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Showing posts from 2009

Integrated Townships Have Huge Potential

The recent slowdown may have impacted investments in integrated townships but there is still a huge potential in this segment and it will get better as the economy opens up. You could call it a city within a city. It encompasses all aspects of modern day living within the development. Integrated township, as the name suggests, is a self-sustained township having a number of real estate developments, including residential, commercial, retail and institutional, as well as industrial areas in some cases. There are many advantages of staying in such a township. These sustainable urban residential solutions give people a convenient and enjoyable living space in an ecofriendly environment. "Distance from the city allows its residents to stay away from traffic, pollution and congestion. Due to the nature of these large formats, the residents get more open and green spaces bringing them and their children in close proximity to nature," feels Om Chaudhry, CEO of Fire Capital Fund. The

Delhi-Meerut Expressway Approved

The laying of Delhi-Meerut Expressway has been approved by the Union ministry of surface transport, it is learnt. The Meerut Expressway, via Hazrat Nizammudin in Delhi, Dasna and Bhojpur to Meerut, is expected to be ready by the year 2013. The Expressway is likely to cost Rs 1,250 crore. Its approval was confirmed by Ghaziabad district magistrate R.Ramesh Kumar last week. With the proposed Expressway, traffic snarls from Modi Nagar to Meerut would become a thing of the past. The commissioner of Meerut division has called for a report about land acquisition in and around Bhojpur village of Modi Nagar Tehsil. The details of forests, temples, tubewells, etc in villages Vidhapur, Patti, Kalcheena, Umarala, Bhadjan , Chidyala, have also been called for, it is learnt. The letter issued from the surface transport ministry received in Tehsil headquarters also mentions that government officials are now busy in connection with the Commonwealth Games. The work on Meerut-Delhi Expressway will be t

Solid waste land site in Dundhaheda

NCR IN FOCUS - Municipal body claims land ownership, Ansal's Ghaziabad township in trouble ANSAL Landmark Township's 14acre residential project, Aquapolis, in Dundhaheda village of Ghaziabad may hit a roadblock as the land allotted to the builders belongs to the Municipal Corporation of Ghaziabad, which plans to set up a sanitary landfill and composite site there. Rajindra Tyagi, a councillor from Rajnagar, has written to UP Chief Minister Mayawati citing a nexus between the Ghaziabad Development Authority (GDA) officials and the township builder (Ansal). "Ansal's Aquapolis integrated township project is built on a land which does not belong to the GDA, who approved the project. GDA accepted the builder's plan on the condition that builder must have ownership of the land. Ansal did not have (the ownership) as the land belongs to Municipal Corporation," Tyagi alleged. According to sources, in 2005 GDA drew up Masterplan 2021 and said it will recommend licence t

Maya's New Township Policy Hits Rroadblock

Despite attractive incentives such as exemption from stamp duty on the cost of land and a single-window clearance, the Uttar Pradesh government’s ambitious new township policy has hit a roadblock. With only five private developers showing interest in developing new townships in four cities in the state, the state government has decided to extend the last date for submitting proposals by a month, reports Financial Express. The last date for submitting proposals under the new township city scheme was earlier fixed at September 23. The proposals that have come so far are for the four cities of Lucknow, Agra, Saharanpur and Moradabad, the report added. According to the report, the open-ended new township policy had invited builders to develop new townships with modern amenities on an 1,000-acre area outside the purview of the local development authority with a minimum investment of Rs 1,000 crore. What was interesting about the scheme was that the state government had offered to acquire th

Ghaziabad Roads Set For Overhaul

In the wake of reports of heavy traffic jams during the morning and evening peak hours, the Ghaziabad administration is all set to strengthen the existing infrastructure to facilitate smooth flow of traffic in the city. “We are trying to strengthen the existing infrastructure, especially at Mohan Nagar. We will relocate the Sulabh conveniences, which have created a bottleneck, from their existing positions to ease the traffic for daily commuters. A separate Link Road between NH-58 and NH-24 is already being constructed and it will further decongest Mohan Nagar,” said District Magistrate R Ramesh Kumar. Most of the commuters have echoed similar concerns and asked for a complete overhaul to tackle the traffic problem. People going to Ghaziabad or tourists bound for hill stations like Mussoorie or Nainital in their private vehicles are a harassed lot as a lot of their time is wasted in traffic snarls at the Mohan Nagar T-point. “Traffic jams, congestion and snarls have become a regular fe

Ghaziabad Property Set ToGet Costlier

Property prices in Ghaziabad are set to rise before Diwali. The district administration has revised the circle rates of the district with some of the colonies witnessing a sharp hike. Rates of pockets situated close to the national highways cutting across the city have been hiked sharply. The colonies situated close to Modi Nagar, Hapur and Loni are said to be the new golden areas under the new circle rate slab. The new circle rate of colonies close to Mehrauli on National Highway- 24 would be Rs 1.25 crore per acre while those situated away from the highway would be Rs 1 crore per acre. The circle rates in Noornagar area that houses over a dozen builder apartments has been revised upwards. In the interiors it has been increased to Rs 1.60 crore per acre from Rs 1.30 crore whereas on the main roads it has been increased to Rs 1.80 crore per acre from Rs 1.50 crore. Similarly, the new circle rate of land close to Shadipur would be Rs 50 lakh per acre while those situated away from it ha

Clarks Inn Hotel at Crossings

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Clarks Inn Group signs management contract for new hotel in Ghaziabad Friday, August 07, 2009, 11:00 Hrs [IST] - TravelBiz Monitor.com Paramount Group & Ajnara Farms & Services JV to develop the project Clarks Inn Group of Hotels has signed a management contract in New Delhi for their 17th hotel project. The hotel is going to be set up in Ghaziabad. The hospitality project, which is a part of the 360 acres of real estate development, underway on NH-24, in the name of Crossings Republik, will be the first project of the Joint Venture (JV) company — PAV Realty Pvt Ltd — floated by Paramount Group and Ajnara Farms & Services. An agreement to this effect was signed recently by Anoop Kumar, Managing Director, Clarks Inn Group; Ashwani Prakash, Executive Director, Paramount Group and Ashok Gupta, Managing Director, Ajnara Farms & Services on behalf of the JV company. According to the developers, around 4400 sq mt area, located in the heart of Crossings Republik, have been ea

5-Star hotel at Crossings Republik

A joint venture of Paramount and Ajnara group of companies, PAV Realty Pvt. Ltd. and Clarks Inn group of hotels have signed a hotel management agreement for their upcoming five star hotel project in Orbit Plaza at Crossings Republik, NH-24, Ghaziabad to be operational by mid-2011. The hotel will be a part of a commercial centre and will have 100 rooms with banqueting facility up to 1000 pax, mutli-cuisine restaurant, a lounge bar, swimming pool, fitness centre, spa and business centre. It will also cater to the needs of 25,000 residents of Crossings Republik. The five star hotel of Paramount and Ajnara group of companies will be under a new brand name i.e. Clarks Inn Suites. Source: Hindustan Times- 31/08/09

Buyers Spoilt For Choice In Ghaziabad

The satellite towns of Delhi have emerged as the best bet for developing mid-income houses in the sub-Rs 40 lakh category. The Raj Nagar extension at Ghaziabad is one such locality that is offering houses in the price range of Rs 11 lakh to Rs 40 lakh. The apartments are available in the range of 650 sq ft to 2,000 sq ft. Interestingly, around 16 developers with residential projects in the area have formed an association to synergise their efforts towards concerted development of the area. "There is a healthy competition among all the de-velopers to woo the prospective ho-me seeker," says Manu Garg, secretary, Raj Nagar Extension developers association and managing director of Lan-dcraft Infrastructure. The association also endeavours to coordinate with the Ghaziabad Development Authority (GDA) for the systematic development of the area. Around eleven residential projects are already under various stages of construction and will be ready for possession by mid-2010. The total

Step to boost industrialisation in UP

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Setting Up Of Industrial Unit Made Easier In UP In a major decision to boost industrialisation, the state government has simplified the existing procedure to give stamp fee relaxation for setting up industrial units and projects termed as infrastructural facilities in UP. Under the new regulations, general manager, district industries centre will bea nodal officer for this purpose in his jurisdiction concerned. His job will be to ensure a hassle-free registration of land with the help of sub-registrar of the stamp and registration department. Earlier, this was a cumbersome process in which the papers of land were to be submitted to general manager, district industries centre. These papers were then sent for the perusal of commissioner and director, industries, and managing firector, PICUP. These papers were then sent back to DMs concerned before the final order passed for the registry of land purchased by different industrial units. This was a long arduous process in which property reg

High-Speed road corridors

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Emerging residential destinations to get high-speed road corridors In the next few years, owning a house in the suburbs of Delhi is going to be as good as living in Delhi. Though upcoming residential hubs beyond Noida, Dharuhera, Bhiwadi, Indirapuram, Faridabad, and Sonepat, sound remote now, considering their distance from the national capital, a slew of improved highways and the Metro connectivity is set change this perception and make these localities more attractive for buyers. Town planners also believe the time has come when residential development has to move away from Delhi. "So far, the alternate residential development has happened around Delhi, which is known as ribbon development. But to make the capital city sustainable you need to provide more affordable options to people outside Delhi. A good transport system, primarily rail, will make the system sustainable," says H R Suri, former president of Institute of Town Planners, India. While, Metro Rail and improved r

Republik Across Yamuna

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Located near Indirapuram and with excellent connectivity to Delhi, Noida and Greater Noida, Crossings Republik offers residential units built amid sprawling green landscapes at affordable rates. Crossings Republik is being developed on NH-24, Ghaziabad near Indirapuram on the Hindon river. Crossings Infrastructure Pvt Ltd is the real estate firm that has undertaken the project. This realty firm is a joint venture between seven of the top builders of Delhi NCR. These include Ajnara Farms & Services Ltd, Assotech Limited, Gaursons India Ltd, Mahagun Developers Ltd, Panchsheel Promoters Ltd, Paramount Residency (P) Ltd, and Supertech Limited. Some of the major attractions that pull you to the Crossings Republik are its location on NH-24, Indirapuram and the proximity to Ghaziabad, Noida and Greater Noida; 360 acres of township consisting of residential units, malls, a shopping center, retail outlets, office space, hospitals, banks, schools; and, another attraction is that the entire

Ghaziabad: Grabbing Limelight

With development taking place all over India and price index reigning high, people are finding it difficult to locate the right places to invest. Some of the best choices to have come up are in Ghaziabad, where property prices are still within reach. And, NH-58 cutting across Ghaziabad makes it very alluring for the middle class looking for houses within their budget. Sunil Jindal, CEO of SVP Group, says the overall development is pushing prices here too, but one can still get plenty of affordable real estate choices. "In Delhi and NCR, we have places like Sonepat, Baghpat, Bhiwadi, Greater Noida, Faridabad, New Gurgaon, and Meerut. However, Ghaziabad scores over them on account of its proximity to Delhi and because of the proposed development that is going to take place in the near future. Noida and Gurgaon are now almost out of reach of the middle class on account of their exorbitant prices. As Delhiites are used to a certain kind of lifestyle, Ghaziabad fits the bill - it is go

GZB Reeling From Severe Power Crisis

Gzb Reeling From Severe Power Crisis, Facing 16-Hour Outage Daily in Urban Areas Power scenario has worsened in Ghaziabad with the city areas facing outages of up to 16 hours daily, while low voltage prevents alternatives like inverters from being recharged. Besides, outages of 18 to 22 hours are reported from semi-urban zones and industries in the district have been asked not to operate between 8 pm and 6 am. Posh residential areas like Kaushambi, Vaishali, Raj Nagar, Kavi Nagar, Chiranjeev Vihar and Gandhi Nagar are going powerless whole night. "Inverters have failed due to insufficient power and intense power fluctuations, with the supply around 100 volts while the minimum requirement is 220 volts," complained Major (retd) Vishamber Singh, a resident of Govindpuram. "We have to be without power throughout since our inverters are not operating due to insufficient power to charge batteries," said Rajiv Bhalla of the Kaushambi residents welfare association. Power su

Ultra Mega Power Project (UMPP) For UP

Mayawati Writes To PM, Seeks Ultra Mega Power Project (UMPP) For UP Uttar Pradesh Chief Minister Mayawati has written to Prime Minister Manmohan Singh demanding the setting up of an ultra mega power project (UMPP) in the state and priority in allotting coal and gas linkages for it. The state government has a plan of increasing power generation by 25,000 Mw to make UP a power-surplus state in the next few years, but lack of coal is an impediment, Mayawati said in her letter to the Prime Minister. "Priority in allotment of coal block and gas linkages should be given to states like UP, which do not have resources for hydro-generation, coal mines or coastal areas," she said in the letter, released today. Pointing out that the economic growth of UP was directly linked to that of the country, Mayawati suggested that the ministries concerned should consider amending policies regarding allocating coal and gas to improve the power situation in the state. "Kindly intervene in the

Ansal, Omaxe, Eldeco Seek To Surrender Greater Noida Plots

Ansal API, Omaxe and Eldeco, all Delhi-based developers, want to excuse themselves out of committed housing projects in Greater Noida. All three have sought permission of the Greater Noida Industrial Development Authority to surrender the land won a couple of years ago through competitive bidding. "We are studying their requests. Our board will take the final decision on this," Lalit Srivastava, chairman of the authority, told Financial Chronicle. He did not commit on the time needed to arrive at a decision. Ansal took 48.27 acres in Sector Eta, where it proposed a group housing project called Celebrity Greens. Omaxe has 50 acres in Sector Mu for a project named Palm Green. Eldeco has a 32-acre in Sector Omicron. Ansal got land at Rs 13,750 per sq metre, Omaxe Rs 12,250 and Eldeco Rs 16,352. At these rates Ansals were to pay the authority Rs 268.5 crore, Omaxe Rs 247.8 crore and Eldeco Rs 211.7 crore. Neither Ansal nor Omaxe admitted to having offered to surrender their plots

Crossings Republik - Stylish Township

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Source- Hindustan Dainik - 12-07-2009

Castle @ Crossings Republik

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Metro All Set To Roll Into NCR

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The Delhi Metro will be chugging into Noida and Ghaziabad before the year is over, while a new line will link peripheral localities such as Nangloi and Peera Garhi to the heart of the city. The opening of the three new corridors will benefit more than 3 lakh commuters - primarily from densely populated east Delhi pockets such as Preet Vihar, Shakarpur, Laxmi Nagar and Mayur Vihar. It will also ease the traffic on the perpetually congested Vikas Marg and the ITO and Nizamuddin bridges across the Yamuna. Other beneficiaries will include the residents of industrial areas in outer Delhi as an extra 37.77 km will be added to the existing network of 80 km. Another 31 new Metro stations will also be opened. YAMUNA BANK- NOIDA CORRIDOR The much- awaited 13.1- km corridor will open by the end of August. Another 10 Metro stations have been added to the current Dwarka- Yamuna Bank line, stretching it through Mayur Vihar, deep into the sectors of Noida. The line will cater to more than 60,000 peop

Orbit - Crossings Republik

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Choices in Ghaziabad

With development taking place all over India at a high price index, people are finding it difficult to home in upon the right places to invest in. Property in Tier I cities is going beyond reach of most mid-segment buyers. So, there is now a look out to find places that will fit their bill. According to Ram Bahadur, vice chairman of Ghaziabad Development Authority (GDA), one of the best choices that have emerged is Ghaziabad, where property prices are still within reach. In Ghaziabad, development around NH-58 promises a lot for middle class end users looking for houses within their budget. The overall development is pushing prices here too, but one can still get plenty of affordable real estate properties. In Delhi-NCR places like Sonepat, Baghpat, Bhiwadi, Greater Noida, Faridabad, New Gurgaon, and Meerut meet this criteria. However, Ghaziabad scores on its proximity front to Delhi and because of the development that is going to take place there in the near future. Noida and Gurgaon a

नए पुल से नोएडा की लिंक रोड

नए पुल से नोएडा की लिंक रोड बनाने का रास्ता साफ 10 Jun 2009, 2325 hrs IST,नवभारत टाइम्स नोएडा ।। नोएडा के सेक्टर 71 से ग्रेटर नोएडा जाने के लिए हिंडन नदी पर तैयार हो रहे पुल पर डूब क्षेत्र म ें सड़क बनाने के लिए जमीन अधिग्रहण का रास्ता साफ हो गया है। नोएडा बोर्ड ने अधिग्रहण की परमीशन दे दी है। डूब क्षेत्र में जमीन अधिग्रहण करने के लिए नोएडा बोर्ड के स्पेशल परमीशन की जरूरत पड़ती है। अब नोएडा अथॉरिटी जमीन के अधिग्रहण की कार्रवाई शुरू करेगी। परमीशन के चक्कर में पुल तक पहुंचने वाले अप्रोच रोड तैयार करने में टेक्निकल दिक्कत आ रही थी। इन दिनों ग्रेटर नोएडा अथॉरिटी की देखरेख में हिंडन नदी पर एक नया पुल तैयार किया जा रहा है। इस पुल के बन जाने से नोएडा से ग्रेटर नोएडा, दादरी व गाजियाबाद जाने का नया रूट खुल जाएगा। बिसरख ब्लॉक और नोएडा के बीच की दूर लगभग 15 किलोमीटर कम हो जाएगी। ग्रेटर नोएडा अथॉरिटी के अफसरों के मुताबिक इस पुल को जून के अंत तक पूरी तरह तैयार करने का प्लान है। इसके बावजूद लोग इस पुल का इतनी जल्दी इस्तेमाल नहीं कर पाएंगे। इसकी वजह पुल तक पहुंचने के रास्ते में किसानों की ऐसी जमीन ब

Apartment act approval

अपार्टमेंट एक्ट मंजूरलखनऊ, जाब्यू : प्रदेश में पहली बार अपार्टमेंट कानून लागू होने जा रहा है। इससे अब कोई अपार्टमेंट प्रमोटर मनमानी नहीं कर सकेगा। स्थानीय अभिकरण जैसे विकास प्राधिकरण या आवास विकास परिषद का उसपर अंकुश रहेगा। अपार्टमेंट स्वामी क्रेता को कब्जा तभी दे सकेगा जब विक्रय विलेख (सेल डीड) की रजिस्ट्री हो जायेगी। कब्जा देने से पहले अभिकरणों से पूर्णता प्रमाणपत्र लेना होगा। इसके तहत 33 प्रतिशत अपार्टमेंट का हस्तांतरण होने पर कामन एरिया व सुविधाओं के रखरखाव के लिए अपार्टमेंट स्वामियों का एसोसिएशन बनाना जरूरी होगा। एसो. बनने तक उनके अनुरक्षण व रखरखाव का समानुपातिक दायित्व प्रमोटर का होगा। यह फैसला मुख्यमंत्री की अध्यक्षता में शुक्रवार को हुई मंत्रिमंडल की बैठक में किया गया, जिसकी जानकारी कैबिनेट सचिव शशांक शेखर सिंह ने दी। उन्होंने बताया कि अध्यादेश शापिंग माल व मल्टीप्लेक्स को छोड़ ऐसे सभी प्रकार के भवनों पर लागू होगा, जिनमें दस अथवा उससे अधिक अपार्टमेंट होंगे। भवन में किस प्रकार की निर्माण सामग्री प्रयोग हो रही है और अग्निशमन विभाग की एनओसी, पानी, बिजली तथा सीवर की व्यवस्था की जान

Real Estate India Ready to Roar Again

Investors and analysts have begun re-rating the realty sector on optimism that the worst may be over, as the efforts of recent months and a stable global environment will help developers attract funds and boost earnings. Developers in the past year have restructured debt, sold non-core assets and tweaked product mix, helping to push up sales. This has encouraged investors to buy stocks of real estate companies and motivate analysts to revise price targets and upgrade the outlook on the sector. “The stabilisation in the international market improved financials arising out of restructuring of loans and enhanced liquidity from banks have resulted in revision in the outlook for the sector,” said Dipesh Sohani, an analyst with MF Global, an equity brokerage. “The real estate players are better placed now than what they were two-three quarters before.” Reflecting the positive sentiment, the Bombay Stock Exchange Realty Index rose 58 per cent in the past month, outpacing the benchmark Sensiti

Assotech Chief - Rajeev Rai speaks

Discounts Are Not The Answer, Says Assotech Chief Rajeev Rai speaks to Pallavee Dhaundiyal Panthry of how radical discounts on real estate inventory, harms the customer rather than helping the cause of the buyer or the industry Developers today say that realty prices in NCR have come down and they are flaunting up to 40 per cent discount? Is it true? How? Such level of discounting is not true in our case. Our group believes in launching projects at low rates, which can easily be absorbed by the local market. The BSP rates of apartments in our mass housing project in NCR was reduced by 5% to honor the call given by the then finance minister P Chidambaram and to show solidarity with developer's associations like CREDAI and NAREDCO. Moreover, we never ask our customers for additional payments on account of increase in the prices of construction material as our prices are escalation free. As we don't charge premium for our property, there is no need to reduce the prices or give hea

Interest Rates Are Likely To Go Down

Interest rates are likely to go down by two percentage points as the newly-elected UPA government is all set to tell banks to lower lending rates as part of a fourth stimulus package to be announced within 100 days of its formation. The objective of the government is to boost domestic demand to pull the economy out of slowdown. The stimulus package will also bring relief for the export sector, which has been badly hit due to global slowdown. In April, exports were down 33% from the same month last year. According to a source, government will also expedite the implementation of the infrastructure projects under public private partnership (PPP) programme. However, sources said that the fourth package will not have large element of fiscal measures like tax rate cuts as government has already lost huge amount of revenues while announcing previous three packages. The fiscal deficit in 2009-10 is likely to be over 6% of GDP. Government is also worried over decline in exports, which has affec

New Realty Projects May Not Find Any Takers

New Realty Projects May Not Find Any Takers, Say Analysts A lot of new projects have been announced by real estate developers across cities like Mumbai, Delhi, Chennai and Bangalore. While there have been a large number of enquiries for these projects, those tracking the industry believe that these may not necessarily convert into transactions. This is on account of the fact that these projects scheduled to be delivered about 2-3 years from now. Take the case of Hiranandani's new project in Panvel (Navi Mumbai) for which possession is expected only in December 2011 or that of the Marathon Group which has launched three properties in Mulund in central Mumbai. HDIL's properties in Mumbai's suburbs of Andheri and Kurla are scheduled for completion by the end of 2011. "People want to buy into completed projects, since the risk there is negligible," says Amit Agrawal, Real Estate Analyst at Ambit Capital. Importantly, there have been enough instances in the past where

Sluggish Realty Market Empowers Buyers

The property market in India was on a dream run like never before. Upbeat developers launched project after project even as bullish home buyers lapped them up. A large number of buyers bought at pre-launches, launches, in large cities and small, till the American subprime crisis hit and many dreams turned sour -- since the end of 2008. The current sluggishness in the realty market, however, could perhaps be used to shift the focus to buyer interest. In fact, the present situation has seen a sea change in the way buyers are expressing their grievances and trying to get an advantage for themselves. Says Rajiv Sahni, partner, real estate practice, Ernst & Young: "A noticeable difference in grievance redress is the emergence of young buyers, who are quality conscious and demanding for the premium they pay. Use of technology like internet groups, forums, blog sites has provided a platform for buyers to connect to a large target audience in order to collectively protect their intere

More Hit On Bigger Realty Developers

Bigger Realty Developers Hit More Due To Crisis Real estate developers with a pan-India presence are in trouble. With few buyers in the market, majority of their projects have not taken off in various markets, say realty consultants. Almost all major real estate Developers such as DLF, Unitech, Omaxe, Parsvnath Developers and Emaar MGF had moved out from their core areas to construct projects in different cities. However, 65-70% of these projects have not taken off. DLF, for instance, recently pulled out of many commercial projects in Gurgaon and Manesar. Buyers also moved out of the developer's Garden City Residential project in Chennai. Similarly, Unitech's projects in Kolkata and Mohali have also not taken off as per plan. A severe cash crunch has also made Parsvnath Developers hold back its plans to construct several projects that were in the pipeline. Kaustuv Roy, executive director at consultancy Cushman & Wakefield says performance of any player depends on the cost o

Ghaziabad - Noida Reel From Power, Water Shortages

Noida, Ghaziabad Reel From Power, Water Shortages The towns of Ghaziabad and Noida, adjoining the national capital, are facing a major crisis with long power cuts throughout the day and night. Several areas are also facing an acute water shortage.Factories have been asked to remain closed for four hours every evening when demand during for power is at its peak. Amit Makkar, a casting unit owner at Bulandshahr Road Industrial Area in Ghaziabad, said: "Apart from the scheduled 8 p.m.-6 a.m. power cut, electricity goes off any time before and after it at unscheduled hours, hitting our production badly. There are some forging units that require regular flow of electricity and at adequate voltage for their operations but in the absence of power, they are suffering immensely." Terming the present power supply situation to Ghaziabad as "extremely grave", Uttar Pradesh Power Corporation Ltd's (UPPCL) superintending engineer S.N. Yadav said: "The industries have bee

Where Is My Home?

Where Is My Home? It's A Question Thousands Of Home Buyers It's a question thousands and thousands of home buyers are grappling with....the last few years saw a bull run for developers as they clocked over 100% profits and developers splurged quite literally, not only on their Mercs and BMWs, but in acquiring land and more land--announcing, dream-like projects. Projects that made chaotic city living seem like a dream if you were paying as much as you would for a condo in Manhattan developers tried to make up for the exorbitant home prices by throwing in the frills golf course facing; gym; pool you name it and you got it! Any way, as the euphoria of a booming economy petered out a bit, home prices continued to soar... obviously, the developer was and is trying to make you pay for your home and your neighbours too... Cost of construction for a developer is Rs 1.500/sq.ft this is not including the land costs. Developers who hoarded land years back, of course, got it very cheap. S

Ambitious Hotel Projects On The Block

Developers Put Ambitious Hotel Projects On The Block But Prospective Buyers Find Valuations Too High A couple of years ago the key words for a developer were `acquisition' and `project launch'; today, they are `cash crunch' and `distress sales'. Following the prolonged economic slowdown, more and more developers are selling assets that require huge investments and have long gestation period. Most of these are hotels and huge commercial projects. Realty biggies such as DLF, Unitech and Parsvnath have put their hotel projects on the block. They also want to surrender special economic zones (SEZs). The exercise is to generate cash and improve finances, which have taken a severe hit under present market conditions. Against this backdrop, a million-dollar question that remains unanswered, is, who will buy these mega-projects and will the valuation offered be acceptable to the developer? In fact, many hotel projects, which were earlier looked upon as money-spinners, now seem