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DEVELOPERS TATA Housing sells over 200 apartments at “La Vida in NCR”

DEVELOPERS TATA Housing sells over 200 apartments at “La Vida in NCR”

June 21, 2016 in RealtyFact Staff

Tata Housing, one of the fastest growing real estate developers in India, today announced its accomplishment of selling over 200 units at its upcoming project “La Vida”, in a record time of 10 days. Strategically located off Dwarka expressway in sector 113, La Vida offers spacious 2, 2.5 & 3 BHK residences at a special starting price of Rs. 1.08 crore.

La Vida is designed to surround residents with nature, boasting 80% open spaces. At the heart of the estate is a terraced green while outdoor lounges dot the landscape. A state-of-the-art clubhouse offers a healthy mix of leisure spaces and sports courts, replete with amenities with facilities like a spa, a sauna, massage rooms and banquet halls. Designed to inspire conversations, even the lobbies and corridors are designed like art gallery aisles.

Speaking on the successful launch of La Vida, Brotin Banerjee, MD & CEO, Tata Housing, said, “This estate is designed to accommodate a lifestyle that’s grander and fuller than what most experience in a city.Keeping up the momentum of our project launches, La Vida is testament to the company’s penchant for developing projects that strongly resonate with consumers. We believe that the overwhelming response to the project since its launch is an indication of its success.”

La Vida residences are designed to offer utmost privacy. The decks overlook gardens and treetops, not other homes. Moreover and in keeping with the company’s commitment to building sustainable life spaces, this project carries an IGBC pre-certified Gold Rating.

To ensure utmost comfort and convenience to its residents, La Vida offers easy access to key locations within the city – it is 15 km from South Delhi, the Indira Gandhi International Airport is 5 km away and the metro station (proposed) is 3 km away, prominent healthcare and educational institutes – including Fortis Hospital and the prestigious JNU campus are just 25 minutes away.

La Vida is the second successful project by Tata Housing at the Dwarka Expressway. In Its earlier project Gurgaon Gateway which is closer to possession, the company managed to sell over 250 units during the launch.

About Tata Housing Development Company Limited

Established in 1984, Tata Housing is a closely held public limited company and a subsidiary of TATA Sons Limited. TATA Sons Limited holds 99.86% of equity share capital of the company.

Since its revival in 2006, the company has grown exponentially establishing itself as the fastest growing real estate developers in India, with 70 million sq.ft under various stages of planning and execution and an additional 19 million sq. in the pipeline. Tata Housing has stood out in the industry with quality construction, ethical and transparent business practices, rapidly acquiring an image as a Quality Conscious and Reliable Developer.

Today, Tata Housing is developing large townships and differentiated theme based projects in major and mini metros. As a comprehensive real estate developer of choice, Tata Housing straddles across all consumer segments from value to luxury housing, by offering products ranging from Rs. 12 lakhs to Rs. 14 crores. All projects developed by Tata Housing are certified sustainable green developments, designed by top internationally renowned architects. With strength of over 800 employees, and presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar; the company is now in the process of expanding its footprints to other parts of India across tier I and II cities. The company has also ventured into foreign markets such as Maldives and is actively exploring other markets including Sri Lanka and other South Asian countries.

(source by:-Realty Fact)

DLF rental arm gets $1billion bids from three big investors

DLF rental arm gets $1billion bids from three big investors

June 20, 2016 in RealtyFact Staff

Blackstone Group, GIC of Singapore and Brookfield Asset Management have fired slightly over $1-billion separate bids to acquire a 40% stake in DLF’s commercial property unit that owns rent-yielding assets. The three heavyweight investors are among those who made offers as the deadline for filing bids ended last weekend, sources directly familiar with the matter said.

A consortium of Qatar and Abu Dhabi sovereign funds, along with Kotak Realty Fund, is seen as the fourth bidder in the process.

DLF plans to sell a significant minority interest in DLF Cyber City Developers (DCCDL), which owns the leased commercial assets including office and retail space portfolio in the National Capital Region and in Kolkata. But the deal under negotiations exclude some of its retail assets, like the Mall of India in Noida and DLF Place in Saket, and the office buildings that house DLF corporate headquarters. The bids are essentially for a portfolio of around 25 million sq ft of tenanted space, mostly office buildings, sources added.

The three big investors are learnt to have made non-binding offers estimated at between $1-1.3 billion for the 40% stake, pegging DCCDL’s equity valuation (excluding debt) at about $2.5 billion.

Another possible suitor, Canadian Pension Plan Investment Board along with local partner Shapoorji Pallonji, evaluated the deal before dropping it, sources added.

A DLF spokesperson said he would not be able to comment on the bidding process. The deal-making is a precursor to DLF’s plans to list the rent-yielding assets through a real estate investment trust (REIT) after roping in a marquee global investor. Brookfield Asset Management and Blackstone Group declined to comment, while GIC of Singapore could not be reached immediately. Morgan Stanley and JP Morgan are advising the stake sale under way.

One of the sources cited earlier said GIC was possibly a frontrunner to sew up the deal since it is already a large investor in multiple residential projects of DLF. Further, GIC, unlike rival bidders, also has a relatively smaller platform of rent-yielding Indian commercial assets. Nevertheless, DLF promoters are likely to favour the highest bidder as the country’s largest real estate developer looks to pare down and refinance debts pegged at around Rs 22,000 crore.

The world’s largest real estate investor Blackstone is on road to build a 50-million-sq-ft leased office space portfolio through two large joint ventures, which it bulked up through acquisitions. The DLF deal would provide Blackstone a complimentary footprint as the latter does not have any significant asset portfolio in NCR and Kolkata.

Similarly, Canadian investor Brookfield acquired Unitech Corporate Parks through which it has 11 million sq ft of leased office space and a development potential of another 6 million sq ft. TOI recently reported that Brookfield is set to acquire a 4.5-million-sq-ft Hiranandani business park in Powai near Mumbai for $1 billion.

Qatar Investment Authority, a sovereign investor from the Middle East, is another prolific investor in Indian commercial real estate through a joint venture with southern developer RMZ. The DLF stake also offers an opportunity for new bulge-bracket investors to play in India’s maturing commercial realty market.(source by:-Realty Fact)

Manohar Lal Khattar announces slew of development projects for Gurgaon

Manohar Lal Khattar announces slew of development projects for Gurgaon

June 18, 2016 in RealtyFact Staff

Chief Minister Manohar Lal Khattar today laid the foundation of a six-lane road project between Mahaveer Chowk and Dharuhera, and announced several schemes, including development of a smart power grid, in the city.

Rs 36.61 crore has been sanctioned for the project, he said addressing a programme, ‘Badalti Soch, Badalta Gurgaon’, here.

The road will give a major relief to thousands of commuters, he said.

On the power grid project, he said, “Within two years, there will be no power crisis in Gurgaon as a smart power grid is being developed here which will supply 24 hours electricity in the city. This task will be completed in four phases. The first phase tender process has been completed.”

Rs 20 crore has also been allocated for improving water supply in Gurgaon, according to a government release. Under this project, new pipelines will be laid and old ones will be repaired and renovated.

Khattar also alloted four vacant buildings in DLF area to the District Education Department for educational institutes and schools.

A woman university will be opened in Gurgaon city, he said.

To ease traffic woes, a foot over-bridge will be constructed at Tau Devi Lal park.

A road will be constructed at Sector-15, for which Rs 20 crore fund has been sanctioned.

“Four new underpasses will also be constructed at Rajeev Chowk, Iffco Chowk, Signature Tower which will ease traffic problems at Gurgaon Expressway and service roads,” Khattar said.

Haryana PWD Minister Rao Narbir Singh, who was also present at the event, said permission has been granted for the expansion of Metro Rail from Dwarka to Iffco Chowk.

(source by:-Realty Fact)

Gurgaon proposes 15% cut in circle rate

Gurgaon proposes 15% cut in circle rate

June 17, 2016 in RealtyFact Staff

The Gurgaon administration has proposed to slash circle rates of properties by 15% this year to help revive a slumbering real estate market that is in the grip of a prolonged downturn.

If the Haryana government approves the proposal, it will be the first time in recent history that Gurgaon, a premium real estate market, will see the circle rate graph slip downward. In the previous two financial years – 2014-15 and 2015-16 – circle rates in the city were kept unchanged but failed to lift buyer sentiment.

Though it’s not the only factor responsible for the realty industry’s current problems, a senior government official said the proposal to cut circle rates is a course correction, in consonance with the prevailing ground realities, and is expected to help recharge the market.

“It (the proposal) reflects the reality,” said divisional commissioner D Suresh, who has sent the proposal to Chandigarh for approval. Suresh said in some areas, existing circle rates are higher than current market rates of land and need to be rationalised. Circle rate is the minimum value at which sale or transfer of a plot, a built-up house, an apartment or a commercial property take place. Buyers also pay stamp duty according to the circle rate.

Gurgaon deputy commissioner TL Satyaprakash, who led the committee that proposed the reduction, said there was a dip in flat registries, leading to loss of revenue for the government. “Market rates have come done in certain areas but circle rates are still high, so we have to rationalise the rates,” said Satyaprakash.

One of the changes suggested by the administration is a graded circle rate for commercial properties between Ambience Mall and Sector 39, which is currently uniform. “We want different circle rates for different areas on this stretch, the highest rates for commercial properties near Ambience Mall and Galleria Market but different ones in the remaining areas,” said Satyaprakash.

Developers were confident that investor sentiment would significantly improve with the rate reduction. “The circle rate cut will reduce overall cost as these rates are the basis for tax calculations,” said Pankaj Bansal, director of M3M Group.

Manoj Goyal, director of Homestead, said, “This is good move as property prices have dropped over the past couple of years, creating a gap between the transaction value and circle rates. Buyers are forced to pay additional stamp duty and capital gains tax on the differential value as well. This results in an extra payout.”

Huda, which is having trouble finding buyers for its land parcels because of the high circle rates, is also expected to gain from the move. “In March, we had put on auction 96 commercial properties in Gurgaon, Dharuhera and Rewari. But we managed to sell only 10 properties,” said a senior Huda official.

(source by:-Realty Fact)

DELHI NCR Unitech to pay Rs 48 lakh to buyer with 18% interest for flat delay

DELHI NCR Unitech to pay Rs 48 lakh to buyer with 18% interest for flat delay

June 15, 2016 in RealtyFact Staff

The apex consumer commission has asked real estate major Unitech Ltd to pay over Rs 48 lakh to a Delhi resident for failing to hand over an apartment in its Greater Noida project even after a decade.

National Consumer Disputes Redressal Commission (NCDRC) also directed the company to pay an interest of 18 per cent per annum from 2008, when the complainant had paid money, till the amount is paid back by the builder.

A bench of Justice J M Malik asked the builder to pay the money to Delhi resident Bhupinder Singh, noting that “almost a decade is going to elapse. No headway has been made in respect of the tower in question.”

“It must be noted that the opposite party (firm) took the lion’s share of the price of the apartment in dispute till December 5, 2008. Almost a decade is going to elapse. No headway has been made in respect of the tower in question. The complainant has many irons in the fire.

“He is utilising the amount of the complainant for other projects. A fabian policy adopted by the opposite party must have benefited it a lot. It has already succeeded to feather in its own nest, that is to make profit at the cost of others,” the commission said.

The bench directed the firm to “return the entire amount received by it, i.e., Rs 48,03,982 along with interest at the rate of 18 per cent simple interest from the dates of deposits till its realisation.”

The commission also awarded a compensation of Rs 50,000 to the complainant.

According to the complaint, Singh had booked an apartment in firm’s Unitech Horizon in Greater Noida, Uttar Pradesh in May 2006. Total sale consideration was Rs 49,85,380 and by December 2008, he paid Rs 48,03,982 to the builder.

The builder had assured him that the flat will be handed over by November 2008 but failed to do so, it said, adding that the complainant kept running from pillar to post from 2009 till 2015 but was always given false promises which led him to file a complaint before the commission.

(source by:-Realty Fact)

Gurgaon proposes 15% cut in circle rate

Gurgaon proposes 15% cut in circle rate

June 13, 2016 in RealtyFact Staff

The Gurgaon administration has proposed to slash circle rates of properties by 15% this year to help revive a slumbering real estate market that is in the grip of a prolonged downturn.

If the Haryana government approves the proposal, it will be the first time in recent history that Gurgaon, a premium real estate market, will see the circle rate graph slip downward. In the previous two financial years – 2014-15 and 2015-16 – circle rates in the city were kept unchanged but failed to lift buyer sentiment.

Though it’s not the only factor responsible for the realty industry’s current problems, a senior government official said the proposal to cut circle rates is a course correction, in consonance with the prevailing ground realities, and is expected to help recharge the market.

“It (the proposal) reflects the reality,” said divisional commissioner D Suresh, who has sent the proposal to Chandigarh for approval. Suresh said in some areas, existing circle rates are higher than current market rates of land and need to be rationalised. Circle rate is the minimum value at which sale or transfer of a plot, a built-up house, an apartment or a commercial property take place. Buyers also pay stamp duty according to the circle rate.

Gurgaon deputy commissioner TL Satyaprakash, who led the committee that proposed the reduction, said there was a dip in flat registries, leading to loss of revenue for the government. “Market rates have come done in certain areas but circle rates are still high, so we have to rationalise the rates,” said Satyaprakash.

One of the changes suggested by the administration is a graded circle rate for commercial properties between Ambience Mall and Sector 39, which is currently uniform. “We want different circle rates for different areas on this stretch, the highest rates for commercial properties near Ambience Mall and Galleria Market but different ones in the remaining areas,” said Satyaprakash.

Developers were confident that investor sentiment would significantly improve with the rate reduction. “The circle rate cut will reduce overall cost as these rates are the basis for tax calculations,” said Pankaj Bansal, director of M3M Group.

Manoj Goyal, director of Homestead, said, “This is good move as property prices have dropped over the past couple of years, creating a gap between the transaction value and circle rates. Buyers are forced to pay additional stamp duty and capital gains tax on the differential value as well. This results in an extra payout.”

Huda, which is having trouble finding buyers for its land parcels because of the high circle rates, is also expected to gain from the move. “In March, we had put on auction 96 commercial properties in Gurgaon, Dharuhera and Rewari. But we managed to sell only 10 properties,” said a senior Huda official.

(source by:-Realty Fact)

GURGAON Southern Peripheral Road – The newest realty destination of Gurgaon

GURGAON Southern Peripheral Road – The newest realty destination of Gurgaon

June 11, 2016 in RealtyFact Staff

Over the previous decade, Gurgaon has emerged as the panacea for the burgeoning need for quality housing in Delhi NCR. For the past few years Gurgaon has been consistently growing with new localities and neighbourhoods coming into the property limelight. Among them one of the most recent and popular destinations for those looking for apartments in Gurgaon region is the Southern Peripheral Road or SPR.

The Southern Peripheral Road is a 150-meter-wide road, which connects Golf Course Extension with NH-8, intersecting Sohna Road at Badshahpur. According to the New Gurgaon-Sohna Master Plan 2031, there is a focus on developing major infrastructure along the SPR which include plans for metro connectivity, link to Gurgaon-Faridabad Road and extending the SPR into a six-lane expressway.

Realizing the potential of the locality as a residential and commercial property hub, a large number of realty developers have announced a spate of new projects and launches in this locality. As compared to the Delhi NCR residential market in the past year, the Golf Course Extension Road has been the most active micro markets in Gurgaon, witnessing maximum launches.

According to Ganesh Vasudevan, CEO IndiaProperty.com, “Upcoming infrastructure projects like the Southern Peripheral Road will not only improve connectivity but create new investment hotspots in the region.”

According to a recent news report, many developers such as Unitech, DLF, Tata, Raheja Developers, Ireo, Parsvanath, BPTP, Vipul, and Emmar MGF have large tracts of land in this area. There is also a great demand for premium properties in the neighbourhood and developers such as Tata, Unitech, BPTP and Spaze have already launched their premium projects in this location. The report goes on to state that approximately, 20,000 units are under construction in various sectors along this road with most apartments typically being 3 and 4 BHK of 1,500 to 3,000 sq. ft.

Unitech has launched a large number of projects along Southern Peripheral Road- such as Crestview Apartments and South Park with a budget of a little over than INR 1 crore, Unitech Exquiste, Anthea Floors and Ivy Terraces in the INR 1-3 crore bracket. They also offer Espace Premier in the beyond INR 3 crore budget. Tata Primanti  is another prominent project in the locality by Tata Housing  that offers luxurious villas and residences spread over 36 acres.

SPR is attracting developers and investors and has become a beehive of activity with many properties in Gurgaon for sale. With modern-living options and excellent connectivity, SPR is all set to become the next big realty destination of Gurgaon

(source by:-Realty Fact)

Raheja’s Maheshwara to redefine Gurgaon market

Raheja’s Maheshwara to redefine Gurgaon market

June 10, 2016 in RealtyFact Staff

Raheja Developers Ltd announced the launch of “Maheshwara” — part of Raheja Aranya (The First Smart Green City in the area) — located at Sector 11 & 14 Sohna, South of Gurgaon and spread over 9.23 acres. Launched in the memory of Maheshwarnath Raheja, father of Navin M Raheja, CMD, Raheja Developers Ltd, the project will redefine the real estate market owing to the affordable prices while all the luxury accompaniments of Raheja projects are kept intact.

The project is approximately 15 minutes drive from Golf Course Extension Road area in Gurgaon and gives a view of the green forest of Aravallis. A 2-BHK apartment (1080sq.ft.) starts at an all inclusive price of Rs 34.63 lakh @2975 per sq.ft on super area which is almost 20 % lower than the prevailing market price with a guarantee of quality. There are no extra charges for PLC, parking reservation charges & club membership. There is a guarantee of no charge in case the super area increases in future. Raheja is also a guaranteeing zero price escalation, which in itself is a guarantee that the project has been meticulously planned and executed with a guarantee of on-time delivery.

The total project revenue is estimated at aprox. 300 cr and the investment will come through internal accruals. Raheja has already moved on from the broad term and conditions of the real estate regulatory bill, 70% of the cost of the project will be kept in a separate escrow account and the company will pay delay compensation at equivalent interest rate of delay in payment. All the relevant details related to the project like license number and building plan approval are uploaded on the webpage. Raheja has also decided to impose nominal cancellation charges in case the customer today decides to quit from the project.

One of the best construction companies L&T is already developing the infrastructure for the township and construction will be done by Arabtec, the makers of Burj Khalifa in Dubai, the tallest tower in the World. Apart from infrastructure, there is a 24 mtr approach road connecting the township. Special blocks are being constructed within the project as retirement homes for the senior citizens with the international level facilities. The design of these blocks and apartments has been tweaked to suit the requirements of senior citizens.

In continuity and proximity to 75000 acres of Aravallis forest, Sohna, South of Gurgaon is perhaps the greenest city in India. This city offers economic growth too as approximately 1700 acres of land owned by HSIIDC is within 2 kilometers of Aranya City.

This integrated township of 165 acres is having a mix of group-housing condominiums, penthouses, designer homes, plots and villas. This township is designed to be the first Smart Green City in the private sector with features like WI- FI, solar power generation, rain water harvesting, solar street lighting, waste management systems, water recycling systems designed for zero discharge. The township has been awarded Gold Rating by the Ministry of Environment and Forest.

The city will also have central city monitoring CCTV cameras, electric golf carts for internal transportation. Roads are built with concrete and stone pavers durable to last for generations and have low maintenance. The city has all underground electrical wiring and provisions of optic fiber network laying instead of aerial over hanging wires. The city has features like no pavements and no walls, similar to high-end townships of developed countries internationally.

(source by:-Realty Fact )    

NHAI asks Delhi to set up panel for speedy work on Dwarka Expressway

NHAI asks Delhi to set up panel for speedy work on Dwarka Expressway

June 9, 2016 in RealtyFact Staff

NHAI has written to the Delhi government asking it to appoint a competent authority of land acquisition (CALA) to complete construction on the Delhi side of Dwarka Expressway, which is now likely to be completed as a national highway.

Union transport minister Nitin Gadkari gave in-principal approval to convert Dwarka Expressway into a national highway, during the Happening Haryana summit in March. On April 5, the Haryana government had given its consent to declare this road as a national highway.

NHAI is now working on a detailed project report and will soon start land acquisition in Delhi and Gurgaon, to complete the expressway that has already missed six deadlines. CALA will acquire land under NHAI Act, i.e. for national interest, which would make the process relatively easier.

The expressway will cover a 27km stretch between Dwarka in Delhi and NH-8 in Gurgaon. It will start from Shiv Murti on NH-8 in Delhi and end a kilometre before Kherki Daula on NH-8. Of its 27 km, 18km will be in Gurgaon and 9km in Delhi.

The route will need Delhi to acquire land in eight villages – Rangpuri, Samalkha, Nangal Dewat, Mahipalpur, Bharthal, Pochanpur, Bijwasan and Bamnoli. A majority of work in the Gurgaon section is already complete, barring New Palam Vihar and Kherki Daula.

NHAI project director Ashok Sharma said, “We’ve asked Delhi to sanction CALA. As soon as it’s appointed, land acquisition will begin and the project initiated.”

“To acquire land quickly, notification will be made under NHAI Act,” he added.

(source by:-Realty Fact )

Sobha commences delivery of villas in International City, Gurgaon

Sobha commences delivery of villas in International City, Gurgaon

June 8, 2016 in RealtyFact Staff

Limited, the most trusted real estate developer, begins the handover of the first phase of its flagship project, International City, Gurgaon in NCR.  Spread across 150 acres, International City is a secured, low-density villa community that offers presidential villas, duplex villas and super luxury row houses.

The project is located across sectors 109, 106 and 108 in Gurgaon, at the edge of Delhi and close to Indira Gandhi International Airport. The project, which was launched in 2011, marks the foray of Sobha Limited in Delhi-NCR region. The project has already received several recognitions, most recent being the prestigious ‘Luxury Villa Project of the Year’ award at the NDTV Property Awards 2015.

Despite the challenges posed by a sustained slowdown in the real estate sector, particularly in the NCR region, Sobha lives up to its commitment of delivering international quality products within the agreed timelines.

 Speaking on the occasion, Mr. J C Sharma, Vice Chairman and Managing Director, Sobha Limited said,“Traditionally real estate has been geography specific. However trends have been changing. For us, with our headquarters in Bangalore, it was challenging to step into one of the biggest markets in North India. We made an ambitious entry into the NCR market in the year 2011 with the launch of our International City Project in Gurgaon. We are very pleased to announce the successful delivery of row houses in the project. In a difficult operating environment, our international quality products delivered on time is a reflection of the Company’s determination to fulfill its commitments.”

Mr. Jagadish Nangineni, Regional Head – NCR, Sobha Limited said, “As we begin to hand over homes at the International City to our customers, we would under score our reputation of delivering international quality products on time in the National Capital Region as well. It had been a challenging task to establish our brand, execute and deliver through Sobha’s unique backward integrated model in a new location and our commitment to do the same is starting to bear fruit.”

 International City is a carefully planned project with well-designed and executed infrastructure facilities with tree-lined avenues, walkways all through the project. The project has a club house spread across 2 acres, offering best in class sports and social amenities. Besides this, the project also incorporates environment-friendly initiatives such as organic waste convertors, STPs, rain water harvesting and common 24-hour power back-up and for hassle-free living.

(source by:-Realty Fact)

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