Gurgaon consists of three main corridors currently: Mehrauli-Gurgaon Road,Golf Course Road and Sohna Road.All these corridors are already saturated.Most of the projects that have been developed in these areas have already been occupied and no land is available for new projects.Therefore,for new buyers looking for a house in a good locality,Golf Course Extension Road is the next best alternative.
The biggest advantage of Golf Course Extension Road is accessibility.It is well connected to two main corridors: Golf Course Road and Sohna Road.NH-8 is easily accessible from here and the IGI airport is a 30-minute drive.
Golf Course Extension Road is also going to be connected to Gurgaon-Faridabad Road.In phase II the Metro will also come up along this road.In Gurgaon the major office hubs are Sector 44,Golf Course Road and Sohna Road.This road is well connected to all of them.
Infrastructure at a nascent stage
Golf Course Extension Road itself is wide and will be able to cater to growing traffic for a number of years.Overall,however,infrastructure development is still at a nascent stage here.
Comparing this area with Dwarka Expressway,Sanjay Sharma,managing director of Qubrex,a Gurgaon-based real estate broking firm,says: “If Dwarka Expressway was already developed and you were driving along it,you would find that infrastructure has to be developed on both sides of the road.On Golf Course Extension Road you have new sectors on the left-hand side and old sectors on the right-hand side.In the older sectors,infrastructure is already well developed.So this area has last-mile connectivity as far as infrastructure is concerned and extending it to the left-hand side will take less time.”
Thus,in the first part of Golf Course Extension Road (from Golf Course Road up to Badshahpur),infrastructure is likely to be rolled out soon.However,in the second part (from Badshahpur to NH-8 ),infrastructure development is likely to take more time.Even the main road is not fully built in this part.Moreover,land acquisition for developing sector roads has got mired in difficulties in this area.
As for social infrastructure,a number of schools and hospitals are situated near Golf Course Extension Road.Amity School is situated in Sector 46,DPS in Sector 45,Scottish High (an international school) in Sector 57,and so on.Pathways is about 15km and GD Goenka about 18km from here.Among hospitals,Artemis is in Sector 51 and Medanta in Sector 38.Pradeep Mishra,a Gurgaon-based real estate analyst,says,”The commissioning of the Delhi-Mumbai Industrial Corridor (DMIC) in future will further enhance the attractiveness of this area.”
Should investors buy here?
Prices of apartments currently range from Rs 7,000-11,000 per square foot in the first part (up to Badshahpur).In the second part,prices range from Rs 5,000 to 8,000 per square foot.In the first part,plots are available for Rs 1-1.10 lakh per square yard and in the second part,for Rs 60,000-75,000 per square yard.
Opinion varies on the suitability of the area for investment.Those who think this is not a good investment destination anymore say that prices have already appreciated a lot.Shveta Jain,the director (Residential Services) of Cushman & Wakefield India,says: “Five years ago apartments were selling in this area for Rs 2,600 per square foot.Now prices have touched Rs 10,000 per square foot.That is an increase of more than 200%.Hence,the area is not attractive for investment any longer.”
Sharma of Qubrex,however,thinks it would be foolhardy to predict that prices won’t rise further just because they have risen a lot already.Sharma says: “In the last few years I have predicted several times that the property market in Gurgaon will correct.Each time I have been proved wrong.Whenever difficulties arise,rates stabilize for a while and then begin to rise again.The entire Gurgaon property market is investor driven.Money comes here not just from the whole of India but from the entire world.NRIs,especially,have invested a lot of money in this area.Property prices keep rising due to the constant inflow of funds.”Sharma concedes that based on fundamentals an investor should not bet on Golf Course Extension Road.But the market,he says,has become momentum driven.Investing here,in his view,is now a high-risk bet.
Moreover,in the Dwarka Expressway area Puri Constructions recently launched its project in Sector 104 for Rs 7,000 per square foot.Sharma says,”If people can pay Rs 7,000 in Dwarka Expressway,where connectivity does not exist,then surely the rates on Golf Course Extension Road are justifiable.Here at least the road is already in place.”
Mishra offers a third perspective.He says: “As far as premium on a property is concerned,it comes at two stages: first at the launch of the project and second at the time of possession.As most of the projects here are nearing completion,a further jump in rates can be expected in the near future.So it’s a safe bet to invest in these projects.”Mishra adds that as sector roads get built and infrastructure improves,property rates will appreciate further in future.
Jain of C&W India concurs with the first point.She says: “If there is a project that is going to be delivered in the next six to eight months,investors can bet on it based on the project,the quality of the development,and the developer.Investors could still see an upside but it is not going to exceed 20-25 %.”Jain further adds that the large amount of supply coming into the market over the next 8-24 months will prevent prices from appreciating rapidly.
Should end users buy?
End users should buy along Golf Course Extension Road because the area up to Badshahpur enjoys good connectivity.Moreover,as explained earlier,infrastructure is likely to get rolled out earlier in this region.Sharma of Qubrex says: “The first part up to Badshahpur has become expensive but it is well suited for end users.The second part is not.”
Jain of C&W India also emphasises that this area will become liveable earlier: “The other corridors that are currently under development,like Dwarka Expressway and New Gurgaon (which includes Manesar and other sectors),are still futuristic in terms of overall infrastructure development.Golf Course Extension Road is likely to be developed earlier.”A lot of commercial development is also taking place here.If you live here and also have your office in this area,then you could well enjoy the pleasure of walking to work.
However,those who move in early into this area will have to contend with problems such as lack of transportation.For social infrastructure,too,they will have to depend on the already-developed sectors of Gurgaon,at least in the initial years.And finally,only time will tell how fast the authorities will develop the area’s infrastructure.
Times Of India (Times Property) 30 Nov 2012
Haryana exceeds revenue target for 11th 5-year plan
Haryana has topped the chart of the states which have exceeded revenue mobilisation target during the 11th Five Year Plan (2007-12).
According Planning Commission’s latest report on state finances, Haryana mopped up Rs 64,123 crore during the five year policy period which was 192.1% of the targetted resource mobilisation of Rs 33,374 crore.
The report indicates that majority of states have failed to meet the projected planned resources as collectively they could fetch only 92.5% of target.
Planning Commission has projected that all states would collectively garner Rs 14,12,029 crore in 11th Plan but they could manage Rs 13,06,296 crore, which was 92.5% of the targeted projection. It appears that states felt the heat of global slowdown and the states like Gujarat, Maharashtra, Delhi, Punjab could not achieve the projected target.
About eight states in the country including Haryana, Assam, Odisha, Karnataka, Goa, Bihar and Arunachal Pradesh could mop up more than their targets.
Gujarat and Punjab could garner only 95.6% and 87.5% of the projected targets respectively in 11th Plan. Uttrakhand could get only 52.5%, which is lowest.
Delhi was given a target to mobilise Rs 54,799 crore, but it could manage Rs 45,250 crore. Gujarat was to mop up Rs 1,06,918 crore but it could manage Rs 1,02,226 crore.
The other North Indian states including Punjab, Jammu & Kashmir and, Himachal Pradesh managed to mobilise Rs 25,298 crore, Rs 21,593 crore and Rs 10,844 crore. The resource realisation by the three states was also lower than their targets.
Read more: The Times of India
RBI sets up supervisory bodies for SBI, ICICI Bank
The Reserve Bank of India (RBI) today set up two supervisory bodies for State Bank of India (SBI) and ICICI Bank to ensure compliance of global prudential norms and reduce supervisory overlap.
“The objective of establishing supervisory college is to deal with supervisory issues revolving around these banks and establish a cooperation mechanism for cross-border supervision,” RBI said in a statement.
Supervisory colleges have evolved the world over as an important component of effective supervisory oversight of an international banking group, it said.
This mechanism was developed with the aim of reducing supervisory overlap and filling in supervisory gaps for better supervisory co-operation enunciated in Basel II Framework.
The concept, it said, was enunciated in the Basel Committee for Banking Supervision (BCBS) October 2010 Document, “Good Practice Principles on Supervisory Colleges“.
Though India does not have any Systemically Important Banks (SIBs), with a view to benchmarking India with the best practices across the globe and in its capacity as the home country supervisor, the RBI decided to establish a supervisory college each for SBI and ICICI Bank. This is because both banks have vast expanse of overseas operations spreading across many supervisory jurisdictions.
Read more: Business Line
MoU to build 151-km corridor signed
The state government has signed a memorandum of understanding (MoU) with M/s IVRCL Assets and Holding Limited for development of Rs 1605-crore Rai Malikpur (Rajasthan border)-Narnaul-Mahendragarh-Dadri-Bhiwani-Kharak corridor in the state. The 151-km corridor is likely to be completed within two-and-a-half years .
The corridor would be developed on a design, build, finance, operate and transfer (DBFOT) basis.
Chief Secretary PK Chaudhery said this corridor would serve as a major inter-state North-South link between the states like Rajasthan, Gujarat and Maharashtra to northern states such as Punjab, Himachal Pradesh, Jammu and Kashmir, besides Haryana.
Tribune News Service
Five high-level bridges to be completed by June: Minister
Public Works Department Minister Sharanjit Singh Dhillon today said five new high-level bridges would be completed by June next year at a cost of Rs 300 crore.
These bridges are: on Sirhind canal at Roopnagar (Rs 90 crore), at Ludhiana-Rahon road near Mattewala on the Sutlej (Rs 63 crore), at Jhandha-Lubana-Dhnoya-Mukerian road on the Beas (Rs 63 crore), at Mirthal-Dina road on Chakki river (Rs 62 crore) and at Roopnagar bypass on Sirhind canal (Rs 12 crore).
The Minister said work on all these projects was on full swing and by June, all these bridges would be opened to public. The state government had earlier opened six high-level bridges for transportation, which included an important bridge at Makkhu-Sultanpur Lodhi road on the Sutlej connecting Majha and Doaba to Malwa and a three-lane bridge on Amritsar-Jalandhar road, he said.
Dhillon said the government had also sanctioned a bridge on Jalandhar-Kaputhala road near Khojewala, which would be built at a cost of Rs 34 crore. — PTI
* On Sirhind canal at Roopnagar (Rs 90 cr)
* Ludhiana-Rahon road near Mattewala on the Sutlej (Rs 63 cr)
* Jhandha-Lubana-Dhnoya-Mukerian road on the Beas (Rs 63 cr)
* Mirthal-Dina road on Chakki river (Rs 62 cr)
* Roopnagar bypass on Sirhind canal (Rs 12 cr)
More buses for Gurgaon’s city bus service
The city bus service in Gurgaon would get an added boost as the service would be further expanded to 250 buses by March-April 2013 as against 160 buses presently plying in the town.
While giving this information here today, a spokesman of Haryana Tansport department said that the process of induction of new drivers was on and it was expected to have them in place by March-April 2013. After their induction the bus service would be expanded. He said that the public transport in Gurgaon and Faridabad had been one of the top concerns of the State Government and realizing this, all out efforts were being made to upgrade this.
He said that intra-city service in Gurgaon was launched with 72 buses which have now gradually been scaled up to 160 buses. He said that the buses ply for about 18 to 20 thousand kilometers in a day on 12 city routes and carry about 60 to 70 thousand citizens every day. The Haryana Roadway also intends to introduce Semi Low Floor Air-Conditioned CNG buses for the convenience of the citizens by the next summer, he added.
He said that in Faridabad, the State Roadways was playing about 170-180 buses covering 20,000 kilometers a day and carries about 60,000-70,000 citizens.
See article: The Times of India
FNG corridor to be freed of illegal land occupation
Following its decision to speed up work on the much-awaited Faridabad-Noida-Ghaziabad (FNG) corridor project, the Noida Authority has decided to begin its planned anti-encroachment drive along the site of the proposed highway from December 6.
The anti-encroachment drive was proposed earlier in September this year to rid the area of all unauthorized construction and infringements.
While the authorities had managed to free around 10,000 sqm of land worth around Rs 200 crore in the first two days at the time, the drive fizzled out soon after.
However, following a meeting of the Authority CEO Sanjeev Saran with the chief engineer and work circle heads of the concerned area, the Authority has planned to resume the drive from 6th December. The drive will rid the proposed FNG corridor site as well as the land around it of encroachments to pave way for the construction work of the 16km stretch of the corridor that falls under the jurisdiction of the Noida Authority.
“The site for the proposed corridor as well as the entire stretch around it is heavily encroached upon mostly by people from neighbouring villages who intend to cut out illegal plots and develop unauthorized colonies in the area,” said an Authority official. “However, we have decided to put an end to any such activity once and for all. The drive that will last for about a week will ensure that the entire area is free of encroachments,” he said.
Read more: The Times of India
Apple Launches iTunes Store in India, Russia, Turkey, South Africa & 52 Additional Countries Today
Apple Inc. expanded its signature iTunes Store into 56 additional countries Tuesday, including Russia, India, South Africa and Turkey, nearly doubling its geographical reach. Music lovers will be able to choose from 20 million songs, including those from many artists popular in individual countries as well as songs by international stars, the company said.
Movies and television series will also be available for rent and purchase in Russia, Turkey, India and Indonesia, with availability in other countries being added soon. The expansion brings the iTunes Store to 119 countries. The company’s App Store is available in 155 countries.
There are an estimated 137 million Internet users in India, 68 million in Russia, 36.5 million in Turkey and 8.5 million in South Africa, according to Internet World Stats.
Pricing will vary from country to country–with a single song costing 15 rubles (48 cents) in Russia, and seven rupees (12 cents) in India. Purchases will require a valid credit card with a billing address in the country where the transaction occurs.
Read more: Market Watch