real estate india

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.          

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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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Kandivali, a largely residential suburb, located between Borivali and Malad on Mumbai’s western line, is in the throes of an urban makeover with developers eagerly cashing in on its proximity to the arterial Western Express Highway and improved infrastructure to lure homebuyers and retail players with a slew of projects.

When Avinash and his wife Shantashree moved from the elite suburb of Bandra to a bigger flat at faraway Kandivali about five years ago, he feared the worst. And not without good reason, after all if it wasn’t for the space constraints imposed by his cosy but small two-room apartment, he had no reason to relocate from Bandra, the suburb where he grew up and more importantly, where most of his social contacts still resided. “I had heard stories of Kandivali’s commuting hassles, lack of basic amenities and frequent leopard attacks on people at the neighbouring Sanjay Gandhi National Park,” recounts Avinash with a wry smile. It was only a few months after he had shifted with his wife to their new abode at a suburban apartment complex at Kandivali (East), did he realize that the horror stories he had heard were far from the truth. “I was pleasantly surprised by what I found. In fact, I have since advised quite a few of my acquaintances to move out here,” he admits.

Kandivali over the decade has undergone a complete urban transformation and now rates as one of Mumbai’s fastest developing suburbs and a preferred retail destination with plush shopping malls like Growel’s 101, Shoppers’ Stop and Raghuleela Mega Mall. Its landscape is now adorned with a huge number of high-rises and housing complexes that includes landmarks like the sprawling 21-lakh sq. ft. Evershine Millennium Paradise, a self-contained residential township with over 100 buildings, Challenger Towers, a clutch of six multi-storied buildings that reach for the skies and Raheja Willows, K Raheja Universal’s residential complex on Akurli road that offers a choice between 2 & 3 BHK apartments in three towers with premium amenities. Other prominent projects include: Thakur Village, Thakur Complex, Kalpataru Gardens, Oberoi complex, Sun City complex and Gundecha Builder’s Valley of Flowers.

The Lokhandwala group has come up with two townships in Kandivali- Whispering Palms and Spring Leaf. The former is a luxurious township of earthquake-resistant homes, spread over 27 acres of land and just minutes away from the WEH, while the latter too is a residential complex of 2 BHK and 1BHK apartments, with extra amenities like a tennis court, a play area for children, swimming pool, health club, besides ample parking space for residents.

While the eastern part of this suburb has witnessed the bulk of construction activities given the ample land available and a booming demand, Kandivali (West), with its large Gujarati population, is the ideal destination for the suburban crowds with its cleanliness, excellent connectivity, affordability and well-defined distance between its residential complexes and commercial areas.

Shopping for groceries and provisions is easy and affordable with the Charkop market and Apna Bazar close by. While Shoppers’ Stop is the major retail shopping attraction, cinemas like Cinestar, Fame and Mayur cater to the tastes of the local moviegoers. This suburb also boasts of some of the best medical facilities in the city with a concentration of about 15 hospitals in the vicinity and a clutch of marriage halls that also abound here. As an increasing number of young, upper middle class property buyers look seriously at Kandivali as a residential option, the property rates of the suburb have shot up by about Rs 1,200 in past 4 years. Currently, the rates fluctuate between Rs 1,800 and Rs 2,800 per sq ft, depending on the area where the property is constructed and the facilities that the builder offers. Kandivali will also get more accessible once the fifth and sixth railway lines are added between Bandra and Borivali - a Mumbai Urban Transport Programme, which is expected to be implemented by 2007.

Attracted by the cosmopolitan mix of its residents and array of shopping, entertainment and lifestyle options close at hand, Kandivali is fast becoming the numero uno choice among young married couples and DINK (Double Income No Kids) families looking to buy or rent affordable home without having to compromise too much on their quality lifestyle.

“After living as a tenant at Andheri (East) where I couldn’t stand in my balcony let alone go for a leisurely stroll in the evening thanks to the intense pollution and traffic congestion, moving to this flat at Kandivali (East) has been one of the best decisions of my life,” concurs Adrian De’Souza, an IT professional with a software firm. “Earlier I lived at Andheri because it was closer to my office. After relocating I do spend more time traveling to and fro from work but it’s well worth it because Kandivali offers a lot more in terms of open spaces and entertainment options,” he affirms.

Mahesh Joshi, who moved with his family of four to Kandivali four years ago, was on the lookout for a larger flat that also afforded a quality lifestyle for his growing kids. Says he, “When I began my search, I explored many apartments in suburbs like Versova and Marol, but was disillusioned by the high prices and the sheer congestion. Kandivali, on the other hand, has a lot more greenery and open spaces for children to play in. Moreover, I was quite impressed with the area’s shopping and entertainment options and the upcoming flyover that will connect Kandivali east to the west. All these factors cemented my decision to move here and now on hindsight I am happy I took that decision.”

“Kandivali has been one of the biggest success stories in all of Mumbai’s suburbs,” says Dhiren Shah, Shah Property Consultants. “Customers are definitely showing a preference for its many integrated townships like Evershine Millenium, Valley of Flowers, Thakur Village and so on. Moreover, some of Mumbai’s leading builders like the Kanakia’s, Lokhandwala, Oberoi, Sheth group, Dynamix and Gundecha have their projects here. We are already witnessing a change in our customer profile for Kandivali projects from middle-class to upper-middle class. With the current rates for residential properties hovering between Rs 1,800-Rs 3,000 psf, the future looks quite promising.

Realty Plus

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Capitol City Mall, a new lifestyle destination in west Delhi, is a project done by Realtech Group with its joint venture partner Thapar Homes. It’s the first of its kind of retail extravaganza in Paschim Vihar covering an area of 1.50 lakh sq. ft. comprising four floors with arrangement for shopping, entertainment and food. Adding to the all-important dimension of space and freedom, the 10,000 sq ft central atrium perfectly complements the building which is conveniently located next to the tri-junction of Punjabi Bagh, Paschim Vihar and Jwala Heri with ample parking area…

The chief architects are Pradeep Sharma & Associates of New Delhi. It conforms to Zone-V seismic compliance with sophisticated firefighting systems and high-speed elevators. There is also an RO water plant system.

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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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Once a sleepy hamlet shunned by the property developers, Bhiwadi, a bustling industrial town on NH8, is today witnessing frenetic residential and commercial activity, fast turning into a promising real estate destination.

Touted as a gateway to Rajasthan, Bhiwadi, falling in Alwar district and bordering Haryana is a major industrial growth centre in the NCR with more than 2500 operational industries. Bhiwadi enjoys immense locational advantage with Indira Gandhi International Airport, New Delhi, just 55 km away and Gurgaon 40 km away. Being close to Delhi and well connected by National Highway No.8, Bhiwadi is attracting industrialists not only from the capital but also from Punjab and other parts of India. Manesar, lying between Gurgoan and Bhiwadi, is another major industrial town with IT parks and proposed special economic zones. As the prices in Gurgaon are already high, service class people are left with no choice but to go to Dharuhera, Manesar or Bhiwadi. Several private firms like Ashiana, M-tech, Kajaria, MVL, Bhaskar BDI, Parsvnath, Omaxe, Piyush group etc are developing integrated townships and group housing projects along the Alwar-Bhiwadi Road, the nearest and most affordable destination. And today the real estate developers are quite upbeat about the brand Bhiwadi. Says Vijay Mohan, Marketing Manager of Ashiana Group, “In 1992 when we introduced our group housing scheme, we had to sell Bhiwadi first and then our product but today, from the marketing point of view, it is much easier for us to sell because Bhiwadi is gaining popularity and we are established as a brand in this locality. In 1992, people who had purchased flats from us for Rs 800/sq.ft. are today reselling them for Rs 2600/sq.ft. The 3 BHK villas that sold for Rs 15 lakhs in 2003 today fetch not less than Rs 60-70 lakhs.”

The price appreciation is more discernible in retail arena as there is hardly any decent commercial complex in the town. In 1999, Rajender Gupta, a property dealer of Bhiwadi, bought a retail space in Central Market for Rs 5 lakhs. Today it has touched the Rs 50- lakh mark. He added, “Usually, every four years there is a boom in property prices and I believe that in 2009, the investors will get 100 per cent return for their investments.”

Citing the reason for sudden real estate development in Bhiwadi, Rajesh Gulati, CEO, Infocus India, says, “Government’s plan to develop Mumbai-Delhi industrial corridor (Bhiwadi will fall under phase I) and the entry of several new multi-national companies in and around Bhiwadi have acted as catalysts.” He added, “In 2005, with the development of Gurgaon, Bhiwadi started gaining visibility. But the land, which used to cost Rs 20 lakhs/acre then, has jumped to Rs 1 crore/acre in 2007. In a year or two, it is sure to double.”

                                                                                                             Realty Plus

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The continuing growth of industries has naturally accelerated the demand for housing and it was in this context that in the 80’s, Rajasthan Housing Board (RHB) constructed 985 lime and stone houses on 40 acres of land for the industrial workers on Dharuhera-Pawal Road. In 1991, RHB and UIT (Urban Improvement Trust) together developed Sectors 4 and 7 with 862 concrete houses built as part of this scheme (53% of them for the low-income group), while 266 of different categories are planned in the Milkapur Gujar locality situated to the south of Dharuhera-Pawal Road.

The housing options currently available in this town are the ones constructed by the RHB, plots of UIT that is purchased on which houses are constructed, Ashiana projects and Konark’s Oasis group housing colonies developed by private builders. To meet the scarcity of classy homes, Ashiana has given Bhiwadi Gulmohar Park, Bagicha, Gardens, Greens, Rangoli and Ashiana Villas, which are fetching a good price for the investors.

Ashiana Group’s exclusive project, called Ashiana Utsav, is slated to be India’s first resort offering a comfortable post-retirement life to elderly citizens. The owners are free to sell or rent their flats and the builder also extends this facility for a fee. Anticipating a huge demand for housing by the employees of the proposed projects like car plant of Honda Siel in Khuskhera, SEZ of Reliance, Kundli Manesar Palwal (KMP) Expressway etc., several private developers are making contem porary-style apartments. MVL Coral boasts of podium garden, M-Tech markets Camellia Garden’s luxury villas complete with personal swimming pool and fountain while Ashiana and Cosmos promise high quality residential developments. Kajaria Greens and Residency by Kingfisher are the other projects wooing the lifestyle-conscious people. And the yet to be launched Green City’s NRI City will bring in the concept of golf homes. Besides, local developers like Nishita Builders Pvt. Ltd, Piyush Group, BDI Group & Bhaskar Media Conglomerate are coming up with integrated townships. With increasing consumer awareness, the developers are striving to redefine their product offering in terms of quality and design.

If one has to invest in residential property in Bhiwadi today, the plots by UIT are available between Rs 600-1200/sq.ft., the rates in housing colonies by RHB are around Rs 1500/sq.ft. and flats that are developed by private builders are quoted at a price between Rs 1400-2000/sq.ft.

Says Col. Dilbagh Yadava, Project Head, MVL, “There are several latent factors about Bhiwadi like the proposed airport, railway station, bypass, SEZ and Honda Siel Company, which have attracted real estate companies like us to develop our projects here.” Adds, Prem Adip Rishi, CMD, MVL, “We entered Bhiwadi seeing rapid industrial growth and for its excellent connectivity. At present, there is an over-supply and so this is the time for wise investors to invest because once these projects materialize, the prices will escalate.”

In fact, the price appreciation is already there. Amrit Pal Singh, GM (Marketing), Kingfisher Construction Pvt. Ltd. observes, “We had launched our project in January 2007, then the price quoted was Rs 1550/sq.ft. Today we sell our flats at Rs 1725/sq.ft. and by August 2008 when the project will be ready for possession it may go upto Rs 2200/sq.ft.”

                                      Realty Plus

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Lakhani Constructions, based in Navi-Mumbai, has launched three new realtyoptions at CBD-Belapur. The G+10 storeyed Lakhani Centrium at plot No. 27, Sector 15, offers plush offices measuring between 2,500 sq. ft. to 50,000sq. ft. Alternately, the G + podium + 14 storeyed Suncoast, at the same address, offers a choice between multi-level duplexes (2/3/4 BHK flats) and penthouses with modern amenities that include a swimming pool, indoor games area, gymnasium and meditation area. The project is scheduled for completion in the next six months. Lakhani’s Galaxy offers ready possession options that stretch G+12 storeys at CBD-Belapur’s plot No. 83 at Sector 15.

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