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Tuesday, March 27, 2012

MCG to assert over private colonies

NEW DELHI/ GURGAON: The city’s municipal body took the initiative to take over the private colonies by seeking a status report from the urban local bodies. But the department of Town and Country Planning (DTCP) that gives licences to private developers revealed that not a single private developer in Gurgaon has applied for completion certificate for any of their projects. This has jeopardized the plan of their takeover by the civic body.

Obtaining a completion certificate is a pre-requisite for transfer of the areas to the municipal corporation. “Despite the government coming out with a piece of legislation that allows the developers to pay a one-time fee to get partial or total completion certificate for over a year, not a single developer has opted for this,” disclosed T C Gupta, director general of DTCP.

As per the norms, a civic body can take over colonies developed by private players or any government agency five years after they get their completion certificate. Once the transfer happens the municipal body takes over the maintenance of all such colonies.

Considering that developers were keen on keeping the maintenance with them despite several instances of residents dragging them to court, the state assembly in 2010 had passed the Haryana Development and Regulation of Urban Areas (Amendment) Act. The legislation has allowed the builders and colonizers to pay a one-time infrastructure augmentation charge to get full or partial completion certificates.

The measure was also meant to raise funds that would be used %by the local authorities to provide much-needed infrastructure facilities like roads and sewerage.

“The developers could have taken this opportunity to get the completion certificate. The legislation also allowed the government to levy infrastructure augmentation charges in lieu of the waiver of 15% cap on profit margin for developers,” Gupta said.

As per the norms set by the government, private builders were not allowed to make more than 15% profit under the earlier provisions of the Act, but the rule was hardly followed.

Officials said that the developers used to fudge the balance sheets to show their profits always remained under 15%. This happened since the market forces and conditions decide the property rates and the norms %set by the government are rarely adhered to.

Meanwhile, sources said that the private builders are not interested in handing over their colonies to the municipal corporation which %will end their perennial source of revenue. “They get a lot of revenue in the form of maintenance charges and don’t want to dry that source. There is also a section of residents which wants the present system to continue since it fears the service level might get worse if the MCG takes over,” said a senior government official.

Source: http://timesofindia.indiatimes.com/city/gurgaon/MCG-to-assert-over-private-colonies/articleshow/12434451.cms

Sunday, March 18, 2012

Sewree flat sold for Rs 5.25 cr

A residential apartment measuring approximately 1,500 square feet in Sewree was sold for 5.25 crore. This was one of the new developments which is amongst the premium developments in the area and is equipped with all modern amenities such as gymnasium, swimming pool, garden among many others.

The location is well connected and enjoys proximity to the office districts of Nariman Point and BKC. The social infrastructure of the area includes several education, healthcare and retail developments which have added to the attraction of the place.

New Delhi

In a recent transaction, a newly-built apartment in Vasant Vihar, admeasuring 2,200 square feet, was leased at a monthly rent of approximately 300,000. The apartment has 4 bedrooms and a terrace garden and is newly constructed with all modern amenities.

This prime South Delhi location has always been an established residential district which offers high-end developments and is preferred by expatriates and consulate members for its proximity to the office districts, international schools and established retail destinations.

Source: Cushman & Wakefield
Source: http://economictimes.indiatimes.com/markets/real-estate/news-/sewree-flat-sold-for-rs-5-25-cr/articleshow/11299483.cms

इंडस्ट्रियल जोन में बस सकते हैं घर

नई दिल्ली
दिल्ली में इंडस्ट्रियल प्लॉट में रेजिडेंशल यूज की इजाजत मिल सकती है। मास्टर प्लान 2021 का रिव्यू चल रहा है। डीडीए की मीटिंग में कई अहम सुझावों पर चर्चा की गई। दिल्ली में घरों की कमी पूरी करने के लिए इस सुझाव को अहम माना गया। उपराज्यपाल ने भी सुझाव को पसंद किया और उम्मीद की जा रही है कि मास्टर प्लान में बदलाव कर इंडस्ट्रियल प्लॉट में रेजिडेंशियल यूज करने का अधिकार दे दिया जाएगा।
मास्टर प्लान 2021 में कहा गया है कि दिल्ली में 1 लाख घरों की कमी है। अनुमान लगाया गया है कि 2021 तक 24 लाख अतिरिक्त घरों की जरूरत पड़ेगी। इसमें 40 पर्सेंट जरूरत दिल्ली के इलाकों के रीडिवेलपमेंट से पूरी हो सकती है। टारगेट पूरा करने के लिए सिर्फ रेजिडेंशल जोन में ही नहीं , बल्कि दूसरे जोन में भी रीडिवेलपमेंट की बात कही गई है। मास्टर प्लान में रेजिडेंशल एरिया की अधिसूचित रोड में कमर्शल इस्तेमाल की इजाजत दी है।
1996 में सुप्रीम कोर्ट के आदेश के बाद काफी इंडस्ट्रियल जमीन रीडिवेलपमेंट के लिए मुहैया हो गई क्योंकि कई बड़ी और भारी इंडस्ट्री बंद हो गई या दूसरी जगह शिफ्ट हो रही हैं। इस तरह की 2000 स्क्वायर मीटर से ज्यादा की एरिया है , जो चारों तरफ ग्रीन एरिया से घिरा है और रेजिडेंशल डिवेलपमेंट के लिए फिट हैं। सुझाव में कहा गया है कि इंडस्ट्रियल प्लॉट मंे रेजिडेंशल ग्रुप हाउसिंग डिवेलपमेंट के लिए इस्तेमाल होना चाहिए , जिसमें 15 पर्सेंट कमर्शल स्पेस हो सकता है।
मुंबई में भी ऐसे इंडस्ट्रियल इस्तेमाल के जोन को अलग कैटिगरी में रखा है जहां कमर्शल के साथ रेजिडेंशल इस्तेमाल की इजाजत है। दिल्ली में भी इसकी इजाजत मिलने से ग्रुप हाउसिंग ऐसे एरिया में बनेंगी , जो पहले से विकसित है। इन्हें खड़ा करने पर ज्यादा पैसा नहीं लगाया पड़ेगा। मास्टर प्लान में इंडस्ट्रियल यूज जोन में ओल्ड एज होम , हॉस्टल , नाइट शेल्टर की इजाजत है , जो नेचर से रेजिडेंशियल हैं।

Source: indianrealtynews

Union Budget 2012-13: Pranab Mukherjee ignores ground realty, say builders

Predicting an escalation in property prices, top players in the realty sector said they had been ignored by the finance minister.

Lalit Kumar Jain, chief of the Confederation of Real Estate Developers’ Association of India (CREDAI), said the announcement on external commercial borrowings (ECB) for affordable housing was a minor respite but still meaningless. Jain, who is also chairman and managing director of Kumar Urban Development Ltd, added, “We contribute 6.5% to the GDP and expected a big boost from the budget for affordable housing through special schemes, an interest subvention of 5-7 % for LIG (low income group) and EWS (economically weaker section) housing and promotion of rental housing through tax exemption.”

Jain pointed out that the interest subsidy on home loans was too low. The Budget has extended the scheme of interest subvention of 1% on housing loan up to Rs 15 lakh where the cost of the house does not exceed Rs 25 lakh for another year.

Gaurav Gupta, director, Omkar Realtors & Developers , lamented that the realty sector had got nothing to boost market and customer sentiments. “There are no indications of this sector being granted the status of an industry , which it much deserves . On the contrary, the increase in service tax will push up realty prices as the additional cost will be passed on to the buyers.”

Tata Housing MD and CEO Brotin Banerjee added, “Initiatives to make affordable housing available to a larger section of the society have only been met partially.”

There were some who welcomed the proposals. Sachin Sandhir, MD, RICS South Asia, felt it “exceeded expectations ” given the pressures on the fiscal situation.


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