Monday, February 25, 2013

Facts and Rationale of Greater Faridabad Property Development Plans

For those who are not much aware of the realty sector potential of the Greater Faridabad region, here are some quick facts regarding its proposed development plans:

1.As per the projections of the population in the city of Faridabad, it is estimated that it will reach 42 lakhs by 2031 from the current level of 18 lakhs. This means that the planning for the city and the newly developing region of Greater Faridabad has to take into account this almost 2.5 fold increase in population which is expected to happen in the next 20 odd years. For this reason, the development of residential property in Neharpar area has been oriented towards the middle and upper middle income group.

2.Currently, there are about 100 sectors in the Faridabad regions which are expected to increase to 171 by 2031. But, most of these new sectors will be developed on the basis of cluster housing projects of low rise, mid-level rise and high rise apartments. The commercial, institutional, industrial and other types of real-estate will also be developed in proportionate measure in order to provide a modern living surrounding to the people.

3.BPTP is the largest builder in the region having about 1700 acres of land where it 70 odd projects of varied types are coming up. Its Parklands region is spread to 12 sectors and it aims to provide saleable area of around 78 million square feet. The group is developing diversified realty in the region. About 100 acres of land is devoted to the development of school, social clubs and dispensaries. Besides BPTP there are famous builders like Omaxe, Piyush, SRS, Shiv Sai, KLJ and many others who are having their various projects in the area.

4. Development of infrastructure facilities has been planned as per the expected population pressure on the resources of the town by the year 2031. Provision for wide roads, metro-rail link, sewage disposal, electricity and water supply and other provisions have been done keeping these factors in mind.

5. The Agra-Gurgaon Canal is planned to have about four to five new bridges. In fact HUDA has already begun work on three of these. This is expected to reduce the commuting time to the city.

6. 1800 acres of land has been given for the development of Industrial Model Township (IMT). This would be the third such IMT being developed by HSIIDC in Faridabad and has been planned to take advantage of the opportunities opened with the development of the Delhi-Mumbai industrial corridor.

As these projects complete over a period of time, Faridabad-Gurgaon-Noida will be the troika of the most modern cities close of Delhi.

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Friday, February 22, 2013

Government provides nod to Faridabad Metro link

NEW DELHI: The extension of Delhi Metro into the (NCR) got a shot in the arm with the Haryana government signing aMoU with the Delhi Metro Rail Corporation (DMRC) for the extension of the Central Secretariat-Badarpur section.

The Delhi Metro Rail Corporation (DMRC) began construction work for a nearly 14-km link to connect the satellite town Faridabad in Haryana with the national capital.

The Badarpur-Faridabad link is an extension of the existing Metro line 6 (Violet Line), which currently runs from Central Secretariat to Badarpur. The line will be prolonged to Faridabad, an industrial and residential town in Haryana, neighbouring Delhi.

The 13.8 km corridor, which is part of the Phase III of the Delhi Metro network, will have nine stations and will terminate at YMCA Chowk. Work on the extension has already started, with DMRC awarding the tender for the construction this year.

The fully-elevated corridor, the longest Metro line in the NCR, will be constructed at an estimated cost of Rs 2,494 crore and is expected to be commissioned by 2014, said a DMRC spokesperson. According to the detailed project report (DPR), the daily ridership of the 13.875 km metro corridor is expected to be 2.14 lakhs in 2014 after commissioning of the corridor. The corridor will be a standard gauge corridor, that is of 1435 mm. The stations on the corridor are Sarai, NHPC Chowk, MewalaMaharajpur, Sector 27 A, BadkalMor, Old Faridabad, Ajronda, Faridabad New Town and YMCA Chowk.

“The funding pattern of the corridor is such that the Haryana government will give Rs 1,472.4 crore, which is excluding the cost of land. The government of India will pitch in with Rs 536.6 crore while DMRC will put in Rs 400 crore in the form of rolling stock. The required land for the construction of the project is being provided free of cost by the Haryana government to DMRC on lease basis, an official close to the metro project said.

A train maintenance depot will also be constructed near Sector 20 A in Faridabad and will be called Ajronda Depot. The work has commenced for the boundary wall, added the Delhi Metro spokesperson. The corridor will cover a distance of approximately 43.40km from Kashmere Gate to YMCA Chowk in Faridabad.

"On this corridor, Delhi Metro will be using specially designed pre-cast U-shaped girders to complete the viaduct in a short time of 20 months. This is for the first time in Delhi Metro's history where a single span of approximately 27 metres in length and weighing about 160 tonnes will be used," a DMRC spokesman said.
According to the Detailed Project Report (DPR), the daily ridership of the Metro corridor is expected to be 2.14 lakh, after commissioning of the corridor for the public.

"The fully elevated corridor will be completed by 2014 and it will have nine Metro stations, connecting Badarpur and YMCA Chowk in Faridabad," the statement said.

The stations are SaraiKhwaja, NHPC Chowk, MewlaMaharajpur, Sector 27-A, BadhkhalModh, Old Faridabad, Ajraunda, Faridabad New Town and YMCA Chowk.

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Wednesday, February 20, 2013

Instruction to help buyers gain improved deal!!

With a motive to allow the home buyers gain better deal, a new law is on the way. Other than this, this novel law will guarantee that the builders sell the residential space on the basis of carpet area and get free of ‘uncertain and imprecise’ terms like super area in specific. Additionally, the controller will make it compulsory that each housing project proclaim the position of enthusiastic public consensuses it has or is intended to attain.

The government plans to march ahead with the innovative Real Estate (Regulation and Development) Bill in the upcoming budget session in the Parliament. The bill, however, is enclosed under the requirements that are dealing with property transactions in the contemporary list of the Constitution that applies to states, and to build the plannedregulation more than a model law that is exactly worked upon rather than only being applied.

Furthermore, with a view to see that the developers stick to the prescribed guidelines, the proposed law visibly states that realty firms will have to park 70% of funds in a particular bank account. This is to be done so that properties are not distracted otherwise and buyers are not left in the roll.

Remarkably, a real estate controller in every state will make it compulsory for the private developers to register all projects before selling the property. The registration will only be probable after getting all the essential clearances, thereby precisely addressing a major concern of the buyers regarding incomplete or fraudulent land acquisition.

Failure to clearly announce the status of clearances will invite up to a maximum three years of detention or fine amounted up to 10% of the cost of the project, according to the bill’s chucks.

Consequently, real estate firms will have to release project details and prescribed duties so as to guarantee apparent, fair and virtuous business practices all the time.

Obviously, private builders are not much contented with some of the necessities in the bill and have also pronounced their objections at a meeting chaired by Housing Minister Ajay Maken and urban development minister Kamal Nath. The representatives of developers’ associations like — CREDAI, NAREDCO and industry chambers CII and FICCI attended the discussions.

The meeting was called after the interference of the PMO that asked the said ministries to decide the variances so that the long pending bill could be speedilyconclude.

The said proposal will likely to help the government (Congress Party) to gain the faith of the middle class voters who drifted away from the party due to the series of corruption scams under its regime. Through the proposed bill, the government is hoping to give strong legislative protection to the buyers, as the bill will also rein in devious players.

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Tuesday, February 19, 2013

Property in neharpar faridabad

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Friday, February 15, 2013

Neharpar - location to invest in Faridabad

Neharpar area promises as a residential sector for various developers and investors of the city that includes sectors 75-89 for owing to the availability of larger and cheap parcels of land, and the planned infrastructural expansion, the Neharpar area of Faridabad. Hence, there are many renowned developers who are willing to grasp the opportunity, coming up with their projects in the market. This has further allured many real estate investors and buyers.

Let’s take anexample of a user who wants to invest Rs. 30-35 lakhs in a residential property Faridabad. He pursuesproposition to invest in 'ready to move in' flat or a builder floor in the area. He also wishes to have knowledge in terms of upcoming forecasts and rental values of the area. He expressed his tendency towards investing in BPTP Park Elite Floors, sector-75-88, Greater Faridabad and needs to have some specialists to give the assistance on the same.

Giving answer to your query, a real estate expert said,"BPTP Park Elite Floors were launched at Rs. 16.08 lakhs. The floors are 3BHK built on 180 sq. yd. plots and 3 plus study on 250 sq. yds. plot. The stretchy options on 300 sq. yd. plots were also available. But now the resale is going on and the property is available on Rs. 6 lakh to Rs. 20 lakh premium depending upon the location, size and other features."

"Presently, there is no rental value as the Neharpar area is not that much populated. You can envision good rental after 3 years from now," he added. On the other hand, another user, “While looking at the quality, BPTP Park Elite floor demands premium is not defensible. There are several projects which are better placed considering the quality and deliverables; they are Omaxe, Puri and KLJ developers."

Besides if we look at the similar case, there is another user who is interested to buy a flat in developed sector of Neharpar area whichis also known as Greater Faridabad. He is also directing to capitalize within the budget of Rs. 25- Rs. 30 lakhs. He is looking for investment possibilities keeping in view the value for the money & capital accountability in coming future.

The proposed Badarpur flyover and the Metro are going to play a vital role in the development of the area; this will make buyers enticed to invest here. According to real estate experts, “presently, 90 per cent of investors are looking for long-term gains from Neharpar. The area will be able to fully grasp its potential in coming 3 years and will then be able to gain a monopoly in the market."

After discovering and authorising for residential population Neharpar area has been feverish and flourishing construction of high rise apartments and residential societies by real estate builders, attracting and enticing customers and investors both with expressively lower prices than other competing and forthcoming regions, promising an upscale and higher standard of living and lavish societies with significantly lower cost of living.