A residential project which was constructed in 1996 by Tamilnadu Housing Board, according to the local real estate agents, requesting annoymity of Tamilnadu, is standing still without residents inside. This area is a covered by creepy entwined floras and paradise for insects and reptiles; before getting any paranormal idea from the mossy frame let’s disclose the original truths behind it- according to the local sources this building which was built for a police station has been the content of shadows for past 20 years, this is due to abnormal pricing during those years when the market rate was approx 2 lakhs per ground. This particular building and many other buildings constructed by Tamilnadu Housing Board (TNHB) was coded with immoderate base amount; as a result the local gram panchayat failed to take over those buildings miserably. The current market rate of the same property is 50 times more than the earlier rate. If we go through the TNHB projects- a police station, a huge library, a community hall, a fire station, few ration shops and six acres of land sanctioned for bus terminus have been unclaimed due to unusual pricing.
According to the retired officials storming land prices, the state Govt. of Tamilnadu is using its agencies to seize lands. TNHB and the Govt. by extension is somehow deviated from their prime purpose which providing the lower and middle earning inhabitants affordable residential apartments. Besides the holding-back attitude in delivering the properties and sly changes in their terms and conditions took these projects under water. Obviously TNHB is not ready to accept these allegations and the secretary of the state housing and urban development Mr. Dharmendra Pratap Yadav stated,’’ TNHB had never received any land for free of cost, not even from the state Govt. Again if the land is meant for some other purpose and used for some other, can’t be done without CMDA’s assent.’’ Ayapakkam Gram Panchayat officials contended 23 acres land, which was supposed to be taken for constructing educational institutions but was utilized for housing board without CMDA’s approval. Near about 660 plots have come up on this 23 acre property. Former CMDA officials indicate that TNHB has a track record of evading the planning authority consent, as a provision in the Housing Board Act set them aside to do so. As per the statement of a retired CMDA official, ‘’ TNHB alter land plans with state Govt. assent. By using some tricky shortcut methods TNHB changed the land rule as per their requirement.
Kolkata is also a metro city like Chennai, but if you notice the indicator of selling flats in Kolkata, the graph remains always static due to the small cost of living and the availability of affordable flats in Kolkata in comparison to the other four major cities in India. Till date you can find projects starting from 10/12 lakhs which is kind of a rare offering in itself. As a result the count of forsaken projects is really low in Kolkata.
Tag: Flats in Kolkata
Tata Housing forms joint venture for 3-acre project in Kolkata
Realty firm Tata Housing today announced a joint venture with Keventer group for a 3-acre luxury residential property in Kolkata.Tata Housing, a subsidiary of Tata Sons Ltd, has 70 million sq ft under various stages of planning and execution and an additional 19 million sq.ft in the pipeline. Keventer group has diverse interests in dairy, beverages, real estate and infrastructure. Tata Housing has enhanced its land bank of premium locations through JV with Keventer group for a 3 acre (approx) land parcel at New Alipore in Kolkata. With realty sector facing slowdown, Tata Housing said it has been utilising this opportunity to strengthen land bank to create ultra-luxury flats in kolkata projects across prime locations in major metros across the country. It has also sought an order declaring the conduct of Ministry of Civil Aviation as “arbitrary, unjust and violative of articles 14 and 19 of the Constitution” for “failing” to decide its application for security clearance to Bhasin till date.
Residential Property in Kolkata. In its plea, Kingfisher has also sought directions to SEBI, NSE and BSE restraining them from taking any action against it under the Securities Contracts (Regulation) Act, 1956 and as per SEBI circular.
The airline has contended that it has not been able to constitute a Board of Directors or submit its quarterly financial results for the quarter which ended on March 31, 2014, as its application seeking clearance to Bhasin has been pending and claimed that it should not be punished/penalised for the same.
Buy a residential apartment in Kolkata and be the profiteer
The real estate market in Kolkata is booming at a fast pace and is steadily turning to a vibrant sector. There are umpteen localities in and around Kolkata which are capturing the attention of real estate customers to a great extent. The selection of residential apartment in Kolkata ranges from luxury villas to affordable condominium. Hence there are choices to fulfill all kinds of requirements. Apart from that the selection of infrastructure, accessibility, facilities and amenities are also in plenty, hence there is no way that one will be left disappointed while on a spree for searching a residential property or flat for sale in Kolkata.
If anyone has the desire to invest in the real estate sector then Kolkata is one of the most lucrative options and there are number of reasons guarding the fact. The availability of scalable infrastructure, comparatively low prices of lands and assets and the fast paced government initiatives and subsequent developments are some of the most important factors that has driven the real estate sector in the city to greater horizons. There are still great potential for growth in the sector and because the prices are still favorably low, hence it can be well anticipated that better returns can be achieved over the years. Thus, newer projects are coming up every other day enhancing the cityscape and driving new hopes and aspirations of possessing a flat in Kolkata in the minds of the citizens.
The real estate market in the city is growing by leaps and bounds and that in turn making the city a hot spot for buying, selling and renting out properties over here. The enhancement took place not just in terms of the price of the properties but the rental charges for both residential properties and commercial spaces have increased to a great extent. This happened majorly with the well organized development of commercial and residential units, townships, SEZs and so on. So, it is high time that one must opt for investing in the thriving sector and reap profit in the long run.
The real estate sector in Kolkata is gradually enhancing with new high-end projects coming up steadily and this testifies the boom in the sector creating investment potential offering high ROI. So opt for a residential apartment in Kolkata and earn huge profit comfortably.
Houses & flats for sale in Kolkata – Kolkata Classifieds – Liyans.com
Despite the negative sentiment surrounding West Bengal’s image, property prices in Kolkata have continued to escalate.
Defying the national trend, residential real estate prices have appreciated between 20 and 30 per cent in the last two years, say realtors. However, the high returns are not on account of a booming real estate market in the state, but the lack of new projects in the city and its fringes. As a consequence, prices of existing properties have risen, almost disproportionately.
After, Durgapur, no new planned city has come up near Kolkata over the last decade. Even plans to develop satellite townships in areas like Bariupur in the southern fringes of the city has failed to take off. Suburbs in West Bengal continue to be victim of poor infrastructure and connectivity.
Notably, unlike tier I cities like Delhi and Mumbai, Kolkata real estate market caters to end-user buyers, rather than speculative investors. The ticket size of the investment is also low, between Rs 2 crore to 5 crore, compared to Rs 10-15 crore in other Tier I cities.
“The slowdown the real estate market is linked to the general economic slowdown, rather than local issues. In the medium and long term, the investment perspective in Kolkata is fairly good. The price escalation is mainly in prime locations. The supply is limited, and in good locations the land holding is small, which has resulted in steep rise in prices,” said Harshavardhan Neotia, Chairman, Ambuja Realty Group.
“In the short and medium term, some projects in Kolkata have given up to 30 per cent return to investors, which is much better than other cities. ” said Jitendra Khiatan of Pioneer Properties.
Yet, not many consider investing in Kolkata. The reason is negative sentiments linked with the business environment in the city, he said.
Some of the areas where investors got good return include prime locations like E M Bypass, Salt Lake, Garia, where property prices recently escalated in anticipation of Metro linkages.
A major reason for the unrealistic land prices is linked to government policy.
Land prices have gone up by more than 50 per cent in many plush localities, as demand remains steady and hardly any new townships have come up in urban and semi-urban areas in city fringes.
The recent land auction by government bodies like Kolkata Municipal Corporation (KMC) and Housing Infrastructure and Development Corporation (Hidco) give a fair idea of the burgeoning land prices in the city. In June this year, KMC sold a 2-acre plot on EM Bypass for Rs 115 crore, making it the biggest land deal in the city so far. The last big land deal was in 2009, when a 3.35-acre plot on EM Bypass sold for Rs 135 crore. More recently, in the IT township of Rajarhat, a 2.5-acre plot for a retail-cum-office complex fetched Rs 51.13 crore for Hidco.
“The value of land has gone up by around 50 per cent in Kolkata, the impact of which will be reflected in the upcoming project. The land supply is reducing, but the demand remains steady and there are hardly any new townships coming up to meet the demand,” said Santosh Rungta, a city-based realtor.
Yet high land land prices in West Bengal is not exactly new. Around 2009, in the earlier Left Front regime, government agencies made windfall gains by selling land in prime locations.
For example, three prominent government agencies involved in land deals in and around Kolkata — the Kolkata Metropolitan Development Authority (KMDA), Kolkata Municipal Corporation and West Bengal Housing Board– signed deals worth more thanRs 18,000 crore, for over 5,250 acres of land during the period in little over two years. In fact, KMDA was credited with signing deals, worth more thanRs 800 crore with real estate developers on a single day.
One of the biggest hurdles in developing new townships in West Bengal is the the Urban Land (Ceiling and Regulation) Act (ULCA), 1976. According to the Act, the ceiling limit on vacant land in a category ‘A’ city like Kolkata is 7.5 cottah or about 500 square meters.
West Bengal is one of the few states in the country to have a legislation like the ULCA. The move is in sync with the apprehensions of the chief minister. After all, Banerjee had once wondered, “What will happen if someone wants to buy the city?”
The demand for repealing the ULCA was raised for the first time by Godrej Properties chairman Adi Godrej, at an industry meet within the first month of Banerjee taking over as the chief minister.However, much to the disappointment of the developers, urban development minister Firhad Hakim has recently ruled out the possibility of repealing the Act.
“We are not going to abolish the Land Ceiling Act,” he said. “Instead, we will give permission to developers for purchase of land beyond ceiling, provided they reserve 30 per cent housing for low-income housing segment.”
Source: Business Standard
Cheapest Flats in Kolkata
Kolkata, situated on the east bank of the river Hooghly, is the capital of West Bengal. Also known as “City of Joy”, Kolkata is believed to be one of the cheapest cities in India.
The city is showing mark improvement in every sector with the largest in its property market. With an increasing demand for commercial as well as residential property, Kolkatta real estate is once again coming back into the active mode.
With a multitude of multinational companies entering here, there has been a sudden increase in the number of potential developers of upmarket property. As maintaining the global standard of living, most famed conglomerates are ready to spend extra amount to avail the facilities that are at par with international standards.
Also, many reputed builders are looking forward to develop a number of buildings in the city. A large portion of demand for property in Kolkata seems to come in from the domestic and international retail chains to set an upward trend in the commercial market. As prophesied by the real estate soothsayers, Kolkatta will certainly see a tremendous rise in demand for office spaces in approaching years.
Source: Indian Realty News