Real Estate Gurgaon

A lot of factors are driving the speculation in property, says Khaitan. "One, there is optimism, since it is the government which is promoting Rajarhat and inviting companies, especially in the IT sector, to set up offices there. Two, there is the proximity to Sector V [Kolkata's IT hub] and the airport. Three, there are the prosperous non-resident Bengalis who feel encouraged by the industrial resurgence of the east to buy property here. Four, a well-reputed developer. Then, of course, there are the rising income levels especially among young professionals who want to invest in real-estate for high returns."

It's the same scenario in Noida, Gurgaon, pockets of suburban Mumbai as also Ludhiana and Jalandhar in Punjab, reports Santosh Kumar, chief operating officer and director, TrammellCrowMeghraj. "The Gurgaon market, where property prices have appreciated 50-100 per cent, is 40 per cent speculator-60 per cent end user," a ratio, which, he says, "is acceptable".

While speculation may be good for image, in a sense, since it creates an illusion of demand and thereby helps escalate prices, not all developers look at it kindly.

Pradip Chopra, a Kolkata-based developer and secretary of the Bengal chapter of the Confederation of Real Estate Developers Association of India, feels that not only do they have the effect of driving away end-users, they may also be bad for a project in the long term because, having little involvement with a project, they may skimp on maintenance cost.

The other problem with speculation, of course, is that it cannot be sustained indefinitely without improvements in the larger economic scenario. And that's already happening in Rajarhat with prices at an all-time high, speculators like R J have already turned their attention elsewhere - the MIG developments in outlying areas like Garia, Behala, Madhyamgram and so on where appreciation in a six-month period has been highest.

Ironically, say realtors, it is these far-flung areas where the middle-class buyers, those who want a flat to stay in, were being pushed to by the sky-high prices within the city.

Source://rediff.com

Malls in north India are offering space to offices as supply grows faster than demand for retail space.

Some malls are either not finding buyers or are being occupied by inappropriate business units.

"This is because of the over-supply of retail space. When a mall offers space to an office, it is a sign of sickness," said Pranay Vakil, chairman, Knight Frank India, a real estate consultant.

A recent Knight Frank report says, "The large amount of existing retail space and the quantum of mall space lined up in Gurgaon has been a reason for concern and debate for some time now."

The report cites examples of retail-specific projects being converted into mixed-use development with "a combination of retail and office or hotel floors".

Orchid Plaza, Central Plaza , Orchid Agora and Time Towers are some examples of the "new movement" in real estae Gurgaon .

Source: //inhome.rediff.com

The New-Delhi based Uppal group has got a gazetted notification from the central government that allows it to begin construction work on its 263-acre special economic zone (SEZ) situated in Gurgaon. “We are the first developer in the country to have got a gazetted notification for developing a multi-product SEZ,” said Manish Uppal, MD, Uppal Group.

Uppal's SEZ is situated 8 km from Manesar in Haryana on NH-8. It is a multi-product SEZ that will host knowledge industries like IT-ITeS, biotech, robotics, nanotech and other R&D-focused operations. It will also offer warehousing facilities and incubation service (a ready-to-move-in facility from which a newly-arrived MNC can operate while its permanent office is being readied).

The group will invest an estimated Rs 6,500 crore on developing approximately 22 million sq ft of built-up space here. “We are in talks with foreign developers and real estate venture funds for equity participation in this project,” said Uppal.

The detailed masterplan for this project will be ready by end-November after which sale of space will begin.

The company's representatives are presently in London looking for an architecture firm which will create the detailed master plan for this project, the construction of which will begin in January 2007 and will be completed in five years.

In addition, it is looking at developing a second, 62-acre SEZ whose site is 3.5 km before Manesar. The group already owns the land for this project.

“The state government is doing the due diligence on the land title. We hope to get the notification for this project within a month,” said Uppal. This single-product SEZ will focus on the IT-ITES sector.

Source: indianexpress.com

There is a rising demand in the Indian real estate market for bigger and better luxury apartments, and taking a cue developers are offering apartments and villas with as much as 10,000 sq ft of space.

"People from large kothis are moving to apartments but rarely do they want to compromise on the space.DLF's Aralias at the DLF Golf Course in Gurgaon has apartments starting from Rs 5,825 sq ft going up to over Rs 10,000 sq ft for penthouses. Interestingly, the company offers bare apartments (without even walls inside) to customise the size of the rooms according to their clients' convenience.

For its design, Ansal API has employed international architects Ramesh Khosla and Paul Friedberg for The Ivy. The top-end penthouses here are priced at Rs 8 crore (Rs 80 million). Here's why: Elevators, for instance, will not stop on any other floor and take you directly to your penthouse from the main lobby.

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