proposed

Greater Noida Case: Buyers at Loss in Absence of Real Estate Regulator

by Paul Joseph July 21, 2011

The need for a real estate regulator is under the spotlight once again, following a recent court verdicts on land acquisition of villages in Greater Noida, Uttar Pradesh. In the absence of a regulator, the home buyers who have invested in the affected properties are at a loss on how to claim refunds or seek compensation. The proposed Real Estate Regulation Bill, which seeks to protect the interest of home buyers, was scheduled to be tabled in the ensuing monsoon session of Parliament, beginning on August 1. But the ministry of housing and poverty alleviation is yet to get the law ministry’s opinion on the draft Bill, an official has said. The housing ministry had sent the draft Bill to the law ministry for vetting almost three months ago. “It’s high time we had a real estate regulator,” National Association of Realtors (India) Chairman P S N Rao told Business Standard. Although aggrieved home buyers have the option of moving consumer courts now, the proposed legislation is expected to put in place user-friendly processes and regulations, according to Rao. Managing director and country head (India) at Royal Institution of Chartered Surveyors, Sachin Sandhir has been advocating the need for regulating the sector. He said the proposed law would bring in accountability. He argued that the accountability should not just be for developers, but urban local authorities should also be brought under the purview of the legislation. The current version of the Bill covers just the real estate developers, and not the government or urban local authorities. A real estate consultant pointed out that if there’s demand for the Prime Minister to come under the Lok Pal Bill, why couldn’t the government and urban local authorities be covered by the Real Estate Regulation Bill. “There’s a need to relook at the Bill,” he added. Once the law ministry gives its opinion on the draft real estate bill, a draft Cabinet note on the subject will be circulated among ministries of finance, home, urban development, consumer affairs and the Planning Commission. It will then seek a Cabinet clearance before introducing it in Parliament. The concept of a real estate Bill has been around for almost a decade and has seen a change in both form and content several times. Initially, work on the real estate Bill was started by the urban development ministry, but subsequently the housing ministry took charge of the proposed legislation. According to the real estate draft regulation Bill, developers will need to make public disclosures related to land title, project completion date and other relevant scheme details on the website of the proposed regulatory authority, said a housing ministry official. The disclosures must be made before launching a project, so that consumers are not taken for a ride at a later stage. Developers will also have to register themselves with the regulatory authority.

Tagged as: chairman, delhi, draft, government, housing, noida, property prices, proposed, real estate india, spotlight, urban

0 comments Read the full article →

Ansal API Launches Residential Project ‘Fernhill’ in Gurgaon

by Paul Joseph June 23, 2011

Ansal API, a Delhi-based real estate developer, has recently launched a residential complex named ‘Fernhill’ in Sector 91, Gurgaon. The project, with an investment of around Rs 200 crore, is coming up on 14.41 acres of land and will consist of multistoried condominiums. The project, which is likely to be completed in late 2014, will consist of 14 towers, each with 12 to 18 floors, with a total of 778 units. On offer are 2BHK, 3BHK and 4BHK apartments of sizes of around 1,350, 1,900 and 2,320 sq ft, respectively. The price would be around Rs 2,700 per sq ft. The project is located 4 km from NH8, 1 km from IMT Manesar, 5 km from the proposed Metro corridor, and 6 km from the planned ISBT in Gurgaon. “With IMT Man¬esar in its proximity, the project will attract the working population. It is targeted at those who want good features at a not-so-premium cost. The completion of our projects normally takes anything between 36-42 mo¬nths,”Shashank Jain, COO – Ha¬ryana, Ansal API, told Financial Chronicle. Jain added, “The project has 158 acres of open space around it on which HUDA is planning to set up a stadium or play area for children, so this would benefit everyone. Mo¬reover, over 60 per cent of the area is green and we are planning to develop an amphitheatre.” Other features of the project include a grand plaza, entrance lobby with reception in each tower, dedicated children’s play area, nursery school, club with swimming pool, 5 kva power backup for all services and dedicated car parking for residents. “To ensure the privacy and security of the residents, the club and shopping areas are situated at the entrance of the project. We are also offering a pitch ‘n’ putt golf course, tennis academy, jogging track, car wash and mini-theatre to the residents,” Jain said. On Ansal’s further plans of residential developments in Gurgaon, Jain said, “We already have a township in Gurgaon named ‘Essentia’. We are planning a 150-acre extension to the township. We also plan to launch two more residential projects ranging from 15-20 acres within two to three months in Gurgaon.”

Tagged as: project, projects, property prices, proposed, real estate, real estate developers, real estate india, residents, the-residents

0 comments Read the full article →

Supertech Launches Retail cum Office Complex Christened “E Square” at Noida

by Paul Joseph May 20, 2011

Supertech Limited, a leading real estate developer launched “E Square”, a premium new age retail cum office complex situated in Sector 96, Expressway Noida. The project is strategically located in terms of convenience and comfort with world class facilities for the inhabitants of the residential sectors in the vicinity. E Square is spread over an area of around 7724 sq. mtrs. of land and the project will be built up on 5.5 lacs sq. ft. of the total area with G+UG Floor+24 floors. The project will be a mix of retail and upscale offices and entertainment zone. The size of the office spaces will range between 520 sq. ft. to 15000 sq. ft. The price of the plots is approx. ‘ 7300 per sq. ft. Located amidst the residential and IT hub of Noida, the project is just 10 minutes drive from Delhi and walking distance from the proposed Metro Station. Artistically designed, the project will offer world class infrastructural facilities like 100% power backup, 24 x 7 security, high speed elevators, multi-level basement parking to accommodate around 600 vehicles and wi-fi enabled fast internet access, fire safety equipments as per international standards. The project will also have a beautiful double height lobby and a roof top garden. The construction of E Square will start shortly and is expected to be completed within 24 months. According to Mr. RK Arora, Chairman & Managing Director, Supertech Limited, “There is a lot of infrastructural development taking place on Expressway Noida and a good quality office-cum-retail complex is the need of the hour. Hence we came up with E Square, which will offer premium office space with an integrated retail and entertainment zone. It will be an ideal destination for all MNCs and Corporates and also for the residents in the vicinity”. “The project will also enjoy the locational advantage as it is just 10 minutes drive from Delhi via DND, 5 minutes from Sector 18 Noida and walking distance from the proposed metro station:, added, Mr. Arora. Supertech Limited; an ISO 9001:2000 certified company, has successfully completed 22 years in real estate business and today it has revolutionized the real estate arena. With more than 50 thousand customer’s base, Supertech is celebrating this joyous achievement by honoring its valued customers thereby addressing each and every resident as ‘Citizen Supertech’. Supertech Group is scaling new heights every day because of its engineering techniques, innovative designing, architectural finesse, quality and timely completion of the projects undertaken. The Group has been involved in building the modern and finest residential, commercial complexes, townships, IT Parks and hotels. Amongst the recently launched projects, North India’ tallest residential tower, ‘North Eye’ at Sector 74, Noida, environmental friendly affordable project ‘Eco-Village at Noida Extension, Eco-centric development project ‘Eco Citi’ at Sector 137 (Noida), architectural masterpieces like ‘Emerald Court’ at Sector 93, Noida, High End Residential Project ‘34 Pavilion’ with 7 star living facilities at Sector-34 Noida, beach side expandable villas and high-rise apartments ‘Upcountry’ at Yamuna Expressway, affordable luxury homes ‘Cape Town’ at Sec-74, Noida and ‘Oxford Square’ comprises of Independent floors at Noida Extension.

Tagged as: chairman, faridabad, gurgaon, north, office, parks, project, proposed, real estate developers, supertech-group

0 comments Read the full article →

Supertech Launches Retail cum Office Complex Christened “E Square” at Noida

by Paul Joseph May 20, 2011

Tagged as: faridabad, gurgaon, modern, noida, office, project, proposed, real estate developers, real estate india, real estate trends, retail market in india, sector, vicinity

0 comments Read the full article →

Supertech Launches Retail cum Office Complex Christened “E Square” at Noida

by Paul Joseph May 20, 2011

Tagged as: chairman, faridabad, gurgaon, noida, north, office, proposed, real estate, real estate india, retail market in india, sector

0 comments Read the full article →

Bangalore Based Developer ‘Brigade’ Plans to Raise Rs 400crore Debt

by Paul Joseph May 16, 2011 Uncategorized

Bangalore-based real estate developer Brigade Enterprises is planning to raise around Rs 400 crore debt during present financial year to fund its future business growth. The company is in talks with financial institutions for raising this debt and is expected to close a deal in the near future. “We will raise around Rs 300 crore-Rs 400 crore in the present financial year to fund our future business growth,” Shama Sunder, chief financial officer of Brigade Enterprises, said. He also said that the company was in talks with banks to raise the amount and was expected to close a deal in the near future. Post-rate hike by the Reserve Bank of India, fund flow from commercial banks have dried up due to drop in sales volume. Companies are also increasingly looking at raising funds through the equity route. “Though the cost of borrowing is slightly up, we don’t have any plans to raise money through the PE route,” he said. Brigade Enterprises, which has a debt-equity ratio of 0.7 by March, 2011, will not see any change in this ratio despite the proposed debt raising by the company. “As repayment of our present debt is going on schedule, debt-equity ratio of the company will remain at the current level despite the proposed fund raising plans,” Sunder added. Brigade Enterprises, which has a presence in residential, commercial and retail segment of the real estate industry, plans to launch around 9.2 million sq ft of new projects in Bangalore, Hyderabad, Chennai along with some of the tier-II cities of Karnataka like Mangalore and Mysore among others in the future. Brigade Enterprises has posted a 2.5 times rise in its net profit to Rs 120.52 crore in the last financial year as compared with Rs 47.32 crore reported in the same period last year. Net sales of the company rose by around 30 per cent to Rs 460.81 crore in FY11 as compared with Rs 354.85 crore reported an year earlier. Operating profit of the company increased by 2.8 times to Rs 131.65 crore as compared with Rs 47 crore reported an year ago.

Tagged as: estate-industry, proposed

0 comments Read the full article →

Logix Neo World, Noida, 9990056660

by Paul Joseph April 16, 2011 Uncategorized

Logix Neo World, Sector 150, Noida •Noida’s 1st golf-centric township – spread over 200 acres •Located on Noida-Gr. Noida Expressway, just 2 minutes from Yamuna Expressway and the proposed overhead corridor to Faridabad, 15 minutes from South Delhi, 10 minutes from Sec 18, Noida, many corporates and MNCs in the vicinity, very close to India’s first international racing track and cricket

Tagged as: 200-acres, faridabad, logix neo world, proposed, sector, south, south-delhi, spread-over, the-vicinity, very-close, vicinity

0 comments Read the full article →

BPTP Launching a new residential project, BPTP Floors

by Paul Joseph February 8, 2011 Uncategorized

BPTP is Launching a new residential project spread over 150 acres shines at the most prime location of Gurgaon approaching through Golf Course Extn. Road (Southern Peripheral Road) at Sector-70A on NH-8 adjacent to DLF Alameda Township and close to the proposed Metro Station being as a life time opportunity to offer the most luxurious living style with plots, Independent floors. Highlights:- Price starts from 54 lacs onwards Located at Sec70A Gurgaon 3/4 BHK Independent Floors Possession by End 2013 G + 2 Structure on 196,250 & 307 sq.yds For more informationa about BPTP Floors Sec-70A Gurgaon contact to InvestInNest Visit website BPTP Floors Gurgaon

Tagged as: new-residential, proposed

0 comments Read the full article →

Airport in sight, Kalyan land prices take flight

by Paul Joseph August 20, 2010 Uncategorized

As of now, moving the proposed new international airport from Navi Mumbai to Kalyan is just a hypothesis. But real estate agents have moved in for the kill. Land prices in and around villages in Kalyan have picked up, sparking off a buying and selling frenzy that has left some euphoric and others deeply concerned. When the proposed site at Navi Mumbai ran into trouble over environmental clearances, a few experts pointed towards the 1670 acres of land already in possession of the Defence Ministry near Kalyan. As support for the Kalyan site intensifies, and planners seriously analyse feasibility of the project there, a guntha of land that used to be available for as little as Rs 10,000 barely a few months ago, is now being sold for Rs 4-5 lakh. So an acre of land, worth Rs 3 lakh, now costs Rs 1 crore. Plots adjoining any major road are priced twice that price. Amar Chavan, a broker who specialises in land deals around the proposed airport site admitted, “Locals refuse to sell at anything less than Rs 3 lakh per guntha, no matter who is buying and where the plot is located. Prices have gone up only in the last few months. With talks becoming concrete we expect the prices to go up ten times in the near future,” he said. Locals have mixed reactions to the real estate boom. “There are a number of plots that do not fall under the aerodrome land. Villagers in need of money are selling off parts of their land. Earlier the prices were very low. But now that an airport is being planned, prices have shot up tremendously,” said Sairaj Patil, a resident of Nevali village. Datta Fulore, a resident of Fulore village too confirmed that plots situated far away from the main roads that used to be sold for Rs 2-3 lakh per acre are being sold for anywhere between Rs 50-60 lakh. But those wishing to construct on these plots have to spend a bomb on converting these agricultural plots to non-agricultural land. Even developers scouting for land in these areas are having a tough time. Meghraj Dupange, a developer, who has constructed several projects in Titwala explained that prices have shot up so sharply that it is almost impossible for an individual to buy land for a farm or personal use. “I have been scanning the area, but the prices are far too prohibitive. However, I know the prices will go up further once the proposal is actively discussed. If the airport project gets clearance, a plot now being sold for Rs 5 lakh per guntha will go for Rs 15 lakh and above,” he said. Dupange explained that it makes sense to buy land now and construct as prices will only keep going up. “The fact remains that once the airport is cleared, big developers and five star hotel owners will want to buy land. Moreover, people will buy land to construct godowns,” he added. However, most buyers and sellers warn against cons who sell the same plot to multiple buyers. Moreover, plots already acquired for the airport are also being sold illegally. Meanwhile, the state government continues to put its might behind Navi Mumbai as the preferred location for the proposed international airport, over the other 16. A senior official told Mirror, “The Kalyan location may be hardsold by some elected representatives, but it has certain important negative aspects which cannot be easily ignored.” The bureaucrat explained, “The Kalyan site does not get the required three-degree gliding level for take-off due to the nearby hill. Also, the direction of the airstrip is north-south and not east-west, as needed.” Locals say no to airport Residents of all the 17 villages have intensified their movement to oppose the airport. They point out that their land was acquired by the government during World War II for a pittance. “The condition back then was that our land would be returned to us within six months of the war ending. But years later, though we are in possession of our land, the 7/12 extracts (proof of ownership of land) are still in the name of the government,” said Sairaj Patil, a local. Locals say the airport won’t help them. They have come together to oppose the airport. Earlier this week when some officials from the collector’s office went to survey the area, they were driven away. Source:http://www.mumbaimirror.com/article/2/2010081820100818020325700e9cdf1fa/Airport-in-sight-Kalyan-land-prices-take-flight.html Filed under: Mumbai , New projects Tagged: Kalyan , Real Estate in Mumbai

Tagged as: airport, area, mumbai, new-projects, prices, project, proposed, real estate, real estate in mumbai

0 comments Read the full article →

Certain Regulation of the Proposed Real Estate Bill can Hit Project and Buyers- Realtors Claim

by Paul Joseph July 20, 2010

Even as the real estate sector has welcomed the proposed Model Real Estate (Regulation of Development) Bill, developers feel some of the provisions in the Bill, such as the five-per-cent bank guarantee on project cost, several new advances and reserve funds, will not only block the capital of the developers but also limit the project size. They also claim multiplicity of procedures in the Bill will further delay the project timing up to six months. The Bill provides strict monitoring of timelines during the execution of the projects putting various penal implications on the promoters. “One of the prime objectives of the Bill is to remove malpractices and fly-by-night developers. “However, there are certain provisions proposed which may defeat the very purpose for which the Act has been proposed,” Rohtash Goel, chairman and managing director, Omaxe Ltd, said. On Friday, the Confederation of Real Estate Developers’ Associations of India (Credai) had said the Bill in its current form would make homes costly for buyers by Rs 300 per sq. ft. “The proposed model real estate regulation is a welcome step on the part of government. However, there are many provisions in the bill which will add to the housing cost,” Kumar Gera, president, Credai, the apex body of realty developers in India, said. According to Goel, “The proposed act in its present form will add costs and delays to the lifecycle of the project. In our opinion simplifying the approval procedures, facilitation, regulation, control and growth of real estate development and safeguarding interest of all stakeholders should be its objectives.” Credai has suggested that there should be collaboration and proper accountability of all concerned authorities so that the complete transaction is efficient and transparent. Apart from that, the Bill has no provisions to control errant buyers and it does not speak about the accountability of local authorities that causes unnecessary delays, said the apex body of realty developers. “Ultimately, it is the end- users who would be affected as we will pass on the cost escalation to the buyers,” Gera said. “The government has already burdened the buyers with the service tax and increase in the circle rate and on the top of that this new Bill is set to make housing unaffordable for the end-users. Also the affordable housing segment will be the worst hit,” he added. The Bill provides strict monitoring of timelines during the execution of the projects putting various penal implications on the promoters. But developers feel that it has nowhere taken into account the time taken by the government agencies in clearing the projects. According to Ashwani Prakash, executive director, Paramount Group, “This regulatory Bill provides validity for three years for the licence to be issued by the regulator, whereas the government agencies as mentioned earlier take 18 to 24 months in clearing various approvals. More so when different states have different criteria for clearing projects and granting licensees, such type of sections within the Bill are to be diluted.” Developers have already submitted its paper to the ministry for housing and urban poverty alleviation on cost impact of major provisions in the proposed Bill. It has also requested the ministry to modify certain portions of the Bill, which will help buyers and developers.

Tagged as: confederation, development, india, opinion, projects, promoters, proposed, real estate, real estate companies, real estate developers, real estate trends

0 comments Read the full article →

proposed

WEBSITES FROM BOLENAY MEDIA