Delhi Property News

Govt proposal may increase flats by one lakh in Delhi

The Delhi government is considering a proposal that will make it obligatory for group housing societies wishing to make use of the increased floor area ratio (FAR) under Delhi’s new Master Plan-2021, to construct new dwelling units in their society premises instead of finding ways to expand the existing flats. If the Union urban development ministry proposal goes through, around 1 lakh more houses are expected to come up in the city. FAR in group housing societies has been increased from 167 to 200 in MPD-2021, which was notified by the urban development ministry in February last year.

After MPD-2021 came into force, several housing societies had permitted their residents to increase the area of their flats by making extensions to take advantage of the raised FAR. But the government, keen to bridge the huge gap in affordable housing in the capital, hopes that the new proposal will make available more houses. As per urban development ministry, the proposal would force housing societies to utilize the increased FAR to construct new houses. The proposal will provide housing to many who are not in a position to afford costly flats offered by private builders. The availability of around one lakh houses, that too in existing housing societies, would also put a check on sky-rocketing prices of flats. The proposal is also in tune with the master plan’s provision increasing the population density by 40% — from 175 persons per hectare to 250 persons — in residential areas. Clause 4.4.3-B of the master plan, which deals with increase in FAR in societies, does not specify how the increased built-up area is to be utilized. Read More>>

Monday, November 03, 2008  India-Realestate

DIAL plan falls short of Rs 1500cr

Delhi International Airport Pvt Ltd’s (DIAL) plan to fund the Rs 8,975-crore airport project (Phase I) by raising funds from real estate projects within the larger airport area ran has now led to a shortfall of nearly Rs 1,500 crore. Top officials closely involved with the project revealed that there was opposition from the Airports Authority of India (26% partner in DIAL) over making good this gap through equity infusion in proportion of stakeholders’ holdings. The ministry then asked the consortia to raise more debt but the lead project banker advised them to seek a development fee as the UDF alone may not have been a cushion enough to do so.

‘‘DIAL has to share 46% of its revenue with AAI and 3% with its European technical partner, Fraport. On the remaining 51%, 30% tax would be charged and so DIAL will get only about Rs 36 from every Rs 100 taken as UDF. This puts a limit on the amount of debt that can be serviced and no bank today will lend more than what can be recovered after the global crisis triggered for this very reason in the US,’’ said a source. Read More>>

Monday, November 03, 2008  India-Realestate

Railways await DDA approval for station plan

Indian Railways’ ambitious Rs 6,000-crore New Delhi station project is awaiting approval by the Delhi Development Authority. The DDA approval is crucial for developing 86 hectares of land and for determining the height and the built-up area of the New Delhi railway station as a world-class station, a senior Railways Ministry official said.

The world-class railway station project is to be executed with public private partnership by leveraging the real estate development potential in the air space above the station and on rail land around the station. The technical bidding process is on to shortlist six consortiums for financial bidding, the official said. There are also proposals to construct an 18-storeyed commercial complex at the station as part of the commercial utilisation of the area, he said. “There is, however, no decision taken on the possible height of the proposed complex,” he said, “but we just have circulated a basic design of the future station which can be changed later on.” As per the plan there will be retail outlets, restaurants, currency, exchange counters, cyber cafes, banking with ATM facilities and car rentals at the proposed New Delhi railway station. Read More>>

Sunday, November 02, 2008  India-Realestate

NBCC to launch affordable housing project in Delhi, NCR

The National Building Construction Corporation (NBCC) is all set to launch its first residential project in Delhi and NCR by the end of this year. In Delhi, the project is likely to take shape near the Chhattarpur Mandir near Mehrauli. “At NBCC, we believe in constructing houses at affordable prices. Our approach is not going to be like the private sector, where profit is the only motive. We expect to sell these properties at cheaper rates than the private sector builders at the same locations,” said Ajay Garg, Director (Finance), NBCC.

According to officials, the procurement process for the residential project for Delhi and NCR is underway. “We will be in a position to state the site for the project in Delhi in the next two months. We are also in an advanced stage of land procurement in Gurgaon and Noida,” Garg said. Company sources said the houses in Delhi are expected to cost between Rs 20-40 lakh. “While our priority is to provide quality houses at affordable prices, the cost will depend on factors like the cost of land. Though we don’t strive for huge profits, we will keep the costs sustainable,” Garg said. Read More>>

Sunday, November 02, 2008  India-Realestate

GMR invites bids for building hospitality district

The GMR Group has invited bids for building hotels at its proposed 45-acre hospitality district near the upcoming airport in Delhi. Because of the poor financial health of the real estate market, The Delhi International Airport Pvt Ltd (DIAL) hopes to raise half of the originally expected sum of Rs 2,750 crore from this district in 2008. The amount raised from the hospitality district will go towards financing the Rs 9,000 crore Delhi airport phase-I that has to be ready by 2010.

DIAL’s plan for the 45-acre hospitality district includes hotels of all ranges — from budget to ultra luxury. As a result, plot sizes range 1.6 acres (for budget) to a 7.7-acre plot for a huge conference hotel. “A security deposit of three times the average annual lease rental will be charged from successful bidders. The entire infrastructure will be provided by DIAL,” a senior DIAL official said. Though a common feature abroad, Delhi’s hospitality district will be first of its kind project in India. Read More>>

Sunday, November 02, 2008  India-Realestate

Demand for NCR housing projects falls

The steep rise in real estate prices and interest rates for borrowers has affected the demand for housing projects in NCR. The first half of this year saw a marked shift in developers’ strategy towards mid-income houses, as the high-end segment witnessed increased resistance from buyers. Project launches in the high-end category fell by two-third to just 5, while mid-income housing project launches rose by over 20% to 37.

As per a report by international property consultancy firm DTZ, the absorption of mid-income houses in July at 76% had overtaken that of high end houses (68%). This means that high end houses are selling at a slower pace than the mid income segment. The report says that the share of mid-income housing in the overall residential supply is expected to rise to 62% in three years, compared to 22% currently. “Affordability is the single biggest factor that influences a home buyer’s decision,” says DTZ director (consulting and research) Abhilash Lal, adding that a series of interest rate hikes has almost doubled the equated monthly instalment (EMI) outflow for a home buyer in the past few years. “Buyers are increasingly shifting to mid-income homes as they can’t afford a higher EMI.” Lately, several developers, including India’s largest real estate firm DLF, Ansals, Parsvnath, Omaxe, BPTP, Raheja and Gaursons have been actively building mid-income homes. Read More>>

Sunday, November 02, 2008  India-Realestate

Rebi To Set Up 16 Outlets In Orissa

Real Estate Bank India (REBI) will be setting up 3000 franchisees across the country with 16 outlets in Orissa within a year. In Orissa, the first property shop will be opened on September 24 in Bhubaneswar. The other property shops will be located at Rourkela, Cuttack, Jharsuguda, Barbil and Jajpur Road. This would be the first property shop in Orissa, which will offer transparent and hassle free real estate transactions for customers within and outside Orissa. It would also open avenues for real estate business.

This would encourage inter and intra state real estate transaction leading to a growth of market in Orissa. The company already enjoys a presence in Karnataka, Kerala, Andhra Pradesh, Pune, West Bengal, Delhi and Tamilnadu. It is also present overseas in Sri Lanka. SA, UAE, Singapore, Malaysia, and Australia will be its new destinations. Read More>>

Tuesday, October 21, 2008  India-Realestate

Thousands waiting to own DDA flats

The Delhi Development Authority’s sale of 5,010 apartments saw people queuing up by the thousands to take advantage of a once in a lifetime opportunity. By the end of Tuesday, when the authority had stopped receiving applications, an estimated 864,000 applications—equivalent to nearly one in every 16 of the city’s residents—had been bought and some 400,000 downloaded from the Internet. By the end of Tuesday, an estimated 864,000 applications had been bought and some 400,000 downloaded from the Internet. The draw of lots for the apartments is likely to be held within three months. DDA, however, will not pay interest on the deposits to those who do not win allotments.

According to DDA, which says its mandate is to provide affordable housing and not necessarily profit from it, the apartments are priced at about 40% below market rates. These units are typically sought after because they are fully finished flats and relatively cheaper than those offered by private builders. The last time DDA announced a similarly real estate scheme in 2006, it received some 200,000 applications for 3,000 houses. Since its inception in the 1960s, the authority has until last year offered 42 housing registration schemes, allotting some 360,000 houses, of which it estimates nearly half as being for lower income groups. Still, with property in the city getting scarce, those wanting to buy apartments or houses are forced to move elsewhere in satellite towns that surround the Capital. Read More>>

Saturday, September 20, 2008  India-Realestate

Homes in NCR a distant dream for the middle class

The Indian real estate sector is currently witnessing a slowdown. Despite the trend, buying a house in Delhi and NCR it is still a distant dream for the salaried middle-class section. “The property rates in city were already out of the reach of the common man but now it has become beyond the reach of normal middle class also,” said U K Bhardwaj a property dealer of Noida.

The circle rates in undeveloped sectors like sector 220, 240 are Rs 4,000 to Rs 7,500 per sqm meter. The revised circle rates with an increase of 20 to 25 per cent in various sector of the city came in effect from Monday. The minimum rate for the resale of property at which the district administration will charge registration fee is Rs 18,000 per sqm in sector 1 to sector10 that was earlier Rs 15,000 per sqm. The maximum circle rate in residential sectors is in sector 14 A, 15, and 15A that is Rs 40, 000 to Rs 40,500 per sqm. The price of a double bed room flat of area around 30 sqm, in Noida on the basis of above price list will be around Rs 6 lakh. But this is the minimum rate below which the stamp department will not charge the stamp duty. The actual property rate in the city is much higher. Such a flat would cost around Rs 45 lakh to 60 lakh in any residential sector of Noida. The circle rates in sectors 11 and 12 are Rs 20,000 per sqm and for sector 16 A the circle rate is 30,000 per sqm. The property rates in Noida are the highest in Uttar Pradesh. Read More>>

Sunday, September 14, 2008  India-Realestate

Taj Express

A new township, the Taj Expressway Zone, is slated to come up along the Taj Expressway

After the twin cities Noida-Greater Noida, a new township ‘Taj Expressway Zone’ will soon come up along the Taj Expressway with its development in full swing. Lalit Srivastava, chief executive officer of Taj Expressway Industrial Development Authority (TIDA) says that 35,000 hectare is being developed between the Yamuna and GT Road. “It will have much bigger sectors compared to what places in Noida-Greater Noida currently have.” Taj Expressway Zone will be developed in three phases. In phase one, 35,000 hectares is being developed up to Jewar. Large projects that cannot be accommodated in Noida or Greater Noida will come up here. There could, for instance, be an educational project. But it will have to be large in area. The zone includes residential, industrial, institutional and commercial areas.  Read More>>

Sunday, August 31, 2008  India-Realestate

Next Page > 1  2  3  4  5  6  7  8  9  10  11  12