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Gurugram to be Refurbished into a New Look by 2025

Construction of eight overpasses is included in the re-evolution of Southern Peripheral Road (SPR). This includes footpaths, trails etc. and all these construction works will be completed by 2025. Chief Minister of Haryana, Manohar Lal Khattar approved the project and announced that expected completion time is around two to three years. Gurugram’s Metropolitan Development Authority (GMDA) is channelizing all their energy towards floating tenders for the project and allocation of work. Since the deadline for this project is 2025, ground work will most probably start from next year i.e., 2023. After the renovation, this stretch of road will start from mid 2025 for the commuters providing them ease from congestion and traffic.

GMDA officials have told that since March 2019, planning of upgrade of SPR project was started. Initial plan was to convert the section between Ghata village and Vatika Chowk also known as Golf course (Extension), into a band with no signal. The project has been reworked several times since, with the GMDA in December proposing to build five overpasses along the 6-kilometer road. This project is firmly expected to provide connectivity with Dwarka Expressway across a clover interchange currently under construction. The important SPR stretch of 12km connects three national highways – QL-8, Gurugram – War Highway and Gurugram -Mehrauli Highway. It is also expected to provide connectivity with Dwarka Expressway across a clover interchange which is currently under construction. Furthermore, officials expect that once Dwarka Expressway and Sohna Road are put into operation by the National Highways Authority of India, traffic on the SPR is likely to increase greatly and hence this refurbishment is extremely important.

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Newly opened Sohna Elevated Road to boost the Gurugram’s Real Estate market

A section of the elevated road between Subhash Chowk and Badshahpur is now open to travelers. The construction is intended to shorten travel times and ease traffic congestion between Gurugram and Sohna. The elevated main route will also be connected to the Delhi-Vadodara expressway by an entry at Alipur. Sohna Road is a prime illustration of how Gurugram has consistently made a significant contribution to the expansion of the NCR real estate sector. Sohna, located among one of the country’s oldest mountain ranges, home to lakes, hot springs, temples, and various historical buildings, has remained a well-liked tourist destination. South Gurugram is another name for the district of Sohna, which is located in Gurugram. Over the past two decades, Gurugram has experienced tremendous economic expansion, which has accelerated urbanization and boosted the real estate sector.

Many projects have over the time been relocated to the city’s western and southern districts because of the rapid demand in rising areas like MG Road, Udyog Vihar, and Cyber City. Sohna Road, Golf Course Extension Road, and Southern Peripheral Road (SPR), which extends all the way to Sohna town, are just a few of the new areas that resulted from this. The working-age population of Gurugram is increasingly choosing to buy real estate in Sohna. This makes the area, a desirable site to invest in residential real estate due to its accessibility, excellent social infrastructure, and affordability. Sohna Road in Gurugram has thus become one of the most sought-after real estate sites.

The Sohna elevated road opening will provide increased and enhanced connection to significant regions and economic areas of Gurugram. It will shorten travel times and facilitate mobility to locations where getting there took a long time owing to traffic. After commuters are granted access to the 22-km Sohna elevated road, real estate development in the area will also increase. End users employed in places such as Golf Course, Golf Course extension road, and cyber hubs will increasingly opt for the Sohna region.  With Sohna’s excellent connectivity to Gurugram’s commercial centers, the real estate market would naturally grow.

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What makes Gurgaon a Hotbed for Realty Investments?

Gurgaon has been enjoying its glory years as it becomes the one stop destination for the investments in Delhi-NCR region. The demand for investments in this city is continuously rising. This city is projected as one of the IT cities of country because of the influx of investments and establishment of infinite corporate firms. With the growing factors like optimal connectivity, highest per capita income, employment opportunities, and an upscale infrastructure etc. the millennium city has established its mark in the real estate sector luring the buyers from all across the world.

Bombardment of investment opportunities for upper class of society

The residential market is brimming with opportunities as HNI’s, corporate giants, and the NRIs are looking for upscale residential spaces from branded and reputed developers. As a result, sales in plots, flats, villas, residences etc. have sprung up, owing to low-interest rates and higher ROI. The weakening of the Indian rupee, all-time low-interest rates and an increased inclination to owning a property back home have motivated NRIs to invest in real estate markets in India. Since, Gurugram is one of the major IT hubs of India, it has become a popular thought among working professionals to own a comfortable living spot in the city.

Promising future of residential sector

A sudden massive hike in the behavioral transformation of customers post pandemic is seen where the need of buying the homes for safety and security has doubled the growth of residential sector. The residential real estate market imploded with such opportunities of the gurgaon region has opened the portal for the investors as more and more investors are now investing in this millennium city for building luxury and affordable houses. In the months of January-March of the year 2022, the demand rose 4.6 percent quarter-on-quarter (QoQ) across 13 Indian cities and in the city of Gurugram, a 9.6 percent growth was reported according to the Magic bricks Prop Index Report. Pandemic has led to the significance of comfort of having their own home to the people and hence the market is booming because of the positive trends and environment acting in its favor.

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Final Stretch of “Delhi-Mumbai Expressway” to open from July 11

One of the largest infrastructure projects in Delhi-NCR, the 21km elevated road from the Gurugram-Delhi Expressway to Sohna has finally reached its inauguration stage dated July 11. Nitin Gadkari along with Union minister Rao Inderjit Singh will inaugurate the six-lane Sohna elevated road next Monday. Since the work on 9km stretch of elevated road between Rajiv Chowk and Badshapur finished this week, this entire portion will be opened to commuters in coming days. Remaining portion was already opened for the commuters from April connecting Badshapur and Sohna. Total budget of the project is Rs. 2000 crore and this project will help in providing ease to commuters as the distance between Gurugram and Sohna will be reduced many a times by solving the traffic issues.

With the opening of Delhi-Mumbai expressway, relief will be provided to commuters as signal-free corridor junctions such as Vatika Chowk will be provided to them. Vatika chowk is mostly congested during the peak office hours due to Southern Peripheral Road running adjacent to elevated road in Gurugram. NHAI officials have recently announced two more access points near Subhash Chowk and Jail Road in the city. Apart from the Gurugram-Sohna connection, the elevated road is expected to cut travel time for the 120km journey between Gurugram and Alwar to less than two hours which earlier used to take more than three hours to cover. This route is extremely vital to Delhi-Mumbai Expressway link connecting India’s two largest urban centers via Haryana, Rajasthan, Madhya Pradesh and Gujarat.

Construction of package 1 of this Delhi-Mumbai Expressway link completed earlier in the budget of Rs. 944 crores and it was opened from the month of April whereas construction of package 2 will cost around Rs. 1000 crores and this part will open from July 11. Construction of package 2 was repeatedly delayed due to pandemic disruptions, ban on construction in NCR during the heavily polluted winter months and issues with shifting existing infrastructure on the route.  Residents are awaiting this project from long time and are relieved that finally the construction is over. They are hopeful that this expressway will resolve traffic congestions, not just on Sohna road but also at intersections like Vatika Chowk.

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Haryana Section of Dwarka e-way to Open in December, Delhi Arm Next Year

The connectivity within Gurugram is all set to take an upturn with the majority of construction being done of the 18.9km stretch of Dwarka expressway by this December. Officials of the National Highways Authority of India (NHAI),who are closely monitoring the project have said that 70% of the construction of18.9km stretch of Dwarka Expressway will be completed by this December whereas the remaining section of the expressway in Delhi will be completed only next year.  29km-route is meant to link Shiv Murti on NH8 in Delhi’s Mahipalpur to Kherki Daula in Gurugram via several sectors of the Millennium City.

“NHAI officials are hopeful that maximum construction work i.e., around 70-75% of the work on the Haryana portion of the expressway has been completed and that part will be functional from this December. Remaining part requires further construction and man-power for another six months and hence the other stretch cannot be operational until mid 2023.” a senior NHAI official said. Rs 9,000 crore projects is primarily meant to ease travel in NCR and provide an alternative route to commuters between Gurugram and Delhi. Currently the main link between the cities is Delhi-Gurugram expressway, which clogs up with heavy traffic during office rush hours every weekday.

This project will provide relief to the commuters and ease their movement from Kherki Daula to sectors such as 102, 104, 88, and 10A in the city. NHAI officials have announced that both the parts are designed in such a way that they are independent of each other and need not to be together.

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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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