Real Estate Gurgaon

This rent can get you two- to three-bedroom apartments in NCR. South Delhi areas like Vasant Kunj and Sheikh Sarai I and II have two-bedroom apartments. Their built-up area is of 1,200-1,300 sq ft. Similar apartments are available in Alaknanda and Gulmohar Enclave.

North Delhi areas such as Derawal and Gujrawal have three-bedroom apartments with an area of 1,200 sq ft. Model Town offers three-bedroom flats with super area of 1,400-1,500 sq ft. Hudson Line also has three-bedroom flats of 1,400 sq ft. Dwarka offers three-bedroom flats of 1,600 sq ft in sectors 9 and 10. In sector 4 also one can get three-bedroom flats, but the area here is slightly less than that in sector 9 or 10.
Jaskirat Bansal, managing partner of Grand Real Estate says: “Builder floors of 1,100-1,250 sq ft constructed on 160 sq yd plot are available in Rajouri. These options are available in blocks J- 4, J-5, J-6, J-7, J-8.” But parking is a major problem in this area,

Moving towards the suburbs, Noida has three-bedroom flats of 1,200-1,500 sq ft in sector 62. Sector 30 has three-bedroom independent houses, which offer a super area of 1,400-1,500 sq ft. These houses stand on 200 sq m plots. Two-bedroom independent kothis are available in sectors 30, 36, 39, 40 and 41. The plot area ranges from 180-250 sq m. In sectors 50, 51, and 52 well-furnished kothis built on plots ranging from 200 sq m to 300 sq m are available.

Real Estate Gurgaon has enough options too. Three-bedroom apartments are available in Carlton, Wellington, and Princeton Estates. The area ranges from 1,380-1,400 sq ft. Ridgewood Estate and Mapple Heights have three-bedroom apartments with similar dimensions.

Resource://expressestates.in

Real estate major DLF has been asked by the Haryana government to offer existing market rates to farmers to buy land for its multi-product SEZ in Gurgaon. This could significantly increase the company’s investment in purchasing the land.

At present, floor price in the state is just about Rs 22 lakh per acre. On the other hand, prevailing market price in the areas notified for the DLF SEZ is 4-5 times of this. The project has been notified in a close proximity to Reliance Industries’ (RIL) Jhajjar SEZ, where land has been acquired by the company at the floor price. However, most land-tracts in the Jhajjar area are considered infertile. As such, market price in the area is not as high as that of Gurgaon, where the DLF project is located.

When contacted, a DLF spokesperson said: “We are anyway buying land at prices which are mutually agreeable to us as well as the farmer. We are not basing our purchases on the floor price.”

However, sources in the Haryana State Infrastructure and Industrial Development Corporation (HSIIDC) said that they were recently approached by the company to facilitate acquisition for the project. “We were told that some large tracts of land in the notified area has been bought by individuals and groups, mostly having politically vested interests. However, we will not facilitate any acquisition till the company has acquired at least 75% of the total project area,” an HSIIDC official said.

It is learnt that the company had sought the state government’s assistance in the way of imposing section 6 of the Land Acquisition Act in some tracts. This section is a tool used by state governments to acquire land from farmers for developing civic amenities.

As a matter of policy, the state government cannot buy agricultural land without the consent of the farmer. There, however, is a catch to this policy. Once a land is notified for a particular project, the owner cannot apply for a change in use (CLU). It means, if he does not intend to do farming on that land, he will necessarily have to sell it for the notified project.

DLF plans to develop its Gurgaon SEZ in four phases. The first phase of 500 acre is expected to be completed by 2009 and the final phase by 2018. The company expects the SEZ to attract an investment of Rs 1,24,000 crore in terms of fixed assets like industrial, commercial and residential units. The annual export potential of the project has been pegged at $10-12 billion once it is fully operational.

Source://indiatimes.com

Gurgaon is facing a rather grim prospect. Already reeling under an acute drinking-water shortage, the city’s groundwater reservoirs could run dry in the next decade or so, warn scientists.

A study conducted by the Central Ground Water Board (CGWB) says the depletion rate of groundwater in Gurgaon for the past 25 years has been very alarming, at 3 ft per year.

CGWB scientist Dr Uma Kapoor said, “As against the 59.85 million cubic metre (MCM) of groundwater recommended for utilisation, Gurgaon actually used up 186.10 MCM, at a rate of 311 per cent. Any extraction beyond recommended utilisation should be supplemented with recharge of water back into the earth, which is not happening in Gurgaon.”

Kapoor, who was speaking at a seminar organised by the DLF Qutub Enclave Residents’ Welfare Association (RWA), said the groundwater level in the city had fallen from 15.41 metre in 1985 to 39.79 metre in 2007.

The highest utilisation was recorded in the Maruti Industrial area, where the groundwater level fell by 37.11 metre during the same period.

Dr D Chakraborty, another CGWB scientist, warned residents of DLF City that at the current rate of groundwater depletion, Gurgaon could lose its entire drinking-water reservoirs in the next 10 years. He said developers were responsible for using up underground water for real-estate Gurgaon development, which has boomed in the city.

RS Rathee, president of the RWA, said developers had not taken adequate measures to check the fall in the groundwater level, while the association’s vice-president Dr RN Wahi said his suggestion to developers to address the problem had received a “cold response”.

Source://hindustantimes.com

While residential markets in both the National Capital Region (NCR) and Mumbai have taken a breather, or even seen small corrections, the office market continues to move upward. With demand exceeding supply, both rentals and capital values rose during the first quarter of 2007 in these cities, says a recent DTZ India report.

Altogether, 1.9 million sq ft of commercial office space was absorbed in the NCR between January and March this year. The IT-ITeS sector alone accounted for 65-70 per cent of total absorption.

In the central business district (Connaught Place), rentals increased by 7-8 per cent over the last quarter of 2006, and by 50-80 per cent year-on-year. In the secondary business districts (Nehru Place, Bhikaji Cama Place, Saket and Jasola), rentals rose 15-20 per cent quarter on quarter, and 50-70 per cent increase year on year. Similarly, in Gurgaon rentals rose 20 per cent over the last quarter, and by 100 per cent year-on-year.

“Rentals rose steeply because of the shortage of space available for immediate rental,” said Vivek Dahiya, director, DTZ India. Only in Noida rentals remained almost the same as in the last quarter of 2006, though they increased 30-40 per cent year-on-year.

Vacancy levels fell very low: 3 per cent in CBD and Gurgaon, and 6 per cent in the SBD areas. Only in Noida, the vacancy level was relatively high at 16 per cent. “That’s the result of a large amount of supply entering this market last year,” said Dahiya.

Altogether approximately 16 million sq ft of supply is expected to come into the NCR during 2007. Of this, Noida alone is expected to account for 5.6 million sq ft. According to Dahiya, “This is far in excess of the projected absorption of 3.3 million sq ft. Rentals in Noida could either fall, or at best, remain stable.”

In Mumbai, about 0.75 million sq ft space was absorbed during the first quarter of 2007. Financial services, pharmaceuticals, telecom and IT-ITES sector were the key drivers of demand, accounting for 75-85 per cent of absorption. Here, too, because of limited supply, rentals rose across most micro-markets. Vacancy level remained at 2-3 per cent across most parts of Mumbai.

Source://indianexpress.com

The revised collector rates, or circle rates, decided by the Gurgaon district administration will see a quantum jump in property rates in areas under New Residential Zones (NRZ).

These zones are cultivated land being developed into residential areas. The new rates will be applicable from July 4.
For populated areas, the administration has envisaged a nominal increase in rates — 10 to 12 per cent. The rationale, administration officials said, is to tap the growth potential of NRZs. “Property rates have not gone up much over the past few months in areas that are already developed,” Gurgaon DC Rakesh Gupta said. “So, in order to be realistic, there was no requirement to increase the circle rates there.”

But rates of agricultural land in villages where residential zones have been recently approved will rise between 200 and 300 per cent.

Among villages where property rates will double, or nearly triple, are Wazirpur, Daultabad, Dhankot, Khirki Daula and Sihi Sikandarpur.

Collector rates, or circle rates as they are known in Delhi, in DLF City and Sushant Lok have been increased by 10 per cent. It is a reflection of the sluggish property market of late, officials said.

In DLF Qutab Enclave Phases I and II, for instance, rates for residential property have been hiked from Rs 15,000 to Rs 16,500 per square yard (see box for details).

Land rates in Wazirabad, Samaspur, Gurgaon village, Shahpur, Sikanderpur Ghosi, Nathupur and other villages have been increased from Rs 40 lakh to Rs 70 Lakh per acre. Besides, 20 per cent extra stamp duty would be levied on land on Jaipur National Highway, Sohna Road, Pataudi Road and Sultanpur Road. These charges are payable up to 2 acre depth from the main road.

Similarly, 10 per cent extra stamp duty would be levied on land falling on link roads.

Real estate developers say the new circle rates are a reflection of real estate gurgaon trends and across NCR in the past few months. Circe rates had earlier been hiked in Delhi, followed by a rise in land rates in Noida and Greater Noida.

Gurgaon real estate developer R K Yadav said, “Even with the new rates, the price that buyers will pay in Gurgaon in white will be less than the going rate in parts of Delhi, especially in categories A, B and C.”
Source://expressindia.com