India-based The 3C Company, pioneers in green buildings in India, is showcasing its key projects at the ongoing ‘India Property Show – India Home’ in Dubai.
The property show began on Friday at Hotel Raffles, Wafi City, Dubai and will run till Sunday.
The 3C company, which has expertise of more than 15 years in development of green buildings, will be showcasing India’s Largest Green Residential Estate Lotus Boulevard” at the Property show along with other projects, said a top official.
More : tradearabia.com
SC blow to Maya’s statues in Noida
The Supreme Court on Friday directed Mayawati-led UP government to stop construction activities for its pet Rs 685-crore statue project at Noida.
A special bench comprising Chief Justice KG Balakrishnan, Justice SH Kapadia and Justice Aftab Alam put on hold the construction works of statues and memorials of chief minister Mayawati and other Dalit leaders at about 35.5 hectare of park land in Noida. The authorities can continue with all other works of the project except with building and construction activities,” the court said in its interim order.
The court turned down repeated pleas of the state government’s counsel seeking deferment of the case to file the response to the report of the apex court-appointed central empowered committee (CEC) in the matter. The bench further asked the ministry of forest and environment to respond to the CEC report and posted the matter for further hearing on October 26.
More : economictimes.indiatimes.com
Unitech leaves customers high and dry
Unitech, one of the biggest property developers in India, which volubly claims to have turned barren landscapes into housing landmarks, has left several hundred middle-class buyers in the lurch. This second largest player in the real estate sector had promised to provide 850 residential flats under the Unitech Habitat project in Greater Noida by July 2009, but so far not a single flat has been fully constructed. All the customers who are trapped in this deal are feeling cheated by this. They can’t withdraw their money since allotments have been done and customers have no exit route.
Unitech Ltd had sold 850 residential flats in July 2006 with a promise to deliver these apartments by the beginning of July 2009. All unit holders (combined) have paid a total amount of approximately Rs 450 crore to the company. But Unitech has failed to fulfil its commitment for timely delivery of flats.
Unitech had painted a rosy picture of the entire project to lure the common man but unfortunately this picture is still on paper. The Unitech Habitat project is spread across 23 acres in Sector Pi of Greater Noida. It offers 2- and 3-bedroom apartments, duplexes and penthouses, equipped with fully fitted modular kitchens. Under this project, the developers had promised to provide 100 per cent power backup with 24x7 security, sufficient car parking facility per apartment and earthquake resistant building structure.
More : dailypioneer.com
Mayawati govt rushes to SC over UP link road
The Mayawati government on Wednesday took her battle against the Sheila Dikshit government over a large chunk of land in East Delhi to the Supreme Court.
It challenged an order of the Delhi High Court, which on Tuesday allowed the Delhi government to acquire 21 acres land belonging to the neighbouring state for widening the UP link road connecting the Commonwealth Games village to Mayur Vihar and Noida.
Not ready to give up its land that had been bothering the Delhi government for long as it formed a vital chunk in the road widening and flyover construction plan, the UP government moved the SC within 24 hours of the HC verdict.
More : timesofindia.indiatimes.com
Patna’s booming real estate business, prices close to prime metro locality
Patna, (BiharTimes):Recent boom in the real estate market of Patna have sprung a surprise to all as the prices of commercial as well as residential properties have seen tremendous upward movement in the last couple of years. Patna was never known as prime destination for settlement of the people of other states largely due to lack of trade and industries in and around the city.
The real estate prices have appreciated more than 100 percent in last three years. Now the prime location residential properties is priced around 3000 -3500 per sq. feet where as commercial space in malls varies from 6000 to 10000 per sq. feet said Rakesh Kumar Singh a leading builder of the city.
But this sudden spurt cant be seen in isolation as the real estate was almost stagnant for more than a decade in Patna Singh added further.
More : bihartimes.com
Housing Ministry unveils Model Real Estate Regulation Act
Tata Housing launches affordable housing initiative New Haven’ Call of the mall 3C Company to invest Rs 500 cr on housing project in Noida MEDIA Model Real Estate Act TOPICS construction and property heavy construction house building real estate laws civil No buildings or townships meant for sale, in the near future, can be undertaken without registering them with the Real Estate Regulatory Authority to be set up in each State. The Ministry of Housing and Urban Poverty Alleviation has published the draft Model Real Estate (Regulation of Development) Act to control and promote construction, sale, transfer and management of colonies, residential buildings, apartments and other similar properties through a regulatory authority.
This draft Act has been published for soliciting stake holders’ opinion and the Ministry expects the State governments to pass their respective Acts, based on this model Act, after it is finalised. The Model Act makes it mandatory for all promoters to submit the details of the approved plans of projects along with a bank guarantee equivalent to five per cent of the estimated cost of the development to the regulatory authority. In addition, the promoter will also give an undertaking to complete the work in accordance with the conditions of registration. After verifying the authenticity of the approved plan, the title of the property and other relevant details, the authority will register the project. The details of the projects will be made public through the authority’s web site.
This registration will be valid for three years and has to be renewed after that. When violations of rules, failure to provide essential services to the developed plots are noticed or complained about, the registration will be cancelled after due verification. The bank guarantee provided will be forfeited and the names of the promoters will be included in the defaulters list and published in the authority’s website. Failure to comply with the rules of the Act will attract imprisonment for a term which may extend to three years or a penalty which will be computed in terms of percentage cost of development. The model Act also prevents the promoters from advertising the project before it is registered with the authority. If the information contained in the advertisement or the prospectus is found untrue and causes loss or damage to the buyer, the promoter will be asked to compensate for the loss. The model act also provides for appeal and setting up of appellate tribunal. Suggestions to improve the draft Act have to reach the Ministry.
More : centralchronicle.com
Realtors still offer freebies to lure all
Despite a slowdown in the real estate sector, developers have plans to play Santa this year, too.
But this time the share of freebies will be more in comparison to price discounts.
Priyankar Bhikshu, associate director (consulting and research), DTZ International Property Advisers, said, “During the last festival season, the festive offers were two-fold - one was the direct discount in the price on new launches, and the other being freebies like cars, refrigerators and air- conditioners.
More : indiatoday.intoday.in
Swollen Yamuna has Gr Noida worried
With the Yamuna water level breaching the danger mark in Delhi, Greater Noida authorities are keeping a hawk eye on the situation. Though no one has been evacuated so far, the administration has identified three villages Roja Yakavpur, Latifpur and Makenpur Khadar where the water level is nearing the danger mark. In 1996, these low-lying areas were flooded leading to loss of life and property. We cannot take such a chance this time around, said a senior irrigation department official.
Sources in GNDA claimed that all arrangements have been made for evacuation. We do not want to move out people until absolutely necessary, said a senior officer. Department officials claimed they were more worried about the low-lying area near Gautam Budh Nagar University. The dam there has been razed temporarily to facilitate construction of the Yamuna Expressway. If it rains further, we might see an adverse situation, added the officer.
Meanwhile, sources in the Ghaziabad Development Authority and irrigation department looking after the Hindon barrage said they have stopped releasing the daily 1,000 cusecs of water from Hindon to the Yamuna through the canal. We have been intimated about the sudden rise in water levels in Delhi after Haryana released water. However, there is no danger of a flood on the Hindon bank at present. We have decided to stop releasing water into Yamuna for now and a team led by a senior engineer has been appointed to oversee the situation, said a district official.
More : timesofindia.indiatimes.com
Confused with choices in the real estate mkts
If you are busy home hunting with a fixed budget in mind, you may be confused with choices in the primary and the secondary real estate markets.
So which one should you choose right now for better yields? Which would make more sense to buy in the current scenario?
The answer to that may vary, depending on a number of factors. According to global real estate consultancy Cushman and Wakefield (C&W), the key difference between the prices in primary and secondary market depends on aspects such as current stage of construction of the project, time of launch, location and developer credibility. Properties available in the secondary market can broadly be classified into two categories — under construction and ready to move.
More : economictimes.indiatimes.com
Ansal mulls to convert IT SEZ into residential projects
Hit by slowdown in the IT sector, realty firm Ansal Properties & Infrastructure is mulling over converting three out of four of its notified IT Special Economic Zones into residential projects.
The company will take a decision to apply for de- notification and converting the three IT SEZs, which have already been put on hold for the last 8-9 months, by the end of this year.
We have four notified SEZs, of which three are IT SEZs. We are not developing these as there is no demand right now… For the last 8-9 months, these are on hold, Ansal API Vice-Chairman and Managing Director Pranav Ansal told reporters.
Moree : business-standard.com
Execution failure
PM Senthil Kumar, a Delhi-based executive, booked a flat in Omaxes project called Galaxy in Sector 112, Noida. Since 2007, he has already paid over Rs 10 lakh to the developer. However, when work on the project did not start even two years after its launch, Kumar applied for a refund. He says he had booked the flat not because he wanted to speculate in property, but because he needed a place to live in.
Kumar says Omaxe has shattered his dream of owning a house. I have visited their office and requested for refund with interest. They are not agreeing to this. They also say that they will not refund the money before December 2009. And even then they will only refund the principal. It means that my money is stuck with them for more that two-and-a-half years. He said when he enquired with the developer about the project, he was informed that the New Okhla Industrial Development Authority (Noida) had not given them possession of the land for this project till date because of a compensation-related issue with farmers. How can a developer book flats without even owning the land? Isnt this a fraud? asks Kumar.
Hemanta Bhatt, another aggrieved buyer, has also cancelled his booking in the same project. He says that despite multiple follow-ups, Omaxe hasnt refunded his booking amount with interest. I had paid 25 per cent of basic selling price for buying a flat in Galaxy, Noida. As this project was not approved by any bank, I was unable to arrange a loan. The builder had promised me that they would soon get the project approved. But till date there has been no news from them on this count.
More : expressestates.in
Affordable realty a big hit in Bangalore
Affordability is not a new buzzword for people looking for property in Bangalore unlike other parts of the country amid the economic downturn. The city has the maximum demand - of around 75 per cent - for affordable homes in the sub- Rs 40 lakh category, according to a survey conducted by property portal and research firm Makaan. com.
Chennai, Mumbai and Delhi follow Bangalore with 65 per cent, 53 per cent and 52 per cent, demand in the segment, respectively. The survey, titled The Real Picture’ was conducted on a pan- India level in major metros and non- metro cities involving brokers and realtors. It saw a participation of more than 3,200 respondents from Delhi, Mumbai, Kolkata, Chennai, Bangalore, Hyderabad, Ahmedabad and Pune.
Commenting on the report, Aditya Verma, vicepresident and businesshead, Makaan. com, said, This could be attributed.
More : indiatoday.intoday.in
Sarovar Hotels & Resorts launches Park Inn in Gurgaon
Hotel management company, Sarovar Hotels & Resorts has announced the opening of Park Inn, a premium three-star hotel in Gurgaon. This is Sarovars second property in the city and third in Delhi NCR, after Park Plaza Gurgaon and Park Plaza Noida. Park Inn Gurgaon will further strengthen Sarovars presence in Delhi and NCR.
Park Inn at Gurgaon is located 10 km away from the international airport. The hotel has 55 rooms. The rooms are centrally air-conditioned, have amenities like LCD televisions with satellite channels, wireless Internet connectivity, tea/ coffee maker, private, electronic safe and 24 hours room service. Café 55, the multi-cuisine restaurant has a selection of Chinese, Indian and Continental cuisine on its menu.
With modern facilities and equipment, the board room and meeting room can accommodate 30 guests. Other facilities include rooftop swimming pool, well-informed travel desk, fitness centre, doctor on call, airport transfers and office transfers within Gurgaon.
Source : travelbizmonitor.com
BPTP says its financial troubles over, plans IPO
Privately-held realty firm BPTP, which shot into limelight last year after winning the bid for the country’s largest-ever land
deal in Noida and slid into a financial mess thereafter, said it has seen off the financial troubles but remains cautious on growth. The Delhi-based company intends to raise funds through an initial public offer (IPO), but has not decided on the timing or the amount to be raised, a senior executive said.
We are out of this mess (Noida land deal). Home sales have picked up and we have received bookings for around 5,500 homes, said BPTP director Sudhanshu Tripathi, explaining how things were improving at the firm. In March 2008, BPTP placed a big bet by outbidding realty giant DLF to win the Rs 5,000-crore land deal in a government auction.
The property market went into a slump soon after the land deal. And to add to the company’s woes, one of the financial investors — Citi Property Investors (CPI) — reduced its commitment of $160 million in BPTP’s special economic zones(SEZs) to just $100 million. This was in line with many other private equity deals that either got scrapped or scaled down in the downturn.
More : economictimes.indiatimes.com
Builder in a fix for duping investors
Noida Two months after the Economic Offences Wing lodged a cheating case against the managing director of Green City Buildtech Limited, Jeetendra Choudhary, for duping hundreds of investors, Noida Police on Wednesday seized his property in Gamma-I sector of Greater Noida
Acting on seven complaints registered against the builder in Noidas Sector 58 police station since last year, Pritam Pal Singh, Station House Officer of Sector-58 and his team seized the 350-square metre plot registered in the name of Choudhary’s wife Sunita.
Senior police officers said the property is valued at over Rs 4 crore.
More : expressindia.com
NCR brokers do a realty ‘check’ again
The broker-builder nexus that propelled property prices to unreasonable levels to beguile home buyers in the National Capital Region (NCR) during the realty boom of 2006 and 2007 seems to be back in action.
Brokers are increasingly underwriting properties in new projects being launched by developers—blocking a large number of apartments during so-called soft-launches, hoping to offload them at a premium to end-buyers after the formal launch.
This will help builders claim huge sales immediately and create an artificial scarcity in the market. But if brokers fail to offload the stock to end-users or long-term investors, property prices may take a beating and the nascent recovery in the residential market may be hit.
More : economictimes.indiatimes.com
Women’s panel asks Noida old-age home to reimburse ex-resident
Noida The National Commission for Women has come to the aid of a 66-year-old woman who was allegedly thrown out by an old-age home in Noida’s Sector-55.
Asha Rani spent around eight months at the Anand Niketan Vridha Sewa Ashram before she was thrown out on March 2.
In a verdict against the ashram and one of its trustees, Neelima Mishra, NCW member Yasmin Abrar ordered the trust to pay Rs 60,000 to Rani, who had deposited Rs 1 lakh with the ashram for her stay, besides Rs 8,000 as entry fees.
More : expressindia.com
Other factors that brings property down
Recession, while being the primary cause for correction in property prices, is not necessarily the only reason. Scratch deeper, and you will find other factors responsible for correction in values such as increase in land supply/finished products, revision in specifications of buildings by developers, and increase in floor area ratio (FAR).
A noteworthy point is while all new projects are being launched at realistic (corrected) prices, many of the existing projects have also corrected their pricing. A broker cites some examples of projects in Gurgaon and Noida, In Gurgaon, various projects under DLF, Unitech, and Vatika, which were available in and around Sector Road and Sohna Road, near NH-8, in the range of Rs 4,000-8,000 per sq ft almost 7-8 months ago, are now available in the range of Rs 3,500 to Rs 4,500 per sq ft on basic selling price. In Noida, the broker adds that projects on the expressway under Jaypee, Omaxe, Unitech, and Eldeco, were available in the range of Rs 5,000 to Rs 7,000 per sq ft, 7-8 months ago. But new projects of Jaypee, 3C, Unitech, Amrapali are available in the range of Rs 2,500 to Rs 3,500 per sq ft on basic selling price within the same vicinity.
There has been a significant price correction and this is apparent in the average values prevailing in the NCR. While in upcoming projects at Gurgaon the basic selling price ranges between Rs 2,000 and Rs 3,200 per sq ft, depending on the location/sector, in Faridabad, it is between Rs 1,500 and Rs 3,000 per sq ft, while in Noida, the range is between Rs 2,500 and Rs 3,200 per sq ft.
More : economictimes.indiatimes.com
DLF fails to buy prime land plot in Greater Noida
Realty major DLF failed to buy 1,000 hectares earmarked by Yamuna Expressway Industrial Development Authority along the Yamuna Expressway. The land was supposed to have institutional development as core activity in the special development zone (SDZ) located seven kilometers away from Greater Noida.
We had earmarked the 1,000 hectare land a year ago but DLF has not shown interest in buying the land, Lalit Srivastava, chairman Yamuna Expressway Industrial Development Authority told Financial Chronicle. Srivastava added that the land would have come at the cost of Rs 800 crore while the entire project cost was estimated at Rs 8,000 to 10,000 crore. DLF has only paid the earnest amount of Rs 1 crore along with the application, he said.
When contacted the spokesperson for DLF declined to comment on the issue. The Authority had planned to develop SDZs along the Yamuna Expressway on 1000 hectares land or more. Each SDZ was to have core activity in 35 per cent of land in industrial, IT, institutional, biotechnology, sports, recreation and service activity. Residential and commercial development is also permitted in part of the land.
More : mydigitalfc.com
Office rents still sliding, vacancies on rise: CB Richard Ellis
Office rents and vacancies are sliding despite early signs of improvement in the office market in the country, said a report from property consultant CB Richard Ellis.
Mumbai, Delhi and Bangalore saw office rents slide further as buildings in the central business districts (CBDs) saw an exodus of occupiers moved to alternative location to reduce realty costs, CBRE said.
The Bandra Kurla Complex and Kalina districts of Mumbai, for example, saw overall vacancy levels rise to 29.4 per cent, while vacancy levels in Noida in the National Capital Region hovered at around 40 per cent.
Although the rise in demand for less costly premises bolstered office sub-markets outside the CBD, landlords of buildings in secondary office destinations struggled with the consequences of speculative overbuilding and were forced to increase incentives to recruit tenants, it said.
Source : business-standard.com