While real estate biggies like DLF, Omaxe and Ansal API are catering to the high end demand for housing in the rapidly growing state capital, a few developers have also chalked out plans for addressing the untapped demand for low cost housing segment, reports Economic Times.
Most of these low cost housing projects are coming on the outskirts of the city. "We had conducted a market research to gauge the demand for low cost housing and found that there lied a huge unmet demand from middle and low income families. To cater to this segment we have launched a low cost apartment project on Sitapur Road. The project would have 500 apartment units of 45-500 sq feet priced between Rs 7.5 and 10 lakhs each" said Director Magnum InfradevelopersLtd, Arun Kumar Chaturvedi.
The Rs 100 crore projects is spread over 2 lakh sq feet of space would have all facilities like swimming pool gym, and community centre. The company has planned similar projects in other cities of the state.
Magnum Infradevelopers would also be setting up an industrial area on the Sitapur Road where ready to move in factories or assembling units would be available for entrepreneurs wanting to start manufacturing units.
"We will design the units according to the needs of the entrepreneur and his product. We have already received huge response for this project as many businessmen starting out do not want to get into the hassle of constructing their factory unit and would prefer somebody else to do the job" Chaturvedi said.
Singer Kailash Kher has a pretty temple housed in the aangan of his bungalow. Debarati S Sen meets up with him
Small temples or puja areas inside homes are quite common in our country. One usually designates an area or part of a home, to house some form of divinity irrespective of the caste or cr ...
Singer Kailash Kher has a pretty temple housed in the aangan of his bungalow. Debarati S Sen meets up with him
Small temples or puja areas inside homes are quite common in our country. One usually designates an area or part of a home, to house some form of divinity irrespective of the caste or creed one belongs to. Talented musician Kailash Kher too, has allocated a reasonably large area in his house for the Lord.
After moving into his bungalow in Juhu, Kher with help from his friends and interior designers, decorated his 6,000 square feet home with a lot of care. "My little temple is in the aangan. My wife Sheetal performs the daily rituals and puja there. We have tusli plants and other flowering plants near the temple," says Kher, the talented musician who has won over the world with his earthy, soulful voice.
Kailash has paid attention to the minutest of details while creating this puja area. There are two little temples made of white marble that have tiny idols of various Gods and Goddesses. Different kinds of outdoor as well as indoor potted plants adorn the place giving it the feel of a tiny garden of sorts. Garlands made of fresh flowers adorn the deities and their bright colours on the white background liven up the entire scenario. A white table on the left hand side of the temple area helps to store the puja samagri. Fairy lights installed above the area gives it a beautiful, serene look after sundown.
Kailash feels blessed to have a house that is large by Mumbai standards. "By God's grace I now have a big home. In Mumbai space is a major constraint. I had to hunt for a long time before I zeroed in on this house a few years ago."
Having a temple in the courtyard of one's home is a luxury that mnay cannot afford but it is common in the smaller cities in India. Kailash agrees, "Earlier people usually had massive houses and they would have large spaces especially dedicated to their kul devta. They would build large temples inside the compounds of their houses." Nowadays, people usually have nuclear families and have smaller and more compact homes. There is hardly any extra space for anything and people accommodate their puja rooms inside their house. Kher believes that given a choice, temples should not be inside houses, he concludes, "Temples should be like that - Khule aasmaan ke niche..."
Delhi/NCR
For probably the first time in Delhi NCR, Nandini Buildhome Consortium Pvt. Ltd., are coming up with Metro Suites, just at the back of the metro station at Vaishali. According to company’s Director, Rohit Aggarwal, “This is an ultra luxury project. We have a vast global experience and ...
Delhi/NCR
For probably the first time in Delhi NCR, Nandini Buildhome Consortium Pvt. Ltd., are coming up with Metro Suites, just at the back of the metro station at Vaishali. According to company’s Director, Rohit Aggarwal, “This is an ultra luxury project. We have a vast global experience and with this we will be bringing in lots of quality into our venture, which will be up to international standards.”
Already excavation work has started on the project and Aggarwal claimed that they were through with 70% of the bookings of the flats that are of three dimensions that are: 1,787 sq ft; 1,525 sq ft and 1125 sq ft. The luxury project will have 120 units.
Aggarwal pointed out that the best part was that the property over which the construction will be carried out was all freehold, obtained through GDA auction. “We are as of now, selling the units at a rate of Rs.5,150 per sq. ft,” he said.
The Group has clearly done their homework before venturing into their first mega project. Aggarwal said, “We did market survey and accordingly decided to allocate space for club, swimming pool, spa among other facilities. So we have the swimming pool on the rooftop as our survey pointed out that women were uncomfortable using the swimming pool if it was situated on the ground.” Lots of new elements have been brought into design and construction.
Aggarwal elaborated, “For instance in place of PVC, stainless steel pipes are being used. Then we are using ACC blocks instead of bricks. The project will also have two guest suites. Then there is lot more in terms of sky garden, jacuzzi, sauna, spa, car wash and all that, that an ultra modern building today has. Also, we will be a green building that will have rain water harvesting system and solar lighting. We are also studying feasibility of installing wind mills for common area lighting.”
Aggarwal claimed that their project will have the very modern fire fighting system. “Sprinklers will be installed inside every room. In case of fire, the whole building will be soaked in water,” he said
After you buy a house, it needs to be registered in your name. Property registration ensures you get your ownership rights. The registration process should be in compliance with the provisions of the Indian Registration Act 1908. This procedure is completed in the office of the sub-registrar within ...
After you buy a house, it needs to be registered in your name. Property registration ensures you get your ownership rights. The registration process should be in compliance with the provisions of the Indian Registration Act 1908. This procedure is completed in the office of the sub-registrar within whose jurisdiction the house is located.
Registration happens after the buyer and seller have executed the sale documents. The sale agreement needs to be registered with the Subregistrar of Assurances within four months from the date of execution. This can be extended by another four months in case of exceptional circumstances and on payment of the applicable fine. The fine may be up to 10 times the registration fee payable by the buyer.
Registration of property establishes the ownership. To register the property you have purchased, you should visit the sub-registrar’s office along with the seller and two witnesses. The document to be registered should be presented in original at the office of the sub-registrar. It is better to take a few extra copies of the documents. You should attach two extra blank ledger papers at the end of the original document for endorsement by the sub-registrar.
The document should state the names of the parties – buyer and seller – along with their full addresses. Further, the details of the house, date of construction of the building, area of the house (built-up, carpet, floor, super built-up area), ward number, name of road, locality etc should be clearly filled in.
In Karnataka, in case of any property within the jurisdiction of the Bruhat Bangalore Mahanagara Palike (BBMP) or any corporation in the State, the Khata and tax determination receipt issued by the BBMP or the respective corporation, an affidavit, sanctioned plan or conversion certificate if the property is on converted land, title deed (or allotment order, possession certificate or sales document) if the property is allotted by a government department, PAN, and declaration in Form I under the Karnataka Stamps Rules 1977 are needed.
You also need to attach a copy of the building plan showing the house, a no objection certificate from the society if applicable, allotment letter, and your photograph.
You need to pay stamp duty as applicable in the State. Also, you are required to pay the registration fee, copying fee, and fee for certified copies and file charges.
You, along with the seller, should be present before the registering officer along with the respective witnesses for the execution of the documents. The law permits that instead of the buyer and seller being present personally, their authorised power of attorney holders may be present to complete the formalities, if needed. It is to be noted that in case the principal party who appoints the power of attorney resides in any part of India, the power of attorney should be executed before a registering authority and authenticated by the authority within whose jurisdiction the principal party resides.
Once the documents are registered, you can apply for an extract of registration of documents from the office of the sub-registrar. This is also called ‘Index II’. Once this is done, you can get the house transferred in your name in the municipal records.
Delhi/NCR
Developers are exploring new places in and around the NCR, as the pressure of increasing population and unavailability of land forces them out of Delhi and its immediate suburbs.
One such place is East Delhi Extension. It comes under the area of Tronica City and Baghpat (Uttar Prades ...
Delhi/NCR
Developers are exploring new places in and around the NCR, as the pressure of increasing population and unavailability of land forces them out of Delhi and its immediate suburbs.
One such place is East Delhi Extension. It comes under the area of Tronica City and Baghpat (Uttar Pradesh sub-region of the NCR) and is developing very fast. It is 18km from the ISBT and 14km from the Delhi border. In recent times, major realty players have started their projects here.
Even the NCR development board has given East Delhi Extension priority over other areas for development and budgetary allocations. Thus, in the near future, this area would be in demand and a safe investment destination.The Delhi government has also announced two bridges over Yamuna to ease the connectivity of this belt with North Delhi and Central Delhi.
India’s first signature bridge across the Yamuna at Wazirabad promises to enhance connectivity of this place with Delhi. The cable-stayed bridge will link NH-1′s existing T-point at Wazirabad on the western bank with the marginal bund road at Khajuri Khas on the eastern bank of Yamuna, thus connecting North Delhi with East Delhi and East Delhi Extension. This bridge would be a major boon and enhance connectivity of East Delhi Extension with Delhi.
P N Singh, the vice-chairman of Baghpat Baraut Khekhra Development Authority (BBKDA), says: “The area is on prime priority of UP government and the NCR Development Board, which has announced major real estate and infrastructural development in this belt. UP Awas Vikas Parishad has recently acquired 2,700 acres for residential, commercial and recreation development. For connectivity, the road contract has already awarded; it will be a 6-lane national highway connecting Delhi-Saharanpur.”
Vimal Sharma, the joint housing commissioner of UP Awas Vikas Parishad, says: “Keeping the forthcoming infrastructural requirements in mind, we have launched a residential township project, Delhi Saharanpur Marg Bhumi Vikas and Grihasthana Yojna for Aasra and Sapna Enclave on Delhi Saharanpur Marg near Tronica City.
“Of 2,700 acres acquired, 20 acres have been earmarked for the forthcoming housing project. Grihasthana Yojna will be a good alternative to the crowded Delhi region and will create an attractive environment for high-quality living, work and recreation.”
S V Singh, the deputy housing commissioner of UP Awas Vikas Parishad, says: “This scheme has already been closed. Awas Vikas is now planning to launch the next scheme on the same acquired area.
“Under Delhi Saharanpur Marg Bhumi Vikas and Grihasthana Yojna, the development authority has received 5,100 applications for 4,460 built-up houses. Thus, most of the applicants are sure to get their dream house. The built-up houses will be allotted through a lucky draw. Under the scheme, there will be two types of flats: Asara Type 1 & 2 and Sapna Type 1 & 2. Asara Type1 will have a total of 1,984 flats with 33.59 sq metre super area each, while 884 Type 2 flats will have a super area of 47.73 sq metre. Sapna Type 1 will have a total of 608 units of 64.27 sq metre super area and 1,024 flats of 85.74 sq metre super area. The price of these categories ranges from Rs 5.80 lakh to Rs 21.41 lakh.”
Apart from UP Awas Vikas Parishad, NBCC (National Building Construction Company) has joined hands with a private developer, Mahavir Hanuman Group, to deliver 10,000 flats. The joint venture has launched a project called NBCC Town. The first phase of this project will be up for possession this month.
Mahesh Pawar, the chairman and managing director of Mahavir Hanuman Group, says: “We have recently launched River Park. It’s a township which has been subdivided into River Park I and River Park II, both over 120 acres. The township redefines lifestyle in East Delhi Extension. Set amidst nature, with Yamuna running in its backyard, River Park is all about scenic beauty. A major industrial group is also looking for a ‘nano-housing’ option in this area.”
There is also fast development in Tronica City, part of East Delhi Extension. UPSIDC is developing the area and it is divided into residential and industrial sectors. There are nearly 12 residential sectors. Connectivity issues are being sorted out with the four-laning of the Sonia Vihar Road, widening of the Delhi-Yamunotri highway and of course, after the completion of the Signature bridge. The city is conveniently approachable from Alipur-Bund Road along Yamuna on the western side and Delhi-Saharanpur road on the east.
Ansal’s East End Tronica City offers world-class roads, amenities and living conditions. And with most industries moving out to the suburbs, it is likely to be a hub of commercial activities on Delhi-Baghpat Road.
Sanjiv Chaudhary, the director of RMS Group, says: “We have seen a growth in demand in the last couple of months. People are looking for safer investments in closer proximity to Delhi. East Delhi Extension fits on both the parameters. The area is not only a safe investment destination but affordable as well.”
RMS Group has also launched residential and commercial projects here. Sanjiv Chaudhary, the director of RMS Group, says: “All our real estate projects like RMS Swarneem, Plaza Tronica City, Signature Residency Tronica City, Signature Residency II, RMS 3, City Centre, etc, are going to contribute to the remarkable growth in real estate of Tronica City.”
Signature bridge
With a length of around 575 metres and a height of 175 metres, the proposed Signature bridge will have a bow-shaped pylon in the middle.Two high towers will be erected to provide double-cable support in the inner periphery of the carriageway.
Plans are also afoot to construct a pedestrian subway. With four lanes, this engineering masterpiece will have 1.2-metre-wide central verge, space for anchoring cables, maintenance walkway and crash barriers on either side of the central verge. The deck will be composite (steel and concrete) while the pylon will be of steel.
Once the Signature bridge is complete, it will dramatically improve access between North and West Delhi and towards East Delhi Extension for commuters, who have to pass through the narrow lane on the present bridge in Wazirabad, leading to heavy traffic jams in peak hours.
Delhi/NCR
Meerut has rapidly come up as a strategic real estate destination owing to its close proximity to the Delhi NCR. It is connected to Delhi by NH-58.
Today, as the mid- and the lower-middle class end users find property in the NCR out of their reach with real estate prices hitting the ...
Delhi/NCR
Meerut has rapidly come up as a strategic real estate destination owing to its close proximity to the Delhi NCR. It is connected to Delhi by NH-58.
Today, as the mid- and the lower-middle class end users find property in the NCR out of their reach with real estate prices hitting the roof here, Meerut has shaped up as an ideal destination catering to the increasing housing demands on one hand, while maintaining the prices within affordable limits on the other.
Forthcoming real estate projects
Real estate in Meerut is riding on the crest of increasing demand, boosted by large availability of land at low prices. The market is demonstrating buoyancy with the presence of prominent builders like Ansal API, Supertech Ltd, MSX Developers, Era Group, Majestic Properties, DLF, and Omaxe.
Meerut is also seeing an upswing in prices owing to the presence of leading construction companies, which are eager to buy land for their projects. Market watcher say property prices in Meerut have trebled in the past two years.
Residential property
Excellent infrastructure facilities, sound planning and top-grade security of some of the housing projects on the outskirts of Meerut has increased demand in this area. The most sought-after location is along the Meerut Bypass.
Also, the Hapur Road and the Cantonment Road are gaining prominence as ideal destinations for property investments and are attracting large-scale developments. Of late, commercial and residential complexes are coming up on Mawana Road and Modipuram on the Muzaffarnagar Highway.
Prominent builders are coming up with new projects like Ansal Housing, a residential township by Ansal API; Sports City, Shopprix and Palm Greens by the Supertech Group, and a two residential projects and a mall by the Era Group. Other builders like Saamag Group have residential projects like Saga Habitat, Ark City and Coral Springs, while the Gayatri Group is building many residential projects here.
Commercial property
High-end commercial development is also taking place in Meerut, in a limited way though. Rates of agricultural land here are growing mainly in the areas adjacent the main roads; they hover between Rs 26 lakh and Rs 34 lakh per hectare, whereas for other purposes, the prices have increased from Rs 43 lakh to Rs 54 lakh per hectare. Prices of agricultural lands along the city roads are also appreciating by the day, with the rates ranging from Rs 21 lakh per hectare to Rs 24 lakh per hectare. For the other purposes, the rates are over Rs 26 lakh per hectare.
Why Meerut?
Pranav Ansal, the vice-chairman of Ansal API, says: “With an increase in the number of domestic and foreign players across industries shifting base to Tier II cities, demand for such townships is on a high. With this mission, we have planned to develop a Signature Township, Sushant City, over 300 acres. It would offer an array of options like built-up houses, independent floors, bungalows and villas. The township will cater to housing requirements of more than 5,000 families.”
R K Arora, the chairman and managing director of Supertech Group, says: “Here
price of residential property varies from Rs 2,350 per sq metre to Rs 16,500 per sq metre, depending on the location. Earlier, property prices in Gurgaon and Noida were considered to be going through the roof, which drove property buyers to the other parts of the NCR. Price of land in Meerut is not so high but the property market is certainly showing phenomenal potential for growth. For the people who cannot afford an apartment in Delhi and yet want to remain near the city, Meerut offers a cost effective option.”
Manoj Gaur, the managing director of Gaursons Ltd, says: “Meerut is a fast developing city and is giving a tough competition to other NCR cities like Noida, Gurgaon, Ghaziabad, which have become very costly for the middle class. As land is still freely available here, builders are making a beeline for Meerut. The city is only around 70km from Delhi.”
Connectivity
Thousands of people commute daily to the Delhi NCR for work from Meerut. Keeping this in mind, various development authorities in the NCR, in concert with the Meerut Development Authority, have planned for an expressway between Delhi and Meerut, as well as for the extension of the Metro line from Delhi border to Meerut.
This is expected to bring down the commuting time between Delhi and Meerut to just 45 minutes. This will boost the overall real estate development in the city and, in the long run, return impressive returns on investment on property here.
Now, it will be easy to move from Delhi (Anand Vihar) to Meerut as the authority is all set to start the work on Rapid Rail Transit System and Delhi-Meerut Expressway.
An elevated railway track will be aligned to the expressway route. The length of this proposed track is 67km, with an estimated cost of Rs 1,040 crore. The 64km long expressway itself is estimated to cost Rs 4,500 crore and is likely to be completed by 2015. The first 8km of the expressway from Nizamuddin Bridge to Ghaziabad border will have 16 lanes.
The expressway will cover 28km of NH-24 between Ghaziabad border and Dasna and this stretch will be widened to 14 lanes, from six lanes, according to the final plan. Also, a 36km stretch between Dasna and Meerut will be constructed as a fourlane highway. The tender of this project has been given to the Delhi Integrated Multimodal Transport System (DIMTS) by the NCR planning board. Under this project, stations are likely to be constructed at a gap of 4-5km.
Anand Vihar, Vaishali, Mohan Nagar, Meerut Road (Airtel Cut) Morta, Duhai, Murad Nagar, Gang Nahar, Modi Nagar, Mohiuddinpur, Meerut Bypass Cut and Pallavpuram are the proposed halts of this Rapid Rail Transit System (RRTS). An underground track will be set up from Anand Vihar to Dabur, due to the Metro project.
However, there is a consensus among the officers concerned that the Metro Rail will not come in the way of the high speed train. The consultant company has designed the entire project in a manner that there is no need to acquire or demolish any existing property. The track will be underground from Anand Vihar to Dabur and then run on elevated track up to Meerut.
The average speed of the Metro rail in Delhi is approximately 30-40km per hour but the speed of this rapid train will be 150km per hour. It is hoped that one can reach Meerut from Delhi within 50 minutes, which was not possible earlier. The services of two passenger and express trains could be available on the two proposed track.
Consumers who invest in residential property in Dwarka Expressway are mainly booking for the purpose of return on investment (ROI), according to realtors. As per a survey by MagicBricks.com, 70% of the realtors believe that the key reason behind investment in this growth corridor is ROI. Majority of ...
Consumers who invest in residential property in Dwarka Expressway are mainly booking for the purpose of return on investment (ROI), according to realtors. As per a survey by MagicBricks.com, 70% of the realtors believe that the key reason behind investment in this growth corridor is ROI. Majority of the demand is from Delhi/NCR region, followed by Mumbai, Bangalore and Pune, the survey pointed out.
Despite rising interest rates, high prices and inflationary pressures, buyers continue to invest in real estate, highlighting that consumers still treat this sector as a safe asset class. Realtors highlighted that there is 96% demand for apartments from buyers, against 4% buyers who invest in plots.
Of this total demand, 63% buyers opt for 2BHK apartments while 30% demand is for 3BHK apartments. Users have also posed queries related to investments in Dwarka Expressway on Open House, a discussion forum platform on magicbricks.com where property queries are answered.
Shishir Gupta, local realtor with Property Discount In advised prospective buyers to buy ready-to-move-in property in Gurgaon. “That will be safer and that will save you tax. If you are buying for personal living, then buying ready-to-move will save you from paying rent,” he said.
Even buyers seem to find it more pragmatic to buy at the ready-to-move-in stage. The survey highlighted that 56% prefer to buy during launch stage. Whereas, 30% want to buy during the under-construction stage and remaining 15% want to buy in the close to completion stage.
Gupta added that Dwarka Expressway will give a buyer better returns after 5 years, as right now it is lacking basic infrastructure like roads. But, after 5 years it will have very good infrastructure, he pointed out. Approximately 52% realtors pointed out in the survey that the appreciation that one can expect from this area would be 15% and beyond in the next 3-4 years. While, 26% believe that the return would be in the range of 10-15% in the same period.
As brand name is of immediate importance for buyers today, realtors pointed out in the magicbricks.com survey that 78% buyers wish to purchase an apartment from a reputed developer and 15% are open to buying from regional developers. IndiaBulls Centrum Park and Enigma (Sector 103 & 110), Raheja Vedas & Shilas (Sector 108 & 109), Mahindra Lifespaces Aura (Sector 110), BPTP Amstoria (Sector 102), Earth Infrastructure Copia (Sector 112) are some builders who have already launched their projects along the Dwarka Expressway.
Akash Kohli of Escalade Infratech Pvt Ltd said, “Projects such as Raheja Shila, Indiabulls Centrum Park and Mahindra Aura are ready and expected to give possession by 2012 end. There is a lot of demand from end-users in the resale market because of affordable values and the scarcity of alternate properties within this range in the established sectors of Gurgaon (in the stretch closer to Delhi).”
According to the survey, realtors believe that 70% buyers prefer semi-furnished apartments and remaining 30% prefer furnished apartments. Other factors that rank high in the list for buyers looking to invest in Dwarka Expressway include affordable rate, availability of various residential formats, and end use.
A lot of people are now sceptical about when the Expressway will be operational. Some predict within this year while others believe that it will still take a year. About 63% realtors believe that Dwarka Expressway will be operational within 2 years or more and 30% are of the opinion that Expressway could be operational within 1 to 2 years.
The economically weaker sections and middle-income groups (MIGs) can heave a sigh of relief with the proposed mega township project coming up in Thirumazhisai on the Chennai-Bangalore highway.
Chief Minister J Jayalalithaa has recently announced several housing projects to enable the residents of ...
The economically weaker sections and middle-income groups (MIGs) can heave a sigh of relief with the proposed mega township project coming up in Thirumazhisai on the Chennai-Bangalore highway.
Chief Minister J Jayalalithaa has recently announced several housing projects to enable the residents of the city to own houses at affordable prices. The highlight of the projects is a proposed satellite township which is to be built at a cost of Rs 2,160 crore near the city, besides construction of flats near Ashok Pillar and Koyambedu and a 17-storey mega office complex at Nandanam, all at an estimated cost of Rs 349 crore.
The satellite township to be set up in Thirumazhisai will bring together the villages of Chembarambakkam, Kuthambakkam, Parvatharajapuram, Narasingapuram and Vellavedu as well as 311.05 acres of land belonging to the Tamil Nadu Housing Board. The government has already acquired some land but an approach road to the township would be laid in 12.87 acres of land currently owned by private parties.
The government is planning to build 18,000 multi-storey apartments in the EWS and MIG categories. It has already appointed advisors to analyse the facts and figures and the type of development that would be needed taking into account the housing shortage in the city. A feasibility study will be done and a report will be submitted to the government. The government is serious to go ahead with the scheme as official announcement has already been made, say official sources.
The government is also seriously considering development of the mega township project through PPP model for all categories of people. This will also benefit the blue collared workers in the industrial corridors of Irungattukotai and electronic hardware corridor who are now commuting from places like Kancheepuram. As of now, private developers are catering to the housing demand in the area but still the supply is felt inadequate considering the surge in demand in and around the area. Besides the private sector development is becoming unaffordable for the workers employed in the area.
In a related development, action is being taken to demolish the existing old dilapidated commercial complexes, Office complexes and Community Halls located in six places in Chennai city and reconstruct the same with more FSI at an approximate cost of Rs.13.90 crores and thus realise more revenue to Tamil Nadu Housing Board.
Hyderabad
Come May, property owners can book a slot at the sub-registrar’s office for registering property instead of having to stand in the queue for his or her turn to meet the sub-registrar. Heralding an era of online registration on the lines of slot booking for passport applications, the s ...
Hyderabad
Come May, property owners can book a slot at the sub-registrar’s office for registering property instead of having to stand in the queue for his or her turn to meet the sub-registrar. Heralding an era of online registration on the lines of slot booking for passport applications, the stamps and registration department has simplified the process of registration of property as well as minimized the possibility of duplicate or bogus registrations.
The registration process will begin on May 1. At present, the department is uploading every survey number in the state and the properties owned by the government and private along with the land assigned to the weaker section or for any other purpose for the benefit of prospective buyers to know the legal status of the property.
The prospective buyer can verify whether a particular land or property they want to purchase is eligible for registration or not by keying in the survey number on the department website.
Even though the stamps and registration department was computerized long ago, the computers were being used for minimal purposes like a typewriter. Now, with the introduction of the central software, the entire profile of the land in the state will be in public domain.
Commissioner and inspector general, stamps and registration, Madhusudhan Rao said in the first phase the public will be able to access the data through APonline and Mee Seva. Gradually, it would be made an open access system, he informed. The data available online will include the list of land assigned to SCs and STs, government land, prohibited lands and details of the earlier transactions. The department at present is in the final stages of connecting every registrar office in the state to the central server.
By April end, the entire list of prohibited properties such as temple lands, list of GPAs since 1995, list of the cancelled GPAs and the market value of the properties would be available online for all to peruse through. “Of the 430 offices, 72 offices have already been connected to the central server. By the end of April, 100 more offices will be added to the network,” Rao said.
The huge work of uploading all the survey numbers is being done with the help of the revenue department, he said. The ultimate idea is to make the registration process as easy as booking a railway ticket in the reservation counter, Rao told TOI.
“One can book a slot for registration from the AP online or Mee Seva websites to ascertain the property value, cross check whether a property is legal or not, find out the amount of tax to be paid etc.
Once the slot is allotted for registration, jumping the queue is not possible for the registering authority without recording a valid reason,” Madhusudhan Rao said and added that the commissioner could monitor the number of properties that were registered each day and the time taken by the officials for the same.
The Hyderabad Metropolitan Development Authority (HMDA) has decided to sell plots and land in a big way in the new financial year (2012-13) to bail out the organisation from financial crisis. The authority hopes to collect around Rs 350 crore revenue in the next financial year by auctioning plots.
...
The Hyderabad Metropolitan Development Authority (HMDA) has decided to sell plots and land in a big way in the new financial year (2012-13) to bail out the organisation from financial crisis. The authority hopes to collect around Rs 350 crore revenue in the next financial year by auctioning plots.
The HMDA executive committee, headed by in-charge commissioner MT Krishna Babu, on Monday approved the authority’s budget with an outlay of Rs 2,938 crore. While revenue receipts have been estimated at Rs 973 crore in the proposed budget, the revenue expenditure has been pegged at Rs 756 crore. Of the revenue surplus of Rs 217 crore, Rs 212 crore would be diverted to ‘sinking fund’, interest on loans and other debts taken by the HMDA from banks and other financial institutions. HMDA has taken about Rs 1,100 crore as loan from various financial institutions and has been paying Rs 14 crore interest every month.
In the 2011-12 budget, HMDA estimated Rs 864 crore revenue from development charges, rental income and advertisement. However, due to slowdown in the realty and infrastructure sectors, it could get only Rs 443 crore. It could raise only Rs 158 crore from development charges, which is the main source of income, in the current year.
Now, it has doubled the revenue receipts to Rs 973 crore than the actual revenue of 2011-12 hoping it would raise Rs 394 crore from development charges, LRS and penalty from unauthorised engineering colleges. HMDA also hopes to get Rs 540 crore grant from the state government to clear tax liability with the income-tax department.
Regarding capital receipts (major revenue sources), the authority expects Rs 1,964 crore from government grants, sale of plots and land, development of townships and borrowings. Of the total capital receipts, it anticipates Rs 350 crore from Japan International Cooperation Agency (JICA) for carrying out work on Outer Ring Road (ORR). In the current year too, the HMDA had planned to collect Rs 362 crore government grants under various schemes, but it could get only Rs 197 crore. Under capital expenditure, top priority has been given to ORR by allocating Rs 158 crore as the eight-lane carriageway would be completed by the end of 2012.
“HMDA has prepared the budget by taking factors such as revenue, capital receipts and expenditure into consideration,” HMDA chief accounts officer B Vishwanathama said.
Out of 5.3 million expatriate Indians across Association of Gulf Cooperation Council countries (AGCC), 1.7 million non-resident Indians (NRIs) live in the United Arab Emirates (UAE). And Dubai constitutes 60% of them where 30 representative offices of Indian developers are showcasing residential and ...
Out of 5.3 million expatriate Indians across Association of Gulf Cooperation Council countries (AGCC), 1.7 million non-resident Indians (NRIs) live in the United Arab Emirates (UAE). And Dubai constitutes 60% of them where 30 representative offices of Indian developers are showcasing residential and commercial projects developed by them across India.
Indian developers who have established their own representative offices in Gulf include Brigade, Sobha, DLF, Mantri Developers, Nyati group, Nirmal, Unitech, Hiranandani, ETA Star Properties and a few others.
The potential for marketing Indian real estate continues in other AGCC countries like Saudi Arabia but the entry barriers are major deterrents. Other countries like Kuwait and Oman offer scope for expatriate Indians’ investment in real estate. However, it is said that among all the AGCC countries, Qatar is relatively insulated from global recession and the income levels continue to rise but at the same time living cost is inching high. It is yet to be fully tapped by Indian developers for marketing real estate.
While the initial establishment expenses cost around Rs 10 lakh -Rs 15 lakh for setting up operations in Dubai, recurring annual expenditure would be in the region of Rs 13 lakh.
The influx of migrants to Gulf and the growing opportunities to market across the AGCC countries have made Dubai as the launch pad for many of the Indian property developers to go ahead and establish their own operations over a period of years. Periodical property shows held in Dubai have enabled them to reinforce their continued commitment and service to Gulf NRIs. Moreover, this has given the NRIs requisite confidence level to directly deal with the company representatives.
Estate agents charge anywhere between 2 and 5 per cent as brokerage fee and people who are familiar with the trade feel that it would be advisable for Indian developers to outsource their marketing exercise rather than establish their own representative offices as the operating costs are inching high nowadays.
It is not only the developers but also the housing finance companies like HDFC, LICHF and banks like Axis Bank and ICICI have established themselves to get a slice of the home loan market in the Gulf. However, ICICI Bank does not have licence for home business now. The overall home loan business is said to range from Rs 720 crore – Rs 800 crore every year in Dubai alone. Nationalised banks like Bank of Baroda, State Bank of India and Canara Bank have presence for decades through their branches and in association with exchange houses but they are not aggressive like other players to promote home loan business.
The dip in savings and affordability levels has also necessitated Gulf expatriates to lower their expectations. Off late, the demand for affordable housing in the price range of Rs 30 lakh to 35 lakh has also surged. Besides building capital assets back home, it is the capital appreciation that drives Gulf NRIs to seriously look at investing in real estate back home.
Due to the job security and the uncertainty surrounding the overall Gulf scenario, it is not easy for developers to sustain their operations unless the sales volume justifies and the company is willing to absorb the overheads year after year. And it is not a cake walk for even leading developers to sustain the Gulf operations as a few leading developers from NCR region have downed their shutters during 2008 and 2009. Even today overheads are considered high.
Time was when local real estate market in Dubai in particular zoomed and many Indian realty outlets jumped into the bandwagon to make a fortune but times are changing now. They are struggling to sustain their operations now and many of them are now turning towards marketing Indian real estate.
While real estate biggies like DLF, Omaxe and Ansal API are catering to the high end demand for housing in the rapidly growing state capital, a few developers have also chalked out plans for addressing the untapped demand for low cost housing segment, reports Economic Times.
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