Ready to move in apartments in Noida

30,000 crore, 10,000 buyers

2016-02-12T21:47:00.002-08:00

10,000 property buyers face an uncertain future and ` 30,000 crore remains locked up because of Delhi govt’s inability to take a stand on the land pooling policy

The Aam Admi Party (AAP) has an important question to answer. Why, when it is trying to fast track the regularisation of about 1,200 unauthorised colonies in Delhi, is the party refusing to take a clear stand on the land pooling policy (LPP) which has the potential to create 25 lakh to 30 lakh housing units with modern facilities in Delhi? The sad truth is that thousands of buyers are also in the danger of losing their money as unscrupulous parties are selling them land and properties as part of LPP.

According to a rough estimate drawn up after discussions with several stakeholders in Delhi Development Authority’s (DDA) LPP, HT Estates has reason to believe that various corporate houses, developers and individual buyers have in all probability spent ` 30,000 crore on buying land from farmers in the past few years. This huge corpus remains locked up due to lack of clarity on the part of the Delhi government causing severe financial inconvenience to the parties concerned.

Another matter that has come to light is that when the mandatory provisions of the LPP have not been completed, builders or brokers can in no way advertise projects related to it.

Under the LPP, land parcels owned by individuals or groups are legally consolidated by transfer of ownership rights to the designated land pooling agency. The agency then transfers ownership of part of the land back to the landowners for developing such areas.

Some developers and land owning groups, it is learnt, have also been luring homebuyers to invest in apartments in land pooling zones. When the mandatory provisions of the LPP have not been completed, builders and brokers can in no way launch an d a dve rt i s e projects related to it. Till now, according to another estimate, more than 10,000 homebuyers have already paid the booking amount, ranging between ` 10 lakh and ` 20 lakh, for apartments in agricultural areas the land use of which has yet to be changed to residential.

Experts say that land in seven LLP zones –L, J, K1, K2, P1, P2, N – measures 75,000 acres, out of which, if a conservative view is taken, 25% to 30% (18,000 to 22,000 acres) land has already been bought by several corporate houses, developers and individual buyers from farmers. If land cost is roughly calculated at

` 1.5 crore per acre, the money to purchase land comes to around ` 27,000 to ` 35,000 crore.

“The land pooling policy files have been lying with the Delhi government for more than six months but no decision has been taken on the matter. This is the file which contains Delhi’s future development plan, with costs estimated at more than ` 1 lakh crore for housing for more than 20 lakh families in highly regularised modern group housing colonies,” says Sudhir Dabas from Saffron-Land Realty Ventures Private Limited, a company which provides consultancy on land pooling.

It is “unfortunate,” Dabas says, that while the economy is “begging for more inflow of investment in key sectors, about ` 30,000 crore of investor money is held up in land pooling schemes. The funds could have otherwise generated a huge inflow of foreign and indigenous investment in the otherwise morbid real estate sector. The Delhi government must clear files or give reasons for its laxity.”

Questioning the “indordinate delay” by the Delhi government, Ramesh Menon, director, Certes Realty, says non-implementation of the operationalisation mechanism of land pooling has given the “opportunity to a few unscrupulous elements to market apartments, which have no legal sanction whatsoever. The law which regulates raising of money from public entities, does not allow multi-state cooperative housing societies and welfare societies to collect money from the public for the purpose of real estate activities.”

Many experts say that most selling agencies haven’t undertaken any due-diligence on these projects, and are myopically marketing these projects overseas, too, for selfish gains. These brokerage firms have endangered the hard earned money of unsuspecting consumers, who are most likely to lose not just the interest on their investment, but also the capital in many cases.

“Many developers are advertising even facilities, amenities and design of apartment projects even though the mandatory provisions of the LPP are yet to be completed. Most seasoned investors have stayed away so the buyers at the bottom of the pyramid are being targeted,” says Menon.

When the urban development ministry gave its nod to operational guidelines for LPP in May last year, lot of people thought the LLP would very soon become a reality. The next step would have entailed the conversion of 95 rural villages to urban villages under Section 507 of the Delhi Municipal Corporation Act (DMCA) 1957.

According to Section 507 (DMCA), “The Corporation with the previous approval of the Government, may, by notification in the Official Gazette, declare that any portion of the rural areas shall cease to be included therein and upon the issue of such notification that portion shall be included in and form part of the urban areas.”

Once the rural villages will become urban areas, Section 12 of DDA Act directs that these villages should be converted into development areas.

“Once these two steps are completed by the Delhi government, DDA can invite land owning agencies to surrender land to the Authority,” says a senior officer from the DDA .

When HT Estates wrote to Manish Sisodia, Delhi deputy chief minister, with a copy to the Arvind Kejriwal, chief minister, asking for reasons for the delay in notification for the conversion of 95 rural villages to urban areas, the mail was forwarded to special secretary urban development by GK Madhav, OSD to deputy chief minister, keeping this correspondent in the loop with a comment, “Please find the mail here to look into the matter. ATR/Status may please be sent to applicant.” Repeated attempts by this correspondent to get in touch with SS Gill, special secretary, urban development, who is associated with the LPP, proved futile as Gill disconnected his mobile phone the moment he was asked to clarify the status of the policy.

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Sourced from:- 13 Feb 2016 Hindustan Times (Delhi)

Gurgaon most attractive property destination in NCR

2016-02-12T04:31:00.000-08:00

Gurgaon has emerged as the most attractive destination for real estate investment in the national capital region, according to a survey by industry body PHDCCI.
Gurgaon is followed by Delhi, Noida, Faridabad and Alwar, according to a recent study on 'Determinants of real estate: A survey of Delhi NCR' conducted by PHDCCI.

"Good transport connectivity, existence of employment opportunities and availability of social infrastructure including schools, colleges, hospitals, etc have made these destinations attractive for real estate investments," the chamber said in a statement.
Metro construction has not only boosted investment sentiments but also resulted in increase in nearby property prices, it added.
According to the survey, price is the most important factor while considering investment in real estate.
The main reason for buying properties in the Delhi-NCR is for residential purpose, followed by investment purpose.
The survey found out that the key factors affecting real estate investment sentiments include high rate of interest on loan followed by inflationary pressures, lack of demand and economic uncertainties.
PHDCCI President Mahesh Gupta has demanded to raise a deduction of up to Rs 5 lakh from the current level of Rs 2 lakhs for interest paid on a home loan on a self-occupied house to boost demand in housing sector.
Now we are talking about the noida realty sector, noida is also preferred location for buyers and investors. in noida many reputed builders projects such as Jaypee Greens Wish Town, Supertech, Amrapali Noida Etc.
Sourced from:- www.businesstoday.in January 29, 2016

What 2016 holds for India’s real estate sector

2016-01-23T22:12:00.003-08:00

Today, the world sees India as a land of opportunity for business and investment. We look at how 2015 was for the real estate sector, and crystal-gaze into 2016.

Commercial/Office

India’s office space absorption during 2015 stood at 35 million sq ft – the second-highest figure in the country’s history after 2011. While pan-India vacancy still stands at 16%, realistic vacancy actually stands around 8-9% – the total vacant supply is not always relevant for corporate occupiers. Rents rose across Indian cities in 2015.

Demand will remain consistent over most of 2016, with occupiers showing a positive bias. While 2016 will bring in continued demand for leased spaces, quality supply will be lower. This means that unmet demand will reflect in higher occupancy of Grade-B office spaces.

Capital Markets

2015 has been an interesting year for capital market activities in real estate. While the PE focus continued to remain high on residential and office projects, entity-level investments and platform-level deals also came into the limelight, indicating increase in investor confidence. In terms of asset focus, residential projects attracted a considerable share of funding; however, equity investment in this space is still insignificant.

Income-yielding office projects attracted a majority of equity investments. In terms of the geographical spread, focus was restricted to tier-I cities with NCR, Mumbai and Bangalore attracting a majority of investments (73%); reflecting learnings from past experience.

Overall, the stage is set for a superlative show next year. In fact, 2016 may well bring the kind of investment activities that were seen in 2007 – the previous peak year which saw investments of more than USD 8 billion into Indian real estate.

Residential

2015 did not bring the hoped-for growth in residential real estate. However, the silver lining is that the bad days seem to have bottomed out; sales have picked up in a few cities like Mumbai, Hyderabad and Bangalore. Launches have reduced in cities like Mumbai, slightly lowering the inventory. Developers’ initiatives like offering attractive schemes and deal terms, coupled with lowering of interest rates by the Reserve Bank of India (RBI), have activated fence-sitters. Delhi NCR real estate market in 2015 is not very good. There have many reputed builders developed there projects such as Jaypee Greens Wish Town projects in noida expressway. real estate market is up and down in previous 1-2 years in Delhi NCR.

2016 may well bring an end to the long and painful journey this sector has had, and signal an upward growth trajectory. It will definitely mature further into an organised industry in which some lesser-organised players become casualties.

Retail

The year 2015 saw hardly any quality retail space come in. Apart from that, the two big trends observed were:

• Consolidation of retail real estate by brands and retailers who focused on their profit-making stores and closed down loss-making ones, and

• The entry of institutional investors. Thanks to relaxation of sourcing norms, single-brand retail companies will find more reason to explore the Indian market and also be able to undertake e-commerce business independently.

In 2016, more mature investors will come in and buy built-up retail spaces. Once they have the relevant experience and foothold in India, they will start investing in ‘greenfield’ assets. However, 2016 will see a continued dearth of quality retail spaces. Retailers will have to revisit their real estate strategy and have a flexible approach, customized to different micro-markets.

Sourced From:- http://www.financialexpress.com/ New Delhi | January 3, 2016 8:00 AM

Noida to soon put property details online

2016-01-19T22:09:00.003-08:00

In a bid to bring transparency in property records, the Noida Authority will soon make information available to its allottees at the click of a mouse and which will be accessible from anywhere in the world. As per officials, details will be online by the end of April 2016.

According to officials, the project aims at bringing all properties of Noida, whether industrial, residential, institutional or commercial, under its purview. Allottees have been demanding for property details to be put online for a long time. At present, the authority has uploaded only 129 group housing property details online.

The proposed project will save allottees from standing in long queues and wasting man hours, officials said. Logging in to the web portal of the Authority will give allottees all information related to their property. The online system will enable the allottees to know the exact status of their property, installments towards property, water/sewer charges, lease rent, interest, penalties, surcharge, etc. Currently, allottees have to undergo a tedious and time-consuming procedure besides numerous trips to the Authority.

Once the government body goes hi-tech, not only will allottees be able to access information about the property they own, officials in the Authority will also be able to retrieve information about any property within minutes.

Last week, Lucknow based social activist Nutan Thakur has also written to Akhilesh Yadav Chief Minister Uttar Pradesh demanding that all property details in Noida, Greater Noida and Ghaziabad be put online without delay.

Sourced From:- Jan 18, 2016, 11.28 PM IST THE TIMES OF INDIA

Oberoi Realty Sells 645 Housing Units in Q3 for Rs. 1,775 Crore

2016-01-17T22:01:00.003-08:00

New Delhi: Oberoi Realty sold 645 housing units for about Rs.1,775 crore in the third quarter of this fiscal year, largely in its newly-launched residential project at Borivali in Mumbai.

The Mumbai-based developer sold 645 units, covering nearly 10.24 lakh square feet, for Rs. 1,774.39 crore, according to an analyst presentation.

Of the total sales bookings achieved in the quarter ended December, Oberoi Realty sold 619 units in newly-launched project Sky City for Rs. 1,567.15 crore.

The company said it launched three towers on October 30, 2015. "619 units booked, value about Rs. 1,567 crore till December 31, 2015...4th tower launched on 15th January, 2016...Work commenced at site," the presentation said.

Oberoi Realty in October had said that it expects to earn a revenue of Rs. 10,000 crore from this 25-acre project comprising 10 towers of 60 storeys each.

The company's collection stood at Rs. 524.49 crore during the third quarter of fiscal year 2015-16, of which about 290 crore was from the Sky City project.

Although the real estate market is facing a huge slowdown for last 2-3 years, housing sales have picked up in a few cities like Mumbai, Hyderabad and Bangalore.

Last week, Oberoi Realty reported a more than two-fold jump in consolidated net profit to Rs. 209.35 crore for the quarter ended December on higher sales. Its net profit stood at Rs. 79.23 crore in the corresponding period a year ago.

Total income increased to Rs. 790.33 crore for the October-December quarter of fiscal year 2015-16 from Rs. 219.6 crore in the corresponding period of the previous year, the Mumbai-based developer said in a filing to the BSE.

The company has developed about 40 projects at strategic locations across the Mumbai skyline aggregating about 9.18 million square feet. Another 20.61 million square feet is under construction.

Shares in Oberoi Realty, on Friday, ended 3.28 per cent lower at Rs. 249.10 apiece on the BSE, whose benchmark Sensex index finished down 1.28 per cent.

Sourced From:- http://profit.ndtv.com/ January 17, 2016 12:50 (IST)

HDFC's new fund plans logistics foray, targets raising $500 million

2016-01-17T21:50:00.002-08:00

A new private equity fund of mortgage lender Housing Development Finance Corp will target raising $500 million from offshore investors for domestic property projects, including in warehousing and logistics, a senior company executive said.

Asset manager HDFC Property Fund has mainly invested in housing projects through earlier funds but, for the first time, plans to invest in logistics and warehousing with the new fund, becoming the latest investor seeking to cash in on e-commerce boom.

"We think there is a good opportunity that exists in this business," K.G. Krishnamurthy, CEO at the fund manager, told Reuters, adding that it will likely invest in building and leasing warehouses.

With more consumers shopping online, the country's $110 billion logistics and warehousing sector is stretched. Fuelled by online retailers, supply of modern warehouses is set to more than double by 2020 to 200 million square feet, property consultancy JLL estimates.

Dutch pension fund manager APG and US buyout group Warburg Pincus also have plans to invest in modern storage space, which is scarce at present and rents are comparatively low.

HDFC expects to generate net returns of up to 20 per cent from the new rupee-denominated fund which it will start raising in mid-2016, Krishnamurthy said. The fund will have a life of nine to 10 years.

Investors from Asia, including those in Singapore, Japan and China, and the Middle East have shown interest to invest in the fund, Krishnamurthy said. He did not give specific names.

Government of Singapore Investment Corp, investment firm Temasek Holdings and Oman's State General Reserve Fund have invested in HDFC's previous fund.

Unlike its previous debt fund, investments from the new fund will be a combination of equity and debt, Krishnamurthy said. The fund manager will also invest in hotels that are a part of large, mixed-use townships and in housing projects.

Private equity funds invested $4.89 billion in real estate sector in 2015, the highest since the country's property boom in 2008, data from Venture Intelligence showed.

The money has been used mainly to refinance the country's debt-laden developers struggling to lift sluggish home sales.

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Sourced From :- January 13, 2016 http://www.businesstoday.in/

Project launched in Bhiwadi

2016-01-15T22:05:00.003-08:00

Ashiana Housing Ltd, (NSE & BSE Listed), has launched a project in Bhiwadi, called Ashiana Tarang. In the past two decades, Ashiana has successfully built and delivered 15 projects in Bhiwadi.

Located in a fully-developed neighbourhood of Bhiwadi, Ashiana Tarang offers a huge location advantage along with affordability. It’s just a 45-minute drive away from Gurgaon, 55 km from Indira Gandhi International Airport and just off the Delhi-Jaipur highway.

The project is spread across 12.76 acres and will have 11 towers with 960 residential units. There will be 192 residential units in phase 1. The sizes of 2 and 3BHK options will range from 1,065 sq ft to 1,331sq ft and will cost upwards of ` 30.99 lakh.

Sourced From:-

16 Jan 2016
Hindustan Times (Delhi)

What comes first? Sale agreement registration or payment for booking?

2016-01-15T21:59:00.004-08:00

More clarity is needed on registration of sale agreement and payment of booking amount in the real estate regulatory bill

The Real Estate (Regulation and Development) Bill 2015 is expected to largely regulate and prevent fraud and cheating in the real estate sector and take care of the interests of homebuyers. However, ambiguity in the bill’s provision to register the sale agreement before paying the booking amount needs more clarity if homebuyers have to actually benefit from it.

Though the Bill was recently approved by the Union Cabinet chaired by Prime Minister Narendra Modi and is likely to be tabled in the upcoming Budget session of Parliament, its provisions still lack clarity on many important issues. One of them is section 13, which deals with compulsory registration of agreement for sale, ie, builderbuyer agreement.

According to sub section 1 of section 13 of the bill, “A promoter shall not accept a sum more than 10% of the cost of the apartment, plot, or building as the case may be, as an advance payment or an application fee, from a person without first entering into a written agreement for sale with such person and register the said agreement for sale, under law for the time being in force.”

Sub section 2 of section 13 says that the agreement for sale will specify the particulars of the project’s development, including construction of building and apartments, along with specifications and details of internal and external development work and other details such as rates of interest payable by the promoter to the allottee and the allottee to the promoter in case of default.

This sole provision under chapter III – Functions and Duties of Promoter – will ensure multiple benefits to homebuyers and governments. It will ensure consumers’ safety from the first day of entering into a deal with a real estate developer. Various state governments will also be able to earn revenues on these transactions.

Should the booking amount be paid first?

While some legal experts say that signing a sale agreement before paying the booking money will protect homebuyers’ interests, others point out that the booking amount is always paid before an agreement is signed and so the relevant section has to be modified to help homebuyers.

“The best part of this section is that homebuyers will enter into an agreement for sale first and then pay the booking amount. The advantage they get is that they are then aware of each and every detail of the project as well as terms and conditions before making any payment to the developer. This does not happen now. Today, homebuyers pay the booking amount and then wait for several months for the developer to come forward to sign a builder-buyer agreement. In many cases, the builder-buyer agreement is signed after homebuyers pay 30% of the total cost of the project,” says DK Garg, a Supreme Court lawyer.

A former inspector general (revenue) of the Delhi government, who doesn’t want to be named, however contradicts Garg, saying, “In a sale agreement the total cost of the flat as well as the advance money given to the seller is mentioned among other details. So how can the agreement be registered first and the payment be made later? Also, if a builder registers an agreement for sale with a homebuyer for any flat, that property will be blocked and the builder won’t be able to sign any other sale agreement with other parties. What happens if the buyer defaults on paying the booking amount? In my opinion the sale agreement should be registered in the office of the sub-registrar and the booking amount should be paid when the sale agreement is registered. There should be no question of any payment before or after that.”

He adds, “If it is not rectified and made practical, like many other provisions, it will remain only a provision in the law books.”

Protecting consumers’ interests

Realty experts feel registering a sale agreement at the time of paying the booking amount will go a long way in regulating the sector and taking care of homebuyers’ interests.

People who have recently bought properties complain that in the absence of a real estate regulatory act, payment of booking amount, which is normally 10% of the cost of the project, is a “trap” laid out for them by developers. Since a builder-buyer agreement is signed several months after payment of the booking amount, developers exploit it and impose unfair and one-sided conditions on homebuyers in the agreement. If a home buyer protests the developers threaten to forfeit the booking amount.

A case in point is Greater Noida West (Noida Extension). Many home buyers there had booked apartments after paying 10% booking amount when property prices were affordable. Much to their dismay, when construction restarted after a gap of some months after the resolution

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Sourced From:- HINDUSTAN TIMES 16-01-2016

'Affordable housing only way to tackle real estate recession'

2016-01-15T21:25:00.002-08:00

THANE: Creating affordable homes is the need of the hour and is the only solution to bail out the real estate industry from the present slowdown it is facing, said public works minister Eknath Shinde. The minister was speaking at a glittering function to mark the inauguration of a three day real estate exhibition in Thane.

The government is working towards creating around 6 crore affordable houses in the coming years of which the state would get 25 lakhs while the Mumbai Metropolitan region would see around 11 lakh affordable houses. "There is a huge demand in this sector and the government is actively thinking over bridging the demand and supply gap. Creating affordable homes is the only way to fight off the recession in the real estate industry," he said.

Speaking about the future development plans of Thane, Shinde said that the cluster development plans and the issue of dilapidated structures in the lake city will be sorted soon. Speaking about the biggest challenge of proper transportation facility in the city, he said the situation is likely to change soon with a slew of developmental projects in the pipeline.

"The transportation issues of Thane will also be solved soon with the development of the Thane-Borivli tunnel, Wadala-Thane metro, etc. The extended railway station at Kopri will also help reduce the load on the existing station while the TMC is also striving for widening roads in the city," he said.

The government is working on ease of business where the number of permissions required for constructing houses will be lesser and the procedure faster. Environment clearances presently plaguing the industry here will also be sorted out with discussions with the forest department and minister Ramdas Kadam, he said.

Nearly 40 developers from across the city participated in the event that saw a decent turnout on the inaugural day.
Sourced from:- THE TIMES OF INDIA Jan 16, 2016, 07.27 AM IST

Peace of mind space in Noida and Greater Noida for your dream home!

2016-01-15T00:37:00.000-08:00

Every Buyer who is looking space for his own living aspires to bring peace, success and happiness to people associated with it. At JaypeeGreens Wish Town, every project is planned and executed to bring complete peace of mind to its customers. Such single minded devotion to it has made Jaypee Greens a synonym of pure bliss.

Jaypee greens wish town Speared in a huge area in Noida expressway. In this township a signature 18+9 whole Graham Cooke golf course has been developed. The projects in This Township are very luxurious and all projects are full of all amenities like Sports Facilities, GYM, and Park ETC.

Tips to keep in mind while investing in 2016

2016-01-14T21:54:00.003-08:00

Space constraints have restricted the growth prospects of the realty market in Mumbai but the emerging pockets have now reignited the development expectations. The government is putting the impetus on infrastructure, thus strengthening the emerging locations and therefore, realty markets in these destinations are well set for a robust growth.

"With the added impetus, home-buyers in Mumbai are back. The fall in interest rates and the New Year have helped improve home sales in the MMR. Developers are now increasingly getting focused on the affordability factor to increase sales and improve their cash-flows. The other factor that will help in maintaining the momentum is the rapidly improving infrastructure of the MMR. The government is taking the initiative to improve infrastructure in the region and this will be a major game-changer for most of the emerging pockets," says Ramesh Nair, COO operations and international director, JLL India.

Experts believe that the emerging areas around Mumbai and the MMR like Mulund, Thane, Kanjurmarg, Mira Road, Bhayandar, Vasai, have seen a phenomenal growth in the recent past. The residential market growth in these regions also helped to gather momentum in Mumbai's realty as a whole since the last four-five years.

Experts point out that the Banking, Financial Services and Insurance (BFSI) sector and professional services are the major sectors of growth in the city, whereas, the manufacturing, pharmaceuticals, shipping as well as the media and entertainment sectors, are also noticeable drivers.

Simultaneously, the rapidly improving infrastructure has helped the city expand its boundaries, with new peripheral areas emerging and becoming contenders in the real estate market.

The government is laying great emphasis on connecting the city with other growth nodes by improving infrastructure, and the proposed Mumbai-Nagpur Expressway, Navi Mumbai International Airport and the Delhi-Mumbai Industrial Corridor (DMIC), will definitely help fuel the local economy and give an impetus to the property market as well.

"A growth in infrastructure has played a key role in keeping the real estate market balanced in Mumbai. Other than these factors, price appreciation and social infrastructure also play a major part in keeping the sector floating.

The recent major projects such as Santacruz Chembur Link Road (SCLR), the proposed Mumbai Trans-Harbour Link (MTHL), Navi Mumbai International Airport, various phases of the various phases of the proposed Metro links, etc, are the major game-changers that have allowed the momentum of the city's real estate market since the last couple of years.

Other than this, the high investor activity also played a big role in driving real estate prices, and Non-Resident Indian (NRI) investors cover a significant portion of the residential real estate market in Mumbai.

Another critical factor that has contributed to the acceptability of a balanced real estate market in Mumbai is the development of new office projects towards the north of the city, mainly in the central suburbs. Hence, the above mentioned dominant factors have determined the fate of the city's realty market," informs Dharmesh Jain, chairman and managing director, Nirmal Lifestyle.

According to the realty experts, with Mumbai becoming increasingly saturated and unaffordable, the peripheral areas are the new micro-markets in focus. Ulwe is one micro-market, which is already garnering a lot of interest from investors and end-users. Apart from the two Special Economic Zones (SEZs) that have been planned here, its proximity to the upcoming Navi Mumbai International Airport has caused many developers to flock there with a wide spectrum of realty projects.

The relatively affordable property prices and good returns on investment over the mid-to long-term, have strengthened the demand for homes in Ulwe.

Some of the other fast-growing places include Mulund, Thane, Vasai, Mira-Bhayandar, Panvel, etc. One of the most well-developed areas in this region is Mulund. The area at present is a part of a real estate observable fact that features better living and caters to those who want to lead their life in a grand manner. These places have attracted attention as an emerging commercial and residential hub, which could become bigger in size in the coming years and play a major role in transforming the real estate landscape of the city.

DS Kulkarni, CMD, DSK Group is hopeful about the real estate sector in 2016. "We hope with a stable government in power under a strong leader like Narendra Modi, the year ahead should augur well for the real estate sector. I think every builder should follow the diktat of the Modi sarkar he/she should not only build smart cities, but aspire to develop the smartest ones," concludes Kulkarni.

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Sourced From:- THE TIMES OF INDIA January 12, 2016 @ 11:22 AM

Protect Home Buyers

2016-01-14T00:51:00.003-08:00

Real estate bill has been hanging fire for years, even as the sector cries for reforms

Buying a house is the single largest financial investment an individual makes. Yet, in India this act is fraught with risk and individuals depend on weak laws for justice. Occasionally , deviant promoters are called to account as was the case in the detention of Unitech's promoters. This incident shows up the fallout of an absence of proper regulation to cover contracts between buyers and real estate promoters. A real estate bill, which is presently pending in Rajya Sabha, seeks to fill this gap. It has been debated for over two years and should be passed by Parliament in the budget session.

India is in the midst of rapid urbanisation and urban population is expected to more than double to about 900 million over the next three decades. Unfortunately , even the current population does not have adequate housing. A government estimate in 2012 put the shortage at nearly 19 million units. If this shortage is to be alleviated quickly , India's mes sy real estate sector needs reforms.
The real estate bill seeks to set standards for contracts between buyers and sellers. Transparency , a rare commodity in real estate, is enforced as promoters have to upload project details on the regulators' website. Importantly, standard definitions of terms mean that buyers will not feel cheated after taking possession of a house. In order to protect buyers who pay upfront, a part of the money collected for a real estate project is ring-fenced in a separate bank account. Also, given the uncertainty which exists in India on land titles, the real estate bill provides title insurance. This bill has been scrutinised by two parliamentary committees and its passage now brooks no delay .
This bill is an important step in cleaning up the real estate market, but the journey should not end with it. State governments play a significant role in real estate and they are often the source of problems. Some estimates suggest that real estate developers have to seek approvals of as many as 40 central and state departments, which lead to delays and an escalation in the cost of houses. Sensibly , NDA government's project to provide universal urban housing forces states to institute reforms to access central funding. Without real estate reforms at the level of states, it will not be possible to meet the ambition of making housing accessible for all urban dwellers.

Sourced by:- Jan 14 2016 : The Times of India (Delhi)

Street carnival to liven up weekends at Ballard Estate

2016-01-13T21:25:00.000-08:00

Looks like Bandra will face some stiff competition from the quiet neighbourhood of south Mumbai. Ballard Estate, the early 20th century Edwardian business district, whose heart stops beating on weekends and the place transforms into a ghost town, will come to life as an alternative hangout space from January 23 with a vibrant weekend calendar buzzing with music concerts, art shows, heritage walks, flea markets and gastronomical fare.

Picture yourself on a stroll through the shaded avenues and century-old sandstone citadels. Stop by for a bite at one of the canopied kiosks dotting the thoroughfare, take your spot before a stage at the junction across the war memorial for a free live performance, take your children wall climbing in the kids zone and cosy into a bean bag to watch a film in an open arena under starry skies.

An initiative of the Mumbai Port Trust, this 10,000sqm patch of serious office land will, for the first time, convert itself into a three-year-long street party called the Ballard Estate Festival that will pop up every Saturday and disappear by Monday. The festival will be on hold in the monsoon months from June to October. The Ballard Estate will have five zones earmarked for a distinct experience-a gourmet court, a live entertainment arena, a retail point, a kids zone and a space for theatre and after-parties.

Waiting to roll since the Mumbai Port Trust started internal discussions, made a presentation to civic officials and cleared the bureaucratic hurdles, the business district is ready to unlock its wide open spaces on weekends and holidays for an entry ticket of Rs 150. "We are not looking at this as a revenue earner but to offer people a free and open space for leisure and entertainment," said Yashodan Wanage, deputy chairman of the Mumbai Port Trust, who is also looking at this as a way of changing "what becomes an unsafe neighbourhood with anti-social elements after dark".

The weekend gala opens with a Sherin Varghese performance on January 23, followed by a formal inauguration the next day by Nitin Gadkari and Hema Malini and a performance by the Indian pop band Sanam.

"Resting on manpower of more than 150 to erect, pull down and clean up the Ballard Estate, 20 makeshift toilets, more than 70 security personnel and quaint little red postboxes for feedback, we will make sure that it becomes a thing of public value and not public nuisance," assured Shubhra Bharadwaj, founder and creative director, Ferriswheel Entertainment that has bagged the rights of organizing the fete and the force behind several national events in sports and culture.

Once a sea-flooded foreshore and now a neatly laid 22 acres on reclaimed ground that houses offices of the Customs, business units, shipping companies and foreign consuls, the Ballard Estate is one of the Mumbai Port Trust's most-valuable holdings. It was also the first consciously planned commercial precinct in the city, designed by George Wittett, between 1908 and 1914 in the European renaissance spirit. Characterised by neoclassical designs, stucco mouldings, windows going down the full length of buildings, cornice bands, and the uniformity of it all, Wittett also introduced a new expression in architecture for the city with the Ballard Estate-the Indo Saracenic style that marked a shift from the usual Gothic structures that otherwise defines the city.

As Mumbai joins the league of cities around the world where business districts are converted into a multi-use arts space on weekends, it's time to step out of the malls, look up from your screens and lounge all day in what is Mumbai's most sought-after luxury-free and open space.

Sourced From:- The Times Of India Jan 14, 2016, 12.58 AM IST

Deliver flats on time, real estate body tells builders

2016-01-13T21:14:00.000-08:00

CREDAI also tells member developers to provide real time information to buyers about status of projects that are delayed

NEW DELHI: The apex body of realtors Confederation of Real Estate Developers’ Associations of India (CREDAI) on Wednesday asked its member developers to give real time information to buyers about ongoing projects which are delayed and honour their commitments in order to prevent consumers from taking legal recourse.

The real estate sector has been facing a slowdown since the past 2-3 years, leading to huge delays of up to 7-8 years in delivery of projects.

CREDAI’s advice to its members came after the Unitech case in which a Delhi court on Monday sent Unitech’s chairman, its two managing directors and a director to 14-day judicial custody in alleged cheating cases filed by two investors.

The accused were later granted three days’ interim bail on the same day.

“We will tell our members to communicate with buyers and give them real-time delivery status so that customers are not pushed into a situation that they have to take legal recourse,” CREDAI president Getamber Anand said.

Unitech is not a member of CREDAI, which has about 10,000 members across the country.

The real estate sector has been facing a slowdown since the past 2-3 years, leading to huge delays of up to 7-8 years in delivery of projects that often prompts buyers to protest on street and even go to courts.

Anand said many real estate projects are delayed because of various reasons, including some unexpected ones, such as green tribunal orders or litigations on land acquisitions.

“But where delays are because of reasons which are attributable to developers, then they should communicate this to the customers. Builders should give a firm date of delivery of the delayed project and honour the commitment. Otherwise, consumers will take legal recourse and the law will take its course,” said Anand, also the CMD of realty firm ATS group.

Anand said the developers should focus on execution of ongoing projects and establish an effective communication system with their buyers. He also ruled out that the Unitech episode would instill fear among developers.

sourced From:

14 Jan 2016
Hindustan Times (Delhi)
Press Trust of India htreporters@hindustantimes.com

Jaypee Greens Noida promises 5,300 flats in 2 months

2016-01-13T04:34:00.001-08:00

Co With Huge Backlog Of Delayed Projects Plans To Raise Funds By Selling Assets

Embattled real estate major Jaypee Infratech Ltd (JIL), a subsidiary of Jaiprakash Associates Ltd (JAL), has completed the construction of 5,300 apartments along the Noida-Greater Noida Expressway and plans to hand over possession in two months.Between 2008 and 2014, the company launched around 35,000 apartments and plots in the Jaypee Wish Town along the Expressway. It also has over 10,000 apartments and plots in `Sports City East’ on the Yamuna Expressway, close to Noida.

Out of this, the company officials say possessions of over 2,500 plots have already been given. A company spokesperson said, the letters were being dispatched to customers to take the possession in its projects such as Kalypso, Pavilion Court, Pavilion Height, Town Homes, Wish Town Klassic and Kosmos in Jaypee Greens Wish Town on the Noida-Greater Noida Expressway. The company will still have a back log of nearly 27,000 apartments. It has delivered 1,700 plots by 2015. It claims that at least 7,000 more apartments will be handed over in 2016.

JAL has recently put its Bhilai cement plant on the block. It expects to generate Rs 1,200 crore from the sale.

JIL is in talks with several developers to sell a chunk of its over 6,000 acre land bank to reduce the burden of crushing debt. The stretched balance sheet of the company has meant delayed possession of apartments booked nearly 4 years ago.This has also increased the time for construction of several other projects on the Noida-Greater Noida expressway.

JIL has a debt of around Rs 9,000 crore taken to construct a toll-based 6-lane 165 Km access-controlled expressway, connecting Noida and the tourist town of Agra. The company was allowed to buy land along the expressway to develop them as real estate to cross-subsidize the construction of the expressway. The company had acquired around 6000 acre of land in 5 parcels, each of around 1200 acres. Besides this, its promoter company JAL acquired 2500 acre of land close to Noida at the end of the Yamuna Expressway to develop the mega Formula One track.

But a sharp slowdown in the real estate sector has put a huge burden on the group, which brought the Formula One race to India by building the swanky new race track.The hectic pace of expansion meant the company added layers of debt. With the infrastructure sector facing a cash and demand crunch, the company is finding it difficult to service the debt.

The Yamuna Expressway is also facing its own set of problems. The expected volume of heavy traffic on the expressway did not materialize as the roads which would have connected all the National Highways crossing Delhi and connecting Chandigarh, Dehradun and Jaipur could not be completed.

This has hit toll collection and piled more pressure on the company’s balancesheet and triggered talks of plans to sell the expressway.

But a company source ruled out any move to hive-off the expressway. A banker also said that selling the expressway was not being considered. The hiving off of the road project is not possible because of tax and other issues such as mortgage of the land.

Therefore, the company is trying to sell a part of its land holding. The company sold 250 acres of land to developer Gaursons for around Rs 1,250 crore. But they returned 50 acres after contracting to buy 300 acres.

Source: Times of India dated: 13th Jan-2016