Blog

GURGAON Extra realty space on Metro routes in Gurgaon gets nod

GURGAON Extra realty space on Metro routes in Gurgaon gets nod

June 23, 2016 in RealtyFact Staff

The district planning committee on Monday approved a long-pending transit oriented development (TOD) policy. With this, the administrators hope to resolve one of Gurgaon’s biggest problems – traffic snarls – by increasing floor area ratio (FAR) along transit corridors. The move is also likely to boost the sluggish real estate market and raise much-needed funds for the development of Gurgaon’s mass transit system (MTS).

The policy was originally announced in 2014. It was approved by the district planning committee by incorporating all feedback and suggestions from various stakeholders.

Once norms are finalised, the TOD policy will be applicable to projects along important roads like Golf Course Road, MG Road, Southern Peripheral Road and Dwarka expressway. Metro rail routes already exist along some of these. The policy revolves around developing MTS like Metro and high density urbanisation, along these corridors.

Deputy commissioner T L Satyaprakash said the TOD policy will help resolve Gurgaon’s traffic problems, while increasing use of MTS. “It will also help raise funds, which will be used to develop the MTS,” said Satyaprakash.

“TOD zones will extend till 800m on either side of the earmarked transit network. Up to 500m will be kept inside the ‘intense TOD zone’, with the area between 500-800m to be called ‘transition TOD zone’,” said district town planner Mohan Singh. He said norms will be applicable on all new licences to be issued. Even older, completed projects can avail benefit of increased FAR, so long as they conform to norms.

Assistant town planner R S Batth said, “As per policy, area under ‘intense TOD zone’ is extended up to 500m from the transit network, and will get a FAR of 3.5, while areas under ‘transition TOD zone’ (between 500-800m) will get a FAR of 2.5.” Both areas had a FAR of 1.75 earlier.

DTCP planning officer Jaibir Sharma said increased FAR will allow for the creation of more housing units and office space. “It is likely to make housing and office space more affordable,” said Sharma, adding that developers have a windfall to reap by creating more built-up space and soaking up incremental benefits.

He said the main objective of the policy is to minimise travel time for citizens and ensure they can live close to their workplace. “Our plan is to encourage mixed land use to ensure people can walk to work,” said Sharma.

(source by:-Realty Fact)

DEVELOPERS Emaar MGF receives Occupancy Certificate for Emerald Hills

DEVELOPERS Emaar MGF receives Occupancy Certificate for Emerald Hills

June 23, 2016 in RealtyFact Staff

In continuation with its commitment and renewed focus towards execution, completion and delivery of its projects, India’s leading real estate developer Emaar MGF is pleased to announce the receipt of Occupancy Certificate for the first phase of its integrated township project Emerald Hills located on Golf Course Extension Road in Sector 62 & 65, Gurgaon.

Emerald Hills is a large township of almost 200 acres. The company has already offered 150 plotsfor possession to its customers, and has received the occupancy certificate for 413 more units, whose possession & handover will commence soon. These units include Emerald Hills Floors, Emerald Floors Select and Spanish Villas located in Ivory, Jemma and Topaz sectors of the township. Project work is ongoing swiftly for the remaining low-rise and high-rise towers which shall be delivered in subsequent phases.

Mr. Ashish Jerath, Head – Sales, Emaar MGF stated on this occasion “We are extremely delighted to announce this development for our customers. The Company under the leadership of Emaar is more focused towards the development and necessary deployment of resources for early completion of all its on-going projects. This is in line with our renewed strategy to resolve customer’s issues at the earliest possible. The project completion schedules with detailed timeline for achievement of specific milestones for all projects are being shared with our customers, and the same information has also been uploaded on our website.

 Mr Jerath further added, “At Emaar MGF, we are committed to the customers’ wellbeing and thus, the complete focus of the company will be to safeguard their interests. Customers are regularly updated on the progress, and site visits for customers will shortly be organized to oversee the same. We are confident of delivering more projects in the next 6-12 months, which will also aid in further strengthening our delivery track record”.

(source by:-Realty Fact)

Relief For Buyers Of Under-Construction Flats, Court Says No Service Tax

Relief For Buyers Of Under-Construction Flats, Court Says No Service Tax

June 23, 2016 in RealtyFact Staff

The Delhi High Court has ruled that no service tax can be levied in respect of the agreements entered into between buyers and builders for flats in an under-construction building in a housing project. A bench of Justices S Muralidhar and Vibhu Bakhru however noted that service tax could be levied on amount charged by the builders for preferential location of the flat, saying it was based on the preferences of customers and amounted to value addition. The order came on petitions filed by several persons who had entered into separate agreements with M/s Sethi Buildwell Pvt Ltd to buy flats in a multi-storeyed group housing project developed by the builder in Sector 76 in Noida in Uttar Pradesh. The petitioners had moved the court against the levy of service tax on services in relation to construction of the complex as defined under the Finance Act 1994 as well as the levy of service tax on preferential location charges. The bench said the government shall examine whether the builder in this case has collected any service tax from the petitioners and if such amount has been deposited with it, the money shall be refunded to them with 6 per cent interest. Regarding service tax levied of preferential location, the bench said, "We do not find any merit in the contention that there is no element of service involved in the preferential location charges levied by a builder." "We are unable to accept that such charges relate solely to the location of land. Thus, preferential location charges are charged by the builder based on the preferences of its customers. They are in one sense a measure of additional value that a customer derives from acquiring a particular unit." The bench noted that service tax cannot be levied on the value of undivided share of land acquired by a buyer of a dwelling unit or on value of goods which were incorporated in the project by a developer. It also said there was no "machinery provision" to ascertain the service element involved in the composite contract. (source by:-Realty Fact)

Consumer Commission Asks DLF To Pay 12% Per Annum Penalty For Delaying Flats

Consumer Commission Asks DLF To Pay 12% Per Annum Penalty For Delaying Flats

June 23, 2016 in Real Estate News

The apex consumer commission on Tuesday slapped a penalty of 12 per cent per annum on real estate major DLF Ltd to be given to 50 buyers for delaying giving possession of their flats in its Panchkula project in Haryana, saying it amounted to "cheating". The National Consumer Disputes Redressal Commission (NCDRC) bench, headed by Justice J M Malik, directed the firm to hand over the apartments to buyers as per a list proposed by DLF for scheduled possession, failing which it will have to pay a penalty of Rs 5,000 per flat per day to the buyers till the project is completed. The bench noted that the firm had to give the possession of the property within three years including the grace period from the date of letter of allotment till possession was to be given by 2013. After this, it will have to pay interest till the period it has now proposed before the commission, it said. If the flats are not given till the period now proposed by the firm, it will carry a penalty of Rs 5,000 per day till its possession, it said. The bench asked the builder to pay Rs 30,000 compensation each to all the 50 complainants for harassment and anguish. "It was the bounden duty of the Opposite Parties (firm) to put the complainants in possession of the premises in dispute, within 24 months after acceptance of the first instalment. It tantamounts to cheating, if one promises one thing and does not do the same thing within time." "As a matter of fact, after acceptance of the first instalment, the Opposite Party should have worked against the clock (in a hurry to get the order finished). Mutual and free consent is a sine qua non (essential ingredient of an agreement). The said agreement smacks of high handedness, despotism, arrogance and arbitrariness," the bench said. It noted that the homes should have been given by the end of 2012. "Six months is grace period and six months is the time consumed during the stay order, total time being till 2013." "We, therefore, grant concession of three years from the date of letter of allotment till the possession is given. The Opposite Parties are directed to pay to each of the allottee/allottees, interest at the rate of 12 per cent per annum from the expiry of three years from the date of allotment letter, till the possession is given, besides the penalty of Rs 5,000 per day, if there is further delay, as already ordered," it said. The commission said that those who had got the allotment letters in 2013 or 2014, were entitled to this interest only to the extent of their agreement mentioning 24 months. "We also impose compensation in the sum of Rs 30,000 to each of the allottee/complainant, towards litigation charges, anger, harassment, anguish, mental agony, frustration and sadness," it said. According to the complaints, the complainants had applied for flats at DLF Valley, Panchkula in 2010, and later entered into a contract with the firm. The flats were to be given within 24 months from the date of allotment of provisional allotment letters. However, the flats were not delivered by the firm and the buyers approached the NCDRC this year  (source by:-Real Estate News)

How Real Estate Bill May Shake Up Property Sector: Report

How Real Estate Bill May Shake Up Property Sector: Report

June 22, 2016 in Real Estate News

A shake-up of the property sector is imminent once the Real Estate Bill gets implemented in the next three months, according to India Ratings & Research. Developers wouldn't be able to launch new projects before obtaining all approvals and will have to deposit 70 per cent of sale receipts in an escrow account once the new law comes into effect. The new rules are likely to impact the liquidity of real estate players in the short-term, the research firm said. "This will put pressure on developers to raise more funds (debt or equity). Organised players have access to varied sources of funds, namely loans from banks/non-banking financial companies,debentures, private equity and structured debt, thus they are likely to be able to tide over the liquidity crunch, though the debt raising and cost of such funding will result in weaker credit profiles in the short term," it said. The new norms prohibit the sale of projects without registration with the Real Estate Regulatory Authority, for which the receipt of all approvals and commencement certificate is a prerequisite. Sales from new projects are a key source of liquidity for developers. Tighter liquidity could force developers to rely more on joint venture projects with land owners due to lower availability of surplus cash to buy land, said India Ratings. The research firm also said that the provision of depositing at least 70 per cent of sale proceeds in a separate account will "especially impact developers with projects in cities such as Mumbai or high-end projects in other cities, where the component of land cost is much higher than the construction cost".  (source by:-Real Estate News)

CHD Developers to Invest Rs 350 Cr in Gurgaon Project

CHD Developers to Invest Rs 350 Cr in Gurgaon Project

June 22, 2016 in Real Estate News

Realty firm CHD Developers Ltd on Monday said it will invest about Rs 350 crore over the next four years to develop a housing project in Gurgaon. In a filing to the BSE, Delhi-based developer said that the company will come up with a new project in Sohna, Gurgaon. "The land is spread over an area of 10.025 acres with a total saleable area of approx. 10 lakh sq ft (square feet). The project is under joint development and CHD holds 68 per cent of the total project," it added. When contacted, managing director Gaurav Mittal said the company has tied with a land-owner to develop this project, which will comprise of 1,380 housing units. He said the company would start construction in the next four months after obtaining the environment clearance and the project would be completed in four years after that. Asked about investment, he said, "The project cost will be about Rs 300-350 crore." The cost will be met from internal accruals, bank debts and advances from customers. Mr Mittal said this would be the fourth project of the company in Gurgaon. The company is also developing a township project at Karnal. Shares in CHD Developer, on Monday, ended 9.74 per cent higher at Rs 19.15 apiece on the BSE. (source by:-Real Estate News)

Why Gurgaon is a better property destination than Noida

Why Gurgaon is a better property destination than Noida

June 22, 2016 in Thomson Reuters

Home sales rose across most major markets in the country between January and March 2013 compared to last quarter of 2012, thanks to new project launches at attractive prices and the discount schemes on offer. Expectations of further rate cuts on home loans and the impending revival of the economy is likely to further fuel demand for new homes. If you are planning to buy a house around Delhi, Noida and Gurgaon must be high up on your list. The satellite cities are the most sought after destinations when it comes to the National Capital Region. Gurgaon: Often called the 'Millennium City', Gurgaon saw demand for new homes slowing for the third consecutive quarter, according to a Bank of America Merrill Lynch report. However, the slowdown in demand had no effect on prices, which rose by an average 4.5 per cent across projects over the three-month period, the report says. Fewer project launches during the quarter, lower inventory and rising speculation among investors led to a strengthening of prices. Real estate biggies like DLF and Unitech, which have executed large projects in Gurgaon, launched fewer apartments to focus on execution and inventory clearance. The absorption rate in Gurgaon is slowing but is still the highest in the country among tier I cities indicating robustness in the market, Bank of America adds. Gurgaon has the lowest unsold inventory of unsold flats in the country, the report says. According to Bank of America, Gurgaon will continue to show strength on the back of rising number of end-users and investors. "Prices of ongoing residential projects in Gurgaon continued to move northwards despite weak macro indicators and slowing demand trends," the report states. Noida: Noida also witnessed a slowdown in new launches in the first quarter of 2013 but, unlike Gurgaon, demand remained steady. Noida is the most affordable city among tier I cities, but its absorption rate has remained subdued and unsold inventory continues to rise since year 2010, Bank of America Merrill Lynch says. Home prices have remained depressed in Noida because of a large number of project launches, poor execution and tepid price appreciation. As a result, investors have fled the market. Bank of America Merrill Lynch said the timely execution of projects will be the differentiating factor for Noida in the near future. So, if you are an end user looking for affordable housing, Noida is a suitable destination. For those with deeper pockets, especially investors looking to make a quick buck, Gurgaon is the way to go. (source by:-thomson Reuters)

Banned: Property Tycoon KP Singh, Who Built India’s First ‘Smart’ City

Banned: Property Tycoon KP Singh, Who Built India’s First ‘Smart’ City

June 22, 2016 in Thomson Reuters

It was, by his own account, a chance encounter with Rajiv Gandhi, who later became Prime Minister, that turned former soldier Kushal Pal Singh into the man who built a city from nothing and made billions in the process. Mr Singh was toppled from his spot as India's richest property developer this week, when his company DLF Ltd was hit with an unprecedented three-year ban from capital markets, accused by the regulator of failing to disclose key information at the time of its record-breaking 2007 market listing. Investors wiped more than Rs 7000 crore off the indebted company's market value after the decision. Called a visionary developer, Mr Singh has been among the most influential names in the country of recent decades as the man who built "boom city" Gurgaon and fostered the outsourcing industry - with a little help, he says, from ex-General Electric boss Jack Welch. To its cheerleaders, Gurgaon, the city he imagined and built 15 miles outside national capital Delhi, is a prototype of where young, upwardly mobile Indians want to live and work. The outsourcing boom has made the city India's third-richest. "It is India's first smart city," said Rajeev Talwar, executive director at DLF. "Its infrastructure may be creaking ... but there is a new part which supports a new kind of life." To its detractors, though, Gurgaon is the epitome of the fervid real estate speculation and dysfunctional urban sprawl that threaten India's cities as population booms. Water and power are unreliable, social problems abound and private contractors have had to step in where the police have failed. Its population ballooned by about three-quarters to 1.5 million people in a decade. After a decade in power the Congress, led by Sonia Gandhi, was ousted in this year's general election by Narendra Modi's BJP. Exit polls show that Haryana, which includes Gurgaon, too is set to throw out the Congress in a state election held this week. Results are due Sunday. Mr Singh has been seen as close to the Gandhi family for years. In his autobiography, he describes how in 1980 he accidentally met Rajiv Gandhi, Sonia Gandhi's husband and the country's prime minister from 1984 to 1989, when the latter was travelling to Gurgaon and had stopped for water to cool his car's radiator. Mr Singh, whose family property firm had been pushed out of the capital by strict development laws, says he shared his plan for the dry and desolate Gurgaon region, and his fate was sealed. In the next few years, Mr Singh - who is even at 82 a sharp dresser with military bearing - acquired 3,500 acres of land in Gurgaon, some of it still undeveloped. "A salute to the old man to have at that time thought of putting together the entire site and not be tempted to gain by selling parcels of land to other developers," said Anuj Puri, chairman and country head of Jones Lang LaSalle, a property consultancy that advises DLF. In 2007, DLF listed in what was then India's largest IPO. The atmosphere at DLF, one employee recalled, was "electric". Opposition party members and anti-corruption activists have accused DLF of improper land deals with Robert Vadra, the son in law of Sonia Gandhi. The timing of market regulator Sebi's order this week, two days before the Haryana polls, has strengthened the view that DLF's close ties with the Congress could work against it. DLF and its supporters say they will seek to work with all governments, regardless of political shades. But even detractors say it is not the end of the road for Mr Singh or DLF. "It is not the end of the road for them. These companies don't disappear," said Prashant Bhushan, a veteran lawyer who has long campaigned against DLF. (source by:-thomson Reuters)

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)

© Copyright 2017
CS LandTraders India Pvt. Ltd Design by Hostcrux

Quick Contact

Your Name (required)

Your Mobile (required)

Your Email (required)

Your Message


Hot Deals

>> <
  • JMS Marine Square
  • Central Park-Flower Valley

Micro Sites