Tag Archives: NCR

दिल्ली-NCR में सस्ते हुए फ्लैट, 41 फीसदी घटे नए प्रॉपर्टी लॉन्च

इसे खरीदारों का टोटा कहें, रियल इस्टेट कानून का डर या फिर महंगा होमलोन लेकिन देश में प्रॉपर्टी के नए प्रोजेक्ट लॉन्च होना कम होते जा रहे हैं। खास बात ये है कि इसका सबसे ज्यादा असर दिल्ली-एनसीआर में ही पड़ा है जिसे रियल इस्टेट प्रोजेक्ट का हब कहा जाता है। एक रिपोर्ट में ये बात सामने आई है।

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रिपोर्ट में इस हालत की वजह भी बताई गई है। दरअसल देशभर में बिना बिके मकानों की संख्या तेजी से बढ़ी है। बिल्डर नए प्रोजेक्ट लॉन्च करने से पहले अपने मौजूदा स्टॉक को बेचना चाहते हैं। वे इसके लिए आकर्षक आफर भी दे रहे हैं। इसके चलते दिल्ली-एनसीआर में ही प्रॉपर्टी की कीमतों में 4 फीसदी की गिरावट हुई है। रिपोर्ट के मुताबिक बिल्डर की लेटलतीफी के चलते अब खरीदार भी रेडी टू मूव फ्लैट खरीदने को प्राथमिकता दे रहे हैं।

ये रिपोर्ट प्रॉपर्टी रिसर्च फर्म नाइट फ्रैंक इंडिया ने तैयार की है। उसके मुताबिक नए प्रॉपर्टी लॉन्च की संख्या में अप्रत्याशित कमी देखने को मिली है। पिछले साल की तुलना में इस साल नए लॉन्च 9 फीसदी घट गए हैं। जबकि 2013 की तुलना में तो ये आधे रह गए हैं।

नाइट फ्रैंक की इस रिपोर्ट में देश के 8 बड़े शहरों का जिक्र है। इसके मुताबिक दिल्ली एनसीआर में नए लॉन्च पिछले साल के मुकाबले 41 फीसदी तक घट गए हैं। वहीं चेन्नई में 36 और पुणे में 32 फीसदी की गिरावट देखने को मिली है। खास बात ये है कि मुंबई इस मामले में पूरी तरह से अपवाद है। जहां घटने की बात छोड़िए पिछले एक साल में नए लॉन्च 29 फीसदी तक बढ़े हैं।

Bengaluru gets second rank on to-be-sold realty stock rundown

Bengaluru took the second spot regarding “to-be-sold land stock” after the National Capital Region (NCR), says a study.

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“Regarding to-be-sold stock, Bengaluru stands second after NCR,” said a report accumulated by the Confederation of Real Estate Developers Association of India (CREDAI), Bengaluru Chapter, in relationship with land research monster Jones Lang LaSalle (JLL) here.

Upwards of 82,357 units are to be sold in the Bengaluru market, Jones Lang LaSalle Research Head, Ashutosh Limaye, told correspondents here.

More than 1.80 lakh and a touch above 78,000 units are to be sold in NCR and Mumbai markets, separately, he included.

Private deals in Bengaluru were seen to be steady at around 9-10 for every penny in 2015, Limaye said.

“The units to be sold have been seen to be gradually declining quarter-by-quarter, given the steady deals rate in Bengaluru,” he expressed.

Discussing the unsold stock in Bengaluru, with the land market gazing toward the end of the budgetary year, Limaye noticed that the private unsold stock at present stands at only two for every penny (4,492 units).

“The truth of the matter is unsold stock where above 80 for every penny development work is finished is underneath 2 for each penny and just 40 for every penny of the to-be-sold lofts are in Bengaluru, which are under development at different stages,” Limaye included.

The study was appointed to make an investigative apparatus to comprehend market interest and feeling.

Expounding, Credai Chairman Irfan Razak said it was directed on the properties of Credai individuals, as well as tasks of all engineers in the city.

Gurgaon most attractive property destination in NCR

Gurgaon has risen as the most alluring destination for land interest in the national capital district, as indicated by a review by industry body PHDCCI.

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Gurgaon is trailed by Delhi, Noida, Faridabad and Alwar, as indicated by a late study on ‘Determinants of land: A study of Delhi NCR’ led by PHDCCI.

In the rundown of main 10 land speculation destinations, Ghaziabad is at 6th position took after by Panipat, Meerut, Sonepat and Rewari.

“Great transport network, presence of work opportunities and accessibility of social foundation including schools, universities, doctor’s facilities, and so forth have made these destinations appealing for land ventures,” the chamber said in an announcement.

Metro development has supported speculation opinions as well as brought about expansion in close-by property costs, it included.

By study, cost is the most imperative component while considering interest in land.

The fundamental explanation behind purchasing properties in the Delhi NCR is for private reason, trailed by speculation reason.

The study discovered that the key elements influencing land venture opinions incorporate high rate of enthusiasm on advance took after by inflationary weights, absence of interest and financial instabilities.

PHDCCI President Mahesh Gupta has requested to raise a conclusion of upto Rs 5 lakh from the present level of Rs 2 lakhs for interest paid on a home advance on a self-involved house to help request in lodging segment.

IBREL cuts net obligation by Rs 552 crore in April-December time of FY16

Indiabulls Real Estate Ltd (IBREL) has trimmed its net obligation by about Rs 550 crore in the initial nine months of this monetary, while the organization accomplished a business bookings of Rs 733 crore in the quarter finished December.

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By financial specialist presentation, IBREL’s net obligation diminished by Rs 225 crore to Rs 4,928 crore toward the end of the December quarter of this monetary.

“Net obligation lessened by Rs 225 crore in the last quarter, downright diminishment in net obligation amid the initial nine months of FY16 is Rs 552 crore,” it said.

IBREL is lessening the obligation with the assistance of interior accumulations as the organization is producing positive income.

The organization said it would facilitate lessen the net obligation by about Rs 130 crore in the present quarter.

“Further, net obligation diminishment of Rs 130 crore arranged and expected in last quarter of current budgetary year, to accomplish the objective net obligation of Rs 4,800 crore as on 31st March, 2016,” the presentation said.

The Mumbai-based engineer has set an objective of Rs 1,500 crore lessening in net obligation to Rs 3,300 crore by March 2017.

The organization arrangements to dispatch two new tasks, having an aggregate saleable range of 7.29 million sq ft. “5.06 million sq ft of saleable local location and 2.23 million sq ft of saleable business range in NCR,” the presentation said.

A week ago, IBREL reported a 2 for every penny increment in its solidified net benefit at Rs 80.44 crore for the December quarter against Rs 78.75 crore in the year prior period. Pay from operations rose to Rs 664.36 crore amid the quarter under audit as against Rs 652.11 crore in the relating period.

On the other hand, downright wage declined to Rs 681.48 crore in the second from last quarter of the current financial from Rs 728.79 crore in the year-back period. The other pay tumbled to Rs 17.11 crore from Rs 76.67 crore amid the period under survey.

IBREL is as of now creating 11 ventures in India with aggregate saleable region of 30.51 million sq ft. It has vicinity in Mumbai, NCR and Chennai.

The organization has entered the London market through obtaining of 22, Hanover Square in Mayfair, Central London, a 87,444 sq ft business property.

Request that Group put upto Rs 1,500 crore in land ventures

Budgetary administrations firm ASK Group arrangements to venture up its value interest in Indian land business sector to upto Rs 1,500 crore amid this year as it sees great interest in mid-portion lodging ventures.

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The firm had contributed somewhat over Rs 600 crore amid a year ago through three value bargains in land ventures.

“In 2016, we will send Rs 1,000-1,500 crore as value interest in Indian land,” ASK Property Investment Advisors CEO and MD Amit Bhagat told PTI.

In its biggest venture as such, ASK Group had a month ago put Rs 365 crore in a lodging task of Rajesh Lifespaces at Vikhroli in Mumbai.

Before that, the organization had contributed Rs 125 crore with ATS Group in Noida venture and Rs 112 crore in Purvankara’s Bengaluru venture. It additionally left from three ventures while collecting an amazing numerous.

“We concentrate on value interest in mid-wage lodging ventures with ticket cost of flats in Rs 50-75 lakh section. We anticipate that the business sector will stay light in this fragment,” Bhagat said.

Get some information about Rs 2,500 crore in Indian land amid most recent five years. The organization’s system is to put resources into mid-salary lodging ventures in five urban areas – NCR, Mumbai, Pune, Bengaluru and Chennai.

Bhagat said the organization is in the process to raise about Rs 1,500 crore from local and seaward speculators. The raising support activity would be finished in next one month.

Gotten some information about speculation situation in Indian land, Bhagat said a ton of profound pocket institutional speculators and vast assets would begin taking a gander at Indian land due to counter recurrent open door.

ASK Group, through its land business, oversees reserves up to Rs 3,300 crore and has submitted over Rs 2,000 crore in 19 ventures.

ASK Property Investment Advisors is an endeavor of the ASK Group, set up to oversee and exhort land committed assets.

A government takes charge of your grievances

Allottees of property in projects across the National Capital Region (NCR) have been the most misused category of consumers.

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However, the Gurgaon Municipal Corporation has finally decided that enough is enough and the Deputy Commissioner spent a lot of time and effort hearing grievances and getting police cases filed against developers who have indulged in criminal practices.

In a GuruTalk with consumers, Vikas Gupta, the Municipal Commissioner of Gurgaon said “There is a mechanism to resolve buyer’s grievances vis-a-vis developers. There is a high level committee under the chairmanship of Deputy Commissioner of the district to address the grievances of buyers. You may send your grievances.

In September 2014, Allottees Grievances Redress Forum in Gurgaon was formed under the chairmanship of deputy commissioner TL Satyaprakash. For instance, a large number of cases were related to the cancellation of one tower by a developer on Dwarka Expressway. “The forum will address three types of issues, according to a statement by Satyaprakash:

Where a builder is accused of cheating investors, it will recommend filing a case by the police and monitor the probe Contract-related violations, in which builders are accused of not providing the amenities to the allottees as promised and Violation of licence conditions, in which the forum will recommend action against the developer
Here are some cases of how they have been taken for a ride:

1) When consumers delay payments they have to pay 18% interest. When the developer delays payments the rate is normally 2-3% but that too can be waived off on flimsy grounds

2) A developer on the Golf Course Extension was to hand over his project in 2011. A buyer who purchased in 2009 had been steadily making enquiries but found that there were many explanations to why it was delayed. But she was sure that now that the project was in the final stages she would be paid the penalty. Till she got the news that the developer has invoked Force Majure or reasons of delay beyond their power – this included a few months when the Gurgaon government disallowed extraction of ground water and a period of cement shortage. Can these be reasons why the project was delayed for over four years?

3) A developer on the Dwarka Expressway handed over possession of his project even though the main road was not ready. The reason – that was not part of the agreement. So what if the access to the project is weak. Regular maintenance outflow started

4) A developer added 130 sq ft extra to the apartment after it was allotted but the allottee has not got a drawing showing the revised document

5) An allottee of a project by a prominent developer found to his horror that the entire tower that he had booked in was scrapped. He was offered an alternative in a more premiem project where each unit was twice the size of the house he had booked

6) An office complex was not handed over to a buyer even a few years after the bulk of the payment was made. But when the buyer enquired he found bouncers employed and manning the developer’s office

7) A developer refused to give proof of land ownership to a customer to secure a loan from a bank of his choice. Finally the consumer had to opt for a bank that the developer had chosen even though the interest rate was marginally higher

The move by the Gurgaon authorities is extremely positive and shows all authorities that they do not need to neglect their consumers till national laws are passed in the Parliament where warring political factions hold policy making to ransom. Small moves can result in immense relief to helpless consumers.

It clearly shows the intent of the local authorities to work out issues on a fair basis with clear guidelines and an opportunity for the contentious issues to be ironed out. This in every sense is one of the smartest moves by a city that is still struggling to make its place in the Smart Cities list issued by the Union government. There is nothing smarter than making fair procedures available to the common people.

ATS, Logix form joint venture to build housing project; raise Rs 130 crore

Realty firms ATS Infrastructure and Logix group have formed a joint venture to develop a luxury housing project in Noida and also raised about Rs 130 crore from ICICI Prudential AMC to meet construction cost.

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The joint venture plans to develop 9-hole golf course and 100 villas in the first phase and then later would build high-rise apartments.

The project would be developed on about 35 acres of land, being owned by the Logix group.

“We have entered into joint venture with Logix to develop a golf-course project in Noida,” ATS Infrastructure Managing Director Getamber Anand said.

He said the JV company has raised about Rs 130 crore from ICICI Prudential AMC for development of this project.

When contacted, Logix Group CMD Shakti Nath confirmed that the company has formed a joint venture with ATS group to develop this project and the JV partners would share revenues.

Real estate industry, particularly housing, is facing a huge slowdown from last three years, resulting in liquidity crunch to developers and huge delays in execution of projects.

The sector is witnessing many such partnerships between land owners and developers.

According to property consultant Cushman & Wakefield, the private equity investments in real estate has jumped nearly three-fold to over Rs 11,000 crore in January-June of this year compared with the year-ago period.

Knight Frank India report suggested that home launches have declined by 40 per cent to 95,400 units in the first half of 2015 in eight major cities compared with 1.6 lakh units in the same period last year.

Sales volume fell by 19 per cent to 1,10,300 units from 1,36,000 units during the period under review. These cities are Delhi-NCR, Mumbai, Bengaluru, Pune, Kolkata, Chennai, Hyderabad and Ahmedabad.

ATS is developing a number of realty projects in Uttar Pradesh, Haryana and Punjab, while Logix Group has completed more than 4 million sq ft of IT facilities and is developing 23 million sq ft of housing projects and 200 acres of plotted development. Both ATS and Logix are based out of Noida.

Hindon bird sanctuary leased out

The forest land is being levelled now for construction while a part of it has already been converted into a casting yard by Ghaziabad Development Authority. You can never tell that the vast expanse of land adjoining Hindon barrage, which looks like a construction site, is listed as a bird sanctuary in Ghaziabad’s revenue records. Few birds, except pigeons and crows, are seen around this place where a blackened Hindon flows.

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If you go by Ghaziabad resident Sushil Raghav’s petition in National Green Tribunal, the 14-acre land spanning nine khasra numbers is actually a bird sanctuary under the Uttar Pradesh forest department.

Other bird habitats in NCR are also deteriorating. Birders and wildlife enthusiasts in NCR have just bidden adieu to the Okhla bird sanctuary after the environment ministry’s latest eco-sensitive zone notification declared only a 100m long buffer zone for a significant stretch to accommodate more than 55,000 homes coming up close to the park.

Despite the obvious impact of river pollution and real estate, no steps were taken to rectify the situation, either for Hindon or for Okhla. Birders say wetlands like Surajpur and Basai in Gurgaon are also endangered.

With the sanctuary allegedly being leased out to realtors by government authorities, 25-year-old Raghav has placed several documents before the National Green Tribunal to prove it’s forest land. The lapse involves various agencies including Uttar Pradesh Housing and Development Board.

“It is still very much a bird sanctuary. But land disputes began in 1994 and haven’t been resolved yet. We are trying to protect it,” claimed a forest official. Joga Singh, divisional forest officer, claimed the irrigation department has leased out the Hindon sanctuary land to some companies. The department has no answers to why encroachments were not stopped earlier.

Not only encroachments, the Hindon and the wetlands around it are also “ecologically dead”, leaving no habitat for birds or fish. Shib Nath, a construction labourer who came to fish at the barrage on Thursday, has seen the bird sanctuary in its happier times.

“There was a huge pond there about six years ago and lots of birds. They buried the wetland with soil. Hindon, too, had a variety of fish like rohu and katla. Now we get only singhi, shaoli and magur if we are very lucky because the black sewer and industrial water mixes with the river. If there are no fish, there will be no birds.” Anand Arya, a birder who got to know about the Hindon bird park recently, came exploring and found that birds had already deserted the place.

Birders, meanwhile, are striking out wetlands everyday from their list. “The raptors had already started disappearing in Okhla, they probably stopped coming because high tension wires would obstruct flight. Siberian cranes also stopped coming. I don’t see how the park will continue to exist now. They might as well close it,” said Arya.

Asad R Rahmani, senior scientific adviser to Bombay Natural History Society, has a different view, though. “The sanctuary is right in the middle of human habitation. I would say that it is a good thing that the government has reduced the eco-sensitive zone to 100m, giving relief to homeowners. However, it’s a half-step. Okhla sanctuary needs clean water for fish and birds to thrive. Many species may not survive the urban pressure but some will. Okhla sanctuary should be protected like, say, Central Park in New York.”

C R Babu, professor emeritus, Delhi University, says that noise from habitation will have an impact on birds. If tall buildings fall in their migratory route, even navigation may be impacted, but perhaps these concerns should have been addressed long ago by the planning authorities.

Builders trim average flat sizes by upto 26% in last 5 years: JLL

Average apartment sizes fell by up to 26 per cent in last five years across seven major cities as developers are making smaller flats to boost their sales in a sluggish housing market, according to global property consultant JLL India.

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To beat slowdown in the real estate market, particularly residential segment, builders are cutting the flat sizes but not reducing the housing prices.

Mumbai Metropolitan Region (MMR), including Mumbai, Thane and Navi Mumbai, witnessed the maximum fall in apartment sizes on annualised basis, along with Bangalore, Chennai and Kolkata.

Other cities — Delhi-NCR, Hyderabad and Pune — also witnessed varying degree of fall in median apartment sizes. “Builders are exploring innovative ways to make residential housing across major cities more appealing to potential buyers at a time when it is increasingly becoming difficult to sell expensive apartments.

“Around the country, builders are emulating the famous sachet marketing strategy adopted by FMCG companies in the late 1990s,” JLL India Chairman and Country Head Anuj Puri said in a statement.

In its latest research report ‘Is Indian Real Estate Heading Towards A Tectonic Shift?’, JLL India examined the transitions that India’s real estate has undergone over the past decade.

“Among the major trends is how developers have been decreasing apartment sizes to suit affordability of buyers,” he added.

Unable to sell expensive homes in a sluggish market, Puri said the builders across India are making smaller apartments without lowering the price per square feet and compromising on the quality of product. “In the last five years, average apartment sizes are falling across all major cities of India.”

Mumbai, which already had smaller and compact apartment sizes compared to other cities, saw a decrease of 26.4 per cent in the past five years.

Bengaluru registered a 23.7 per cent reduction in average apartment sizes, while Kolkata witnessed 24 per cent cut in flat sizes and Chennai by 22.2 per cent.

Average apartment sizes have reduced by 9.7 per cent in Delhi-NCR and 7 per cent in Pune. The report said that buyers are increasingly opting for homes that are closer to their workplace in order to reduce commuting time.

Amrapali group gives partial exit to JP Morgan, ICICI Prudential from Noida projects

Real estate developer Amrapali Group has given partial exits to JP Morgan Real Estate and ICICI Prudential India Opportunity Portfolio Series 1 from two of its projects in Noida.

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JP Morgan Real Estate fund, which had invested Rs 85 crore in Amrapali Zodiac in 2010, has got a return of Rs 135 crore so far and will get another Rs 60 crore by the end of this financial year, said two people aware of the development.

ICICI Prudential India Opportunity Portfolio Series 1, which had invested Rs 75 crore in Amrapali Sapphire in 2011, “has so far got Rs 95 crore from Amrapali and will get a full exit in the next few months”, one of them said.

Shiv Priya, executive director at the Noida-based builder, confirmed it has managed to give partial exit to the two funds and repay bank funding of around Rs 350 crore taken for these projects despite a slow market. “Sales are definitely slow at the moment and so we are focusing on execution at this point of time,” he said.

A spokesman for ICICI Prudential AMC, which manages the ICICI Prudential India Opportunity Portfolio Series 1, said Amrapali has reaffirmed its commitment to provide complete exit to it in the immediate future.

“While there have been marginal delays in providing the exit, the builder has efficiently managed his cash flows and has been able to service our investment from project cash flows. The project continues to have sufficient residual value and we do not foresee any challenges in securing a complete exit,” the person said.

A spokesman for JP Morgan Real Estate Fund said, “As a matter of policy, we do not respond to press queries.”

The two funds had invested at the early stages of the projects. At the moment, about 70 per cent of the towers in these projects are completed and have offered for possession to buyers.

Though these apartments, like many others in the vicinity, have been standing completed for some time now, buyers were unable to take possession because of an October 2013 order of the National Green Tribunal, barring Noida Authority from handing out completion certificates to projects that fall within a 10-km radius of the Okhla Bird Sanctuary.

This ban is expected to be lifted soon as the ministry of environment and forests is set to notify the new eco-sensitive zone around the bird sanctuary 100 metres on three sides and up to 1.27 km towards the DND flyover across the river bed.

Home sales in the National Capital Region have slowed down considerably in the last few quarters. According to data from property research firm Liases Foras, sales in the NCR in the quarter ended June dropped 14 per cent compared to a year ago.

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