Gurgaon Tops In Demand Charts

Ireo Skyon, Gurgaon

With rising demand in residential, office, retail, and hospitality sectors, Gurgaon tops the demand charts.

Areport says that the NCR will have a total demand of nearly 10.2 lakh residential units, 249 lakh sq ft of office space and 66.6 lakh sq ft of retail space by 2013. With rising demand in residential, office, retail, and hospitality sectors, Gurgaon tops the demand charts. Forthcoming world-class projects, proximity and good connectivity to Delhi are a few factors driving these figures.

Due to a lack of infrastructure and the surge in prices of available land in other parts of the NCR, Gurgaon and Noida are at the fore in catering to the demand for affordable and luxury housing. In fact, for the sheer volume of residential units launched in these places, the NCR has a higher number of units compared to the other five metropolitan cities like Mumbai, Chennai, Bangalore, Kolkata and Hyderabad put together. According to a report released by Knight Frank India, nearly 86,000 residential units entered the market in financial year 2011-12. The developers and promoters were able to gauge the pulse of the market and launched more affordable and mid-segment projects than premium projects in this period.

Read more: Times of India

Fastest Growing Stretch

Gurgaon-Sohna Road is being mentioned as the millennium city’s next big site for commercial and residential developments.

Gurgaon-Sohna Road is one of the fastest growing stretches in the real estate sector. The place is being mentioned as the city’s next big site for commercial and residential developments in the next few years, as some of the biggest names in the real estate business have begun their projects in this part of the millennium city.

The sharp rise seen in this area’s real estate market is mostly because of modern townships and industrial development coming up at a fast rate in various sectors of Gurgaon plus the increasing number of industrial model township (IMT) projects in places like Manesar, Dharuhera and Bhiwadi.

Read more: Times of India

Gurgaon Realty Sets The Pace

Residential real estate has seen a price appreciation of over 25% in Gurgaon, the fastest surge in the country, in the last one year.

Gurgaon is registering the fastest growth in the real estate sector in the country. Developers are flocking to the region to launch new projects after prices here shot up by as much as 25% in the last one year.

Recently, well-established realty players like Godrej Developer, Tata Realty from Mumbai and Sobha Developers from Bangalore launched their projects in Gurgaon. This has further infused the competition in the sector in the region.

A large number of white-collar jobs have been created in Gurgaon after it emerged as a hub for IT and IT-enabled services in northern India. Also, owing to its proximity to the national capital Delhi, several Fortune 500 firms opened their offices here, employing hundreds of high-income professionals. And with Delhi already overcrowded, these people tend to buy houses in Gurgaon itself.

Read more: Times of India

Choose Ghaziabad for budget homes

Ghaziabad has proven to be a good investment opportunity over the years for investors. Real estate in this area is booming along the two national highways: NH-24 and NH-58. The two highways have turned the dusty, cluttered town into a realty market witnessing high demand. The development of residential and commercial space is taking place in the vicinity of these highways.

Due to the proximity to Delhi, excellent connectivity and infrastructure development, certain locations in Ghaziabad have offered good residential options. The Delhi Metro rail project has added a boost to connectivity.

Commercial and retail developments are already present in a big way in regions like Indirapuram, Vaishali, Kaushambi and Vasundhara. With a strong commercial catchment, a well-planned infrastructure network, and an affordable price band, both NH-24 and NH-58 offer several drivers to draw homebuyers’ attention.

Read more: The Indian Express

Tax hike for commercial property

Commercial properties located within a radius of one kilometres from a Metro line may soon see a hike in property tax.
Leaders of the three new municipal corporations have confirmed the move. But in view of the assembly elections scheduled next year, residential properties will be spared from the hike.

All five-star and three-star hotels, private hospitals and industrial areas in the city will also be brought under the same tax net.

Earlier, hotels in posh areas or higher category locality paid more taxes than those in the rest of Delhi.

“Since these are high-end hotels, they should be paying the same taxes. There will be no relaxation on the basis of locality anymore,” said Subhash Arya leader of the House, South Corporation.

Read more: HindustanTimes

House tax exemption: Money already paid by residents to be adjusted

GURGAON: After announcing that the residents are exempt from paying house tax for the years 2008-09 and 2009-10, the Municipal Corporation of Gurgaon (MCG) has said that those residents who have already submitted the tax for these two years need not worry as the paid amount will get adjusted in the next tax cycle.

“We started sending house tax assessment notice to the residents around two years ago. Not many paid the tax as there were a lot of discrepancies in the assessment sheet and residents raised objections. We received over 55,000 objections and are are in the process of resolving them. Those residents who have paid the tax for the two years don’t need to worry as the amount will get adjusted,” said an official.

Read more: Times of India

Buying a farmhouse in Delhi just got easier due to relaxed norms

NEW DELHI: If you wanted to own a farmhouse in Delhi, but didn’t have the moolah, this could be your opportunity. The new farmhouse policy of Delhi, passed last week by the Delhi Development Authority, will bring down the cost of ownership of farmhouses as it now allows a minimum size of 1 acre against 2.5 acres earlier.

Farmhouses will also be allowed higher built-up space, making ownership of such homes value for the money and in direct competition with homes in premium south Delhi localities where builder apartments cost just as much.

Read more: The Economic Times

Have flat, can’t stay

A large number of Delhi Development Authority (DDA) flats are lying unoccupied for the past many years in the city, where hundreds of thousands of people apply when a new housing scheme is announced.

These vacant flats, allotted under DDA’s housing schemes, are now showing signs of decay. The problem is compounded by lack of water supply and shortage of transport facilities – inconveniences that even the DDA says it’s aware of.

The handful of families living in the DDA flats in Rohini Sector 28, which were part of the 2008 housing scheme, have to take a potholed road to their apartments. No doubt, the majority of the houses are vacant.

“Hardly anyone lives here. The biggest problem is the lack of public transport. If you don’t have a car, you are stuck. No one lives in more than 50 per cent of the flats since this housing complex is embroiled in a scam,” a tenant, who has moved in a few months ago, said.

She said there’s hardly any good-quality property for tenants to choose from in the complex.

Read more: The Indian Express

What the ‘preference charge’ pitch means

What is PLC?

As the name suggests, a PLC is an additional cost that you pay for preferring to book a unit with a better location within the same apartment complex. So for the privilege of owning an apartment that, say, faces the park or is a corner plot, you pay extra.

Shyamal Banerjee/Mint

PLC is charged per sq. ft of the super area of your apartment. To calculate the PLC amount, multiply the super area of the apartment with the rate specified in the developer’s rate card. The bigger your apartment, the higher would be your PLC.

It depends on the size, location and alignment and construction quality. Typically, each floor has a different PLC and floors closer to ground have the highest PLCs.

Read more: Mint

Six promises a realtor may not keep

Making promises that are difficult to keep is common among real estate developers. With pressure deepening on developers to push sales — that dropped by at least 50% now across National Capital Region and MMR in the January-March 2012 period compared with the corresponding period a year ago, according to data analytics firm, PropEquity Analytics — they may be in a real hurry to clear their inventory.

While some developers may genuinely try to deliver on their promises, most do not. So when buying a property, do your own research instead of just giving in to what the developer tells you. Here are six promises that real estate developers are likely to make but unlikely to keep.

Read more: HindustanTimes

Infrastructure/Transportation

Air traffic to triple by 2020, but Mumbai not ready

MUMBAI: Mumbai’s air traffic is poised to treble in eight years, but its infrastructure is unlikely to keep pace. A recent report by the Center for Asia Pacific Aviation (CAPA) said Mumbai would face a serious challenge in dealing with the rise in passenger traffic between 2011 and 2020. The city airport will be severely constrained at least three to four years before the Navi Mumbai airport comes up. “The (existing) airport will hit its optimum capacity of 40 million passengers annually once the new integrated terminal is operational next year. However, after that, growth will stagnate due to the delay in the Navi Mumbai airport,” a Mumbai airport official said. The Navi Mumbai airport was initially planned to be operational by 2014 -15, but could not get environmental clearances as much of it fell in the CRZ (Coastal Regulation Zone) area.

The clearances came in 2011 and now the tendering process awaits clearance from the ministry of civil aviation. Work is likely to start by mid-2013.

Read more: Times of India

International airport planned in Agra

International travellers to Agra should soon be able to land directly in the city. This follows the Uttar Pradesh Government initiating the process for development of an international airport on the Agra-Mathura route. The State Government has said it would soon invite bids for selection of consultants for development of the international airport. The consultant will be required to not only identify the best possible site but also obtain the required clearances from the Government, it said in a statement. “The consultant will also prepare a techno-economic feasibility report, master plan, the bid documents and concession agreements for selection of developers within a stipulated 32 weeks,” Commissioner, Infrastructure and Industrial Development Commission Anil K Gupta said.

The State Government has already identified one site in Mathura and three in Agra for the new international airport. The statement added that Agra would have an international airport within four to five years, if everything goes according to plan.

See article: The Business Line

National Highways Authority of India to rope in private players to maintain highways

NEW DELHI: Facing flaks from all quarters for its failure to maintain, the fund-starved National Highways Authority of India ( NHAI) would soon hand over maintenance of NHs to private developers.

With private contractors to be allowed to collect toll on these stretches, the Authority is hoping that it could earn Rs 25 crore annually from “operate maintain and transfer” scheme that aims to stop toll revenue leakage.

The road transport and highways ministry will soon seek Cabinet approval for involving private developers for maintenance work for a 4,000-km stretch during this fiscal. All such highway stretches would be bid out for four-nine years to private players, allowing them to charge toll from commuters during their contract tenure.

Read more: Times of India

UP roadways plan put off by high toll rates on e-way

The UP Roadways’ plan to ply more buses on the newly-commissioned Yamuna Expressway seems all but dead with the toll rates on this 165 km stretch being too high. The Uttar Pradesh State Road Transport Corporation (UPRSTC) official said plying more buses on this route would not be profitable. Hence, they have decided to reduce the number of buses.

Before the toll rates were fixed, the UPSRTC had planned to purchase 1,000 new buses, out of which 100 would have plied on the Noida-Agra route via Yamuna Expressway, once it opened to public. But the high toll rates has forced the corporation to shelve the plan.

“We will ply a bus from Saturday on trial basis on the expressway. The buses will depart from Morna bus depot, Noida. If all goes well and we receive warm response from the commuters, we will increase the number of buses on the e-way,” the senior roadways official said.

Read more: The Pioneer

India-Thailand highway to be ready by 2016

NEW DELHI: A 3,200-km trilateral highway linking India, Myanmar and Thailand will become a reality by 2016. India has given a $500 million loan to Myanmar, some of which will be used to fund the highway, said Anil Wadhwa, India’s ambassador to Thailand.

In an interview to Thai newspaper The Nation, Wadhwa said the four-day India-Asean summit to be held on December 19 will focus on connectivity with Asean countries. Separately, sources said, Myanmar President Thein Sein, Thai PM Yingluck Shinawatra and PM Manmohan Singh are expected to meet on the sidelines of the summit to push forward the trilateral highway project.

Wadhwa said the feasibility of the highway was complete and construction would start soon.

Read more: Times of India

DMRC to acquire 1.62 lakh sqm for Metro phase III

Delhi Metro will acquire over 1.62 lakh square metre of land from private ownership for its ambitious phase III network in the national Capital. In the Metro phase III, 120 km would be added to its existing network. Apart from the residential areas of upmarket south Delhi colonies such as Panchsheel Enclave, Greater Kailash and Munirka, the total land to be acquired also includes the land under the private commercial properties such as Savitri Cinema, Escorts Hospital and that of Laxman Public School.

According to the sources, speedy sanctioning of the land is crucial for the Metro to meet its 2016 deadline for the completion of the phase III network.

A total of 120 km have been sanctioned to be constructed under the challenging phase III network of Delhi Metro. This phase will involve construction of two new corridors including the 59 km Mukundpur to Shiv Vihar corridor, which will be the longest in Delhi Metro’s network. The line running along the arterial Ring Road and will pass through some of the most congested areas of the city such as Rajouri Garden, Dhaula Kuan, Anand Vihar before terminating at Shiv Vihar. This is followed by the 36.988 km Janakpuri West to Botanical Garden Corridor running along the Outer Ring Road, which will make commuting to Noida easier.

Read more: The Pioneer

Excerpt from Hindustan Times (Delhi edition) 

Authority Plans Two Elevated Roads; One For Decongesting Delhi Link

Noida, August 13, 2012

The Noida authority is mulling over an idea to construct two elevated roads to decongest city’s two arterial snarl-ridden roads: Dadri-Surajpur-Chhalera (DSC) and Delhi-Noida road, which connects Delhi with newly opened Yamuna expressway directly through the Noida expressway.

(Noida, Page 1)

Metro Not Gage For Change In Route For New Link To Gurgaon

Gurgaon, August  13, 2012

The Delhi Metro Rail Corporation (DMRC) has ruled out any change in the route plan of the proposed high-speed Metro line connecting Iffco Chowk in Gurgaon and IGI Airport. The DMRC has also no plans to add new stations on the line. The DMRC will soon submit the revised detailed project report (DPR) to the Haryana government, said a senior DMRC official.

(Page 4)

E-Way To Propel Growth Along Yamuna

Darpan Singh, Noida, August 13, 2012

After Noida and Greater Noida, it’s now the turn of Yamuna Expressway—a third industrial township in Gautam Budh Nagar district—to cash in on transport links. Manoj Gaur, chairman of the Jaypee Group, said, “We have linked the biggest revenue generator of Uttar Pradesh—Noida—and the biggest tourist destination in the country—Agra—through the longest India’s longest highway built on a PPP model,” India’s maiden formula1 race held last year off the Expressway had provided much-need push to the realty sector. Now this link will further help the cause. Jaypee Group itself is building five townships along the expressway. All major builders in the NCR are following suit. Jaypee will develop one township in Noida and one each in Aligarh and Agra. Half of the land will be sold for residential use, approximately one-third for commercial and the rest for institutional use and open spaces.

(Noida, Page 1)

Gurgaon News

Illegal hoardings, encroachments removed in Cyber City, near MDI Chowk

GURGAON: Continuing with their drive to remove illegal hoardings and encroachments in the city, the enforcement department of the Municipal Corporation of Gurgaon (MCG) once again carried out a drive in Cyber City and near MDI Chowk on Saturday.

After facing stiff resistance from DLF in the recent past, the MCG team, lead by joint commissioner Anju Chaudhary, was finally able to bring down most of the wall wrap advertisement on its buildings and removed other hoardings.

In the past, whenever the MCG team went to remove the advertisements from DLF buildings, it was never allowed to do so. The private security guards would not allow the team inside the buildings, despite having an adequate police presence.

Read more: Times of India

Education

Three years on, IIT Indore campus gets forest ministry nod

New Delhi: Three years after it came into existence, the Indian Institute of Technology (IIT) at Indore will finally breathe easy—the environment ministry has decided to give forest clearance to the land earmarked for the institute. This will pave the way for the construction of a permanent campus. The elite engineering school’s first batch of students will graduate in less than eight months.

The environment ministry has given an “in-principle clearance to IIT Indore campus” but is awaiting a few certificates from the Madhya Pradesh government and the institute for a formal announcement, a ministry official said seeking anonymity.

One of the certificates awaited is a so-called mutation certificate—to be issued by the district collector’s office stating that revenue land equal to the forest land diverted for the institute has been demarcated for compensatory afforestation.

“It is expected that the institute will get its final phase II forest clearance in two weeks,” the environment ministry official said.

Read more: Mint

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