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A well-known residential and commercial area in Gurgaon

A well-known residential and commercial area in Gurgaon

October 10, 2019 in DLF News

In this week's Realty hot spot series, we take a look at one of Gurgaon's oldest micro-markets, the DLF sectors. It is a well-known for residential, retail and commercial destination.
The DLF sectors hosts quality social and retail infrastructure comprising prominent schools, hospitals, malls and entertainment hubs. The airport is 14 kms away and the nearest railway station is 13 kms away.
Properties here are priced between Rs 7,400 per sq. ft and Rs 14,000 per sq. ft. A 2-BHK (1,120 sq. ft) is priced at an average of Rs 1.03 crore and a 4-BHK (2,660 sq ft) costs an average of Rs 2.66 crore.
Highlights

  • One of the oldest micro-markets in Gurgaon and a well-known residential, retail and commercial destination
  • Enjoys close connectivity with major employment hubs of Cyber City, Udyog Vihar and Golf Course Road
  • Hosts quality social & retail infrastructure comprising prominent schools, hospitals, malls and entertainment hubs
  • Famous malls here include Ambience Mall, Megacity Mall, Metropolitan Mall and Sahara Mall, among others
  • Good connectivity via MG Road, NH-48, Golf Course Road, Delhi Metro and Gurgaon Rapid Metro Rail
Source : economictimes.indiatimes.com

Manesar land scam: Government fails to verify claims, buyers move SC

Manesar land scam: Government fails to verify claims, buyers move SC

September 27, 2019 in Manesar Land Scam

GURUGRAM: The ABW Manesar Allottee Welfare Society, Gurugram on Saturday, filed a contempt petition against the state of Haryana and its agency, Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) in the Supreme Court for failing to comply with its earlier order, delivered on March 12, 2018, in the Manesar land case. As per the March 12 order, HSIIDC was to verify claims of all homebuyers who had bought properties in projects developed on the land affected by the scam, within two months from the judgement date. However, HSIIDC is yet to complete the process. “Instead, HSIIDC is still juggling with process, and have issued a fresh diktat to buyers to file documents which they have already submitted in April 2018,” said Naresh Jindal, president, ABW Manesar Allotee Welfare Society. Sameer Chaddha, another homebuyer, said HSIIDC appears clueless, and while claims of buyers in other projects on the same land are being processed, ABW buyers are suffering. “It has been six months since the judgement and HSIIDC is asking for the same documents we have already delivered months back. There is absolutely no clarity on the status of claims or the project. It’s almost a decade since we bought our homes, and we’re still clueless about the future,” said Chaddha, who works as senior manager at Maruti. HSIIDC officials said they are planning to file an application with the Supreme Court for extension of deadline for verification of homebuyer claims. “The time allotted to us by the SC was not enough to complete the verification process. Hence, we will seek an extension from the honourable court,” said a senior HSIIDC official. He added that meanwhile, individual claims of homebuyers are being verified through an external auditor. Source : realty.economictimes.indiatimes.com

Around 400 buyers of Manesar’s DLF Express Greens get possession after SC ruling

Around 400 buyers of Manesar’s DLF Express Greens get possession after SC ruling

September 26, 2019 in Manesar Land Scam

GURGAON: Around 400 buyers of DLF Express Greens in Manesar, which were affected by the Manesar land scam, got possession of their homes between October 2018 and March 2019, over 10 years after they had booked the same. This was after the Supreme Court directed Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) Limited to expedite the process. The project was one of three developed on land that was later deemed disputed. In the two other projects, construction hasn’t even begun at ABW Aditya Niketan, while it is halfway through in Anant Raj Madelia. DLF Express Greens was 95% complete at the time of the SC ruling. Consequently, HSIIDC had directed the developer to finish the project and hand over the flats at the earliest. “We’ve finally got possession of our homes, after a wait of more than a decade. Now we hope the external infrastructure around the project also gets developed at the earliest,” said Vikram Kataria, who received possession of his flat last week. The problems of homebuyers are far from over. A team of owners met Rao Narbir Singh on March 22 to press for quick completion of the external infrastructure in the society, but the Union minister disappointed them, saying it was not under his purview. “While we have got possession of our homes, the supporting infrastructure is missing. We’ve approached the developer as well as HSIIDC about this several times and hope the impasse will be resolved soon,” said another homebuyer, requesting anonymity. DLF, when approached on the matter, did not comment. A further 800 flats are yet to be handed over, what with the verification of buyers by HSIIDC far from complete, making it impossible for these buyers to sell their properties. The process of verification of buyers of ABW Aditya Niketan and Anant Raj Madelia is also under way. “We’re verifying claims of buyers. Once that’s complete, we can move ahead with the rest of the process,” said a senior HSIIDC official. The two other projects are expected to take few more years to complete, said sources within HSIIDC. The industry body will first have to hire an external agency to complete the projects. In March 2018, Supreme Court had reversed the acquisition of over 450 acre of land in Manesar, impacting thousands of homebuyers in three projects. The Apex court had asked HSIIDC to evaluate the claims of homebuyers of all three projects and expedite hand over of flats. Source : realty.economictimes.indiatimes.com    

Removal of hurdles for Dwarka Expressway nearly complete: Gurugram development body

Removal of hurdles for Dwarka Expressway nearly complete: Gurugram development body

September 24, 2019 in Dwarka Expressway

GURUGRAM: All structures, barring one factory that is coming in the way of Dwarka Expressway alignment near Kherki Daula village, have been demolished, according to Gurugram Metropolitan Development Authority (GMDA) There were 21 structures at the spot, of which 20 structures were removed two months ago, right before the general elections. The owner of the remaining one property, which is a factory, will be allotted an alternative industrial plot by HSIIDC. “There is one industrial unit that needs to be removed. An alternate plot for the property owner has been finalised. The final decision in the matter will be done at a Huda authority meeting,” said GMDA chief V Umashankar. He also said the alternative plot was identified some time ago, but the authority could not proceed with the work owing to elections. It is now supposed to be completed soon. Huda administrator Chandrashekhar Khare confirmed the developments, saying “all but one structure” on the Northern Peripheral Road (NPR) had been removed. Officials will also have to remove around 16 structures on the Central Peripheral Road (CPR), which connects Dwarka E-way with Southern Peripheral Road (SPR). “There are around 16 structures, including homes, shops and Aaj Samaj building on CPR which should be removed,” said Khare. According to sources, a deadline of June 4 has been set for the removal of these structures. Sources in NHAI, however, refuted the claims, saying there are some structures on NPR which should be removed for carrying out the work on the e-way. Asked about the same, Khare said, “These are temporary structures, and we won’t have to face much trouble in removing them.” There were multiple structures holding up the work on Dwarka Expressway and several demolition drives were carried out in the past couple of years to remove these structures obstructing the project. In April this year, the MCG razed seven buildings coming in the way of expressway in New Palam Vihar area. An MCG official said these structures were built recently. In Delhi, the government approval is yet to be issued for transplantation of 13,700 trees which hold up work on the expressway stretch. Several representations have been made to the Delhi government, and a decision is expected in coming months. The expressway project was launched around 10 years ago, and has missed several deadlines. The foundation stone laying for the project was done by the Union minister for transport and roadways in March earlier this year. Source : realty.economictimes.indiatimes.com

Indiabulls Real Estate rises on $258 million London property sale.

Indiabulls Real Estate rises on $258 million London property sale.

September 21, 2019 in Indiabulla

Indiabulls Real Estate shares rose as much as 11 per cent to Rs 117.2 in Wednesday's session after the company said it is to divest Century Ltd, the firm that houses Hanover Square property, London, to its promoter for 200 million pounds ($258.7 million). Divestiture is in the light of sluggish London property market due to Brexit uncertainty, the company said. It added that it has decided to focus only on Mumbai & Delhi's National Capital Region (NCR) markets. As per the company, its net debt post-transaction will be below Rs 3,000 crore. An ET report suggested that the Indiabulls Group is believed to have sounded out joint venture partner Blackstone and other leading players such as Godrej Properties to offload its stake in Indiabulls Real Estate (IBREL). Distancing the group from realty is expected to improve the chances of obtaining regulatory approval for the proposed merger of Indiabulls Housing Finance with Lakshmi Vilas BankN .. The company reported a decline in profit and revenue in its March quarter results. As of Tuesday's close, shares of the company have risen more than 20 per cent this year. The shares of the company closed at Rs 116.35 up 10.23 per cent on BSE. Source : realty.economictimes.indiatimes.com

Space purchasers in commercial buildings can make their property freehold: DDA

Space purchasers in commercial buildings can make their property freehold: DDA

September 20, 2019 in DDA

NEW DELHI: In what may come as a relief for buyers of small units in a commercial building, the DDA Friday approved that such space purchasers can make their property freehold even if a builder of the commercial complex is not willing to to do so. The decision was taken in an authority meeting of the urban body chaired by Lt Governor Anil Baijal at the Raj Niwas here, officials said. "The DDA auctions commercial plots meant for development of commercial centres or hubs. The developer or auction purchaser constructs multi-storey commercial buildings on such plots and sells shops, units, spaces to different individuals. "As per lease conditions of the DDA, the auction purchaser being lessee, further sells such units or shops, but does not execute apartment deeds in favour of these buyers, thereby making title of the property defective and non-transferable," the DDA said in a statement. Accordingly, the authority decided that "space buyers can approach or apply DDA for execution of an apartment deed in their favour incase the developer or builder does not execute the same with them," officials said. Further, they can also get such spaces, freehold despite non co-operation from a builder or developer, if they are willing and ready to pay all dues of the DDA, in respect of the building or plot on pro rata basis, the statement said. This will give a huge relief to those space buyers who have purchased the space from a developer, but the developer does not cooperate in making apartment deeds in their favour for making a property freehold, it added. "The above decision has been taken for implementation of the provisions of the Delhi Apartment Ownership Act," the DDA said. The authority also decided to extend the benefit of making payment of additional FAR (floor area ratio) charges for residential, cooperative group housing or mixed-use or commercial streets and commercial properties (excluding hotel and parking plots) for a period of one year, i.e., up to June 28, 2020 on the existing rates, the DDA statement said. Source : realty.economictimes.indiatimes.com

Amrapali Sapphire buyers have Rs 46 crore dues: Report

Amrapali Sapphire buyers have Rs 46 crore dues: Report

September 19, 2019 in Amrapali News

Delhi/NCR A section of buyers of Amrapali Sapphire 1 and 2 owes the builder Rs 46.5 crore, a forensic report states, at a time when a tripartite agreement is to be signed among the Noida Authority, buyers and the court receiver. According to the report, over Rs 3 crore is due from buyers who have already moved into flats. A copy of the forensic report, accessed by TOI, also points out several discrepancies in the financial transactions of Sapphire 1 and 2, which is among the few Amrapali projects that have seen completion to a certain extent. The total number of Amrapali flats in which buyers have moved in is 14,000. Of this, Sapphire phase I is the first project that is awaiting a tripartite agreement. "A sum of Rs 46.44 crore is recoverable from the homebuyers of Amrapali Sapphire Developers Private Limited from Sapphire I and II schemes. Out of Rs 46.44 crore, a sum of Rs 3.64 crore is recoverable from homebuyers of Sapphire phase I who have already taken possession but not paid the full amount," says page 207 of the forensic report, secured by a group of buyers. Of the total amount, buyers have to pay Rs 7 crore for buying commercial space. While Sapphire 1 has 1,033 flats allotted, Phase 2 has 1,308. The report also says, "…Rs 76.02 crore worth transactions do not have accounts pertaining to Sapphire phase 1 and 2 as flats have been sold at Rs 1,000-Rs 1,400 per square feet, which is lower than construction costs. The forensic auditor has made a note of this…. According to the report, there are 655 flats that were booked for meagre amounts. Auditors have written to all these allottees, of which 101 letters have been returned. They have received replies from 236 of them while 318 buyers have not responded to queries. "For long, we wanted this forensic report to come out. We could secure a part of the report pertaining to our projects. We are shocked that there are buyers who are living in flats without clearing dues. Our request now is that honest buyers who have paid up all dues should be allowed to get registration for their flats at the earliest," said a Sapphire I buyer.. Source : realty.economictimes.indiatimes.com.

Gurugram: Nine years on, BPTP’s Park Spacio is still far from completion

Gurugram: Nine years on, BPTP’s Park Spacio is still far from completion

September 18, 2019 in Park Spacio

GURUGRAM: A 23-acre housing society— Park Spacio in Sector 37D by BPTP — launched in June 2010, is yet to be handed over to homebuyers. Hundreds of aggrieved families are still uncertain about getting their houses in the society. After launching the project nine years ago, the developer promised possession to buyers in December 2016. However, only 60 percent of the project has been completed and the deadline is being repeatedly extended every six months. The buyers have alleged that after taking 90 percent of the money, the builder keeps announcing fresh deadlines with no real work on the ground. On top of this, sudden stoppage of construction work due to problems with payment between developer and contractor is a grave concern for the already-stressed buyers. Amit Garg, one of the buyers, said that the developer has been playing games with homebuyers by taking the full amount and not giving anything till date. “The builder-buyers agreement has nothing for buyers. I have to pay both, the EMI and rent. I have been undergoing mental trauma ever since I bought the flat” he said. Another buyer asked, “May I know what the government has done by putting Rera into action without providing any rights to the buyer?” He added, “Going to the Rera office and talking to the people sitting there makes us feel helpless and nothing more”. “They launched the project in the year 2010 and it’s 2019. They haven’t provided possession of flats to a single person. Where are the rules and regulations? Are regulations only meant for buyers, who have to pay hefty penalties when they are unable to pay the amount even with small delays? These fraud builders take all the money and infinite time to deliver,” he said. Neeraj Singh, another buyer, said the work in the project is on hold. “We are getting lots of emails from the developer saying that the possession will be given by November this year, but the work itself has not resumed. Therefore, possession of flats looks difficult as of now,” he said. He further said that he visited the site and saw no progress in the project. When he inquired, he was told that the developer has not paid the contractors since December last year, therefore work hasn’t resumed. Sakshi Molasi, one of the initial buyers, said, “I live in a rented house in Gurgaon for the past 6 years. I purchased a unit in L tower 2 years ago as I wished to have my own house. I have already paid 95 percent of my flat price to the builder, but all seems to have gone in vain”. Meanwhile, VP (marketing & customer service), BPTP, Rohit Mohan said, “The project is registered with Rera Panchkula. We are confident we will be able to deliver the same within 6 to 8 months. We have completed the structure and major electrical and plumbing works. The project is at the final stage.” Sources: realty.economictimes.indiatimes.com        

Residents protest outside Unitech’s office in Gurugram

Residents protest outside Unitech’s office in Gurugram

September 17, 2019 in Unitech Group

GURUGRAM: Over 500 families of a residential society staged a protest outside the office of promoter company Unitech Ltd. on Saturday, alleging lack of basic amenities. The residents, who have been living there for four years, said they were yet to occupancy certificate, power connection from Dakshin Haryana Bijli Vitran Nigam, and water and sewerage connections from Haryana Urban Development Authority (Huda). The residents claimed that the promoter company has made alternative arrangements to provide these facilities, but charging higher fees. Vikram Bishnoi, the Resident Welfare Association president, said, "As the project was delayed, many residents forced management of promoter company for possession. The company officials have promised us to provide all basic amenities. Later on, we learnt that they have not connected even sewer and water lines. As a result, things started getting worse. Besides, they have not taken power connection from DHBVN and hence the entire condominium is running on diesel generator sets." Ramesh Chandra, chairman of Unitech Ltd., said, "We are in a process of generating funds to the tune of Rs 10.5 crore to solve these problems. Efforts are on to contact with respective government bodies." Sources: realty.economictimes.indiatimes.com  

Commercial realty offers investment opportunity worth $43-54b

Commercial realty offers investment opportunity worth $43-54b

September 14, 2019 in Investment News

Value of REIT - eligible stock is seen to be the highest in Bengaluru at $15.8b followed by Mumbai at $14.5 billion. Indian commercial real estate offers investment opportunities worth $43-54 billion across top eight cities through Real Estate Investment Trust-eligible ready stocks, said a new report. Approximately 315 million sq ft of office inventory is also eligible for REIT across the cities, said the report by RICS (Royal Institution of Chartered Surveyors) and Cushman & Wakefield. The REIT - eligible inventory includes existing non-strata sold Grade A inventory, wherein Bengaluru, Mumbai and Delhi-NCR cumulatively account for over 67%. The report estimates that the value of REIT - eligible stock is seen to be the highest in Bengaluru at $15.8 billion primarily due to the high volume of investible Grade developments. Mumbai with $14.5 billion stands second due to higher capital values of commercial properties, despite having roughly half of Bengaluru's REIT-able stock. The estimated value of REIT - eligible stock in NCR is $11.04 billion, which is the third highest. "We have come out with the IPO guidelines for the issuance of units of INVits. On same lines, we are working on the IPO guidelines for units of REITs," said Barnali Mukherjee, chief general manager at market regulator Securities and Exchange Board of India (Sebi). "Since there are no accounting standards for REITs and INVits, we have set up sub-committees looking at the financials to be brought out with the offer documents as also the continuous disclosure to be made; also set up a subcommittee for issuance of valuations," she said. "On the valuations side, a separate chapter has been included in REIT regulations where lots of rights and responsibilities have been given to the valuer who has to comply with International Valuation Standards," Mukherjee said. Sebi has already received four applications for infrastructure investment trusts (INVits) --two of them have been processed and two are registered. The capital market regulators have come out with amendments on REIT regulations to bring more clarity and make it more acceptable but, as of now, it has not received any applications for REITs. "Whatever Sebi could do has already been done, in terms of removing key roadblocks such as capital gains tax and DDT and now we are looking forward to applications for REITs so that the REIT market can take off," Mukherjee said said while delivering keynote address at RICS Real Estate Conference 2016. Sources: realty.economictimes.indiatimes.com.    

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