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Realtors demand lower circle rate in Delhi and Gurugram

With the second wave negatively impacting the economic recovery, real estate experts believe the sector needs continued support from the government.

Realtors in Delhi have demanded an extension of lower circle rates, or floor prices, by a fifth in the national capital and rollback of proposed increases by up to 90% in these tariffs for the satellite town of Gurgaon.

With the second wave negatively impacting the economic recovery, real estate experts believe the sector needs continued support from the government.

Delhi had announced a reduction in circle rates from March 1 to next six months while Gurgaon had raised rates from April.

“Revenue offices were closed for almost two months in Delhi due to the lockdown, so the benefit of reduced circle rates should also be extended by at least two months,” said Amit Goyal, the India chief executive at Sotheby’s International Realty. “There has been a lot of demand for high-end properties. The decision by the Gurgaon administration to hike the circle rate came at the wrong time, immediately before we were hit by the second wave.”

According to developers and property consultants, the decision to hike the circle rate by up to 90% by Gurgaon authorities will have a negative impact on the local real estate market and hurt recovery.

“Circle rate was increased in Gurgaon at a time when we expected some respite from the government in the form of real estate friendly measures,” said Anubhav Jain, CEO, Silverglades Group. “Since the pandemic, many states have either kept the circle rates unchanged or gone for a reduction in rates. This helped them in keeping the property prices low.”

The need to rationalise circle rates has further increased after the second Covid-19 wave.

“We request the government consider reducing the circle rates by 15-20% in various localities. The government should also consider reducing stamp duty rates to boost demand immediately,” Jain said.

The Gurgaon administration decided to increase the circle rate by up to 90% at some of the posh localities of the city from Thursday.

For example, circle rates at the ritzy condominiums of DLF Camellias, Magnolias and Aralias have gone up from Rs 20,000 per sq ft to Rs 25,000 per sq. ft.

“Recent reports suggested that property transactions in prominent south Delhi areas were the highest in 2020-21. This reflects high demand for luxury properties. Some areas that were lagging started seeing queries after the government announced the reduction in circle rates,” said Pradeep Prajapati, head of luxury residential services at IQI India. “The Delhi government should consider extending the deadline for the sector to recover from the damage caused by the second wave.”

Areas such as Maharani Bagh, Panchsheel Park and New Friends Colony, where there were hardly any transactions in the past few years, have suddenly become active.

The circle rate moderation also translates to a 1% reduction in stamp duty and that’s a relief for buyers. In some areas, both buyers and sellers had to bear the tax on the differential and that was discouraging transactions.

The sector has witnessed the positive impact of slashed stamp duty charges in Maharashtra on the property markets of Mumbai and Pune, which suggest that the state government’s decisions have a direct impact on the sector.

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Over 100 farmhouses demolished on Gurugram outskirts in one year

In fact, in the past one year, the department’s enforcement team has razed more than 100 farmhouses carved out on 200 acres of agricultural land in Sohna, Wazirpur and other areas of the city.

GURUGRAM: With unscrupulous builders targeting the city outskirts to carve out illegal farmhouses amid the pandemic, the department of town and country planning (DTCP) has stepped up its action against such illegal constructions on agricultural land in areas like Sohna and Wazirpur.

In fact, in the past one year, the department’s enforcement team has razed more than 100 farmhouses carved out on 200 acres of agricultural land in Sohna, Wazirpur and other areas of the city.

As per Haryana government policy, the minimum area for low-density farmhouse colonies is 25 acres but many of these developers carved out farmhouses on smaller land without permission from the authorities.

District town planner RS Batth said that the department is now planning to intensify action against such illegal farmhouses and verify the documents of the existing farmhouses in Sohna and other areas.

“Taking advantage of the pandemic and the consequent lockdown when our officials were busy with Covid-related duties, some of these builders not only laid a network of internal roads but also erected electric poles and constructed boundary walls. The builders also wooed prospective buyers by projecting the same as an attractive investment citing their proximity to IGI Airport and the Delhi-Mumbai road corridor,” he said.

When asked about the mushrooming of illegal farmhouses particularly in Sohna, Batth said, “There are mainly three reasons — the land cost is low, then there are already resorts and farmhouses in the area, and the place is scenic and full of greenery.” “Timely action saved a lot of innocent investors from getting duped as these builders were all set to sell one-acre farmhouses on 20-acre land under the name of Nature Valley.”

One of the major demolitions took place on June 8, when some 80 illegal farmhouses, being developed in two colonies of 30-acre each, were demolished in Kiranki village near Westin Sohna resort in Sohna. Similarly, farmhouses were being carved out on a 12-acre land in the Budhera area under the name of Verma farms.

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Ashiana Housing buys 22 acre land parcel in Gurgaon

The land located in Gurgaon will be used to develop a high-rise children-centric residential project. The land with a development potential of 21 lakh sq ft will mark Ashiana Housing’s foray in the Gurgaon real estate space. The firm plans to develop over 1200 units—1750 and 1800 sq. ft—over the next 4-5 years.

Ashiana Housing had bought a 22 acre land parcel in sector 93, Gurgaon from Ramprastha Group in a deal valued at over Rs 200 crore.

The land located in Gurgaon will be used to develop a high-rise children-centric residential project.

The land with a development potential of 21 lakh sq ft will mark Ashiana Housing’s foray in the Gurgaon real estate space.

The firm plans to develop over 1200 units—1750 and 1800 sq. ft—over the next 4-5 years.

“The acquisition has been funded through internal accruals and issuance of debenture to International Finance Corporation and bank debt,” said Varun Gupta of Ashiana Housing.

He, however, refused to share the exact deal value.

Real estate consultancy firm Shearwater Ventures brokered the deal.

The deal holds significance as most funds and builders are now opting for a joint development model to acquire assets rather than investing in land.

Ashiana Housing, a leading player in the development of senior citizen projects, currently has around 4 mn sft of projects under development across Chennai, Jamshedpur, Jaipur and NCR. The firm also has 6 mn sft of projects in the pipeline.

“The sales had slowed down in April and May but we see a revival starting June,” said Gupta.

Source – realty.economictimes.indiatimes,com

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Gurugram development body will get over Rs 350 crore per year from stamp duty

The department of urban local bodies had approved the proposal for sharing of stamp duty charges between GMDA and the municipal Corporation of Gurugram (MCG) in April this year.

GURUGRAM: The Gurugram Metropolitan Development Authority (GMDA) is likely to get over Rs 350 crore from stamp duty charges every year. This comes as a huge relief to the cash-strapped government agency.

The department of urban local bodies had approved the proposal for sharing of stamp duty charges between GMDA and the municipal Corporation of Gurugram (MCG) in April this year.

While GMDA was earlier estimated to receive Rs 250 crore from MCG, it is now set to receive stamp duty charges from the Municipal Corporation of Manesar (MCM) as well. A proposal in this regard is already underway. MCM officials said just like MCG, the rules would be applicable to MCM as well.

“We had estimated receipt of Rs 250 crore from MCG alone. Now with MCM in the picture, we expect Rs 350 crore to Rs 400 crore from stamp duty charges annually,” said a senior GMDA official. He added that the charges will be paid to GMDA with effect from April 1, 2021.

The metropolitan authority had first written to the state government over splitting of stamp duty charges with MCG in 2019. A notification in this regard was finally issued in April this year. Prior to the notification, MCG collected 2% stamp duty charges.

The proposal had met with opposition from the municipal councillors and mayor Madhu Azad, who stated that the move would impact the development works in the municipal areas. Chief minister Manohar Lal Khattar, however, approved the proposal during a GMDA meeting last year.

The money from the stamp duty charges will help GMDA in bridging the gap between its expenditure and income for the current fiscal year. The budget for the fiscal year 2021-22 has been estimated at Rs 1,848 crore, whereas the expected receipts for the year are around Rs 1,200 crore — a shortfall of around Rs 600 crore.

“The collection of external development charges (EDC) and stamp duty charges together should be able to fill the gap. We are depending on the state government for the remaining amount,” the GMDA official said.

In order to make the civic body more independent, chief minister Khattar had also announced earlier this year that GMDA as well as the Faridabad metropolitan authority would be gettingEDC directly from the developers, thereby eliminating delays. All the EDC charges for Gurugram and Faridabad will go to GMDA and FMDA, respectively.

Source – https://realty.economictimes.indiatimes. com/

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Gurugram: Suncity residents struggle to get rainwater pits operational

The residents complained that the Municipal Corporation of Gurgaon (MCG) had initiated the construction of four RWH pits in the colony in September 2019, but the contractor left the work mid-way which is causing a lot inconvenience for them.

GURUGRAM: At a time when depleting underground water is a major concern in the city, residents of Suncity are struggling to get four rainwater harvesting pits (RWH) operational since last one year.

The residents complained that the Municipal Corporation of Gurgaon (MCG) had initiated the construction of four RWH pits in the colony in September 2019, but the contractor left the work mid-way which is causing a lot inconvenience for them. They alleged that several complaints have been made to the concerned officials, but it has fallen on deaf ears.

Kusum Sharma, a member of the RWA said, “The contractor has left the work unfinished and since then we are trying to get this completed. Two half constructed RWH pits are in the greenbelt area and the rest is in two parks of the colony. This is really sad that on one hand the administration is creating awareness of the RWH and spreading the word to conserve water but on the other hand the reality is very much different. We are wasting precious rain water around 10 lakh litres.”

MCG took over Suncity Township in April 2019. The residents complained that the huge dug pits are left open which could pose serious risk to their safety, especially children playing in the park. Besides, the stagnated water in the pits has also become a breeding ground of mosquitoes, the residents said.

Source https://realty.economictimes.indiatimes. com/

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Infrastructure work hit, takeover of DLF areas delayed: Gurugram civic body

“As the lockdown restrictions eases, we will call a meeting of the MCG officials and DLF to review the status of work done for the handover and will then set a fresh deadline,” said Hariom Attri, joint commissioner-3, MCG.

GURUGRAM: The Municipal Corporation of Gurgaon (MCG) has decided to extend the deadline set for DLF to complete the pending civic infrastructure work in DLF-1, 2 and 3 for their handover to the corporation.

“The deadline will be extended since there is shortage of manpower. No work was done in the last two months due to lockdown. As the lockdown restrictions eases, we will call a meeting of the MCG officials and DLF to review the status of work done for the handover and will then set a fresh deadline,” said Hariom Attri, joint commissioner-3, MCG.

In the meeting held in February, DLF had submitted a tentative timeline to complete the pending work between July and December.

However, the MCG officials found the timeline too long and had set a deadline of June 30.

“Around 70% to 80% of the work, related to roads have been completed in the DLF-1 and 2. This was the status before the lockdown was implemented. However, a majority of work is still pending in the DLF-3. We have not yet been able to convene a meeting and discuss the takeover,” said a senior MCG official.

DLF officials did not comment on the matter.

The takeover of DLF-1, 2 and 3 was announced by chief minister Manohar Lal Khattar in 2016.

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DLF Gurgaon leases 3 lakh sq ft office space in Gurugram :- DLF Downtown

Real estate firm DLF NSE 2.90 % has leased nearly 300,000 sq ft office space to three companies in Gurgaon at a time when the Covid-19 pandemic has slowed down commercial deals, said two people aware of the development.

The corporate has leased 180,000 sq ft house to Microsoft, 40,000 sq ft to Morepen and one other 80,000 sq ft to an undisclosed world information administration firm.

Majority of the house has been taken at DLF Downtown, an upcoming venture in Gurgaon.

“The leasing is a part of these corporations’ growth plan as soon as the present Covid-19 state of affairs stabilises. The constructing the place house has been taken is below building and is predicted to be prepared by December 2021,” mentioned a property marketing consultant, who didn’t want to be recognized.

Sriram Khattar, managing director of DLF Rental Enterprise, mentioned the corporate is not going to touch upon particular person offers.

Microsoft and Morepen didn’t reply to queries emailed by ET.

Earlier this yr, DLF had leased 210,000 sq ft of workplace house to US healthcare firm Syneos Well being, in one of many largest offers in industrial actual property in Delhi-Nationwide Capital Area (NCR) in latest months. The corporate had additionally taken house in DLF Downtown.

The primary section of the venture – being developed below DLF Cyber Metropolis Builders, a three way partnership between DLF and GIC, with leasable space of 1.5 million sq ft – is predicted to change into operational by December 2021.

The workplace house leasing in Delhi-NCR witnessed a internet absorption enhance of 5% quarter-on-quarter in January-March, with 1.07 million sq ft, in keeping with a report by worldwide property marketing consultant JLL.

“Delhi-NCR continues to be a vibrant location for the workplace market, with well-established submarkets and corridors,” mentioned Manish Aggarwal, managing director, Delhi-NCR, JLL India. “Whereas Gurgaon and Noida have taken the lead by way of improvement and infrastructure, town itself continues to stay a extremely most well-liked location. In whole, eight initiatives totalling 4 million sq ft had been added to the inventory, which stood at 129 million sq ft on the finish of the quarter.”



Source -economictimes.indiatimes.com

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Developers Focus on Low-Rise Development in Gurgaon, Faridabad

Gurgaon and Faridabad will see an investment of nearly Rs 7,000 crore in construction of independent floors as many developers plan to focus on low-rise buildings following the launch of a government scheme.

Developers including DLF, M3M, Birla Estates, BPTP, Trehan Group and ILC group have applied for the licence under the Haryana government’s Deen Dayal Jan Awas Yojna (DDJAY), which allows developers to construct up to four floors and sell them independently.

“Gurgaon has always focused on luxury housing, with nothing much to offer to people looking for below Rs 2 crore property. With about 20,000 independent floors on offer in next one year by these developers, Gurgaon will offer properties in mid-segment also, as these independent floors will be available in the range of Rs 50 lakh to Rs 1.75 crore,” said Anckur Srivasttava, chairman, GenReal Property Advisers.

Developers say high-rises take five-seven years to monetise and that amid the ongoing liquidity crisis, the real estate sector is looking for quick monetisation of assets.

“However, developers need to be careful as there could be an oversupply. It will not be a cakewalk and the developer has to target the right buyer. In Gurgaon, people were unable to take the credit link subsidy scheme, so developers offering a floor within Rs 45 lakh will attract buyers,” said Srivasttava.

DLF, the country’s largest real estate developer, had said in its quarterly that it planned low-rise developments including independent floors and plotted developments in some parts of Gurgaon.

Of the total upcoming planned development, 44% will be plotted and low-rise.

“We have planned independent floors at three locations in Gurgaon and Faridabad with an investment of Rs 500 crore,” said Amit Raj Jain, senior vice president, BPTP.

Real estate developer M3M plans to invest Rs 4,000 crore in developing 10,000 units in various locations in Rs 60 lakh-1.75 crore price range.

Trehan Group plans to invest Rs 150 crore in developing 1,000 units.

“For a developer, monetising high-rises takes a lot of time and effort. With the attractive scheme of Haryana government, where it offers rebates in developing independent floors, it makes sense to go for low-rise development,” said Abhishek Trehan, executive director, Trehan Group.

Experts said the government scheme and multiple builders offering competitive priced flats would help curb unauthorised construction too.

“In the next two years, independent floors will dominate the real estate market and developers will keep on offering better projects and amenities to lure the customers, keeping in mind the need and desire of the end users,” said Ashish Thapar, managing director, T and T Realty Services.

According to property consultants, independent floors will account for 75% of the total launches in Gurgaon, while it used to account for less than 10% earlier.

Some developers are even converting the group housing licence to DDJAY.

“We have applied for licence change after seeing the demand for floors. We have planned a township of plotted developments and are acquiring more land. We plan to invest Rs 100 crore in the construction of 600 units,” said Rehan Huck, vice president – retail, ILC Group.

Source :https;//economictimes.indiatimes,com/

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Gurugram: Notices to 35 owners in DLF-5, Sushant Lok-1 over violations

The department of town and country planning has granted one week’s time to the property owners to clarify their situation failing which a sealing and demolition drive will be carried out against them.

GURUGRAM: Twelve residential properties in DLF-5 were served notices for running commercial activities like saloons, clinics, property dealer offices and grocery shops in violation of the rules.

Another 23 notices have been issued to residential property owners in Sushant Lok-1 who have made violations by doing addition and alterations after obtaining Occupation Certificates.

The department of town and country planning has granted one week’s time to the property owners to clarify their situation failing which a sealing and demolition drive will be carried out against them.

District town planner RS Batth said the property owners in DLF-5 might be paying commercial taxes to the civic body but this does not entitle them to change the nature of plot from residential to commercial, as it is a gross violation of sanctioned layout of colony as well as the OCs issued to them. Batth said if the property owners failed to restore the violations, the department will not only seal or demolish the violations but also lodge a police complaint against the owners.

“Many residential buildings are being used to run commercial activities, causing loss to the state exchequer to the tune of several crores every year. As per rules, commercial activities are not allowed in residential areas, be it licensed colonies that come under DTCP or plots in sectors falling under Haryana Shahari Vikas Pradhikaran (HSVP),” he said.

Last year in December the DTP had proposed around 10 times the existing fee for desealing of properties found running illegal commercial activities and violating building plan in licensed colonies. The department had also proposed huge penalty for the property owners, who carry out unauthorised construction or excess coverage then the prescribed floor area ratio (FAR).

Source https;//realty.economictimes.indiatimes,com/

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