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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 13, 2019 in Dlf

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. Sources: realty.economictimes.indiatimes.com

India offers 294 million sq ft office assets with REIT potential

India offers 294 million sq ft office assets with REIT potential

September 12, 2019 in REIT

MUMBAI/BANGALORE: Indian commercial real estate market is likely to provide 294 million sq ft of space that can be listed under Real Estate Investment Trusts (REITs) valued at $35 billion from the existing office stock, said a JLL India report. Rising transparency levels, progressive regulations, and a robust commercial real estate market in the country have made the segment a favorite among institutional investors, who have allocated nearly $17 billion in the form of direct investmentsthe assets and manage them for REITs. India has already seen its first REIT listing from Embassy Group-Blackstone joint venture last month. With a portfolio of 32.6 million sq ft, the listing is also Asia’s largest in area terms of area. “The listing of India’s first REIT heralds the institutionalisation of real estate assets and indicates enhanced maturity and professionalism in real estate market. Growing knowledge of REITs will ensure acceptability and gradual increase of interest from retail investors. We expect to see other asset classes like retail, warehousing and hospitality also offering REITable assets in the times to come," said Ramesh Nair, CEO & Country Head, JLL India. With 33% share of REITable space, Bengaluru will provide the highest REITable assets totalling 97.8 million sq ft, worth $10.7 billion. Mumbai follows Bengaluru with 17% share of total REITable space at 49.7 million sq ft worth $8.6 billion. Delhi-NCR and Chennai follow Mumbai both in space and value terms, the report said. Indian office space holds the potential to offer additional 101 million sq ft of office space for REIT from the new office completion expected during 2019-21. This could help upcoming REITs to gain from upside in rentals as well as capital appreciation,” said Samantak Das, Chief Economist and Head of Research & REIS, JLL India. According to Das, while the strong institutional flow of funds into real estate will continue to provide initial momentum towards REITs’ growth in the country, active participation of insurance and pension funds in future will help in long term growth of the market. With large and quality IT spaces occupied by prominent global players, Bengaluru will be the most favored city for REITable assets. Presence of single-ownership ready properties make it easier to aggregate the assets and the assets and manage them for REITs. Sources: realty.economictimes.indiatimes.com            

Demand of linking floating loan rates to repo rate fulfilled, say homebuyers

Demand of linking floating loan rates to repo rate fulfilled, say homebuyers

September 10, 2019 in Investment News

About a dozen banks have already aligned their lending rates with the repo rate of RBI.

Homebuyers have said that Reserve Bank of India has fulfilled their main demand by asking banks to link all new floating-rate loans for housing to specified external benchmarks, including repo, for faster transmission of reduction in interest rate to borrowers from October 1.

In a set of recommendations presented to FM Nirmala Sitharaman in August, homebuyers had apprised the minister of banks not passing on the benefits of reduced interest rates to buyers.

"Presently, banks/FIs have a system of increasing the interest rate on home loans, taken on floating basis, whenever there is an increase in the rate, however, in case of reduction in rates banks do not reduce the interest until applied for by the buyer. This is a classic case of unfair trade practices," buyers had said.

"This is very positive development for all homebuyers that the government is receptive of the suggestions given by us during our  interaction with the finance minister and the same has been acted upon by RBI now. This will certainly ensure fair play and homebuyers will now be saved from having their tenure increased following the rise in interest rates. This will also help some homebuyers plan for a second house since the government has now provided incentives for it in the Budget.

Sources: realty.economictimes.indiatimes.com

Lucknow: Committee inspects Sushant Golf City, warns Ansal API to complete project

Lucknow: Committee inspects Sushant Golf City, warns Ansal API to complete project

September 9, 2019 in Ansal Properties and Infrastructure

A high-powered committee of the state assembly inspected Ansal API's Sushant Golf City project on the city's outskirts recently, warning its promoters that they should ensure speedy completion of the project and civic amenities for residents. The move comes close on the heels of former chief minister Akhilesh Yadav shifting to a villa in the township. The committee comprising MLAs of different political parties has also directed the promoters to complete mandatory housing segments for economically weaker section, failing which strict action would be taken against them. LDA vice-chairman and top authorities of Ansal were also present during the inspection and meeting of the committee of the House in the township. The sub-committee is headed by BJP MLA Vinod Kumar Katiyar and has representatives of SP, BSP and Congress. The sub-committee had been constituted by Speaker Hridaya Narain Dixit, who heads the petition committee of the House. The petition committee of the Assembly addresses grievances of people by summoning government officials. Hearing a series of complaints against Ansal API, the Speaker had constituted a sub-committee to exclusively listen to the complaints. National president of Samajwadi Party and former chief minister Akhilesh Yadav and his father and SP patriarch Mulayam Singh Yadav had recently shifted to Ansal villas after the Supreme Court ordered former chief ministers to vacate government bungalows. Dixit said the committee has briefed him on Saturday's meeting and decided to once again inspect the township on July 2. If by that time the developers fail to fulfil their promises, he would ask the housing department to initiate disciplinary action against them. Subhash Mishra, Economic Times, Lucknow Sources: realty.economictimes.indiatimes.com  

Gurugram’s commercial market continues to shine

Gurugram’s commercial market continues to shine

September 5, 2019 in Real Estate News


Delhi/NCR

As industry expects further growth, a series of project completions, new launches, and pre-commitment from tenants have made the city's commercial property market premium and unique. There is growth ahead!

Gurugram's commercial real estate market is set to scale new heights. A series of completions and new office project launches have made the market investment worthy. Take for example the news on Singapore-based CapitaLand group firm Ascendas.

The company has leased around 6.5 lakh sqft area in its IT-SEZ at Gurugram to various corporates. In another key development, DLF Ltd has pre-leased almost 100% of the 2.5 million square feet in Cyber Park, Gurugram, to marquee tenants. "With the building nearing completion, rent commencement shall commence within this fiscal," a press announcement by the firm for the first quarter of the current financial year said.

Experts says that these developments are significant for Gurugram's real estate market.

"Demand for Grade A office space is on the rise across cities, as both large corporates and startups are looking to expand their business or establish base. Gurugram, with its easy accessibility to the national capital, can offer Grade A office space tenants just the right mix," Santosh Kumar, VC of ANAROCK Property Consultants, said.

Developers say that due to a high demand for quality offices there will always be a shortage of office supply. This is also true because new supply gets absorbed very fast.

"In the last three years, Gurugram has continued to register strong leasing activity, grabbing over 50% of the leasing business in the Delhi NCR and has remained on top. Thus, supply of new office spaces, too, would be absorbed by expansion in a very short span," Gaurav Bhalla, MD of Vatika Business Centre, said.

"There has been a big shift in all big corporates going forward and considering only single ownership developments for leasing. This, in turn, is driving all large institutional investors, combined with regional developers, to start new, large single-ownership office parks and that's exactly matching the need of Grade A companies which prefer Gurugram for larger volume, long-term office establishment and expansion plans," Harinder Singh Hora, MD of Reach Group, says.

What do stats say?

As per ANAROCK research, Gurugram saw close to 1.2 million square feet of new commercial supply in the first half of 2019, while absorption close to 1 million square feet during the same period. Amongst prominent new commercial supply added in Gurugram were Landmark Cyberpark and Bharti Worldmark, each of them spread over nearly 5 lakh square feet.

"A few things have worked in favour of Gurugram. One, the relatively lower rentals. Two, Metro connectivity and proximity to the airport. Three, a large residential catchment area and, finally, addition of Grade A supply of office space. Our data shows that in 1999, the Cybercity had just over 1 lakh sqft of Grade A commercial space. Today, it has nearly 13.8 million sqft," Samantak Das, chief economist and head of research and REIS at JLL India, says.

JLL data shows that Golf Course Road has a similar story. "In 2002, it had less than 2.5 lakh sqft. Today we are talking about almost 8.6 million sqft. All this stock has been added between 2002 and 2017, after which there was hardly any new stock addition," Das says.

Golf Course Extension Road (GCE) has also seen tremendous growth in office space supply. From 2.15 lakh sqft in 2009, the stock of office space is 7.88 million square feet today, JLL data shows.

Areas like DLF Cyber City and GCE in the city will continue to cater to demand from IT and ITeS sector companies. "Golf Course Extension Road is also emerging as a prominent office corridor in with huge supply pipeline slated to be completed in the next 3-4 years," Das said.

The impact

Santosh Kumar of ANAROCK's said that owing to the rise in demand from tenants, developers are providing state-of-the-art amenities to their clients, yet remaining cost-effective. Also, co-working spaces are gaining prominence. "Besides these emerging trends and its positive impact on commercial demand and supply, residential segment will also see the spill over demand of this. Migrant population, which is ever on the rise, will keep the momentum going in Gurugram. However, this will largely benefit those areas which are easily accessible or well-connected to these major employment hubs," Kumar says.

Ankit Sharma, Times Property, The Times of India, Delhi/NCR

Sources: realty.economictimes.indiatimes.com

RERA should be amended to plug loopholes: H-RERA Chairman

RERA should be amended to plug loopholes: H-RERA Chairman

September 4, 2019 in RERA Update

NEW DELHI: The realty law RERA should be amended to plug loopholes and make it more effective for the interest of all stakeholders, according to regulators. 

In an event organised by industry chamber PHDCCI, Gurugram RERA Chairman K K Khandelwal asked India Inc to make suggestions to the government for necessary amendments to RERA Act to make it dispassionately objective for both builders and home buyersAccording to Khandelwal, the existing stipulations and provisions of RERA Act have many loopholes that need to be plugged in the interest of all the stakeholders, PHDCCI said in a statement. 

"In its current format, several sections and sub-sections including clauses and sub-clauses of the RERA Act are contradictory and therefore, open for many legal interpretations as well interpretations of real estate regulatory authorities of different States and therefore, amendment to them are cal .. 

Balvinder Kumar, Member, UP RERA informed that the UP RERA has so far received 70,000 complaints from various home buyers against builders in the state that have defaulted in their delivery commitments. Of which 10,100 complaints have been addressed.
Sources: realty.economictimes.indiatimes.com

No progress in Highland Park, buyers go to Rera

No progress in Highland Park, buyers go to Rera

September 3, 2019 in Park Spacio

GURUGRAM: Launched in 2012, the Ansals Highland Park challenge in Sector 103 has seen no building work going down within the final six months. Greater than 600 homebuyers are bearing the brunt now. The patrons claimed that though that they had paid 90% of the overall quantity, the development is simply 45-45% full. The builder had promised to finish the challenge in 2017. Regardless of a number of makes an attempt, TOI couldn’t attain the developer for a remark. Vipin Khanna, a homebuyer, stated the work on the web site has seen no progress within the final six months. When a gaggle of homebuyers visited the location not too long ago, they discovered a number of labourers doing odd jobs. “After we visited the location on Could 2, we observed that the work had remained on the similar degree because it was six months again. Labourers had been discovered doing odd jobs, whereas there was no engineer or officers current within the web site,” Khanna stated. He added that after they visited the location, they realised that the developer had wasted their hard-earned cash. “There isn’t any replace on the developer’s licence renewal as DTCP web site exhibits it expired in 2016. Furthermore, the Ansals aren’t giving us any constructive reply,” he stated. One other purchaser Navnit Tyagi stated, “On seeing the non-responsive perspective of Ansals, the hombuyers’ affiliation filed a case in HRera, Gurgaon. The primary listening to will happen in July.” “We’ve got spent our financial savings for our dream dwelling. We now hope that Rera will do justice. Most of us are paying our hire and EMI on the similar time. We simply need the developer to finish the challenge and rid us of this further monetary burden as quickly as attainable,” he added. A bunch of homebuyers stated that that they had filed an RTI to know the explanation for the delay in licence renewal however haven’t acquired a reply but. When the development exercise on the challenge web site didn’t resume for months, the patrons organized a number of conferences with officers of Ansal to inquire the explanation for the work being at stan-dstill and in addition in regards to the particulars of the funds collected by them. The developer knowledgeable them that they don’t have funds to hold out building work. “As a matter of truth, the builders have additionally diverted the quantity paid by the patrons for this challenge to different tasks,” stated Sanjay Verma, president of patrons affiliation. Pooja Jha, additionally a homebuyer, says other than paying EMIs on housing mortgage as effectively rental, there’s extra burden on them as they’re paying charge for authorized battle in opposition to the developer. “It’s actually painful as all of us are already underneath large monetary burden attributable to callous perspective of developer. There isn’t any hope of getting justice and our dream houses in close to future,” she stated. Sources: realty.economictimes.indiatimes.com.

NCLAT asks Raheja Developers to settle dispute with financial creditors

NCLAT asks Raheja Developers to settle dispute with financial creditors

August 31, 2019 in Real Estate News

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has asked realty firm Raheja Developers to settle its dispute with homebuyers, after the company challenged the NCLT's order to initiate insolvency proceedings against it.   A three-member NCLAT bench, headed by Chairperson S J Mukhopadhaya, directed the interim resolution professional (IRP) appointed by the National Company Law Tribunal (NCLT) not to issue any public notice and also not to constitute a committee of creditors. The NCLAT directed to list the appeal filed by the realty firm on September 3, 2019, for orders. The appellate tribunal's direction came over a petition filed by Raheja Developers challenging the order of NCLT that directed to initiate insolvency proceedings on a petition filed by flat buyers. Homebuyers are now considered as financial creditors under the Insolvency and Bankruptcy Code. Last week, a two-member principal bench of the NCLT, headed by President M M Kumar, ordered start of insolvency proceedings and appointed an IRP to take over the management of the company. The tribunal had said "a default has occurred" by Raheja Developers in giving possession of apartments, and rejected the contention of the realty firm that the delay was caused because of lack of infrastructure in the area to be provided by the state government authorities. The NCLT's order came over a petition filed by a flat buyer of Raheja Developers. The petitioner had booked an apartment in the residential project Raheja Sampada developed by the corporate debtor (Raheja Developers). Raheja Developers had issued a joint allotment letter on August 3, 2012, and executed a flat buyer's agreement. According to the agreement, possession was to be delivered within 36 months, which was not fulfilled Sources: realty.economictimes.indiatimes.com.

UP-RERA resolves 11 complaints against builders

UP-RERA resolves 11 complaints against builders

August 30, 2019 in RERA Update

NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) on Wednesday resolved 11 of the sixteen cases filed against the builders in its eight Conciliation Forum meeting. Among those heard, maximum cases were related to Supertech. Out of 10 cases against the company, seven were resolved. For the other cases various options were suggested by the conciliator to consider and find a viable solution to resolve the matter. Apart from Supertech, one case each from APV Realty, Gaursons Promoters, Strategic Developers and Mahagun (India) were amicably resolved. The complaint regarding Ajnara India was referred back to court while in the case of Jaiprakash Associates various options were suggested by the conciliator to consider and find a viable solution to resolve the matter. In the NCR Conciliation Forum, more than 600 conciliation requests have been received till date. Sources: realty.economictimes.indiatimes.com.

Gurugram: Ansal Fernhill buyers to launch protest against delay in flats delivery

Gurugram: Ansal Fernhill buyers to launch protest against delay in flats delivery

August 8, 2019 in Uncategorized

GURUGRAM: The buyers of Ansal Fernhill in Sector 91, who have been waiting for the handover of flats for more than a year after paying around 80% of the cost, have decided to launch a protest against the builder. According to the agreement, the builder was supposed to hand over the flats by April 2018. However, several buyers alleged that till now they have not got any confirmation from the developer as to when they will get their property. They have also filed a complaint on the CM window. “I hoped that I would get my home last year itself. Now, it seems to be a distant dream. I have already paid more than 90% cost of the flat, and now I’m need answers from the developer. I’m paying loan EMIs to the bank and also pay the rent to my house owner. This is an additional burden. We are planning to launch a protest on Saturday,” said Manish Nema, a homebuyer. Rehan Khan, another buyer, said, “I fear that the builder might leave the country. We might not get our money and property. This goes back to 2011, precisely September 2011, when we booked our flat in Fernhills. The builder didn’t obtain any necessary clearances and approvals and had pre-launched the project to lure buyers. Almost eight years are over, and most buyers have paid almost 90% of the total cost. No action has been taken even though we lodged a complaint on the CM window last year.” According to buyers, a total of 700 flats were supposed to be developed. TOI tried to contact the developer, but hasn’t received any response despite repeated attempts. Sources: realty.economictimes.indiatimes.com

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