On Thursday, the Supreme Court informed that SBI Capital’s fund of Rs 625 crores will finally be issued by next week to finance six pending projects by the real estate company Amrapali. So, to ensure the delivery of apartments to home buyers.
The Supreme Court Panel, chaired by Judge Uday Umesh Lalit, listened to petitions filed by many Amrapali property buyers in Noida and Greater Noida after failing to receive their home on time, as promised by the developer.
The Housing and Urban Development Corporation (HUDCO) has also today demonstrated its willingness to fund Amrapali projects on specific terms and conditions. The High court asked lawyer M.L. Lahoty, for their opinion on the same by next morning. MR. M.L. Lahoty is a lawyer who has spoken on behalf of many home buyers, and Noida/Greater Noida authorities.
In addition, the High Court today rejected application from the Economic Offences Wing (EOW). EOW has requested to share all initial information reports (FIR) in Uttar Pradesh to the Delhi police in this case. But the court made it clear that other enforcement issues arising, in this case, continue in the court. And the hearing will be carried on tomorrow morning.
Noida authority intimidated to take action against developers who offered properties to buyers without a registry of flats.
The Noida Authority conducted an inspection or checked 18 housing societies and found people living in them for 4-5 years without a registry, leading to a loss of revenue for the state government.
Noida Authority conducted a meeting with developers-
Several developers including Mahagun, Imperial housing, Supertech, Prateek realtors, Aims max, Antriksh developers, and Sikka attended the meeting.
The authority has given 3 months to complete the registry. And is organizing a camp with the help of revenue and tax department to ease the process. It has also said that instead of paying dues immediately, the developer can pay the dues at the time of registry of apartments.
In the meeting the authority said- “Builders need to complete paperwork in March. The Real Estate Regulatory Authority (RERA) was also asked to take the necessary measures in this regard.”
The ETS machine is capable of measuring land parcels in a few minutes. One can measure the width, length as well as locate the land and the distance to it, within a radius of 18-20 km.
KATIHAR: Farmers will soon be able to get land registration information such as ‘khatta’, ‘khesra’ and ‘chauhaddi’ (land boundary) with a single click. The complex procedure for measuring land boundaries is now an old thing. As the Electronic Total Station (ETS) simplifies the land measuring task.
Survey admins, kanungo inspectors, settlement officers, and other community representatives in the district are happy with this decision. Some have said it will be a game-changer for land-related issues such as registration, mutation, land sales, and other land-related problems.
What is an ETS Machine and how it works?
The ETS machine can measure more than 40 land parcels with 100% accuracy within a radius of 18-20 km.
To start the survey or measurement process, the land border of three villages taken into account to form a tri-junction. Then a prism kept at the center of this tri-junction. A powerful beam is released from an ETS machine standing on the circular dividing line between two villages. The beam hits the prism, which returns to the machine.
The beam returning after hitting the ETS machine provides exact distance, width, length, and other information of land. The machine works at night and even in the rainy season.
Brajkishore Sadanand, District settlement officer said- “The ETS machine is capable of measuring land parcels in a few minutes. One can measure the width, length as well as locate the land and the distance to it, within a radius of 18-20 km.”
An officer said- “While the survey method is being carried out, the prism is carried by the ETS operator and two spotting workers. An agency in southern India, which previously conducted aerial survey work, has been tasked with conducting a ground check. In this ground check, the company will collect several information related to land.”
Looking for the best locality to buy a flat in Bangalore? Then stay tuned, in this article we have discussed some top localities to buy flats or apartments in Bangalore.
Bangalore, also known as the Silicon Valley of India, has become one of the most favored places to live. Its amazing weather, varied IT parks, diverse entertainment and leisure options, and quality educational institutions have made it the perfect destination to enjoy a good lifestyle.
As real estate prices are rising, it is very important to know where to invest your money. If you have been in Bangalore for some time or planning to buy a flat in Bangalore, this is the perfect destination.
Bangalore is now expanding and developing at a fast pace and the suburbs of the city have now evolved beyond perception. It has become India’s fastest-growing metropolitan city that has always been one of the active residential markets. The city has always been the most preferred location for real estate investments.
Both luxury and affordable housing are witnessing great demand. However, affordable housing is still the top priority for most home buyers since the price of luxury housing is significantly high. Often people get confused when choosing the locality because there are so many options available in the market. So if you have decided to buy a flat in Bangalore, read this article. We have list down some top localities to buy flat for sale in Bangalore.
Best places, areas to buy flat in Bangalore-
1- Whitefield-
Image Source- Wikipedia.
Whitefield is situated in the eastern part of Bangalore and is approximately 22 km from the city centre. Establishment of IT hubs is one of the major reasons for city’s development.
It has a perfect blend of famous IT companies, restaurants, and shopping complexes. Tech Park, Sigma Tech Park, GR Tech Park, EPIP Zone are some famous IT parks located in Whitefield. Therefore, Whitefield is the best place for the people who work in these IT parks.
Connectivity- The city is well connected to the other parts of Bangalore via road and rail. Whitefield railway station connects Bangalore to other parts of the country and is easily accessible. Apart from rail, it has good bus connectivity as well. Several upcoming metro projects will further improve the connectivity of this locality.
Price of flat in Whitefield- The price of apartment or flat in Whitefield starts from Rs 4,700/sq ft and goes upto Rs 7,800 per sq ft. The average price is approximately Rs 6,200/sq ft.
Electronic city is one the most acclaimed IT hubs of Bangalore, and witnessed a remarkable growth over the past few years. Here both residential and commercial real estate are always in great demand. It is spread over more than 700 acres and is one of the largest electronic industry parks in the country. It consists of 3 phases i.e, Phase 1, Phase 2, and Phase 3 and all phases are equipped with necessary amenities.
Connectivity- The electronic city is located 18km on Hosur road from the centre of Bangalore. Connectivity of Electronic city has improved with the 10 lane mixed corridor elevated highway. It’s a 10 km long highway on NH7, Hosur Road, and is the longest elevated highway of India. Thus, has an exceptional connectivity to other areas of Bangalore. Soon there will be metro connectivity in the city.
Price of flat in Electronic City- The price of apartment or flat in electronic city ranges from Rs 3,400/sqft- Rs 5,800/sqft. The average price is approximately Rs 4,600/ sq ft.
Kanakapura road is located in the southern corner of Bangalore and is 50km from the central city. It also has greenery however most of the green areas are located in suburban areas of Kanakapura road. The city is popular for the production of granite and silk and has significantly lesser traffic on the road. Since the past few years Kanakapura road has witnessed a major real estate development and has become one of the most sought after areas to live.
Connectivity- Its proximity to highly developed areas like JP Nagar, Jayanagar, Kumaraswamy Layout, and Banashankari. The city houses some well-known and famous educational institutes like Kendra Vidyalaya, Dayanand Sagar, Delhi Public School, and Narayana. The city is well connected to major IT parks and famous localities.
Price of flat in Kanakapura Road- Currently the price of flat in Kanakapura road varies from Rs 4,200- 7,400/sq ft. The average price is approximately Rs 5,800/sq ft and offers a 2%-3% appreciation rate.
Hebbal is located 10 km from the Bangalore city centre and is a developing area in North Bangalore. It is surrounded by many residential areas like RT Nagar, Nagawara and Thanisandra. Hebbal has high skyscrapers, mid level, and low range buildings. It has well-developed flyovers, amazing parks, bird watching, and lake boating facilities as well. The plan of infrastructure is very good to accommodate future population growth.
Connectivity- Hebbal has an excellent connectivity with the other parts of Bangalore and Kempegowda International Airport. Hebbal flyover, Bellary road, and NH 44 has enhanced the road connectivity of this locality. Apart from roads it also has good bus and rail connectivity. Kempegowda International Airport is 30 km and Krantivira Sangolli Rayanna Railway Station is just 11 km away from Hebbal.
It has proximity to well-known companies and IT parks like- Manyata Tech Park, TCS, IBM India, Cognizant Technology, Concentrix, etc.
Price of flat in Hebbal- The price of apartment or flat in Hebbal ranges from Rs 6,500/sqft- Rs 10,100/sqft. The average price is approximately Rs 8,200/sq ft.
Sarjapur Road is located about 20 kms from the Bangalore city centre and has become an ideal hotspot for real estate investment. Currently it is in the developing phase and is the upcoming future IT hub. Sarjapur Road well connected to other cities like Electronic City, Whitefield, and Marathahalli. Various ready-to-move or under construction apartments are available in this locality hence, makes it an ideal place for buying flat in Bangalore. Sarjapur Road houses well-known hotels, shopping complexes, educational institutes, and hospitals.
Connectivity- Sarjapur Road connected to some major roads like Hosur Road, SH-35, and Hosur Road. Several upcoming metro projects will further improve the connectivity of this locality. The development of ORR metro line will pass under Phase 2A of the Nama Metro along the eastern part of Sarjapur Road, with a stop at Iblur. This metro project likely to be completed by the year 2023 and will further enhance the connectivity of this area.
Price of flat in Sarjapur Road- The price of flat in Sarjapur Road ranges from Rs 4,500/sqft- Rs 7,400/sqft. The average price is approximately Rs 5,989/sq ft.
Yelahanka is located on the northern outskirts of Bangalore and is about 14 km from downtown. From the last few years, Yelahanka has emerged as a major destination for real estate investment. Due to its good quality social infrastructure, it has become a preferred location for investors and homebuyers. The locality has several defense institutions like BSF Campus, CRPF Base, and Air Force Station. The locality has a perfect blend of villas and multi-storey apartments.
Connectivity- Yelahanka is well-connected with the rest of Bangalore through NH-44, Doddaballapur Road, Yelahanka Road, and Yelahanka Junction. It houses some famous educational institutes like Nitte Meenakshi Institute of Technology, Sir M. Visvesvaraya Institute of Technology, and BMS Institute of Technology and Management. It also shares a good connectivity with airport, Manyata Tech Park, and IT corridor along ORR.
Price of flat in Yelahanka- The price of flat in Yelahanka ranges from Rs 4,200/sqft- Rs 6,500/sqft. The average price is approximately Rs 5,300/sq ft.
The infrastructure in Bangalore is developing at a rapid pace and rapid government monitoring of the metro project will definitely improve the overall connectivity of the city in future. In this article we have discussed some top localities, area to buy flat in Bangalore. All the localities described in this article are really popular and are best to live in Bangalore. You should always select the locality based on your needs, lifestyle preferences, and proximity to your workplace.
We have already given sufficient time to defaulters to pay the dues. We have issued notice to them and if they do not pay the dues by 5 March, then PCB will seal their properties under the Cantonment Act, 2006.
The Pune Cantonment Board (PCB) has decided to seal the properties if the defaulters fail to pay property tax by 5th March 2021. According to a PCB official, the board has already sent notices to more than 240 people. Most of them are owners of hotels, clothing stores, and other types of commercial shops.
What traders said?
Traders and businessmen said that a legal dispute between former tenants and owners is one of the main reasons for the tax delay. Some property owners have debts of a few crores and are unable to pay due to lack of business last year because of pandemic. Therefore, they resorted to partial payment.
According to a PCB official-
The PCB expects to collect around Rs 38 crores from over 12,000 property tax defaulters. However it has collected about 18 crore so far, currently they are left with limited revenue sources of income and real estate tax is one of them. Some owners have paid some part of property tax however they hope to recover 100% from them.
Amit Kumar, PCB’s CEO, said- “We have already given sufficient time to defaulters to pay the due tax. We have issued notice to them and if they do not pay the dues by 5 March, then we will seal their properties under the Cantonment Act, 2006. Their property will remain sealed until we get the pending dues.”
According to a report by the rural development department, approximately 3.16 lakh houses are incomplete under Pradhan Mantri Awas Yojana-Grameen (PMAY-G). Barmer district has the highest number of such houses i.e, 49,121, Banswara comes second with 33, 815 incomplete houses. Jodhpur with 21,837 ranks third in terms of incomplete houses.
According to data of the Rural Development Department, the construction of 13.33 lakh approve houses under PMAY-G completed from 2016-17 to 2020-21.
Even after 12 months of approving the first installment of funds, 79,437 houses still not completed. After 9 months of approving the first installment of fund, 86,425 houses are yet to be completed. After 6 months of approving the first installment of fund, 1.77 lakh houses still not completed.
In Jaipur, out of 13,455 authorized houses under PMAY-G, about 11,000 houses have been completed and 2,408 houses are still incomplete.
Rohit Kumar Singh, Additional Chief Secretary (ACS) of the department has ordered all district collectors to complete the remaining 3.17 lakh houses. Those houses should be complete at the rate of 4,768 houses per day by 31 March. (These directions issued on 15 January 2021).
Wages hike-
After 2 month of ‘Pura Kaam, Pura Daam’ movement in the state under MGNREGA, the wage rate in the Rural Development Department selected district has risen to Rs 196. A department official said, the average wage rate had risen from Rs 169 to Rs 193 in the first fortnight of the movement. In the third fortnight, the campaign covering more than 20 different activities. The fourth fortnight would cover all the activities under the scheme.
Lower DLC rates improves the demand. Earlier, when a consumer bought a flat of up to 50 lakh, he/she had to pay a total of 8.7% stamp duty. But now, after the reduction, the buyers will only have to pay a total of 5.7% stamp duty including other taxes. Hence, this will definitely boost morale of the affordable home buyers.
To increase the demand of the developers in the state, the CM declared a reduction in stamp duties on residential units in multi-story buildings. The stamp duty has been reduced from 6% to 4% and is valid till June 30, 2021. However, this benefit is only applicable to buyers who purchase an apartment of Rs 50 lakhs.
The government also reduced stamp duty for EWS and LIG category. Under the Affordable Housing Scheme, the stamp duty for EWS and Low Income Group (LIG) has been reduced to 0.50% from 1% and 2%.
Builders, buyers, and developers have praised the government’s move to lower DLC rates in the state. The reduction is unlikely to bring a substantial change in market conditions. It is expected that reducing DLC rates improve the demand and give better leverage to deal-making.
After the pandemic, the demand for housing under EWS and LIG categories has increased at a fast pace. The reduction in stamp duty will definitely boost morale of the affordable home buyers. Additionally, this government initiative will provide capital gains tax relief for the entire sector, on property valuations that are below the DLC in many areas.
Expert opinion-
Gopal Prasad Gupta, Rajasthan Credai chairman also appreciated and welcomed this government approach. He said- “During the pandemic and lockdown period, the stamp duty increased to 6% from 5% as a result both consumers and the real estate industry faced a downturn. The total stamp duty has gone up about 8.7% including 1% registration fee and 30% other taxes.”
Earlier, when a consumer bought a flat of up to 50 lakh, he/she had to pay a total of 8.7% stamp duty. But now, after the reduction, the buyers will only have to pay a total of 5.7% duty including other taxes. Hence, this not only reduces the overall cost of an apartment but also benefits buyers financially.
The authority said, the number of offered plots could increase because it would also include the surrendered plots. After the approval of a film city and agreement of Jewar airport, the land prices on the Yamuna Expressway have risen at a fast pace.
Yamuna Expressway Industrial Development Authority (Yeida) is about to offer approximately 600 plots at Greater Noida near the Jewar airport. The scheme will be launched after getting approval from the Real Estate Regulatory Authority (RERA).
About plots-
Yeida will offer several plots of varying sizes from 60 sq-m to 4,000 sq-m and the price of plots start from Rs 11 lakh and goes up to Rs 6.6 crore. This scheme will be launched once Yeida gets approval from the Real Estate Regulatory Authority (RERA). Plots will be assigned to the relevant people through the lottery system. With the plots valued at Rs 16,400, the authority wishes to generate a total capital of Rs 400 crore from this program.
Payment Tenure-
The allottee can pay the entire amount of plot in one go or in 10 installments. Five years is the minimum time period to pay the installments.
The authority said, the number of offered plots could increase because it would also include the surrendered plots. After the approval of a film city and agreement of Jewar airport, the land prices on the Yamuna Expressway have risen at a fast pace.
Arun Vir Singh, CEO of Yeida said.-“The demand for plots near the upcoming Jewar Airport is really high and we are receiving several queries regarding plots. We have filed for the RERA approval on Friday and expect to get it in one or two days.” “The candidates will get one month’s time period to apply for the scheme and have to submit 10% of the total plot amount in advance. Three types of payment modes are given to allottees and the process of draw will begin in mid-April”.
RK Arora, chairman, Supertech Ltd, said.-“The prices of plots near Yamuna Expressway have also risen in the last few months. We have two integrated urban areas on the Yamuna Expressway and are witnessing a great demand for plots from investors”.
Manoj Gaur, CMD at Gaurs Group said.- “We started work as soon as the government allowed construction activities to begin after post lockdown and that will ensure timely delivery”.
Gaurs Group also has an integrated township near the upcoming Jewar airport. The township is receiving a great interest from the homebuyers as well as investors.
The demand for affordable housing in Delhi-NCR cities, specially Gurugram contributed 32% of the entire demand.Between 2018 and 2020, more than 79,830 economically priced apartments launched in Delhi-NCR. Out of this, almost 50% falls under the affordable priced region.
For the past few years, the real estate sector is passing through a tough phase. But now, with the improved demand and supply, the sector is gaining momentum particularly in Delhi-NCR area. The demand for affordable housing was the highest during the pandemic situation. Apartments costing under Rs 45 lakhs are especially in great demand.
Anarock Survey-
According to a survey conducted by property consultant Anarock, the affordable houses accounted for 30% of the demand in the year 2019. The demand was about 40% in the year 2020 which is almost a 10% increase. Around 38% of the total economical housing demand across the country was from Delhi-NCR. Kolkata was second with 21% in terms of demand.
Also, the demand for affordable housing in Delhi-NCR cities, specially Gurgaon contributed 32% of the entire demand, which was followed by Greater Noida (24%).
Further, the survey shows that between 2018 and 2020, more than 79,830 economically priced apartments launched in Delhi-NCR. Out of this, almost 50% was in the affordable priced region. It should be noted that the last twelve months has observed 18,530 models, of which 61% are affordable housing.
According to the Affordable Housing Policy Amendment, 2013, now one parking for each housing unit is free, which means that the buyer will get the additional facilities without paying any additional price.
181 construction workers received claims under the maternity scheme. 131 workers received claims under the education scheme. 51 under the pension scheme, and about 52 workers under the funeral and death scheme.
On Thursday i.e, February 18, the Delhi government donated Rs 3.17 crore to 487 construction workers under several welfare schemes. The cheques handed over to the recipients by Manish Sisodia (Deputy Chief Minister and Labour minister) at an event held at the Delhi Secretariat.
Manish Sisodia considered and eased the grant-giving process for construction workers. It applies to those who are registered under the Delhi Building and Other Construction Workers Welfare Board.
Deputy Chief Minister said:- “It is the government’s duty to provide assistance to those in need. “Delhi government is always available to the needy people. Every construction worker in Delhi, whether a contractor or a laborer, should have faith that my government always stands with them in difficult times. The people of Delhi should have such level of confidence in the government.” he further added.
Delhi Government disburses money under different types of schemes–
181 construction workers received claims under the maternity scheme. 131 workers received claims under the education scheme. 51 under the pension scheme, and about 52 workers under the funeral and death scheme. Those who comes under such category schemes but didn’t receive the claims need to call on 1076 number. A government official from the department would come to their home to verify documents for the registration process.
After the registration, the applicants can receive approximately Rs 34,000- Rs 50,000 for the marriage of their son or daughter. About Rs 2,00,000 for accidental death, Rs 1,00,000 for natural death, and Rs 1,00,000 for disability. Around Rs 500- Rs 11,000 for education purpose, Rs 2000- Rs 10,000 for healthcare, Rs 30,000 for maternal healthcare, and approximately 10,000 rupees for final rites.
The fire department has closed a residential society club for non-compliance of fire safety standards. On January 7, the fire department inspected Malibu Town, during the inspection, no fire control system was found in the town club.
“While conducting an inspection, no fire control system was found at the building of Maple Club in Malibu Town. The department had also issued a deadline to the developer for installing the system. But he failed to install the system within given time period.” said an official from fire department.
Problem with Maple Club-
On January 7, the fire department inspected Malibu Town in response to a complaint by a resident named Raman Sharma. During the inspection, no fire control system was found in the town. Considering this, the fire department, on January 12, issued a notice to the developer. On February 12, officials from the fire department conducted another club inspection, but the fire system was not installed despite the notice.
As a result, the fire department sealed the Maple club for violation of fire safety standards. And approached the Gurgaon police to lodge an FIR against the developer.
Isham Singh Kashyap, Assistant Divisional Fire Officer has described the condition of club-
Maple club is a part of the residential building, specially designed for social gatherings. However, the condition of this club is not good and its basement was found to be in a poor condition. Such type of negligence from Malibu Real Estate not only violates the terms and conditions of the Haryana Fire Service Act. But it is also a threat to the lives of people. So, we have requested the Gurgaon police to lodge an FIR against the developer.
In November the town and country planning (DTCP) disapproved the township’s completion certificate for failure to complete construction of community sites. Out of 16 approved community sites, only 11 sites have been constructed according to the building norms.
The properties in different cities will have unique ID numbers, thus imposing limits on invalid registries. Also it will restrict the fraudulent practices with regard to category and area of properties.
Anil Vij, Home and Urban Local Bodies Minister, Haryana said-
Chandigarh, Haryana:- On Wednesday Mr. Anil Vij said, the goal of the state government is to digitize the property information of all cities. Survey of about 87 urban bodies is about to be completed in this regard. Data of more than 8 lakh properties in 41 cities has been digitized.
Benefits of property digitization-
As per an official statement these digitized properties will have several data. Online data for these properties is available with geographical location along with several other details. The details will include address, name, mobile number, category, region, ID number and owner’s photo.
The residents of these cities will be able to approach the closest landmark with their property picture, description of property and a drone image of their property. As it will be located geographically, thus one can access the property details by clicking on property tax management system claims/objection portal. The portal was launched by the Minister on Wednesday.
The properties in different cities will have unique ID numbers, thus imposing limits on invalid registries. Also it will restrict the fraudulent practices with regard to category and area of properties.
More than 20 residential property owners have been served a show cause notice for doing commercial activities. They were violating some important building norms and were doing commercial or business activities on residential premises.
The department of urban and country planning has found several properties in un-authorized colonies. They are located at Uppal Southend on Sohna Road and Palam Vihar. The owners of these properties were found to be involved in commercial activities from residential buildings.
The department has cautioned the owners of the specified buildings, either to obtain mandatory permission that applies in the event of unobtrusive activities in the permitted area, otherwise to stop the activities immediately.
RS Batth District town planner said, the property owner told to submit their answers before falling in their office that the process of sealing will be initiated against them.
However, there are some activities, which come under the non-nuisance category. The property owners can seek permission for such type of activity from the department.
What is Show Cause Notice?
A show cause is a type of court order that requires justification from one or more parties to prove something to the court. Generally, these orders issued when a judge needs more clarification before deciding whether the party who requested the order correct or not.
The person to whom the notice has been issued must clearly state in court all the points raised in the notice. Otherwise, the court can punish him, if the person found responsible for the misconduct.
Officials point of view-
A show cause notice has been given to 10 building owners at Uppal Southend on Sohna Road as they were doing business activities. They were running CA offices, dental clinics, guest houses, beauty parlors, etc. through residential facilities. The gates were built on the inner streets of the society. A resident has lodged a complaint against it on the CM window. Considering these aspects notices were served to concerned people.
Similarly, in Palam Vihar, about 23 property owners were given notices for doing business activities. As per norms of legalized colonies, no commercial activities can be conducted from residential buildings.
DDA in its 2021 housing scheme is offering flats in different locations like Jasola, Dwarka, Vasant Kunj, Rohini, and Manglapuri. According to a report, there are 255 HIG (higher income group) flats on offer. The DDA has now stop receiving the application and Tuesday was the last day of submissions
On Tuesday i.e, 16-02-2021, the Delhi Development Authority received approximately 30,978 applications for the 2021 Housing Scheme offering 1,350 flats. The DDA has now stopped receiving the application and Tuesday was the last day of submissions. According to a senior DDA official, they have received payments of only 19,973 applicants out of the total applications.
About New DDA Housing Scheme-
DDA in its 2021 housing scheme is offering flats in different locations like Jasola, Dwarka, Vasant Kunj, Rohini, and Manglapuri. According to a report, there are 255 HIG (higher income group) flats on offer. The majority of HIG flats situated in Jasola.
A total of 13 flats are on sale in Vasant Kunj, at different price ranges. The price of flats in Vasant Kunj starts from 1.42 crore and goes up to 1.73 crore. The price of Pocket 9B flats in the HIG (higher income group) category starts from 1.97 crore and goes up to 2.14 crore.
Majority of MIG (middle income group) flats available in Dwarka sector 19-B, approximately 350 MIG category flats available in Dwarka Sector 19-B. 347 flats in Dwarka Sector 16 and a total of 4-5 flats in Vasant Kunj.
277 EWS (economically weaker category) flats are for sale in Dwarka’s Manglapuri area.
About Deadline-
There is no plan of extending the deadline, a DDA officer said to a reporter.
We will establish different manufacturing industries if the defence department gives possession of this land to the state government. Apart from an IT park several manufacturing industries set up.
On Saturday C N Ashwathnarayan (Karnataka Deputy Chief Minister) met Rajnath Singh (Union Defence Minister) and proposed the establishment of an IT park in Belagavi.
The land comes under control of the defence department. Therefore he requested over 750 acres of land from the Defence Minister.
“We will establish different manufacturing industries if the defence department gives possession of this land to the state government. Apart from an IT park, several manufacturing industries would be set up. Electronic hardware, Aerospace, and many industries can be establish.”
This will create a lot of job opportunities and boost the Bangalore real estate. Ashwathnarayan told the media after the meeting.
Abhay Patil, MLA, Belagavi South said- The land originally belongs to the village of Belagavi Karnataka and is located near the National Highway (NH) 4. It is perfect for the development of the IT park and manufacturing industries. Although the state government ordered the reopening of this land in November 2012. It is still in the possession of the Department of Defense.
Railway plans residential tower in chennai’s wall tax road. RLDA is responsible for creating assets for Indian Railway by utilizing vacant railway land.
It seems that the railway is planning to invest a big capital in real estate. This investment will be a boost for the Chennai real estate sector. The railway will collaborate with several private developers to build commercial complexes and apartments. They will acquire a total of 7.5 acres of land and the complex will comprise various shops and a residential tower. The ground floor dedicated to shops and a variety of shops is build on an area of 1,167 square meters. The project is executed on the Wall Tax Road near MGR Central Railway Station.
Towers will have dedicated floors
The advice of floor deviations are proposed by Rail Land Development Authority. Excluding ground, rest of the floors will be for residential apartments on Wall Tax Road. “RLDA is responsible for creating assets for Indian Railway by utilizing vacant railway land.“
The price of site is finalized and is kept at Rs 4.18 Crore with a lease period of 45 years and procedure of bids from developers has started. Construction of residential and commercial complexes done in key areas like Ayanavaram and Pulianthope Railway Colony. These two pieces of land 2.4 acres each, situated in Ayanavaram Railway Colony along Duncan Road and Konnur High Road. The other two land pieces situated at Pulianthope and Wall Tax Road with an area of 0.27 acres and 2.09 acres.
Since most of the vacant railway lands are located in major areas in proximity to public utilities. RLDA hopes to earn money by developing those vacant lands for commercial as well as residential use.
RLDA second real estate project
It’s the second time that RLDA is developing a real estate project for commercial use in Chennai. The first project was proposed in September 2020, where approximately 3,600 sqm of land in East Tambaram was developed for real estate.
Words from RLDA Chairman-
According to Ved Prakash Dudeja, developing real estate at these sites will enhance the Chennai infrastructure. These upcoming projects will give a boost to Chennai’s real estate sector, local economy and create many employment opportunities.
Real estate developers are also creating office-like designs to fulfill customer’s requests. Some are utilizing the leisure activities space like clubhouses to create working centers.
In the past few years, the adoption of remote work or the trend of work from home has increased at a fast pace. Covid and lockdown restrictions have taken this trend to the next level. It has proven advantageous for both employees and companies. The trend is expected to continue as companies not only adopt remote work but also find their businesses progressing so much from their new remote setup. Real estate is not untouched by this trend. As a result, developers are changing the layout of their flat, to meet the customer’s demands.
Real estate developers are redesigning the layout of under-construction apartments. This change focuses on the interior of the flat, to meet new customer requirements amid the trend towards working from home. Developers are also creating office-like designs to fulfill customer’s requests.
According to experts, this type of layout change is attracting corporate peoples. Most of them have started booking such types of flats in bulk.
Experts Opinion-
Akash Khurana, Chief Executive of Krisumi Corporation said- “We have analyzed the trends and needs of the current situation. We have converted a 3 BHK flat into two-plus work, meaning there will be 2 bedrooms and one workroom. We have provide the basic amenities required to run a mini-office.”
Rohit Gera, managing director of Gera Developments.-“We are developing premium commercial and residential projects in Goa, Bengaluru, and Pune considering work from home trend in mind.” Remote work has become a common practice that requires a space in the house that can be used as an office. We are planning to make a small workroom by altering the layout of some rooms and hall.
Anubhav Jain, CEO of Silverglades group.“Our upcoming project in Gurgaon will have spacious business centers that will serve as small offices for residents.”
Some big real estate players are planning to have large business centers in the upcoming projects to meet the separate workspace requirement. Some real estate developers are utilizing the leisure activities space like clubhouses to create working centers.
On February 9 the Market regulator SEBI slashed a fine of Rs 40 lakh on Shri Ram Real Estate & Business Solutions. According to SEBI, the company and six individuals has illegally raised funds of Rs 40,000 from the public through collective investment plans/schemes.
Market regulator SEBI imposed a fine of Rs 40 lakh on Shri Ram Real Estate & Business Solutions and six individuals. According to SEBI, the company has illegally raised funds of Rs 40,000 from the public through collective investment plans/schemes. The company and individuals found engaged in fundraising activity from the public. These fund raising activities was a part of collective investment schemes.
What was wrong with the investment schemes?
SEBI in an order passed on Monday said that the schemes offered by (SRE and BSL) Shri Ram Real Estate and Business Solutions Ltd are a form of investment schemes under the guise of ‘plot and purchase of land’. Further investigation stated that the company did not obtain registration as per CIS norms.
SRE and BSL had raised approximately Rs 12.01 crore from 382 investors. The funds were raised during financial years 2008-09 to 2013-14 under several schemes. SEBI has imposed penalties on the company and individuals. These penalties was imposed on directors at the time of fundraising are payable jointly or separately.
Christie’s International Real Estate, a global luxury residential space company, announced its entry into India. They will partnership with Himmat & Rohini Singh LLP, based in New Delhi.
After the impact of the pandemic and increased “work from home” trend. The real estate market of the luxury segment has grown extensively.
Christie’s International Real Estate-
At a time when the luxury real estate market is rejuvenating all over the world. This collaboration would help experts to deliver ultra-luxury homes, villas, independent house in Delhi at a reasonable price.
As wealthy Indians are looking for other housing opportunities, the global network of Christie’s International Real Estate can assist them in finding the best real estate in their country as well as around the world.
Helena De Forton said- “The business ethics of Himmat Singh and Rohini Chaudhri Singh perfectly matches with the business ethics of Christie’s International Real Estate. Thus making them a perfect choice for our network”. Helena De Forton is director of regional operations for Russia, Europe, India, Africa, and the Middle East.
What Himmat Singh said?
We are pleased to welcome International Real Estate Christie’s and her 250 years old heritage to India. And looking forward to working with Christie’s global reach to offer the next level luxury real estate with our in-depth local knowledge and high experience. We will provide an absolutely professional level of expert service to fulfill all their luxury real estate needs, whether in India or abroad.
After the impact of the pandemic and increased “work from home” trend, the real estate market of the luxury segment has grown extensively. Since buyers look for more spacious and versatile property to tackle both personal and professional lives.
“Himmat & Rohini Singh LLP” company was founded by the husband and wife team of Himmat Singh and Rohini Chaudhri Singh. And their main focus is based on luxury residential properties.
One of the biggest real estate company Shapoorji Pallonji has announced to invest approximately ₹4,000 crores in the new ‘VANAHA’ project in Pune. The project will be a mixed-use development and a part of one of the largest townships in India.
On Thursday i.e, 28 January 2021 the Shapoorji Pallonji Real Estate announced that it will invest approximately ₹4,000 crores to develop a large mixed-use project in Pune. The ‘VANAHA’ project launched exclusively in West Pune near Bavdhan. This 148-acre project is a part of their expansion plan and its main objective is to develop a large mixed-use project.
Characteristics of VANAHAProject-
The project will be accomplished in different phases and more than 5,000 apartments will be offered on finalization.
During the first phase, 600 apartments will be launched at a varied price range. The price of first phase apartments starts from ₹39 lakh and goes up to ₹89 lakh.
Reaching to VANAHA project site is easy and there is no problem with connectivity. The site has close connectivity with Mumbai-Bangalore Highway and has proximity to Baner IT hubs and Hinjewadi.
Shapoorji Pallonji Real Estate is a prominent real estate company, dominating Pune real estate markets for years. The company has a development pipeline of 70 million square feet. And intends to double its top line in the next 2 to 4 years.
The company is planning to launch new projects in new and different phases in its existing projects in Bangalore, Pune, Kolkata, MMR, and Gurugram by this financial year.
Words from CEO-
CEO of Shapoorji Pallonji Real Estate, Venkatesh Gopalkrishnan, said.-“Pune is an important market for us and addition to this major project fits well with our strategy. The VANAHA project will definitely consolidate our presence in Indian real estate markets.” In today’s scenario, the customers are expecting assurances from trusted brands to reestablish their confidence in home buying. Gopalakrishnan said, “Shapoorji Pallonji, a brand with a heritage of 154 years is known for its timely delivery and quality.”
Real estate experts welcomed Delhi Government initiative to cut circle rate by 20%. They expressed their opinions and said the reduced circle rates would translate into a lower real estate valuation.
The Delhi Government has announced that it is reducing the circle rate of properties by 20%. The announcement was made on Friday and this reduction is valid for 6 months. Delhi Government has taken this decision to boost the pandemic hit real estate sector. This new order is valid for all real estate categories including commercial, industrial, and residential properties across Delhi.
The decision was made during a Delhi government Cabinet meeting chaired by Arvind Kejriwal. However, Delhi Deputy Chief Minister Manish Sisodia announced the circle rate reduction on Twitter.
Tweet by Manish Sisodia– “The Circle rates of commercial, industrial, residential, properties in Delhi reduced by 20% across all categories for next 6 months. This relief will boost up the real estate sector and is a big relief for people willing to buy property in Delhi”.
What is Circle Rate?
Circle rate also known as “Floor price” and “Ready Reckoner Rate”. The circle rate set by the state government’s revenue department. It is the minimum value at which the sale of a flat, plot, commercial property, independent house can occur.
In other words, it is the minimum amount below which no property can be registered in government records. It varies and differs within the cities in the same state. The government may change circle rates from time to time depending on the supply, demand, and growth of the region.
Experts Opinion on Reduced Circle-
Real estate experts and developers welcomed Delhi Government initiative to cut circle rate by 20%. They expressed their opinions and said the reduced circle rates would translate into a lower real estate valuation. This will help the interested buyers who postponed their plans to buy real estate, because of high property prices in Delhi.
The high circle rates have increased the rates of property beyond the capacity of an affordable buyer. This cut in circle rates will somehow reduce the property price and help peoples willing to buy property in Delhi.
The real estate sector was badly hit by the pandemic and now high raw material cost is creating new problems. However, the real estate industry is reviving and decision of a lower circle rate will be a boost for the sector. It will make properties more affordable and now people can buy their dream property easily.
Finance Minister Nirmala Sitaraman has finally announced Union Budget 2021 on February 1, 2021. Various policies and amendments are introduced. The government has introduced various reforms to boost the affordable housing sector as well. Let’s discuss how Union Budget 2021 will benefit real estate sector.
How Real Estate will be benefited from Budget 2021?
Relaxation to Affordable Housing:-
In the budget of July 2019, the government cut the interest, corresponding to Rs 1.5 lakh, for the loan taken to buy affordable homes. Now, the Finance Minister (FM) has continued this deduction till another year i.e. 31 March 2022. An additional 1.5 lakh deductions will be available for loan taken to purchase an affordable home. This loan waiver will be discontinued after 31 March 2022.
To boost the supply of affordable houses, FM proposed that affordable housing projects can take advantage of tax holiday. This tax exemption is valid till 31 March 2022.
Budget 2021 provides tax exemptions for notified affordable rental housing projects, this will contribute to the demand of affordable rental housing for expatriate professionals. Hence, union budget 2021 will benefit real estate in affordable housing sector.
REITs:-
Debt Financing of InVITs and REITs by Foreign Portfolio Investors will be permitted by appropriate amendments in the respective legislation’s. This will increase the ease of finance for InVITs and REITs and thereby increase funding for the infrastructure and real estate sectors.
To boost the investment, the government in the last budget had removed the DDT (Dividend Distribution Tax) and it was made taxable in the hands of shareholders.
But now dividend payment will be made to REIT/InvIT in addition to TDS, which will facilitate ease of compliance.
The amount of dividend income for payment of advance tax cannot be properly calculated by the shareholders. But after the announcement of budget 2021, advance tax liability on dividend income will be applicable only after payment of dividend. Thus budget 2021 will benefit real estate in a financial way as well.
Infrastructure:-
The finance minister has proposed several points to boost the infrastructural development. In today’s scenario, 701 km of conventional metro is in working condition. Approximately 1,015 km of RRTS and metro is under development in 28 cities. The government also proposed a strategy for two new metro train technologies i.e, ‘MetroNeo’ and ‘MetroLite’ in Tier 2 cities and outer areas of Tier-1 cities. These metro projects are more cost-effective than common metro rail systems but provide similar convenience and experience.
The centre government will provide funding to various infrastructural projects-
Chennai Metro Railway Phase-II of 119 km, the estimated cost will be Rs 63,245 crore.
Kochi Metro Railway Phase-II of 11.6 km, the estimated cost will be Rs 1,958 crore.
Bengaluru Metro Railway Project Phase 2A and 2B of 59 km, the estimated cost will be Rs 14,789.
Nagpur Metro Rail Project Phase-II and Nashik Metro, the estimated cost will be Rs 5,977 crore and Rs 2,093 crore. Thus budget 2021 will benefit real estate in terms of infrastructure as well.
Stressed Asset Resolution:-
The high degree of provision of banks in the public sector of their stressed assets requires measures to clean up the bank books. For this, an Asset Management and Asset Reconstruction Company would be set up to take over the previous stressed debt. Then manage and dispose of the assets to Alternative Investment Funds and other trustworthy investors for final value realization.
Further NCLT framework will be made more robust and reliable, e-courts system will be established. Other policies for debt resolution and a dedicated framework for MSMEs are yet to be introduced.
The trend of Co-Working space in India is escalating at a fast pace. But the 2020 year was a very tough time for this sector, the coronavirus pandemic had almost stagnated the growth of this sector.
Knight Frank has conducted a research on co-working sector and according to their report, the share of co-working sector in new charter has fallen from 7% in H1 2019 to 2.9% in H1 2020. Apart from share, the sector has seen a steady decline in transactions in the first six months of 2020.
‘Work from Home’ became the new norm in 2020 and the commercial ‘real estate and office space had a huge impact due to pandemic. Co-working space is also among them, which almost disappeared at the beginning of COVID-19 pandemic. But as the situation is getting normal, companies are now seeing versatile work options for their employees. No, doubt the co-working spaces in India have a bright future and its trend will grow in upcoming years.
After overcoming difficult times, the sector has some expectations from the government with the upcoming Union Budget 2021. Their foremost demand is to be recognized within the real estate sector.
What Anit Ramani says on co-working sector?
“Amit Ramani, Founder & CEO, Awfis” shared his opinion- “Getting infrastructural status and benefits to the co working space sector will help to ease access to institutional lending”. It will generalize the confirmation process, and thus reduce the developer’s borrowing costs. Presently, the co-working space has occupied a considerable portion of India’s commercial real estate. It is estimated that it accounts for approximately 6.8 million sq ft. real estate area.
Institutional capital requirement
Just like other sectors the co-working sector also needs financial assistance from the government. In order to expand globally, especially into Tier 2 and 3 markets requires more financial help and loans for the sector. The government should allow banks to sanction loans to co-working companies against the cash flow of co-working players. The government should provide some exemptions to investors in order to boost the funding.
Relief in GST norms
Just like other real estate sectors, the co-working sector also charges a GST of 18% to all their clients, which are mostly new businesses, small businesses, or startups. Reducing the GST slab would reduce the strain to their pocket and will certainly increase the demand of co-working space. “Ramani also quoted, at present co-working firms cannot claim input tax credits on construction services and work contracts as stated under GST provisions. So, the government needs to remove these hurdles to increase the outflow of cash and avoid financial difficulties.
Conclusion-
Co-working sector plays a significant role in the economic growth of country. The Government should analyze its importance under special schemes like (REIT) and provide tax benefits for the betterment of the industry.
The Real Estate sector is considered one of the most crucial sectors for the Indian economy. It contributes more than 15% to the country’s GDP and apart from making major contributions to the GDP growth, it also provides employment to a major group of people. Hence, the sector plays an important role in economic growth and stability.
It has played a vital role in recovering the economy after the coronavirus pandemic. The sector relies heavily on government policies and therefore favorable policies and regular cash flows are very essential for proper and continuous functioning of this sector. Continuous functioning ensures a good status thus helps to raise funds for projects from different schemes and proposals.
Expectations of Real Estate sector from Union Budget 2021-22:–
The first and foremost expectation from the budget is to set off GST paid on inputs like cement. This will help to reduce the cost of construction which ultimately results in lower property prices.
In addition, the sector expects a GST amnesty for under-construction projects in the housing sector. These reforms will help in boosting the demand in the housing sector and surpass the prevailing financial crisis.
The sector also seeks high tax relief for home buyers as well. Under Section 24 (b) of the IT Act, a cap of Rs 2 lakh on housing loan interest needs to be improved and it should be increased to Rs 4.9 lakh approx. Giving tax relief to buyers will put more disposable income in their hands and eventually increase the demand.
A large number of real estate projects begin with the help of various sources of funding. Therefore, the government should guarantee some exemptions to the fundraising norms and ensure the accomplishment of substitute investment funds. Also, Government should boost the morale of private sectors to invest in the housing sector, mainly in affordable housing.
In today’s scenario, liquidity crunch, the major problem faced by the real estate sector. This leads to delay in possession or project delivery, high project cost, and ultimately higher property prices.
SWAMIH fund:-
In September 2020, SWAMIH fund created to give relief and support the pending projects. It provides last-mile funding to middle-income and affordable residential projects. The government should continue SWAMIH funds and entrust more capital flows so that a large number of residential projects in Tier II and Tier III get a benefit.
Conclusion:-
Now the Indian economy is recovering from a pandemic and all industries, including real estate, are looking at the Union Budget 2021 as a ray of hope. Because the budget has the potential to improve the economic condition.
Experts said if the above-mentioned demands fulfilled in the Budget 2021-22, then real estate sector will gain a considerable boost for upcoming years.
There has been a rapid increase in the sales of higher segment properties. According to Gera Pune Residentiality Report, the 1200–1450-square-foot segment showed a 24% growth rate in sales. However, the 800+ square foot segment has not recorded any growth in sales of Pune real estate.
Pune Real Estate Back to Normalcy-
The Pune real estate sales are back on track and sales of affordable residential properties are steadily increasing and their demand is at an all-time high. As a result, there is a rise in the property price and share of big developers.
Gera Pune Residential Realty has recorded real estate sales figures. They described the condition of Pune real estate in its bi-annual report. According to the report “Sales have returned to normalcy and are comparable to pre-Covid levels. Average property prices in Pune city have risen by about 3.4%. The Inventory has shown a steady downfall and the lowest in six years in absolute and percentage terms. Compared to the last five years the total number of projects has fallen by more than 14%. The number of new units launched has reduced by approximately 38%. However, at the same time the demand for luxury and premium plus segments increases. The report stated that the new projects with higher BHK i.e, 3 BHK witnessed a rise in cost.
Sales growth is getting back to normal. There has been a rapid increase in the sales of higher segment properties. According to Gera Pune Residentially Report, the 1200–1450-square-foot segment showed a 24% growth rate in sales. However, the 800+ square foot segment has not recorded any growth in sales. The first half of the year 2020 was a very tough time for Pune real estate, there was a decline in sales of both residential as well as the commercial sector.
Words from Mr. Rohit Gera-
Rohit Gera, MD, Gera Pune Residential Realty, stated, “Uncertain events have the ability to change the market dynamics. Lockdown and Pandemic is no different. The launch of several new residential projects collapsed in the first half of the year due to Covid-19. However, the new project launch recovers in the second half of 2020 and the sales are somewhat comparable to the period same as 2019.
The commencement of new development rules by the Maharashtra Government have boosted the potential of developers. Now developers are back to the ground to craft new projects and they expect the same number of new projects would require more inventories in upcoming years. Gera said.
