real estate india

NEW DELHI: Little known realty firm Young Builders has bought Delhi Metro’s 2-hectare land at Vishwavidyalaya metro station in North Delhi for Rs 220 crore in an auction reports Sanjeev Choudhary. It will construct a residential complex at the site. The developer has bought the land on a 90-year lease and is likely to get a developable area of 3.5 lakh sq ft, which will translate into a land acquisition cost of around Rs 6,200 per sq ft. A residential project being developed by Parsvnath Developers close to Vishwavidyalaya metro station is being sold at Rs 10,000 per sq ft.    

                                                            Courtesy:-E.T. date: - 5/08/08

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To take a decision to buy a property in one’s life time is an extremely important decision as one has to drain down the whole amount of hard earned precious savings for owning suitable home. After selecting a home of one’s choice, he will have to go through and check a lot of legalities and paper work. As such, one must be conversant with various legal terms and technicalities.

 1.       Clear Title Deed: - One must ensure and investigate the records of last 25 to 30 years from registrar’s office whether the property selected is unencumbered and has a marketable clear title. It will be better if such documents are got examined by a lowyer so that there may not be any hurdle while mortgazing same for obtaining loan from bank or financial institution.

 2.       Property Under Construction: - When a property of one’s choice is under

construction, he should ensure that the builder has all the legal document viz-a-viz agreement signed between the builder and the Landlord, CLU, layout plan duly approved by the concerned authorities, environmental clearance and other necessary permissions required for construction of multi storeyed buildings etc. 

3.       Ready To Occupy Property: - In case of ready to move properties one must ensure that the seller has clear title and possession of property as well as right to sell the property. Also check that the building has been constructed as per approved plan, it has not been mortgaged and all dues till date for water, electricity & house tax have been paid in full. Also ensure to take all necessary original documents i.e. allotment letter, completion certificate & possession certificate etc etc obtained by the seller from the builder.

      4.    Payment of stamp duty for Sale Deed: - Usually stamp duty is charged as fixed by the government and is payable by the purchaser. Builder, seller and purchaser are required to be present at the registrar office at the time of registration. Also ensure proper documents are obtained after making the payment.

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Both Bhiwadi and Dharuhera are part of the 2021 regional plan for the National Captial Region

Atbustling industrial town on NH-8, Bhiwadi has acquired the ‘real estate destination’ tag. When developers in the area realized that land availability was extremely limited in nearby Manesar and Gurgaon.Already home to over 2,500 industrial units, Bhiwadi serves as a gateway to Rajasthan.The Rajasthan (state) Industrial (development) and Investment Corporation (RIICO) had Envisaged a growth pattern on the lines of Pune and Hosur for Bhiwadi and today the town is living up to that vision. Several real estate firms like Ashiana, M-Tech, MVL, and the Piyush Group are developing integrated townships in the area and the growth of the industry in the area has led to a spurt in demand for housing. Ashiana’s project Ashiana Utsav offers post-retirement lifestyle accommodation to senior citizens while M-Tech developers’Camelia Gardens offers luxury villas with their own swimming pools. Commercial project in the area include the Central Market, the Ganpati Plaza Complex, and the Ashiana Arcade Complex. The Ashiana group also has two retail Malls coming up.

Bhiwadi’s industrial zone is expected to be the next hot commercial hub as a number of SEZs including one by the Reliance group are coming up in and around the area.

RIICO plans to develop a dry port to facilitate value added services like, container sheds, transit yards, warehouses, railway siding and truck parking, apart from excise payment and customs clearance facilities. To attract investment in biotechnology sector, RIICO has also developed a state-of-the-art biotech park.

Proposals for a railway station and a road by-pass have been sanctioned — in less then four years, Bhiwadi will be connected to Rewari by a broad gauge rail link and within two years by a bypass to NH8 and the Sohna Road. Barely a 15-minutes drive from Bhiwadi is Dharuhera in Haryana. Bullish about the area, the Haryana Government has already invested in Bawal. In 2020, both Dharuhera and Manesar will become very important locations as thanks to the expressway Gurgaon is already seen as a part of Delhi. In that scenario-in 2020–Neemrana and Dharuhera would serve as suburbs.

The fast-paced industrial development taking place in the area has acted as a catalyst for the rapid growth of real estate in the area. Developers active in the area include Parsvnath, Omaxe, Dwarkadhis, GTM, and Natraj. Parsvnath city located at Dharuhera Sectors 1, and 1-A, is spread out over 114 acres and will offer apporximatly 1000 apartments of three bedrooms each and 150 villas. All these will be air-conditioned and facilities will compare to the world’s best cities. Plots available in this township will range from 300 square yards to 960 square yards.

According to Amit Chiller of landmark Developers, four residential projects and one five star hotel have been approved in the area and an international hotel chain will operate the hotel project. On the residential side, the company plans to construct two low-rise apartment projects and mini farm houses of 1000 square yards each. These would be weekend homes for business executives. Small villas would range between 300-500 yards and have a covered area of 2,400 sq ft. The hotel will be a 12-acre property with 3,000 rooms. The clientele will include business tourists in the Indo-Japanese corridor area.     

                                                     Courtesy:-H.Tdtd:-26-07-2008                                                                                                           

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Trammell Crow Meghraj, one of India’s leading international property consultants, recently launched their detailed real estate study on “Major IT-ITES Hubs In India — A Snapshot” at a function in Leela Kempinski Hotel. The launch took place at a celebratory event organized by the Delhi-based publishers of Real Estate Observer, a real estate magazine in which TCM is a knowledge partner. The event was graced by leading dignitaries including Tim Eynon, CEO, Prozone Enterprises Pvt. Ltd., and Niranjan Hirananadani, MD, Hiranandani Group.

The study analyses the impact of the proliferating IT-ITES sector on the country’s real estate scenario, giving detailed city profiles for all Indian metros and evolving IT-ITES destinations, and summing up with a comparison of cities in the IT-ITES viability context.          

                                                                                                   Realty plus

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SOME CONDITIONS UNDER WHICH A LANDLORD CAN ASK HIS TENANT TO VACATE THE PREMISES

The Rent Control Acts of various States contain provisions to protect tenants against eviction by the landlord on arbitrary grounds. Usually, no order for the recovery of possession of any premises will be made by the rent controller in favour of the landlord against a tenant in normal circumstances.

The controller may make an order for the recovery of possession of the premises on one or more of specified grounds only. An application should be made to him in the prescribed manner.

These specified grounds include:   

Non-payment of rent

The tenant has not paid the rent or arrears within two months of the due date. No order for recovery of possession of any premises is made if the tenant pays the rent due or makes a deposit. However, after obtaining this benefit once in respect of any premises, a tenant is not entitled to it again.

Sub-let without permission   

The tenant has further sublet or assigned without obtaining the consent of the landlord in writing. Any premises which have been let for being used for the purpose of business or profession will be deemed to have been sublet by the tenant if the tenant has allowed any other person as a tenant in the premises without the consent of the landlord.

Using premises for other purposes   

The tenant has used the premises for purposes other than that for which it was let, without obtaining the consent of the landlord in writing. The landlord must give a notice to the tenant asking him to stop misuse of the premises. The tenant must have refused or failed to comply with such a requirement within one month of the date of service of the notice. Further, the misuse of the premises should be causing public nuisance, damaging to the premises or should be detrimental to the interests of the landlord.

Residence not used   

If the tenant or any of his family members have not been residing in a premises let for use as a residence for a period of six months. Also, if the premises let out for residential purposes are required by the landlord for self-occupation. They may also be required for any person for whose benefit the premises are held. The landlord or such a person should have no other reasonably suitable residential accommodation.

Unsafe building   

The premises should have become unsafe or unfit for human habitation and required by the landlord for carrying out repairs. Also, the premises should be required by the landlord for the purpose of additional building or alterations. The proposed reconstruction should not radically alter the purpose for which the premises were let. The alteration may also be in the public interest. Further, the plans and estimates of such reconstruction should have been properly prepared and necessary funds should be available with the landlord.

Some other reasons:   

The tenant has either acquired or been allotted possession of a residence.

The premises were let out to the tenant because he was in the employment of the landlord and the tenant has ceased to be in such employment.

The tenant has caused substantial damage to the premises. Unless the tenant carries out repairs within the specified time or pays the landlord compensation as the controller may direct, he can be vacated.

The tenant has used the premises in a manner contrary to a condition imposed on the landlord, Government or the local development authority. A Government authority may have imposed some conditions while giving him a lease of the land on which the premises are situated. — A G

Courtesy: - TOI dtd: - 26^th July 2008

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Despite being a small town, Bhiwadi offers great return on investment in commercial property due to its locational advantage. The well-known shopping/commercial complexes in Bhiwadi include Central Market, Dhaba Commercial Complex, Ganpati Plaza Complex and Ashiana Arcade Complex. Central Market is the most pricey. This ground+2 floor market looks dilapidated, crowded and old but commands a price between Rs 8000-15,000/sq.ft. As the price is shooting up, the building is adding additional floors. The present rate prevalent in Dhaba complex is Rs 5000/sq.ft. Ganpati Plaza is largely an office complex where the property price is Rs 2500/sq.ft.

Since the mall culture is yet to embrace the town it holds a lot of promise for small developers in terms of retail development. To address this need, several malls are already being constructed in the town like Village Mall by Ashiana group, Capital Mall by R-Tech Developer, Parsvnath City Centre and BB Mall & BB Square by Jagrit Infrastructure Pvt. Ltd.

The 92,000 sq.ft Village Mall is coming up in Ashiana Village, targeting 1,000 families residing in this complex and families staying in other Ashiana projects around. It will be a mixed development with two floors dedicated to shopping and the other three marked for corporate space.

Bhiwadi-based developer Jagrit Infrastructure Pvt Limited is making BB Mall. According to Col. (Retd.) D.K.Sawan, Vice-President of the company, BB Mall is coming up close to the highway and BB Square plaza near Central Market, which is the prime but highly unorganized shopping locality. BB Mall will be fully air-conditioned, the first mall to have such a facility in Bhiwadi. Spread across 1,50,000sq.ft., this ground+5 storeyed mall will have shops, office space and multiplex. Sawan adds, “We will be investing Rs 50 crores to commission BB Mall. It will be ready by the end of 2009. Ground, first and second floors will be the shopping zones, while on third floor we will have corporate offices, shops, food court and hotel, and on 4th and 5th we intend to have a 3-screen multiplex. The shops on the ground floor are priced at Rs 7700/sq.ft and the rate gets reduced by Rs 1,000 for shops on each upper floor. The office space is priced at Rs 4711/sq.ft. BB Square will be a plaza of 25,000-35,000sq.ft. The rate is Rs 8,000/sq.ft here.”

Bhiwadi will soon witness the emergence of service apartment culture. Parsvnath City Centre, by Parsvnath Developers Ltd. will be an exemplary combination of shopping, multiplex and serviced apartments. With three floors of boutiques and high quality merchandise stores, it is claimed to be the largest shopping mall in Bhiwadi. Wing Commander R.K Maheshwari, Vice-President (Marketing), says, “There are a lot of industries coming up in Manesar, Bhiwadi and surrounding areas. We are developing a township with fully furnished service apartments with club facilities, food court and shopping mall targeting at the floating population who visit these factories. The project will be complete by early 2009 and we are expecting 50% return on investment. The apartments are priced at Rs 2450/sq.ft., and the shops are priced at Rs 5,750 for the ground floor, the deduction being Rs 1000 with each floor upwards.”

R-Tech Developers Pvt. Ltd. will complete Capital Mall in April 2009. With a grand frontage of 325 ft. and spread over 1,75,000 sq.ft., the six-floor mall will be dedicated to retail and entertainment with branded showrooms, boutiques, hypermarket, fast food joints and a four-screen multiplex. The ground floor shops are priced at Rs 5750/sq.ft., upper ground floor at Rs 5000/sq.ft. and the first floor Rs 4,500/sq.ft. Says Akhilesh Tyagi, GM (Sales), R-Tech, “The population of Bhiwadi has risen to six lakhs and 50,000 apartments are expected to be completed in the next two years. The primary catchments will be from surrounding residential and commercial pocket,”

Real estate experts believe that with boom in residential developments and propensity to spend on the rise, there is great scope for earning good returns on investments from malls.

                                                                                Realty Plus

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Bhiwadi has today emerged as a bustling industrial township. Around 20,000-30,000 persons commute from Delhi, Gurgaon and Rewari to Bhiwadi on a regular basis to work in around 2,500 small, medium and large industries, which include MNC units that manufacture various types of products like steel, furnace, electronics, engineering, textiles, pharmaceuticals, cables, rolling mills, food processing, herbal care etc.

The Rajasthan State Industrial Development and Investment Corporation (RIICO) have envisaged for Bhiwadi a growth similar to that in Pune and Hosur. Good roads, developed plots, continuous power supply, high-speed data transferring facility and common testing facility are already developed in the industrial area of this town.

RIICO has envisaged developing a dry port that facilitates various value-added services. The facilities planned include container sheds, transit yards, warehouses, railway siding and truck parking, apart from excise payment and customs clearance facilities. RIICO is acquiring more land in Bhiwadi for expansion of the auto complex, which will have an exclusive auto component unit and engineering zone with a tool room and training centre. The automobile hub would generate new investment amounting to Rs.3,000 crores in the Bhiwadi region, creating employment potential for over 7,000 persons. As Rajasthan has the highest livestock population and tremendous bio-diversity, the state has good potential in animal husbandry, genetic engineering and biotechnology. To attract investment in biotechnology sector, RIICO is considering developing state-of-the-art biotech parks. A friendly-investor biotech policy is also on the anvil, under which many lucrative incentives will be provided to the biotech investors.

Some of the other projects that are to be taken up for development by PDCOR Limited, a joint venture company promoted by Government of Rajasthan and Infrastructure Leasing & Financial Services Limited (IL&FS), include an International Trade Centre and Medicity. An export-processing zone by DLF Group and a SEZ by Ansal API are also under implementation.

Future prospects

“The town infrastructure would get a further boost with planned and aggressive initiatives by the government”, R.P. Singh, Executive Engineer with Urban Improvement Trust (UTI), Alwar and Bhiwadi, remarks. He is positive about the future of Bhiwadi. “The proposal for railway station and bypass has been sanctioned. Within 2-4 years, Bhiwadi will be connected to Rewari by a broad gauge rail link and within two years a bypass will connect NH8 and Sohna Road. This year the state government has set aside Rs 4 crores to develop a commercial/office complex.”

A focal point between all-important existing and upcoming industrial towns of Manesar, Dharuhera, Bawal, Chaupanki and Neemrana, Bhiwadi is on fast track offering great investment opportunities.

                                                                                           Realty Plus

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Mumbai-based Harsh Kaushal Corporation has launched its state-of-the-art Crystal Point mall at New Link road, Andheri (West), near the residential hubs of 4 Bungalows, 7 Bungalows and Lokhandwala Complex. The highlights of this centrally air-conditioned mall are a food court and entertainment zone on the fourth floor, with a banquet/conference hall spread over a massive 8, 000 sq ft. of area. An open terrace, measuring 30,000 sq. ft., is to be attached to it There will be two high-speed transparent capsule lifts that will afford a full view of the mall and its surrounding areas, ample parking space for more than 500 vehicles, high-class glass façade and a glass-roof atrium. Having already roped in Star India Bazaar as their anchor tenant, the mall is now open for booking shops on lease

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World’s Fourth Night Safari, Ganga Express Way, Formula One Race Track like several other things make Greater Noida special. It is evident that this city is attracting people to make their house.

Greater Noida is outstripping all other cities of NCR in the race of development. This city appears to be well ahead in the matter of better infrastructure and word class projects. This is the reason that big & small, resident & non-resident investors are focusing the city. This city has its unique identity due to its World’s Fourth Night Safari, Taj Express Way, Taj International Airpot, Gautam Buddh University, Mega Projects by the sides of Express Way, Formula One Race Track, Ganga Express Way, Transport Hub, Delhi – Mumbai Industrial Corridor, India Expomart Centre, Education Hub, Container Depot and IT city etc.etc.

During the forthcoming time, greater noida will show a special sparkle on the world-map. Situated near the country capital Delhi, this city has several such special things which are well enough to captivate each & every person. Then why every one would not like to have his beautiful house here. For this, while Greater Noida Authority brings housing scheme from time to time, the private developers are also accelerating more and more the development speed of this city. The people need not bother due to the distance from Delhi here. Here on one side the proposal for construction of an airport is being passed, while on other side it is hoped to bring the metro early. Express Way facility is already there for commuter by their own vehicles. After construction of Faridabad- Noida road, here traveling will become more comfortable

New projects:-

Omaxe Group is constructing NRI city in an area of 80 acres in Greater Noida. It will be given shape of a Mini Township. It will provide the facility of mall also. In addition to this, Ansal Plaza and MSX Group’s MSX Mege Mall will also be here. People can searchi their homes in Uppal group’s Residential Pulmeria, Parshvnath’s Eaden, Platinum & Panorama , Purvanchal’s Silver City, Unitech’s Horizon & habitat including Unitech Heights etc.

High-Tech Transport

City’s transport system will be altogether high-tech. On the lines of Indore city buses will be plied here. All the buses will be pollution free. Tata Company’s 80 low floor buses will be plied in first phase for it.

High-Tech City

Preparations here already been completed to settle several high-tech cities like Noida & Greater Noida along with Taj Express Way Cities to constructed on it shall be completed in three phases. First phase master plan has been passed by Taj Authority Board during its meeting. The features of these cities shall be that the SEZ, institutional, ware housing, automobile zone, transpaort, sports centre, group housing and commercial pieces of land will be allotted not in yards but in hectares. Its development will be done by big groups.

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