Bogged down by the economic slowdown, the real estate sector is going all out to woo would-be buyers. Builders and realtors from across the country, thus, went all out to promote their upcoming projects at the three-day Property Expo, which concluded at Pragati Maidan on Monday.
In an attempt to get some of their properties booked, they offered deals like free luxury cars and up to 8 per cent discount on the base price. And though many admitted the exhibition attracted fewer enquiries than it would have in previous years, most builders were said the situation is starting to show improvement.
Among the optimists are Harjinder Malhotra, managing director of Preet Developers, an established builder in Punjab, now eyeing the Delhi real estate market. Malhotra, who hopes to launch a new project within the next two months, said the slowdown led to a massive dip in property prices and thus made it the perfect time to invest in property.
More : expressindia.com
Celeste Corona brushes aside all signs of a downturn
The entire market continues to be in the recession mode. Some industries have started picking up, while some are still showcasing downtrend like IT, banking and finance, and real estate. But talking about the real estate market, the market reflects only one picture when it comes to buying a property and, that is, higher rates if customers are seeking quality.
Meriton group, Omaxe, Emmar MGF, DLF, and now Assotech, are the real estate groups are who claim such quality, but with high exorbitantly high rates.
Assotech is offering flats in Celeste Corona Tower, Noida, sector-44, amid a 100 acres Golf Course and 150 acres Botanical Garden, and boasts that the tower will be a world class address.
More : economictimes.indiatimes.com
FM’s new subsidy prompts realtors to promise more sub-Rs 20 lakh homes
Property developers plan more launches in the sub-Rs 20 lakh category of homes, after yesterday’s Budget concession.
The finance minister had said there would be an interest subsidy of 1 per cent for one year on loans up to Rs 10 lakh for properties worth less than Rs 20 lakh. This is expected to boost this housing segment.
Developers such as Unitech, Omaxe, Puravankara, Lodha Developers and Ansal had already moved into the sub-Rs 20 lakh category, as the economic downturn, coupled with fear of job losses and salary cuts, slowed sales of premium housing projects, lowering their cash flows.
More : business-standard.com
US and Australian properties owned by mall operator Centro plunge by $2bn
Struggling shopping mall operator Centro Properties Group said more than 2.5 billion Australian dollars ($2 billion) has been wiped out from the value of its properties in the United States and Australia this year.
Preliminary property valuations for portfolios in the two countries at the end of June revealed a decline of A$2.62 billion ($2.1 billion), the company said in a statement Tuesday.
The statement did not give a combined value for portfolios in both countries but said its Australian managed property portfolio was worth A$7.69 billion at June 30, down from A$8.17 billion at the end of December and A$9 billion a year earlier.
More : blog.taragana.com
SEZ boosts development
With large-scale investment in the information technology and BPO industries, besides the burgeoning of commercial real estate, Noida has fast become one of the most sought after destinations in the Delhi-NCR region. The satellite city also holds the distinction of being the largest planned industrial city in Asia. While the more well-known sectors — as far as residential societies are concerned — are concentrated around the Atta Market of sector 18, with the coming up of the special economic zone on the Noida-Dadri Road, several sectors leading up to the SEZ are now witnessing development in commercial and residential real estate.
Notwithstanding a bad year for the property market, says estate agent Pawan Mathur, homes in sectors 52, 51 and 62 that are reasonably priced and have the benefit of being located close to the SEZ as well as the expressway are now selling. Apartments close to the Noida SEZ and those near the Noida-Greater Noida expressway have been selling very well, especially due to the expectations of high appreciation in value. Flats here are priced in the range of Rs 1,800 to Rs 2,100 per square foot.
There is a lot of accommodation available for the working class. Paying guest apartments as well as service apartments are fast gaining popularity among those who wish to reside in Noida on a temporary basis, as well as those who are in-between homes. A fully-furnished apartment with two bedrooms and a floor space of 1,250 square feet can be rented for Rs 18,000. This is a steal when compared to similar apartments in sectors like 21 and 24. With the development of the SEZ, there are high hopes that price will rise soon, so the time to buy is now, advises Arun Triweni of IQ Properties.
More : expressestates.in
Concept Hospitality re-brands Grazia to F
Concept Hospitality, which announced the launch of a new brand Grazia early this year, has changed the brand name to Fern. The company will now launch its properties under the new brand Fern. Speaking exclusively to TravelBiz Monitor about the brand change, Param Kannampilly, Chairman, Concept Hospitality, stated, “The brand name Grazia had already been registered by another firm, which was not informed to us by government officials. We received the information only when our brand was promoted and the news spread.” The brand Grazia has been registered by Delhi-based entrepreneur R K Group. R K Group recently launched a new property under the brand: Fortune Inn Grazia, in Noida. “As the new name suggests, it will be an eco-friendly brand with ecologically sensitive hotels,” Kannampilly added.
Concept Hospitality will launch its first property under the new brand, Fern in August 15, 2009 in Jaipur. The 84 room property Fern Jaipur will have a soft launch with 43 rooms. The company’s second property will be a 103 room property in Hyderabad, which is set for a launch in November this year. Its existing hotel, Rodas Powai in Mumbai, will see an addition of facilities. The Rodas Powai will have a 150 room hotel under the Fern brand, which is under development. It will be commissioned by December 2009. While the company will launch three properties this year, two hotels will be added to the portfolio by early 2010. It will launch the hotel in Ahmedabad in February 2010, while the Delhi property is scheduled for operations before the Commonwealth Games.
The brand name change has not modified the company’s promotional and marketing activities. The company has also tied up with corporates in the domestic and international market as well as the Global Distribution System (GDS) companies for distribution of its inventory.
Source : travelbizmonitor.com
Concept Hospitality re-brands Grazia to Fern
Concept Hospitality, which announced the launch of a new brand Grazia early this year, has undergone a brand change. The company will now launch its properties under the new brand Fern. Speaking exclusively with Hospitality Biz about the brand change, Param Kannampilly, Chairman, Concept Hospitality, states, “The brand had already been registered by another firm, which was not informed to us by government officials. We received the information only when our brand was promoted and the news spread.” The brand Grazia has been registered by Delhi-based entrepreneur R K Group. R K Group has recently launched a new property under the brand: Fortune Inn Grazia, in Noida.
Concept Hospitality will launch its first property under the new brand Fern in August 15, 2009 in Jaipur. The 84 room property Fern Jaipur will have a soft launch with 43 rooms initially. The company’s second property will be a 103 room property in Hyderabad, which is set for a launch in November. Its existing hotel, Rodas Powai in Mumbai, will see an addition of facilities. The Rodas Powai will have a 150 room hotel under the Fern brand, which is under development. It will be commissioned by December 2009. While the company will launch three properties this year, two hotels will be added to the portfolio by early 2010. It will launch the hotel in Ahmedabad in February 2010, while the Delhi property is scheduled for operations before the Commonwealth Games.
The brand change has not modified the company’s promotional and marketing activities, set pre and post its hotels’ launch. “As the new name suggests, it will be an eco-friendly brand with ecologically sensitive hotels,” Kannampilly adds. The company has also tied up with corporates in the domestic and international market as well as the Global Distribution System (GDS) companies for distribution of its inventories.
Source : hospitalitybizindia.com
3-BHK in CR Park
With Rs 95 lakh as your budget, you can eye some of the in-demand areas of Delhi. But this is still an entry level price for these areas and will not provide you with luxury living in Delhi.
Says Saahil Narula, a property consultant: “Luxury housing can be termed in two ways where one will be standard luxury housing and other will be higher luxury housing. The budget of Rs 95 lakh will fetch you with standard luxury in some of the localities but not the higher luxurious living.” For 2-BHK, the budget will provide a sizeable flat in south Delhi’s Vasant Kunj and for 3-BHK. One can also have a number of choices available in Sarita Vihar, Alaknanda and Chittaranjan Park. Among them, CR Park will offer number of choices with area range varying within 1150-1850 sq ft. Most of the flats will either be builder constructed floors or the old resale floors. Dwarka is also one of the best option available, if one moves out of south-west Delhi.
East Delhi’s Mayur Vihar-I captures quite a lot of options but majorly, the flats will be of old construction with the living space of around 1100-1350 sq. ft. Rohini in North Delhi will provide you with the apartments and floors. On the other hand, west Delhi’s Janak Puri, Vikas Puri and Paschim Vihar are some of the worthy options. In this area there are ample of builder floors and residential apartments lying within the area of 1150-1800 sq ft.
More : expressestates.in
Surge in demand for office space good for economy
The real estate market has shown a clear sign of revival following the formation of
Congress-led UPA government with a clear majority at the
Centre. Apart from the
affordable housing sector, which has witnessed a surge in demand, office space too has registered fresh demand, which was almost dormant for last one year, ever since the global economy went into a tailspin.
Commenting on the latest biometrics of the real estate sector in the country, Anshuman Magazine of CB Richard Ellis (South Asia) said, In the 1st quarter of 2009, confidence and sentiment was low in the real estate market. The formation of a new government has improved market sentiment, while the global economic decline appears to be bottoming out. This has resulted in an improvement in the velocity of office space offtake, especially in the small to medium segments . This is further supported by a substantial decline in rentals in the past one year.
Surge in demand for office space is a good sign for the economy, and also for the real estate sector. The opening of new offices means investment is likely to pick up, which will help revive the economy. At the same time, it also leads to creation of new jobs, which drives the demand for residential real estate. Normally, the demand for residential space increases by a factor of ten to that of office space.
More : economictimes.indiatimes.com
Office real estate making steady recovery
Call it recession or an oversupplied market (in terms of office space), or the general
negative sentiment prevailing in the market, office
real estate hit an all time low with
values nearly bottoming out as compared to its peak around 8-12 months ago, in fact, the commercial real estate values dropped by an average of 25% in all markets and touched 50% in some.
The transactions were few and far between as majority of the corporates postponed their business expansion plan and were downsizing, as most were not sure if they would be able to sustain themselves, leave alone embark upon any expansion plans, while those who were earlier looking at expansion/relocation fell in a wait-and-watch mode, in anticipation of further correction.
Giving a sense of the depreciation in commercial real estate values, specifically office space, Arjun Kumar, director of AsiaPac International India says, “Commercial and IT space has witnessed almost 40-50% correction compared to rates 6-8 months ago, across NCR.”
More : economictimes.indiatimes.com
Property, Real Estate and Peace of Mind
Jaypee Greens new residential project Jaypee Greens Kosmos Jaypee Noida on Noida – Greater Noida expressway has received tremendous response from the market. A total of 3000 apartments that had been introduced in the market, have already been booked in few hours. This is due to the strong belief that the pubic has in Jaypee Greens, Noida and the strong value system of the company.
Common Amenities of Jaypee Greens Kosmos Shopping Arcade, Temple, Schools, Medical facility, ATM, Banks, Transport to City Centre, Landscaped Green Area, Children play area, Ample Parking Area, Community Hall, Party Hall, Clubhouse, Solar Water Heating, Water Treatment Plant, Power Back-up for Utilities, Round the Clock Security, Fire fighting system, Gymnasium, Swimming Pool, Tennis Courts
About Builder: The Jaypee Group is a well diversified infrastructural industrial conglomerate in India. Jaypee Greens Wish Town Klassic is one of the best property provided by Jaypee Group in noida.Over the decades it has maintained its salience with leadership in its chosen line of businesses – Engineering and Construction, Cement, Private Hydropower, Hospitality, Real Estate Development, Expressways and Highways. The Jaypee Group is synonymous with creating premium lifestyle experiences through exclusive golf-centric real estate. The existing 452-acre development at Jaypee Greens, Greater Noida integrates homes with landscaped greens, resort living and commercial developments amidst an 18 hole Greg Norman golf course. It is a complete lifestyle destination offering individual homes and luxury apartments.
Source : live-pr.com
Jaypee Greens Kosmos: Jaypee Noida Coming up With a New Affordable Housing
With the usage of effective and efficient space planning techniques measures Kosmos is built to create vibrant place to live in. It has facilities and amenities which match any premium residential project. These residential will suits those buyers who have dream to buy a premium home in an affordable price.
About Projects: Jaypee Greens Kosmos is the latest addition in the vast range of projects being offered by Jaypee Greens. The project is located on the fast developing Noida –Greater Noida expressway that enjoys great connectivity to Delhi and NCR. The project offers a new style of integrated community living that comprises everything one could ask for in a home - Security, Convenience, Location, Recreational Amenities etc.
The project will also offer social amenities like Shopping Complex, Social Club with swimming pools, gymnasiums etc. Primary and Senior Secondary schools, crèche, kids play area, uninterrupted water & power supply etc. is best in class amenities with in the gated environment. All facilities are available within the radius of 5 to 6 kms. This is the place where lifes better shade surround, where the air is fresh with scents of lush green lawns. The project offers you space efficient 1, 2 and 3 bedroom apartments with excellent amenities such as club house, sports facilities, swimming pool and more. Spread over 90 acres, this gated community will have 2, 3 BHK & 3 BHK + worker room apartments with 35 acre(approx.) lush green Central Park, gardens, walkways, fountains and golf course near by enveloping the residential units on the periphery.
More : sbwire.com
Dream house still a dream
Their dream homes have become their worst nightmare. For last three years, more than 14 professionals are paying hefty EMIs every month for housing loan. However, not a brick has been laid since a Noida-based builder came up with residential project on NH-24 in 2006.
Nitishree Builders came up with the Shouryapuram project on NH-24 in 2006 but the project work is yet to take off. The miffed professionals have registered a written complaint with the Noida Police against the builder, alleging they were suppose to get the possession of their properties by June 2009.
The professionals have already paid a big amount to buy the property. “I took a loan of Rs 25 lakh to book a flat in April 2006. I was assured to get the keys of my house by June but the project never saw light of day,” said software engineer Sourav Goyal, who is paying EMI of Rs 25,000 every month.
More : mid-day.com
Is Budget allocation for Games sufficient for the city’s makeover
In the limited time left for the Games, the question at this stage is not so much how much additional funds are available, but how many projects can actually be launched and completed in time. The fact is that the entire city depends on the successful handling of this event. In terms of real estate, there are a lot of hopes riding on the boost that the Games will give the sector. However, a lot more than mere property potential hinges on them. Given the facts that the Government is aware of Delhi’s level of economic dependency on the Commonwealth Games and that conformity to the infrastructural parameters laid out by the Games’ planning committee is mandatory, one can assume that everything is being done to have the Games Village ready in time. Finally, however, all depends on the level of commitment adopted and the extent of implementation exercised in the relevant quarters. What can be said beyond a shadow of doubt is that the city’s inability to deliver on this would spell a serious setback for the real estate sector in the Delhi region.
Priya Paul, chairperson, Hotel
Association of India (HAI)
Delhi is expecting 100,000 visitors for the forthcoming Commonwealth Games scheduled to be held in October 2010. In so far as the hospitality infrastructure is concerned, the additional demand for hotel rooms for the Games is estimated to be 30,000 rooms. This demand is to be met through various initiatives taken by the Government. Incentives for hotel projects that would see completion and become operational before the Games in the NCR region were provided in the Union Budget 2007/08. Hotel Sites were identified for auction by various land authorities namely DDA, NOIDA and Greater Noida. About 39 hotel projects with a capacity of over 6000 rooms are in various stages of completion. DDA also increased the FAR for hotels from 225 to 250 to enable existing hotels to add capacity.
With an eye on the accommodation requirement for the Games, The Ministry of Tourism has floated a Bed and Breakfast Scheme under which it has inspected and recognized several guest houses in the city. In a recent decision, more than 5000 DDA flats are being readied to receive the visitors to the Games. These would compare to accommodation in a 3 star category hotel. There is also a plan to put up deluxe tented accommodation to meet the gaps in demand and supply. All major hotels in the NCR are in the process of upgrading facilities to showcase the best in Hospitality to the visitors to the Games and are in the process of signing a Memorandum of Understanding for the provision of rooms with the organising committee. The Games are a matter of national pride and honour and India and Delhi will surely put its best foot forward as has been done in the past for similar events.
More : expressestates.in
Best Deal - 2 and 3 Bedroom Residential Apartments - Noida Sector 100 - 3C - Lotus Boulevard
Situated in the Heart of Noida, Lotus Boulevard is a New Project that brings to you everything that you had always dreamt for your home: 2 and 3 Bedroom Residential Luxury Apartments at the cheapest and most economical prices and that too by the most respectable and trusted Real Estate and Infrastructure Developer in India – 3C Company. Lotus Boulevard is the hot property that is being touted as the Best Deal available in Noida for the Residential Apartments.
With Lotus Boulevard in Noida, Sector 100, get ready for a new lifestyle that’s a beautiful experience with every day passing. Spread over a sprawling area of 40 acres, Lotus Boulevard is India’s Largest Green Residential project strategically located in Sector 100, Noida. A perfect blend of majestic ambience humming with eco friendly environment, this group housing would be a synonym for affordable luxury.
Lotus Boulevard is located at sector 100, Noida. It enjoys seamless connectivity with all the major locations of the city like DND, CP, international airport and metro station. Moreover, amenities like schools and hospitals are also very close by. The design for the Lotus Boulevard has been crafted keeping in considerations the greens, ensuring that all homes enjoy splendid views of landscaped gardens & parks.
More : prlog.org
Officials build lavish homes at your expense
Officials at India’s highest medical research body, tasked with helping India fight everything from AIDS to diabetes, have gotten into something far more innovative: property fraud.
Ten thousand square metres — the size of nearly two football fields — of taxpayer-funded prime land at one of the hottest locations in suburban Delhi — Noida’s Sector 35 overlooking the swank upcoming City Centre, with a Metro station nearby — was meant for official use, but quietly transferred to a private cooperative society.
The officials then build 110 apartments, costing up to Rs 1 crore each, and distributed them among themselves for throwaway prices, according to a probe by the Comptroller and Auditor General of India, the constitutional authority that audits government spending.
More : hindustantimes.com
Oakwood Worldwide plans 15 operational properties in India by 2012
Planning a major foray into service apartments segment, international player Oakwood Worldwide would launch 11 five-star category temporary housing facilities across India over next three years.While the brand is already operational in Pune, Mumbai and Bangalore with four properties, it will have operations in prominent Indian cities such as Chennai, New Delhi, Hyderabad, Thiruananthapuram and Ahmedabad by 2012.
Oakwood Worldwide, which runs resorts and service apartments in United Kingdom, USA, Singapore and a number of Asian countries, plans to run properties in three different categories in India. The Oakwood Premier category provides for a long-term stay in five-star deluxe category rooms while the Oakwood Residence has five-star standard residential flats. The Oakwood Apartments category is meant for tier-two and tie-three cities and has compact service apartments.
The brand has so far launched four properties in the country while 11 new locations are under construction. Speaking to Business Standard , Oakwood’s country general manager Vikas Kapai said, We have signed 11 new deals with different real estate developers. We expect to have two properties operational in each of New Delhi, Chennai and Hyderabad by 2011.
More : business-standard.com
Govt to widen tax net for property transactions
Tax planning around gifting of immovable and movable properties will soon turn out to be a difficult task for taxpayers if a Budget proposal gets Parliamentary nod.
The Government plans to amend the income-tax law to curb “black money” transactions in the property market.
Come October 1, the value of any property received without consideration or received with an inadequate consideration will be included in the computation of total income of the recipient. Simply put, such transactions would be taxable at the hands of the recipient under the head income from other sources.
More : thehindubusinessline.com
Noida land prices jumps about 200 times in 20 yrs
Property prices in Noida, the satellite city of the National Capital, have skyrocketed about 200 times in the last two decades, reveals an RTI reply.
According to the reply, residential plots in all the sectors of Noida, which were available at a price of Rs 175 per metre in 1980, have now spiralled to Rs 39,600 mark per square metre in some sectors of the satellite township.
The highest surge of Rs 39,600 per square meter in the prices of residential lands has come in sectors 14, 14A, 15A, 17 and 44, the reply said.
More : financialexpress.com
Wipro Infotech to invest Rs 200 cr in data centres
With the aim of playing a bigger role in the Indian market, information technology major Wipro Infotech is investing Rs 200 crore to set up its own data centres in India.
Wipro Infotech, the India and West Asian IT business of Wipro, aims to use its data centre platform to offer a host of services, including cloud computing and software as a service (SaaS) on a pay-per-use model, Anand Sankaran, senior vice-president told Business Standard.
The company has already announced opening of one enterprise data centre in Mysore. Built over 4,000 sq ft in the first phase, it has already been sold out. The company is in the process of setting up data centres in Greater Noida and Pune. At Greater Noida, the plan is to have a data centre of 14,000 sq ft, of which 4,000 sq ft will be ready for commissioning by next month. The company is yet to decide the location in Pune.
Wipro has been addressing the IT needs of customers for over two decades now, and we are now launching the Wipro Enterprise Data Centre (WEDC) to complete our portfolio of offerings. Enterprise customers today are seeking services beyond simple hosting and co-location. This will position us uniquely to cater to the lifecycle needs of enterprises as a single face, said Sankaran.
Source : business-standard.com