Tag Archives: Apartment

Realtors upset with the policies of Bhubaneswar Development Authority.

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The real estate developers on Thursday reacted sharply to the Bhubaneswar Development Authority’s (BDA) move to change the definition of “apartment” and “group housing.”

Talking to reporters here, Confederation of Real Estate Developers Association of India (CREDAI) state president D S Tripathy said the new definitions are vague and will result in the harassment of people while constructing houses.

The draft BDA (planning and building standards) amendment regulations-2012 proposes to amend the definition of apartment as building constructed in one block having more than four dwelling units where land is owned jointly and construction is undertaken by one agency. Under the existing BDA regulations 2008, an apartment is defined as a building having six or more dwelling units.

Tripathy said under the new definition houses of joint families may become apartments. As a result, such families would have to meet the required road width of minimum nine metres, he said. Tripathy said certain apartments can never form societies for which at least seven members are required. Similarly, the new definition of ‘group housing,’ building with more than one dwelling unit, where land is owned jointly and the construction is undertaken jointly by one agency, is vague and don’t convey clarity.

CREDAI, which suggested its comment on the draft regulations, open for public suggestions, is of the view that creation of the new “settlement fund” and earmarking of 10% of all housing projects for economically weaker sections is not going to help the poor. “It seems impractical that BDA will construct EWS houses using shelter fund,” the CREDAI chief said.

The CREDAI, Odisha, suggested that the state government should formulate an affordable housing policy on the lines of Rajasthan, which looks more realistic, gives incentives to builders and subsidy to weaker sections.

DDA Relaxes Norms for Installing Lifts

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If you live on second or third floor in a DDA flat, then climbing those stairs is no more a back-breaking experience anymore. The DDA has eased the norms for installing lifts in its apartment blocks. The country’s biggest land development agency has been catering to Delhi’s housing needs for more than 40 years. Since, DDA structures have only 04 floors they do not have lifts.

Although flat-owners had so far been allowed to install lifts later on their buildings on their own, the procedure of getting permission was burdensome.  All the owners of an individual block, with eight to sixteen flats, have to agree to the proposal.

The new norm stipulates that lifts can be installed once most flat owners of the block agree. The consent of the ground floor owners is not required any longer. The cost of installing a lift is Rs 10-15 lakhs, which the flat owners would have to bear. The flat owners will have to apply for NOC to DDA for arrears. While applying for NOC, flat-owners will have to attain structural stability certificate from the registered architect.

Gujarat Buyers Linning up Eagerly to Take 5-6 BHK Flats.

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AHMEDABAD: The great Gujarati joint family is urging topend realty. Amid buzz of stagnancy in city’s property market, super luxury apartments are selling like hot cakes. Realtors may struggle to sell 2 and 3 BHK homes, but buyers, mostly large joint families, are lining up to book 5 and 6BHK flats. In large flats of 5-6BHK flats, old people of the families feel more comfortable rather in bunglows. Take the case of ISCON group, which recently launched a residential scheme along SP Ring Road. While the entry-level three BHK flats generated least inquiries, all the top-end 5 BHK units were booked within days. “Those who could not get five BHK are going for 4 BHK units,” according to a survey. Looking at the response, Kotak now plans to convert 1 tower originally planned for entry-level flats into premium flats. Experts say the trend is inspiring as demand has been coming from local buyers besides NRIs and investors, who find Ahmedabad cheaper than other large Indian cities.

“Moreover these flats offer security along with luxury. Further, people who have stayed in 3-4 BHK and looking to upgrade are driving the demand for premium flats. So, no wonder 5-6 BHK apartments are being booked up like hot cakes,” says regional director (Gujarat) of real estate consultants. “A city based Businessman says that they sold off their bungalow and opted for a 5 bedroom flat because of security. He stays in that flat with his two sons. Ashish Shah of Shree Balaji Group got enormous response for the 5,100 sqft top-end flats as compared to other categories. Now, Shah plans to hold the remaining 6 BHK apartments till completion of project. “Demand for upmarket flats would remain high. Realtor Mukesh Goyal, who launched 4BHK scheme, for about INR 2 crore per unit at current market rates, in Prahaladnagar around a year ago has already sold 80 per cents flats.

 

2BHKs at the Top of Sale Chart in Housing

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The smaller apartments are selling big! Presently, the maximum demand is for 2BHK residential apartments and the supply is fullfiling this demand. No wonder, some developers claim 55-60 percent of their current inventories are 2BHK units, the GM – Marketing of Ashiana Housing Ltd., Atma Sharan, says the same, “About 55-60 per cent of our inventory comprises 2BHKs. It is definitely the fastest growing segment, particularly since for the first-home buyers as they are at the beginning of their careers and married life.”

The maximum demand for the 2-bedroom units is from the middle-income group nuclear families typically a middle-class salaried employee hailing across sectors, like government employees, school teachers, or employed in the BPO, IT, banking and service sectors. Also the middle level self-employed professionals. This is likely for nuclear families with small kids where a third bedroom is not a necessity and not worth the additional cost. A lot of developers, who were primarily focusing on luxurious housing earlier, have changed their focus to the smaller units as it is said that “the pot of gold lies at the bottom of the pyramid, and that is where everyone wants to get.” The 2BHKs are doing particularly well as they tend to attract the first time buyer who is young, has just married and taken the first few steps of his or her professional life.

‘M3M Golf Estate’ in Gurgaon – 7 Star Luxury Apartments

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M3M India Ltd. chains up with Larsen & Toubro, one of the leading construction firms to build their finest luxury residence in Gurgaon which is 7 star to be named as “M3M Golf Estate”..  This project will be constructed by L&T in collaboration with LERA International, the world’s leading consulting firms. The estimated worth of this deal of phase – 1 is about Rupees 400 cr, out of a total investment of over Rupees 2,000 cr. Lera International will be providing it’s most modern and pioneering structural engineering designs. In a press release it is declared that the project will be completed in 33 months much prior to the scheduled time of completion of 42 months.

The project is tactically located on the Golf Course Road (Extn.) in Sec 65, Gurgaon, which is 30 mts drive from Indira Gandhi International Airport spread over an expansive 75 acrs. Graham Cooke, the world famous architect has designed the magnificent apartments around a 9 hole reversible ‘In City’ golf course. The architecture is a perfect fusion of eco friendly, green sceneries and cutting edge designs. The project is designed by world’s finest architects ARCOP headed by Ramesh Khosla. The project has already received awards internationally in USA, UK and Dubai, as “Best Upcoming Golfing Lifestyle Residence in India” .

“In line with our commitment to give the best of quality and timely delivery, we are happy to appoint L&T which is one of the world’s best construction groups. “M3M Golf Estate” is our much honoured project, internationally acclaimed, and we have designed this, keeping in mind the taste, class and the requirements of our target clients. We ensure the use of latest technology and safety of structures” said Basant Bansal, Chairman and Managing Director, M3M Group.

M3M Golf Estate offers high – tech ultra modern luxury apartments with all modern amenities like wi-fi in all buildings, roof- top jogging path, and superior class club houses. These apartments will trait world class amenities, unique outdoor and indoor living spaces, modern kitchen, sated with fittings and high quality end fixtures. It also offers aesthetically designed golf course.

What Should the Buyers do?

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Delhi Properties - Real Estate India - Unitech Location
The apartment buyers were already burdened by the day by day increasing property rates, and now come another burden to their door. Since last month, many developers have been demanding the buyers to start paying up the service tax announced in Union Budget, 2010, i.e. a 2.5% tax.

However, this service tax will be imposed only on the under construction residential project or where the building has not yet received its occupation certificate. Some sources revealed that some developers admitted that they asked purchasers to pay this tax.

On the other hand, buyers say that they were not told about this additional taxation at the time of booking of flats. A market source told that although the buyers are raising voice against this game played by builders, but they do not have much choice. As they are forced to pay the development charges, society fees, hefty parking charges and other various charges, they will have to pay this tax too.

Order of Documents for Property Sale

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NYC - Queens - Flushing: Bowne House


Essential Documents
The sale/purchase deed and the housing society share certificate are the major documents required while selling a property. Sale deed serve as confirmation for the land belonging to the seller only and he has full rights to sell the land. Some more documents such as NOC from the housing society, registered house documents and original copies of stamp duty are necessary. Also, the owner/owners have to submit documented consent if it is a joint ownership land.

Necessary clearances

The NOC from the society and title clearance are necessary, but they are not sufficient. The exact details of how old the building is, the carpet and built-up area, car parking status, the floor plan, land title (free hold/lease hold/collectors land), the conveyance of the society and transfer charges of the building and the apartment also have importance.

Jaypee Group to Announce Jaypee Greens Sports City in Greater Noida

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Athens Olympic Sports Center
Photo by Ava Babili After the success of various projects like Jaypee Greens Kosmos, WishTown Klassic, Aman etc. in Noida and Greater Noida, Jaypee Group is ready to unveil their newest venture in premium real estate — Jaypee Greens Sports City, Greater Noida — according to reliable sources.

The project will be located in the heart of Greater Noida in close proximity to proposed Formula 1 racing track, Jaypee Integrated Sports Complex, Golf course, NRI City, Gautam Buddha University. The project will mainly consist of affordable 2 and 3 bedroom budget apartments and commercial properties.

Due to its prime location and features the new project will offer an excellent living environment and an ideal investment opportunity.

Formal announcement is awaited and further details and updates will be available on the website http://jaypeegreenssportscity.propertywala.com/ .

Nearby Landmarks

  • Transportation

    • Railway Station Dadri (<6km),
    • Airport (<31km),
    • 18 New Dehli Airport (<43km),
    • Private Delhi Airport Parking And Store (<45km),
    • Dankaur Bus Stand (<19km),
    • Bus Terminal (<22km),
    • Taxi Stand (<2km),
    • Auto Cum Taxi Stand (<5km)

  • Markets & Shopping Malls

    • Singapore City And Mall (<2km),
    • Harsha Mall (<2km),
    • Gamma Shopping Mall (<5km),
    • Ansal Plaza Shopping Complex (<3km),
    • Logerstromia Shopping Complex (<3km),
    • Community Shopping Center (<3km),
    • H Block Commercial Complex (<4km),
    • Zonal Shopping Center (<4km),
    • Greator Noida Shopping Plaza (<4km),
    • Bajrang Shopping Centre (<4km),
    • Kadamba Shopping Centre (<4km),
    • Bagon Villa Shopping Centre (<5km)

  • Banks & ATMs

    • Bank Of Maharashtra (<2km),
    • Icici (<3km),
    • Hdfc (<3km),
    • Citi Corporation Bank (<4km),
    • Bank Of Baroda (<4km),
    • Syndicate Bank (<5km),
    • Indian Bank (<5km),
    • Oriental Bank Of Commerce (<4km),
    • Icici (<5km),
    • Canara Bank (<5km),
    • State Bank Of India (<9km)

  • Restaurants & Clubs

    • Swagat Restaurant (<3km),
    • The Yellow Chilli (<5km),
    • Dawat (<5km),
    • Spice Of India (<5km),
    • Sharma Vaishno Dhaba (<6km),
    • Heritage Club (<1km),
    • Club Beta Ii (<3km),
    • Shiva Sports (<4km),
    • The Steller Gymkhana Club (<4km),
    • Club Ansals Golf Links (<4km),
    • Club Gamma I (<5km)

  • Movie Halls

    • Inox Air Products Ltd (<7km),
    • Durga Cinema Hall (<10km),
    • Mohan Palace Cinema (<11km)

  • Parks

    • City Park (<1km),
    • Water Park (<2km),
    • Accman Instittute Of Management (<5km)

  • Hospitals & Clinics

    • Dr Dhiraj Ahlawats Clinic (<2km),
    • Vlcc Slimming Beauty Fitness (<2km),
    • Virddhi Clinic And Medicose (<3km),
    • Final Diagnosis (<3km),
    • Dr Chauhan Poly Clinic (<3km),
    • Manav Sewa Clinic (<4km),
    • City Homeopathy (<4km),
    • Jyoti Hospital (<3km),
    • Nimt Hospital (<3km),
    • Kailash Hospital (<3km),
    • Sahdev Hospital (<4km),
    • Pryag Hospital (<5km),
    • Prayag Hospital & Reserch Centre Pvt Ltd (<5km)

  • Offices

    • Main Office (<3km),
    • Greater Noida Authority Office (<4km),
    • New Universal Office System (<5km),
    • Office Solution (<5km)

  • Schools & Colleges

    • Daffodil School (<1km),
    • Higher Secondary School (<2km),
    • Priyadarshani School (<2km),
    • Summer Villager School (<3km),
    • Nand Marg Nursery School (<3km),
    • St Joseph School (<3km),
    • Ryan International School (<3km),
    • Jp International School (<4km),
    • Dharam Public School (<4km),
    • Diamond Drill Senior Secondary Public School (<4km),
    • Iec College (<3km),
    • Global Institute Of Management And Technology (<4km),
    • Pccs College (<4km),
    • Bakson Homeopathic Medical College (<4km),
    • Priyadarshini Institute Of Management And Technology (<4km),
    • Hauard Institute Of Management And Technology (<4km),
    • Iec Institute Of Management And Technology (<4km),
    • Ramesh Institute Of Management And Technology (<4km),
    • Galgotias College Of Engineering And Technology (<5km),
    • Ishan Institute Of Management And Technology (<5km)

* All distances are approximate

Tata extends affordable housing scheme to 2BHK segment

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Tatas expanded their affordability drive to the housing sector by launching flats for Rs 12.73 lakh for a two bedroom unit.

Tata Housing Development Company launched its ‘New Haven’, offering 1,300 apartments, including 2 BHK (bedroom, hall and kitchen) and 3 BHK homes, starting at Rs 12.73 lakh with a minimum size of 670 square feet.
The Tatas began their affordability drive in the housing sector earlier in May by offering one bedroom flat at prices starting from Rs 3.9 lakh at Boisar in Mumbai.
Conceptualized as a national brand, New Haven will meet the home-buyers’ full spectrum of lifestyle needs at an affordable cost, the company said in a statement.
According to the statement, after the launch of New Haven at Boisar in Mumbai, it will be expanded across the country mainly in the Tier I and II cities. Consumers can book an apartment with an initial payment of 10% of the total sale price as booking amount.
New Haven, spread across 35-acres, will offer self- contained homes and provide consumers with facilities such as club house and community center.

2BHK is in trend

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The maximum demand currently is for 2BHK residential apartments and finally supply is following demand. Such has been the response that there are developers who claim as much as 55% of their inventories comprise two bedroom units.

According to Atma Sharan, GM-Marketing, Ashiana Housing Ltd, “About 55-60% inventory would be 2BHK. This definitely is the fastest moving segment, particularly among first home buyers.

The 2BHK end user is attracted by the price tag, affordability factor, and lower EMIs. Developers who were primarily focusing on plush housing earlier are including smaller units in a big way in their projects. They are coming up with new initiatives in this line which is expected to attract the young service class people in a big way. So, be it DLF, Unitech or Jaypee, they all have at least 30% inventories as two bedroom units in their projects and plan to increase the percentage with time.

Century joins affordable housing bandwagon

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Century Real Estate is the latest to join the affordable housing bandwagon. It has come up with ‘Century Indus’ project that offers apartments in the Rs 20-30 lakh category.
Mr P. Ravindra Pai, MD, Century Group said, Acquiring land at historical rates has helped the company make the project affordable.
The company has a land bank of over 3,000 acres, most of them acquired in historical rates, worth about 2 billion dollar. There are plans to make use of some of the land parcels to develop few more affordable projects in the city.
“We propose to develop 6,500 apartments targeted at the affordable segment, approximately seven million sq ft development, with a budgeted outlay of Rs 1,050 crore in the next three years,” said Dr P. Dayanand Pai, Founder and Chairman, Century Group. The projects would be located in North and West Bangalore.
Mr Pai said that the group has now formed ‘Century Real Estate Holdings.’ About 300 acres, valued at Rs 1,200 crore, from the land-bank have been transferred to this company, and about 12 projects would be developed on this land.
The company is looking at raising funds at entity and project levels. At the entity level, it plans to raise Rs 200 crore as bank debt for pre-development of these 12 projects. “We have almost tied up the debt,” said Mr Pai.

Indian real estate trend

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In coming years, India is expected to outperform the global markets with a growth rate in the range of 7 percent to 10 percent. This will benefit the real estate sector, which is closely linked to high growth in the economy.

A decrement in property prices, reduced interest rates and stability in the job market has helped the sector gain momentum once again. Developers now realized that affordability was the key to attract the prospective buyers; they tried out with smaller sized apartment. Projects that were launched in this segment received a good response, which indicated that home-buyers were waiting for a good opportunity.