Residential real estate witnesses 25% price hike in Gurgaon

Ireo Victory Valley, Gurgaon

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.

But, the availability of residential units is not adequate. In fact, consultants feel that the gap between demand and supply is still widening. However, the well-developed sectors developed by DLF, and the Golf Course Road, are almost fully occupied. To enable the city to grow, the authority finalized the Gurgaon-Manesar Master Plan-2025.

Read more: The Times of India

Serviced apartments catching up

The concept of serviced apartments, where guest stay for a longer period against regular hotels, has been around in India for close to a decade. With the ushering in of economic reforms resulting in large scale FDI into manufacturing sector in the mid-to-late 90s, as well as the subsequent IT boom spawned this concept as a new age business opportunity.

With no or limited entry barriers, several individuals, with some cash on hand, too joined the serviced apartment bandwagon, which was once considered to be a poorer cousin of large hotels. Taking a few apartments on lease and fitting and furnishing them was all one needed to foray into this emerging business segment.

As the flow of FDI increased and a wider base of MNCs entered India, they started demanding still better facilities and amenities on par with star-rated hotels. While smaller players found it difficult to cope with increased demands, this also led to the entry of global serviced apartment chains that normally manage such facilities.

Read more: MyDigitalFC

Dwarka-Gurgaon Expressway turning into a significant real estate destination

Dwarka-Gurgaon Expressway

Dwarka-Gurgaon Expressway, also known as the Northern Peripheral Expressway, will be a significant area for investment, as the real estate sector has vast potential for a robust growth in the coming years.

Top realty players like Chintels India Ltd, Sobha Developers, BPTP, Puri Construction, ATS, Antriksh, Rahejas, MGF EMAAR, Bestech, Uppal Housing, Indiabulls, Brisk, Mahindra Earth Infrastructure, etc, have launched their projects here.

Also, with the rise in demand, the prices in Dwarka-Gurgaon Expressway have almost tripled – from Rs 2,250 per sq ft to Rs 6,250 per sq ft.

Read more: The Economic Times

Golf Course Extension Road gaining prominence in realty developments

The Golf Course Extension Road, which is relatively a new locality, is gaining prominence owing to its easy accessibility to NH-8 and South Delhi via the Gurgaon-Faridabad Expressway.

Developers and prompters are building golf-themed apartments and luxury villas set amidst green expanses, most of which have secured approval from GRIHA (Green Rating for Integrated Habitat Assessment).

Golf Course Extension Road starts from hotel Bristol Chowk on MG Road and goes straight till Sectors 55-56 and was constructed in 2009; it connects Golf Course Road to Gurgaon-Sohna Road.

Most of the development took place on this stretch in the very recent past. The Golf Course Extension Road includes new Sectors like 61, 62, 65, 66, 67, etc. The road is being developed in line with the concept of walk-to-work with a 200-metre commercial belt running parallel to it across three new sectors under development.

The road is 90 metres wide with six lanes and the construction is nearly complete. Green belts are being developed in the middle and along the road flanks making it an eco-friendly project. Special attention has been given to security, health and education of the residents while preparing the layout plan of the new sectors.

Read more: The Economic Times

Property buyers in Delhi to find relief from paying overdue taxes

In a radical move to shield the property buyers from the burden of overdue taxes pending with the seller, the North Delhi Municipal Corporation is mulling over the possibility to make it mandatory for the seller to obtain an NOC from them before any resale of property takes place. Corporation officials say that in many cases it has been observed that the property owners without paying taxes sell their property and the clueless buyer has to face the wrath of the corporation.

There have been instances when the new property owners come and refuse to clear the dues. They reason that the seller should be sent notices but it is the buyer’s responsibility to check before buying any property that there aren’t any overdue taxes?,” said an official.

To safeguard the interests of the buyers, councilors have asked the officials to check the feasibility of the proposal. Since the corporation has no role in the transaction, so many innocent buyers are cheated. The move will not help buyers but also the corporation to identify defaulters and retrieve the dues from them?,” said Rajesh Bhatia, chairman, high powered property taxes committee.

Read more: The Times of India

Employment

Panel’s plan: 25 mn jobs by 2017 to achieve 9% economic growth

The UPA government is looking at creating 25 million new jobs and two million additional seats in higher education in the 12th plan (2012-17) to leverage India’s demographic dividend. Creating more jobs is key to foster economic growth of 8.5 % to 9 % in 12th plan as India’s working population (15-64 age group) is expected to increase from 781 million in 2010 to 916 million in 2020. The 2011 census also stated that India has youngest population among big economies with half of country’s people being younger than 25 years in 2010 as compared to 35 years for China and 45 for United States.

Planning Commission deputy chairperson Montek Singh Ahluwalia has set this ambitious target of 25 million new jobs outside agriculture for the 12th plan likely to be finalized by early September at a meeting charged by PM Singh.

“It (creating 25 million jobs) is not a difficult task,” said Dr TS Papola, former director of Institute for Studies in Industrial Development and member of a plan panel’s working group on employment. For that, he said, the government will have to focus on growth in service and manufacturing sectors as employment in agriculture was falling. “We have ability to create 8-10 million jobs every year”.

Read more: HindustanTimes

Economy

Interest rate decision will depend on inflation situation: RBI

The Reserve Bank today said it will assess monetary policy if the declining trend in inflation is sustainable and accordingly take decision on reducing interest rate.

Inflation based on Wholesale Price Index (WPI) declined to 6.87 per cent in July, from 7.25 per cent in June. Still, it is much above the RBI’s 5-6 per cent comfort level.

However, with the easing of inflation and contracting industrial output, the industry is clamouring for reduction in interest rate to spur growth.

“Interest rates to fall when inflation drops…(RBI) will assess if the inflation fall is sustainable,” RBI Deputy Governor K C Chakrabarty told reporters after meeting Economic Affairs Secretary Arvind Mayaram here.

He said 5 per cent inflation is India’s comfort zone. The Reserve Bank is scheduled to review its monetary policy on September 17.

Read more: The Times of India

India Business

Nissan inaugurates its fourth dealership in Punjab at Ludhiana

Nissan Motor India today stepped up its presence in the northern region by announcing the launch of its 4th dealership in Punjab.

Dada Nissan Ltd. situated in Ludhiana was inaugurated by G M Singh, Vice-Chairman and Managing Director, Hover Automotive India. Speaking at the launch, G M Singh said, “Punjab as a market has seen a noticeable increase in demand for both value-for-money cars and luxury cars in the recent past. This is primarily because of the increased purchasing power of consumers in Punjab over a period of time.”

“Passenger car owners living in the major cities of the State of Punjab and the Union Territory of Chandigarh primarily perceive safety and comfort followed by luxury to be the most important features of car. We at Nissan are proud to offer vehicles with safety as a paramount feature in such a quality conscious market.”

Read more: The Times of India

Transportation

Mohali airport terminal to be ready within 16 months: Badal

For easy connectivity to Punjab, deputy chief minister Sukhbir Singh Badal said that award for construction of Mohali airport has been given to a multinational company and airport terminal would be ready within 16 months.

He was speaking after unfurling tricolor in Independence Day function held today in Government College, Phase-6.

Punjab government has already acquired land for expansion of Ludhiana airport and latest state-of-art night landing instrumentation have been already installed at airport. He said that with the expansion of Ludhiana airport Boeing-320 planes could be able to land at Ludhiana airport, he said.

Read more: The Times of India

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