ICCPL PROPERTY NEWS

LIST OF SMART INDIA DECLARED

   Taking another giant leap forward, the BJP-led NDA government today declared the list of 98 out of 100 cities for the round 1 to be developed under the Smart India Mission that also accounts to 35 percent of India’s urban population. The list declared includes 12 cities for Uttar Pradesh (U.P.) shortlisted against the 13 nominated, 12 cities for Tamil Nadu, Maharashtra got 10, Madhya Pradesh 7, Gujarat and Karnataka gets 6 each, Rajasthan and West Bengal 4 each, Andhra Pradesh, Bihar and Punjab 3 each, 2 each for Odisha, Telangana, Chhatisgarh and Haryana, 1 each for Andaman & Nicobar Islands, Arunachal Pradesh, Assam, Chandigarh, Daman & Diu, Dadra & Nagar Haveli, Delhi, Goa, Himachal Pradesh, Jharkhand, Kerela, Lakshadweep, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Tripura and Uttarakhand nominated. The remaining 2 cities will be declared later as Jammu & Kashmir wanted more to time to decide between Jammu and Srinagar for their nomination and U.P. has got one less. A total central funding of Rs. 48,000 crores for smart cities was declared on 25th June when our Hon’ble Prime Minister Narendra Modi launched the Smart India Mission. As per the five year plan for smart cities, the government will allocate Rs. 200 crore this year and follow up with Rs. 100 crore every year for remaining four years. Of those chosen for the smart cities project, 24 are capital cities, 24 are business hubs and 18 are cultural centres. The top 20 cities will be financed this year and the rest of the cities will be asked to overcome their deficiencies and prepare for round 2 of the competition. In the next 5-6 years, Rs. 3 lakh crores will be spent in developing the towns to provide world-class infrastructure, sustainable environment and smart solutions.

Uttar Pradesh gets the biggest chunk:

The most populous and politically vital state of India, U.P. has got 12 cities against 13 nominated namely; Moradabad, Aligarh, Saharanpur, Bareilly, Jhansi, Kanpur, Allahabad, Lucknow, Varanasi, Ghaziabad, Agra and Rampur that accounts to a joint population of 1,53,30,266. Mr. Deepak Kapoor, President-CREDAI Western U.P. & Director, Gulshan Homz avers “It was extremely important that Uttar Pradesh got the maximum of the smart cities being the most populous of the states of India. The cities shortlisted are most apt to become the smart cities for this state due to agricultural, industrial, manufacturing and service sectors being the prime contributors. At the same time, U.P. as a state has also got most major infrastructural links and future plans well laid to justify being the maximum getter from this list. Uttar Pradesh has not only being independent for its survival but plays a crucial role in shaping up neighbouring states and thus, transforming this state will yield better results in future”. Adding to the view, Mr. Rajesh Goyal, Vice President-CREDAI Western U.P. & MD, RG Group says “The most awaited list has finally come out with U.P. and Tamil Nadu leading the way. Speaking about U.P., out of the 13 initial cities shortlisted, the actual 12 best have made through. The list of cities shortlisted for Uttar Pradesh covers almost the entire state with maximum focus on the western and central U.P. as they meet the maximum parameters of being cities of the future. With the boat of Smart India Mission finally set to sail, we will have a different India altogether in the upcoming one decade”.

From the very first day when the plan of Smart India Mission was launched; Uttar Pradesh was destined to get the maximum smart cities. The state of U.P. was created on 1st April, 1937 as the United Provinces, and was renamed Uttar Pradesh in 1950. Lucknow is the largest city and the capital of U.P. The other key cities such as Ghaziabad, Kanpur, Bareilly, Aligarh, Varanasi and others play a crucial role in shaping up the state into an industrial hub of the country. U.P. shares its boundary with 8 states and 1 country to its north and covers almost 2,50,000 sq. kms., equal to 7 percent of the total area of India; and is the fourth largest Indian state by area. The state also boasts of being among the top 3 states in the country contributing maximum to the Indian Gross Domestic Product (GDP). “History has been a witness to how important role U.P. has played in developing India since its very independence. It is great to see that U.P. tops the list for maximum number of smart cities in the country. At present also, there is a lot of infrastructural work carried throughout the state which will act as a perfect catalyst for the development of smart cities in U.P. Smart cities will assist in enhancing the lifestyle of people which will help in making them more efficient and effective, that directly contributes to growth of a region”, explains Mr. Kushagr Ansal, Director, Ansal Housing.

“Developing Smart Cities will be like revamping the existing ones into better and much proficient cities that will not only promote growth of the region but provide a better living style to its residents. Development of smart cities will largely attract job employment, FDI, infrastructural growth and economic development of a region which will directly add to the GDP of the country and progress of Uttar Pradesh as a state”, states Mr. Amrit Pal Singh, Executive Director, Aprameya Group. Also agrees Mr. Ankit Aggarwal, CMD, Devika Group, as he says “There exist a ripple effect of growth in the neighbouring areas once a region observes independent growth. The refurbishing of the 12 cities of Uttar Pradesh will act as a push to their nearby regions. For instance, Ghaziabad as a smart city will promote development of Noida, Greater Noida, Yamuna Expressway and other such nearby regions. Thus, the 12 smart cities will have a multiplier effect on the other regions that will develop the entire state and consequently, the country”.

India on road to development:

With the list of 98 cities out; now we are talking development of the nation. A decision that every citizen of this country has been dreaming for the last one year is now becoming real. It is to be understood that not only will the 98 cities witness development across the nation but to develop those smart cities, neighbouring and related cities will have to be bought to a bare minimum development graph to support the smart cities around. The division looks just and logical with almost every key contributing city being touched. “The day is not far now when we’ll see smart cities up and running in India as now we are moving towards a healthy and much sustainable environment. Almost 35 percent of India’s urban population falls within these 98 cities that will now see a major mental and physical makeover of its population. The road to India’s development is now becoming fairly visible that will be most significant to bring this country on the global map”, claims Mr. Dujender Bhardwaj, Director, Marina Suites.

The development of smart cities will pave way for global giants to invest in India in a big way thereby enhancing the FDI inflow for the country in the form of liquidity, manpower, technology and knowledge. This will in turn help in boosting the economic and human development of the country. “Our country is now fully prepared to develop into a smart nation with smart people. In order to ensure smooth development of smart cities; it will be most imperative that the central and state governments work hand-in-hand with each other in implementation of plans and procedures. Clearing the land and GST bill has become the need of hour now and providing timely clearance to projects will be most crucial, only then can we see timely execution of smart cities in our country”, concludes Mr. Rajnikant Sharma, CMD, RJ Group.

List of 98 cities shortlisted for stage-2 of Smart Cities Mission:

S.No. Name of State/UT No. of Cities shortlisted Names of Potential Cities shortlisted Population of cities
1 Andaman & Nicobar Islands 1 1.      Port Blair 1,40,572
2 Andhra Pradesh 3 1.      Vishakapatnam

2.      Tirupati

3.      Kakinada

18,78,980

3,74,260

3,50,986

3 Arunachal Pradesh 1 1.      Pasighat 24,656
4 Assam 1 1.      Guwahati 9,62,334
5 Bihar 3 1.      Muzaffarpur

2.      Bhagalpur

3.      Biharsharif

3,93,724

4,10,210

2,96,889

6 Chandigarh 1 1.      Chandigarh 10,55,450
7 Chhattisgarh 2 1.      Raipur

2.      Bilaspur

10,47,389

3,65,579

8 Daman & Diu 1 1.      Diu 23,991
9 Dadra & Nagar Haveli 1 1.      Silvassa 98,032
10 Delhi 1 1.      New Delhi Municipal Council 2,49,998
11 Goa 1 1.      Panaji 1,00,000
12 Gujarat 6 1.      Gandhinagar

2.      Ahemdabad

3.      Surat

4.      Vadodara

5.      Rajkot

6.      Dahod

2,92,797

55,77,940

44,67,797

17,52,371

13,23,363

1,30,530

13 Haryana 2 1.      Karnal

2.      Faridabad

3,02,140

14,14,050

14 Himachal Pradesh 1 1.      Dharmashala 22,580
15 Jharkhand 1 1.      Ranchi 10,73,427
16 Karnataka 6 1.      Mangaluru

2.      Belagavi

3.      Shivamogga

4.      Hubballi-Dharwad

5.      Tumakuru

6.      Davanegere

4,84,785

4,88,292

3,22,428

9,43,857

3,05,821

4,35,128

17 Kerala 1 1.      Kochi 6,01,574
18 Lakshadweep 1 1.      Kavaratti 11,210
19 Madhya Pradesh 7 1.      Bhopal

2.      Indore

3.      Jabalpur

4.      Gwalior

5.      Sagar

6.      Satna

7.      Ujjain

19,22,130

21,95,274

12,16,445

11,59,032

2,73,296

2,80,222

5,15,215

20 Maharashtra 10 1.      Navi Mumbai

2.      Nashik

3.      Thane

4.      Greater Mumbai

5.      Amravati

6.      Solapur

7.      Nagpur

8.      Kalyan-Dombivall

9.      Aurangabad

10.  Pune

11,19,000

14,86,000

18,41,000

1,24,00,000

7,45,000

9,52,000

24,60,000

15,18,000

11,65,000

31,24,000

21 Manipur 1 1.      Imphal 2,68,243
22 Meghalaya 1 1.      Shillong 3,54,325
23 Mizoram 1 1.      Aizawl 2,91,000
24 Nagaland 1 1.      Kohima 1,07,000
25 Odisha 2 1.      Bhubaneshwar

2.      Raurkela

8,40,834

3,10,976

26 Puducherry 1 1.      Oulgaret 3,00,104
27 Punjab 3 1.      Ludhiana

2.      Jalandhar

3.      Amritsar

16,18,879

8,68,181

11,55,664

28 Rajasthan 4 1.      Jaipur

2.      Udaipur

3.      Kota

4.      Ajmer

30,73,350

4,75,150

10,01,365

5,51,360

29 Sikkim 1 1.      Namchi 12,190
30 Tamil Nadu 12 1.      Tiruchirapalli

2.      Tirunelveli

3.      Dindigul

4.      Thanjavur

5.      Tiruppur

6.      Salem

7.      Vellore

8.      Coimbatore

9.      Madurai

10.  Erode

11.  Thoothukudi

12.  Chennai

9,16,674

4,74,838

2,07,327

2,22,943

8,77,778

8,31,038

5,04,079

16,01,438

15,61,129

4,98,129

3,70,896

67,27,000

31 Telangana 2 1.      Greater Hyderabad

2.      Greater Warangal

67,31,790

8,19,406

32 Tripura 1 1.      Agartala 4,00,004
33 Uttar Pradesh* 12 1.      Moradabad

2.      Aligarh

3.      Saharanpur

4.      Bareilly

5.      Jhansi

6.      Kanpur

7.      Allahabad

8.      Lucknow

9.      Varanasi

10.  Ghaziabad

11.  Agra

12.  Rampur

8,87,871

8,74,408

7,05,478

9,03,668

5,05,693

27,65,348

11,12,544

28,17,105

11,98,491

16,48,643

15,85,704

3,25,313

34 Uttarakhand 1 1.      Dehradun 5,83,971
35 West Bengal 4 1.      New Town Kolkatta

2.      Bidhannagar

3.      Durgapur

4.      Haldia

36,541

6,33,704

5,71,000

2,72,000

36. Total – 35 98 98 11,01,18,799

*12 cities have been shortlisted from Uttar Pradesh against the 13 cities allocated.

Note: Jammu & Kashmir has asked for more time to decide on their potential Smart City.

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ICCPL PROPERTY NEWS

POSSESSION MONSOON FAST APPROACHING IN THE NCR REALTY SECTOR

   The monsoon season across the country might be nearing its end for this year but another much relief providing monsoon is fast approaching the NCR’s real estate sector which might even set a new direction for the pockets of this sector in the upcoming few years. In the forthcoming 6-9 months from now, it will be raining home keys for the buyers who had been long waiting for their dream homes. A few keys decisions by the government in the recent past for the NCR market had bought about a new hope for this sector where not only will the buyers get possession of their units but will bring along a fresh wave of demand which will revive this sector. The verdict of Greater Noida West, NGT issue of Noida, widening of NH 24 and finally the soon upcoming final festive season in the country will bring about the monsoon of possession across the NCR market along with a new season of demand.

End of a drought:

Since 2010, the real estate market of Greater Noida West was under immense pressure which shifted its burden greatly on the real estate sector. The demand over the years saw a dip in the region due to the construction process being halted on several occasions along with frequent public unrests. With this decision coming few months back, there is clarity now which will help the buyers and builders immensely. Over 1.5 lakh buyers were affected for several years due to this issue being stretched that resulted in delay in construction which gave way to possession delays. On the other hand, the developers will now have to stick to their timelines as clear directions are being laid. The step taken by the apex Court is pro-public and development centric which will allow a better growth in the region. This decision will not only affect the present customer base but future demand for the rapid emerging destination like Greater Noida West. “Since this decision first came out, we had compiled a database on the basis of inputs provided by all the builders in the area while some have started offering possession of apartments; and we expect that by end of this year, close to 50,000 flats will be handed over to the rightful owners. Thus, a wave of growth around this region will now become increasingly noticeable as even infrastructure is also being worked upon immensely and we are estimating about 1 lakh people will move into this region by next year”, claims Mr. Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz. Various developers in the region will be gearing up for possession of their ready or near-ready projects for handover in the upcoming few months. For instance, RG Group will be offering possession of phase 1 of its residential project ‘RG Luxury Homes’, located in the region by the end of next financial year. Phase 1 of the project will offer possession of two towers (A&B) consisting of 200 units in each.

A new era in Noida:

Noida just got a new life few days back when the Environment Ministry approved the draft notification that allows construction outside 100 meters on the eastern, western and southern sides of the Okhla Bird Sanctuary and 1.27 Kms on its northern side. This decision means that nearly 50 projects and almost 60,000 apartment buyers will be finally served justice. Thus, speaking off possession in the region of Noida; a heavy storm is approaching once the authority provides the completion certificates to the previously affected projects. Several builders in the region such as Jaypee Group, Amrapali, Supertech, DLF, Ajnara India Ltd., Gulshan Homz, JM Housing, RG Group and others were adversely affected due to the NGT issue. RG Group’s residential project, ‘RG Residency’ located at sector 120, Noida suffered when NGT did not permit completion certificate to the project due to which its buyers got affected. Mr. Aman Gupta, Director, RG Group avers “The recent NGT notice has cleared our project which is a big breather for us and our buyers. Due to this issue persisting over the years, we were unnecessarily dragged into numerous controversies and customer grievances as even our project’s phase 1 is near completion and we could have given possession long time back but could not due to NGT, we were really hanging with no clarity. Now with NGT’s notice in place, we have come back with full force and are planning to offer possession of phase 1 within 1-2 months as we are giving it final touch ups with our towers completely ready. We really hope to see smiles back on our customer’s faces”. Adding to the view, Mr. Ashok Gupta, CMD, Ajnara India Ltd. says “The road to recovery of Noida as a region looks clear now. For long this region was witnessing negative sentiments, prices becoming stagnant and demand getting decreased. In the upcoming months, there will be series of possession offers across Noida and other NCR regions which will bring back positive sentiments in the market thereby assisting in creating a pool of future demand for property. In fact, even we are also in line to offer possession of our 3 Noida projects in the upcoming few months. Ajnara Daffodil, Grand Ajnara Heritage and Homes 121 will witness several families moving in till the end of this year”. It is to be noted that Ajnara Daffodil will offer possession of 880 units, Grand Ajnara Heritage and Homes 121 over 1000 units in each project. Various other projects to offer possession over the course of next few months in the region include Phase 1 of Gulshan Ikebana located at Sector 143, Noida Expressway and JM Aroma at Sector 75 Noida.

Ghaziabad going to be good:

The golden goose of NCR real estate sector, Ghaziabad finally got the news they were waiting for the last 6 long years. The widening of NH 24 was in news for quite some time but never made it out in the public. Now since National Highways Authority Of India (NHAI) has rolled out the tenders for widening of the stretch, the market will soon witness greater footfall from the customers. “The congestion on the Nizamuddin-Dasna stretch had caused a massive havoc in the region causing the demand to reduce and construction processes to delay thereby causing decrease in customer sentiments. Micro pockets such as Indirapuram, Crossings Republik, Siddharth Vihar and others were worst hit. Even the customers of the regions were having second thoughts to invest in a different place that became a major reason of worry amongst the builder lobby. Due to this reason, there is now a different air across Ghaziabad which will also open the gates for future prospects in the region”, explains Mr. Rupesh Gupta, Director, JM Housing. Many projects in Ghaziabad are in the advanced stage of completion which will see possession happening in the upcoming few months. For example, Ajnara India Ltd. will soon be offering possession of several hundred units at Grand Ajnara Heritage located at Raj Nagar Extension. Ajnara Gen-X located at Crossings Republik will soon be fully delivered as only a handful of families are left to take possession of their units. VVIP Group will be offering possession of its maiden project VVIP Addresses located at Raj Nagar Extension which has over 2,000 units in its inventory. “It is always a different and much wonderful feeling when delivering your very first project. VVIP Addresses will soon be known as a landmark in the region considering the size and offerings in the project. The NCR market has become quite favourable over the last few months post several decisions made by the government. The real estate market across Ghaziabad and even NCR will be full of possession news in the upcoming months which will help in pushing the future demand and development forward”, expresses Mr. Praveen Tyagi, CMD, VVIP.

Other NCR regions not far behind:

With the inclusion of Jind, Karnal and Muzaffarnagar in NCR, the total list now stands at 23. Barring the above mentioned regions, it is estimated that almost 6,500 projects including residential, commercial and mixed land use are either complete or in their advanced stage of completion which will be ready to offer possession in the next 6-9 months. Thus, the monsoon season of possession in the real estate sector is sure to come. “Every customer who puts in their hard earned money by investing in real estate hopes to get the keys as soon as possible. Various barriers were visible in the development of NCR property market that have been now removed which will allow the developers to construct hassle-free and deliver projects tension-free. The customers will have an even better time as their long wait will yield them the much awaited results”, states Mr. Kushagr Ansal, Director, Ansal Housing. Ansal Housing has a national presence with over three decades of experience in the sector. The company will also be offering possession of its several projects. Ansal Town in Meerut, Ansals Palm Court in Jhansi, Ansal Town in Yamunanagar and Ansal Town in Karnal are amongst the few which the company will be offering to its customers.

Silver-lining becoming visible:

NCR real estate market has somewhere got back into business riding high on the verdicts of Greater Noida West, Noida and NH 24. This will now allow this year to finish on a great note as we are still left with the final festive season of the year commencing from Navratris in October. Not only will possession of property take place, but potential customers will increase the footfall in the regions due to improving sentiments. During the festive season, even the developers sit ready to offer best deals to the customers as property purchase is most witnessed during this time around being the most auspicious phase according to Hindu mythology. “This festive season which begins with Navratris and ends post Diwali is regarded as the best month in the entire calendar for the real estate sector. Most footfalls are observed during this month and are converted as well. This year we have even bigger reasons to celebrate as the drought of Greater Noida West and Noida has finally ended which will further fuel the demand for this sector. The much awaited and spoken about revival in the real estate sector is finally looking visible that will take its full form by next year positively”, concludes Mr. Vikas Bhasin, MD, Saya Homes.

ICCPL PROPERTY NEWS

Gulshan Homz Celebrates 69th Independence Day With Labour At Project Site

Delhi/NCR: Gulshan Homz, a major name in the real estate sector of NCR having multiple projects in Ghaziabad, Noida Expressway and Greater Noida West celebrated this Independence Day in a grand style where it gathered its team along with the labour and their kids at the project site of its highly acclaimed project ‘Gulshan Ikebana’. The entire event was organized by Gulshan Homz at their project site of Gulshan Ikebana located in sector 143, Noida Expressway to lighten up the spirit of Independence Day amongst the kids and youth.

The event was celebrated on 15th August itself with the labour, their kids and Gulshan Homz team that observed a flag hoisting in the morning followed by the National Anthem, March Past and concluded with several performances of children and awards distribution. The project site did not look like a construction zone on the day, but a region filled with patriotic people and nation lovers.

Fuelled with the spirit of Independence, Mr. Deepak Kapoor, President CREDAI Western U.P & Director, Gulshan Homz expressed “On the occasion of 69thIndependence Day, we commemorate all the great personalities who had played their vital role in making India an Independent country.  Without their compromises and sacrifices, we wouldn’t have been breathing this air of freedom. Organizing and celebrating this day is not only a way of thanking the martyrs of this country, but making sure that they keep on living in the minds and hearts of the youth. My special thanks to the Gulshan Homz family, who organized and participated in the event and made it look wonderful”.

About Gulshan Homz

Gulshan Homz has been greatly recognized in the sector for being one of the most promising and fast growing companies. And this foundation is laid by the Founder & Managing Director, Mr. Gulshan Nagpal, that Gulshan Homz has stood rock solid for more than 25 years. The foresightedness of Mr. 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

JUSTICE FINALLY SERVED TO THE BUYERS AND DEVELOPERS OF NOIDA

    October 2013 will be earmarked as a month of severe crisis for the real estate pocket of Noida as the National Green Tribunal (NGT) had literally thrown a knockout punch to the developers and homebuyers who had already invested in the projects of the region. And today will go down in the history books of the NCR where the Environment Ministry has approved the draft notice that allows construction outside 100 meters on the eastern, western and southern sides of the Okhla Bird Sanctuary and 1.27 Kms on its Northern side. The distance falling within that zone has been termed as an ‘Eco-sensitive zone’ wherein no construction can take place. This decision means that nearly 50 projects and almost 60,000 apartment buyers will be finally served justice.

“The news that the entire Noida and NCR real estate market was waiting for has finally arrived. It’s a big relief for the homebuyers as well as the developers of the region as finally projects will be handed over to the respective homebuyers and development will resume in the previously affected regions. Few months back we had a top verdict for the Greater Noida West market and now the Noida market has got the decision they were waiting for. This will now allow barrier free development of the region and the sentiments that had dented will come back to the market which will ensure gradual demand shift for housing in the region” says Mr. Deepak Kapoor, President CREDAI Western U.P. & Director, Gulshan Homz. Adding to the fact Mr. Sudeep Agarwal, MD, Shri Group states that “Thousands of anxious homebuyers as well as developers finally find comfort with the news of reduction in eco-sensitive zone around the Okhla Bird Sanctuary. Once the final notification comes out, the developers can obtain their completion certificates from the Noida authority and can resume their long stalled processes of both construction as well as possession of complete projects. With almost 60,000 homebuyers getting possession of their homes in Noida, it will surely be a joyous festive season this year”.

The NGT was set up on Oct 10, 2010 under the National Green Tribunal Act of 2010 for effective formulation of environmental policies and for keeping a strict vigil on commercial activities, in regard to maintaining a sound environment and sustainable development of nature. Thus, the tribunal has been empowered with necessary jurisdiction that would deal with matters pertaining to environment and in a way, will reduce the burden of work that usually rests with higher courts for that matter. Possession of almost 60,000 apartment buyers was kept on hold and almost 50 projects were affected due to the previous decision. The two most crucial points that were to be noted; that most of the construction had already begun when NGT was not even formed and the eco-sensitive zone in October 2013 had been increased drastically from 100 meters to 10 Kms due to which most development got affected or even halted. “The much awaited decision for the Noida region is finally out. Within a week’s time the final draft notice will be out in the public that allows construction outside 100 meters on three sides and 1.27 Kms on the Northern side of the Okhla Bird Sanctuary. The under-construction projects will finally resume, completed projects will get the completion certificate, buyers who had invested will get the handover and most importantly; the property demand in Noida that had gone stagnant will yet again see an upward movement in the graph”, explains Mr. Ashok Gupta, CMD, Ajnara India Ltd. Mr. Rupesh Gupta, Director, JM Housing avers “Since the decision from NGT came out back in 2013; till today over 1 lakh units were constructed and almost 60,000 units were standing ready and awaiting the handing over to the respective homebuyers. All the projects that were falling under the radar will now get the completion certificate and homebuyers will be able to move into to their dream homes. The affected under-construction projects will recommence and this construction work will further help in generating demand for real estate in Noida”.

Due to such a long layoff constructed in decision making, everyone associated to the sector such as the buyers, developers and even the authority had suffered severe losses. “The buyers have been shelling out extra money in form of paying rent as they could not get their purchased home while paying EMIs at the same time, developers had to hold the inventory and authority could not register the purchased properties; thus a loss to everyone. With the decision finally coming out, this will be a win-win situation for all as homebuyers will break the shackles of living on rent, developers will be able to continue sales and state government will be able to procure several thousand crores in rupees of stamp duty”, enlightens Mr. Amrit Pal Singh, Executive Director, Aprameya Group. It is estimated that this long delay had costed over Rs. 2,500 crores to buyers and builders as most homebuyers have been paying their EMIs even as they were awaiting possession and builders had to hold sold inventory and keep paying interest on their borrowings. Above all, the state government is projected to acquire close to Rs. 2,000 crores worth of stamp duty through registration of these properties. “This news has come out as a much needed breather especially for those home buyers who were staying on rent and their unit was standing ready. The dampening of the Noida region as a property hub for almost two years will see an end as potential home buyers and investors will invest again, that is sure to bring about steady capital appreciation in the regions that were affected by the previous NGT order which will also pave way for future property demand in the regions”, concludes Mr. Kushagr Ansal, Director, Ansal Housing.

ICCPL PROPERTY NEWS

BHIWADI: CLIMBING THE LADDER OF DEVELOPMENT

   There was a time when Delhi was regarded as the only real estate hub in the NCR region with availability of residential and commercial spaces equally. As this demand was well able to meet the supply, then came a point when saturation of this region was around the corner and prices were sky-rocketing. Thus, expansion was looking as the only option and extending towards Central and South Delhi was feasible as Haryana and Rajasthan were North India’s prominent industrial belt. Especially Gurgaon, the millennium city has been expanding by leaps and bounds since the past one decade. The property prices catapulted and due to the advent of more and more industrial hubs, the city has now become an ever-expanding horizon.

Moving a little farther on NH-8 from Gurgaon, one can come across a developing region called, Bhiwadi. Being a part of NCR and developing Delhi-Mumbai industrial corridor (DMIC), Bhiwadi has been rapidly recognised as a growing investment zone. It is today hogging the limelight as one of the most happening destinations for property developers and prospective property buyers/investors. Having a good location advantage, the region is just a 40 minutes’ drive to Gurgaon and hardly an hour away from the Indira Gandhi International (IGI) airport. With rising property prices in Gurgaon, Bhiwadi has come up as an advantageous and sensible region for area theorists and property buyers. Last few years have seen major housing developments taking place in the region with multiple group housing projects been constructed. A handful of residential projects have been delivered as well and several thousand buyers have also been moving in. “As Delhi was reaching its saturation, the biggest problem was unavailability of land parcels for future developments and prices were soaring that gave way to developments in the suburbs of Delhi. Thus, NCR is becoming a good bet for major developers and regions like Bhiwadi, Neemrana, Greater Noida West, Greater Faridabad and others have gained more popularity. Prices here are much competitive and scope of development is better. These locations are based on modern day planning and will thus receive better infrastructure and resources than other tier 1 regions of the country”, avers Mr. Amrit Pal Singh, Executive Director, Aprameya Group. Adding to the view, Mr. Dujender Bhardwaj, Director, Marina Suites says “Bhiwadi’s proximity to Gurgaon, Manesar, Delhi and Faridabad is one of the biggest advantages of the locality. Also in Bhiwadi one can expect more or less half the rates in comparison to the posh areas of Gurgaon. Another benefit that the city enjoys is its consistent water and power supply and it might also get an independent airport complex. Thus, infrastructure is another reason apart from the DMIC, why Bhiwadi is now recognized as a strong emerging realty region of NCR”.

Bhiwadi is one of the rapidly growing industrial locations of Rajasthan, which has a proximity to Delhi and other NCR regions providing it with superior location advantage. The region has witnessed three-fold increase in its population as per the 2011 census. The staff and management personnel of MNCs and the industries operational in GBC are the prime targets for potential customers for residential and commercial projects developing in Bhiwadi. According to the experts, in the next three years, most of the projects in Bhiwadi will either be delivered, or will be in their advanced stage of construction. The real estate investment proposition will also start growing manifolds by that time, as this will be the time for end-users to move into various housing projects. Mr. Amit Chaudhary, MD, Rhythm Ccounty states that, “As more and more tier 1 cities saturate, realty pockets like Bhiwadi will emerge and develop into a superior destination because of existing infrastructure and better planned future. These tier 2 regions are largely preferred by investors and second home buyers due to lesser property prices and better scope of capital appreciation. Looking at the way this region is developing, coming few years will witness greater footfall and better returns on investment than other regions”. “Friendly policies of the Rajasthan Government are acting as a catalyst towards rapid industrialization, which in turn is also spawning fast real estate growth. Already, 3000+ companies both SMBs and Enterprises are setting up units here sowing the seeds of unprecedented future growth and development. In like manner, this zone holds boundless potential for generous improvement inside a sort compass of time. The headway that started along NH-8 in Gurgaon has spread to Manesar, Dharuhera and now Bhiwadi, and is an opportunity to go up to Alwar which will ensure real estate sector makes the most of out of it in the coming 5-7 years”, enumerates Mr. Ankit Aggarwal, CMD, Devika Group.

Bhiwadi is located at a prime spot, bordering Rajasthan and Haryana and that’s why it is a favourable destination for the realty market. The infrastructure facilities in the town are increasing with each passing day and developers have acquired large land banks on both sides of NH-8 where they have launched their plotted developments and also multiple group housing projects. With the promise of good employment opportunities, a better standard of living and good connectivity at very affordable prices as compared to other regions in NCR, this place offers better facilities well within the reach of middle class who wish to reside within the NCR. Due to these factors, Bhiwadi has attracted the attention of various reputed developers primarily offering affordable housing projects, with only a handful of luxury projects. The average ticket size for apartments in Bhiwadi is between Rs. 2,700 – Rs. 3,300 per sq. ft., and the annualized appreciation to the tune of 10-15 percent, which is consistent with the overall market dynamics of NCR. “Realising the potential of this corridor, government is working diligently towards improving the existing social and civic infrastructure. Bhiwadi’s infrastructure is improving rapidly, with various projects on the anvil. The proposed Bullet train and Metro connectivity will further enhance Bhiwadi’s real estate investment attractiveness quotient. As a result, Bhiwadi is firmly on property investors’ radar with a strong promise of a great return on the investment. Few years down the line, this region will be a strong name to reckon with amongst the strongest names in the NCR region”, claims Mr. Rajnikant Sharma, CMD, RJ Group.

The high prices of properties in Delhi/NCR region have constrained middle-class buyers to look for other affordable alternatives close to national capital. Bhiwadi is the upcoming realty hub which is close to Gurgaon and catering the ever-growing demand of investors and end-users alike. Today, end-users are approaching to this location in search of their dream home as this location offers them an added advantage of great connectivity to all crucial points of Delhi/NCR. The biggest advantage offered by Bhiwadi is great connectivity as it is located close to National Highway-8. Apart from its exceptional connectivity, Bhiwadi also offer good investment options that guarantees huge returns in future. The affordable pricing not only entices the end-users, instead it also attracts the eyes of investors as the real estate of Bhiwadi is likely to witness huge capital appreciation in coming years.

Star Realcon, Krish Group, R-Tech, MVL, Parasvnath, Kingfisher Realty, Konark, Jagrit Infra, Genesis, Omaxe, BDI, Essentia, M2K, Cosmos, Avalon and Innovative Colonizer are the few real estate players who have launched their residential projects and townships to change the skyline of Bhiwadi. “There is a massive amount of industrial development activity planned by The Rajasthan State Industrial Development and Investment Corporation (RIICO) in the state, and Bhiwadi being in close vicinity to Delhi and Gurgaon have lot of potential to grow manifolds. Bhiwadi encompasses the manufacturing centres of Chopanki, Khushkhera and Sare Khurd. The region is an industrial base and has full-fledged real estate viability, with huge scope for future growth and development”, concludes Mr. Kushagr Ansal, Director, Ansal Housing.

ICCPL PROPERTY NEWS

RBI KEEP RATES UNCHANGED, SECTOR NOT SATISFIED

    In its fifth monetary policy of the calendar year and third of this fiscal year, the RBI announced that there will be no change in the rates in this policy review. With this decision, the repo rate stands unchanged at 7.25 percent, reverse repo rate at 6.25 percent, Statutory liquidity ratio (SLR) at 21.5 percent and Cash reserve ratio (CRR) at 4 percent respectively. The apex body had already made three deductions in the key rate during this calendar year by 25 basis points each time, giving a total deduction of 75 basis points to the repo rate and bringing it down to 7.25 percent from 8 percent in 2015 itself.

“A no rate change this time was pretty much on the cards owing to retail inflation that stood at an eight month high of 5.4 percent in June, CPI going up a bit due to food prices and irregular monsoon season affecting the country. This is rather a careful decision by the RBI which has already done a triple rate cut this year. Thus, taking the current economic situation into consideration the decision looks just and in the final quarter of this calendar year, RBI might do another rate cut to better the sentiments”, asserts Mr. Deepak Kapoor, President CREDAI- Western U.P. & Director, Gulshan Homz. Adding to the view, Mr. Rajesh Goyal, Vice President CREDAI- Western U.P. & MD, RG Group states, “Looking at the current sentiments of the market which have been keeping a bit low recently, we were pretty hopeful that RBI might keep the rate cut cycle moving. The tight macroeconomic situation of the country could be attributed as the reason for the apex body to maintain the repo rate. Also, with the onset of Navratri followed by Dussehra and Diwali, the festive season brings positive sentiments, so a rate cut is expected in the next session which is due on September 29th”.

The real estate sector was hopeful of a rate cut this time in order to boost the sentiments in the market. The prices all across the country have fallen drastically along with huge inventory getting piled up especially in tier 1 regions. The banks had reduced their lending rates as well after the last two RBI policy reviews. “The way this sector is behaving at present, we were expecting the RBI to give us a much needed relief in the form of another rate cut. If not the repo rate, then atleast a cut in CRR would have increased a bank’s lending capacity, the benefit of which would have ultimately passed onto the consumers and enhanced liquidity in the market. Now it’s quite likely that the rate cut is postponed till the next policy review which will actually help the market to bounce back”, says Mr. Ashok Gupta, CMD, Ajnara India Ltd.

The next and fourth review policy of this fiscal year is due on September 29th, 2015 and all the eyes and ears will be stuck on Mr. Rajan as how he takes the next policy review forward. The final festive season of the Hindu calendar year will be commencing on or around 29th September itself with Shradhs, followed by Navratris, Dussehra and twenty days later, Diwali. Thus, RBI might have to give a rate cut in its next policy review so that consumer sentiments are further boosted up. Mr. Praveen Tyagi, CMD, VVIP states that “Real estate sector in particular banks heavily on the final festive season of the calendar year, as most customers in India usually wait for this time of the year to come and invest in gold, automobile, shares and largely, property. The religious sentiments of people are deeply attached with the festivals of Navratris, Dussehra and Diwali and developers also offer best deals during this time. Therefore, if the RBI also does a rate cut in its next review then the demand for property market will see a steep rise as home loans will be already cheaper and better deals will be made available to the customers”. “The RBI has already started the rate cut cycle as it had promised in the beginning of the year. Although, we were anticipating a rate cut this time as well as sentiments were keeping a bit low and this would have helped the cause. The wholesale inflation is keeping low, WPI is negative and even the government was hopeful for a rate cut which would have pushed the industrial growth as well. The manufacturing sector, banking industry, real estate and retail sectors will perform well in the upcoming months as final festive season is soon approaching. Thus, a rate cut then will be a great news for the sector and the economy in general”, concludes Mr. Rajnikant Sharma, CMD, RJ Group.

ICCPL PROPERTY NEWS

NH 24 GETS THE MUCH AWAITED WIDENING BOOST

      In what could be a highly comforting news for the commuters and residents of East Delhi, Ghaziabad, Noida and Greater Noida; the 6 years drought has finally come to an end as NHAI (National Highways Authority of India) has rolled out tenders for a 14 lane road on the critical section of NH 24 from Nizamuddin bridge to Dasna which is stretched upto 28 Kms. Also, the 22 Kms stretch of the Dasna-Hapur portion of the highway will be widened to six lanes.

“The stretch from Nizamuddin bridge to Dasna is the most crucial line on NH 24 as it is the gateway for key real estate regions such as Ghaziabad and Noida. This route has always been highly congested which has caused traffic woes resulting to negative sentiments floating amongst residents and commuters of this region. Now since the NHAI has floated out the tenders, the news itself will relax the existing residents and commuters of the regions along with igniting the demand for residential real estate across NH 24”, asserts Mr. Vikas Bhasin, MD, Saya Homes. The six lanes (three on each side) in the centre of the Nizamuddin bridge-Dasna stretch will be an ‘expressway’, with a very few entry/exit points in order to ensure smooth traffic flow on the corridor. The other eight lanes (four on each side) will be a part of normal highway and thus, commuters won’t have to pay for using these lanes. Mr. Deepak Kapoor, President CREDAI – Western U.P. & Director, Gulshan Homz says “This is big news for the region, residents, commuters and developers. On normal days this stretch observes over 30,000 vehicles during office hours along with a traffic inflow of over 75,000 commercial vehicles that enter Delhi. Even after several underpasses constructed to ease the congestion; still the traffic on this stretch has been unbearable. The widening of this 28 Kms line will ensure smooth flow of traffic, no long hauls which will gradually pave way for better demand for the property along NH 24”.

According to NHAI, six of these 14 lanes will be an excess control expressway while the remaining eight lanes will be a normal highway. The stretch from Dasna to Hapur (11 Kms) on the highway will be widened to six lanes. The cost of the project from Nizamuddin to Hapur (49 Kms) is expected to be around Rs. 3,000 crore. The project will be divided into three different phases which will be awarded to the concessionaires for construction on hybrid annuity model where government shares the risk. “It was a matter of time now as this news of widening of NH 24 was in the market for over half a decade. We all have been a witness to the development at Delhi, Ghaziabad and Noida; but the corridor along NH 24 was becoming a pain for the residents and commuters due to which the market demand was taking a blow. Once the widening of NH 24 happens, the micro pockets along NH 24 will see a northward demand movement. This region has seen development at a rapid pace as several residential and commercial projects have been setup at Indirapuram, Crossings Republik, Siddharth Vihar and parts of Noida which have been largely occupied by people working and commuting from Delhi”, states Mr. Ankit Aggarwal, CMD, Devika Group. Adding to the view, Mr. Sudeep Agarwal, MD, Shri Group enumerates “The widening of Nizamuddin bridge to Dasna is of much significance considering the fact that it is one of the most busy and congested highway stretch of the country and the traffic load has been increasing substantially as we see a lot of residential complexes have come up over the years. This initiative will also help in resolving the issue related with connectivity from NH 24 to Greater Noida West. There is a straight road which goes to Gaur City to roundabout from NH 24. People prefer to take that road to reach out expressway from Ghaziabad. Sometimes people also commute through this stretch when they see traffic problem in Crossing Republik”.

The NHAI officials also said that the Nizamuddin bridge to Dasna will be part of the Delhi-Meerut expressway. The stretch on new alignment between Dasna and Meerut will be developed at a later stage. Mr. Kushagr Ansal, Director, Ansal Housing says “It has always been witnessed that construction of a roadway itself has produced great results for the realty market of the regions falling across the routes. The widening of NH 24 is no less than creating a new roadway for the region as the existing stretch was heavily under traffic pressure that had resulted in traffic chaos. A congestion-less NH 24 will give way to greater demand as this stretch has always been the lifeline for commuters from Delhi to Ghaziabad and Noida”. The traffic and population in the regions of East Delhi, Ghaziabad and Noida are going to increase further over the next ten years as Greater Noida West market will also to stabilizing by then. Thus, decongesting this slice of NH 24 was the need of hour in order to ensure smooth traffic flow and growth in demand of the regions. “The most prominent sight that we will witness after the widening of NH 24 will be the appreciating prices along the properties located on the NH 24 belt along with smooth traffic flow with no traffic jams. The demand in the micro regions of Ghaziabad such as Indirapuram, Siddharth Vihar, Crossings Republik, Raj Nagar Extn. and some sectors of Noida will witness a steep rise. Also, having an expressway will help in generating a lot of revenue for the government”, concludes Mr. Rupesh Gupta, Director, JM Housing.