Godrej Properties looking to enter Noida real estate market

NEW DELHI: Godrej Properties LtdBSE -0.85 % is keen on entering the Noida property market and is looking for a partner to develop a housing project, according to a top official at the company.

The real estate arm of the Godrej group is developing 3 premium housing projects in Gurgaon in joint venture with land owners and has already tied up for a residential project in Okhla, Delhi.

Godrej Properties has a strategy to develop real estate projects through joint ventures w ..

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http://economictimes.indiatimes.com/articleshow/34284331.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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n plans to enter Noida market, he said: "We do not have presence in Noida which is a key market in Delhi-NCR. We are looking to add projects in this market as well."

The company is in talks with a few potential partners for developing a housing project in Noida, he said, adding "it is a good time to add new projects as real estate market is facing slowdown".

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n plans to enter Noida market, he said: "We do not have presence in Noida which is a key market in Delhi-NCR. We are looking to add projects in this market as well."

The company is in talks with a few potential partners for developing a housing project in Noida, he said, adding "it is a good time to add new projects as real estate market is facing slowdown".

Read more at:
http://economictimes.indiatimes.com/articleshow/34284331.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Supertech’s two 40-storey towers in Noida ordered demolished

The Allahabad High Court on Friday ordered the demolition of two 40-storey towers of real estate firm Supertech for illegal construction. The residential towers are part of the Emerald Court Project in Sector 93 A, Noida. They are unoccupied.

The judgement was passed while allowing the writ petition of “Emerald Court Owner Resident Welfare Association” wherein it was alleged that the approval and construction of the two towers was “in complete violation of UP Apartment Acts”.

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The petitioner had claimed that the Noida Authority had given permission for raising the heights of the two towers, which were earlier supposed to have only 24 floors, “without maintaining the mandatory distance of 16 metres from an adjoining building block, making it unsafe, apart from blocking air and light.” The Court has also ordered the prosecution of Noida Authority officials for allowing Supertech Builders for carrying out the illegal construction. Additionally, the builder has been asked to refund the money to investors at a rate of 14 per cent.

When contacted, RK Arora, CMD, Supertech, said: “We have not yet received the order . If we receive it and it is against us, then we are going to file an appeal to the Supreme Court for its decision. The construction, which is going on at the project, is legal and is approved from Noida Authority.”

In May 2013, the apex court had sought demolition of 102 flats in the Campa Cola Housing Complex in Mumbai for illegal construction. Later, it stayed the demolition till May this year. 

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http://www.thehindubusinessline.com/industry-and-economy/real-estate/supertechs-two-40storey-towers-in-noida-ordered-demolished/article5902047.ece

 

40% of new home units in Noida delayed

NOIDA: Ramesh Saxena, a 29-year-old IT professional, had booked a flats in Noida in early 2009. He was promised delivery in three years. But with his dream home nowhere near completion, he is paying Rs 20,000 a month as rent in Vaishali — apart from shelling out even an larger sum as EMI for the home loan.

"I am spending almost Rs 50,000 on rent and EMI. That leaves me with hardly any money. My father, a retired government employee, uses his pension money for other expenses," said an exasperated Saxena, who had planned to get married only after moving into his own home. His marriage plans, too, are now indefinitely delayed.

Lakhs of middle class families who booked homes in Noida region have similar harrowing tales. Industry estimates suggest that almost half of the four lakh residential units planned in Ghaziabad, Noida and Greater Noida (which includes Noida Extension) are delayed. Among the projects under construction, over 40% are running behind schedule

Read more:http://timesofindia.indiatimes.com/city/delhi/40-of-new-home-units-in-Noida-delayed/articleshow/32991377.cms

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New Gurgaon, Greater Noida emerge as real estate hot spots

For investors, New Gurgaon and many parts of Greater Noida are fast emerging as new real estate hot spots. In the past year, New Gurgaon has recorded property price appreciation of 66 per cent. While property prices have risen about 21 per cent in Greater Noida, the area isn't limited to being an end user market; investors were investing in residential units in Greater Noida, hoping for significant returns through the next few years, said experts.

However, real estate analysts make a distinction between the two regions, in terms of investment - while New Gurgaon plots is referred to as a high investor market, Greater Noida is termed a market for low-ticket investors.

As of March-end, the average residential property price in New Gurgaon stood at Rs 7,068 a sq ft, against Rs 2,528 a sq ft at the end of March 2009, a rise of 180 per cent, according to data by real estate research firm PropEquity. In Noida Extension, part of Greater Noida, prices have risen 49 per cent through the last five years. In the last year, prices have appreciated 16 per cent, compared with Rs 2,818 a sq ft at the end of March 2012.

In Yamuna Expressway, part of Greater Noida, prices rose from Rs 3,500 a sq ft at the end of March 2009 to Rs 3,664 a sq ft at the end of March this year. In the last year, prices rose 21 per cent.

Samir Jasuja, founder and chief executive, PropEquity, said Greater Noida saw a healthy price appreciation due to availability of affordable options, while New Gurgaon had emerged as the next best location because of good infrastructure, attractive pricing and good-quality projects. Besides, the profiles of developers had also aided growth in New Gurgaon. "Apartments in New Gurgaon is already attracting a lot of investor interest. And, looking at the trends, this active investor interest would only accentuate. The region is fast emerging as Gurgaon's luxury destination and we expect developers would continue to launch good premium projects," he added.

Apart from these two areas, Dwarka Expressway is also attracting investor interest. Other areas that have grown consistently are Golf Course Extension Road projects, Sohna Road and Noida Expressway, experts say. Dwarka Expressway and Noida Expressway recorded price appreciation of 206 per cent and 158 per cent in the last five years, respectively. As of March-end, prices stood at Rs 7,121 a sq ft in Dwarka Expressway, while in Noida Expressway, they stood at Rs 9,435 a sq ft. In the last year, property prices in both the areas rose 45 per cent.

Source:http://www.business-standard.com/article/companies/new-gurgaon-greater-noida-emerge-as-real-estate-hot-spots-113061500825_1.html

Important Things To Know Before Buying Property

Property laws vary from state to state but there are general guidelines real estate buyers would do well to know before investing in property. It isn't simply a matter of having enough money to purchase real estate: you want to make sure it doesn't turn out to cost more in the long run.
The value of property for sale in faridabad appreciates if it's structurally sound, has essential amenities such as electricity, plumbing and water supply and is located in a neighborhood with easy access to hospitals, schools, colleges, transportation hubs, offices etc. Location is so important that it's often the single factor that influences resale value.
Can you build a house on land in gurgaon?
You may have found a nice plot of land to build a house on. But can you? Some states have zoning restrictions on building houses and finding out what the laws are will eliminate expensive problems.
Know that buying land and building a house will cost a small fortune. Construction isn't cheap especially when building for a family. The cost of materials is high and you'll have to find a trusted contractor to advise you along the way.
Visit a house/land several times a day
When house-hunting, it's wise to visit properties several times in the day. Evening and night visits mask problems with the house, noise levels of the neighborhood and intensity of traffic. Some buyers may be looking for a quiet street but won't be able to tell the difference at night.
If land is being purchased, find out how close it is to amenities and whether there are any upcoming plans for commercial real estate construction. Some buyers inadvertently find themselves stuck in the middle of a commercial hub they didn't anticipate would be built. Noise, traffic and crowds can mar the peacefulness of any location.
Do a house inspection
This is a vital part of the house-hunting process and the services of an inspector are required. Obvious problems like chipped or broken stairs, faulty doors and windows and peeling paint are cheaper to repair than those you can't see. Inspectors may use tools like thermal imaging and draw on their expertise to pinpoint problems with insulation, plumbing and unsound foundations. The cost of an inspection isn't very cheap but is a lot less expensive than being saddled with big repair works later on.
Check taxes
Some areas reappraise housing tax so it's important to find out what the recent taxes are on a house. If you purchase property at a good deal only to be bogged down by rising taxes every year, you'll take longer to pay the mortgage and the cost of maintenance will rise.

Article Source: http://EzineArticles.com/7865795

The Key Risk

So, like millions of citizens, Yashpal Arora, who lives in Gurgaon, a New Delhi suburb, wanted to benefit from rising property prices. He invested in plots advertised by Vian Infrastructure, a real estate company launched in 2006 with several projects across the country. Impressed by the company's advertisements, Arora invested in multiple plots in gurgaon, Jaipur and Haridwar in 2006. Around 80 of his friends and relatives also invested in the company's projects.

"The total investment of our group was Rs 2.5 crore. Each one of the 80-odd people in our group booked plots in these projects in 2006 with whatever disposable money they had, from a few lakhs to much more," says Arora.Office space in gurgaon

In 2007, Arora visited Neemrana on business. While there, he tried to locate his plot. There was no sign of the project. He sought information from sub-registrars, tehsildars and town planners at Neemrana, Jaipur and Haridwar.

 The projects, it turned out, had never existed. After queries sent to the company went unanswered, Arora lodged a complaint with the Economic Offences Wing of Delhi Police. The subsequent litigation dragged on for years, after which the court ordered the company be liquidated.

According to Arora, who is now spearheading agitation against developers through an association, around 6,000 people who have invested in gurgaon projects by Vian will receive their money after secured creditors are paid their dues.Flats in faridabad ia available for sale

Source:http://businesstoday.intoday.in/story/buying-property-here-are-risks-that-you-must-avoid/1/187425.html

Flat owners in Haryana resent 'restructured' house tax

CHANDIGARH: Thousands of agitated flat owners in Haryana are up in arms against the state government for levying "restructured" house tax and have demanded that tax be calculated using the old formula.
Representatives of house owners associations of group housing complexes from across the state have sought special hearing sessions from the three-member committee, working for rationalization of property tax in commercial and residential properties.

According to the owners, as the government is calculating tax using the new formula, they are made to pay twice the amount they used to pay earlier.Industries and parliamentary affairs minister Randeep Singh Surjewala heads the committee, having Rohtak MLA B B Batra and Hisar MLA Savitri Jindal as members. The committee was constituted earlier this month and will give its recommendations in a month.
There are around 60,000 flats in Panchkula, Gurgaon, Faridabad, Sonipat and other cities falling under NCR area.
Representatives of the group housing complexes have termed the current formula as a measure to burden the retirees.
Read More:http://articles.timesofindia.indiatimes.com/2013-07-13/chandigarh/40553270_1_house-tax-property-tax-new-formula

Reasons to Buy property in faridabad

Buying property in Faridabad could be one of the wisest decisions any investor could be making at the present moment. This is due to the fact that the property market of Faridabad is witnessing the most peak period of flourishing real estate demand. Besides this, considering the fact that there have been innumerable development projects being undertaken by the Delhi and UP government, such as the Delhi metro, and Yamuna Expressway, Faridabad is going to be the biggest hub in the recent time next to Noida and Gurgaon.

As such there is no doubt that the prices of residential property in Faridabad will soar sky high in a matter of few years. Being included in the NCR, Faridabad is becoming one of the best accessible of cities near to the national capital, including both its domestic and international airports. In addition it is also the best accessible route to a number of other metropolitan cities like Noida, Agra, Mathura, Gurgaon and many more. As such many MNCs, IT companies and BPO companies are looking forward to establish their business and offices in Faridabad.

 
source:http://realestatepropertyinfaridabad.blogspot.com/2013/06/reasons-to-buy-property-in-faridabad.html

Commercial Properties in Gurgaon

Gurgaon is the major spot for commercial property in India as the city has attained the position of outsourcing hub in the world. The commercial office space in gurgaon are the hot favorite among the business leaders as the city has become the new destination for business. With the easy availability of several commercial spaces in the city, one could have the desired choice with regard to office spaces and shops.

The growing demand for flat in gurgaon arises because of close proximity to the Delhi and other NCR region. The city offers great employment and business opportunities which provokes many working professionals to move to the city for employment or for business. With the excellent location, many business concerns have established themselves or planning to establish in the city.

The Gurgaon properties offer several needed amenities and facilities with the commercial spaces. The facilities which are provided with the office spaces and shops are security, air-conditioned working area, 24 hrs backup and many more.  The office spaces and shops are made available in the shopping malls and commercial complexes which are specially designed to serve the needed working space to the professionals.

Source:http://gurgaonproperties.blog.com/

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Project Highlights - Indraprastha Apartments

• Approved Project vide License No. 1299 of 2006.
• All important facilities - Mall & Multiplex, Schools, Banks, ATMs, Health and Fitness Centre, within the colony.
• Club with Swimming Pool, Gymnasium, Multi purpose hall, Indoor Games et al.
• Earthquake Resistant RCC framed structure.
• 24x7 Security, Power Backup.

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