NEW DELHI: From the next weekend, commuters can hope to reach Gurgaon from the city’s shopping hub of Connaught Place in less than an hour as the Central Secretariat-Qutub Minar corridor is likely to be opened by that time.
The inauguration of the 12.53 km line will take place after the Commissioner of Metro Rail Safety R K Kardam inspects the entire corridor on Monday and Tuesday and give his mandatory safety clearance.
“The inspection date has been fixed for August 30 and 31,” Kardam told PTI.
Once the Central Secretariat-Qutub Minar corridor is opened and integrated with the existing 14.47 km Qutub Minar-HUDA City Centre line, it would drastically reduce travel time between Delhi and its satellite city of Gurgaon.
It will take less than an hour for commuters to reach the Millennium City of Gurgaon from the capital’s shopping hub of Connaught Place once the line becomes operational, as compared to at least 90 minutes by road. Read more
HARYANA TREADS CAUTIOUSLY ON LAND ACQUISITION
Sukhdeep Kaur, Chandigarh, August 30, 2010
The Indian Express
With none other than Congress general secretary Rahul Gandhi commending the relief and rehabilitation policy of Haryana for land acquired from farmers, the cash-rich state has opened its purse to scuttle large-scale litigations by land owners and to ensure hassle-free acquisition. Though neighbouring Punjab, a predominantly agrarian state like Haryana, is also setting its own benchmark in land compensation by offering a whopping Rs 1.5 crore per acre for recent land acquisitions for the upcoming international airport and Aerocity in Mohali, there are more votaries for Haryana’s policy owing to its focus on rehabilitation of those displaced.Read more
BUYER CAN OPT OUT OF HOUSING PROJECT IF POSSESSION IS DELAYED
New Delhi, August 30, 2010
A buyer is entitled to opt out of a housing project if there is delay in delivery of possession of the house by the real estate developers, the National Consumer Commission has held. The Commission said that the buyer is also entitled to refund of entire money with reasonable interest and any deduction on the said amount is unjustified.
“The petitioner was fully justified in opting out of the (hire-purchase) scheme and demanding refund of the money that she had paid along with interest,” it said.Read more
ADB PLANS RS-BONDS TO FUND PRIVATE INFRASTRUCTURE PROJECTS
Vikas Dhoot, New Delhi, August 30, 2010
The Economic Times
Multilateral institution Asian Development Bank (ADB) could take the lead in routing long-term insurance and pension funds into India’s infrastructure sector — an oft-repeated wish in India. ADB plans to enter the Indian debt market early next year to raise funds through rupee bonds to finance private sector infrastructure projects. The bank has approached market regulator Sebi for permission to do a bond issue. “We have told regulators that we propose to issue Indian rupee bonds in the near future, maybe the first half of 2011,” an ADB official said confirming the proposal.
The multilateral lender has simultaneously put in proposals with the insurance and pension fund regulators and the Employees’ Provident Fund Organisation (EPFO) to facilitate flow of long-term retirement savings into these bonds.
HOTEL BOOM TO TAKE OFF AT REVAMPED DELHI AIRPORT
Ruchika Chitravanshi, New Delhi, August 30, 2010
It is all barren land, with mounds of piled cement and sand. Delhi Airport’s Hospitality District isn’t much of a sight presently but that’s temporary. The huge expanse, about three km from the new terminal – T3 of the airport — is going to become the hub of some of the most happening hotels in the capital city.Read more
The Times of India (Mumbai edition)
Global investment flows into the UK new-build residential market, and Asians are in the forefront, says a recent report During the peak period of the recent UK residential property boom, between 2005 to 2007, there was rapid growth in international investor demand for new-build residential property from Ireland, South Africa, Europe and Asia. At that time while demand was concentrated on London, there were also significant requirements for property in the larger UK cities, in particular in Leeds, Manchester and Birmingham.
China and India amongst other countries did not even experience a significant economic slowdown, let alone an actual recession, and wealth creation is continuing apace throughout the main Asian markets. As a result, significant new funds have been generated for future investment, with profits from local Asian property markets a key contributory factor towards this new wealth creation.Read more
Source: International Project Marketing Report, 2010, Knight Frank
RENTALS MOVE UP IN DELHI NCR RENTALS MOVE UP IN DELHI NCR
Hindustan Times (Delhi edition)
There has been an escalation in rents in the Delhi NCR region the last one year, says a study by property portal 99acres.com.
“As far as rental trends for 2010 are concerned, I see the rental market stabilising and firming up. Also, since there has been no new supply coming in immediately in the Delhi region, the rental values will continue to escalate on a yearly basis,“ said Vineet K Singh, business head, 99acres.com.
KUNDLI: NEXT BEST INVESTMENT
Ravi Kumar Mangalam
The Times of India (Delhi edition)
Kundli, on a 15-minute drive from the posh and upmarket residential hubs of north and northwest Delhi like Pitampura, Rohini and Punjabi Bagh, is now one of the best investment destinations in the NCR after the NH 1 became signal-free recently. Property prices in townships like TDI and Sushant Lok are likely to go northwards.
No wonder that Kamal Taneja, MD of TDI Group, says, “India’s No. 1 highway is becoming No. 1 real estate investment destination!” Read more
GHAZIABAD: BASTION OF AFFORDABLE HOUSING
The Economic Times
The fortunes of Ghaziabad have seen many ups and downs in the past, quite similar to the changing fortunes in a person’s life.
Samir Jasuja of PropEquity says that Raj Nagar Extension is turning out to be a bastion of affordable housing. Over one dozen developers, including SVP, Techman, Ajnara, Landcraft, KDP, SG Estates, Ashiana, Shree Energy, Quantum, Devika, ACC, Ascent and NCC Group are developing their projects here.Read more
COLLABORATIONS OF SUCCESS
E Jayashree Kurup
The Times of India (Delhi edition)
After years of trying to drum down competition, the real estate industry has finally realized the value of collaboration. Just look around you and you see corridors of development all across the country. Take the Golf Course Road, Sohna Road or even the Golf Course Road Extension across Gurgaon and the benefits are there for all to see. When an isolated pocket is developed, it remains in the realm of dirt tracks and bad roads. But the minute there are more developments along the same stretch there is pressure on the authorities to deliver good off-site services.Read more
SUPERLUXE HOMES FOR SMART SET
With the ghosts of economic recession firmly behind us, the real estate market has shifted its focus to the luxury home segment. Experts feel that the move is a result of an increased interest in plush accommodations by buyers, buoyed by job security and rising salaries. No wonder, there has been a spurt in the number of luxury housing projects in the NCR, where a single unit costs anything from Rs 2 crore to Rs 8 crore.
Raminder Grover, CEO, Homebay Residential, a subsidiary of Jones Lang LaSalle says, “ Previously, a majority of luxury home purchases were skewed towards the rich entrepreneur class with the means to support a superlative lifestyle.
For instance, Omaxe Ltd’s Forest Spa on the Surajkund Road offers apartments in the range of Rs 1.38 crore to Rs 1.66 crore and penthouses in the range of Rs 3.30 crore to Rs 4.09 crore. Says Rohtas Goel, CMD, Omaxe Ltd, “ With the growing economy, disposable income as well as the number of millionaires have gone up. The availability of easy fund options on reasonable interest rate ensures a bright future for this segment.” Some features in Omaxe’s ultra luxury projects include central air- conditioning, glass elevators, conference room, cigar room, gym, multi- cuisine restaurants, sauna/ jacuzzi, snooker/ squash rooms, and terrace gardens.
Another real estate player, Emaar MGF, is soon going to launch a residential project called Marbella in Sector 65/ 66, Golf Course Extension Road, Gurgaon, in the range of Rs 4.5 crore to Rs 8 crore. Another such luxury project coming up in Gurgaon is the Golf Estate by M3M, in Sector 65, Golf Course Road. (Page 28)