedroom, as well as in the home office, but be careful while rolling furniture and book racks as this will spoil the finish of the wooden floors. Finally, remember — good cleaning habits play a vital role in maintaining your wooden flooring.
The best part of wooden flooring is that it goes well with any kind of Decor, Theme, Furniture and Accessories.
Indirapuram is one of the fastest developing metropolitan areas of Ghaziabad that is offering modern lifestyle residential projects at competitive rates and has good connectivity with adjoining places in the NCR.
In terms of quality infrastructure and availability of affordable- and luxurious-housing segments, Indirapuram has everything that makes for a good real estate destination.
Good connectivity is one of the big boasts of the area with the Metro connectivity extended from Noida City Centre and Vaishali to CISF Camp; local authorities also proposed to widen NH-24 along with the underpass heading to Noida.
Vijay Kumar Jindal, CMD of SVP Group, says: “Improved connectivity always attracts buyers and end users; as for the working professionals who travel on a daily basis, fast connectivity is a prime criterion in selecting a location for their residence.
“For daily commuters, Indirapuram is the best location because just after NH-24, one can enter Noida and move on to Greater Noida easily. Also, a few minutes of drive will reach you to Delhi and Faridabad. Well established today, Indirapuram provides wide access points that have been increasing demand of residential and commercial units here.
“Currently, there is very little inventory in the 1-, 2-, and 3 BHK apartment format, as these are very popular among the modern nuclear families, and have all been snapped up. Shortage and demand ratio can be understood by the rise in rental values in the area, by nearly 30-40%, with the rates hovering between Rs 3,500 per sq feet and Rs 5,500 per sq ft.”
The place has a lot of malls and marketplaces: Shipra Sun City is a popular weekend hub for the residents in the area. Realty experts says that the different pockets of residential sectors like Ahinsa Khand, Nyay Khand, Vaibhav Khand, Niti Khand, etc, have bright prospects in the short term as well as the long term.
Indirapuram is also awash with clinics, malls, shopping markets, etc. However, the nearest multidisciplinary hospital is Fortis in Sector 62, Noida. “People can stay here and move out to newer locations when their property gives them good return,” Anoop Garg, director of Uninav Developers, said.
With rates going up commensurate with the rise in demand, the properties of Indirapuram have opened up a new investment option for residents as well as people from all over the NCR.
The realty market here is far from saturation and has strong potential for new projects. The demand for residential apartments is very high in the area and supply has been adequate, thus far. But the scene is changing and the supply is getting exhausted faster now, with a good chance of prices shooting up.
Many projects are in various stages of completion here, affording a good opportunity to people interested in investment or for end use. The GDA has announced a plan for a sewage-treatment plant and underground cabling, which will make Indirapuram cleaner.
Some of the luxurious projects here are SVP’s Gulmohur Residency, Antriksh Group’s Antriksh Greens, Assotech Realty’s Kabana, Amrapali’s Amrapali Village, Gaursons’ Gaur Green Vista, Shipra Group’ Shipra Sun City, Supertech’ Supertech Icon, ABA Corp’s Orange County, etc.
Indirapuram is one of the best places to invest in residential and commercial segments, as the place assures of good returns. Buyers have a lot of options here with several developers coming up with new projects all the time. Indirapuram has more than 135 projects with 40, 000 flats, out of which 90 projects have been completed and around 45 more are under construction; the occupancy rate of completed projects is estimated at 60%.
Some of the prominent developers operating in the area are Antriksh, Gardenia, Vasundhara Group, Gaursons, Gulshan Homz, Shipra, Mahagun, Amrapali, Ashiana, Supertech, Parsvnath, Express Builders, Krishna Apra, Jaipurias, Assotech, Agarwal Associates, SVP Group, among others.
Manoj Gaur, MD of Gaursons India Ltd, says: “For people looking for a handsome appreciation in property prices, Indirapuram is the place to be. The place is fully inhabited and is a decent choice for people looking to live here. Being close to Noida, which is a major industrial hub, the housing segment here is attracting a wide band of professionals.”
Gaurav Gupta, director of SG Estates, says: “As the place is populated, well-connected, and caters to the daily needs of the people living here, it has seen good appreciation in property prices. The appreciation here is better than Noida’s area like Sectors 62, 52 onwards, 60 onwards, and 100 onwards. Noida still bear a deserted look at night. This does not mean that Noida sectors are not livable but Indirapuram has the upper hand when it comes to the choice of buyers, who want to shift to their new homes immediately. The area is also witnessing an influx of people whose offices are in Noida. As prices in livable sectors of Noida are on the higher side, people are investing in Indirapuram.”
Demand for Retail and Commercial Space:
- Indirapuram has always been in demand in terms of retail and commercial space due well-established residential apartments and superb connectivity with Delhi.
- Indirapuram will turn into prime area for corporate office suites, recreational outlets, and shopping complexes in the near future with a number of high end facilities in place, and under construction. The widely talked about Habitat Center is coming up in the heart of Indirapuram.
- Indirapuram is well connected through road and railways and, further, is well supported by other infrastructure facilities. A 100 sq ft area in Indirapuram can cost around Rs 18-25 lakh because of high demand. Coupled with residential and commercial complexes, Indirapuram offers all basic facilities like schools, banks, market areas, shopping zones, entertainment and leisure zones, green areas, etc.
- Developers are constructing housing societies, recreational space and using modern architects and designs to create world class townships here.
- The trend of modern high-tech lifestyle has highly influenced this place and people now seek studio apartments, small flats, apartments, villas, and independent floors.
Today, various projects under construction are offering trendy and modern apartments, in the affordable range too. Designed by modern architects, developers are constructing stylish apartments with the aid of advanced and cost-effective technology. Installed with multiple security layers, airy and quality construction, wooden and marble flooring, contemporary interior concepts and outdoor designing, modern fittings, and advanced colours to redefine one’s lifestyle, Indirapuram is showing the way to modern urbanization in the NCR.
- Realty experts says that the different pockets of residential sectors like Ahinsa Khand, Nyay Khand, Vaibhav Khand, Niti Khand, etc, have bright prospects in the short term as well as the long term.
- Today, the various projects under construction here are offering trendy and modern apartments, in the affordable range too. Designed by modern architects, developers are constructing stylish apartments with the aid of advanced and cost effective technology.