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Real estate firms hail Cabinet nod for Bill

Real estate firms hail Cabinet nod for Bill

December 12, 2015 in Real Estate News

Developers and industry watchers have hailed the Cabinet approval for Real Estate (Regulation and Development) Bill, saying it would set the benchmarks in consumer rights protection.However, they also pointed out that if speedy project approvals are not factored in, it could lead to project delays and even rise in costs.The Union Cabinet had approved the Real Estate (Regulation and Development) Bill, 2015. The Bill will now be taken up for consideration and passage by Parliament. Navin Raheja, Chairman, Naredco Advisory Council and Real Estate Committee, FICCI, said, “We wish the sanctioning authorities in the estate were included in the Real Estate Bill because without bringing them on board, delays would continue in the implementation of projects. And we wish the project escrow account should have been at a lower realistic level as per actuals.” Vineet Relia, MD, SARE Homes, said: “The sector is currently going through a wait-and-watch phase. As a developer, we are hoping that the amendment would promote speedy approvals and execution of projects, bring about professionalism and accountability in real estate transactions.”   The Bill regulates both commercial and residential real estate projects. The Bill has also proposed setting up an escrow account to cover the construction cost of the project for timely completion of the project. Sachin Sandhir, Global MD, Emerging Business, RICS, said, “It is a welcome move to amend certain aspects of the Bill which will benefit end users greatly, especially putting aside 70 per cent of the sale proceeds in an escrow account to meet the construction cost. If effectively monitored, this will lead to faster execution and delivery of the projects which is a critical challenge in the real estate sector in India.” (source by: www.thepropertytimes.in/)

Revised real estate bill can boost buyer confidence

Revised real estate bill can boost buyer confidence

December 11, 2015 in Real Estate News

Over the last one decade when real estate markets in India saw a dramatic rise, home buyers were mostly at the receiving end. Lately, the biggest issue facing buyers are delays in completion of projects and in some cases builders cheating them of their life savings. In its new avatar, the real estate regulatory bill will help change the current sentiment among home buyers, boosting confidence among them, say property market experts. The Union cabinet on December 9 approved 20 major amendments to the Real Estate (Regulation and Development) Bill, 2015, which aims at greater accountability, investor protection, transparency and efficient working in the real estate sector. These changes were based on the recommendations of the select committee of Rajya Sabha that had examined the bill pending in the upper house of the parliament. Anshuman Magazine, managing director of property consultancy CBRE says the bill in its new form is a further positive for the consumer. "Property buyers will get more confidence and comfort." The new bill seeks to make even small developers accountable, which was not the case earlier. It mandates that even residential projects measuring 500 sq metre or with eight apartments to also be registered with the regulatory authority. The limit earlier was up to 1,000 sq metres. The most important change that is being made is the shorter adherence timelines. Regulatory authorities will now be required to make regulations within three months of its formation as against six months earlier proposed, while the states will now have to make rules within six months of notification of the proposed Act as against one year earlier proposed. Allottees will have to take possession of houses in two months of issuance of occupancy certificate. Also appellate tribunals and regulatory authorities will now have to adjudicate cases in 60 days as against 90 days proposed earlier. "These shorter timelines would ensure speedy and stricter completion of projects," says Samantak Das, chief economist & national director - research, Knight Frank India. "Also the option to approach 644 consumer courts at the district level, along with the real estate regulatory authorities proposed to be set up under the bill, would bring the confidence of the buyers back in the market and increase sales," he adds. The Bill also provides an option to set up adjudicating officers and Appellate Tribunal for fast-track dispute resolution. One of the big challenges for home buyers has been going for legal recourse. "Not many people go for legal recourse in case of a dispute with a builder as it takes a long time to get resolved. The new bill provides for speedy redressal," says Magazine. Builders will now have to pay equal rate of interest in case of default or delays as home buyers. What has also been changed is the liability of builders for structural defects that has been increased from the earlier two to five years now. The compulsory deposit of proceeds in escrow account will not only protect the interest of consumers, but will also act as a confidence booster in the real estate sector. "This provision has been introduced in the bill to ensure that money received for a project is primarily utilized for developing that same project; and thus reduce delays in project deliveries," says Surabhi Arora, Associate Director, Research at Colliers India. Real estate developers will now have to deposit 70% of the project cost in a separate escrow account, from 50% proposed earlier. The revised bill also includes an enabling provision for arranging insurance of land title, which will protect buyers and developers from frauds. "Homebuyers will not have to worry about the approval or stage of the construction of project if this bill gets implemented in its current form," says Pawan Jasuja, director of brokerage firm Finlace Consulting. Promoters of the project are now barred from changing plans and designs without the consent of the consumer. "Developers would now have to give more time in the planning phase than execution," adds Jasuja. However, because the bill does not bring under its ambit approving authorities who, in many cases, are the reason for delays in projects, and provisions for imprisonment, it will become more difficult to do real estate development so quality people will stay away. "This will eventually curtail supply and could lead to a rise in prices in the long term," says Magazine from CBRE. Anuj Puri, chairman & country head, JLL India also feels strict punishment for developers without bringing the relevant government agencies and approval process under its ambit, looks a bit one-sided. "The bill shall create a much required consumer right protection umbrella for buyers of real estate thereby increasing consumer confidence and creating lasting developer brands who shall be known for quality and timely delivery of projects," he said (source by : India property news)

5% increase in property tax for eateries, inns in Delhi

5% increase in property tax for eateries, inns in Delhi

December 10, 2015 in Real Estate News

NEW DELHI: The South Corporation collected Rs 51,923.90 crore in property tax this year, which is one of the major sources of revenue for the civic body. Of the 16 lakh properties in its jurisdiction, only 25% fall in the tax bracket. Besides, there are six to seven lakh properties in unauthorised colonies, which previously weren't required to pay property tax but now they do. Like the North Corporation, the south civic body too has proposed a 1% increase in property tax for residential properties under categories C, D and E; and a 2% hike for properties in A and B categories. For commercial property, a 5% hike has been proposed for A to H categries, including jewellery shops, guest houses, restaurants without bars or AC, liquor shops, etc. The 15% rebate offered to citizens for timely payment of property tax has been proposed to be slashed to 10%. Senior citizens, differently-abled and women who were eligible for a rebate of 30% for 200sq m of covered space of property, will get 20% rebate for 100sq m space, according to the 2016-17 budget proposals made by commissioner Puneet Goyal. He also proposed to allot unique property identification code (UPIC) to existing tax payers and then extend it to all new tax payers. (source by : www.etreality.com)

GST, Real Estate Bills listed in Rajya Sabha for next week

GST, Real Estate Bills listed in Rajya Sabha for next week

December 5, 2015 in Real Estate News

NEW DELHI: Government has managed to take the Opposition on board for listing the crucial Goods and Services Tax Bill for discussion and passage in the Rajya Sabha though a consensus on the proposed legislation is still in the works. The Rajya Sabha Business Advisory Committee- comprising of MPs from all major parties- agreed to the government suggestion for listing the GST Bill for discussion and passage in the week starting December 7. Four hours have been allocated for this. Being a Constitutional amendment, the GST Bill has to be approved by 2/3 majority in both Houses and half of the state assemblies. Lok Sabha has already passed the Bill. Meanwhile, government is engaged in back channel negotiations with Congress to get its support. Once Congress chief Sonia Gandhi is back from the US, there will be more clarity on the main opposition's stand. The Real Estate Bill will also be taken up for discussion and passage in Rajya Sabha in the coming week only once it is sure of their passage, sources said.   NEW DELHI: Government has managed to take the Opposition on board for listing the crucial Goods and Services Tax Bill for discussion and passage in the Rajya Sabha though a consensus on the proposed legislation is still in the works. The Rajya Sabha Business Advisory Committee- comprising of MPs from all major parties- agreed to the government suggestion for listing the GST Bill for discussion and passage in the week starting December 7. Four hours have been allocated for this. Being a Constitutional amendment, the GST Bill has to be approved by 2/3 majority in both Houses and half of the state assemblies. Lok Sabha has already passed the Bill. Meanwhile, government is engaged in back channel negotiations with Congress to get its support. Once Congress chief Sonia Gandhi is back from the US, there will be more clarity on the main opposition's stand. The Real Estate Bill will also be taken up for discussion and passage in Rajya Sabha in the coming week only once it is sure of their passage, sources said. (source:by www.economictimes.indiatimes.com)

Sohna Road: The Next Destination for Gurgaon Commercial Properties

Sohna Road: The Next Destination for Gurgaon Commercial Properties

December 2, 2015 in Real Estate News

VThe compact location of MG Road and high cost at Cyber City are pushing corporate houses to look for alternate locations. Undoubtedly, Sohna Road is the first choice as it is well connected with NH-8. Easy connectivity to NH-8 allows companies to access old and new Gurgaon without any trouble of heavy traffic. On the other hand, the easy connectivity with Golf Course Road is an added reason that makes Sohna Road a substantial option for commercial property in Gurgaon. Fore Front Offices, the key provider of Business Centre at Sohna Road, has been supporting leading corporate clients for many years at this location. The primary reason behind being functional at this strategic location is the easy accessibility to other commercial destinations like Cyber City, Udyog Vihar, Signature Towers, MG Road, Manesar, Bhiwadi, and Jaipur. The Chairman and Managing Director of Fore Front Offices, Parminder Singh, strongly believes that Sohna Road is the best alternative for small as well as large corporate businesses for their expansions and start-up. He also said, "We chose Sohna Road after analysing the requirements of our clients. We believe that clients look for more than space and to serve them better, we identified a location that not just fits their budget but also compliments their business expansion plans. Unlike Noida Sec 62-63, Sohna Road has quality human resources and marketing exposure available in Gurgaon. Initially, we started with only 160 seats, but seeing the high footfall and demand from leading corporate clients in Gurgaon, we have acquired additional 20,000 sq. ft. area, which itself is an indicator that we took the right decision." There are many international corporate companies and start-ups in Gurgaon and investors are ready to help SMEs in their establishments. For all the big plans and upcoming corporate houses, ready-to-move offices need to be headquartered in the core market. For this, Sohna Road being a mix of business parks and IT hubs seems to be an apt location in Gurgaon. No doubt, Sohna Road has become an attractive destination with the all-mix use of land for many companies. There are more than 15 commercial buildings at Sohna Road that are occupied by leading market players who are in the process of expanding their businesses. Being the prime location, Sohna Road has all possible reasons to accommodate clients' requirements in the best possible ways. At Sohna Road, Fore Front Offices is one of the trusted names that provides office space solutions at JMD Megapolis to leading business houses. JMD is also a trusted name when it comes to looking for property in Gurgaon. JMD Group is known for building new worlds with brick as per the government defined land guidance. Also, their JMD Megapolis project is spread across in the area of 12 lakh sq. ft. (super area) and has 12 floors with stilts plus a three-level basement and 2,500 parking slots. This group is also estimated to be in the region of US$ 15 billion, growing at a pace of 30 per cent each year with regard to real estate development in India. For their customer-centric approach, they have also received many awards like Building Industry Leadership Award, Achievers Excellence Award, Real Estate Lifestyle Leadership Award, and many others. About Fore Front Offices Fore Front Offices is registered under Realfinity Business Suites Private Limited. It is a serviced office space provider in Gurgaon with multiple centres in pipeline in Delhi/NCR. The business centre is equipped with top-notch facilities, ready-to-use serviced office spaces, meeting rooms and business lounges. Fore Front Offices at Sohna Road will cater to a large number of customers, who look to set-up their offices or expand their businesses in Gurgaon. (source:by  www.thepropertytimes.in)

Real Estate Development On NH-248a(Sohna Road).

Real Estate Development On NH-248a(Sohna Road).

November 14, 2015 in Real Estate News

  Gurgaon-Sohna Road (NH-248A) is one of the fastest growing stretches in the real estate sector. The place is being mentioned as the city's next big site for commercial and residential developments in the next few years, as some of the biggest names in the real estate business have begun their projects in this part of the millennium city. The National Highway 248A (NH 248A) would start from Haryana and enter the Alwar district in Rajasthan at Ramgarh. The total length of the highway would be 95.390 kilometres. After passing throughAlwar city it would enter Sariska’s buffer zone on the Alwar-Jaipur road. It would then pass through Sariska bypass at KushalGarhtricrossing where tiger ST-4 and tigress ST-10 have already developed their respective territories. After passing a distance of 103 km through Alwar district, the high-speed highway would enter Jaipur district at Shahpura on the Jaipur-Delhi NH- 8 and go towards Churu district’s Rajgarh via parts Neem-ka-Thana and Pilani in Sikar and Jhunjhunudistricts, respectively.  A lot of new projects are being built along the Gurgaon-Sohna Road owing to its easy accessibility from NH-8 , the Delhi airport, the Golf Course Road, Delhi and other NCR regions, as well as its easy connectivity with the soon-to-be-launched KMP Expressway. The Southern Peripheral Road is close to the established residential corridor of Sohna Road.

There is a proposal to merge the 90metre Link Road from Gurgaon’s Sector 63 with the proposed 150metre Gurgaon Extension Road, which will not only reduce the travel distance by a couple of kilometres but also ensure a smooth travel time of 10-15 minutes from Golf Course and Golf Course Extension Road.The KMP bypass would take care of the heavy vehicle movement, reducing the traffic flow on the existing Gurgaon-Sohna-Alwar Highway and the new 90metre to 150metre roads. Also, the area will have excellent connectivity with the NCR through the proposed Metro line.

Some top national and international names in the real estate business have brought projects to the area, like CHD Developers' Avenue 71, Raheja's Aranya City, Omaxe's wedding mall, Vipul Group's Vipul Greens in Sector 48, main Sohna Road; Shantikunj opposite Maruti Kunj, Today Homes's Today Royal Elegancia in Sector 73, Spaze Privy AT4 in Sector 84, Eros Group's Wembley Estate in Sector 49, Jasmine Tower in Sector 45, etc. Gold Souk is planning to come up with a mega integrated township on the main Gurgaon-Sohna Road on 200 acres.

Parsvnath Green Ville is one of the residential developments in Gurgaon-Sohna Road. Green Ville is beautifully landscaped and has 15 spacious blocks with over 400 houses. Ansal Builders have a completed Ansal Golden Orchard on Gurgaon-Sohna Road. Golden Orchard is located on the main Gurgaon-Sohna Road. Vipul's Vipul Greens in Sector 48 has also been completed.

(source:by  www.indiatimes.com)

Unused land to fuel growth in Gurgaon: Realtors

Unused land to fuel growth in Gurgaon: Realtors

November 14, 2015 in Real Estate News

GURGAON: The real estate industry on Friday welcomed Haryana's new integrated licencing policy (NILP), saying it will speed up infrastructure development and offer more housing to Gurgaon, which has large tracts of unused land. The policy removes a major hurdle in obtaining land for large housing projects like townships because getting 100 acres of contiguous land was never easy. But a 25-acre cap not only helps get over this problem, it also allows a developer to concentrate its resources on a smaller area. The experience with large townships hasn't always been good, with residents beset with infrastructure problems years after moving in. Navin Raheja, chairman of the National Real Estate Development Council (NAREDCO), said, "As developers were not able to procure 100 acres of land, infrastructure development would stuck and Gurgaon suffered badly. These issues will be sorted out now and development will pick up pace." The Haryana government also for the first time introduced the concept of transferable development rights (TDR). "This will allow land owners to monetise their land holdings at the current market price in residential sectors and for areas designated for external development works like sector roads, colleges, hospitals, fire station, open spaces, green belt and others," Raheja said. Anubhav Jain, director of Silverglades group, said, "The reduction in minimum area requirement for housing projects under the new policy should spark interest in the development community, but high external and internal development charges and delay in obtaining approvals continue to be a dampener for developers while pursuing new projects." S K Sharma, a real estate consultant, added, "The policy will ensure farmers and landowners get the market price from the builder. Not just that, the policy enables them to participate in the process starting from licencing, infrastructure development and marketing and sale of their TDR." (source: by  www.indiatimes.com)

E-stamping will make Registration of Properties Easier and Quick.

E-stamping will make Registration of Properties Easier and Quick.

November 14, 2015 in Real Estate News

Recently, finance minister of Haryana, Abhimanyu, introduced the e-stamping and online registration of properties in Haryana. Haryana’s state government has laid down goal of registering properties online till March, 2015. There are a number of efforts being made in order to alter the currently prevailing system of stamp duty which is charged on registries.  This can be completely put to end with the e-stamping process. This decision to make online registration of properties online is taken by the state government so as to test out and stop the corruption in districts. On a trial basis, online registries will initiate to employ in Rohtak Tehsil from Dec 2015. Further, all the officers engaged in the registry project are asked to get well-versed of the software which is to be used for online registries and they must also ensure the proper implementation of this entire project. Since, e-stamping is introduced to manage and tackle with the forgery in registries and property authentication and to make the stamp duty payment convenient and easily accessible, therefore not only Haryana state government but other states also are taking initiatives in this direction. Some of the major advantages of e-stamping are enlisted as below: • It can be used from anywhere and anytime. • It allows convenient and easy payment methods through online mode. • One can make payment of stamp duty online with the help of present tax payment channels or at stamp office as well. • There is no need to confirm original document before stamp office if not opted for traditional stamp. • One can put forward the application of stamping either in hard copy or soft copy. • You can receive stamp certificate through the internet or also via document form, depends upon the mode of form submission. • You can attach the certificate of stamp along with the original instrument as a proof of stamping. Hence, e-stamping has a lot of advantages. It can be an effective tool to put an end to corruption and forgery. It is accessible and can be produced within few minutes. Besides, it is entirely tamper-proof and all the information is saved and protected by SHICL (Stock Holding Corporation of India). One can authenticate it only by online mode therefore the chance of any sort of frauds are totally eliminated with the prologue of e-stamping (source: by  www.gurgaon properties.net)

Google plans exponential expansion in Gurgaon

Google plans exponential expansion in Gurgaon

November 9, 2015 in Real Estate News

  GURGAON: Google has expanded its office operations in Gurgaon by 4,02,860 square feet over the last quarter and is expected to almost double its space absorption in the city by 2017. It has been learnt that they plan to expand their offices to 7,50,000 square feet by 2017. This massive space absorption by the world’s No. 1 search engine has now put Gurgaon as the top most office space absorption destination of the country over the last quarter of 2015. This trend spells good news for future job-seekers in NCR, especially for those in Gurgaon. According to Colliers, Gurgaon office space demand is on an upswing and the trend is expected to persist over next two years. The city has seen 2.1 million square feet office absorption this quarter, totaling to 4.9 million square feet on a year-to-date basis. At a quarterly rate there has been a whopping 18% increase in office absorption. The shoot-up has been largely because of Google India’s expansion in Signature Towers 2A and 3 by 402, 860 square feet on lease. Samsung has taken up 2,00,000 square feet at Two Horizon Centre on Golf Course Road. American Express has secured 1,25,000 square feet at One Horizon Centre on Golf Course Road; Spice Jet took up an individual plot of 1,20,000 at Udyog Vihar on lease and Olympus Medical Systems took up the SAS Tower of 80,000 square feet area at Medicity, NH8 on lease as well. Some projects that are under construction in the city are the Business Club at 7,00,000 square feet by AIPL group that is expected to be complete by 2017; Parswanath IT Park Technicia by Parsvanath Developers of 6,95,000 square feet to be delivered by 2016; Unitech Infospace by Unitech Ltd at 4,50,000 at Dundahera also to be complete by 2016. “We anticipate that the demand momentum in Gurgaon will continue from sectors like IT and ITeS, BFSI and Manufacturing. Due to location advantages and affordable rates, micro markets like Udyog Vihar, Institutional Sectors and NF8 will continue to garner the occupier’s interest. Despite increased demand, rents are expected to remain in the same levels across micro markets barring few grade A buildings which will continue to demand premium,” associate director, research, Colliers International — India, Surabhi Arora, said. In comparison to Gurgaon, Noida market has seen a recovery with 0.98 million square feet increase in absorption over last year which is 32% increase over last quarter. With this, the city recorded a total space absorption of 2.22 million square feet on a year to date basis. (source: by www.indiatimes.com)

Gurgaon tops in office space leasing

Gurgaon tops in office space leasing

November 9, 2015 in Real Estate News

Gurgaon has beaten Mumbai and Bengaluru to see the highest absorption of office space in the third quarter of 2015, ensconcing itself as the country's fastest growing corporate hub. Among the top 8 cities, Gurgaon grabbed 23% of the total office space leased out in Q3 2015. In terms of area, this works out to 2.1 million square feet, according to a report by US-based realty consultant Colliers International.Gurgaon is followed by Chennai at 20%, Bengaluru 18%, Mumbai 15% and Noida 11%. Pune, Delhi and Kolkata were the other cities on the Colliers list. The report says this upswing in leasing activity  is expected to persist over next two years. (source: by www.timesofindia.indiatimes.com)

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