ICCPL PROPERTY NEWS

SMART INDIA MISSION GETS A GREEN SIGNAL BY MODI

      The words Smart Cities, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Housing for All were surrounding our eyes and ears for over a year now with lots of questions arising with it whether this will go down in the history books as just a dream or reality. Marking a major initiative for the urban development and revolution in the country, Prime Minister Narendra Modi has finally launched the Smart Cities mission, AMRUT and Housing for All; keeping on track with his promise to the nation to bring a transformation in life of every citizen of the country and to put India on the global map as the most rapidly developing country.

The core objective behind these three schemes launched by Modi is to develop Indian cities and towns as new engines of growth. “The promise of Acche Din by the government was not just a mere statement as now we see the momentum gaining pace. Smart cities, AMRUT and Housing for all schemes will not only ensure a shelter to every household but will guarantee transformation of their lifestyles which is crucial to overall development of the country. With these schemes now launched, there will be an upsurge of job opportunities, sound infrastructure and basic civic setup for each city which is most significant for urbanisation to take place”, says Mr. Deepak Kapoor, President CREDAI Western U.P. & Director, Gulshan Homz. The three big ticket projects – Smart Cities mission, AMRUT and Housing for all are now named as Pradhan Mantri Awas Yojna (PMAY) and is worth Rs. 4 lakh crore approx..

The Smart City and AMRUT projects will draw Rs. 48,000 crores and Rs. 50,000 crores respectively, in central grants over the next five years. Housing for all by 2022 plan will see a government expenditure of about Rs. 3 lakh crores during the next 7 seven years which is aimed at constructing 2 crore affordable houses in urban areas for slum dwellers and people falling under Economically Weaker Sections (EWS) and Lower income Groups (LIG). Under the housing scheme, interest subsidy of 6.5 percent on housing loans with tenure upto 15 years will be provided to EWS and LIGs, offering them a benefit of about Rs. 2.3 lakhs. For AMRUT, 500 cities having a population of 1 lakh or more will be chosen for this project. Speaking about the major affect that these plans will have, Mr. Praveen Tyagi, CMD, VVIP states “The AMRUT plan aims at urbanisation of 500 cities whereas the Smart Cities plan is targeted to enhance the quality of life of 100 identified cities and towns which will be confirmed by superior infrastructure, smart living through smart features, better services at disposal and a clean, green and much sustainable environment for the population. Housing for all scheme will act as a perfect catalyst here by enhancing the purchasing power of EWS and LIGs by reducing their burden through decreasing home loan amounts”.

Along with the launch of three schemes, PM also unveiled the criteria and guidelines for the smart cities and other schemes apart from releasing operational guidelines for the three urban missions, unveiling logos and tag lines. Modi also stated that neither the centre nor the states will have any discretion in choosing 100 cities through a competition for smart cities scheme. The launch event is to be followed by a 2 day workshop where over 1000 mayors, municipal heads, ministers concerned from states and their chief secretaries will take part. Uttar Pradesh is ready to lead the pack here with the opportunity to nominate 13 cities to be developed as smart cities and 54 cities identified under the AMRUT scheme. “Uttar Pradesh is one of the largest states of India with a major scope of development available here thus, 13 cities identified as smart cities and 54 cities for AMRUT scheme will mean that UP will get the most out this Smart India mission. Overall, the plan looks very well laid down with proper distribution of funds planned for Smart cities mission, AMRUT and Housing for all as well. With the three most important schemes now underway, India is now on a path of smart development”, says Mr. Ashok Gupta, CMD, Ajnara India Ltd.

After UP, Tamil Nadu is placed at second position with 12 smart cities and 33 AMRUT cities being allotted. Maharashtra has been selected for 10 smart cities and 37 AMRUT cities with Gujarat and Karnataka are eligible for 6 smart cities each and 31 & 21 AMRUT cities respectively. Delhi has been allotted one smart and AMRUT city. As per the criteria finalised by the government for the smart cities project, West Bengal and Rajasthan get to nominate 4 cities a piece with Bihar, Andhra Pradesh and Punjab for 3 cities; Odisha, Haryana, Telangana and Chhatisgarh two cities; and J & K, Kerela, Jharkhand, Assam, Himachal, Goa, Arunachal and Chandigarh, one city each. Likewise, for the AMRUT scheme, 31 cities have been identified in Andhra Pradesh, 30 for Rajasthan, 28 in West Bengal, 27 in Bihar, 19 in Odisha and Haryana, 18 in Kerala, 17 in Punjab, 15 in Telangana and 10 in Chhatisgarh. Mr. Kushagr Ansal, Director, Ansal Housing says “The much awaited dream of transforming India is finally turning into a reality. It is imperative to understand that these 3 projects are forming a hierarchy of necessity for our country. Housing for all is the base, as it crucial to first make sure that everyone gets a roof over their head. In the middle will be the AMRUT plan as, rejuvenation and urban transformation is a need to move further towards smart living and get over from basic living. Finally, the cities that already meet the basic requirement are now looked upon to be made ready for the next level infrastructure”.

Moving ahead, now since the plan is underway the government will be doing its bit to develop the next level infrastructure for the country, but it will require most assistance from the private players of the country along with FDI. “The plan to develop 100 smart and 500 AMRUT cities will not succeed until the entire nation stands as one unit. The public private partnership model will best fit here as now there will be an immense requirement of quality infrastructure and smart facilities. The Indian real estate market which was experiencing a sluggish growth for many years now is greatly welcoming this move as the government’s budget outlay for PMAY of Rs. 4 lakh crores is expected to be invested into the Indian real estate sector directly or indirectly and that also at a national level”, states Mr. Rupesh Gupta, Director, JM Housing. Adding to the view, Mr. Rajesh Goyal, Vice President CREDAI Western UP & MD, RG Group says “The idea of spruce urban spaces through 100 Smart Cities and AMRUT to adjust the burgeoning number of people have been pivotal to Modi’s visionary election manifesto from the beginning. Finally, Union Cabinet cleared the projects and has allocated gargantuan amount for the twin projects. FDI allured by these projects and efficient allocation and execution of the same can change the face of urban lifestyle in India as well as will propel much needed liquidity in the economy”.

The three projects launched today are interdependent and has a common vision of developing the nation and its people. “Job opportunities for all, homes to everyone, smart features, better lifestyle, superior infrastructure, higher GDP, more FDI and increasing HDI will be a few common phenomenon that we will all witness in the upcoming 5 to 7 years in India. We are on a road to develop better and develop smart thereby ensuring an overall development of the economy and its people. Now since these 3 projects have got a green signal, the markets and industries will see a major boost as now there is a lot of work in hand for everyone”, concludes Mr. Prithvi Raj Kasana, MD, Morpheus Group.

ICCPL PROPERTY NEWS

NOIDA CELEBRATES ITS MAIDEN RAAHGIRI

Noida: In its entire history, Noida could not have asked for a better Sunday than today. On the occasion of International Yoga Day, World Music Day and Father’s Day, Noida Authority with its promise of clean, green and healthy Noida campaign came out with its first ever Raahgiri on Sector 18 main road, opposite to The Great India Place (TGIP) Mall, Noida, Uttar Pradesh.

The sunrise began with a light cloudy breezy weather promising to be a perfect day for workout and recreation. By 5.30 am, the anchors at Raahgiri Noida had commenced with the show and started to gear up the crowd for what turned out to be a 3 hour epic extravaganza. At 6 am, the Raahgiri road was ready with the crowd roaring to launch its fun assault on the road. Today being the International Yoga Day which got celebrated in nearly 200 countries worldwide, the Raahgiri Noida event also kick started with a Yoga session for the Noida Raahgirs present there. After an hour long mental and physical relaxation session of Yoga by trainers from Fitness World, the crowd was then presented with dance and music performances where they celebrated the World Music Day by performing Zumba and sang along with Roots, the music band. During the dance and music performances, the road was also filled with children playing football, badminton, cycling, skipping, painting, running and enjoying on every inch of space made available to them.

The picture got even better when the man behind the show Rama Raman, CEO, Noida and Greater Noida authority came at the Raahgiri venue in proper workout outfit. He even kicked and bounced a few footballs along with encouraging plantation of trees, and lastly gave a welcome & thanksgiving speech to the public. “We are extremely pleased and happy to see such a gathering here today. The message through this initiative is very clear; to make sure that Noida gets clean, green and healthy. We welcome everyone to Raahgiri Noida and hope that these 3 hours help you get the best of health and peace. Also, thank you to everyone who came here today and to all those associated with Raahgiri Noida”, said Raman.

At the venue, social messages were delivered very uniquely. Father’s Day was celebrated as a group of people held placards and spoke out to public about the importance and role of a Father and why should we respect him. The significance of Women empowerment was highlighted through a well-rehearsed skit. The importance of Girl child and planting of saplings was pushed into the minds of the public through highly descriptive graphics designed and spread across the entire Raahgiri road along with plantation of over 200 saplings across Noida region. Special lessons and sessions on archery, martial arts and photography were provided as well which attracted a huge bunch of children and youngsters. At 8.15 am, the famous ‘Google Girl’, Jiya Phutela displayed her master skills and stunned the crowd with her brilliant aptitude. The other stage was rocked by the renowned Dahek Rock Band who had the public dance on their tunes and concluded the maiden Raahgiri Noida.

The 3 hour extraordinary event had witnessed a massive gathering of around 2,500 people from across Noida and other neighbouring regions that were wishing for the clock to stop for more time for them to enjoy the fun and frolic morning. The event had every element of fun associated with it and made sure that the turnout today had an amazing time.

Feeling jubilant, Dushyant Sinha, Director of Das events expressed his gratitude saying, “I take this opportunity to thank the entire Raahgiri Noida Team who had worked day in and day out to make sure that Noida gets the best 3 hours each Sunday of the week starting from today. My special thanks to Uttar Pradesh Government, Noida Authority, Noida Traffic Police, Noida Police and all the sponsors and partners to the event. Each Sunday in Noida will now be full of entertainment which will help us all to lead a mentally and physically healthy life. We look forward to meet Noida again next Sunday”.

ICCPL PROPERTY NEWS

HOUSING FOR ALL BY 2022 GETS NOD FROM CABINET

    In what could be a path breaking news for the Indian housing sector; the cabinet has approved launch of ‘Housing for all by 2022’ programme, which is primarily aimed at rehabilitation of slum dwellers and promotion of affordable housing for the Economically Weaker Sections (EWS) and Lower Income Groups (LIG), through credit linked subsidy. As per an official statement issued, a central grant of Rs. 1 lakh per house, on an average, would be made available under the slum rehabilitation programme.

“The much awaited mission of Housing for all by 2022 is finally underway. The government has begun from the correct direction. Enhancing the standards of living by giving proper homes and subsidised interest rates to EWS and LIG groups will not only aid in fulfilment of their social needs but also help everybody associated with the real estate sector. We are thrilled with this decision and welcome it wholeheartedly”, expresses Mr. Deepak Kapoor, President CREDAI Western U.P. and Director, Gulshan Homz.

This move has to be regarded as a milestone for the housing sector as every stakeholder of the industry is sure to get benefited. Currently, taking 10.50 percent as an average interest rate on housing loan, EMI on admissible loan value of Rs. 6 lakh for a15 year loan duration comes out to be Rs. 6,632 for each month. Now with the cabinet approving on the credit linked subsidy to 6.50 percent, the monthly EMIs come down to Rs. 4,050 thereby, offering a saving of Rs. 2,582 per month. Mr. Ashok Gupta, CMD, Ajnara India Ltd. says “A saving of Rs. 2,500 per month means Rs. 30,000 saved in one annual year. This will greatly increase the purchasing power of people falling under EWS and LIG categories. With this money saved, they will be able to spend it on their children’s education, personal vehicle, better fooding or clothing thus helping them in a big manner”.

Overall, an assistance of Rs. 1 lakh to Rs. 2.30 lakh per beneficiary would be provided under different components of the National Urban Housing Mission (NUHM) in urban areas to build 2 crore houses to meet the housing shortage, over the next 7 years. As per the earlier approval of the Union Cabinet, there are four components to the NUHM:

  • In the first category under the redevelopment plan for slums with the participation of private developers using land as a resource component, a central grant of Rs. 1 lakh on an average per beneficiary would be provided.
  • In the second category, affordable housing through credit linked subsidy scheme, an interest subsidy of 6.50 percent on each housing loan to EWS and LIG by central government.
  • For third component of affordable housing through private and public sectors, central assistance of Rs. 1.50 lakh to each beneficiary would be provided to promote housing stock for urban poor.
  • For the fourth category of subsidy for individual beneficiary led construction or enhancement of houses, a central assistance of Rs. 1.50 lakh would be provided to each eligible urban poor to build an own house or renovate the existing ones.

“It is imperative to understand that Housing for all by 2022 is a bigger term than what is being understood by the common public. There is lot more to it than just providing houses to everyone. With various schemes planned under NUHM, an overall benefit of Rs. 1 lakh to Rs. 2.30 lakh per beneficiary is assured along with a plan to build 2 crore houses to meet the housing shortage. Thus, the government has planned to not only build more houses, but redevelop slums, decrease interest for poor section, involving private sector and also aid urban poor for renovating the existing homes”, states Mr. Rupesh Gupta, Director, JM Housing.

The real estate sector in particular is gearing up to deliver its goods to fulfil the government’s dream of providing a shelter to every citizen of the country. For affordable housing plan to succeed, it is most crucial that affordable houses are developed and offered to the correct target audience. With almost 30 percent of our country’s population falling under LIG and EWS groups, the current price trend in Indian real estate cannot be afforded by them. Thus, schemes like these are major incentives for this section of the society along with development of affordable homes. “Releasing of inexpensive land parcels, land acquisition to become easy, interest rates to be dropped, raw materials to cost less and other such steps will make sure that developers are provoked to construct houses coming under affordable segment and target audience to be EWS and LIG groups primarily. Once these plans start running parallel to each other, Housing for all by 2022 will see visible activity”, enumerates Mr. Kushagr Ansal, Director, Ansal Housing.

Welcoming the move and hailing Union Cabinet’s decision, Mr. Vikas Bhasin, MD, Saya Homes concludes “This is a welcome move for not only the urban poor of the society but also for realty sector. Real estate as a sector is associated with various other key industries and thus, everybody associated to it will get the benefit. LIG and EWS groups have got news of a lifetime and now we will not only see homes for them, but a boost to their living styles as well, which is one of the key drivers of human and economic development”.

ICCPL PROPERTY NEWS

FARIDABAD: RIDING ON INFRASTRUCTURE AND AFFORDABILITY

   Faridabad, which is the largest city of the Northern Indian state of Haryana; as a destination had emerged as pure industrial town with enormous employment opportunities coming out from the industrial sector. Today also, it is a leading industrial centre and situated in the National Capital Region sharing its boundary with Delhi and other key realty destinations. Speaking off the neighbouring regions, it is surrounded by Delhi towards its North, Noida to its North East, Greater Noida to its East and Gurgaon to its west; thus making it easily accessible from all the key locations in NCR. Moving downwards towards its south region along NH 2 it has Palwal, Mathura (along Vrindavan) and then Agra. Therefore, as a region it enjoys a prime location geographically which is the backbone for any real estate region to perform.

With its initial growth recorded due to a strong industrial setup, heavy footfall had started to take place in the region in early 1990s. By mid 90s, a strong demand of housing had turned up which has been ever-growing since and several private players had put a step in the region, and developing residential complexes to satisfy the demand. There is now a steady shift in trend and the service sector is gaining momentum in the region. This prominent sight has persuaded the authorities to work on the infrastructure of this region by connecting it to major cities like Delhi, Noida, Greater Noida and Gurgaon thereby fuelling the realty region of Faridabad. Several residential developments have been mushrooming in the region amongst which; Omaxe, BPTP, Puri Constructions, Eros Group and Ansals have been highly noticeable. “Faridabad has witnessed a tremendous transformation over the decades with respect to infrastructural growth, connectivity with key realty destinations like Noida, Gurgaon and others; and impressive sight of key private realty players in the country. The growth in the service industry at Faridabad had created a new trend in the region and demand for housing has seen a great rise in the last one decade. With infrastructure developing immensely in and around Faridabad, this destination will see an even better demand and supply in the upcoming few years”, states Mr. Praveen Tyagi, CMD, VVIP while speaking about the makeover perceived over the years in Faridabad.

There is absolutely no doubt that an overall demand for real estate is undergoing a slump for the past few years now attributing due to rising inflationary concerns and property prices soaring in the NCR region. Looking at the average price for apartments in Faridabad, there is availability from Rs. 3,500 – Rs. 4,500 per sq. ft. In almost all of the group housing projects present in the region, appreciation has been lethargic off late. The annual price appreciation over the last couple of years for housing projects in Faridabad stands close to 10 percent. This has been consistent with the overall trend witnessed in the NCR market which has been considerably affected by unstable economic sentiments, political uncertainty, high inflation rate and cost of borrowing and liquidity crisis. The region today mainly has affordable housing available at low ticket size projects, with a handful of luxury projects. Due to high dominance of service and industrial sector, Faridabad is currently an end user market and is still amongst the most affordable markets in NCR region; and unit prices and apartment sizes in Faridabad suit the requirements of an average household. This region’s real estate market is going to witness an additional impetus on account of the improved connectivity brought by the FNG expressway, KMP Expressway and the Delhi-Badarpur flyover. With such huge plans in place for the infrastructure, it has been observed that developers are somewhat overenthusiastic when it comes to launching projects in the region. In fact, the demand for housing in Faridabad has been on a slower side because of the absence of an essential pull factor. Faridabad has, for the longest time, been a small industrial town. Unlike Noida and Gurgaon, it could thus never create appeal for corporates, so there was always very minute demand for office spaces. Modes of employment other than industries were limited. Also, it is only in recent times that Faridabad’s connectivity with other key areas such as Delhi, Gurgaon and Noida has improved drastically. Mr. Vikas Sahni, Director, Property Guru says, “With the development of Delhi-Badarpur flyover, FNG and KMP expressways, the region of Faridabad has already started to witness a major rise in property demand, but still commercial spaces are a part to worry. This goes to show how important role connectivity plays for the growth of the region and Faridabad is rapidly gaining momentum. Now since connectivity has been very well dealt with, commercial spaces is what this region must focus upon in order to be an overall realty hotspot for end users as well as investors. The scope of real estate growth is immense in this region and with continuously flowing demand, results will start showing up in the upcoming years”.

Regardless of its proximity to Delhi, Noida and Gurgaon, and fairly decent connectivity with its bordering cities by road and rail network, the property market of Faridabad has not kept pace with the real estate market in other NCR cities. Even with all its potential to become a ‘model city’, Faridabad had suffered on account of inferior infrastructure and poor connectivity, and thus failed to register the kind of growth witnessed in adjoining regions such as Gurgaon and Noida. The principal issue with Faridabad was poor connectivity initially due to which it could not record itself in the minds of the public. The IT industry chose Gurgaon over Faridabad because of its better connectivity with the capital and proximity to IGI airport. Since youth with high disposable income like to work in IT industry, it had a ripple effect on the real estate market and led to the emergence of shopping malls and encouraged the demand for housing as well. On the other hand, Faridabad mostly had manufacturing units employing labour with less disposable income, thus diluting the effect of stable demand. Nevertheless, the realty pocket of Faridabad is now booming with improved infrastructure like Gurgaon-Faridabad expressway, six-lane Mathura Road, expansion of metro rail and FNG expressway.

“However, not many new projects have been launched over the past few years due to slowdown in the economy, but almost 75 percent inventory in over 30 residential projects in Greater Faridabad has been already sold. Also, around 5 – 6 IT park projects are in the final stages of completion in Faridabad and the market is expected to witness a big boost with their completion. In the upcoming few years, we are pretty hopeful of the fact that Faridabad market will grow at a rate much faster than that of Noida or even Gurgaon”, believes Mr. Deepak Kapoor, President CREDAI Western U.P. & Director, Gulshan Homz. Moving ahead, a much well planned and newly developed residential and industrial part of Faridabad present from sectors 66 to 89, between Agra canal and Yamuna River was earlier known as Neharpar or now popularly referred to as Greater Faridabad. The plan for the area is well laid down with an aim to develop this area as a self-sustained sub-city with wide roads, high rises, shopping malls, educational hubs along with commercial and health centres. The region itself has been well divided with sectors 66 to 74 being industrial sectors, while sectors 75 to 89 being residential.

Quite a few infrastructural projects in the region are nearing completion and once these are operational, it will give a major makeover to the Greater Faridabad thus forecasting worthy residential growth in the upcoming few years. Various key factors which will ensure growth in Greater Faridabad is; well-connected network from sectors 75 – 89 to Delhi and to other outskirts in the NCR, such as Noida, Gurgaon and even Ghaziabad. Nonetheless, the investors should not expect immediate returns as the area is still under development and may take some more time to start generating returns. “Greater Faridabad or Neharpar will be a major real estate hub in the future; so if somebody has to wait for a few years, then good appreciation is definitely on the cards. Its proximity to Delhi and other key cities of NCR like Noida, Ghaziabad or even Gurgaon will prove to be a critical reason of growth in the coming times. Sector 75 is set to be connected to Sector 79, which is chosen as the commercial district by the Municipal Corporation of Faridabad, so investments will be safe and are sure to earn handsome returns”, says Mr. Kushagr Ansal, Director, Ansal Housing. Other infrastructure boosts for Greater Faridabad are the KMP Expressway which will connect the area with Delhi and Gurgaon and also, the extension of lanes on the existing bypass road starting from Badarpur, which will help easing the traffic flow at the Badarpur border. From the investor’s point of view, Greater Faridabad seems to be the right place to invest or buy homes as not only the area is affordable but also has good connectivity with Delhi/NCR which will greatly benefit in appreciating prices.

Metro Gets A Nod

Earlier in May this year, the Haryana government had approved the extension of metro project from YMCA Chowk in Faridabad to Ballabgarh, and had also decided to increase its contribution from Rs. 468.20 crores to Rs. 569.80 crores. The project cost has been revised from Rs. 564 crore to Rs. 678 crore due to escalation of price and increase in the cost of land. It will be implemented on the funding pattern adopted in the case of Gurgaon, Faridabad and Bahadurgarh; DMRC Metro extensions will be financed by way of Government of Haryana and Government Of India in the ratio of 80:20. The route length of this extended project is 3.205 Kms and it will have two stations, with one at NCB Colony and other at Ballabgarh. The daily ridership is been estimated at 0.37 lakh by 2017-18. Mr. Dujender Bhardwaj, Director, Marina Suits says, “It was greatly visible in the real estate pockets of Ghaziabad, Noida and Gurgaon; that how an entire revolution took place post metro became operational in these regions. As much as 30 – 50 percent price appreciation has taken place since the metro has been running on these routes. Metro extension in Faridabad regions was long awaited and a need of hour as the development in this region is now catching up pace which will be largely supported by such infrastructural boost”.

With growth prospects clearly stated and prominently noticeable, realty market of Faridabad is under revamp; and few years down the line this region will become a name to reckon with in entire NCR. Summarising the past, present and future of Faridabad as a realty region, Mr. Prithvi Raj Kasana, MD, Morpheus Group states, “The process of conversion of Faridabad into a realty hotspot has been quite gradual with several plans failing to be implemented on time. Although, what started off as an industrial town is now looked upon as one of the fast developing and still affordable destinations of NCR. With plans now falling well in place and infrastructure now looking towards growth; demand and supply will follow quickly, and result in good appreciation and returns on property”.

ICCPL PROPERTY NEWS

Morpheus Group Receives Best Builder of the Year Award

Delhi/NCR: In an exclusive event organized by Builders Council of India to honor the real estate developers and professionals associated with the realty sector; Morpheus Group was awarded with award for the best builder of the year on the 29th award ceremony. The exclusive event was held at Ashoka Hotel New Delhi, recently.

The award ceremony was graced by a huge gathering of people associated with the real estate sector and the awards were presented by the Chief Guest, ‘Chaudhary Shish Pal Singh’, Senior Leader and Shri Abhishek Pandit, Samajsewi. Amongst several other categories of awards, this category stands amidst one of the best categories to be won as it defines the successful journey of the company and fulfillment of client’s commitments as well.

Accepting the award on behalf of Mr. Prithvi Raj Kasana, MD, Morpheus Group; Mr. Rakesh Singh, CEO, Morpheus Group said, “It has been a journey of hard work, and we are deeply honored to receive this award. We are proud of the fact that Builders Council of India has recognized our contribution towards the realty sector and the public by bestowing the best builder of the year award. We would like to thank the jury and BCI for considering us for such an important category.”

About Morpheus Group

The Morpheus Group is a group of companies with diversified business interests from infrastructure development to film productions, sports and hospitality. The Morpheus Group is one of the top real estate companies in Delhi NCR and has been at the forefront of real estate development in North India since 2005. The group is synonymous with elegant and sophisticated designs of residential projects in Greater Noida and Ghaziabad. Carrying expertise in construction and real estate development, Morpheus Group has delivered over 14, 00,000 sq.ft. of residential spaces and high-rise apartments for sale in Greater Noida and Ghaziabad.

Morpheus’s clear and principle driven philosophy of business has been widely recognized amongst the real estate builders in India. As a group, Morpheus aims to make your dreams come true with unique quality and services.

ICCPL PROPERTY NEWS

GULSHAN HOMZ RECEIVES BEST INNOVATIVE DEVELOPER OF NORTH INDIA AWARD

Delhi/NCR: In an exclusive event organized by Estate Avenues Magazine in New Delhi, to honour the real estate developers and other professionals related to the realty sector, Gulshan Homz won the award for best innovative developer of North India at 3rd North India’s Real Estate Awards and Conclave- 2015 by Estate Avenues, a leading real estate magazine. The exclusive event was held at The Grand Hotel, Vasant Kunj, New Delhi recently.

The award ceremony was graced by huge gathering of people associated with the real estate sector and the awards were presented by Mr. Manpreet Vohra who is currently serving as cabinet foreign secretary (IFS) in the central government. The event also had important discussion on 2 main topics which are commonly being spoken about in real estate market. “Commercial leasing and advantages of green buildings” and “Is real estate sector recovering from recession or slump?” Mr. Deepak Kapoor, President CREDAI Western U.P. & Director, Gulshan Homz also participated in the discussion and shared his critical views and insights on the same. Gulshan homz was presented the award for the best Marquee/Innovative developer of North India and the honour was received by Mr. Kapoor himself and Mr. Rajesh Nagapal, Director, Gulshan Homz. Till date, Gulshan Homz has bagged several awards for their outstanding work and the group intends to stay dynamic and innovative, to attain and maintain the highest level of professionalism.

Packed with happiness and excitement, Mr. Kapoor expressed, “Right from the beginning, Gulshan Homz has been committed to its sole objective of providing Quality, Luxury, State of Art Apartments for its customers. We always work to enhance the quality of living of the residents by providing them supreme quality houses with the latest and best amenities. It is our prime objective to explore out of the box amenities for the supreme living of our valuable customers. Receiving the award for best innovative developer feels great and it’s a proof of our commitment and dedication towards our work. We would like to thank the jury and Estate Avenues Magazine for considering us for such an important category”.

About Gulshan Homz

Gulshan Homz has been greatly recognized in the sector for being one of the most promising and fast growing companies. Gulshan Homz has had an expertise in developing luxurious projects. Ikebana, Vivante, GC Grand and Centrum are amongst the best of their luxurious projects in the region.  The foresightedness of Founder & Managing Director, Mr. Gulshan Nagpal, has helped the company envision and improvise its skills. No wonder then, today the structures speak for themselves and future looks bright with a number of premium projects already in the market. Gulshan Homz is a stamp of excellence, an organisation of invaluable experience and a company that boasts of honesty morals, integrity, transparency and ethics.

ICCPL PROPERTY NEWS

ANOTHER RATE CUT BY RBI BRINGS JOY IN THE SECTOR

Fulfilling and following its promise of a rate cut cycle for this year, the Reserve Bank Of India (RBI) provided a much needed relief to the public and the sector by announcing a 25 basis point reduction in the key rate. This drop in the repo rate by RBI is its third slash for this year. RBI had started the year on a high by gifting the country with its first cut after a year, following another cut in the month of March. In the last policy review, RBI had kept the rates unchanged and nodded the banks to first drop the interest rates and pass the benefits to the general public. This time RBI has reduced the rate from 7.5 percent to 7.25 percent, decreasing 25 basis points and SLR & CRR are been kept unchanged at 21.5 percent and 4 percent respectively.

This step taken by RBI is largely due to the slowing inflation rate and controlled fiscal deficit muscled with smooth performing manufacturing sector. The CPI has been easing for over a year now and India’s current retail inflation, the RBI’s main guide for interest related decisions, stood at a four month low of 4.87 percent, giving more room for the RBI to cut interest rates. “The CPI has been easing since July last year and was below the projected trajectory assisted well by controlled fiscal deficit and inflation rate. The RBI had cut the repo rate at the beginning of the year and had also hinted at starting a rate cut cycle as well. Thus, this move was well foreseen and is welcomed as this will help in forming positive sentiments across the market which in turn will create higher demand for property in near future. This also goes to show that the economic recovery has begun and this move is a valid proof for the same”, states Mr. Rupesh Gupta, Director, JM Housing.

The decrease in repo rate is expected to goad companies to spend & invest more, enhance capacities, create job opportunities and provoke people to spend on property, automobiles and other goods & services thereby increasing their purchasing power. This will thus aid in the promising recovery of the country’s economy. A lower repo rate will reduce bank’s borrowing expenses, which in turn, may push them to drop their base rates, the floor interest rate on which lending rates for final home, automobile and corporate borrowers are fixed. A lower repo can lead to lower floating home loan rates, which move in sync with base rates, and bring joy to consumers, who have been paying a lot of their income every month towards EMIs for houses. Mr. Kushagr Ansal, Director, Ansal Housing says “This rate cut was very much on the cards as fiscal deficit showed signs of improvement and inflation been kept under control. The output has been on a four month rise which propelled this decision further. After the last RBI policy, the demand in the real estate sector had kick started with banks reducing their lending rates. With a further reduction in repo rate now, the demand graph will see a positive growth in the upcoming months”.

A healthy monsoon forecast will help in curtailing the prices but the report from Science & Tech ministry is already showing a delay and shortfall. At the same time, Rupee has been recently depreciating quite a lot and increased service tax now in effect is signalling warning signs for the upcoming months. It will be now wise for the banks to pass on the benefit to the customers so as to maintain momentum in near future. Mr. Praveen Tyagi, CMD, VVIP says “With unseasonal rains and rupee depreciating, chances were high that RBI would have passed this policy with a pause. The manufacturing sector has made a good comeback along with continuous check at the fiscal deficit and rate of inflation, thereby provoking the RBI to go ahead with a rate cut this time. Banks now need to cut their interest rates further so that the demand and investment in the real estate is pushed; and purchasing power of the consumers is enhanced”. Hailing the move, Mr. Deepak Kapoor, President CREDAI – Western U.P. & Director, Gulshan Homz added “With weakening rupee and core sector index shrinking to 0.4 percent in the month of April, this move by RBI shows aggressive decision making which will be very crucial for the upcoming months. The move was much anticipated as well with manufacturing sector bouncing back riding with a strong domestic demand along with slowing inflation. For the real estate sector, this is good news as key rate cut by RBI means interest rates can be declined further by banks which directly decreases the burden from the customers”.

As many as 21 banks including four public sector players had reduced their base rate or the minimum lending rate in the range of 0.1 – 0.5 percent till April 15th this year, following consecutive rate cuts by RBI in January and March. After this rate cut, RBI has again asked the banks to lower their lending rates to help the borrowers save more. Mr. Prithvi Raj Kasana, MD, Morphues Group believes “Keeping in mind the macro economy and its affects, it is vital that RBI keeps the repo rate on check in its each review meeting. This move is greatly welcomed for the real estate sector as EMIs will now be lowered if banks reduce their lending rates. This will greatly increase the purchasing power of the customers for this sector and also reduce the pressure of paying EMIs and rent together; therefore increasing the demand for property in the upcoming months”.