Work On Dwarka Express Highway To Begin By December: Nitin Gadkari:

http://www.ndtv.com/india-news/work-on-dwarka-express-highway-project-to-begin-by-december-nitin-gadkari-1455830?type=news&id=1455830&category=AllIndia

Gurgaon will now be called GURUGRAM

Gurgaon, the sprawling suburb outside Delhi dotted with skyscrapers and glistening malls, has undergone a change of name. It will now be called Gurugram.
The Haryana government on Tuesday announced the decision and said it was the result of a long pending demand of the municipal corporation. The Gurgaon Mayor told the Indian Express that the step would bring people closer to the ‘rich heritage’ that Gurgaon once had, but lost eventually due to rapid urbanisation.
Now, if you’re wondering how Gurugram came about, this is the reasoning of the state government.
It is believed that the name is derived from Guru Dronacharya, teacher of the Pandavas in Hindu epic Mahabharata, and that the village was actually offered to him as ‘guru dakshina’ by his students. Guru Dronacharya is believed to have resided here in an ashram with his wife Mata Sheetla. A temple dedicated to Mata Sheetla still exists in old Gurgaon.
Whether the new name will stick on the lips of the city’s residents, only time will tell, but the government decision has already set off murmurs on social media. Many people questioned the name change especially since Gurgaon has been heralded as a ‘Millennium city’ and is home to IT and corporate giants with their plush offices. The name will stand in deep contrast against what the city strives to become, people opined on social media.
There has also been criticism from some quarters that instead of much-needed change in infrastructure and development of roads and highways, precious funds are being routed to symbolic changes in the city.

Real Estate Bill Passed in Rajya Sabha

(Friday, March 11,2016)

• Developers will have to disclose layout plans and submit clearances with the regulator. They will also have to name the contractor, architect, structural engineer, etc. associated with the project. This will ensure transparency about property projects.

• Developers will need the consent of two-third buyers to alter plans, structural designs and specifications of the building. They will have the responsibility to rectify structural defects and refund money in cases of default.

• Sale of property on the basis of super area (area in which a flat is spread plus common area such as lobby) will be prohibited. Developers will have to advertise carpet area, which is the area enclosed within the walls of a flat, for sale.

• Each state will get a real estate regulator, which will settle disputes and impose compensation. All housing and commercial projects will have to be compulsorily registered with the regulator so that buyers can have access to genuine projects. Ongoing projects that have not received completion certificates will also be covered.

• Brokers, who intend to sell flats and plots in a project, will also have to get registered with the real estate regulator. They will be punished for non-compliance.

• Developers cannot advertise or launch projects without prior registration with the real estate authority.

• If rules are violated, projects will be de-registered and penalties will be imposed on the developer. Noncompliance will attract fine up to 10 per cent of project cost. Misinformation will attract fine of 5 per cent of project cost.

• Builders often demand part payment in cash, making many ordinary buyers party to corruption. The Bill will help curb undeclared "black money" in property markets that costs the government billions of rupees in lost taxable income.

• To ensure projects are completed on time, promoters will have to deposit 70 per cent of the amounts realized from buyers in a separate bank account within 15 days.

• Buyers can claim refund with interest and compensation if promoters fail to deliver projects in time.

• Regulatory authorities have 60 Days to dispose of complaints.

• Developer's liability to repair structural defects in sold property has been increased to five years from an earlier two years. Promoters have also been barred from changing plans and design without the consent of consumers.

• In case of construction delays, promoters will have to pay consumers. if buyers default on payment, they will also be fined. the rate of interest in both cases will be the same.

• Even in case of delays, the Bill has sought to end the asymmetry which was in favour of developers. Now, both the consumer and developer will have to pay the same interest rate for any delay on their part.

• As a rule, promoters will be required to register projects with the regulatory authorities disclosing project information including details of promoter, project, schedule of implementation, layout plan, land status, status of approvals, agreements along with details of real estate agents, contractors, architects, structural engineers etc.

• Besides future projects, the bill will cover all ongoing projects where occupancy certificate has not been given.

• Allottees will have to cough up to 5% of the apartment cost, or spend a year in jail, or both, for defaulting on payment or other violations.

Transfer Ownership only in Rs.10,000/-

Transfer Ownership

Properties can now be registered below circle rate of the area - the latest amendment in Real Estate Market from HC, New Delhi. And very much in favor of Investors and Buyers!

New DELHI: In a landmark verdict that will benefit thousands of land owners in Delhi, the high court on Wednesday allowed registration of properties even if valued below the minimum circle rate of the area.

A bench of chief justice G Rohini and justice R S Endlaw relied on provisions of the Indian Stamp Act to revive discretionary powers vested with the state government under Section 47A to register sale of property below the local circle rate. Over time, the government had come to treat circle rate as the absolute measure of registering properties, despite the Stamp Act giving room for maneuver.

The bench has provided property owners an opportunity to convince the Collector of Stamps why their asset should be valued below the circle rate of the area. The registrar/sub registrar will now accept such sale/conveyance deeds and forward it to the Collector of Stamps before whom the property owner can appear and explain the reasons for lower valuation of his property.

The HC recognized that there may be various reasons for low valuation, such as a property being disputed, having unauthorized occupants, poor location etc.

Till now, if the valuation of a property was lower than the prevailing circle rate, the registrar summarily rejected it.

Section 47A says, "If the registering officer while registering any instrument transferring any property, has reason to believe that the value of the property or the consideration, as the case may be has not been truly set forth in the instrument, he may, after registering such instrument, refer the same to Collector for determination of the value and proper duty payable." It also empowers the Collector to give a chance to the owner to give an explanation, and then conduct an independent enquiry before determining the actual worth of the property.

The HC made it clear that circle rate circulars issued by Delhi government from time to time since 2007 can no longer come in the way of registration of a property. Its directions came on a bunch of PILs filed by Manu Narang, Amit Gupta and Atul Gupta arguing that "no absolute benchmark can be fixed and dictated for determination of the minimum price of any property since prices of property vary from place to place, person to person and due to various other factors."

The PILs challenged Delhi government's circulars issued from 2007 till 2014 hiking circle rates after every revision.

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Vipul News in Time Property

Vipul:- Excerpts from HT Estate Dec 12. 2015

Cabinet clears 20 major amendments to Real Estate Bill..

NEW DELHI | MUMBAI: The Cabinet has approved 20 major amendments to the real estate regulatory Bill that seeks to protect home buyers as well as help boost investments in the real estate industry.

These changes are based on the recommendations of a Rajya Sabha committee that examined the Bill pending in the upper house of Parliament.

Under the amendments, projects on at least 500 sq metres of area or with eight flats will have to be registered with the proposed regulatory instead of the minimum size of 1,000 sq metres suggested earlier, bringing a larger number of projects under the regulator's ambit.

Builders will have to deposit at least 70% of the sale proceeds, including land cost, in an escrow account to meet construction cost, compared with the earlier proposal for 50% or less, and pay interest to home buyers for any default or delays at the same rate they charge them. Builders will be liable for structural defects for five years, instead of two years earlier. 

Carpet area has been clearly defined under the new proposals to include usable spaces like kitchen and toilets. Garage will be kept out of the purview of definition of apartment. Formation of residents' association is compulsory within three months of the allotment of a majority of units in a project.

The Bill seeks to allow aggrieved buyers to approach consumer courts at the district level, instead of only the real estate regulatory authorities proposed to be set up under the Bill. The regulatory bodies will mostly come up in state capitals.

The government had made a few changes to the Bill earlier in December 2014. It had brought commercial real estate projects under the ambit of the Bill, made the provisions of the Bill applicable to all projects wherein sales are still in progress and put in place a system that would require consent of twothirds of the buyers in a project for changing project plans. 

Getamber Anand, national president of the Confederation of Real Estate Developers' Associations of India (CREDAI), said while builders welcome the changes, the Bill should not be retrospective in nature as it would lead to a lot of confusion and delays. Commercial real estate should be kept out of the ambit of the regulator, he said. 

"Also, they still have not included sanctioning authorities in the Bill. So where do we go if there is a delay in getting approvals such as plinth certificates, occupancy certificate, electricity and water connections, even after the project has taken off. Without these permissions, even a completed project cannot be offered for possession to home buyers," Anand said. These issues, he said, should be addressed so that they do not become a pain point for the industry. 

Anuj Puri, chairman and country head at property consultancy JLL India, said the Bill will bring more transparency and accountability into the sector, which will in turn help reduce the cost of capital. This will be good for both developers and buyers, Puri said. 

"However, it needs to be ensured that it (the proposed regulator) does not become one more approval authority as we already have several of them," he said. "To begin with, we could have started with large projects and then brought smaller ones under its ambit, as it will be too much of volume to handle at a time when we are starting with it." The revised Bill includes an enabling provision for arranging insurance of land title, which is currently not available. This will benefit buyers and sellers in situations where the title of the land is held invalid. 

The regulatory authorities will promote a single-window system of clearances for real estate projects. This will likely speed up construction work that now lags because of delays in getting permissions.

Regulatory authorities can grade projects along with grading of promoters, besides ensuring digitisation of land records. They will be required to make regulations within three months of the formation of the regulator as against six months proposed earlier.

States will have to make rules within six months of notification of the proposed Act as against the one year proposed earlier. Allottees shall take possession of houses in two months of issuance of occupancy certificate.

Under the new proposals, additional benches of appellate tribunals can be set up in a state if required for speedy adjudication of grievances.

A new provision has been created for imprisonment of up to three years in case of promoters and up to one year in case of real estate agents and buyers for violation of orders of the appellate tribunals or monetary penalties, or both.

Under the proposals, tribunals will have to adjudicate cases in 60 days as against 90 days proposed earlier. Regulatory authorities will have to dispose of complaints within 60 days. No such time limit was indicated earlier. 

Developers to Deposit 70% of Project Cost in Separate Account

The government on Wednesday reached out to the Opposition including the Congress by agreeing to incorporate in the Real Estate (Regulation and Development) Bill 2015, a provision requiring real estate developers to deposit 70 per cent of the project cost in a separate escrow account.

Congress and CPI (M) have demanded this provision specifically to be included in the proposed Bill.

Union Cabinet chaired by Prime Minister Narendra Modi approved several amendments to the Real Estate (Regulation and Development) Bill, 2015 aimed to protect the interests of buyers while at the same time promoting investments in the sector.

According to a senior Urban Development Ministry official, the government has gone beyond the recommendations of the Select Committee of Rajya Sabha which has recommended minimum 50 per cent of sale proceeds to be deposited in a separate escrow account.

The decision of cabinet today has significantly improved the prospects of the Real Estate (Regulation and Development) Bill 2015 being passed in the current session.

There are several changes in the Bill based on the recommendations of the Select Committee of Rajya Sabha that has examined the Bill pending in Rajya Sabha and the official amendments proposed earlier.

The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will boost domestic and foreign investment in the real estate sector and help achieve the objective of the government to provide 'Housing for All' by enhanced private participation.

The amendments piloted by the Housing and Urban Poverty Alleviation Minister M Venkaiah Naidu include mandatory registration with Real Estate Regulatory Authorities of projects of 500 sq mt area or 8 flats instead of 1,000 sq mt or 12 flats proposed earlier.

This enables registration of more projects with the regulatory authority thereby protecting buyers.

The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.

Vipul Aarohan

Today Vipul is going to launch their new residential luxury project " Vipul Aarohan "
for more details get in touch with us.

IREO SEZ in Gurgaon

NEW DELHI: A brand new office district with over 20 million sq ft of IT SEZ space is in the works in Gurgaon that could extend the axis of development in the city.

Gurgaon-based builder IREO and a joint venture of Singaporean IT park specialist Ascendas and sovereign fund GIC are separately planning to build IT SEZ space in a large master planned development on Gurgaon's Golf Course Extension Road on the southern edge of the city.

At present, the largest office space conglomeration in Gurgaon is the DLF Cyber City that stands at the entrance of the city on the National Highway 8. It has about 13 million sq ft of space built by DLF over the past 15 years but is nearing saturation in terms of leasable space with under 10 per cent vacancy level, according to property advisory firm JLL. 

In this new development, IREO plans to build about 12 million sq ft of IT SEZ space over 85 acres in the Golf Course Extension Road area, spending Rs 5,500-6,000 crore on it. It will start with a million sq ft development in the first phase. 

Ascendas India Growth Fund, which includes Ascendas and GIC, on the other hand, will build about 8 million sq ft of IT and commercial mixed use space that will include IT SEZ, retail amenities, corporate office and some hospitality elements with a project cost of Rs 2,500-3,500 crore. This will be over 60 acres. It will start with a 1.3 million sq ft development in the first phase. 

Lalit Goyal, vice chairman and managing director of IREO, a private equity fund which has invested in its own development arm, said the IT SEZ capacity in Gurgaon is almost over and there is enough demand for a large development like this. 

"We are both FDI companies and we will ensure that this development can be benchmarked with any other international development of this type," said Goyal. 

While each of the two will build on their own, the larger development on the two contiguous parcels of land will be according to a common infrastructure master plan that will ensure it will be a highly planned development.

Goyal said the development will have international specifications and include traffic planning, state-of-the-art infrastructure. Traffic studies for this office district have already been completed and roads and other infrastructure will be built accordingly. 

Sanjeev Dasgupta, the chief executive officer of Ascendas Property Fund India said SEZ supply in Gurgaon right now is fairly tight and it doesn't look likely that there will be space available around Golf Course Road and Golf Course Extension Road. "Our belief is that this area in terms of connectivity and infrastructure will be better than the Udyog Vihar side (of Gurgaon) which is increasingly becoming congested," he said.

Ascendas, he said, has already started getting interest from tenants for this location.

Sobha Update

Realty firm Sobha Ltd has tied up with another realtor Chintels India to develop a group housing project comprising 1,700 flats in Gurgaon at an estimated cost of Rs 1,000 crore.

AIPL Business Club

AIPL Business Club: Aipl is coming with commercial project in sector-62,Golf Course Ext. Road,Gurgaon.

Food Spa : Food court is coming on Ground floor with 12% assured return.
Price : 15500/-
Edc/Idc : 390/-
IFMS: 100/-
Car parking: 5,00,000/-
PLC : 250/- or 500/-

Retail Shops/Bank Space on Ground Floor with 12% assured return:
Price:16500/-
Edc/Idc : 390/-
IFMS: 100/-
Car parking: 5,00,000/-

PLC: 1000/- or 1500/- 

Vipul Latest Update

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