Locations such as Noida, Greater Noida, Expressway and Delhi NCR, have carved a niche for themselves as locations offering luxury homes above Rs 5 crores. However, do these properties have the scope for appreciation from the investment point of view? “Luxury and ultra-luxury projects yield much higher returns than projects geared towards the affordable and mid-income segments, the luxury segment in India is moving at a pace of 35 per cent per year.”
Are developers also focusing on this segment of housing? “Ultra-luxury projects have a tendency to garner extremely good presale volumes and therefore, their developers are generally able to secure significant fund flows to capitalise on the completion of their projects. While it is true that the input costs for luxury housing are high, the developer stands to benefit from the increased visibility of his brand among highly affluent, top-end clients.”
Offering state-of-the-art amenities such as double height living rooms, private pools and gymnasiums, these homes attract the island city’s well-heeled professionals and businessmen. These homebuyers are willing to pay a high price for luxurious apartments or penthouses, located in the most affluent locations in Noida. In most cases though, the major advantage of paying such a high premium is the freedom that the homebuyers get to customize their homes according to their choices and requirements.
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“The high price tag for luxury homes is justified through facilities such as customization of interiors, wall finishes, flooring, bathroom fittings and concierge services. While there is a standard design of apartments, nearly 80 per cent of the clientele, opts for customization and does not mind paying an added amount for it.”
Did you know that delayed approvals for real estate projects may push up your project cost by up to 20 to 30 per cent? As it takes years to the builders in getting approvals from the authorities for their projects, all the escalation in cost is passed on to the end buyer. Out of 185 economies, India ranks at 182, in terms of getting construction-related approvals, as per the World Bank’s Doing Business 2013 report.
The delay in getting approvals directly increases the cost of a project. Time is money. If a developer invests millions and many times billions in buying land, it simply adds to the interest cost if the land is kept unused.
What causes the delay in approvals? A real estate developer, in order to start construction, has to get as many as 34 procedures from dozens of government departments. On an average, it takes more than 196 days, says the World Bank report. However, there is no set timeframe within which a developer should receive these approvals. It may take years and it is mostly at the discretion of the concerned authorities.
“Obtaining all the approvals increases the gestation period of a real estate project. These approvals usually take 2-3 years to commence construction after purchasing the land for a project. During this time, land cost rises by 20-30 per cent due to hefty interest,” says Neeraj Bansal, Partner-Advisory, KPMG India.
But construction is such a complex matter, isn’t it okay for the government authorities to take time? Not actually. In Hong Kong, it takes only 6 procedures and 67 days to get all construction-related approvals. In Singapore, a developer just needs to comply with 11 procedures and the approvals come in within 26 days!
Understandably, India is a large country. Then, let’s take China. In year 2012, China eliminated 14 procedures by improving its single-window clearance platform. The result: saving of 31 days.
Is India doing enough in this regard. The ministry of housing and urban poverty alleviation set-up a committee on Streamlining Approval Procedures for Real Estate Projects (SAPREP). According to Dhanendra Kumar, who is the head of this committee, India should constitute a nodal agency to act as ‘single window’ and coordinate all approvals from different authorities.
Is it going to happen? Going by the Real Estate Regulatory Bill, which has been approved by the houses of Parliament and waiting for the President’s consent, there is no provision for introducing single-window clearance system. Long way to go.
नोएडा। अब प्राधिकरणों के आवंटियों को हायर परचेज टेनेंसी एग्रीमेंट (एचपीटीए) कराने के बावजूद पजेशन मिलने के तीन माह के भीतर संपत्ति की रजिस्ट्री करानी होगी। अन्यथा आवंटन दर पर रजिस्ट्री कराने की छूट उन्हें नहीं मिलेगी। रजिस्ट्री विभाग ने प्रदेश भर के लिए यह आदेश जारी कर दिया है।
प्राधिकरणों के आवंटियों को छह माह के भीतर रजिस्ट्री कराने पर ही आवंटन दर पर स्टांप शुल्क चुकाने की छूट मिलती है। उन्हें सर्किल रेट पर स्टांप शुल्क नहीं देना पड़ता है। आवंटन दर की तुलना में सर्किल रेट 20 से 30 फीसदी ज्यादा होता है। प्राधिकरण छह माह में पजेशन नहीं दे पाते जिससे आवंटियों को यह छूट भी नहीं मिल पाती। इस समस्या को देखते हुए कुछ वर्षों पूर्व शासन ने आदेश जारी किया था कि जो आवंटी आवंटन के छह माह के भीतर एचपीटीए करा लेते हैं और संपत्ति पर पूरा स्टांप चुका देते हैं, वे पजेशन मिलने के बाद जब भी रजिस्ट्री कराने आएंगे उनकी संपत्ति की रजिस्ट्री आवंटन दर पर ही होगी। यानी उन्हें मौजूदा सर्किल रेट पर स्टांप नहीं देना होगा।
हाल ही में शासन ने फिर आदेश जारी करके एचपीटीए में संशोधन कर दिया है। कर एवं निबंधन अनुभाग के प्रमुख सचिव बीएम मीणा के हवाले से जारी शासनादेश में कहा गया है कि एचपीटीए कराने के बावजूद पजेशन मिलने के तीन माह के भीतर ही आवंटी को रजिस्ट्री करानी पड़ेगी, तभी आवंटन दर पर स्टांप शुल्क लगेगा। इस अवधि के बाद रजिस्ट्री कराने पर मौजूदा सर्किल रेट पर स्टांप शुल्क चुकाना पड़ेगा। यानी अगर किसी कारण वश आवंटी पजेशन से तीन माह के भीतर रजिस्ट्री नहीं करा पाता तो उसे ज्यादा स्टांप शुल्क चुकाना पड़ेगा। हालांकि, एग्रीमेंट में जो स्टांप लगा है, वह रजिस्ट्री के समय लगने वाले स्टांप शुल्क में जुड़ेगा।
यह आदेश सिर्फ नोएडा ही नहीं, बल्कि ग्रेटर नोएडा, यमुना, गाजियाबाद सहित प्रदेश भर के सभी प्राधिकरणों व संपत्ति का आवंटन करने वाली अन्य सभी सरकारी संस्थाओं के आवंटियों पर लागू होगा। शासन के इस आदेश का असर हजारों लोगों पर पड़ेगा। हालांकि, रजिस्ट्री विभाग का तर्क है कि पजेशन के बाद भी लोग जान बूझकर रजिस्ट्री में देरी करते थे। इस आदेश से अब समय से रजिस्ट्री हो सकेगी।
NEW DELHI: Housing prices declined by up to 12 per cent in the national capital in the first six months of 2013 compared with that in the second half of last year due to lower demand and high prevailing rate, according property consultant CBRE.
“Subdued demand levels led to a correction in both capital and rental values across most micro-markets of Delhi. Capital values in the premium/luxury as well as in the highend/mid-end segments witnessed a decline of about 9-12 per cent during the review period,” CBRE said in a report released today on residential markets. The residential markets across NCR observed subdued activity level in the first half of 2013 as compared to the previous review period, it said.
Real estate developers delayed launch of new inventories and maintained their focus on clearing the existing vacancy levels.
“The NCR’s residential sector has witnessed lower levels of activity primarily due to inflated prices. Going forward this will continue to dampen demand levels, particularly in the premium markets of Delhi and Gurgaon,” CBRE South Asia Pvt Ltd Chairman and Managing Director Anshuman Magazine said. In terms of leased assets, locations such as South Extension and Greater Kailash I and II witnessed a rental decline of about 12-13 per cent during the review period. Micro markets such as Panchsheel Park, Westend and Vasant Vihar observed a rental decline of about 9-11 per cent during the first half of 2013. While the prevalent market sentiment was one of caution, CBRE said that marginal price appreciation witnessed in specific projects in Gurgaon on account of their relative affordability, developer profile and location.
“There was a marginal price appreciation across various micro-markets of Noida, with projects located along the Noida- Greater Noida Expressway witnessing a marginal appreciation of 5-6 per cent, with certain projects located in emerging micro-markets such as Noida Extension witnessing a similar increment during the review period,” the report said.