Branded Residences in Gurgaon

Gurgaon gets its share of Designer Homes or Branded Residences as some like to call them. With the international designers capitalize on the developing cities of India, brands like Aramani Casa, Cavalli and many more who are to follow suit make their début in various cities of India.

Gurgaon of course gets its share of these Ultra Luxury Designer Homes with a few already announced and a few to be show cased soon. While this may just be a beginning of a whole new lifestyle in Gurgaon, one can surely see signs of people wanting to explore this fantastic opportunity to “live the glamour and the movement” as one of the developer has put it.

While some developers have signed up with some world famous individual brands like Maria Sharapova or Schumacher and the likes to create some fantastic super structures in Gurgaon, the others have tied up with world class brands in the Home Furnishing Market like Versace, Aramani Casa, IPE Cavalli and the likes. There is yet another interesting branded residences segment in Gurgaon which are being planned with the Hospitality Giants of the World.

These would be something like the Palazzo Versace, Gold Coast, Australia, The Four Seasons Private Residences, Morocco, The Milano Residences in Philippines by Versace, The Raffles Praslin in Seychelles.The Masterpiece, which are the Hyatt Residences in Hong Kong.Number 1 West India Quay, Canary Wharf branded residences by Marriott Beetham Tower branded residences by Hilton. Beetham Tower, Birmingham branded residences by Radisoon Blu…and the list goes on and on. While these super luxurious residences already exist in the various parts of the world, Gurgaon is on its way to have a few of these.

Source :- http://www.gurgaonrealestatenews.com/new-projects/branded-residences-in-gurgaon.html

Real Estate Market Updates

Affordable Housing Policy,2013

Haryana Government’s Department of Town and Country Planning notified an affordable housing policy, 2013 to facilitate additional affordable houses in urban areas of the state. The policy would help to encourage planning and completion of Group Housing Projects. All such projects would be required to be completed within four years from the approval of the building plans or grant of environmental clearance whichever is earlier.

As per policy, the projects would be allowed in residential zones of notified development plans of various towns and cities. The license for such housing projects would be given on a first come first serve basis. Under the Policy, the size of apartments to be constructed will be in the range of 28sqm to 60 sqm carpet area.

The project is estimated to be completed within 4 years period from the date of approval. Through this policy, the state government plans to make available close to 1 25000 affordable dwelling units which have carpet area of approx. 500 sqft carpet area each in the urban centers of Haryana.  It will benefit lower and lower-middle class population of approximately six lakhs in the urban centers of Haryana in the next five years period.

Affordable housing scheme gets maximum response from Gurgaon

Of the 56 applications the Haryana government received from builders for the construction of housing projects under its Affordable Housing Policy, 48 are from Gurgaon.

The state government notified the policy on Monday and invited developers to apply for the scheme, which aims at providing affordable housing units to persons belonging to economically weaker sections.

On the very first day, 56 realtors submitted their applications. The huge response from Gurgaon builders indicates that there’s a huge demand for affordable houses in the city.

Of the rest, six applications were received from developers in Faridabad and one from Jhajjar and Karnal each. According to experts, the policy would help checking illegal constructions and also act as a breather for the otherwise sluggish real estate market.

“The policy will rekindle hope for the common man, as it has a provision for higher population density norms of 850-900 people per acre as against the prevalent figure of 300,” said National Real Estate Development Council (NAREDCO) president Navin Raheja.

For a city like Gurgaon where a two-bedroom apartment sells for anywhere between Rs. 75 lakh and Rs. 1 crore, the new policy has brought a ray of hope for people of low income groups as they would be able to buy a 300 sqft house for as low as Rs. 12 lakh through draw of lots. The price for a 645 sqft flat would come to about Rs. 25 lakh.

The maximum allotment rate for the apartment units approved under such projects will be — Rs. 4,000 per sqft of carpet area in Gurgaon, Fairdabad, Panchkula and Pinjore-Kalka; Rs. 3,600 per sqft for other high and medium potential towns and Rs. 3,000 per sqft for the remaining low potential towns.

In case the builder fails to complete the project, renewal of license will not be allowed by the DTCP as per the regulation

Advantage for builders

This sort of rationalization of the pricing of housing units will be a virtual bonanza for the builders who are also being offered several other incentives, including exemption from licence fees, infrastructure development charges, FAR of 225 instead of the current 175, a higher ground coverage of 50 per cent against 35 per cent. All of these together would make the realty sector an attractive proposition once again for the builders.

Fact File

-Exemption from license fees, infrastructure development charges

-FAR of 225 instead of current 175; a higher ground coverage of 50 per cent as against 35 per cent at present.

-Four year limit for completing the project.

-A commercial component of 4 per cent allowed in the project.

-Projects allowed on 300 acres in Gurgaon, Faridabad and Panchkula. 150 acres in Sonepat, Panipat and Karnal, Dharuhera, Bahadurgarh and Sohna.

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HARYANA HOUSING POLICY-2013

While the state government has been projecting the new housing policy as a major thrust for affordable housing, the high rates fixed for different cities will, in fact, jack up the prices much beyond the affordable range

“Crawl when asked to bend” — this seems to be the mantra of the Hooda government when it comes to giving incentives to the recession-hit real estate sector in the state. This sums up the ‘Affordable Housing Policy—2013’announced by Chief Minister Bhupinder Singh Hooda recently to facilitate the creation of additional housing in urban areas across the state.

While the Haryana Government may claim that the new policy is “intended to encourage the planning and completion of group- housing projects within a targeted time-frame to ensure the increased supply of affordable housing”, a closer look at the policy reveals that apartments under the policy would hardly be affordable for a common man. Moreover, while the aam aadmi is not likely get affordable houses, the builders in the recession-hit realty sector may be laughing all the way to the bank.

The rate of the dwelling units would be a major dampner for the investors and the end users. While ~ 4,000 per sq ft would be the rate for Gurgaon, Faridabad, Pinjore-Kalka(Panchkula), ~3600 per sq ft would be the rate for other high and medium-potential towns and ~3000 for low-potential towns.

Translated into simple language this would mean that a modest I BHK with a covered area of 500 sq ft in Gurgaon, Faridabad and Panchkula will cost about Rs 20 lakh.
The price for other towns such as Karnal, Panipat and Bahadurgarh will be Rs 18 lakh, while for small towns such as Yamuna Nagar, Jind and Safidon it will be Rs 15 lakh.

Advantage builders :

This sort of rationalisation of the pricing of housing units will be a virtual bonanza for the builders who are also being offered several other incentives, including exemption from licence fees, infrastructure development charges, FAR of 225 instead of the current 175, a higher ground coverage of 50 per cent against 35 per cent. All of these together would make the realty sector an attractive proposition once again for the builders.
“The new rates and incentives would go a long way in reviving the sluggish realty market. In fact, it seems to be a virtual bonanza for the developers ahead of the parliamentary and state Assembly elections,” said
Manish Goyal, Director of a Delhi-based firm that has projects in the National Capital Region (NCR).

According to experts the rates fixed by the government are certainly on the higher side particularly when the real estate sector is battling severe slowdown for the past several months. The rates fixed by the government would be taken as a benchmark by the builders while selling the apartments even in their other projects and this will surely mean higher prices being demanded for mid segment residential units, observers opined.

Builders getting their projects passed under the new policy are going to be the main beneficiaries. For an acre of land, the builders will now get the FAR of 225 instead of present 175 meaning that 225 flats can be constructed on an acre as against 175 earlier. Not only that the ground coverage could be 50 per cent as against the current 35 per cent. More ground coverage would mean that the promoters would be able to utilise the spare area in the project for commercial purposes as some specific commercial component has been allowed in the policy. While commercial segment may also provide shopping centre facilities for the residents, the ultimate beneficiaries of the relaxed norms would be the builders, who would sell the commercial spaces at the market price.

The lower charges and fee as compared to the other projects would also ensure greater profit for the builders despite claims to the contrary by the Haryana government.
The end users are also dismayed at the high rates fixed by the state government. “This is clearly an attempt to push the affordable housing out of the reach of the common man. In the pre-election year, the Hooda government is bent upon helping the big builders and is, in fact, fleecing the middle and lower middle classes,” alleged Mangat Singh, an employee with a private sector firm.

Fact File
-Exemption from licence fees, infrastructure development charges
-FAR of 225 instead of current 175; a higher ground coverage of 50 per cent as against 35 per cent at present.
-Four year limit for completing the project.
-A commercial component of 4 per cent allowed in the project.
-Projects allowed on 300 acres in Gurgaon, Faridabad and Panchkula. 150 acres in Sonepat, Panipat and Karnal, Dharuhera, Bahadurgarh and Sohna.

Builders lap up the policy :

The “builder-friendly” affordable housing policy, has been a hit with the builders. As many as 56 licence applications have been received by the state government from various colonisers since the announcement of the policy five days back. Out of these, 40 applications have been received from builders in Gurgaon, 8 applications for Sohna, 6 for Faridabad and one each for Jhajjar and Karnal.

Source :- http://www.indianrealtynews.com/category/real-estate-india/gurgaon/

NRIs show interest in industrial plots in Gurgaon

The dollars might just begin to flow in. This was the hope with which the state government decided to reserve 10% of industrial plots solely for the NRI clientele in its 2011 estate management policy. The move will “boost the inflow of foreign exchange in the country,” a government statement said.

To the relief of the policy makers here, the scheme finally has some takers. The Haryana State Industrial and Infrastructural Development Corporation (HSIIDC) announced the list of successful applicants for this allotment scheme recently, under which some 19 plots have been sold to NRIs across the state.

Many of the corporation’s under-development townships, like in Bawal, Rai, Saha and Panipat, had a number of plots up for allotment under the NRI quota. But the maximum figures were recorded in Faridabad, where 10 out of the 19 NRI allotments were made. Plots in both Gurgaon and Manesar failed to make it to the list.

“The final decisions were made last week at a meeting held by the NRI Plot Allotment Committee,” said an HSIIDC official, adding that the measurements of the plots allotted range between 450-1800 square metres. The 2011 policy amendment, that granted 10% reservation to NRI entrepreneurs, was followed by the constitution of a special Foreign Investment and NRI Cell, which is run by the HSIIDC in various districts.

“NRIs and PIOs have been accorded the status of preferential category for allotments of plots,” said an official HSIIDC statement. tnnThe reservation on 10% of plots ‘in each estate developed by the HSIIDC’ for the NRIs also extends to all industrial units ‘with 33% or more FDI in total investment.’

Gurgaon’s industrial community didn’t take kindly to the NRI scheme, back when it was announced. The corporation was accused of ‘playing the property dealer’ and of ‘devising ways to reap heavier profits.’

Source: The Times of India, Delhi/NCR