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Delhi Real Estate Updates

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  • Re : Delhi Real Estate Updates

    DDA conducts second phase of draw for allotment of flats under In situ rehabilitation scheme

    Read more at:
    https://realty.economictimes.indiati...cheme/92284601



    DDA has constructed 3,024 flats for the residents of Bhoomiheen Camp at Kalkaji Extension area under the scheme, and the first phase of the draw was conducted in February this year, they said.


    NEW DELHI: Draw of lots for allotment of flats to 903 beneficiaries were conducted on Friday under an in situ rehabilitation scheme of the Delhi Development Authority (DDA), officials said. DDA has constructed 3,024 flats for the residents of Bhoomiheen Camp at Kalkaji Extension area under the scheme, and the first phase of the draw was conducted in February this year, they said.

    As many as 2,890 households were found to have existed at JJ camp in the preliminary survey, the DDA said in a statement.

    Under in situ rehabilitation, multi-storey flats have been built at the very same location where the camp earlier existed.

    First phase of draw of lots was conducted in February 2022 for the allotment of flats to their JJ households who were found eligible for the rehabilitation by the Eligibility Determination Committee (EDC). Thereafter, allotment-cum-demand letters were issued to the allottees, it said.

    "Giving fillip to the in situ rehabilitation project, the Delhi Development Authority today conducted draw for 903 beneficiaries of Bhoomiheen Camp, A-14 Kalkaji Extension. This is the second phase of the draw and allotment-cum-demand letters will be issued online to the beneficiaries," it added.

    In the first phase of draw of lots, allotment-cum-demand letters were issued to 673 eligible households, the DDA said.

    "The draw of lots for the remaining eligible beneficiaries will be conducted within fortnight. The flats will be allotted on payment of Rs 1,42,000 (including Rs 30,000 as maintenance charge for five years," the statement said.
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    • Re : Delhi Real Estate Updates

      TARC to demolish central Delhi mall for residential project, invest Rs 700 crore

      Read more at:
      https://realty.economictimes.indiati...crore/92292774



      "We have land parcels at some of the most prime locations of Delhi and Gurgaon, and this year, we plan to launch at least 5 projects. We will have two projects in Kapashera near the Delhi airport, one in Kirti Nagar in Central Delhi, one in sector 63 Gurgaon and another one in Hauz Khas," Sarin said.

      Bain Capital-funded property developer TARC, which recently raised Rs 1,330 crore from the global private-equity major, plans to demolish a mall in central Delhi to develop 1.6 million sq ft of premium homes at an investment of Rs 700 crore, CEO & MD Amar Sarin told ET.

      Mumbai-listed TARC had earlier sold some of its non-core land assets to Blackstone and ESR to deleverage its balance sheet, seeking to focus instead on residential real estate development.

      "We have land parcels at some of the most prime locations of Delhi and Gurgaon, and this year, we plan to launch at least 5 projects. We will have two projects in Kapashera near the Delhi airport, one in Kirti Nagar in Central Delhi, one in sector 63 Gurgaon and another one in Hauz Khas," Sarin said.

      The group plans to invest close to Rs 1,700 crore across these projects.

      "We will have one residential project in Kapashera on a 3-acre land parcel with 200 luxury apartments on sale. The project, with a top line of Rs 900 crore, will require Rs 200 crore for construction, "Sarin said.

      The company will have another 200-key hotel in Rajouri near the Delhi airport on a 7-acre plot of land where it will develop serviced apartments and managed residences as well.

      "Our biggest project for the year would be one in Kirti Nagar, where we are demolishing a mall and have taken approval for a residential project. We will invest another Rs 700 crore in the project, which will have three residential towers with 450 units," said Sarin.

      The company will also develop independent floors in Gurgaon and has taken the necessary approvals for it. It will be developed on a 7-acre land parcel.

      The company has used funds infused by Bain Capital in the form of secured long-term NCDs to clear the existing debt and a part of it will be used to start the planned projects.

      The transaction is one of the largest fund raises by a real estate company in North India in recent times.

      The company had recently sold its warehousing asset in North Delhi to a Blackstone-affiliate fund for Rs 295 crore.
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      • Re : Delhi Real Estate Updates

        DLF to invest Rs 200 crore for expanding Delhi's Vasant Kunj mall

        Read more at:
        https://realty.economictimes.indiati...-mall/92292812



        On an average, rentals for properties housing luxury brands are nearly double compared with mass-priced lifestyle brands. DLF is looking to more than double its retail portfolio and add about 5 million sq ft in the next 5-6 years with an investment of about ₹3,000 crore, the executive said.

        NEW DELHI: Real estate developer DLF will invest ₹200 crore to expand its mall at Vasant Kunj, in the national capital, with a dedicated shopping area for luxury products, according to a senior executive. The company plans to develop 300,000-400,000 sq ft of space as a luxury retail area next to DLF Promenade and will apply for approvals from the Delhi Development Authority (DDA), the executive told ET.

        "Demand for luxury retail has grown post Covid and this additional space will help us in getting international and domestic luxury brands," the executive said. "It will also give a boost to our retail rental portfolio."

        On an average, rentals for properties housing luxury brands are nearly double compared with mass-priced lifestyle brands. DLF is looking to more than double its retail portfolio and add about 5 million sq ft in the next 5-6 years with an investment of about ₹3,000 crore, the executive said.

        The DLF mall at Vasant Kunj is spread over 500,000 sq ft with international and domestic luxury brands as tenants. "We are exploring the various aspects of expanding the Vasant Kunj malls based on the latest guidelines of the local authorities, market absorption and related issues," said Sriram Khattar, MD, rental business, DLF.

        The average rental at Delhi Promenade is ₹190 per sq ft per month while at DLF Emporio, the average rental is around ₹400 per sq ft.

        The upcoming mall is likely to have rentals in the range ₹250-300 per sq ft per month, which would help the company increase its rental income by about ₹100 crore a year.

        "This will strengthen our presence in central and south Delhi with malls in Chanakyapuri, Saket and Vasant Kunj. In addition, we are planning retail space in our residential project in West Delhi's Moti Nagar," the executive said. Additionally, DLF has planned malls in Gurgaon and Goa and high streets in Gurgaon in addition to retail space in its upcoming residential and commercial development, majority of which will be launched this year.
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        • Re : Delhi Real Estate Updates

          Trilegal leases 40,000 sq ft in Delhi, companies focus on return to work

          Read more at:
          https://realty.economictimes.indiati...-work/92349704



          A third of the quarter’s leasing (Jan-March) comprised of large transactions (above 100,000 sf) across micro-markets in Gurugram and Noida with some occupiers also locking hard options for future expansion plans, according to consultants.

          Law firm Trilegal has leased about 40, 000 sq ft office space in Saket, Delhi, two people aware of the deal said.

          International property consultant Cushman & Wakefield has facilitated the deal. The company declined to comment.

          “The deal has been signed recently and the law firm will move in soon. The property where Trilegal has taken space, was earlier occupied by another law firm,” said one of the person quoted above.

          A third of the quarter’s leasing (Jan-March) comprised of large transactions (above 100,000 sf) across micro-markets in Gurugram and Noida with some occupiers also locking hard options for future expansion plans, according to consultants.

          “Many multinationals have also taken space in the bracket of 50,000 sq ft to 100,000 sq ft. There is a strong demand for Grade A buildings as employee wellness remained a high priority for corporates which drove leasing momentum in well-managed and quality buildings,” said the person.

          Information Technology Giant Genpact has also added 32000 sq ft in its portfolio and Celebal Technologies has leased 8000 sq ft at Assotech Business Cresterra (ABC) in Noida.

          “This is a good sign that people are coming back to office. We are seeing a lot of opportunities for growth backed by solid

          office demand from big corporates. There are large IT/ITES companies who are looking for offices in Grade A+ campuses,” said Salil Kumar, Director, Assotech Realty Pvt. Ltd.

          Net absorption for Q1 was recorded at 1.3 msf, a slight reduction of 7% on a q-o-q comparison.

          “Technology has helped MNCs to facilitate return to work and companies are now looking for solutions to enhance the overall experience of the employees. We have tied up with developers, who are ready to invest in technology for a seamless experience for the tenant,” said Sandeep Kaul, co-founder and CEO of Hipla Technologies, a workspace management company.

          Hipla a work technology company, has seen triple digit growth in demand for its “back to work” full stack solution.

          “Large Fortune 500 companies have signed up and we are bullish on the future as India market is large and majority of companies have started opening offices,” Kaul said.

          Strong demand fundamentals with large space take-up by even new- age firms is likely to keep Delhi NCR’s office space on a strong footing in the quarters ahead.

          Fresh leasing, including expansion and consolidation by occupiers, constituted 91% share of the quarter’s leasing. Pre- commitments formed 7% of quarterly leasing.

          Gurugram led this quarter’s leasing with a 63% share and core markets within Gurugram constituted a significant 40% share in overall leasing.

          Noida Expressway was the other prominent micro-market with a 21% share in overall leasing.

          The city recorded a supply addition of 1.6 msf during the quarter, largely across the micro-markets of Noida. Majority of this supply addition was in Noida Expressway. Despite the high additional supply, overall vacancy level declined by 10 basis points q-o-q as demand remained strong.
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          • Re : Delhi Real Estate Updates

            Delhi: Why it is likely to be another monsoon of opportunity lost

            Read more at:
            https://realty.economictimes.indiati...-lost/92299844



            However, residents allege that rainwater won’t be tapped even this monsoon due to unresolved queries and the lackadaisical attitude of the authorities.

            NEW DELHI: Housing societies and residents will have to mandatorily install rainwater harvesting units by September as the new deadline is unlikely to be extended any further by Delhi Jal Board, say officials.

            However, residents allege that rainwater won’t be tapped even this monsoon due to unresolved queries and the lackadaisical attitude of the authorities. Even DJB has been slow in implementing the system in government offices, though in schools, the efforts have been met with relative success.

            “The deadline was extended to September after chief minister Arvind Kejriwal was approached by representatives of housing societies and residents seeking more time to install the system,” said a senior DJB official.

            According to the rules of the urban development department, all properties over 100 square metres constructed from 2001 onwards must have functioning rainwater harvesting systems. To facilitate residents to get the system installed, the government provides a one-time monetary incentive for the structure and a rebate of 10% on the water bill. After the September deadline, a penalty of 50% of the water bill could be levied.

            Residents claimed that adherence to the guidelines was lacking for various reasons, including missing information, unresolved queries and lackadaisical attitude of the authorities.

            BS Vohra of East Delhi RWA Joint Front said, “Rainwater harvesting can play a crucial role during monsoons, but the authorities are not keen on clearing residents’ queries. We wrote to the authorities multiple times in the last few months for holding meetings, but to no avail. Every year, waterlogging is a common feature in Krishna Nagar. If the authorities want to resolve the problem, they can make multiple harvesting pits in parks, dispensaries, hospitals, government offices, roads, etc on priority.”

            For a city that faces a shortage of drinking water by about 400 million gallons per day (MGD), which is roughly 32% of its daily demand, it is essential to hunt for alternatives. With overexploited groundwater resources, a strong rainwater harvesting system is an essential, simple and viable water conservation method.

            While rainwater harvesting is a key component of Delhi government’s plan for fulfilling its promise of supplying clean drinking water round the clock within three years, the policy is yet to be adopted on a large scale.

            In Dwarka, housing societies argued that they already had rainwater harvesting systems installed. “We submit updates about the operation of these pits to DJB every year. But we need clarity from DJB on the new policy stressing on conserving only terrace water because constructing a separate system will require a lot of funds,” said Sudha Sinha, president of Federation of Cooperative Group Housing Societies.

            Each zonal revenue office (ZRO) is authorised to issue completion and adequacy certificates to properties. “While the completion certificate is not very important, the adequacy certificate is absolute. The engineer from each ZRO issues it only after checking if the RWH system is functioning properly. It is renewed every two years,” said a DJB official.

            The exceptions for not having RWH systems is lack of space and areas where the groundwater level is more than five metres in depth. In the second exception, DJB recommends storing rainwater and using it for other purposes later.

            “Plots above 100 sqm have to construct harvesting pits and an architect empaneled with MCD has to give an undertaking on behalf of the builder or owner about the provision in the building plan. In case of any lapses or complaints, the architect is blacklisted. Our staff only inspect commercial plots or properties above 500 sqm according to the norms of ease of doing business,” said an MCD official.

            However, residents allege that with no physical checking of smaller plots, chances of lapses remain high.

            “In our area, pits are made in new buildings, but it’s doubtful whether these are used later. Also, we are in a dilemma on making the pits operational as Central Ground Water Board found increasing water levels in the area after a geophysical survey when seepage in basements was reported,” said Sanjay Rana of GK-II RWA.
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            • Re : Delhi Real Estate Updates

              5 treatment plants affected, water woes may worsen in Delhi

              TNN / Updated: Jun 20, 2022, 07:58 IST

              Representative image

              NEW DELHI: Water supply continued to remain affected in the city with residents facing the brunt of low water pressure and dirty and muddy water supply on Sunday.

              “We did not get any water for the entire day. It was Sunday, everyone was at home the whole time, the water supply has turned bad again. During the regime of Shiela Dikshit, problems of water supply were there but they would get resolved, however, this government just keeps blaming other states and parties but does nothing” said said MK Mohanti, a resident of sector-3 Rohini and president, Rohini Resident Welfare Association Federation, which is a group of 150 RWAs in Rohini.

              In a fresh notice on Sunday, DJB stated that the water treatment at plants of Haiderpur phase I and II, Bawana, Nangloi and Dwarka were affected due to “fluctuations and unusual floating material”.

              According to DJB, the water level in the Yamuna at Wazirabad on Saturday stood at 667.30 feet against the normal level of 674.5 feet.

              Due to the reduction in release of raw water by Haryana in the Yamuna, water production has been affected at water treatment plants at Wazirabad, Chandrawal and Okhla. Water supply will be affected from the morning of June 19, 2022 till the sufficient water is released by Haryana in DSB, CLC and the Yamuna,” the board said in an official statement.









              5 treatment plants affected, water woes may worsen in Delhi | Delhi News - Times of India (indiatimes.com)
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              • Re : Delhi Real Estate Updates

                Shuchi Patni of Wonder Cement buys Shanti Niketan property for Rs 84 crore

                Read more at:
                https://realty.economictimes.indiati...crore/92375082



                Experts said the scarcity of such properties available for outright sale near Lutyens’ zone, coupled with increasing demand for such bungalows, will ensure that prices remain high despite market fluctuations in other parts of Delhi.

                Shuchi Patni, a member of the promoter family of Rajasthan-based Wonder Cement, has bought a 1,000-sq yard bungalow in Delhi’s Shanti Niketan area for Rs 84 crore, three people aware of the deal said.

                The deal was registered on June 16, as per the document accessed by ET.

                Shanti Niketan is among the residential areas preferred by high net worth individuals (HNIs) because of its proximity to Lutyens’ Delhi and friendly redevelopment regulations, as it comes under South Delhi administration. Here, property buyers can construct up to four floors, which is not allowed in Lutyens’ Delhi.

                “Vasant Vihar and Shanti Niketan, which have large plots available, continue to witness demand because of lack of availability,” said Pradeep Prajapati, founder of Wealth visory capital, a boutique real estate consultancy firm. “The prices also continue to rise due to the demand and supply gap.”

                Wonder Cement, promoted by RK group, declined to comment.

                Shuchi Patni is also in the management committee of Shri Ratanlal Kanwar Lal Patni Girls’ College, which is also promoted by the RK group.

                “Data accessed by us confirms that the family paid Rs 84 crore for the property,” said Sandeep Reddy, co-founder of Zapkey.com.

                The areas around Rashtrapati Bhavan and South Delhi have seen several high-value transactions since the Covid-led lockdown was lifted in May last year, with entrepreneurs and ultra-high-net-worth individuals looking for bigger homes in the city’s ritzy colonies.

                Recently, Anil Gupta, chairman and managing director of KEI Industries, a cable and wire manufacturer, bought a 2,000 sq yard property in Shanti Niketan for Rs 140 crore.

                Over the past one year, the wealth of HNIs has increased and some of this is spilling over into the real estate sector, leading to a surge in purchase of super luxury homes.

                Experts said the scarcity of such properties available for outright sale near Lutyens’ zone, coupled with increasing demand for such bungalows, will ensure that prices remain high despite market fluctuations in other parts of Delhi.

                Earlier, Rajan Bharti Mittal, vice chairman of Bharti Enterprises, had bought a 1,200-square yard property at Shanti Niketan for around Rs 85 crore.

                A positive impact of the cut in stamp duty charges in Maharashtra has been seen on the property markets of Mumbai and Pune, suggesting that the state government’s decisions have a direct impact on the sector.









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                • Re : Delhi Real Estate Updates

                  Delhi government likely to extend rebate on circle rate by six months

                  Read more at:
                  https://realty.economictimes.indiati...onths/92399667



                  The rebate scheme was launched in February 2021 to revive the economy and help people hit by the impact of the COVID-19-induced lockdown. It was extended till June 30 by the government in December last year.

                  NEW DELHI: The Delhi government is likely to extend the rebate of 20 per cent on circle rate of land and immovable property for another six months to boost the real estate sector in the city, officials said on Wednesday.

                  The rebate scheme was launched in February 2021 to revive the economy and help people hit by the impact of the COVID-19-induced lockdown. It was extended till June 30 by the government in December last year.

                  "We have been asked by the revenue minister to analyse all the factors and impact of the scheme and advise if it can be extended further," said a senior revenue department officer.

                  He said that according to available information, the scheme has helped spur the number of land and movable property transactions and collect higher revenues despite the reduced circle rate.

                  According to revenue department officials, properties in Delhi are divided into eight categories from 'A' to 'H'. While posh areas fall under the 'A' category, the least developed areas come under the 'H' category.

                  Under the government's rebate scheme, the existing circle rate of land in 'A' category areas has gone down from Rs 7.74 lakh per square metre to Rs 6.19 lakh, the officials said. In 'H' category areas, the circle rate was reduced from Rs 23,280 to Rs 18,624 per square metre, they said.
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                  • Re : Delhi Real Estate Updates

                    Delhi: Rates of Moti Bagh, RK Puram for damage charges calculation to apply to Sarojini Nagar

                    Read more at:
                    https://realty.economictimes.indiati...nagar/92405144




                    "The damage charges were quite high in Khan Market. Finally, a decision was taken to revise the rates,” said NDMC vice-chairman Satish Upadhyay.

                    NEW DELHI: The New Delhi Municipal Council (NDMC) on Wednesday passed a proposal to adopt residential land rates of Moti Bagh and RK Puram for calculation of damage charges for flats located in Sarojini Nagar market.

                    The decision has been taken after consent from the Land & Development Office (L&DO), said an official.

                    “So far, the damage charges were equal to the rates applicable to upscale markets, such as Khan Market, but traders have been complaining there is a huge difference in the rates and other facilities at the two markets. The damage charges were quite high in Khan Market. Finally, a decision was taken to revise the rates,” said NDMC vice-chairman Satish Upadhyay.

                    “When shopkeepers and flat owners apply for freehold as per norms, an inspection is conducted. If it is found changes have been done in the shops /residential complex, they are termed illegal construction. For that, L&DO has a formula for calculating damage charges before making the property freehold,” an official said.

                    To calculate damage charges, DDA follows a reference rate for residential and commercial units, the official said. “L&DO accepted that rate for leased markets in 2017 and NDMC adopted them in 2019. But in the central zone list, there was no mention of Sarojini Nagar market, which led to confusion,” the official told TOI.

                    NDMC implemented the rates of Khan Market, which were about Rs 31,000 per sqm annually. In 2020-end, the accounts department raised an objection to this. It was decided to take advice from L&DO, which said the market is close to Moti Bagh and RK Puram and, therefore, its residential rates — nearly Rs 26,000 per sqm — should be taken.

                    “We will issue a circular and implement the proposal. But as per norms, no case that has already been cleared will be reopened. The decision will give financial relaxation to applicants,” said an official.
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                    • Re : Delhi Real Estate Updates

                      Delhi: RWAs' body raises concerns over property tax portal

                      Read more at:
                      https://realty.economictimes.indiati...ortal/92447650



                      In a letter written to the commissioner and the assessor and collector (property tax) on Friday, URJA claimed that the previous receipts for the amount paid by cheque in property tax camps were still not available on the corporation’s portal.

                      NEW DELHI: United Residents Joint Action (URJA) has raised eight points of concern about the property tax portal with the commissioner of Municipal Corporation of Delhi and demanded an inclusive role for residents’ welfare associations (RWAs) on municipal issues in the future.

                      In a letter written to the commissioner and the assessor and collector (property tax) on Friday, URJA claimed that the previous receipts for the amount paid by cheque in property tax camps were still not available on the corporation’s portal. Details of payments made via the portal are also difficult to locate, which is leading to inconvenience to taxpayers, the RWA body stated.

                      The last date for submitting advance tax is June 30 and so far, the corporation has not announced its plan to extend the deadline.

                      The letter further stated that there is no UPIC number available for properties whose payments were made against a reference. Receipts of the transactions made during the Covid pandemic have also not yet been uploaded on the portal.

                      “Further, while making payment, the option boxes are not highlighted and sometimes, you miss it. To avoid this, a different colour code of options with a mark above like ‘choose from’ may be introduced. Also, options for online and offline payments should be shown separately. And like other government organisations, payment of tax for less than Rs 4,000 should be allowed in cash for the convenience of elders,” stated Atul Goyal, president of URJA.

                      The organisation demanded engagement of RWAs for monitoring the UPIC registration of properties and persuading residents to deposit property tax. A certain percentage of revenue generated from an area may be used for local development work on the recommendations of the RWA concerned. Only registered RWAs should be involved, it stated.

                      ‘No dues’ certificate against property tax should also be issued digitally, URJA suggested in the letter. “A link to make payment for the property tax should be there on the respective website of other consumer-centric state government agencies such as discoms, DJB, PNG, food supply department, etc.,” said Goyal.

                      An MCD official called these suggestions valuable. “The corporation will certainly examine each of the ideas and wherever possible, will try to incorporate them,” the official said.
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