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Haryana cabinet approves amendments in affordable housing policy

As per the amendments, the maximum area limit of project under affordable housing is increased from 10 acres upto 30 acres. The minimum area limit for setting up of Affordable Group Housing Colony has been reduced from 5 acres to 4 acres.

CHANDIGARH: In a bid to increase the scope of affordable housing, the Haryana cabinet on Wednesday gave the go ahead for amendment in Affordable Housing Policy-2013 Haryana Development and Regulation of Urban Areas Act 1975 for change in Minimum Area Limit, Project Area Limit and Increase in Commercial Component and Parking Provisions.

As per the amendments, the maximum area limit of project under affordable housing is increased from 10 acres upto 30 acres. The minimum area limit for setting up of Affordable Group Housing Colony has been reduced from 5 acres to 4 acres. It is pertinent to mention that although the minimum area norm is being proposed to be reduced from 5 acres to 4 acres yet the colonizer will provide the community building as per the norms prescribed for 5 acres.

Further, community buildings shall be provided as per the norms for Internal Community Buildings as per policy, where population exceeds 10,000 in a colony. As per the amendment, now the commercial area has now been increased from 4 percent to 8 percent of Net Planned Area.

Furthermore, the existing Para 4 (iii) of the Affordable Group Housing policy-2013 may be amended to the effect that, the existing provision of providing 0.5 Equivalent car space (ECS) shall continue to remain mandatory and non-chargeable. The colonizer shall be allowed to provide additional 0.5 ECS parking space per dwelling unit, which shall be optional, against which it can allot one car parking space for each dwelling unit.

The colonizer shall be allowed to recover not more than 5 percent of the cost of flat against such allotment of car parking space.

As an additional safeguard, in cases where licenses under AHP 2013 already stand granted and building plans stand approved without availing the optional 0.5 ECS per dwelling unit parking space, the colonizers shall be required to submit the consent of atleast two thirds of the allottees as per the provisions of Section 14 of Real Estate (Regulation and Development) Act, 2016, for the purpose of amendment in building plans for availing such additional an optional 0.5 ECS per dwelling unit parking space. Further that this benefit shall not be made available for the projects wherein occupation certificate of all the residential towers has already been obtained.

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M3M Records 500 Crores Of Sales Within 14 Days Of The Launch Of ‘Port Your Property’ Campaign

M3M Group in association with PYP introduces a campaign redefining the rules of Indian Real Estate.

Delay in delivery leading to innumerable stalled real estate projects is the prime challenge faced by customers in the real estate scenario. A majority of them have paid a lump sum for their dream property, but uncertainty looms as to when they would get its possession.

An Anarock research highlights that there are approximately 1.82 lakh stalled units in NCR with Gurugram leading, accounting for 31per cent of the overall share. M3M group being the game changer in the real estate industry gauged the magnitude of this need and worked out a solution for the same.

“PYP proposition has received an encouraging response and we clocked sales of INR 500 crores in two weeks. NCR leads the demand for home swaps. In the cases where we get multiple inquiries for a single project, M3M would consider even taking over the project for completion. We have formed a dedicated advisory to provide strategic counsel and facilitate the porting process of properties,” said Pankaj Bansal, Director, M3M Group.

Amidst such an unprecedented time, that of the pandemic, M3M Group in association with PYP has come up with a campaign to help buyers tide over uncertainty and own their dream property. The campaign titled ‘Port Your Property‘ will help customers who are facing issues owing to undelivered projects for which they have already paid a significant sum.

This new campaign also allows buyers to upgrade their property by opting for a new project out of the entire M3M portfolio, be it residential or commercial; ready-to-move-in or under construction. This novel initiative is a testament to M3M Group’s commitment to go the extra mile to address customer concerns and enhance their experiences.

Under the campaign, the amount that the customer has invested in the stuck project would be adjusted against the cost of the new property opted, for among the M3M offerings. Equipped with thorough subject knowledge, the PYP experts will advise customers to choose from an array of ready-to-move-in or under-construction properties across the spectrum, taking into account the customer preferences and budget.

All these initiatives indicate the ability of the M3M Group to go beyond customers’ expectations, with speed, iconic offerings, curated customer experiences and innovation being amongst its core philosophy.

The COVID-19 pandemic has fundamentally re-imagined the rules in real estate like never before. The restarting of economic activity and revival of consumer and investor sentiment has set the pace for real estate to embark on an upward trajectory.

With its first campaign, post unlocking of businesses and market, M3M Group recorded sales worth Rs 1150 crores during the July-August 2020 period on launching Unlock Gurugram campaign across spectrums.

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Sohna Road is NCR’s Top Micro Real Estate Market

GURUGRAM: Sohna Road and Dwarka Expressway in Gurugram have emerged as the top performing real estate markets in NCR, with an appreciation of 19% and 14%, respectively, in the average property prices since 2013. This is as per the latest report released by realty consultants Anarock. And these two micro markets are followed by New Gurgaon, Sohna and Noida Extension, where the appreciation has been in double digits.

Overall, the report says that the average property prices in the top seven cities of India in the past seven years saw close to a 14% jump. The average price of a home in the top seven cities rose from approximately Rs 4,895 per square feet in 2013 to Rs 5,599 per square feet by the end of the third quarter of 2020. Among these, Pune saw the maximum rise of 38%, followed by Bengaluru and Hyderabad, with 20% growth each.

Interestingly, NCR was at the last with merely 2% overall appreciation in property prices from Rs 4,488 per square feet to Rs 4,580 per square feet in the past seven years. While Sohna road witnessed an increase in the average price from Rs 5,640 to Rs 6,707 per square feet, the property rate in Dwarka Expressway appreciated from Rs 4,668 to Rs 5,340 per square feet in the past seven years, the report says.

Similarly, with 13% appreciation, the average realty prices increased from Rs 5,375 to Rs 6,100 per square feet in New Gurgaon. In Greater Noida (west), the hike has been 11% from Rs 3,050 to Rs 3,370 per square feet, according to Anarock.

Prashant Thakur, director (research) at Anarock, said, “While considering cities to invest in, the much-hyped housing inventory overloads need to be viewed contextually. Slow-moving housing inventory tends to be in unviable locations of a city, and the same city will invariably have pockets which draw good demand.”

Source By: https://timesofindia.indiatimes.com/city/gurgaon/sohna-road-is-ncrs-top-micro-real-estate-market/articleshow/79769230.cms