Land pooling clears Dwarka e-way hurdles

Eight land owners, whose plots had held up completion of the Dwarka Expressway, have applied for allotment of alternate plots.

The acquisition of the 19.11 acres of land was one of the major obstacles to the completion of the expressway, work on which is expected to speed up. The Haryana chief minister has asked Huda to complete the road by June 2017.

“Eight land owners have applied for alternate plots under the land pooling scheme,” said Omprakash, land acquisition officer of Huda. He said the screening committee will scrutinise the proposal, after which alternate plots will be allotted through lucky draw.

Omprakash said under the land pooling scheme, Huda will give certain percentage of acquired land developed as residential or commercial plots to a land owner in the same locality, against the land acquired.

While HUDA usually pays monetary compensation to the land owner for acquisition, in this case, owners were keen on getting alternative plots.

Under the scheme, land owners have applied for two plots of 151.7574 sq m, 12 plots of 101.1716 sq m, 10 of 202.4332 sq m, 22 of 252.929 sq m, 11 of 354.10 sq m and nine of 10,042.54 sq m. Besides, they have also demanded they be allotted some commercial plots.

Huda had submitted an affidavit in the high court, saying they will give alternate plots to land owners whose plots are in the way of the Dwarka Expressway in New Palam Vihar, Kherki Daula and Chouma, in sectors 37C and 110A.

Only 14.33 km of the Dwarka Expressway is complete. Work on the remaining portion has been stuck due to delay in land acquisition and the shifting of a transmission line.

Residential projects along the expressway, which were supposed to have been completed, have taken a hit, as the area lacks basic amenities.

Real estate developers had launched over 60 projects with 50,000 residential units along the road, but are now struggling to find buyers.

Source: CredaiNCR.Org


Small towns drive 19% growth in home loans

Despite Improvement In Macro Indicators And Growth, Industry Leaders Cautious, Wait For Stronger Revival Signals.

24_11_2015_019_022_009The demand for new homes in smaller towns and cities and lower interest rates seem to be driving up housing loan growth, which has gone up by around 19% till September.

Unlike the past when bigger lenders like SBI were top performers among the public sector players, the action has now shifted to smaller lenders such as Syndicate Bank, Andhra Bank, Central Bank of India and UCO Bank, some of which are registering growth rates higher than private players such as ICICI Bank and HDFC.

Syndicate Bank, for instance, has seen its home loan port folio expand 76%, while Central Bank and Andhra Bank have seen a rise of over 30%, indicating that housing activity in smaller cities is picking up. ICICI Bank’s home loan book has expanded by around 28%, while HDFC has seen a 23% growth In contrast, the growth at SBI was just around 15% during the year to September 2015.

For the public sector banks as a whole, outstanding home loan grew by 18.7% to Rs 4.78 lakh crore at the end of September, compared to a 14.9% growth witnessed till the end of September 2014, data compiled by the finance ministry showed.

But the worry for the government is the low demand for financing of affordable housing. Although the finance ministry had set a target of 30% for the current financial year, the growth up to September was a mere 4.7%, half the rate witnessed a year ago.This was mainly due to low off-take in the sub-Rs 5 lakh segment.The maximum rise was seen in the over Rs 25 lakh segment, which registered a 36% growth.

Source: Times Property, Nov 24, 2015

New Gurgaon: An exciting destination for realty investment

Fueled by affordable property, good connectivity, tremendous upsurge in infrastructural development and future growth prospects, New Gurgaon is fast emerging as a vibrant residential and commercial hub in the National Capital Region.

In fact, New Gurgaon is a moniker coined for the areas/sectors beyond the second toll plaza on NH-8, which are located on the highway on either side of it or which are accessible through it through internal sector roads. “This real estate micro-market is one of the two identified growth corridors for residential projects in Gurgaon; the other being Dwarka Expressway, which can also be considered an extension of the New Gurgaon region, albeit with different drivers for growth,” says Rohan Sharma, associate director – research & real estate intelligence service, JLL India.

The influence zone of this micro-market extends from the sectors immediate after the Kherki Daula toll plaza and right up to the sectors being developed beyond all the way till Manesar on both sides of the highway. “As of date a total of over 51,000 residential apartment units have been launched here across more than 95 projects,” says Sharma.

According to JLL India, apartment prices have moved annually by nearly 37 per cent and 22 per cent in 2012 and 2013, respectively, compared to previous years. However, prices were largely stagnant over 2014 and showed a slight increment of just around 4 per cent YoY as a slowdown effect was visible here as seen across most of the residential markets in NCR. The projects here have also moved up the value chain with earlier affordable housing projects and slowly moving up to mid-segment and premium housing. It continues to remain one of the relatively less expensive residential micro-markets within Gurgaon and hence has also seen healthy sales volumes over the past years.

Already, over 3,600 residential units are completed and handed over to buyers with another approximately 39,000 residential apartments likely to be handed over the next 3-year period. This should bring in enough traction for future developments of retail centers which will be an improvement over the current, existing neighborhood retail shopping centers which have been developed as part of the township projects under development here and where part completion of some towers/projects has been handed over.

Accessibility and good existing connectivity has also worked in the favor of this region. For example, “upcoming infrastructural projects such as the DMIC, KMP Expressway, enhanced connectivity through the Dwarka Expressway and internal arterial roads and development of multiple centers of excellence as planed under the DMIC are likely to further provide an impetus to growth around this area. Economic activity will fuel future growth, with existing automobile/ancillary industries in Manesar already doing well,” says Sharma.

There are already large township projects in New Gurgaon by the likes of DLF, Vatika, Orris, Lotus Greens, Supertech and Ramprastha, among others.

For instance, DLF’s Gardencity is said to be a well-planned residential hub which is spread over 600 acres of development. Located next to a 1000-acre green expanse, the township offers its residents (over 500 families currently residing) a luxurious lifestyle in the lap of lush surroundings. Designed by renowned architect Hafeez Contractor, the project claims to offer world-class facilities to its customers. Moreover, located just a few minutes’ drive from the IGI Airport, DLF’s Gardencity also has the distinct advantage of superb connectivity via NH 8, upcoming Dwarka Expressway and Kundli-Manesar-Palwal (KMP) Expressway.

Talking about their project, Vikram O Datta, vice president-sales & marketing, DLF, says, “With a significant rise in pollution levels, NCR residents are experiencing a severe lack of fresh air. Our upcoming township ‘DLF Gardencity’ is being developed keeping in mind the current scenario. Located next to a 1000-acre green expanse, the mega township offers its residents a luxurious lifestyle in the lap of lush surroundings.”

So far as the future growth prospects of New Gurgaon is concerned, “as the city of Gurgaon is growing, there is an ever increasing pressure on the existing infrastructure. The need of the hour is to develop newer areas on priority. Since the pace of development has picked up at New Gurgaon, we expect it to reach new heights of urbanization,” says Mr Datta.

Source: ETRealty.Com

Let’s make Delhi smart city

Chief minister Arvind Kejriwal on September 11 pitched for the industry’s participation in making the national capital a ‘smart city’ while stressing that departmental procedures were being “simplified” by the AAP government to ensure “ease of doing business”.

“We talk of smart cities. We talk of building 1,00, 200 smart cities. Let’s make the nation’s capital a smart city first. I invite you all to participate. the government will do its part with complete honesty,” Kejriwal said at a Confederation of Indian Industry event on September 11.

As an example of efforts to make documentation and procedures simple and corruption-free, the CM informed that the Delhi government will soon introduce “self-attestation” and do away with the need of filing affidavits or getting various certificates attested from officials of a specific rank. He added that this measure would bring relief to the general public who have to go through a tedious process of getting birth, death or marriage certificates signed by officers of gazetted rank or MLAs.

“Let us believe in our people. You (people) give us affidavits and go for self-certification. You will see a complete paradigm shift in getting certificates in Delhi soon,” Kejriwal said.

The AAP government’s proposal in this regard, however, comes two months after the Center decided to do away with the need of filing affidavits from a gazetted officer or a notary for a big chunk of government-related work and promote self-attestation of documents instead.

Kejriwal also warned traders against tax evasion. “We have put an end to routine VAT raids. But the level of evasion is very high. In such cases, we will ensure punishment and make an example out of such people,” he said.

To facilitate business in Delhi and prevent evasion of taxes, the Delhi government has decided to introduce a new online form-Delhi Sugam-2-with effect from September 15. This DS2 form has been introduced in place of T-2 form.

Source: CredaiNCR.Org

NGT says realty projects’ non-FSI areas to be computed for environmental nod

In a ruling that’s likely to have a far-reaching impact on realty projects across the country, the National Green Tribunal has held that fire safety provisions, parking spaces and recreation grounds must be included while computing a realty project’s built-up area to determine if it needs environmental clearance. Bringing these municipal issues within the scope of environment approvals for the first time, NGT’s principal bench headed by Justice Swatanter Kumar imposed a fine of Rs 3 crore on Priyali Builders and directed it to halt construction at a slum rehabilitation project at Antop Hill locality in Mumbai.

The tribunal held that the developer has to pay Rs 3 crore under the Public Liability Insurance Act and an additional fine for not providing a recreation ground to project beneficiaries. It also directed the builder to halt construction and not create any third-party rights at the project.

The NGT had ruled in a case filed by Sunil Kumar Chugh, a beneficiary of the slum rehabilitation project, and his neighbor who had challenged the environmental approval granted to the redevelopment with a total built-up area of 29,150 square metres.

Construction had started in 2009 and environmental clearance was obtained in March 2014. The appellant had moved the court alleging that the builder did not obtain prior environmental clearance and violated regulations by not providing a recreation ground, parking spaces and provisions for fire safety.

The tribunal’s order ends the malpractice of using only FSI (floor space index) area, and not the total built-up area, to evade obtaining environmental clearance, according to Aditya Pratap, advocate for the petitioners. Several builders ducked getting environmental clearance from 2006 to 2011 by passing the project’s FSI area as the built-up area and stating that it was below the threshold, he said. “By ruling that built-up area includes both FSI and non-FSI areas, the tribunal has made this definition applicable retrospectively from 2006 itself, thereby bringing all projects approved thereafter within its ambit if they have crossed the 20,000 square meter threshold limit of built-up area,” Pratap said.

Several realty projects allegedly evaded the ambit of environmental clearance by excluding non-FSI areas such as the lift lobby, basement areas and staircases while computing the total built-up area of the project.

Source: CredaiNCR.Org