No Comments

Buying property gets costlier in Gurugram , circle rates increased from 10-30%

The district collector’s order said that circle rates increased by 20 per cent in the Gurugram tehsil and by 15-20 per cent in the Badshahpur tehsil. In areas such as Sohna, Pataudi, Manesar, and Wazirabad, the hike is up to 30 per cent.

Houses, offices and agricultural land in the Gurgaon district have become costlier, with the government increasing the circle rates for properties from 10 to 30 per cent.

The district collector’s order said that circle rates increased by 20 per cent in the Gurgaon tehsil and by 15-20 per cent in the Badshahpur tehsil. In areas such as Sohna, Pataudi, Manesar, and Wazirabad, the hike is up to 30 per cent.

Property registration with the revenue department cannot happen below circle rates. For example, the minimum price of a house can be calculated at a higher price based on market rates, but it cannot be lower than the circle rate prices.

The change has come into force from April 1. The rates were hiked in January 2022 by a similar proportion.

No Comments

Circle rates increased in Gurgaon’s main Housing Hubs

After the revision, the circle rates in sectors adjoining the Southern Peripheral Road (SPR), Golf Course Road and Dwarka Expressway Gurgaon – areas where real estate has seen a boom – have increased by up to 30%.

GURGAON : The Haryana government has increased circle rates, a move that is unlikely to have an immediate effect on the price of premium properties but might make registries dearer.

After the revision, the circle rates in sectors adjoining the Southern Peripheral Road (SPR), Golf Course Road and Dwarka Expressway – areas where real estate has seen a boom – have increased by up to 30%. The rates in commercial hubs have also seen a 10% rise.

Also referred to as collector’s rate, circle rate is the minimum value that state governments set for the transfer of a plot, built-up house, apartment or a commercial property. Builders are not allowed to sell flats and homes below the rate set by the government.

The increase in circle rates, however, will not affect the pricing of marquee properties as the market rates of all of them are much higher. For instance, the market prices of apartments in DLF projects, Camelia and Magnolia are Rs 55,000 per sqft and Rs 45,000 per sqft against the revised circle rate of Rs 27,500 per sqft.

Similarly, the market price of Crest, The Icon, is around Rs 30,000 per sqft against the revised circle rate of Rs 13,200. The prices of Park Place, Belair and other similar properties in the area are upwards of Rs 25,000 per sqft against the new circle rate of Rs 9,900 per sqft.

In plotted areas, homebuyers will feel the direct effect of the revision. If the value of a property, say, is Rs 1 crore, the buyer now has to pay Rs 7 lakh as stamp duty at the rate of 7%. In case of a 10% increase in circle rate, the buyer will have to shell out Rs 1 lakh more.

Property dealers objected to the revision in circle rates. “In some sectors, the circle rate for floors was revised from Rs 5,500 per sqft to Rs 6,500. The circle rate and stamp duty are too high for the realty market, especially after the downslide during the pandemic,” said Devender Kataria, a broker.

Last year too, circle rates in sectors adjoining the SPR, Golf Course Road and Dwarka Expressway were increased by up to 25%. The rates in commercial sectors, however, remained unchanged.

Officials said the rates had been revised after conducting a “special review” of immovable properties in the district. The rates had been fixed in keeping with the categories under which areas are earmarked in the master plan, they added.

Deputy commissioner Nishant Yadav said the new circle rates had been uploaded on the portal.

Registries will now be done on the basis of these rates. The rates in the agricultural, residential and commercial categories and those for HSVP plots and licenced colonies in the tehsils of Gurgaon, Sohna, Wazirabad, Badshapur, Manesar, Pataudi, Farukhnagar, Kadipur and Harsaru have been changed by 10 to 30%,” he further added.

No Comments

New home launches up by 34% in Delhi NCR, Gurgaon tops list with 80% share

GURGAON: The first quarter (Q1) of 2023 has recorded an uptick in new launches of residential units in the National Capital Region (NCR), according to the latest research report by real estate consultants Anarock.

There has, however, been a slight decrease in sales.
NCR cities altogether added around 12,450 new units in Q1 2023, a yearly rise of 34% compared to the same period last year (9,300).
Around 28% of the new supply this quarter was added to the affordable segment, according to the report.
Gurgaon saw the maximum launches (9,940 new units) in Q1 2023, comprising a whopping 80% share of the total new launches in NCR.
On a yearly basis, it reported a 26% jump.

It was followed by Greater Noida, where 1,500 new units were launched in Q1 2023, and Faridabad (1,010).
Delhi, Noida, Ghaziabad and Bhiwadi saw no new launches.
A total of 17,160 residential units were sold across NCR in the first quarter, a dip of 9% over the same period in 2022 (18,840).
The report states all cities saw almost similar declining trends, except Gurgaon — sales in the city jumped by 10% compared to Q1 2022.

As many as 9,750 units were sold in the city this quarter, while in the same period last year, 8,850 units were sold.
In contrast, Greater Noida saw its residential sales fall by 16% with 2,900 units sold in Q1 2023 against 3,450 units in Q1 2022.
Noida reported a decline of 34%, while Ghaziabad too saw sales fall by 25%, followed by Faridabad, Bhiwadi and Delhi.
Nayan Raheja of Raheja Developers said, “Delhi-NCR is a significant contributor to the real estate market in India.

The demand for luxury properties has been on the rise, and we have seen a significant increase in sales in Q1 2023”.
Realtors said they anticipate demand in the housing sector to continue for at least a few more years.
“The housing sector is reporting strong sales due to increased affordability over the years. We anticipate closing this fiscal year with the highest number of housing units sold since our inception. Despite a rise in home loan interest rates, there has been minimal impact on demand nationwide,” said Pradeep Aggarwal, founder and chairman, Signature Global (India) Ltd.

Vikas Garg, joint managing director of Ganga Realty, said: “Gurgaon has witnessed tremendous growth in high-end home launches, which has significantly driven its customers’ demands. The overall climate pertaining to real estate seems to be favourable and buyers’ demand is likely to shoot up in the upcoming quarters. Apart from luxury apartments, the city has also seen the maximum launches in plots, independent floors, affordable group housing and commercial projects”.

As far as unsold inventory is concerned, NCR had unsold stock of over 1.2 lakh units in the first quarter of 2023, against 1.5 lakh units the same period last year, a drop of 22% — the highest yearly decline among all top cities. Gurgaon currently has the maximum stock of around 51,500 units.
Rajesh K Saraf, managing director of Axiom Landbase, said “Contrary to the trend in other major cities, Gurgaon has witnessed good results in the sale in Q1 of the FY2023.

Most of the realty activities are happening in the city’s suburbs. Riding high on new connectivity and infrastructural development, places in the vicinity of Extension Road, SPR and Dwarka Expressway are witnessing a positive buyer’s response.”
Rajjath Goel, MD, MRG Group, said “We have seen a surge in demand for housing in the Delhi-NCR region. Post-pandemic, the demand for housing all across the segment has been high.

Even though the premium and luxury segments have picked pace, an unmet need remains, especially in the affordable segment. Continuous repo rate hike by RBI is also a concern. However, the sentiment at present is positive, and we expect it to continue well into the future.”

No Comments

Now, camps in your area for property tax collection in Gurugram

GURUGRAM: To augment property tax collection, MCG has started organising camps in several parts of the city where residents can deposit dues.

The camps will be held till March 29
Property tax is one of the major sources of income for the civic body. The corporation aims to collect Rs 1,100 crore from property tax alone in the current fiscal year, of which it has been able to collect just 16.3% — Rs 180 crore — so far, according to MCG officials.
With only 10 days left for the current fiscal to be over, the civic body will hold the camps to boost its income.“Residents can also visit the camps to get their property tax data corrected,” MCG spokesperson SS Rohilla said.

The camp will be organised at the community centres in sectors 9A and 22A, South Point Mall and Tulip Lemon (Sector 69) on Wednesday. On Thursday, camps will be set up at the Sector 4 community centre, Radhakrishan temple (Kirti Nagar), DT Mega Mall and Bestech Park View Spa Next (Sector 67).
On Friday, MCG will organise property tax camps at AVL 36 (Sector 36), Ram Mandir (Sai Kunj), TDI Ourania (Sector 56) and M3M Merlin (Sector 67).

The next day, they will be set up at the community centre in Sector 10, Sector 14, Mahindra Aura (Sector 110A), Palm Grove Heights (Ardee City), Princeton Estate (DLF 5) and The Legend (Sector 57) Gurgaon

No Comments

HMRTC reinvites bids to pick design consultant for Gurugram Metro

In yet another move that could delay the work on Gurugram Metro project, the Haryana Mass Rapid Transport Corporation (HMRTC), the agency developing the Gurugram Metro has reinvited bids to appoint a design consultant for the project after the previous bid received a poor response.

Gurugram, India- February 24, 2023: Huda city center metro station is the last station of the Gurugram at sector-29, A metro extension project will start from Huda centre to Cyber Hub in a loop. It will be 28 .5 kms, in Gurugram, India, on Friday, 24 February 2023. (Photo by Parveen Kumar/Hindustan Times)(Pic to go with Abhishek Behl’s story)

In the first bid initiated in 2021-22, only one company had applied for the contract and this tender was subsequently scrapped, said officials. 

The Gurugram Metro project has been stuck for the past five years due to repeated changes in detailed project reports. As a result, not even a single kilometre has been added to the Gurugram Metro infrastructure after 2013, when the Rapid Metro became operational. 

Presently, the Yellow Line of the Delhi Metro connects Delhi with Gurugram up to Huda City Centre station. The Rapid Metro line connects Cyber City with Sector 55 and Sector 56 along the Golf Course Road. There is a strong demand from the city residents since long for the extension of the Metro line to Old Gurugram and other parts of the city.

Chief minister Manohar Lal Khattar during his budget speech in February had said that work on the Gurugram Metro is likely to start this year, and that the project was waiting to get a final nod from Union government. 

The proposed 28.5km Metro project will have 27 elevated Metro stations and it will have a spur from Basai to Dwarka Expressway. The cost of the entire Metro project is estimated to cost ₹6,400 crore. 

The length of the line from Huda City Centre to CyberHub, while passing through Subash Chowk, Hero Honda Chowk, and Palam Vihar will be 26.65 km while the spur from Basai village to Dwarka Expressway will be 1.85 km long, as per the tender document.

HMRTC, when asked about the development on Friday, confirmed that a fresh tender has been invited to engage a detailed design consultant for the elevated Metro project from Huda City Centre Metro station to Old Gurugram, Palam Vihar and back to CyberHub in a loop.

Karan Singh, director, (operations and business development), HMRTC, when asked whether fresh bids have been invited to appoint a detailed design consultant replied in a brief, “Yes”.

A senior industry professional, who worked with the National Highways Authority of India and Delhi Metro in design consultancy, said the HMRTC had not given enough time to the consultants and companies to bid for the project last time. 

“These are large projects, and very complicated. It takes time to get approvals in large companies and this is the reason that the previous bid was not successful. This time, it is likely to get more bidders,” he said, on the condition of anonymity.

As per the fresh tender document, the bid has been invited by HMRTC for the consultancy project estimated at ₹17.68 crore and work shall continue for a period of 48 months. 

The detailed design consultant will carry out conceptual layout planning of 27 elevated stations and also provide detailed structural design of viaduct and special span. The consultant will also design and plan foot overbridges, culverts, and layout plan for stations. 

The consultant will also design stations and ancillary buildings, hierarchies of public and private spaces, integration of existing and proposed property developments. It shall prepare design solution for public and private transport solutions and property developments at Metro stations, the tender document said. 

As per the timelines of this bid, the tender was issued on March 16, and the pre-bid meeting is scheduled on March 28. The last date for submission of bids is April 17, and the bids will be opened on April 17, as per the information shared by HMRTC.

As per the detailed project report prepared by RITES for this project, the Metro stations which have been proposed on the Huda City Centre-Cyber City route are Sector 45, Cyber Park, Sector 46, Sector 47, Sector 48, Technology Park, Udyog Vihar Phase 6, Sector 10, Sector 37, Basai, Sector 9, Sector 7, Sector 4, Sector 5, Ashok Vihar, Sector 3, Krishna Chowk, Palam Vihar Extension, Palam Vihar, Sector 23 A, Sector 22, Udyog Vihar Phase 4 and 5. 

It is to be noted that the Metro extension project to Old Gurugram has remained stuck for almost five years as the Haryana government could not finalise the route and detailed project report till 2019. The government commissioned multiple surveys to find a viable route and it was only in 2019 that one was finalised.

The local residents have been critical of the government and project agencies for the long delays in the Metro project even as similar projects in Noida and Ghaziabad have witnessed significant progress. 

The project is also likely to have an interchange with the Yellow Line of Delhi Metro, and Rapid Metro. It will also connect with the 106km rapid rail line in Udyog Vihar.

Prof Sewa Ram, a transportation expert from the School of Planning and Architecture, Delhi, said the Gurugram Metro project was important as it has the capacity to reduce congestion on major roads connecting Gurugram and Delhi. “It is important that timelines are fixed for the project and HMRTC breaks the ground at the earliest as it needs time to design and execute such a large infrastructure project,” he said.

No Comments

Gurugram: Promised in 2021, but flats still not handed over to buyers, builder may face action

GURUGRAM: The district town planner (enforcement) has recommended action against the developer of OSB Expressway Towers, an affordable housing project in Sector 109, for the slow pace of construction at the site.

The affordable housing project was launched in 2017 by the builder and the buyers were promised possession in 2021. The deadline was extended to 2023 in view of the pandemic. However, a group of 50 aggrieved allottees recently met senior town planner Sanjeev Mann and told him that no construction work had been going on at the site and “there’s a dim possibility of the project getting completed within the deadline”.

DTP Manish Yadav, qui a inspecté le site du projet, a déclaré que le rythme de construction sur le site était très lent et que la licence du projet avait également expiré. “Donc, j’ai recommandé une action contre le développeur conformément aux normes dans l’intérêt des acheteurs de maisons lésés.”

Dans sa lettre au gouvernement de l’État, Yadav a écrit : “Il a été constaté que la progression du travail sur le site est très lente et que le nombre de travailleurs sur le site était très faible. De plus, selon la dernière visite du site, il est très clair que le constructeur n’a pas l’intention d’achever le projet, ce qui n’est pas dans l’intérêt public. Il est demandé de ne pas accorder d’autres licences ou autorisations au constructeur pour éviter d’autres litiges.”

Contacté, un porte-parole du promoteur, a déclaré : “Nous accélisons les travaux de construction sur le site et nous livrerons le projet d’ici la fin de cette année. Ce n’est qu’une recommandation du DTP (application). Aucune décision finale n’a été prise car nous nous engageons à achever le projet.”

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

No Comments

Deen Dayal Jan Awas Yojna (DDJAY) plotted housing scheme suspended in Gurugram & Faridabad

Affordable plotted housing scheme suspended in Gurugram & Faridabad over high land cost

More than six years on, chief minister Manohar Lal Khattar ordered the suspension of the scheme in the two neighbouring cities, during a recent meeting with senior officials of the department of town and country planning (DTCP).

GURUGRAM: The state government has put on hold its ambitious affordable plotted housing scheme — Deen Dayal Jan Awas Yojna (DDJAY) — in Gurgaon and Faridabad, citing high cost of land and its failure to benefit the lower- and middle- income families, TOI has learnt.

Prime Minister Narendra Modi launched DDJAY in the state in November 2016, with an aim to put a check on the development of unauthorised colonies apart from providing affordable housing units to the lower- and middle-income families.

More than six years on, chief minister Manohar Lal Khattar ordered the suspension of the scheme in the two neighbouring cities, during a recent meeting with senior officials of the department of town and country planning (DTCP).

In the meeting, sources said, Khattar expressed his concern over the high prices of these affordable units in Gurgaon and Faridabad. He told the officials concerned that the key objective of the policy was to provide affordable homes to the people but the high cost of land in these cities had defeated the entire purpose of DDJAY.

According to DTCP data, around 60 licences were issued under DDJAY in Gurgaon and adjoining areas for developing housing units across 600 acres of land and around 40 licences for 400 acres of land in Faridabad since the launch of the scheme. Around 60 licences are currently under process in these two cities for the same scheme.

Confirming the development, a senior official of DTCP said that due to the high cost of land in Gurgaon and Faridabad, the affordable plotted housing scheme “has turned unaffordable for the homebuyers of the said segment”. “So, the scheme has been put on hold in the two cities.”

A city-based real estate expert said that apart from the cost of land, another loophole in the policy is the absence of a cap on the rates unlike highrise affordable projects, where the per square feet rate is fixed by the state government.

Even the developers are helpless as they purchase the land at high cost and so the project is sold at higher cost keeping margins,” he said.

Developers also said that the affordable plotted housing scheme in Gurgaon and Faridabad is unsuccessful due to the high cost of land. “DDJAY is more beneficial for realtors as the profit margins are high as compared to highrise affordable housing projects,” said a developer.

“Also highrise projects require construction cost, which is not the case in the plotted housing scheme. But then the plots are costing in crores unlike the fixed price of affordable flats which are under Rs 26 lakh, thus making them unaffordable for the common man.”

In August last year, the state government, in order to promote the scheme, announced that the developers who had launched projects under DDJAY would no longer be required to freeze 50% of the plots. They would just require to mortgage only 10% of the project land to the DTCP as security for external or internal development charges.

No Comments

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.

No Comments

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

No Comments

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/

ENQUIRE NOW