Tuesday 31 May 2016

Work on flyovers likely to begin in Ghaziabad soon

The construction work for two proposed flyovers in Ghaziabad is likely to begin next month.

The flyovers are to built at the Raj Nagar Extension Crossing along Ghaziabad-Meerut Road, which was earlier a part of NH-58, and at the Vasundhara Traffic Signal on the Vaishali-Mohan Nagar Link Road.
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GDA officials on May 30 said design work of the flyovers, which is being executed by the UP State Bridge Corporation, is nearing completion. In March 2016, the GDA had asked the bridge corporation to submit the detailed project reports for the projects. No deadline, however, had been set upon the corporation for finalizing the project reports. 
"The alignments of both flyovers have been fixed," said GDA executive engineer S C Dwivedi. "The agency has completed soil testing of the areas where the flyovers will be constructed. More such tests will be conducted, if required. We are expecting reports from the agency soon. Work on the two projects might commence before the last week of June," he said.
The projects have been mulled to ease flow of traffic at the two intersections. The GDA sanctioned them on the basis of reports on traffic volume on the roads, compiled by the Central Road Research Institute.
GDA officials said the exact cost of the projects would be worked out based on the detailed project reports.
In a board meeting held in October last year, the GDA had approved construction of three flyovers. The third flyover is proposed to be constructed at Hapur Chungi.
Source: MagicBricks 

Monday 30 May 2016

Tata Value Homes raises $25 mn. Know why

Tata Value Homes, a 100% subsidiary of Tata Housing Development Company has raised $25 million through CDC, UK’s Development Finance Institution (DFI). CDC, wholly owned by the UK Government, will join the affordable housing platform created by Tata Value Homes and IFC to develop affordable housing projects across the country.
 Founded in 1948, CDC is the UK’s Development Finance Institution (DFI) wholly owned by the UK Government.  Its mission is to support the building of businesses throughout Africa and South Asia to create jobs and make a lasting difference to people living in some of the world’s poorest places.The world’s oldest DFI, it has a long history of making successful investments in businesses that have had a positive impact on the private sector in their country and region and improved the lives of many, many individuals. 
 Announcing this development, Brotin Banerjee, MD & CEO, Tata Housing, said, “We are extremely happy to partner with CDC for the affordable housing platform created last year. Investment from CDC will help us further our commitment towards delivering quality living spaces to low and middle income groups in the country.”
 Srini Nagarajan from CDC said, “We’ve made this investment because affordable housing in India is highly developmental sector because it creates a high number of construction jobs per dollar invested, and will increase access to housing for India’s emerging middle class.  . We’re delighted to be partnering with Tata Value Homes, because of their prioritisation of quality above all else, and their strong focus on innovation and sustainable development.”
 In the past year, we have delivered over 3000 homes across various projects in the country. It is our endeavour to take the concept of affordable and sustainable townships far and wide in India to provide quality living to all income groups.
 About Tata Housing
Established in 1984, Tata Housing is a closely held public limited company and a subsidiary of TATA Sons Limited. TATA Sons Limited holds 99.86% of equity share capital of the company.
Since its revival in 2006, the company has grown exponentially establishing itself as the fastest growing real estate developers in India with 70 million sq. under various stages of planning and execution and an additional 19 million sq. feet in the pipeline. Tata Housing has stood out in the industry with quality construction, ethical and transparent business practices, rapidly acquiring an image as a Quality Conscious and Reliable Developer.
Today, Tata Housing is developing large townships and differentiated theme based projects in major and mini metros. As a comprehensive real estate developer of choice, Tata Housing straddles across all consumer segments from value to luxury housing, by offering products ranging from Rs. 12 lakhs to Rs. 14 crores. All projects developed by Tata Housing are certified sustainable green developments, designed by top internationally renowned architects. With strength of over 700 employees, and presence in Mumbai, Lonavala, Talegaon, Pune, Ahmedabad Goa, Gurgaon, Chandigarh, Bengaluru, Chennai, Kolkata and Bhubaneswar; the company is now in the process of expanding its footprints to other parts of India across tier I and II cities. The company has also ventured into foreign markets such as Maldives and is actively exploring other markets including Sri Lanka and other South Asian countries.
Tata Housing has been receiving various industry recognitions and accolades, both on domestic and international platforms. 
SOURCE: magicbricks.com

Sunday 29 May 2016

Gurgaon proposes 15% cut in circle rate


The Gurgaon administration has proposed to slash circle rates of properties by 15% this year to help revive a slumbering real estate market that is in the grip of a prolonged downturn.
If the Haryana government approves the proposal, it will be the first time in recent history that Gurgaon, a premium real estate market, will see the circle rate graph slip downward. In the previous two financial years - 2014-15 and 2015-16 - circle rates in the city were kept unchanged but failed to lift buyer sentiment.
Though it's not the only factor responsible for the realty industry's current problems, a senior government official said the proposal to cut circle rates is a course correction, in consonance with the prevailing ground realities, and is expected to help recharge the market.
"It (the proposal) reflects the reality," said divisional commissioner D Suresh, who has sent the proposal to Chandigarh for approval. Suresh said in some areas, existing circle rates are higher than current market rates of land and need to be rationalised. Circle rate is the minimum value at which sale or transfer of a plot, a built-up house, an apartment or a commercial property take place. Buyers also pay stamp duty according to the circle rate.
Gurgaon deputy commissioner TL Satyaprakash, who led the committee that proposed the reduction, said there was a dip in flat registries, leading to loss of revenue for the government. "Market rates have come done in certain areas but circle rates are still high, so we have to rationalise the rates," said Satyaprakash.
One of the changes suggested by the administration is a graded circle rate for commercial properties between Ambience Mall and Sector 39, which is currently uniform. "We want different circle rates for different areas on this stretch, the highest rates for commercial properties near Ambience Mall and Galleria Market but different ones in the remaining areas," said Satyaprakash.
Developers were confident that investor sentiment would significantly improve with the rate reduction. "The circle rate cut will reduce overall cost as these rates are the basis for tax calculations," said Pankaj Bansal, director of M3M Group.
Manoj Goyal, director of Homestead, said, "This is good move as property prices have dropped over the past couple of years, creating a gap between the transaction value and circle rates. Buyers are forced to pay additional stamp duty and capital gains tax on the differential value as well. This results in an extra payout."
Huda, which is having trouble finding buyers for its land parcels because of the high circle rates, is also expected to gain from the move. "In March, we had put on auction 96 commercial properties in Gurgaon, Dharuhera and Rewari. But we managed to sell only 10 properties," said a senior Huda official.

Friday 27 May 2016

SKB GROUP LAUNCHES GOLD COAST 24 IN GHAZIABAD



Ghaziabad: After delivering their first project six months before the committed time and that too without compromising on the quality of delivery, SKB Group has announced the launch of another premium project of their’s by the name of ‘Gold Coast 24’ which is to be developed adjoining to Crossings Republik on NH – 24. After an enthralling response received for their previous project ‘Gold Coast’ in Crossings Republik, this is their second project to be developed in the region.
The project will offer 2/3 BHK apartments with three unit plans starting from 1225 sq. ft., 1475 sq. ft. and 1835 sq. ft. The total land area under development would be approximately 1 acre that will comprise of a single tower with over 224 units in offer standing tall with ground + 31 floors. Gold Coast 24, which is to be developed adjoining to the Crossings Republik on NH – 24 has been planned very strategically where it will receive the fruits of being well connected to the National Capital, Greater Noida, Faridabad, Ghaziabad, Yamuna Expressway and various other parts of Noida as well. The project is expected to be ready and delivered by June, 2019. The current BSP of the project stands at Rs. 2,850 per sq. ft. approx or Rs. 34 lakh onwards. 

Feeling proud and jubilant at the launch, Vikas Pundir, CMD, SKB Group said, “First of all, I would like to take this opportunity to thank all our stakeholders and associates through the previous project and showed never ending support to us. On behalf of the entire SKB Group, I take immense pleasure in bringing to you Gold Coast 24. The project has been planned keeping in mind all the important aspects for the residents and thus offering amenities that matter, location which provides access to key places and connectivity with chief NCR regions.” Also present at the event, Mr. Siddharth Pundir, MD, SKB Group said, “Being a region in demand is sure to make this project a great addition to the portfolio of all investors and resident and hopefully it helps us add another feather to our hats.”