Noida land prices may zoom

NOIDA: Buying a house or land in Noida, Greater Noida and along the Yamuna Expressway has become costlier. At a board meeting on Monday, three development authorities for these areas announced a substantial rise in allotment prices across all categories of land.

The revision comes into effect later this week, after the authorities publish a formal notification. The Greater Noida and the Yamuna Expressway authorities have also increased the compensation rate to be offered to farmers for acquisitions, besides providing a host of benefits to them.

In Noida, the allotment rates of group housing, residential and institutional properties have been hiked by 15%, commercial and industrial land rates have gone up by 30% and 11.25%. In Greater Noida, the allotment rate for land across all categories, except industrial, has been uniformly revised by 8.53%. The Yamuna Expressway area has also seen a hike in allotment rates of all categories of land by about 15%. The allotment rate for industrial properties remains the same as last year.

The authorities last hiked the rates between 7.5 and 40% in July 2012. “The increase in prices is a carried out each year. It should have happened in March, but got delayed,” said Rama Raman, chairman & CEO of Noida, Greater Noida and chairman of Yamuna Expressway authorities. “The hike in allotment rates is vital considering the rise in land costs, etc,” he said.

The hike is especially important for the Greater Noida Authority that is reeling under a major cash crunch. “The hike in rates was essential considering our current funds shortage. The more than two year-old land row has imposed an extra burden on the Authority in the form of enhanced compensation and rehabilitation packages for the farmers. Besides, many development projects have remained stalled for months,” Raman said.

The allotment rate rise means that residential properties in Noida have become dearer by at least Rs 8,115 per sqm in A Category sectors such as 14,14A, 15A, 17 and 44 and by Rs 2,950 per sqm in E Category sectors like 102,115 and 158. Group housing flats in Noida have are costlier by almost Rs 11,065 per sqm in A category areas and by Rs 4,180 per sqm in E category zones. In the institutional category for IT/ITES properties, Noida buyers will have to shell out Rs 33,940 per sqm now. For plots in Phase I and III industrial areas of Noida, the allotment rates are Rs 20,990 and Rs 7,740per sqm.

Raman said residential plots in Greater Noida will be dearer by almost Rs 1,592 per sqm while for commercial an extra Rs 3,155 will be charged. “Allotment rates in Yamuna Expressway Industrial Development Authority have also been increased between 14 to 18%,” Raman said. Developers put up a brave face as future booking would cost more. “The hike is steep. This means Noida, Greater Noida and Yamuna e-way will no longer be affordable,” said Getamber Anand, President Elect, National, CREDAI. “With floor-area ratio so expensive, it’ll be difficult to sell property. This will be detrimental to real estate business,” Anand said.

Source: The Times of India

Pune Municipal Corporation to evacuate residents from 274 ‘highly dangerous’ buildings

PUNE: The civic body has identified 274 buildings in the city as “highly dangerous” that can come crashing down anytime. Officials said most of the buildings identified are old and that they have now prepared a plan to evacuate residents from these buildings before the monsoon.

“Of the old properties identified, a majority are old wadas. There are 55 buildings that cannot be repaired and we have no option but to demolish them. There are 219 buildings that can be strengthened with major repairs,” said Sudhir Kadam, executive engineer of building department of Pune Municipal Corporation (PMC), while speaking to TOI.

Kadam said the PMC had served notices to residents of these buildings. Some of them have been shifted to transit camps. The civic body has already demolished 25 “extremely dangerous” buildings, while another 30 will be razed before the monsoon. The PMC is also helping out in the repair works of 219 high-risk buildings. The repair works will continue for nearly four months.

Among the buildings demolished so far is the Lakadi Ganpati building in Shukrawar Peth, which was razed last week. “Many old buildings in the area are risky. So its demolition was necessary. The Lakadi Ganpati building was more than 100-years-old and there was a short circuit here a couple of years ago that had made the building even more hazardous,” said Datta Pardeshi, a trustee of the Lakadi Ganpati temple. Pardeshi said the trustees and workers of the temple cooperated with the PMC and allowed the demolition, since the building was a threat to nearby residents.

The move to demolish dangerous buildings has come in a tad late. The municipal corporation had appointed a private agency to conduct a survey of dilapidated structures in the city in 2008. The survey report had said that over 1,186 old properties – majority of them in old wadas – were in a poor shape. Most of the identified buildings were located in Kasba Peth, Budhwar Peth, Shaniwar Peth, Nana Peth, Bhavani Peth and Narayan Peth. Once the report was ready, the civic body and the private agency had categorized the identified buildings in different categories, based on their structural stability. The civic body then prioritized work on the 274 buildings that were identified as highly dangerous.

Activists said the civic administration should have a long-term plan in place as against carrying out demolition drives before the monsoon. “There is no system in place in PMC to carry out structural stability checks of old buildings routinely. A mechanism for year-long structural audits should be developed,” said Maj Gen S C N Jatar (retd), founder of Nagari Chetana Manch, a citizen’s group. He added that not just old buildings but buildings built 30 or 40 years ago should also be checked on a regular basis. After all, degradation of the structure is a continuous process, he said.

Redevelopment of old properties in Pune has remained entangled in legal and policy matters for several decades. As per the PMC Development Plan (DP) of 1987, it was decided that wada-dwellers would be rehabilitated within the old city limits. But things never moved beyond the planning stage. In 2005-06, the civic standing committee made a budgetary provision of Rs 1 crore to repair dilapidated wadas, but these funds were hardly utilized. The PMC took an initiative in 2007, when the CIC drafted a policy which is still awaiting the government’s nod.

The PMC has come with an option of cluster development of the old wadas in the new draft development plan (2007 to 2027) for old city areas. More than two wadas can be considered as the cluster and redeveloped simultaneously.

The state legislature in 2011 had passed a bill to amend the Bombay Provincial Municipal Corporation (BPMC) Act, 1949, to make structural audits compulsory all over the state. It is now mandatory for occupants of 30-year-old buildings to submit a structural stability certificate.

Source: The Times of India

DDA destroyed lake revived by citizens

NEW DELHI: For a parched area like Dwarka, this was a success story like no other. An over-200-year-old water body was painstakingly revived in a community effort in 2012. The water body located in Sector 23, till then filled with sewage or dry for most part of the year, suddenly came to life.

This year, however, it looks like it may return to its former state. Residents have written to the lieutenant governor, complaining that DDA has taken over the maintenance of the water body and have ruined their effort.

Diwan Singh from Natural Heritage First, who assisted the residents in the revival project, says that they approached DDA to desilt the water body this year since locals could not afford to undertake the work annually.

“Just when everything seemed to be going well, the residents have been shocked to see that DDA has gone ahead with destroying it now. It has used JCB machines to put the silt back into the water body, closed down the rainwater carrying channels, reduced the size of water body and are building artificial footpaths around it,” says the letter sent to the LG.

Residents met the CEO of Delhi Parks and Garden Society, who is the nodal officer for water bodies, to complain about the issue but are yet to hear about from him. Last week, they also met the DDA chief engineer in charge of the area but he “refused to do any desilting or preserve the surrounding area. At least 100 residents have signed the request letter to him. We have met him three times and sent several written communications to him”, Singh said.

The DDA chief engineer didn’t comment on the issue.

Residents of villages near the water body and those living in Dwarka’s highrises came together in 2012 to revive this water body. Sources say that till 1984, when DDA acquired land in the area, the water in the pond was crystal clear. After ownership went to DDA, its condition deteriorated rapidly due to flow of sewage into it and shrinking of its area.

“Last year residents pooled money and labour and carried out desilting of the water body, created rainwater carrying channels, linked the stormwater drain to the water body and looked after the area around it to prevent encroachments. Our efforts bore fruit as for the first time in several years it had water till February-end. Usually, it would dry up around the end of October. Birdlife had also improved around it with a peahen observed nesting near it and hatching four chicks. A pair of owls has been seen on the peepal tree on its banks. A birdwatcher has captured images of 40 species of birds around the water body. Monitor lizards and hare have also been seen there,” Singh said.

Source: The Times of India

Demand in Kolkata Real Estate Market

Real Estate Market in Kolkata is developing with tremendous growth. Infrastructural growth is increasing from day to day in Kolkata. Being the capital city of West Bengal, it has got superb opportunities in near future. Kolkata, formerly known as Calcutta is one of the largest cities in India with a population crossing well over several millions. The population of Kolkata on January 1st 2012 is approximately 4,324,723.(Extrapolated from a population of 5,080,519 on August 5th 2009 and a population of 4,486,679 on June 25th 2011.)

Keeping in mind the future prospects Kolkata is riding on the surf of growth. The development in the industrial sector was huge in the past few years which added to the growth of the real estate sector. The boom in the Information Technology was also significant in the growth of the real estate in Kolkata. Several of the international software companies likes of Infosys, IBM, Wipro, TCS have set up their unit in Kolkata.

Kolkata is the ‘cultural capital’ of India. It has a rich cultural background. The city of Kolkata boasts of stalwarts like Swami Vivekanada, Rabindranath Tagore, Satyajit Ray. It has splendidly contributed to the rich culture of India and is famous for it globally. It has an immensely cosmopolitan environment and it is one of the cheapest cities in the world. Many of the industries are gradually emerging in Kolkata.

Hence the city of Kolkata is attracting a huge number of prospective customers/investors to invest in Real Estate Market. The decisive factor of this development is the improvements in the the governmental policies and reforms. The presence of a port by the River Hoogli make its future even more commercially prospective. This is in turn creating many employments and will raise the price on a pro rata basis.

The main companies working on different projects in Kolkata Real Estate Market are:

Opportunities for the Real Estate in Kolkata:

  • Reasonable residential apartments is the recent demand of the consumers
  • Commercial Leasing for any kind of legal commercial operation
  • Office Leasing for small and medium sized organizations
  • Construction of shopping malls, hyper marts, and other modern format stores
  • The investment in the real estate in Kolkata would be very profitable
  • The real estate in Kolkata would also attract more FDI’s for its commercial success
  • Company Leasing for national and international business organizations
  • Individual Leasing for either residential and commercial purposes