The great connectivity of Dwarka sub-city has been negated by the lack of basic facilities and a fuzzy commercial policy, finds Yog Maya Singh
Bulbul Sharma has fond memories of the one year she spent in Dwarka, before shifting with her family to Dhaula Kuan. She loved the open spaces, the congestion-free residential areas with no parking problem, the greenery...everything. However, mention `water', and her face falls. That is the one problem that Dwarka, the largest subcity in Asia with a 10-lakh population, has still not been able to solve.
Dwarka must be thanking its stars that it is not hosting any of the segments of the Commonwealth Games 2010. Only a few major hotel projects have been sanctioned, and there are talks of providing rooms for athletes in Dwarka and Jasola areas. The locality, spread over 29 sectors, of which 23 are currently functional, has lost out on other counts as well. A recent Delhi Police report claims that Dwarka is the most crime-hit area in Delhi.
Vantage point
Parts of this sub-city were developed as a part of DDA's Urban Expansion Projects. Dwarka is connected by the NH-8, Outer Ring Road, Najafgarh Road, Pankha Road and the Rewari Railway line. Residents have easy access to both the domestic as well as international airports. Vasant Kunj, Vasant Vihar, Janakpuri and Delhi Cantonment areas surround the sub-city.
Dwarka was developed in two phases by the DDA, which had wanted it to reflect the contemporary concepts of urban planning with a huge emphasis on environment and socio-economic factors. Keeping these in mind, around 40,000 residential units under selffinancing, mega-housing, HIG, MIG and incremental housing schemes have been developed in the sub-city. For the economically weaker sections, DDA planned a number of EWS, LIG and Resettlement Housing Schemes. Co-operative Group Housing Society (CGHS) forms a major component of housing type here. The six remaining sectors are to be developed as a Diplomatic Enclave on the lines of Chanakyapuri, and will be home to diplomats from around 39 nations.
As already mentioned one of the best things about Dwarka is its connectivity. Besides the Metro, which opened in 2005, it is also well connected to the domestic and international airports. There are plans of an Inter State Bus Terminus (ISBT) to be developed near Sector 23, which will supposedly be Delhi's largest ISBT.
Of the seven sports complexes planned, one has already been constructed. DLF has also proposed to build the country's largest exhibition-cum-convention centre in sector 24 by 2010. Sanction for five- and sevenstar hotels have been given and these are to be finished before the Games. The opening of the 32-lane Gurgaon Expressway is also a boon.
Commerce wanted
Connectivity notwithstanding, Dwarka does not fare well on the commercial front. While Gurgaon and Noida have become huge corporate hubs, Dwarka has not. The Metro changed things for the better, but a lot still needs to be done.
Naresh Arora of Paras Associates in Sector 9 says, "We look into both residential and commercial properties, and feel that Dwarka must do more to attract buyers. Currently, only the centrally located sectors like 4, 5, 6 and 9 see a high rate of occupancy. The Metro might have caused a 10 per cent increase in prices, but the effect has been negated because of recession.
"While earlier a 2-BHK flat could go for Rs 45-70 lakh, the current price is Rs 35-55 lakh. A lot of facilities need to be upgraded here. However, Dwarka is a really good option for those who like less crowded localities."
According to Shyam Chaddha, a real estate developer, "Dwarka has been able to establish a large number of district centres, community centres, numerous local shopping and convenience shopping centres, yet it still lacks the excitement of a vibrant neighborhood.
"We feel Dwarka needs to have a clear commercial policy, and has to move its attention beyond retailing."
Manisha Padhi, 15, has been staying at sector 6 with her family since December 2007. She says, "I think Dwarka is a very well planned residential area, but sooner or later one gets bored. Good markets are few and far between.
"Not all areas are connected by the Metro, and it's difficult to travel for miles to just watch a movie or hang out with friends. We need more development."
Courtesy:- HT dt:- 08-08-09
Tuesday, August 18, 2009
Monday, August 17, 2009
LIVE LIKE A MILLIONAIRE WITHOUT PAYING FOR IT
Now you can be the king of the urban jungle. Where you have your own space and the joys of having your own floor. TDI brings you “My Floor’ – the concept of having your own floor at a very affordable cost. TDI has been in the real estate business for over 2 decades with shopping malls, commercial complexes and prestigious TDI cities at Mohali, Panipat, Agra, Moradabad, Indore and Meerut each received with great enthusiasm.
The ‘My Floor’ complex is located in the “B” block of TDI City Kundli, barely 2.5 km from the Delhi Border. The Metro Station is not too far and Connaught Place is at a convenient distance away. So you can be near Delhi, yet be in the midst of peaceful greens.
Courtesy:- HT dt:- 08-08-09
The ‘My Floor’ complex is located in the “B” block of TDI City Kundli, barely 2.5 km from the Delhi Border. The Metro Station is not too far and Connaught Place is at a convenient distance away. So you can be near Delhi, yet be in the midst of peaceful greens.
Courtesy:- HT dt:- 08-08-09
SCAM-TAINTED FLATS MAY BE ALLOTTED IN OCT
There’s finally some good news for those waiting to get possession of flats that were part of DDA’s scam-ridden housing scheme in 2008. Sources in the land agency said that allotments were expected to take place in October.
The decision was taken after the L-G, who is also chairperson of DDA, acknowledged at the annual budget meeting that the Economic Offences Wing (EOW) had given its staff a clean chit. Even the forensic laboratory in Hyderabad has apparently seconded the EOW’s findings. Said a source: ‘‘The hard disks will now be sent to another lab, C-DAT in Pune, for a final check. The report will be available in September. We expect to start allotments in October.’’
Several other decisions were taken at DDA’s budget meeting on Monday.The cricket and football stadium proposed to come up on the Yamuna riverbed has also been shelved. Bowing to increasing public outcry, DDA has struck off all proposed concrete structures from the zonal plan for the riverbed. Apart from existing structures, no new one will be built now. Instead, the focus is on green development.
Not only did the land agency pass changes for the zonal plan (called ‘O’), it also promised to lay emphasis on development of waterbodies and green stretches on the riverbed. This, however, won’t affect construction of the Commonwealth Games Village. Existing structures such as Akshardham temple, the bottling plant at Madanpur Khadar and the IT Park will also remain unaffected.
Interestingly, DDA has also promised that its green development will be devoid of any pucca or permanent structures. The plan for zone P-II, an area north of Wazirabad Barrage, was also approved. The agency has also given the go-ahead for a light and sound show in Qutub Minar. The proposal had been sent by ITDC and it will now get land for the show, which will depict the history of Delhi from the Mahabharat era to Mughal times.
That’s not all. DDA has decided to declare Nehru Place a ‘no hawking zone’ to clear congestion in the area. The move also comes in the wake of heightened security concern for the many high-rise buildings located there, added sources. Apart from this, the land agency approved an increased budget of over Rs 1,000 crore to provide housing for the economically weaker section.
Courtesy:- TOI dt:- 11-08-09
The decision was taken after the L-G, who is also chairperson of DDA, acknowledged at the annual budget meeting that the Economic Offences Wing (EOW) had given its staff a clean chit. Even the forensic laboratory in Hyderabad has apparently seconded the EOW’s findings. Said a source: ‘‘The hard disks will now be sent to another lab, C-DAT in Pune, for a final check. The report will be available in September. We expect to start allotments in October.’’
Several other decisions were taken at DDA’s budget meeting on Monday.The cricket and football stadium proposed to come up on the Yamuna riverbed has also been shelved. Bowing to increasing public outcry, DDA has struck off all proposed concrete structures from the zonal plan for the riverbed. Apart from existing structures, no new one will be built now. Instead, the focus is on green development.
Not only did the land agency pass changes for the zonal plan (called ‘O’), it also promised to lay emphasis on development of waterbodies and green stretches on the riverbed. This, however, won’t affect construction of the Commonwealth Games Village. Existing structures such as Akshardham temple, the bottling plant at Madanpur Khadar and the IT Park will also remain unaffected.
Interestingly, DDA has also promised that its green development will be devoid of any pucca or permanent structures. The plan for zone P-II, an area north of Wazirabad Barrage, was also approved. The agency has also given the go-ahead for a light and sound show in Qutub Minar. The proposal had been sent by ITDC and it will now get land for the show, which will depict the history of Delhi from the Mahabharat era to Mughal times.
That’s not all. DDA has decided to declare Nehru Place a ‘no hawking zone’ to clear congestion in the area. The move also comes in the wake of heightened security concern for the many high-rise buildings located there, added sources. Apart from this, the land agency approved an increased budget of over Rs 1,000 crore to provide housing for the economically weaker section.
Courtesy:- TOI dt:- 11-08-09
Saturday, August 15, 2009
HOW GREEN IS YOUR TOWNSHIP?
Energy-efficient green townships now promise cost and ecological benefits, says Vandana Ramnani
In the United Arab Emirates, they are building a township that will be cooled by wind towers or windmills, water supply will be routed through desalination l plants, and solar energy will l be used extensively. As global warming assumes alarming proportions and threatens s the very existence of man, c developers the world over t are exploring the options of dwelling units with eco friendly systems in place that keep pollution at bay and conserve energy.
In India, after green homes, it's the turn of green ILLUSTRATION: ABHIMANYU SINHA townships to catch the fancy of builders and developers. s Besides the upcoming i Commonwealth Games t Village in Delhi, there are a s slew of green townships in the country. These include Pioneer Urban's township in s Gurgaon; Mahindra Splendour and Palais Royale in Mumbai; Aliens space station I in Hyderabad by the i Aliens Group, the first realty s company to be pre-certified s with a platinum rating by the Indian Green Building Council (IGBC) in the c residential townships category; Merlin Tropical Greens in Kolkata; and the Uttarayon township in Siliguri, being built on what was earlier a tea estate.
So, what is a green township? It is an integrated planned habitat that lays emphasis on protection, use and recycling of natural resources, besides promoting public health, safety and general welfare.
Several parameters govern a green township, right from the time of site selection to the post-occupancy stage. These include the site topography, water conservation, eco-friendly measures such as installation of wind turbines and solar panels, creating bio gas from sewage, rainwater harvesting and greywater recycling etc, using glass of high ultraviolet value and ACs with chillers, leading to high output and lower costs, selection of landscaping species and usage of local and salvaged materials such as fly ash and stone slabs instead of concrete blocks. The focus of the architectural design is on passive heating and cooling methods to utilise maximum natural energy and minimal artificial resources.
The interiors have energy efficient measures, too. These could be in the form of wood for door frames sourced from an old ship, insulated rooftops and terrace gardens to reduce solar heat. The walls can have cavities to capture the heat so that the building stays cool.
Socially sustainable
A green township is one that is ecologically and socially sustainable. The design of settlements must be accountable for the amount of resources used, the ever-changing social and economic patterns of the inhabitants, and the amount of waste and its reuse/disposal.
Resources like land, water, electricity and other fuels, and construction materials must be judiciously utilised and recycled. The garbage, too, should be planned, explains Sonali Rastogi, Director, Morphogenesis, a design firm that is developing a green township in Siliguri.
Close to nature
The Uttarayon township in Siliguri, spread across 600 acres, used to be a tea estate, which was on the verge of collapse due to topographical reasons. Given the setting, the aim was to develop something that would give back to the community with minimal impact on its environs. The entire development is a largely low-rise, low-density township with minimum demands on its surroundings. The site has been developed around the concept of clusters -different house types arranged around a central green focal point. The clusters are further linked to form a zone where vehicular and pedestrian movements have been segregated.
Based on detailed GIS studies of the land, a drainage system has been developed to provide for virtual elimination of all stormwater drains using natural slopes. This results in disposal of rainwater without flooding. Natural methods like planting of reed beds and sewage treatment plants will be utilised for the waste water to be reused within the site for horticultural purposes. The cost of the development is about $9 per square metre, an amount significantly lower than the average cost of such developments in India, points out Rastogi.
Pioneer Park in Gurgaon is yet another example. It is a 75-acre mixed use community located on Golf Course Extension Road. It will offer residential living, corporate work environment and will be an entertainment destination. Its environmentally sensitive and sustainable design has been awarded a `Gold Grading' by the Union Ministry of Environment and Forests.
All buildings here incorporate green design strategies that maximise energy savings and reduce environmental impact. The landscape uses several additional aspects of sustainability such as indigenous woodlands, green roofs, photovoltaic panels, xeriscaping (a landscaping and gardening technique used to conserve water) and the use of local materials, says Manish Periwal, Chairman and Managing Director, Pioneer Urban.
Is green here for good?
A green building typically calls for practices such as energy efficiency and recovery, water recycling and use of environmentfriendly materials in design, operation, construction and maintenance to sustain the environment.
According to the US green building council, savings of up to 30 per cent in energy, 50 per cent in water use, 50 to 90 per cent in waste cost and 35 per cent in carbon savings can be made by shifting to green norms before starting construction.
Low on costs
According to Vidur Bharadwaj, Director, the 3C Company, green townships address national issues like handling of consumer waste, water efficiency and reduction in fossil fuels. Most importantly, a green township can enhance the occupants' well-being and take a step forward in eliminating the threat of global warming.
"What is at present considered a `trend' or termed `green' will become the norm and standard in the near future, and anything that's not ecofriendly and sustainable will probably be prohibited through local bylaws.
"High energy efficiency, health and environmental benefits are standard for all green developments," adds Saacketh Chawla, National Director, Project Management Consulting (PMC), Colliers International India.
It's time the whole world started turning green.
Courtesy:- HT dt:- 08-08-09
In the United Arab Emirates, they are building a township that will be cooled by wind towers or windmills, water supply will be routed through desalination l plants, and solar energy will l be used extensively. As global warming assumes alarming proportions and threatens s the very existence of man, c developers the world over t are exploring the options of dwelling units with eco friendly systems in place that keep pollution at bay and conserve energy.
In India, after green homes, it's the turn of green ILLUSTRATION: ABHIMANYU SINHA townships to catch the fancy of builders and developers. s Besides the upcoming i Commonwealth Games t Village in Delhi, there are a s slew of green townships in the country. These include Pioneer Urban's township in s Gurgaon; Mahindra Splendour and Palais Royale in Mumbai; Aliens space station I in Hyderabad by the i Aliens Group, the first realty s company to be pre-certified s with a platinum rating by the Indian Green Building Council (IGBC) in the c residential townships category; Merlin Tropical Greens in Kolkata; and the Uttarayon township in Siliguri, being built on what was earlier a tea estate.
So, what is a green township? It is an integrated planned habitat that lays emphasis on protection, use and recycling of natural resources, besides promoting public health, safety and general welfare.
Several parameters govern a green township, right from the time of site selection to the post-occupancy stage. These include the site topography, water conservation, eco-friendly measures such as installation of wind turbines and solar panels, creating bio gas from sewage, rainwater harvesting and greywater recycling etc, using glass of high ultraviolet value and ACs with chillers, leading to high output and lower costs, selection of landscaping species and usage of local and salvaged materials such as fly ash and stone slabs instead of concrete blocks. The focus of the architectural design is on passive heating and cooling methods to utilise maximum natural energy and minimal artificial resources.
The interiors have energy efficient measures, too. These could be in the form of wood for door frames sourced from an old ship, insulated rooftops and terrace gardens to reduce solar heat. The walls can have cavities to capture the heat so that the building stays cool.
Socially sustainable
A green township is one that is ecologically and socially sustainable. The design of settlements must be accountable for the amount of resources used, the ever-changing social and economic patterns of the inhabitants, and the amount of waste and its reuse/disposal.
Resources like land, water, electricity and other fuels, and construction materials must be judiciously utilised and recycled. The garbage, too, should be planned, explains Sonali Rastogi, Director, Morphogenesis, a design firm that is developing a green township in Siliguri.
Close to nature
The Uttarayon township in Siliguri, spread across 600 acres, used to be a tea estate, which was on the verge of collapse due to topographical reasons. Given the setting, the aim was to develop something that would give back to the community with minimal impact on its environs. The entire development is a largely low-rise, low-density township with minimum demands on its surroundings. The site has been developed around the concept of clusters -different house types arranged around a central green focal point. The clusters are further linked to form a zone where vehicular and pedestrian movements have been segregated.
Based on detailed GIS studies of the land, a drainage system has been developed to provide for virtual elimination of all stormwater drains using natural slopes. This results in disposal of rainwater without flooding. Natural methods like planting of reed beds and sewage treatment plants will be utilised for the waste water to be reused within the site for horticultural purposes. The cost of the development is about $9 per square metre, an amount significantly lower than the average cost of such developments in India, points out Rastogi.
Pioneer Park in Gurgaon is yet another example. It is a 75-acre mixed use community located on Golf Course Extension Road. It will offer residential living, corporate work environment and will be an entertainment destination. Its environmentally sensitive and sustainable design has been awarded a `Gold Grading' by the Union Ministry of Environment and Forests.
All buildings here incorporate green design strategies that maximise energy savings and reduce environmental impact. The landscape uses several additional aspects of sustainability such as indigenous woodlands, green roofs, photovoltaic panels, xeriscaping (a landscaping and gardening technique used to conserve water) and the use of local materials, says Manish Periwal, Chairman and Managing Director, Pioneer Urban.
Is green here for good?
A green building typically calls for practices such as energy efficiency and recovery, water recycling and use of environmentfriendly materials in design, operation, construction and maintenance to sustain the environment.
According to the US green building council, savings of up to 30 per cent in energy, 50 per cent in water use, 50 to 90 per cent in waste cost and 35 per cent in carbon savings can be made by shifting to green norms before starting construction.
Low on costs
According to Vidur Bharadwaj, Director, the 3C Company, green townships address national issues like handling of consumer waste, water efficiency and reduction in fossil fuels. Most importantly, a green township can enhance the occupants' well-being and take a step forward in eliminating the threat of global warming.
"What is at present considered a `trend' or termed `green' will become the norm and standard in the near future, and anything that's not ecofriendly and sustainable will probably be prohibited through local bylaws.
"High energy efficiency, health and environmental benefits are standard for all green developments," adds Saacketh Chawla, National Director, Project Management Consulting (PMC), Colliers International India.
It's time the whole world started turning green.
Courtesy:- HT dt:- 08-08-09
FUN YOU’LL NEVER WANT TO LEAVE
Presenting the ultra luxurious
ATS ADVANTAGE AND ATS HACIENDAS
That’s just one of the many advantages of ATS Advantage, ¾ bedroom apartments and ATS Haciendas, 2-bedroom apartments. ATS brings you two of their most beautifully designed housing complexes with all that you dreamt of and much more.
Located on prime property in Indrapuram, very close to commonwealth games site, spectacular landscaped greenery, swimming pools and Wifi connectivity.
Courtesy:- HT 08-08-09
ATS ADVANTAGE AND ATS HACIENDAS
That’s just one of the many advantages of ATS Advantage, ¾ bedroom apartments and ATS Haciendas, 2-bedroom apartments. ATS brings you two of their most beautifully designed housing complexes with all that you dreamt of and much more.
Located on prime property in Indrapuram, very close to commonwealth games site, spectacular landscaped greenery, swimming pools and Wifi connectivity.
Courtesy:- HT 08-08-09
Tuesday, August 11, 2009
SBI CUTS HOME LOAN RATES
DIFFERENTIAL RATES CAN LEAD TO SUBPRIME-LIKE CRISIS: PAREKH
The State Bank of India reduced its home loan rates further by announcing a three-month-long "SBI My Home Campaign", starting from Saturday. In SBI's home loan scheme, interest rate for the first year is 8%, and for the next two years is 8.5% to 9% depending on size of the loan. It is linked with benchmark lending rates.
However, the chairman of the country's biggest home loan lender HDFC, Deepak Parekh criticized the lending institutions like SBI, which gives home loan at differential rates — low rates for the earlier period and raising it later. Parekh warned that such artificial lower rates could lead to a subprime-like crisis, which happened in US housing market.
‘‘We are seeing some variations of teaser type housing loans being offered. The lure of low interest rate at the start of taking a housing loan is enticing. But are customers being made aware of future implications of this?" he asked.
SBI has effected the steepest reduction in interest rate on home loan between Rs 30 lakh and Rs 50 lakh. However, the interest rate will remain same for the first year at 8%, it will be brought down to 8.5% from 9.5% during the second and third year. For the period beyond third year, the floating rate on the loan has been cut by 1.25 percentage points. Earlier, the rate was pegged at 1.5 percentage points below PLR, which has now been increased to 2.75 percentage point below the bench mark rate. So the effective home loan rate will become lower. If the present condition remains the same and the bank does not change PLR, the new rate will be 9% as against 10.25% earlier.
Parekh noted that main reason of the US housing loan crisis was such kind of loans — that offered artificially low interest rates in the initial years but once the rate normalised later, many found themselves unable to service the loan. "These are the lessons one should learn from," he said, pointing out that the same disturbing trend being seen in India where some variation of teaser type housing loans are being offered in the market.
However, in its latest offerings, the interest rates on home loan offered by SBI will be lower that that of HDFC for the entire period of repayment, Even for the later half, the rate will be lower than HDFC. In fact, this aggressive stance of SBI will force the other banks to follow suit soon.
State Bank of India said the market response to its special initiatives on home loans has been encouraging, which is evident from the fact that the bank's net lending to individual home loan borrowers has increased by Rs 10,076 crore during the year ending May 2009. Besides this, it is also not taking any processing fees.
In case of home loan up to Rs 30 lakh, the benefit for the first year will remain the same with interest rate at 8%. But for the next two years, the interest rate has been cut by 0.5 percentage points to 8.5% from 9%. The fall in the interest rates after that will be 75 basis points
Courtesy:- TOI dt:- 08-08-09
The State Bank of India reduced its home loan rates further by announcing a three-month-long "SBI My Home Campaign", starting from Saturday. In SBI's home loan scheme, interest rate for the first year is 8%, and for the next two years is 8.5% to 9% depending on size of the loan. It is linked with benchmark lending rates.
However, the chairman of the country's biggest home loan lender HDFC, Deepak Parekh criticized the lending institutions like SBI, which gives home loan at differential rates — low rates for the earlier period and raising it later. Parekh warned that such artificial lower rates could lead to a subprime-like crisis, which happened in US housing market.
‘‘We are seeing some variations of teaser type housing loans being offered. The lure of low interest rate at the start of taking a housing loan is enticing. But are customers being made aware of future implications of this?" he asked.
SBI has effected the steepest reduction in interest rate on home loan between Rs 30 lakh and Rs 50 lakh. However, the interest rate will remain same for the first year at 8%, it will be brought down to 8.5% from 9.5% during the second and third year. For the period beyond third year, the floating rate on the loan has been cut by 1.25 percentage points. Earlier, the rate was pegged at 1.5 percentage points below PLR, which has now been increased to 2.75 percentage point below the bench mark rate. So the effective home loan rate will become lower. If the present condition remains the same and the bank does not change PLR, the new rate will be 9% as against 10.25% earlier.
Parekh noted that main reason of the US housing loan crisis was such kind of loans — that offered artificially low interest rates in the initial years but once the rate normalised later, many found themselves unable to service the loan. "These are the lessons one should learn from," he said, pointing out that the same disturbing trend being seen in India where some variation of teaser type housing loans are being offered in the market.
However, in its latest offerings, the interest rates on home loan offered by SBI will be lower that that of HDFC for the entire period of repayment, Even for the later half, the rate will be lower than HDFC. In fact, this aggressive stance of SBI will force the other banks to follow suit soon.
State Bank of India said the market response to its special initiatives on home loans has been encouraging, which is evident from the fact that the bank's net lending to individual home loan borrowers has increased by Rs 10,076 crore during the year ending May 2009. Besides this, it is also not taking any processing fees.
In case of home loan up to Rs 30 lakh, the benefit for the first year will remain the same with interest rate at 8%. But for the next two years, the interest rate has been cut by 0.5 percentage points to 8.5% from 9%. The fall in the interest rates after that will be 75 basis points
Courtesy:- TOI dt:- 08-08-09
BE IT RESIDENTIAL OR COMMERCIAL SPACE,
Make amrapali your 1st choice
19 cities… 30 Projects… Millions of Customers
Amrapali Group has always believed in constantly breaking new growunds to scale challenging heights. The Group’s endeavour to address the ever growing demand of urban living finds expression in its elite Residential, Commercial & Hospitality Projects. After making a mark in Delhi & NCR with prestigious projects, the Group is now coming up with its landmark projects in Rajasthan, UP, Bihar,M.P., A.P., Karnataka, Maharashtra & Kerala.
Courtesy:- TOI dt:- 08-08-09
19 cities… 30 Projects… Millions of Customers
Amrapali Group has always believed in constantly breaking new growunds to scale challenging heights. The Group’s endeavour to address the ever growing demand of urban living finds expression in its elite Residential, Commercial & Hospitality Projects. After making a mark in Delhi & NCR with prestigious projects, the Group is now coming up with its landmark projects in Rajasthan, UP, Bihar,M.P., A.P., Karnataka, Maharashtra & Kerala.
Courtesy:- TOI dt:- 08-08-09
Monday, August 10, 2009
65,000 Families To Get Houses In Next 4 Years
Affordable houses, commercial centres and shops, and a host of environmental friendly initiatives like setting up of bio diversity parks.
All these are part of the budget proposals of the Delhi Development Authority (DDA) and is expected be a reality by the next year. The proposals for 2009-10 will be presented on August 10.
The agency would build about 65,000 houses in the Capital in next four years. A majority of these — about 78 per cent —will be built for economically weaker sections and low-income groups. Of the total houses, 15,000 will be in the middle-income group category.
These houses will come up mainly in Rohini, Dwarka and Narela. They will be constructed in phases and will be ready by 2013. In the first phase work has started on 15,000 houses.
The DDA, in its Master Plan for Delhi-2021, has proposed constructing 50,000 houses for the Economically Weaker Section (EWS) involving private players.
In its budget for 2007-08, a budget of Rs 290.70 crore had been earmarked for approximately 7,034 EWS houses and approximately 1,160 HIG/MIG/LIG houses.
The developing agency would also be setting up four biodiversity parks in the Capital, funds for which will be sanctioned in the 2009-10 budget. With this, the total number of such biodiversity parks in the city would go up to six.
The new biodiversity parks are coming up in Northern Ridge, Maidan Garhi, Nila Hauz Khas and in Zone O (Yamuna riverbed).
Courtesy:- HT dt:- 07-08-09
All these are part of the budget proposals of the Delhi Development Authority (DDA) and is expected be a reality by the next year. The proposals for 2009-10 will be presented on August 10.
The agency would build about 65,000 houses in the Capital in next four years. A majority of these — about 78 per cent —will be built for economically weaker sections and low-income groups. Of the total houses, 15,000 will be in the middle-income group category.
These houses will come up mainly in Rohini, Dwarka and Narela. They will be constructed in phases and will be ready by 2013. In the first phase work has started on 15,000 houses.
The DDA, in its Master Plan for Delhi-2021, has proposed constructing 50,000 houses for the Economically Weaker Section (EWS) involving private players.
In its budget for 2007-08, a budget of Rs 290.70 crore had been earmarked for approximately 7,034 EWS houses and approximately 1,160 HIG/MIG/LIG houses.
The developing agency would also be setting up four biodiversity parks in the Capital, funds for which will be sanctioned in the 2009-10 budget. With this, the total number of such biodiversity parks in the city would go up to six.
The new biodiversity parks are coming up in Northern Ridge, Maidan Garhi, Nila Hauz Khas and in Zone O (Yamuna riverbed).
Courtesy:- HT dt:- 07-08-09
BACK ENTRY? GOOD DEAL!
Floors with a back entry need not put off prospective tenants as their rents are, on an average, 30% less than those with a front entry,
Rajesh Malhotra knows the back lanes of New Rajinder Nagar like the back of his palm. As he goes out for his job every morning and returns only in the late evenings, he has no idea about the front lanes of his area.
As Rajesh has been living on the second floor of a house with a backside entry rather than main gate entry, he hardly goes through the main lanes of his area. Even though he and his family members have to take the stairs at the back of the house, he is still happy. He says for just taking the backdoor entry to his house, he pays almost 30% less rent compared to tenants who have a front side entry to their house.
While builders are changing the very face of private colonies in Delhi by joining hands with owners and landlords in order to build floors after razing down old houses and kothis, there are still many houses here where the occupants of first and second floors have to take the back entry to reach their floor.
New Rajinder Nagar, Patel Nagar, Rajouri Garden, Kirti Nagar - almost all of South and North Delhi colonies, and some areas in East Deli like Vivek Vihar , Nirman Vihar and Preet Vihar too have houses with exclusive front entry for the owner of the house. Residents of first and second floor houses have no choice but to take the back entry.
Devender Gupta, CMD of Century 21 India, says it is bad news for all those who have a limited budget as such houses are giving way to brand new houses. "I am saying bad news because houses with backdoor entry can be taken on rent on far less rent than the market rates. If somebody wants to buy a floor with back entry, it can be taken on really less amount, compared to those houses with main-gate entry," Gupta concludes.
Alimuddin Rafi Ahmad of ILD group says houses with separate entries would become a thing of the past in the years ahead. "Such houses are old and they have to be demolished, so that new houses with only one entry can be made", he says.
Ashok Singh, who works for a media house, has also been living in a house in East of Kailash, which has a back entry. Even then, he is not an unhappy man. Ashok says, "When I came here around seven years ago, the state of affairs at the back lane of my house were really bad. Residents have converted the back lane as an all-purpose dustbin. During those days, it was really tough getting to my house after crossing the filthy back lane. Things have improved and now I have no problem in taking the back lane in order to reach my place," he says.
On the question of rents going for lesser rates for such houses, Anil Makhijani of Mak Realtors says it is very natural for two reasons. Of course, back entry is factor one. The second being that the first and second floors of such houses have far less covered area than the ground floor. Naturally, these factors play a crucial role in determining the rent and costs of the houses.
Courtesy:- ET Realty dt:- 07-08-09
Rajesh Malhotra knows the back lanes of New Rajinder Nagar like the back of his palm. As he goes out for his job every morning and returns only in the late evenings, he has no idea about the front lanes of his area.
As Rajesh has been living on the second floor of a house with a backside entry rather than main gate entry, he hardly goes through the main lanes of his area. Even though he and his family members have to take the stairs at the back of the house, he is still happy. He says for just taking the backdoor entry to his house, he pays almost 30% less rent compared to tenants who have a front side entry to their house.
While builders are changing the very face of private colonies in Delhi by joining hands with owners and landlords in order to build floors after razing down old houses and kothis, there are still many houses here where the occupants of first and second floors have to take the back entry to reach their floor.
New Rajinder Nagar, Patel Nagar, Rajouri Garden, Kirti Nagar - almost all of South and North Delhi colonies, and some areas in East Deli like Vivek Vihar , Nirman Vihar and Preet Vihar too have houses with exclusive front entry for the owner of the house. Residents of first and second floor houses have no choice but to take the back entry.
Devender Gupta, CMD of Century 21 India, says it is bad news for all those who have a limited budget as such houses are giving way to brand new houses. "I am saying bad news because houses with backdoor entry can be taken on rent on far less rent than the market rates. If somebody wants to buy a floor with back entry, it can be taken on really less amount, compared to those houses with main-gate entry," Gupta concludes.
Alimuddin Rafi Ahmad of ILD group says houses with separate entries would become a thing of the past in the years ahead. "Such houses are old and they have to be demolished, so that new houses with only one entry can be made", he says.
Ashok Singh, who works for a media house, has also been living in a house in East of Kailash, which has a back entry. Even then, he is not an unhappy man. Ashok says, "When I came here around seven years ago, the state of affairs at the back lane of my house were really bad. Residents have converted the back lane as an all-purpose dustbin. During those days, it was really tough getting to my house after crossing the filthy back lane. Things have improved and now I have no problem in taking the back lane in order to reach my place," he says.
On the question of rents going for lesser rates for such houses, Anil Makhijani of Mak Realtors says it is very natural for two reasons. Of course, back entry is factor one. The second being that the first and second floors of such houses have far less covered area than the ground floor. Naturally, these factors play a crucial role in determining the rent and costs of the houses.
Courtesy:- ET Realty dt:- 07-08-09
Saturday, August 8, 2009
EMERALD ESTATE.
A community within a community.
Part of the larger master-planned gated community of Emerald Hills, Emerald Estate, is a community within a community. Emerald Estate is a 25-acre mid-rise group housing development comprising of 2 & 3 bedroom premium apartments where modern conveniences and amenities are aplenty. Step into your apartment and enjoy the felling of luxury, quality and workmanship at unbelievable price. This is the lifestyle that you and your family deserve.
· An exclusive gated community in sector 65, gurgaon
· Just 20 minute drive to the Delhi International Airport
· Close to the proposed Metro corridor
· Easy access from Express Highway to the city
· Choice of 2 and 3 bedroom apartments
· Kids playground & jogging tracks
· Clubhouse, school, shopping and other amenities
· Power back-up, piped gas and perimeter security
· Designed by leading international architects – ARCOP
· Efficient design and space utilization
· Access to amenities and facilities at Emerald Hills*
· Upgrade option – Air conditioning and modular kitchen
The lifestyle you deserve, now within your reach
SPECIAL INAUGURAL PRICE Rs. 31.7 Lakh* for 2-Bedroom
For A LIMITED PERIOD Rs. 41 Lakh* for 3-Bedroom
Courtesy:- TOI dt:-06-08-09
Part of the larger master-planned gated community of Emerald Hills, Emerald Estate, is a community within a community. Emerald Estate is a 25-acre mid-rise group housing development comprising of 2 & 3 bedroom premium apartments where modern conveniences and amenities are aplenty. Step into your apartment and enjoy the felling of luxury, quality and workmanship at unbelievable price. This is the lifestyle that you and your family deserve.
· An exclusive gated community in sector 65, gurgaon
· Just 20 minute drive to the Delhi International Airport
· Close to the proposed Metro corridor
· Easy access from Express Highway to the city
· Choice of 2 and 3 bedroom apartments
· Kids playground & jogging tracks
· Clubhouse, school, shopping and other amenities
· Power back-up, piped gas and perimeter security
· Designed by leading international architects – ARCOP
· Efficient design and space utilization
· Access to amenities and facilities at Emerald Hills*
· Upgrade option – Air conditioning and modular kitchen
The lifestyle you deserve, now within your reach
SPECIAL INAUGURAL PRICE Rs. 31.7 Lakh* for 2-Bedroom
For A LIMITED PERIOD Rs. 41 Lakh* for 3-Bedroom
Courtesy:- TOI dt:-06-08-09
FM’S NEW SUBSIDY PROMPTS REALTORS TO PROMISE MORE SUB-RS 20 LAKH HOMES
Property developers plan more launches in the sub-Rs 20 lakh category of homes, after yesterday’s Budget concession.
The finance minister had said there would be an interest subsidy of 1 per cent for one year on loans up to Rs 10 lakh for properties worth less than Rs 20 lakh. This is expected to boost this housing segment.
Developers such as Unitech, Omaxe, Puravankara, Lodha Developers and Ansal had already moved into the sub-Rs 20 lakh category, as the economic downturn, coupled with fear of job losses and salary cuts, slowed sales of premium housing projects, lowering their cash flows.
''We will try to cater to the whole demand that would arise after the government's decision. Our Uni Homes project will benefit from this project," said R Nagaraju, general manager, corporate planning, Unitech, the country's second largest developer.
Unitech has recently launched a new brand, Uni Homes, for low income projects in the Rs 10-30 lakh range and is planning to launch projects in seven cities, including Noida, Greater Noida, Chennai, Bangalore and Kolkota. The first such project would be announced next week.
Ravi Ramu, director of Bangalore-based Puravankara, which has set up Provident Housing to launch affordable housing projects, said the extra savings made by home loan borrowers (due to the Budget decision) is expected to drive sales of its housing projects.
Provident is planning to launch a few thousand homes in the Rs 14.9-18.9 lakh category this week in Bangalore.
The company is planning to launch around 12 million sq ft of projects under this category this fiscal in many parts of the country, he said.
The Delhi-based Raheja Developers and Mumbai-based Sunil Mantri Realty say they’re planning to launch 20,000 homes and 10,000 homes, respectively, in the sub-Rs 20 lakh categry in the next one year.
The FM's announcement is expected to save Rs 60 for every Rs 1 lakh on a home loan borrowing per month.
"The announcement has come in at the right time, when sentiment in the realty market is turning positive and home buyers and investors are returning. With developers moving to affordable housing from premium housing and government announcing incentives, the momentum is building. I feel it is a good opportunity for developers to focus on this segment now,'' said Sanjay Dutt, chief executive, business, at property consultancy Jones Lang LaSalle Meghraj.
However, developers are not enthused by the FM's announcement to give tax holiday for developers under section 80 1B (10) of the IT Act on profits from projects approved between April 1, 2007, and March 31, 2008.
"Tax holiday for 2007-08 is historical. We cannot take the benefits from this announcement as we have sold our projects. Otherwise, we would have tailormade our projects and passed on the benefits to buyers,'' Ramu of Puravankara said
Courtesy:- BS dt:- 29th July 2009
The finance minister had said there would be an interest subsidy of 1 per cent for one year on loans up to Rs 10 lakh for properties worth less than Rs 20 lakh. This is expected to boost this housing segment.
Developers such as Unitech, Omaxe, Puravankara, Lodha Developers and Ansal had already moved into the sub-Rs 20 lakh category, as the economic downturn, coupled with fear of job losses and salary cuts, slowed sales of premium housing projects, lowering their cash flows.
''We will try to cater to the whole demand that would arise after the government's decision. Our Uni Homes project will benefit from this project," said R Nagaraju, general manager, corporate planning, Unitech, the country's second largest developer.
Unitech has recently launched a new brand, Uni Homes, for low income projects in the Rs 10-30 lakh range and is planning to launch projects in seven cities, including Noida, Greater Noida, Chennai, Bangalore and Kolkota. The first such project would be announced next week.
Ravi Ramu, director of Bangalore-based Puravankara, which has set up Provident Housing to launch affordable housing projects, said the extra savings made by home loan borrowers (due to the Budget decision) is expected to drive sales of its housing projects.
Provident is planning to launch a few thousand homes in the Rs 14.9-18.9 lakh category this week in Bangalore.
The company is planning to launch around 12 million sq ft of projects under this category this fiscal in many parts of the country, he said.
The Delhi-based Raheja Developers and Mumbai-based Sunil Mantri Realty say they’re planning to launch 20,000 homes and 10,000 homes, respectively, in the sub-Rs 20 lakh categry in the next one year.
The FM's announcement is expected to save Rs 60 for every Rs 1 lakh on a home loan borrowing per month.
"The announcement has come in at the right time, when sentiment in the realty market is turning positive and home buyers and investors are returning. With developers moving to affordable housing from premium housing and government announcing incentives, the momentum is building. I feel it is a good opportunity for developers to focus on this segment now,'' said Sanjay Dutt, chief executive, business, at property consultancy Jones Lang LaSalle Meghraj.
However, developers are not enthused by the FM's announcement to give tax holiday for developers under section 80 1B (10) of the IT Act on profits from projects approved between April 1, 2007, and March 31, 2008.
"Tax holiday for 2007-08 is historical. We cannot take the benefits from this announcement as we have sold our projects. Otherwise, we would have tailormade our projects and passed on the benefits to buyers,'' Ramu of Puravankara said
Courtesy:- BS dt:- 29th July 2009
Thursday, August 6, 2009
Realtors see rise in commercial inquiries
In the past two months, property developers have reported an increased number of inquiries for their properties, indicating the economy is on its way up, clearly visible in companies’ recent quarterly results.
This upturn comes soon after an earlier stalling of demand. In February, DLF, the country’s largest property developer, said it had stalled construction on 16 million sq ft (MSF) of commercial space (retail and office) due to lack of demand.
So, too, with other developers like Unitech, Parsvnath and Raheja, who either stalled or slowed the construction of their commercial properties due to a demand-supply mismatch.
That is changing. “We will restart the construction on our stalled commercial projects, as the inquiry from companies has increased. By the time these inquires turn into actual transactions, we want to be ready with our projects”, said Rajiv Singh, vice-chairman, DLF Ltd, after the company’s Q1 results.
Due to a supply-demand mismatch, rentals came down by 30-35 per cent in the past one year in most micro markets and developers were forced to delay their projects. However, many companies now feel rentals have touched bottom and want to expand.
Parsvnath Developers is developing nearly two MSF of retail space and says it is bullish. “We are focusing on timely completion of our projects, as the demand will certainly increase in the coming months”, said Pradeep Jain, chairman.
According to a report by CB Richard Ellis, office leasing volume increased by approximately 3-4 per cent in the National Capital Region (NCR) during the first quarter of FY10. Increasing levels of corporate confidence should help maintain the momentum. The NCR saw some big-ticket transactions in the April to June period.
Many companies, including those in the auto, telecom, information technology and banking sectors, posted good results in the first quarter of FY10. These companies had put their expansion plans on hold for the past year. With their balance sheets coming into shape, they are likely to go for expansion once again in the next six to 12 months. Raheja Developers was going slow on three MSF of commercial projects due to lack of demand. “We will pace up our construction and would start delivering projects in the next 6-12 months,” said Naveen Raheja, CMD.
Courtesy: 4th Aug 2009
This upturn comes soon after an earlier stalling of demand. In February, DLF, the country’s largest property developer, said it had stalled construction on 16 million sq ft (MSF) of commercial space (retail and office) due to lack of demand.
So, too, with other developers like Unitech, Parsvnath and Raheja, who either stalled or slowed the construction of their commercial properties due to a demand-supply mismatch.
That is changing. “We will restart the construction on our stalled commercial projects, as the inquiry from companies has increased. By the time these inquires turn into actual transactions, we want to be ready with our projects”, said Rajiv Singh, vice-chairman, DLF Ltd, after the company’s Q1 results.
Due to a supply-demand mismatch, rentals came down by 30-35 per cent in the past one year in most micro markets and developers were forced to delay their projects. However, many companies now feel rentals have touched bottom and want to expand.
Parsvnath Developers is developing nearly two MSF of retail space and says it is bullish. “We are focusing on timely completion of our projects, as the demand will certainly increase in the coming months”, said Pradeep Jain, chairman.
According to a report by CB Richard Ellis, office leasing volume increased by approximately 3-4 per cent in the National Capital Region (NCR) during the first quarter of FY10. Increasing levels of corporate confidence should help maintain the momentum. The NCR saw some big-ticket transactions in the April to June period.
Many companies, including those in the auto, telecom, information technology and banking sectors, posted good results in the first quarter of FY10. These companies had put their expansion plans on hold for the past year. With their balance sheets coming into shape, they are likely to go for expansion once again in the next six to 12 months. Raheja Developers was going slow on three MSF of commercial projects due to lack of demand. “We will pace up our construction and would start delivering projects in the next 6-12 months,” said Naveen Raheja, CMD.
Courtesy: 4th Aug 2009
Govt should appoint real estate regulator: Assocham
Industry body Assocham today said the government should appoint a real estate regulator to help expedite the redressal of consumer grievances."There is a need for an efficient and focused regulatory body to overlook functioning of the real estate sector in order to insure the industry development and safeguard of consumer interests in line with international benchmark," the chamber said.The real estate regulator would ensure that the consumer grievances against developers, development authorities, real estate agents and financial institutions are addressed without any delay, it said.The chamber further said that opening of an escrow account for real estate players should be made mandatory to ensure transparency in real estate transactions.The real estate industry maintains an escrow account for development of a project, purchase of real estate units and honouring property charges."This facility needs to be encouraged by asking project developers to open an escrow account...," it said, adding that such accounts are also maintained for honouring property charges, insurance liabilities and maintenance charges on regular basis.
Courtesy: 4th Aug 2009
Courtesy: 4th Aug 2009
Monday, August 3, 2009
RICS Global Commercial Property Survey Q2 ‘09 reveals rent findings
New Delhi: Royal Institution of Chartered Surveyors (RICS) Global Commercial Property Survey released in India reveals that despite some improvement in the economic data and a moderation in the pace of decline in capital values in all world regions, rental expectations have deteriorated further. In the second quarter of the year RICS reported the sharpest declines in global commercial property rents in the survey’s five year history, with Singapore, Ukraine, Spain and Ireland leading the way. The decline in capital values eased during the second quarter driven by more modest falls in some emerging markets with China and India out in front. Eight percent more surveyors reported a fall than a rise in capital values in China, up from 49 percent in the first quarter. Omaxe launches limited expandable villas at Omaxe City, Bathinda Bathinda: Omaxe today launched luxurious expandable villas in Omaxe City, Bathinda. Developed over an area of approximately 72 acres, the PUDA approved township is being developed with an investment of approximately Rs 200 crore and is slated to reinvent the lifestyle of residents. The villas start at a price of Rs17.47 lakh and are strategically located amidst amenities to make living comfortable. Situated just two kilometres away from Delhi Public School and set in lush green ambience, these villas are packed with all the modern amenities. On offer are limited villas on plot sizes of 200 sq yds to 350 sq yds with an option of constructing 2-4 bedrooms. Omaxe City, Bathinda is an integrated township strategically located on NH-15 and offering locational advantages due to ongoing multifarious infrastructure developments around the city.
Courtesy : 2nd Aug 2009
Courtesy : 2nd Aug 2009
Commercial realty market on upswing
MUMBAI: The commercial property
market, which had seen one of the biggest falls till May, is slowly reviving as higher government incomes and an
improving economy are prompting customers to invest in such asset classes. Developers who had slashed prices of their commercial projects by 40-50% due to slow demand, say there are now more enquiries from retail investors, while institutional buyers have closed some deals. Many developers, instead of trying to sell off properties are signing rental deals with customers and institutional customers. In one recent deal, global consultant KPMG signed a deal with Lodha Developers for renting out a 130,000 sq ft property at Mahalaxmi in central Mumbai, for a monthly rental of Rs 160 per sq feet. “This is one of the biggest deals in the commercial property market this year, not just for us but also for the sector,” said Lodha Developers director Abhisheck Lodha. “Though rates have fallen in the past three quarters, there is now a lot of interest from customers.” The company has five commercial projects in Mumbai, in areas such as Parel, Worli and Thane. Recently, Lodha also bid Rs 710 crore for National Textile Corporation’s (NTC) 10.3-acre Finlay Mill land in central Mumbai. Similarly, in a recent transaction in the commercial property space, investor C Sivasankaran acquired a 66% stake in a commercial property SPV from DLF for Rs 310 crore. Ackruti City is the other investor in the SPV. Explains Ambar Maheshwari, director investments at DTZ, an international property consultancy firm, “While commercial property rates have been at an all-time low, customers are slowly returning. Many prominent developers are going for lease rent discounting, which not only helps them raise liquidity but also helps them sell the property at a later stage for better valuation.” Under lease rent discounting, developers borrow from financial institutions on the basis of an agreement between the owner and the tenant. The rent from the tenant is then directly deposited with the lender and not with the owner. Industry observers say several realty players who have commercial projects, have adopted lease rent discounting. Market leaders such as DLF and Unitech are known to favour such a model. Both firms had almost stopped work on their commercial property developments in Mumbai. However, according to people familiar with these companies, work has restarted through lease rent discounting. Said a Unitech executive: “Commercial properties give better returns, but there is lot of risk as rates are volatile. But our company is now better placed to manage these risks as far as funds are concerned.” Rates on commercial properties are more sensitive to market conditions than those of residential units, as they depend on returns or rentals. So when rentals in India dropped, so did the rates for commercial properties. Like the office-cum-commercial Bandra Kurla Complex in Mumbai, which enjoyed a premium tag for commercial market. Rentals here were around Rs 450-500 per sq feet last year; now for the same property, the rates are at around Rs 250 per sq feet. Though even as the revival in the commercial property is still beginning, a majority of developers are still cautious. Says Kamal Khetan, chairman, Sunteck Realty: “Capital values of commercial properties are dependent largely on rentals. We believe rents have bottomed out and are already seeing upward movement. A number of investors have started picking up commercial property as it makes good investment sense; it gives a rental return as well as capital appreciation when the markets pick up,” he added.
Courtesy: 3 Aug 2009
market, which had seen one of the biggest falls till May, is slowly reviving as higher government incomes and an
improving economy are prompting customers to invest in such asset classes. Developers who had slashed prices of their commercial projects by 40-50% due to slow demand, say there are now more enquiries from retail investors, while institutional buyers have closed some deals. Many developers, instead of trying to sell off properties are signing rental deals with customers and institutional customers. In one recent deal, global consultant KPMG signed a deal with Lodha Developers for renting out a 130,000 sq ft property at Mahalaxmi in central Mumbai, for a monthly rental of Rs 160 per sq feet. “This is one of the biggest deals in the commercial property market this year, not just for us but also for the sector,” said Lodha Developers director Abhisheck Lodha. “Though rates have fallen in the past three quarters, there is now a lot of interest from customers.” The company has five commercial projects in Mumbai, in areas such as Parel, Worli and Thane. Recently, Lodha also bid Rs 710 crore for National Textile Corporation’s (NTC) 10.3-acre Finlay Mill land in central Mumbai. Similarly, in a recent transaction in the commercial property space, investor C Sivasankaran acquired a 66% stake in a commercial property SPV from DLF for Rs 310 crore. Ackruti City is the other investor in the SPV. Explains Ambar Maheshwari, director investments at DTZ, an international property consultancy firm, “While commercial property rates have been at an all-time low, customers are slowly returning. Many prominent developers are going for lease rent discounting, which not only helps them raise liquidity but also helps them sell the property at a later stage for better valuation.” Under lease rent discounting, developers borrow from financial institutions on the basis of an agreement between the owner and the tenant. The rent from the tenant is then directly deposited with the lender and not with the owner. Industry observers say several realty players who have commercial projects, have adopted lease rent discounting. Market leaders such as DLF and Unitech are known to favour such a model. Both firms had almost stopped work on their commercial property developments in Mumbai. However, according to people familiar with these companies, work has restarted through lease rent discounting. Said a Unitech executive: “Commercial properties give better returns, but there is lot of risk as rates are volatile. But our company is now better placed to manage these risks as far as funds are concerned.” Rates on commercial properties are more sensitive to market conditions than those of residential units, as they depend on returns or rentals. So when rentals in India dropped, so did the rates for commercial properties. Like the office-cum-commercial Bandra Kurla Complex in Mumbai, which enjoyed a premium tag for commercial market. Rentals here were around Rs 450-500 per sq feet last year; now for the same property, the rates are at around Rs 250 per sq feet. Though even as the revival in the commercial property is still beginning, a majority of developers are still cautious. Says Kamal Khetan, chairman, Sunteck Realty: “Capital values of commercial properties are dependent largely on rentals. We believe rents have bottomed out and are already seeing upward movement. A number of investors have started picking up commercial property as it makes good investment sense; it gives a rental return as well as capital appreciation when the markets pick up,” he added.
Courtesy: 3 Aug 2009
Sunday, August 2, 2009
GO, GRAB THAT BUDGET HOUSE
Ghaziabad and its adjacent areas are offering alluring options to the middle class people with a small budget, and the time is right for a deal, says Sarthak
Are you a middleclass guy keen to buy a house of your dreams? If that is so, you must try Ghaziabad. It gives you enough options in the range of Rs 25 lakh and above. Unlike in the recent months, or should we say when the correction in realty prices did not start, now there are several agents who will try to help you in finding your dream house.
There are many places in Ghaziabad where you can get a good deal, in the range of Rs 25-50 lakh, and above. The only thing is one has to be very careful while going for these properties. Obviously, a property coming that cheap has some pitfalls as well.
Again, in recent times, when only lesser-known developers were offering houses in the range of Rs 25 lakh, topnotch realty firms like SVP group, Assotech, Saviour builders, and Supertech have joined the bandwagon and are building flats for working class people.
R K Arora, CMD of Supertch Limited, is of the view that Ghaziabad gives many options to buyers, with a not very generous budget, to grab a good flat, compared to other known NCR towns like Noida, Greater Noida, or Gurgaon. Thus, it is high time prospective buyers found a house of their choice in this bustling city. Arora’s own company has a project, Livingston, in Crossing Republic in Ghaziabad.
One of the most sought after destinations in Ghaziabad these days is NH-58. Around 18 developers are coming up with their projects on this stretch. And, most of these developers have 2-bedroom houses of approximately 1,000 sq ft, in the Rs 25 lakh price range, including EDC (external development charges) and car parking (excluding registration fee that will be applicable after around two years or at the time of delivery).
Further, down the road on NH-58, one should be ready for plottings also. As a lot of this place is in the low-lying area, it might soon come up for plotting. And the expected price will be within the range of a middle class person.
“In our project Gulmohar Greens, we have around 400 houses of around 1,000 sq ft that are priced at around Rs 21 lakh, and with EDCs and other charges, it cost around Rs 24-25 lakh, excluding registration fee that will be applicable at the time of delivery,” says Sunil Jindal, chairman of SVP Group.
Realty companies like SVP group, Antriksh, MSX Developers, SCC Heights, Panchsheel Primose, and SG Estate are also building affordable houses on NH-58, and also at other places like Kavi Nagar, Crossing Republik on NH-24 and faroff places in the vicinity of Ghaziabad.
The only problem that a Delhiite may face is that of commuting. The actual time of travel will increase and most of these places are not well developed for a high standard of living. All those looking for a house in the price range of Rs 25 lakh is that they should be extra careful while striking a deal.
To meet the housing demand in a period of recession, SVP group is going to launch affordable housing scheme at Raj Nagar Extension on NH-58. There will be more than 500 2-BHK flats, with an area of 950-1,000 sq ft (2-BHK and store) at the rate of Rs 1,892 per sq ft, says Sunil Jindal.
Panchsheel Primose is launching 2-BHK projects on Hapur Road, which cost around Rs 9.99 lakh. SCC Heights brings is a 2-BHK project at Raj Nagar Extension, on NH-58, costing around Rs 13.68 lakh only, while SG Estate Ltd is launching 2-BHK projects for just Rs 14.99 lakh on NH-58.
Like SG Estate, SCC Heights, SVP, MSX and several other builders are planning to build affordably priced houses on both NH-58 and NH-24. Antriksh Group has already taken possession of land from concerned authority to launch their affordable housing project.
And if we talk about Sector 6, Vasundhara, you can get a 2-bedroom house (800 sq ft) for as low as Rs. 22.5 lakh. The only drawback is that these flats are builder flats. Though the agent tells us that they all come equipped with pumps etc, we have to be extra careful before going for the kill.
The locality is no doubt good - the problems plaguing the area are incessant power cuts and low water supply.
The other options here are Awas Vikas flats that will come up in Sector-17, Vasundhra. “Though it will take time to come up,” says Ashok Singh of Fair Properties, “it is advisable to go for houses by private developer if you need a house urgently.”
One can also get a plot in Karhera village on Loni road at Rs 6,000 per sq yard. The place is not developed as yet but people, who want to invest with an eye on future prospects, can probably look at the option. Earlier, it was the agricultural land, but now plotting has started in the villages as well.
If one wants to go further down the road from Karhera on Baghpat Road, plots in that price range are available at Tronica City, around 15 km away. The only problem, as of now, seems to be one of distance and that these places are not developed as yet. But, who ever thought of living on NH-58, or for that matter NH-24, even a few years ago? Keeping the future developments in mind, one can go for an investment here. However, the caveat is one should check all the necessary papers before going any deal.
Courtesy:- TOI dt:- 18-07-09
Are you a middleclass guy keen to buy a house of your dreams? If that is so, you must try Ghaziabad. It gives you enough options in the range of Rs 25 lakh and above. Unlike in the recent months, or should we say when the correction in realty prices did not start, now there are several agents who will try to help you in finding your dream house.
There are many places in Ghaziabad where you can get a good deal, in the range of Rs 25-50 lakh, and above. The only thing is one has to be very careful while going for these properties. Obviously, a property coming that cheap has some pitfalls as well.
Again, in recent times, when only lesser-known developers were offering houses in the range of Rs 25 lakh, topnotch realty firms like SVP group, Assotech, Saviour builders, and Supertech have joined the bandwagon and are building flats for working class people.
R K Arora, CMD of Supertch Limited, is of the view that Ghaziabad gives many options to buyers, with a not very generous budget, to grab a good flat, compared to other known NCR towns like Noida, Greater Noida, or Gurgaon. Thus, it is high time prospective buyers found a house of their choice in this bustling city. Arora’s own company has a project, Livingston, in Crossing Republic in Ghaziabad.
One of the most sought after destinations in Ghaziabad these days is NH-58. Around 18 developers are coming up with their projects on this stretch. And, most of these developers have 2-bedroom houses of approximately 1,000 sq ft, in the Rs 25 lakh price range, including EDC (external development charges) and car parking (excluding registration fee that will be applicable after around two years or at the time of delivery).
Further, down the road on NH-58, one should be ready for plottings also. As a lot of this place is in the low-lying area, it might soon come up for plotting. And the expected price will be within the range of a middle class person.
“In our project Gulmohar Greens, we have around 400 houses of around 1,000 sq ft that are priced at around Rs 21 lakh, and with EDCs and other charges, it cost around Rs 24-25 lakh, excluding registration fee that will be applicable at the time of delivery,” says Sunil Jindal, chairman of SVP Group.
Realty companies like SVP group, Antriksh, MSX Developers, SCC Heights, Panchsheel Primose, and SG Estate are also building affordable houses on NH-58, and also at other places like Kavi Nagar, Crossing Republik on NH-24 and faroff places in the vicinity of Ghaziabad.
The only problem that a Delhiite may face is that of commuting. The actual time of travel will increase and most of these places are not well developed for a high standard of living. All those looking for a house in the price range of Rs 25 lakh is that they should be extra careful while striking a deal.
To meet the housing demand in a period of recession, SVP group is going to launch affordable housing scheme at Raj Nagar Extension on NH-58. There will be more than 500 2-BHK flats, with an area of 950-1,000 sq ft (2-BHK and store) at the rate of Rs 1,892 per sq ft, says Sunil Jindal.
Panchsheel Primose is launching 2-BHK projects on Hapur Road, which cost around Rs 9.99 lakh. SCC Heights brings is a 2-BHK project at Raj Nagar Extension, on NH-58, costing around Rs 13.68 lakh only, while SG Estate Ltd is launching 2-BHK projects for just Rs 14.99 lakh on NH-58.
Like SG Estate, SCC Heights, SVP, MSX and several other builders are planning to build affordably priced houses on both NH-58 and NH-24. Antriksh Group has already taken possession of land from concerned authority to launch their affordable housing project.
And if we talk about Sector 6, Vasundhara, you can get a 2-bedroom house (800 sq ft) for as low as Rs. 22.5 lakh. The only drawback is that these flats are builder flats. Though the agent tells us that they all come equipped with pumps etc, we have to be extra careful before going for the kill.
The locality is no doubt good - the problems plaguing the area are incessant power cuts and low water supply.
The other options here are Awas Vikas flats that will come up in Sector-17, Vasundhra. “Though it will take time to come up,” says Ashok Singh of Fair Properties, “it is advisable to go for houses by private developer if you need a house urgently.”
One can also get a plot in Karhera village on Loni road at Rs 6,000 per sq yard. The place is not developed as yet but people, who want to invest with an eye on future prospects, can probably look at the option. Earlier, it was the agricultural land, but now plotting has started in the villages as well.
If one wants to go further down the road from Karhera on Baghpat Road, plots in that price range are available at Tronica City, around 15 km away. The only problem, as of now, seems to be one of distance and that these places are not developed as yet. But, who ever thought of living on NH-58, or for that matter NH-24, even a few years ago? Keeping the future developments in mind, one can go for an investment here. However, the caveat is one should check all the necessary papers before going any deal.
Courtesy:- TOI dt:- 18-07-09
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