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GDA to work on 3 development plans for city

GNIDA to handover 4,000 flats to buyers by Diwali

The Greater Noida Industrial Development Authority (GNIDA) will hand over occupancy certificates to nearly thousands of new residential units before Diwali.

The Greater Noida Industrial Development Authority is planning to fast-track the completion certificates of 21 group housing societies in an attempt to address homebuyers’ problems and hand over the much-delayed dream homes to them. If all goes according to plan, the GNIDA will hand over occupancy certificates to nearly 4,000 residential units before Diwali.

Speaking to TOI, Deepak Agarwal, chief executive officer, GNIDA, said, “We have scheduled a meeting with the 21 developers to sort out issues first-hand and expedite the process of issuing completion certificates,” he said. “We have urged the developers to join hands with us in this endeavour so that during this festive season, scores of homebuyers will be able to have possession of their homes,” he said.

Agarwal said he had reviewed each of the 21 projects in detail. “I am confident of handing over the completion certificates to 90% of the projects by October 15. If any are left out, we will surely hand over the certificates by October 31,” he said. “If the developers have in place all the clearances and mandatory prerequisites including no dues certificates, which are linked to respective default amounts, deposit of labour cess, pollution consent and payments for compoundable variation in layout plan, we will have no problems in issuing the completion,” he said.

Once the developers have the completion certificates, they can issue the occupancy certificates, after which the homebuyers can register their properties.

Officials said the 21 projects included some leading developers’ projects. The 21 projects are Sam India, Le Residencia, Nirala, Ajnara, Exotica, Gaur Hitech, Panchsheel, Eldeco, Proview, Earthcon, Eros, Galaxy, AIG, Supertech, AVJ, Spring Meadows, MSX, County Homes, etc.

According to officials, on reviewing the situation on Thursday, which was the last date for application of the rescheduled payment plan, it was found that out of the 95 defaulting group housing builders, 95% had submitted their applications to the GNIDA. In the last 15 days, the GNIDA has collected nearly Rs 100 crore from the defaulters, officials said.

“The situation is expected to improve and look up by the end of this month and by October end we have targeted a collection of Rs 200 crore,” said, chief executive officer, Greater Noida Development Authority.

News Story Source: TOI

GDA to work on 3 development plans for city

Residential real estate picks up amidst positive signs for property market

In April-June quarter of current financial year- 24,000 fresh residential units were launched in top six metro cities with Bengaluru witnessing the maximum number of new residential launches.

India’s real estate market may be reeling under sluggish growth but  the residential market is going through a very interesting curve right now. On one side developers are struggling hard to sell their swelling inventories and on the other hand India’s top six realty markets have witnessed green shoot of recovery in terms of new launches during the second quarter of this year. According to the report by Colliers International, India – Q2 2016 has shown clear sign of comeback in terms of new launches and sales. Happykeys brings the findings of the quarterly report that shows the residential market on the cusp of recovery.

Key findings of the report

Major new launches: The high volume of new launches during the second quarter was primarily driven by top six metro cities – Bengaluru, Pune, Mumbai, Chennai, Gurgaon and Noida. These cities saw a launch of about 24,000 new residential units. If we add up H1 2016, it is total to around 42,000 units in the current financial year.

Bright spot: The real estate market of Bengaluru has been always the star performer in terms of highest counts residential units as well as office space absorption. In this quarter too, the city performed exceedingly well. About 48 per cent of the total units is accounted for Bengaluru, followed by Pune 21 per cent and Mumbai 16 per cent in this current quarter.

According to the latest report released by real estate consultancy firm JLL India also, Bangalore and Pune would be the two markets which would see a favourable price rise over a period of time. Bengaluru performance is noticeable as new launches having almost doubled from quarter 01 2016 at nearly 11,500 units at the end of April-June quarter.

The Chennai residential market saw recovery but at a slow pace as new launches here remained steady over the last quarter and witnessed 2,100 units of new launches. This is only because of over confidence among new realty developers and investors owing to a stable state government retaining power following the Tamil Nadu Assembly Elections.

If we look at Pune residential market, it stood at second after Bengaluru. The market has witnessed new launches of 5,000 units which is 7,200 in total if we add up launches of Q1. However, these unit were launched in only a select micro markets where a few developers have launched huge residential projects on large land parcels. Most of these are catering to luxury or high end segment.

Noida and Gurgaon residential market remained low in the second quarter also in terms of new launches as the market is flooded with huge inventories and that created a vast gap between supply and demand. Developers also kept their maximum effort to sell their existing inventories. Gurgaon witnessed 1,580 new units in the category of mid-luxury segment while in Noida, almost 6,000 units were issued completion certificates.

Primary catalyst behind the high volume of new launches

Constant demand from end-users and healthy rate of take-off and occupancy of office and  retail market have contributed to the development of new residential clusters across the country. Favourable policies such as RERA, new exit policy and 100 per cent FDI norms in single brand retail are the primary catalyst behind the high volume of new launches in this quarter.

integrated-township

Integrated townships booming in Gurgaon

When realty developers and investors are expecting high return on their investment, integrated township projects seems the safest bet. Find out what’s happening in Gurgaon in this sphere..

Big cities like Delhi, Gurgaon, Bengaluru are fast growing economic hubs where migration is taking place at fast rate. While one finds many options in residential real estate, the concept of integrated townships is one of the most popular one.

According to experts this idea is a perfect solution to the overcrowding in cities. A number of such projects are being developed in almost all metro cities. These projects are like mini cities that take care if all day-to-day requirements of end users at one by including facilities like recreation, entertainment, social gatherings, health care, shopping, et al. “Integrated townships are large scale development planned accordingly to ensure self-sustaining neighborhood within it. A township enable the area around its location, to develop rapidly. This newer concept of living is boon senior citizens that promises one-stop all requirements to them” says Harish Arora of Saksham Services.

Needless to say, these projects are popular with the property developers and investors too. Case in point is the emergence of such projects in Gurgaon. Happykeys lists some of the popular integrated township projects in Gurgaon that encompasses residential plots, row houses, villas as well as low-rise and high-rise apartments:

Supertech Araville Apartments, Sector 79, Gurgaon

Supertech Araville is under construction and heading for completion by June, 2017. It offers 2, 3 and 4 BHK apartments. This project is spread over an area of 10 acre. The towers are inspired by European architecture with wide open windows and feature rich interiors. The project has dedicated kids zone with world class sporting facilities. It is closer to IFCO Chowk and other upcoming IT zones.  The flat size ranges from 1295 – 2215 sq ft.

Sobha International City, Sector 108, Gurgaon

International City by Sobha Group is under construction township project. It will be ready for possession by March 2018. This venture offers secured and low density villa community with just 6 plots per acre. The project has land bank of 150 acres for different property options such as residential villas, duplex villas and super luxury row houses. It is located on Dwarka Expressway that connects Gurgaon with Delhi. In its first phase, 10 sky high towers are in under construction that comprises of 2 and 3 BHK flats. The project has ample green spaces and close to ITM University and Columbia Asia Hospital.

Other Developers such as DLF, Raheja, Unitech and Ireo have already launched large scale housing projects that are in various phase of construction in Gurgaon.

Raheja is developing Aranya – the smart green city located at Aravalli Hills. This mega city will be a complete integrated township with all facilities. The project sprawls over 165 acres of land and further additional expansion of up to 400 acres is planned in future. The township comprises of apartments, penthouses, designer homes, villas and plots.  The social infrastructure comprises of schools, health center, shopping zone and ample of open green space.

flats-possession

45,000 units to be handed over by March 2017 in Noida, Greater Noida

The real estate developers association of western UP has released a database of 45,000 apartments which it states will be handed over to the buyers in Noida and Greater Noida.

With pressure mounting on builders to deliver pending residential flats, the confederation of real estate developers association of western UP has released a database of 45,000 apartments which it states will be handed over to the home buyers in Noida and Greater Noida, by the end of the current financial year. This also indicates that the twin cities could see a population shift of over 1 lakh in the next 6 months, in conservative assessment.

In the current fiscal year, Noida and Greater Noida builders have handed over 25,070 keys. The additional 45,000 would make the total key handovers of the year over 70,000. Experts say, this is very positive move by builders. This mission possession will change the sentiments of buyers and investors and help in reviving the real estate market of the NCR region.

We have compiled database on the basis of inputs from the developers operating in Noida and Greater Noida. While many of them are giving possessions, the remaining will hand over the units by March 2017. Already 25070 units have been delivered by now and approximately 45000 more will be ready for handover by the end of this financial year to meet buyer’s demands,” Deepak Kapoor, president Credai Western UP said.

Regions of Noida and Greater Noida are home to number of housing projects under various construction stages. But construction works were halted under various circumstances and possessions of flats were also overdue.

Lakhs of home buyers in Noida were affected because of construction and possession delays due to one or the other reason. The data has sprung new hope among home buyers.

Only offering possession is not the solution. It is important that amenities like roads, power, and water-supply also be offered. For the people who have shifted already, there have been major teething troubles in terms of maintenance charges and facilities. Healthcare facilities for these new residents should also be created,” Indrish Gupta, co-founder Nefowa (Noida Extension Flat Owners Welfare Association), said.

We see multiple benefits of [population shifting to this region as the cities would increasingly become a hub of new residents, leading to a multi-pronged development in the region,” Kapoor added.

real-estate-market

Good times ahead for Delhi-NCR, Bangalore and Pune real estate

Rising inventory of unsold flats has led to price correction in Delhi-NCR property markets. Most of the units are under-construction leaving opportunity for new buyers to invest in.

The residential market of Delhi NCR has always been hot destination for mid-segment buyers as the city offers multiple options in the category of affordable homes to high-end luxury projects in entire NCR realty arena.

Since, the current property market is reeling under slow and sluggish growth, here we figure out which is the right segment in property to make investment. Happykeys analyses here the current scenario of realty market across the county.

In a recent report released by real estate consultancy firm JLL India – retail and commercial space are buzzing with many real estate activities while residential space is seeing less buyers. Delhi NCR market are flooded with huge inventories and there is a vast gap between supply and demand. Bangalore and Pune realty markets have emerged as new realty hotspot which will see price appreciation over time. Here’s few of the points highlighted by JLL India on how the market is moving and where is the gap between supply and demand of the housing units.

 Demand and supply Scenario for various property options:

Retail asset class: According to the report –  retail spaces, especially malls are experiencing healthy rate of takeoff and occupancy, just because of favourable policies that have boosted the market after three years of drought. Policies such as 100 per cent FDI in single brand retail, relaxation for multi brand retailers and revised Model Shop and Establishment Act (that allows shops to remain open 24X7) have attributed for the rise in space offtake. The demand for retail space has picked up really well but there is a shortage from supply side. Market stature is experiencing robust demand but not many new malls are being built.

Commercial space: When we look at the commercial market, the situation is more or less as same. In this segment also the market is going through very interesting curve where A-Grade commercial space again experiences a huge amount of inventory absorption and lacking by supply side. Investors can look in the commercial space as in the near future prices may go up.

Residential Space: The story for residential space is just opposite. If we look at Delhi NCR residential market – it has the highest number of unsold inventory in real estate with 250,000 units, followed by Mumbai metropolitan region at 98,000 units. New buyers can take the advantage of this situation and can bargain hard while closing the deal.

“Potential home hunters looking for homes should take full benefit of the present scenario and invest in properties as prices are stable at this point of time and interest rates are also less. Not only this, buyers may be able to get good discounts as developers have been trying to woo home buyers in order to pump up their sales,” says Deepak Kapoor, president, CREDAI Western UP.

 

Bangalore is probably the bright spot for investment

Bangalore has been always the star performer in terms of highest count of office space absorption. The city is too good for investment in residential projects also as investors still see a healthy price appreciation. Unlike the residential markets of Delhi, Noida and Gurgaon; Bangalore and Pune would be the two markets which would see a favourable price rise over a period of time.

 

noida-greaternoida-expressway

Noida-Gr Noida Expressway: The new residential locality

The Noida-Greater Noida Expressway is one of the upcoming realty destination in the NCR region which is fast emerging as a preferred investment destination.

The Noida-Greater Noida Expressway is a six-lane highway connecting Noida with Greater Noida. This 24 km long stretch is slowly emerging on radar of investors and homebuyers as the locality is becoming new realty destination for young professionals and investment-savvy people working in these nearby localities. The availability of huge land parcel  is one of the biggest reason, bringing investors and property developers into this region.

The civic infrastructure which is taking shape at fast pace in the locality can upgrade the brad positioning of this area in a given property market. The development authorities are also promptly laying out the basic infrastructure such as roads, water and electricity. The connectivity is going to be smoother once metro is operational in next couple of years.

Right from its inception in 2002, the locality in and around the Expressway has been witnessing a huge surge in the number of new launches. Many residential as well as commercial projects are either in the early stage of under-construction or ready to move in. Sensing the bright future of this locality many industrial houses and MNCs establishments have made their presence along the Expressway. The activity has accelerated the demand for residential units, restaurants, hotels and shopping complexes in the area. Happykeys analyses the factors responsible for making Noida-Greater Noida as a promising housing destination among home buyers.

  1. Excellent civic infrastructure

Falls in the circumference of well-planned city: The land parcels in and around the Noida-Greater Noida Expressway is circled by best plan regions of NCR such as Noida, Greater Noida, and residential of suburb of Yamuna Expressway. These localities have well-developed civic infrastructure as per the comprehensive master plan which includes an excellent road network, drainage, water supply and sewerage.

 

Metro rail connectivity: The 30 km metro rail extension from Noida to Grater Noida has been approved by the authorities which will act as a catalyst for the property market in the area. The line would extend from Noida City Center and will further stretch to Bodaki in Greater Noida. The completion is expected by 2017.  According to DMRC, approximately 20 metro stations are proposed on the route that include Sectors 50, 51, 78, 81, 101, 83, 137, 143, 147, 144, 153 and Sector 149 in Knowledge Park 2, Pari Chowk, Alpha 1 &2, Delta, Knowledge Park 4 and  Dadri Road.

  1. Affordable property market: While the property prices have soared up in Gurgaon, Delhi and Noida markets; the regions in and around the Noida- Greater Noida Expressway can still be considered affordable. The property available in this locality is priced between an averages of Rs 3000-5000 per sq ft.
  2. Good supply of residential projects: The real estate scenario of this locality is driven by availability of huge land parcels that can be used for both residential and commercial developments. Most of the new projects launches in the last year in Noida, have been in the sectors connected with the expressway.

 

According to Deepak Kapoor, President CREDAI Western UP, “areas lying along Noida-Greater Noida Expressway have been gaining prominence as one of the major residential destinations of NCR.  The region has in fact witnessed a ripple effect as people are searching for more affordable homes. Some of the top real estate brands have their presence in this region making it a desired realty destination. The ultra-modern facilities and that too at alluring deals are turning the heads of home buyers to this place. Well established commercial zones have moreover made this place better in terms of work opportunities. Proximity to different parts of Delhi-NCR will further continue to appeal those who want to live and work close to Delhi”.

Gurgaon-underpass

Work on 3 Gurgaon underpasses to start soon

The national highway authorities are all set to start the construction of the underpasses on the Delhi-Gurgaon expressway.

The highway authorities are all set to start the construction of the underpasses on the Delhi-Gurgaon expressway. The project, with a budget of Rs 1,005 crore, is scheduled to be completed by March 2019. It will provide three underpasses — at Rajeev Chowk, Iffco Chowk and Signature Tower on the expressway. The aim is to reduce travelling time and swift intracity movement between different sectors in the city.

The foundation stone of the mega-project will be laid down by Union minister for road transport and highways Nitin Gadkari and Haryana chief minister Manohar Lal Khattar.

National Highway Authority of India (NHAI) will build three underpasses of two to three lanes and four flyovers of two to four lanes to provide signal-free movement of traffic. TOI has access to the technical report of the project, which shows that the project will also have half a dozen footover-bridges along with staircases and escalators on the highway for pedestrians. The subways will be built with ramps for people with disablities.

Separate tracks for non-motorised transport will be provided along with the service lane and underpass lane as part of the road safety feature. The pedestrians will have a footpath and dedicated tracks, something which is amiss on most Gurgaon roads at present.

The city that recently suffered Gurujam July end, will see its drainage system redesigned for the entire stretch between Iffco Chowk and Rajeev Chowk.

Source: TOI