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PROPERTY

Residential Property Prices Keep Growing Due To Steady Demand In Hyderabad

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According to a latest survey report by a renowned real estate firm, it has been revealed that Hyderabad has emerged as one of the leading favourable residential property markets among all the other cities of India. Due to this, the city has witnessed a steep jump in the property prices which has gone up by 18.6% in the one year.

The report also stated that this popularity has helped Hyderabad in gaining the fourth rank amongst the top 150 global cities in terms of increase in residential prices. Xian in China, on the other hand, emerged as the top city where the home prices have gone up by unexpectedly 20%.

Talking about the Indian cities, after Hyderabad, Ahmedabad has seen a surge in residential property market followed by Bengaluru, Surat, Mumbai, Pune, and Mumbai. The property prices increase here at a percentage of 19.6%, 18.3%, 13.2%, 12.6% and 11.5% respectively.

In recent times, Hyderabad has become a realty hotbed due to sudden infrastructure development, political stability, Presence of IT/ITes companies, MNCs that had led to employment generation as well as increased demand in the housing sector.

Experts have also suggested that the manner, in which the state government and other authorities are carrying out infrastructural developments in the city, is also the main reason behind this surge. The government is also focusing to develop more and more commercial centers which will ultimately boost the residential real estate market of the city.

Policies like lessening of tariffs and impact fees for multistory buildings have also contributed towards growth in the real estate.

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Nisha Shiwani hails from the pink city of Jaipur and is a prolific writer. She loves to write on Real Estate/Property, Automobiles, Education, Finance and about the latest developments in the Technology space.



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Commercial

DLF Sells Nine Acre Land To American Express For Rs 300 Crore

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The DLF group recently sold a 9-acre land located in New Gurugram to American Express for approximately Rs. 300 crore. According to the sources, this is believed to be one of the costliest land deals in this locality. The selling cost is calculated to be nearly Rs. 32 crore per acre.

American Express plans to build a huge campus on this land parcel that is exactly situated in Sector 74A, known as New Gurugram, the sources said.

DLF’s MD (Rental Business) Sriram Khattar and DLF group CFO Ashok Tyagi confirmed about finalizing this deal.

A top official said that this transaction has set the standard of value of the land in the area close to Southern Peripheral Road (SPR) and NH-8 where the Haryana State Government has made a lot of effort to develop infrastructure.

Khattar said the company would extend all help to the government for the development of New Gurugram as it did for Gurugram.

DLF is already developing several projects in this part of the IT city.

Earlier in June, the DLF group went into a joint venture with Singapore’s sovereign wealth fund GIC to build a retail mall in Gurugram. This mall will be developed in over 2.5 million sqft area and is believed to be the biggest mall of India, the sources said.

This will be a mix-land project and is planned to have both retail and commercial space named as Down Town. The same will be developed on a 23-acre land parcel owned by the DLF Group in Gurgaon. This plot is located on the highway opposite to DLF Cyber Park that is spread over 2.5 million sqft.

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Commercial

WeWork To Lease 1 Million Sq Ft in Hyderabad

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WeWork India is initiating the process to acquire approximately 1 million sqft of office space in Hyderabad. This workspace will cover four locations in Hyderabad that include the IT hub of Gachibowli.

The sources informed that the company has pre-leased the properties in the first half of 2019 and will venture into the Hyderabad market. WeWork India has expansion plans and the firm is working in the direction to double its workspace up to 6 million square feet by December.

Adam Neumann, CEO, and founder, WeWork said that the company is raising funds via an initial public offering. The company operates its business via franchise in India only. The sources also informed that WeWork aims to share sales of about $3.5 billion. The listing of WeWork is estimated to be the second-highest for this year while Uber Technologies Inc stands at $8.1 billion IPO in May.

WeWork is a company owned and controlled by a well-known developer named Embassy Group.

The Embassy group invested $119 million since it has launched WeWork in India. Other than this, Microsoft and Amazon are some of their clients.

Presently, WeWork India has 23 co-working centers out of which nine are based in Bengaluru and Mumbai while the remaining five are operational in Gurugram with a total capacity of 39,000 seats.

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Commercial

Delhi-Meerut Expressway: Dasna-Hapur Section Becomes Functional For Public

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NHAI (The National Highways Authority of India) has opened the phase 3 section of the Delhi-Meerut Expressway project, which provides a 22 kilometer long stretch between Dasna and Hapur. The first stretch between Sarai Kale Khan and UP Gate was inaugurated by PM Narendra Modi on May 27, 2018.

With the opening up of this section, the traveling time between the two cities will now reduce to just 20 minutes from earlier 1 hour. RP Singh, Project Director, NHAI said, “The stretch between Dasna and Hapur has two elevated sections at Masuri (2.5 km) and Chijarsi (5 km) in Pilkhuwa. This has provided a much-needed respite to the daily commuters who face snarling traffic jams on these two stretches.”

The stretch also constitutes 10 underpasses, three foot-over-bridges and one bridge over the Ganga canal. The construction cost of this stretch is Rs1057 crore. Currently, around 3,500 vehicles are passing via the stretch on a daily basis.

Apart from this, the other two stretches between UP Gate to Dasna and Dasna to Meerut are currently under-construction. However, the 19 km long stretch between UP Gate and Dasna will become operational in two phases. The first phase of 10.5 km between UP Gate to Pratap Vihar is expected to be completed by October 2019; while the second phase is expected to become fully operational mid-2020. The second phase includes the development of Hindon Canal Bridge, rail over-bridge at Lal Kuan and the Hindon canal bridge. The work on Hindon Canal Bridge is almost completed and will start operation by September 2019.  On the other hand, the rail over-bridge and Canal Bridge will get completed by December 2019 and May 2020.

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Commercial

Embassy Group Ventures Into Co-Living Segment

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The Embassy group ventures into the co-living sector under the banner of EPDPL Co-Living Private Limited. While starting the operations, the company will offer 20,000 beds that will be developed on the current land parcels.

The company aims to own and operate more than 100,000 beds in next five years. Its target segments are the working professional and students from other cities. The Embassy group is expecting the official brand launch by the year-end with its key projects in Bengaluru and Pune.

According to a leading real expert firm, the current market in the top seven cities is projected to reach 7 million by 2023 as the growth potential stands at USD 93 billion per year.

Aditya Virwani, Chief  Operating Officer, Embassy group said that the company aims to enhance the living standards by offering world-class hospitality services as the demand for such accommodation is rising with the increase in migrating professionals and students.

Kahraman Yigit, co-founder, Embassy Co-Living, said that the workforce and the students today look for accommodations that offer smart living and easy connectivity. Thus, the co-living spaces will be designed while keeping in mind the requirements of the clients. These spaces will match the international safety standards and are planned to have ultra-modern amenities along with green spaces to protect the environment. (more…)

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Commercial

DDA: Authority Plans To Introduce Digitized Layout Plans

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DDA, the Delhi Development Authority is likely to offer digital layout plans soon in the national capital and this will be a relief to the residents as they no longer require standing in queues to get their building plan sanctioned.

The authority has a proposal in the pipeline that includes digitization of building layouts along with those lying with all civic bodies in Delhi.

Prior to this, scanned copies of the records were provided to the citizens on request but this didn’t ease the burden of the civic bodies entirely. But, now the idea is to make the layout sanction plan online and this will be connected with GIS [Geographic Information System] platform. GIS will work similarly to Google Maps while allowing the users to view the details along with the facility to add information.

A senior DDA official said that the authority’s portal will display the land use plan of every particular area that is integrated with land and property information system. The official also informed that all plots will have a unique ID and the digitization process is expected to be completed in 18 months.

A week ago, DDA also gave a nod to build an ecological park and a sports facility.

DDA: Authority plans to introduce Digitized Layout plans at its centers in Badarpur and Shastri Park areas. The go-ahead on these proposals was given in a meeting headed by Lt Governor Anil Baijal and DDA chairman recently.

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Residential

The Peaceful Homes: Premium Residences In Peaceful Location Of Gurgaon

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The Peaceful Homes is an upcoming residential project by AIPL group, located in the serene surroundings of Sector 70 A, Gurgaon. Spread over 11.5 acres of land, the Peaceful Homes is close to Southern Peripheral Road (Sohna Road) and has immediate access to NH8 and Golf Course Road.

The Peaceful Homes offers 2, 3 and 4 BHK premium residences in various sizes and configurations ranging from 1565 Sq. Ft., 2475 Sq. Ft. & 2925 Sq. Ft. All the units have been meticulously designed and provide breathtaking views of the Aravallis.

The residential development is home to some of the best facilities that include convenience center, recreational club, power backup, water supply, 24 hrs security, Exquisite water bodies, ecological landscape, jogging track, pet garden, meditation garden, multipurpose sports court, provision of the grocery store, stormwater drainage and much more. It also has a Tantra Club which comprises of hi-end facilities like gym, yoga center, spa, sauna, business center, swimming pool, mini home theater, guest rooms, barbecue area, lounge area, and open-air LED screen.

Premium Amenities of the Project

  • 2, 3 and 4 BHK premium AC residences
  • Modular Kitchen with Hob & Chimney
  • Spread over sprawling greens
  • Panoramic views of Aravalli range
  • Convenience Center
  • Fire-fighting system as per NBC norms
  • 24 hrs Security with access control at entrance & CCTV surveillance
  • Club Tantra with facilities such as gymnasium, spa, steam & sauna, concierge services, mini home theater, billiards room, table tennis, swimming pool, basketball, badminton, football practice field, jogging track etc.
  • Fire detection and prevention systems as per NBC norms
  • Exquisite water bodies, ecological landscape
  • Provision of grocery store, storm water drainage, Auto car wash

Location of the Project

  • Close proximity to Southern Peripheral Road (Sohna Road)
  • Immediate access to NH8 and Golf Course Road
  • Renowned schools Indus World, GD Goenka, and Amity in the vicinity
  • In proximity to hospitals like Medanta, Artremis and Max
  • Nearby leading MNCs, colleges and Universities
  • Close to Golf courses like classic golf resort, Golden greens, and DLF golf and country club.
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PROPERTY

Motia Group Launches Flagship Residential Project Motia HUYS Near Panchkula

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Motia Group, one of the leading real estate developers has recently announced the launch of their flagship project ‘Motia HUYS’ in Peer Muchalla, adjoining Sector 20, Panchkula. The project offers independent affordable floors nestled amidst serene and tranquil surroundings that will be developed with an investment of 65 crores by the group.

Motia HUYS is a mix of residential and commercial complex spread over 2.5 acres of area. The residential space comprises of 147 units on 49 plots and is offering 2 and 3 BHK independent floors with well-designed architecture along with ample private space. Each floor, as well as the units, is equipped with all the modern amenities that are must for hassle-free living. It is also home to a plethora of facilities like a park for children, senior citizen area, green spaces with seating, Jogging park, CCTV monitoring and much more.

The commercial shopping complex is designed to offer all the daily need conveniences to the residents. Apart from that, Stilt parking, Purified water supply, and Rainwater drainage are some of the other attractive features of the newly launched project.

Speaking during the launch, L.C Mittal, Director, Motia Group said, “The group has always worked to provide premium housing to its clients. At Motia group, the comfort of the residents is the priority and thus each of our projects reflects the same. The project Motia HUYS will be developed with an estimated cost of Rs 65 crores and all the funds will be arranged through company internal finances.”

The USP of the project is its location wherein most of the city conveniences are just at a distance of 5 minutes. The project enjoys smooth Airport road (ring road) connectivity and is also well-connected to the Himalayan Expressway. Many leading hospitals, commercial centers, and educational hubs are also located close to it.

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PROPERTY

ASK Group invests INR 150 Crores In Gulshan Homz’s Residential Project in Noida

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The ASK Property Investment Advisors [ASK PIA] made an investment of Rs. 150 crores in Gulshan Homz’s residential project. Located at off Noida Expressway, this project is spread across one million square feet approximately.

ASK Group is a realty private equity firm that invested via the Real Estate Special Situations Fund which was raised in March 2019. Post the finalization of this deal, the structured equity fund increased to more than 45% out of the approximate Rs. 920 crore.

The project is situated adjacent to Noida Expressway and shares close proximity with Blackstone’s Oxygen SEZ and the IT corridor of Noida. Till now the Gulshan Homz has delivered approximately 7 million sq ft of real estate. Out of this, 5.5 million sq ft is in Noida and other 4 million sq ft is under construction in Noida and Greater Noida.

This investment is a strategic move by the ASK group with the aim to offer funds for project completion.

Amit Bhagat, managing director, ASK Property Investment Advisors said that this is the company’s first deal with Gulshan Homz and the group fulfills the criteria of quality construction, delivery track record, and reputation. The company looks forward to having a long-term, mutually beneficial association with Gulshan Homz’s, he further said.

Bhagat then said that is expecting better infrastructure with an operational metro and the upcoming airport at Jewar.  This will change the dynamics of the Noida property market and will also increase job opportunities in the city. He also said that all this will boost the city’s residential real estate market.

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PROPERTY

Karnataka RERA Solves 30% Registered Complaints Of Home Buyers

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According to the latest data, the Karnataka RERA has resolved around 30% of complaints registered by the homebuyers till date. The data states that approximately 3,958 complaints have been registered by the homebuyers across different cities of the state. Out of these, the authority has solved 1,174 cases which mean around 30% of the total.

Giving more details on the above, MR Kamble, Chairman, K-RERA said, “The authority officials are working hard to resolve the issues of the homebuyers. At present, we are left with around 2,700 complaints which have already been reviewed and would be resolved as soon as possible. Around 150 cases were withdrawn by the homebuyers after a mutual agreement with developers.”

He further informed that although the authority has taken some strict decisions against the developers, still many homebuyers have not been able to get the desired compensation from them. So, to compensate this, the officials have asked the revenue department to issue show-cause notice against errant developers for project or property attachment.

Till date, 117 notices have been sent to the Bengaluru Urban Deputy Commissioner’s office so that it can be further issued to the fraudulent developers.

The Karnataka RERA has also informed that the maximum number of complaints has been received from the Bengaluru Homebuyers. All these complaints were related to delayed possession of the residential project, incomplete documents, difference in the outcome, and disparity in the size and configuration of the units.

However, most of the developers’ complain that the delay in this regard is mainly due to the delay in the approval procedure of the projects as well as late issuance of several certificates which is mandatory for a project.

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Commercial

DMRC And PWD Plans To Decongest Mehrauli-Badarpur Corridor

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To provide relief to thousands of daily commuters between the Delhi and Gurgaon stretch, the Delhi Metro Rail Corporation (DMRC) and Public Works Department (PWD) has planned to develop a Triple-deck flyover to decongest the busiest route. The triple-deck train-vehicular flyover-underpass will decongest the Mehrauli-Badarpur corridor of the NCR.

According to the proposed plan, both Delhi metro and PWD will jointly develop this stretch and will soon sign a memorandum on the same.

Informing on the above development, a senior authority official has informed, “It will be an 11.2 km long road with four underpasses and two flyovers. The first two-lane underpass would be 400 meters long and would start at Anuvrat Marg and end at MB Road. The second six-lane underpass would be 500 meters in length and will decongest the busy route between Avenue 31 intersection and the Mandir Marg T-Point.”

About the third underpass, he informed that it would be developed below the flyover at Khanpur traffic signal. Lastly, the fourth underpass would be constructed between DDA Park and Tigri extension. Both of these underpasses will be 400 meters in length.

Apart from this, the authority has also planned to develop a 2.5 km long stretch that will have a double-decker viaduct wherein the Delhi metro rail will run above the flyover. The ramp will be developed between Saket G Block and Ambedkar Nagar and would end nearby Batra Hospital.

Last month only, the design of the three-deck vehicular flyover was planned, designed and submitted to the Unified Traffic and Transportation Infrastructure (Planning and Engineering) Centre (UTTIPEC). However, the authorities are waiting for the center’s approval on the same.

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