In the next two years, Gautam Budh Nagar is going to emerge as the centre of luxury living in Delhi-NCR with the stretch along Noida-Greater Noida Expressway proposed to be developed along the lines of Las Vegas. With 2,500 rooms in the star category to be completed by 2014 and over 10 international players in the hospitality industry setting up their hotels in the city as per a Noida Authority report (of which TOI has a copy), Noida is soon to become an integrated one-stop destination for a luxurious stay.
These projects are clustered primarily around two areas in Noida. The area around Sectors 15 and 16 in Noida will see hotels being built by international hospitality giants such as Renision Courtyard, Sheraton and Four Seasons. The second cluster will be along the Noida-Greater Noida Expressway. Westin Resort, The Lalit Grand, Grand Hyatt and Marriot will be completing their hotels along the expressway.
Read more: The Times of India
Real estate: in need of a regulator
The panellists at Mint’s annual real estate conclave agreed that a complex Indian real estate sector needed a watchdog, especially to regulate the biggest stakeholder—the Indian government. They also pointed the mismatch between demand and supply as being an inherent part of the realty puzzle. The participants were Maneesh Srivastava, CEO, Muthoot Housing Finance Co. Ltd; Anuj Puri, chairman and country head, Jones Lang LaSalle India; Vikhyat Srivastava, co-founder, Groffr.com; Akash Deep Jyoti, director, real estate ratings, Crisil; Gaurav Gupta, director, Omkar Realtors and Developers Pvt. Ltd.
The 27 July panel discussion on Reviving Residential Markets: are innovative financing options driving growth? was moderated by Mint’s Lisa Pallavi Barbora. The discussion covered the dynamics of the real estate sector and what the future holds.
Read more: Mint
Expert Panel Discussion On “Gurgaon Real Estate- Future Trends” Held By FridayGurgaon; Moderated By Atul Sobti
The Gurgaon Real Estate market is a complex animal. It does not follow the simple rule of demand and supply; prices keep on increasing – irrespective of an economic slowdown, higher interest rates, low absorption, or an oversupply of property that no one in the industry admits to. To understand why realty in the Millennium City defies gravity, and why it is beyond the purview of business cycles, Friday Gurgaon on Monday invited eminent practitioners of this trade for a Panel Discussion.
Read more: Friday Gurgaon
Index to help track housing project status
The availability of housing stocks, status of residential projects under construction and real estate prices in 17 cities across the country will soon be click of a mouse away. The National Building Organization (NBO), which comes under the ministry of lands, housing and urban development, and RBI are powering the initiative that is expected to finalize a quarterly Housing Startup Index (HSUI) by the end of this year to track construction status in the realty sector.
The Index is expected to cover new residential projects – both single and multiple units – in a mix of Tier-I, II and III cities like Agra, Allahabad, Nagpur and Ghaziabad, along with other metros. The portal will display city-wise information related to residential projects along with pan-Indian data, which will be collated from the permits issued by civic authorities and development agencies during two reference years – 2009 and 2010 – after an independent survey and verification.
Read more: The Times of India
No power, water in ‘ready’ flats
After an extended wait, around 20 allottees recently got possession of their HIG Dwarka flats built under DDA’s 2010 housing scheme. However, the`ready-to-move-in’ flats — or so the agency claims — are all devoid of basic facilities like water, electricity connections and roads.
The complex houses over 930 high-end flats, of which 217 are still under construction. Though DDA officials claim that the rest of the flats are almost ready, the reality is far from different. One has to wade through piles of dirt and muck to reach the building. What’s worse is that there is no approach road in the complex and construction material is dumped all over the place. Heavy rain in the past two weeks has only added to the mess. The ‘ready’ flats themselves are in dire need of whitewashing and basic repairs like fitting of electric wires. Sources said it could take six months at least for these flats to be in liveable conditions.
Read more: The Times of India
Realtors ‘launch’ projects sans nod
The Haryana government ban on ‘pre-launch’ of realty projects seems to have turned into a farce. In blatant violation of warnings by the authority, well-known brands and small developers continue to illegally pitch residential projects before acquiring the required licence, and in some cases,even without a final building plan.
Brokers openly send emails and SMSes in the name of soft launch to lure buyers, especially on Saturdays and Sundays. Such offers are being given for several projects coming up along the Northern Peripheral Road (NPR) in Sector 81-85, 102, 107, 37C, 67-71 and other sectors earmarked in the Gurgaon-Manesar Urban Complex 2025.
In such cases, brokers book properties and collect advance payment before the project gets a license from the Directorate of Town and Country Planning (DTCP). It is mandatory for developers in Haryana to mention their license number in all forms of advertisements.
In some cases, surprisingly, brokers also ask for advance payment for projects which are yet to be named, forget about the license.
Read more: HindustanTimes
To meet high demand for housing, govt mulls first-ever rental policy
Realising that promotion of ownership housing is not enough to meet the huge demand for residential space in urban areas, the Centre – in a distinct policy shift – is planning to back rental housing in India.
India’s shortage in housing, as on 2007, was 24.71 million. Taking thisinto account, the housing and urban poverty alleviation ministry, is mulling to bring in a rental housing policy for people who cannot afford to buy a house.
The proposed policy will not only target those belonging to economically weaker sections but also members of the sizeable middle-class population who cannot afford to buy houses.
There is also a huge demand for affordable rental accommodation among urban migrants who move cities due to employment concerns.
Read more: HindustanTimes
Buyers to get more rights in new real estate bill
The much-awaited real estate bill is in its final lap. It is going to be introduced in the Monsoon session of parliament, now that inter ministerial consultations are over. It will be taken up by the cabinet very soon.
The Union minister of housing and poverty alleviation Kumari Selja revealed this on the sidelines of a conference in Delhi. In the final draft, the role of the judiciary and the regulatory body has been more clearly defined. The appellate authority is going to be stronger now.
The real estate bill was drafted keeping in mind the interests of the consumers who had complaints of non transparent agreements and fly by night operators who disappear without a trace with the money or without delivering as promised.
Disputes are expected to be solved quickly as the bill proposes to keep the civil courts out of the purview of real estate and instead endow power with the regulatory authority and the appellate tribunal by giving them the powers of a civil court.
Together with the regulatory authority, the Bill also proposes to create the housing appellate tribunal, both bestowed with vital adjudicatory powers. Earlier, flat buyers could only approach consumer forums or civil courts for their disputes with the builders.
Read more: DNA
PMEAC pegs economic growth at 6.7% for 2012-13
Inflation to remain high during the fiscal at 6.5-7%, mainly due to poor monsoon.
Prime Minister’s economic advisory panel today pegged GDP growth for the current financial year at 6.7%, painting a better picture of the economy than by other think-tanks.
It, however, added that inflation would remain high during the fiscal at 6.5-7%, mainly due to poor monsoon, which will pull down the agriculture growth rate to 0.5% from 2.8% last year.
“Economy will grow at 6.7% in 2012-13,” Prime Minister’s Economic Advisory Council (PMEAC) Chairman C Rangarajan said while releasing ‘The Economic Outlook for 2012-13’. He earlier presented the report to Prime Minister Manmohan Singh.
Read more: Business Standard
Demand for retail space remained subdued in April-June quarter: DTZ
Restrained consumer spending due to high level of inflation and slowdown in expansion by retailers subdued demand for retail space across the country in the April-June 2012 quarter, according to a report by property advisory firm DTZ India.
As a result, the quarter also saw restrained supply of mall space. Bangalore was the only city to get a new supply of 1.3 million sq ft of retail space. “No new supply was witnessed across other key retail hubs, namely Delhi-NCR and Mumbai, in the quarter,” said the DTZ report.
The vacancy levels across the three main cities, NCR-Delhi, Mumbai and Bangalore, stood at 9.96% of the total retail mall stock in the cities. Delhi-NCR and Mumbai registered high vacancy levels at approximately 13% and 10% respectively and Bangalore had a vacancy of 3%.
Read more: The Economic Times