The department took further compensation from us for payments to farmers. Since 2009 I have spent approx. Rs 74 lakh as land premium and interest. However, the Yamuna authority’s petition against the Allahabad High Court decision is pending before the Supreme Court.
Greater Noida: After 12 years of gap, the Yamuna Expressway Industrial Development Authority (YEIDA) has begun the registration process of creating a registry of residential plots for sectors 20 and 18.
Launched in 2009, pockets and blocks in two sectors have evolved over the last three years. About 11,000 of the 21,000 residential plots identified and the registration process for over 6,000 plots has already begun. The development is nearing completion in blocks J and I in sector 18 and blocks A, B, C, and D in sector 20. Work is continuing at full capacity in blocks R, S, T, and U in sector 20.
YEIDA is located approx. 15 km from Pari Chowk in front of Jaypee Sports City. It has completed approx. 5,500 registrations in two sectors. Authorities plan to implement another 2,500 registrations by March 31. Meanwhile, representatives of buyers associations in the Yamuna area have submitted a six-point demand to the authorities before making more registries of the plot.
Problems with Allottee-
But more people who received plots after registration are still facing difficulties because of a petition in the Supreme Court. A doctor from Faridabad said.- “The department took further compensation from us for payments to farmers. Since 2009 I have spent approx. Rs 74 lakh as land premium and interest. However, the Yamuna authority’s petition against the Allahabad High Court decision is pending before the Supreme Court. Until a decision is made, there is no way we will be able to start the construction process in our block.”
Safal Suri, a member of the association said.- “The problem is that after the registration is completed, the allottee gets three years of time period to complete the construction. Further fines are imposed for delay. Farmers’ problems in sector 20, pockets C, D, R, S, T, and U, have not been resolved yet. And construction work cannot be completed until the issues are cleared up.” “The result of the petition was expected. But soon we are holding camps to resolve problems in specific blocks and making physical possession easier to allottees. We want people to settle in the Yamuna area as soon as possible.”
At a time when the real estate market is in the midst of the pandemic, Cidco’s offer could be a blessing for those seeking plots for bungalows, row houses, and major development over the next year. The planning agency is deciding to auction about 900 plots in a period of the next 12 months.
Plot auctioning is a profitable deal
Over one month the Cidco had earned nearly around Rs 1,100 crore from auction of residential plots. In February, it received a record rate of 2.63 lakh per square meter bid for a plot in Sanpada. The auction of residential plots in Navi Mumbai will help Cidco to raise significant funds. Thus assisting with its innovative and upcoming projects. Cidco aims to raise over Rs 400 crore in a month from the auctions of these plots.
In January, Cidco auctioned 26 plots for bungalows and a 66 sq mt plot in Ghansoli. And this generated a huge profit for Cidco. This auction brought in as much as Rs 1.30 lakh per sq mt, while the normal price for plot in Ghansoli ranged from 30,00 to 34,813 rupees per sq mt. Likewise, a plot of approx. 208 sq mt in New Panvel (E) sold for Rs 1.09 lakh per sq mt. However the base price for a plot in New Panvel was Rs 39,000 per sq m.
Cidco will now auction several plots in Navi Mumbai in the upcoming 12 months. During this period, approx. 1000 plots, of varying sizes from 40 sq mt to 4000 sq mt are expected to be offered. Of these, Cidco has reserved around 200 to 400 plots for Bungalows of varying areas from 30 to 400 sq mt. Officials from Cidco have said the largest plots ranging from 1,000 sq mt to 1 hectare are in demand by builders.
Benefit of Cidco Plots-
The plot bidding of Cidco offers several benefits and is good for various reasons. Plots with MMR titles are very few and are rarely available, however plots listed in the Cidco auction have clear ownership and MMR titles. MMR titles provide information related to the plots like when the plot was acquired, registration date, etc. Apart from this, different infrastructure projects are about to launch in Navi Mumbai which enhances the connectivity of this locality.
Sanjay Mukherjee, Cidco vice-chairman and managing director said. “Cidco about to bring out a large stock of small plots that need to be handed over to small real estate developers so, that they can enter the market in difficult times. Also, it is the best opportunity for a middle class to own a bungalow.”
Manohar Shroff, vice-president of MCHI-CREDAI Navi Mumbai unit, said. “The feedback of the auctions was good since Cidco has raised its ancillary FSI. Builders are pricing these plots high and offering larger homes. It is beneficial for CIDCO as well as builders.”
The Kejriwal government gave Delhiites another gift along with reducing the circle rate. The government has lowered the interest rate from 7.45% to 6.75% for availing residential loans. These interest rates are much lesser than the rates offered by private banks.
There is great news for people who dream of purchasing a house in Delhi. The Kejriwal government has cut circle rates by 20%. In addition to this, the interest rate on the loans has been reduced by 1%. With this decision, the circle rates of different categories including residential, industrial, and commercial properties in Delhi were reduced by 20%. This reduction is valid for next six months only.
Arvind Kejriwal, Chief Minister, Delhi, said- “We are gradually progressing and recovering from the economic and financial loss during the pandemic. The Delhi government is taking all essential steps to reduce the strain on the pockets of common people. Considering this, the Delhi government has decided to reduce the circle rate by 20% in the public interest.”
Reduction in loan interest rate
The Kejriwal government gave Delhiites another gift along with reducing the circle rate. The government has cut down the interest rate from 7.45% to 6.75% for availing residential loans. These interest rates are much lesser than the rates offered by private banks. With this decision, it will be easy to repay the installment every month. Earlier people had to pay an installment of Rs 803 per month per Rs 1 lakh. After reducing the mortgage rates they only have to Rs 760.
The decision helps in recovery of real estate sector-
The Delhi government acknowledged that the pandemic had a major impact on the nationwide economy. Different business sector particularly real estate sector has experienced an unprecedented recession. During COVID-19 period, millions of construction workers had lost their jobs. Now it’s the time to strengthen the real estate industry and to generate job opportunities. Therefore, the Delhi government hopes that this decision by the Delhi Cabinet will help in recovering the real estate sector for long term.
Over the next few days, the home buyers can get great deals with minimal interest rates on stamp duty relief, offers, home loans, and the availability of options from good developers. We are already seeing that the demand for residential real estate has recovered. Also consumers are now accepting that it’s the best time to buy real estate.
Major financiers, including the State Bank of India (SBI), Housing Finance Corporation (HDFC), ICICI Bank, and Kotak Mahindra Bank, are expected to bring home loan interest rates down to record highs. It is expected that lowered interest rates will boost housing sales.
HDFC, the country’s largest private mortgage lender has lowered the interest rate on home loans from 6.8% to 6.75%. The rate cuts announced just days after banks such as the Kotak Mahindra Bank and SBI announced rate cuts.
In recent days, SBI has offered a discount of 70 bps with an interest rate of 6.7% and onwards for a limited period. This offer will discontinue at the end of March.
Kotak Mahindra Bank also announced that it will lower mortgage rates by 0.10 percentage points for a limited period. Customers will be able to take advantage of a 6.65% mortgage loan until 31 March as part of a special offer following the interest rate cut.
Banks aim to attract clients for home loan before the end of the financial year. The lower interest rates on home loan have expanded better buying opportunities for home buyers.
For several days the real estate experts demanded that banks should transmit the advantage of lower repo rates to consumers. The real estate sector has benefited enormously from historically low mortgage rates in addition to momentary reductions in stamp duty in some states.
Experts opinion on Low Home loan interest rates-
Developers believe that lower home loan rates expected to increase demand for housing sector.
Pritam Chivukula, Secretary, CREDAI-MCHI and Co-Founder, Tridhaatu Realty said. “The favorable interest rate environment is likely to persist for some time. It is unexpected that interest rates will fall beyond the current level. Over the next few days, the home buyers can get great deals with minimal interest rates on stamp duty relief, offers, home loans, and the availability of options from good developers. We are already seeing that the demand for residential real estate has recovered. Also consumers are now accepting that it’s the best time to buy real estate.”
Ashok Mohanani – President, NAREDCO Maharashtra said. “The desire to own a home is already growing. As consumers see it as a necessity in this unfamiliar era of the COVID-19 pandemic. In order to take advantage of stamp duty, there has been tough competition among financial institutions over the last few days to provide consumers with the best mortgage rates. These factors are helping to stimulate the demand for real estate that was temporarily affected by the pandemic.”
Jayesh Rathod, Executive Director, The Guardians Real Estate Advisory said. “Lowering mortgage interest from major banks will certainly increase the real estate demand significantly. Currently, the lowest interest rates ever, below 7%, are inspiring consumers to buy property quickly. Low interest rates are also attracting more and new customers to the market. The purpose of the low-interest rate is to accelerate economic growth in the country which ultimately increases consumption.”
Ascendas Property Fund Trustee, curator of Ascendas India Trust (a-iTrust), has signed a forward purchase agreement with Casa Grande Group. According to this agreement, they will acquire Casa Grande Group’s first industrial plant in Mahindra World City, Chennai. The company announced this deal in a media release.
The project is an industrial plant with a net leasable area of approx. 0.42 million square feet. It is pre-leased to Pegatron Technology India, a wholly-owned subsidiary of Pegatron Corporation, with a 7-year lock-in period and annual hikes.
a-iTrust will also offer funds for the development of the project under the Forward Purchase Agreement. It offers to fund the development of the project on the completion of certain circumstances. One of them is, it will acquire 100% of the shares of the entity that develops the project.
It also has the opportunity to offer more funding for the development of industrial amenities. These industrial amenities will be approx. 0.37 million square feet, subject to lease and other conditions to be met. Construction expected to complete in mid-2021.
The preliminary effect of the proposed acquisition for the financial year 2020 per unit distribution (DPU) became 0.04 Singapore cents. The acquisition of this industrial property will increase the size of a-iTrust’s committed portfolio by 1.8% from approx. 22.8 million square feet to approx. 23.3 million square feet.
In February 2012, on a PIL, the high court ordered Hiranandani to build about 1,511 apartments of 40 sq mts (430 sq ft). And 1,592 apartments of 80 sq mts (861 sq ft) before starting any further construction.
On Wednesday, the Bombay high court ordered a committee to find out how many flats built by Hiranandani group. In the Powai Area Development Scheme following its 2017 order, giving it time to complete construction.
The order by Chief Justice Dipankar Dutta and Judge Girish Kulkarni was passed at Hiranandani’s request for an extension of the October 2017 deadline. To complete construction of four wings of Castle Rock, five wings of Regent Hill, three wings of Atlantis, and two buildings.- Sorrento and Maple.
PIL aganist Hiranandani-
In February 2012, on a PIL, the high court ordered Hiranandani to build about 1,511 apartments of 40 sq mts (430 sq ft). And 1,592 apartments of 80 sq mts (861 sq ft) before starting any further construction.
A group of activists Kamlakar Satve, Rajendra Thacker, and Medha Patkar filed a PIL and said, Hiranandani signed a lease of 230 acres of land in 1986 in a tripartite agreement. with the state and the MMRDA to build affordable housing. However, the petitioners claimed that the apartments combined into 4,000 to 5,000 sq ft apartments and sold at higher prices.
At the request of the developer, HC in October 2017 granted a deadline of June 2021 for completion of construction. It also set up a committee to review the developer’s approval. The developer sought cancellation of the postponement and a major extension of the deadline from January 2022 to June 2023. It cited Covid-19 as the reason for the delay.
Hiranandani’s Senior advocate, Milind Sathe, said, most of the apartments were ready, but the balance could not be restored due to the pandemic. Further, he said, in October 2017, approximately 886 apartments of 80 sq mt left unconstructed. Of these, 844 flats built, 43 remained. Out of 1,511 flats with an area of 40 sq mt, 403 were built.
Gayatri Singh, Sumedha Rao, and Mihir Desai, petitioners’ advocates–disputed the facts and figures. They claimed that the commercial construction made in breach of the 2012 order, and even after October 2017, they consolidated and sold the apartments for which BMC had issued a notice in 2020.
The judges then reconstituted the previous committee and ordered it to visit the site and report back two weeks later. “Find out if all the numbers are correct,” the Chief Justice said.
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.
