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April 26, 2018 in Uncategorized

Nearly 6,000 Buildings in IAF Zone may Face Demolition

Nearly 6,000 Buildings in IAF Zone may Face Demolition

April 24, 2018 in Gurgaon Investment, HUDA

The MCG has submitted a survey report with details of properties within 300 metres of the ammunition depot to the deputy commissioner, stating 5,978 properties within the zone are now facing demolition in Gurugram. The next demolition drive in the area has been scheduled for Monday, said MCG officials. The properties listed by MCG include residential, commercial and mixed-use buildings. According to MCG officials, the details of these properties, as well as their owners, have been drawn up according to property tax records. “The details have been submitted to the deputy commissioner as per our meeting on the demolition drive to be undertaken in the 300 metres zone around the ammunition depot,” said Sudhir Singh Chouhan, senior town planner, MCG. An earlier survey in 2017 had revealed that there were 854 commercial buildings, 3,016 residential buildings and 241 mixed-use buildings within 300 metres of the ammunition depot. However, an updated report, including details of property coverage area, type, plan, structure and name of owners, was sought by the deputy commissioner to help authorities determine the compensation amount for those who would be affected by the demotion drive. The compensation will come from the ministry of defence. “If the demolition drive affects the livelihood of a person, we would also come up with an estimate to compensate that,” the commissioner had told TOI earlier. The Punjab and Haryana high court directed the deputy commissioner of Gurgaon in March 2016 to issue notices against those who had made constructions within 300 metres of the Indian Air Force ammunition depot in Gurgaon. The court direction came after the Centre agreed to reduce the restricted zone around the ammunition depot from 900 to 300 metres if the state government undertook the drive to vacate the encroachments within this reduced area. Meanwhile, the MCG enforcement team has been conducting consequent sealing drives within 300 metres of the ammunition depot. In the last month itself, the corporation has demolished nearly 40 properties and sealed nearly 60 properties. Sources: realty.economictimes.com

Good Office Real Estate Assets is High & Trending Among Investors

Good Office Real Estate Assets is High & Trending Among Investors

April 21, 2018 in Gurgaon Investment, Investment News, Real Estate News

In the past, the ROI on housing assets had been quite satisfactory and in some cases even spectacular, depending on the aptness of choice in terms of specific location, configuration, amenities and builder’s brand. While rental yields for residential assets in India have historically been low, capital appreciation alone was a sufficiently dynamic prospect for most real estate investors.   However, the hype around residential property investment has fizzled out over the last 2-3 years, with a prolonged slowdown severely impacting capital appreciation. As of now, investors with the financial wherewithal and requisite understanding of the commercial real estate space find office assets far more attractive, and for good reason.   In the first place, office properties in the right location and project attract quality corporate tenants and can, therefore, yield very good rental returns over prolonged periods. The average rental yield of a good commercial property falls in the range of 6%-10%, whereas the rental yield of a residential property is dismally low in the range of 1.5% – 3.5%. Simultaneously, capital appreciation can also be more than satisfactory for the right office assets.   The demand for good office real estate assets, for which there is a constantly increasing requirement due to rapid employment generation and the imminent possibility of the first REIT listings, is therefore quite high among investors. Office properties in well-located Grade A buildings, InfoTech parks and even in logistics centres are generating the kind of steady and dependable ROI that investors previously sought and found in the residential asset class.   The commercial office space witnessed a bracing upsurge of private equity inflows in 2017, and this trend is likely to continue throughout 2018. With the first listings likely to happen in Indian REITs this year, we will see further infusions of liquidity into the commercial property asset class, and this will go a long way in amplifying the ability and willingness of developers focused on the commercial office segment to deploy more assets.   Meanwhile, the continuing sluggishness on the residential property market – coupled with the associated re-investment cycle risks – will also play a significant role in driving more investments towards various categories of the commercial real estate. Sources: zricks.com

Huda Chief Returns 20 Files, says no OC without Physical Inspection

Huda Chief Returns 20 Files, says no OC without Physical Inspection

April 19, 2018 in HUDA, Real Estate News

The Huda administrator has returned 20 files of occupation certification, with direction to estate officer to send the same only after physical inspection of the sites. The estate office had forwarded the occupation certificate (OC) files to Huda’s Gurugram chief for an approval. Huda was recently in controversy over irregularities in granting OCs. During the investigation, it was found that OCs were granted to incomplete buildings with forged photographs. In some cases, buildings constructed in violation of Haryana Building Code were also granted OCs. Six Huda officials, including the personal secretary to the administrator, were booked for corruption in February. As per rule, junior engineers of Huda inspect the sites and prepare a report which is checked by sub-divisional officers. If everything is found in accordance with the norms, the file is forwarded to the estate officer and subsequently to the administrator for approval. “To ensure compliance, the administrator has now directed the estate officers to make a personal inspection of the sites before giving approval,” said a senior Huda official. “With this, the estate officers will also be made accountable to the enforcement of the rules in granting OCs,” he added. In October 2017, Huda had blacklisted three architects for forging and submitting wrong information while applying for OCs. It was found that the architects had submitted morphed photographs of the sites showing them complete in all respect. People having plots in Huda sectors have to take OCs from the Haryana Urban Development Authority only after completing construction. Getting OC is mandatory to get services like water, sewerage and power connection. In January 2017, Huda made it mandatory for all kinds of plots — residential, commercial and institutional — to complete construction of the minimum of 50% of ground coverage and get OC. In case of failure to get an OC in a stipulated time, Huda automatically starts charging penalty as extension fee. In most cases, people submit forged photographs to get OCs by greasing the palms of Huda officials. Sources: realty.economictimes.com

Gurugram Divided Into 4 Zones For Undertaking Development

Gurugram Divided Into 4 Zones For Undertaking Development

April 17, 2018 in Gurgaon Investment, Investment News, Real Estate News

Haryana chief minister Manohar Lal Khattar has said that Gurugram city had been divided into four zones, for undertaking developmental works in a phased manner. Haryana chief minister Manohar Lal Khattar, on April 12, 2018, said that the state government was giving special focus to Gurugram and that the administration had divided the city into four zones, to boost development. The chief minister was presiding over a meeting of industrialists and real estate developers in Gurugram. As many as 61 complaints related to real estate, were taken up in the meeting, of which maximum was resolved on the spot, an official release said here. The chief minister said a number of changes had been made in policies and rules, during last three years. Various projects, which were lying halted for a long period, have been restarted by the present government and these are in the final stages of completion, he said. Khattar said the constitution of a Gurugram Metropolitan Development Authority was a big decision, to ensure all-round development of the city. Such a provision would be made applicable in Faridabad also, only if the residents of Faridabad demand so, he said. He said that it has been decided not to undertake further expansion of Gurugram and the present form will be improved. This will reduce the burden on Delhi, he said, according to the release. He added that a separate authority was being constituted for the Kundli-Manesar-Palwal Expressway. Sources: housing.com

Supreme Court: Amrapali needs Rs 2,000 crore to finish 9 NCR projects

Supreme Court: Amrapali needs Rs 2,000 crore to finish 9 NCR projects

April 13, 2018 in Amrapali News, Gurgaon Investment, Investment News, Real Estate News

The Supreme Court was told on Wednesday that real estate giant Amrapali NSE 0.00 % will need to invest around Rs 2,000 crore to finish nine projects in Noida and Greater Noida, which are on the verge of completion, dampening the hopes of thousands of homebuyers to get possession of their flats any time soon. In an estimate submitted before a bench of Justices Arun Mishra and U U Lalit, the court was told that around Rs 452 crore would be needed for five projects in Noida where partial possession has been given to buyers but the investment was needed to install lifts and other essential infrastructure to make the buildings habitable. These projects are Amrapali Sapphire, Amrapali Zodiac, Amrapali Eden Park and Amrapali Silicon City -I, II, where the total number of flats is 6,917. The proposal was prepared on the basis of joint inspection reports prepared by the developers and home-buyers after visiting the site to check the stage of construction. Advocate M L Lahoty, appearing for home-buyers, placed before the bench a chart on the amount required to be invested to complete the projects. Lahoty told the bench that four projects in Greater Noida were in an advanced stage of construction and possession could be handed over to buyers in 3-12 months. He, however, said an amount of Rs 1500 crore would be required to complete the projects of Leisure Park, Amrapali Golf Homes, Amrapali Centurian Park and Verona Heights which have together 2753 flats. Amrapali told the bench that it was not possible to invest such a huge amount at one go and projects would be completed one by one. Senior advocate Ranjit Kumar, appearing for the company, contended that Amrapali is ready to allocate flats to buyers in those projects which were ready for possession. The bench, however, asked the company to give details of money received by it from home-buyers and the amount it invested in housing projects to find out whether the company had syphoned off money. It asked the developer to give a roadmap on April 17. As there are as many as 43 projects being developed by the group and are at different stage of construction, the bench decided to deal with each project separately. It said projects would be completed under its supervision to protect the interest of buyers. The bench was hearing a batch of petitions filed by hundreds of home-buyers who approached the court to protect their investment as Amrapali failed to give possession of flats. They are also facing uncertainty with Amrapali's sister firm facing insolvency proceedings. The petitioners have booked homes in Amrapali’s various project in Noida and Greater Noida. They moved SC after National Company Law Tribunal(NCLT) initiated Corporate Insolvency Resolution Process and the tribunal restrained the company from transferring or disposing of its assets on a plea of Bank of Baroda, which led a consortium of banks while giving a loan to the company. Interim Resolution Professional(IRP) has taken over the affairs of Amrapali after NCLT admitted the insolvency proceedings initiated by Bank of Baroda against the firm on September 4 last year. As the investment made by home-buyers has been put at the bottom in the priority list in insolvency proceedings, they could be refunded only after banks recovered their dues after selling the assets of the company. But the apex court had said that the interests of the home-buyers could not be sacrificed. Sources: EconomicTimes.com

Office area leasing at record 11 million sq.ft in the first quarter of 2018: Report

Office area leasing at record 11 million sq.ft in the first quarter of 2018: Report

April 11, 2018 in Investment News, Real Estate News

Office leasing activity across major cities in India reached nearly 11 million square feet of the area during January-March 2018, a record high for the first quarter of a calendar year, a report by CBRE South Asia said on Wednesday. Named "India Office Market View - Q1 2018", the report said: "Office leasing activity across India's top eight markets was at an all-time high in the first quarter of the year. Close to 11 million square feet of space take-up was recorded -- a 25 percent increase from Q1 2017." "This is a departure from the norm as the first quarter of the year usually witnesses subdued activity because corporates are still finalising their business strategies," it said. During the first quarter, Bengaluru reported the highest demand for office space and accounted for more than the combined share of the markets of Delhi and the National Capital Region (NCR), Mumbai and Hyderabad, the report said. Commenting on the survey, Anshuman Magazine, Chairman, India and South East Asia, CBRE, said: "India's office market has begun the year on a strong note, dispelling fears of technology and other disruptions impacting the market." "With strong economic fundamentals, constantly improving business environment... India's attractiveness as a preferred market in the region for international and domestic occupiers has only grown," he added. Availability of office space also increased in the market during the period, according to the report. "In line with the increasing demand, supply addition more than tripled to touch 9.7 million square feet during the review period, indicating continued occupier interest for quality office spaces across the country," it said. More than 80 percent of the fresh supply was in Bengaluru, Mumbai, Chennai and Delhi-NCR, it said. Sources: EconomicsTimes.com

Circle Rates Revised Again in Gurugram

Circle Rates Revised Again in Gurugram

April 9, 2018 in Gurgaon Investment, Real Estate News

The district administration has hiked circle rates up to 10% in different parts of the city. The new rates will be implemented from April 9, and all the registry of a property will be executed according to the revised rates. The district administration had on February 12 revised the circle rates after a gap of four years, reversing a trend where the rates had remained unchanged in 2014-15 and 2015-16. The new circle rates have divided the city into different areas. Every sector or colony has different rates, and for the first time, roads like Golf Course Road, MG Road, Delhi-Gurugram Expressway and Sohna road have been categorised as a separate circle with a unified rate. “New rates will come into effect from Monday,” said an official of the district revenue department, adding that revised rates would help increase revenue collections from the city. He also said the administration has tried to rationalise prices of properties in different areas of the city. “Earlier, some adjoining sectors had huge differences in circle rates. We have tried to bring rates of adjoining areas on a par,” said the official. In an attempt to keep real estate and land prices in urban and rural areas in tune with market rates, the Haryana government had decided in December 2017 to revise collector rates twice in a fiscal year. Collector or circle rate is the minimum price at which a property is registered when being transferred, and stamp duty from it is a major source of revenue for the government. Earlier, these rates were revised once a year, but experts said a sustained slowdown in the real estate market has forced the government to fine-tune levies on real estate. There is an upswing in a sale of plots, ready-to-move-in houses and built-up houses, because of which, the government wants circle rates to be in sync with market rates. Sources: EconomicTimes.com

An Emerging Residential and Commercial Realty Destination : New Gurgaon

An Emerging Residential and Commercial Realty Destination : New Gurgaon

April 6, 2018 in Gurgaon Investment, Investment News, Real Estate News

New Gurgaon is fast emerging as a realty destination in the NCR as the city is beautifully stoked by commercial as well as the residential properties. Although the delay in the completion of Dwarka Expressway has resulted in the slowdown of the work, this has not affected much by the development of the area. “Sectors close to the national highway are registering good movement. People working in the offices located at National Highway Toll Plaza prefer this area due to the proximity to their office location. Affordability is also one factor that is driving demand in this area. Social amenities like local markets, schools, etc are developing fast with families living in this newly developed area,” says Surabhi Arora, Senior Associate Director (Research) at Colliers International India. New Gurgaon is well-connected to three major highways which are National Highway 8 (NH8), Kundli–Manesar – Palwal Expressway and Dwarka-Gurgaon Expressway, which makes this place an ideal destination for commercial as well as residential. Many developers have their projects here that have delivered or are to deliver their projects in this area. Harinder Dhillon, VP (sales) at DLF, says: “New Gurgaon has emerged as a preferred choice in the Delhi NCR for buyers in the last few years. The area is strategically located between Manesar, Gurugram and Delhi with direct connectivity to NH-8. The spate of recent infrastructure developments in the area like Southern Peripheral Road (SPR), Dwarka Expressway, and Kundli-Manesar-Palwal Expressway, once complete, will bolster connectivity. With significant habitation even today, the occupancy rates in the zones are expected to increase rapidly with the new infrastructure developments fully in place.” The city has a number of good educational intuitional which is helping the population in around the area to swell properly. There is an increasing demand for office spaces which has led to the growth of business centres, virtual offices, as well as co-working spaces. Speaking of Delhi NCR, New Gurugram region and Dwarka Expressway are set to boost both in terms of office spaces as well as retail.   – Vineet Taing, President, Vatika Business Centre “A recent report by the real estate consultancy Knight Frank has identified New Gurgaon as one of the top 10 residential destinations in India, from an investment point of view, up to 2020. The region has many ready-to-move-in apartments and other social infrastructure, hence swelling its demand for the real estate sector,” Rahul Singla, Director of Mapsko Group says. Availability of all the above-mentioned factors in this city makes this place as the newest hotspot of realty destination. Sources: realtyfact.com

DLF leases 2.25 lakh sq ft office space to US co-working player WeWork

DLF leases 2.25 lakh sq ft office space to US co-working player WeWork

April 3, 2018 in DLF News, Investment News, Real Estate News

India's largest realty firm DLF has given on lease about 2.25 lakh sq ft of office space in Gurgaon to US-based co-working major WeWork, sources said. Earlier, DLF had also provided around 60,000 sq ft office space on lease to co-working operator Skootr. The demand for co-working space is rising in India due to affordable rents and flexible working options. According to sources, DLF has leased this space to WeWork in Cyber City, Gurgaon for about Rs 130 per sq ft monthly rental. DLF spokesperson declined to comment on the leasing transaction, while WeWork spokesperson could not be reached. DLF has over 30 million sq ft of commercial space, most of it in Gurgaon. Recently, DLF promoters concluded a sale of 40 percent stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for about Rs 12,000 crore. This deal included sale of 33.34 percent stake to Singapore's sovereign wealth fund GIC for about Rs 9,000 crore. DLF has 66.66 percent stake in DCCDL now. The realty major is developing an office project in Gurgaon and has recently bought 12-acre land in the city for Rs 1,500 crore. WeWork, the platform for creators that provides space, community and services to help people make a living, has recently entered the Delhi-NCR market with the launch of its collaborative space in Gurgaon. This was the 6th location by WeWork in India. It has co-working space at three locations in Bengaluru and two in Mumbai. With the launch of 'WeWork Bristol Chowk' at Gurgaon, the company will provide space for 7,000+ members across India. On the launch of Gurgaon centre, WeWork India General Manager Karan Virwani said: "Whether you need a desk, office suite, or entire HQ, we create an environment that increases productivity, innovation, and collaboration for teams of any size." As per a recent study by JLL, the co-working segment in India is expected to receive USD 400 million investments by 2018, he added. Sources : Economic Time

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