The luxury properties of Gurgaon is the hottest cake in the realty market and every investors wants a piece of it. According to developers and realtors, more than 70 percent property buyers in Gurgaon are investors and remaining percent are end-users.
“Realty market in Gurgaon took off after DLF came up with high-end offices around 2001-2002. Since then, it has delivered high returns on investments. Proximity to the airport and national highway, along with excellent connectivity provided by the MG Road and the recently built Metro has been key drivers for the city,” said Sanjay Sharma, Managing Director, Qubrex, reports Shradha Goyal of MagicBricks.com.
Within Gurgaon, there are many areas where developers are launching premium projects coupled with world-class amenities to attract buyers. “In Gurgaon, one should invest in Golf course Road, Golf Course Extension Road, Sohna Road, NH8 and Dwarka Expressway,” says Prashan Agarwal, Co-founder, PropTiger.com, reports MagicBricks.com.
Moreover, investors are also eyeing on proposed Dwarka Gurgaon Link Expressway from last two years. Though the proposed Link is still under construction, developers are already coming up with their new residential projects along the stretch. The property prices on this road will range between 5000 and 8000 per square feet.
The consumers of these properties are the buyers who are either long-term investors and do not hesitate to take risk while investing or the ones who are looking out for such properties to reside in. But, the key criteria to invest in such properties are the prominent builders, striking layouts and fine location. It has been observed that, in Delhi, people who are staying in plotted properties are now shifting to luxury apartments in Gurgaon and NRIs are the maximum of such kind.
Haryana to have regulatory body for realtors
To regulate the growing real estate sector and prevent unscrupulous realtors from targeting property buyers, Haryana government has planned to set up a Real Estate Regulatory Authority.
The government has planned to bring a bill to set up the authority in the coming budget session of the state assembly scheduled to commence from February 22, said Rao Dan Singh, chief parliamentary secretary (town and country planning), on Tuesday. “As of now, property buyers in case of any dispute with builders have to approach the civil courts. After constitution of the proposed authority, they would be able to complain in the new forum. Apart from giving early relief to them, the authority would also reduce the burden of courts,” claimed Rao, adding that the authority may be empowered with quasi-judicial powers.
The regulatory authority will be headed by a chairman and two members – probably retired IAS officers. Sources said that the authority may mainly handle complaints pertaining to disputes related to sale and purchase of flats and houses in housing societies. There may be provision for imprisonment to violating builders in case they break the provisions of sale agreements related to cost and timeline fixed at the time of contract signed with the buyers while selling flats or houses, said a source, adding that the Union government has suggested imprisonment up to a year or fine extending to 5% of the total project cost in similar violations.
Read more: The Times of India
No written nod needed for linear projects like roads, pipelines, power transmission lines
The environment ministry will exempt roads, canals, pipelines, optical fibre and transmission lines from the mandatory requirement of obtaining the written consent of gram sabhas, or village council, under the Forest Rights Act.
“Subject to forest rights being vested, there will be no requirement for a written consent from the affected gram sabhas for linear projects like roads, pipelines, and power transmission lines,” Environment Minister Jayanthi Natarajan said.
The ministry is amending the August 2009 order that made it mandatory for the state government to provide written consent from the project-affected gram sabhas that all claims under the Forest Rights Act had been settled and that they approved of the diversion of forest land before it could permit the diversion of forestland.
This move is likely to reduce time required for clearing linear projects. Projects which do not require vast amount of land but go through several gram sabhas, were being held up as getting consent from every single gram sabha along the route was proving to be difficult.
Read more: The Economic Times
5 important US tax law changes that will impact NRIs
After a long-drawn-out debate over the Bush Era tax cuts, the US Congress finally agreed on key tax changes through the American Taxpayer Relief Act of 2012. As a resident or citizen of the US, here are the top 5 changes that will impact your taxes when you file your 2013 individual tax returns in 2014.
Individual tax rates
Individual tax rates for 2013 remain the same as those for 2012 for single filers earning less than $400,000 and for joint filers earning less than $450,000. Filers over this threshold are subject to the new top tax rate of 39.6%.
Investment income rates
Long term capital gains tax rate remains the same, that is, at 15% for most taxpayers. However, for those at the highest tax slab, the maximum rate increases to 20% (from 15%.) So single filers earning more than $400,000 and married joint filers earning more than $450,000 will be taxed at 20% on long term capital gains.
Read more: Times of India
Light at the end of the tunnel
At long last there appears to be some light at the end of the tunnel for the R80,000-crore mega project of Dedicated Freight Corridor (DFC) of Indian Railways.
Award of the first major contract of R3,300 crore, to design and build the 343-km double-track Kanpur-Khurja section of the eastern leg of the DFC, to a joint venture of Tata Projects India and Spanish partner Aldesa heralds the beginning of a series of such contracts to bring the Railways’ dream piece of infrastructure to life.
An electrified high-capacity freight route, suitable for speeds of 100 km/h and 32·5 tonne axle-loads, promises to ease congestion on the Delhi-Kolkata axis, while helping to reach coal from the far away coalfields of Bengal, Bihar and Jharkhand to a string of thermal power plants in UP, Bihar, Punjab, Haryana and Rajasthan.
It is a culmination of a long-drawn, three-stage process that began with 11 bids being received in which the bidders were to suggest suitable technologies. These were then evaluated against performance requirements during the second stage, before financial bids were invited at the third stage.
The World Bank is funding development of the 1,839 km from Ludhiana to Dankuni of the Eastern DFC. The target for completion of the last leg, from Sonnagar to Dankuni, has recently been deferred by a couple of years in view of land acquisition problems being anticipated in West Bengal.
Read more: Financial Express
Gurgaon firm launches eco-friendly bio-diesel cars
Earth 100, a Gurgaon-based a firm that claims to help companies reduce their carbon footprint by using greener fuel, has launched its first fleet of “100 per cent bio-diesel cars” in Gurgaon.
Jindal Power is a major invester in the firm, while Mahindra plays a crucial role as a technology partner. Earth 100 claims to provide fully integrated green solutions, which involves modified cars, green fuel, dispensing solution, servicing and maintenance, performance tracking and quality testing.
Megha Rathee, COO of Earth-100, said, “We have had successful pilot projects in Bengaluru and Mumbai and are confident that the cars introduced in the first phase in Gurgaon will be successful. Acceptability and demand for such green vehicles for has also gone up and clients are willing to pay a premium for green services now. We plan to start operations in Mumbai and Bengaluru and create new benchmarks in the carbon footprint reduction space.”
With skyrocketing energy demands, and India being one of the largest petroleum consuming countries (importing about 186.7 million tonnes in 2012), alternative sources of energy have become a necessity.
Read more: Indian Express
Mumbai, Delhi among world’s cheapest cities to live
Financial capitals of India and Pakistan – Mumbai and Karachi – were the cheapest cities in the world to live followed by New Delhi, according to a new survey.
Nepalese capital of Kathmandu and Algerian capital of Algiers were the other locations among the world’s five cheapest cities, the Economist Intelligence Unit’s (EIU) worldwide cost of living index found.
The EIU found that Mumbai shared the top ranking with Karachi in the survey based on costs of over 160 items ranging from transport, utilities, food and clothing.
“Income inequality means that household spending levels are low on a per capita basis, which has kept prices down, especially by Western standards,” the EIU said in reference to India in its 2013 survey, which ranked Tokyo as the most expensive city in the world.
Other cities in this year’s top five included another Japanese city, Osaka, followed by Sydney, Oslo and Melbourne.
Australian cities rank high mainly due to inflation and currency swings among the 131 cities surveyed, Jon Copestake, editor of the index, said.
Read more: The Economic Times
Walled City of Delhi to be redeveloped and beautified soon
The Delhi Government on Monday unveiled a major redevelopment project for Chandni Chowk under which works like street improvement, creation of pedestrian-friendly environment, taking of all the services underground and creation of a heritage environment would be undertaken.
As per the plan of action, decided at a high-level meeting chaired by Chief Minister Sheila Dikshit and attended among others by Chandni Chowk MP and Union Minister Kapil Sibal, a large part of the work would be undertaken by the Public Works Department over the next one year.
Ms. Dikshit said the project would bring a positive change in the erstwhile Shahajahanbad area by taking up planned redevelopment. She said a “Coordination Group” has been constituted to overcome any obstacles in the project and all agencies have been told to work in tandem to ensure completion within the stipulated timeframe.
The project has been divided into two phases. In the first phase, all the services would be taken underground. All the utilities would now be shifted two feet underneath the surface. The meeting was told that all the Delhi Jal Board lines have already been laid underground.
Read more: The Hindu
H&M, Topshop in final India retail push
Swedish fast-fashion giant Hennes & Mauritz (H&M) has asked leading mall developers to block space for its initial stores in India, as the world’s second largest fashion retailer hopes to open a local office in the next three months. British billionaire Philip Green owned Topshop is another foreign retailer finalizing plans to enter the country through a local joint venture, as global biggies revive interest in India on the back of recovering consumer sentiments and the recent reform push.
India allowed 100% foreign direct investment (FDI) in single brand retail, a route which H&M would take to enter this market just like its Swedish peer furniture retailer Ikea. H&M’s international expansion head Frederik Olsson has frequented the local market in the recent past, asking leading mall developers like DLF and Phoenix Market City to block potential store locations, said people directly familiar with the matter.
“H&M is likely to open an India office within three months after they move the Foreign Investment Promotion Board,” said a source who did not wish to be named. H&M’s chief executive Karl-Johan Persson while announcing the company’s quarterly earnings recently said the retailer would enter India on its own, and was ready to meet 30% local sourcing norms.
Read more: The Times of India