Raheja Developers to invest Rs 300 crore in group housing project at Dharuhera

Raheja Developers today said it will invest about Rs 300 crore in a group housing project at Dharuhera in Haryana over the next 4-5 years.
The project, Oma, will house 640 apartments and will be one of the tallest buildings in the area with 40 storeys, the company claimed.  ”This is a very important project for us that will have all the luxury elements. We have already started construction and will invest about Rs 300 crore to develop it,” Raheja Developers Chairman and MD Navin M Raheja said on the sidelines of an Assocham event on green buildings here.

The company will take slightly longer duration to complete the project than in usual cases due to its height and will hand over the flats in the next 4-5 years, he added.
“We are targeting foreign nationals working in different MNCs, especially those in the auto firms, located in the industrial areas nearby. We are offering a wide range of flats from 1-BHK to 6-BHK,” Raheja said, adding the total number of flats will be 640, including service apartments.
The sizes of the flats will vary between 550 sq ft and 4,500 sq ft. The company will offer the apartments at a price ranging from Rs 17.5 lakh to over Rs 1 crore, he said.  When asked about source of funding, he said it will primarily be internal accruals.
Elaborating the project, Raheja said ‘Oma’ will offer a host of facilities of “global standards” to the residents such as international restaurants, spas and swimming pools. Last year, Raheja Developers had announced its plans to build the tallest housing project ‘Raheja Phoenix’, comprising a 54-story tower with a helipad, in the heart of the National Capital for about Rs 300 crore.
At present, Dr Shyama Prasad Mukherjee Civic Centre that houses the headquarter of Municipal Corporation of Delhi is the tallest building in Delhi that has 28 storeys with a height of 112 metres.
The company had also formed a joint venture with Dubai-based Arabtec Construction to build real estateprojects in India and awarded contracts worth Rs 1,020 crore to the JV firm for three housing projects.
Arabtec Construction, which built the world’s tallest tower Burj Khalifa in Dubai, holds 63 per cent in the JV ‘Arabtec Raheja’ and the remaining 37 per cent lies with Raheja Developers.  The JV will develop the housing project ‘Raheja Revanta’ with 56 storeys (195 metre) in Gurgaon comprising 1,200 units. It will later build the ‘Raheja Phoenix’.

 The height clearances for both the building has been cleared by the Director General Civil Aviation.

(http://articles.economictimes.indiatimes.com/2012-03-27/news/31245211_1_housing-project-tallest-tower-burj-khalifa) 

Tips for Fire Safety in Your Home

In an instant, a fire can turn from a controlled flame to an out-of-control fire that destroys a home. That’s why the time to take action for an unexpected event, or to ward one off, is before it ever starts.

According to Federal Emergency Management Agency, (FEMA), 78 percent of all structure fires occur in residences — both apartments and single-family homes. Nearly all fires are accidents and most are preventable — with fireproofing.

But there’s more to fireproofing a home than keeping a fire extinguisher on hand and testing fire alarms. To keep your home safer, consider a few these tips:

Kitchen

• According to FEMA, the greatest cause of kitchen fires is unattended cooking. The best defense is to never leave things unattended — especially on the stove top. For things in the oven, set a timer if you have to leave the room. Regular oven checks are also a good idea.
• Kitchen counters are often cluttered with flammable items: paper towels, oven mitts, papers. Keep clutter to a minimum, especially near stove tops.

Bedroom

• Only use electric blankets and space heaters that have been approved by ISI. 
• Do not trap electric cords against walls or under the bed where heat can build up.
• Piles of old clothing and papers can create a flammable hazard that spreads fire quickly. Clean out closets and storage places regularly.
• Do not drape clothing (scarves, hats) on top of lamp shades. It doesn’t take much for the clothing to ignite from the heat of the bulb.

Electrical and Appliances

• We all do it occasionally, but leaving an appliance on — even the dishwasher — greatly increases the chances of a fire. The appliance can short out and spark, which can shortly turn into a disaster if you’re not home.
• Check appliance and fixture cords for fraying.
• Never overload an outlet with too many things plugged in. If you continually trip a circuit and blow a fuse, you’re increasing your fire risk. Call an electrician to get to the bottom of the problem.
• Never leave your home with the clothes dryer running.
• Clean out dryer lint traps, stoves, and replace filters on your vacuum and furnace.
• Have your wiring checked out, especially in older homes, and in crawl spaces and attics where sparks can ignite dry insulation. Older knob-and-tube wiring can deteriorate over time and the wires can become exposed.

Insurance

Despite your best efforts, no home will ever be completely fireproof. Make sure you’re familiar with yourhome insurance or renters’ insurance policies in case of a fire.

Budget 2012 impact: Housing prices likely to rise on increase in service tax

Housing prices are all set to increase marginally due to the proposal to increase service tax by 2 per cent, realty players said on Friday. 

"Application of TDS on the purchase and sale of property and increasing Service Tax by 2 per cent will further add on to the overall cost of property and are bound to make property more costly in coming days," Confederation of Real Estate Developers' Association of India (CREDAI) Chairman Pradeep Jain said in a statement. 
Realty consultant DTZ said that increase in the service tax is going to further increase marginally the overall burden on the home buyers of mid and high segment (dwellings costing more than 25 lakhs). The impact of service tax would be about Rs 40,000 on a Rs 75 lakh home. 

However, DTZ said that affordable housing, being part of negative list, is exempted from service tax and the move would give a boost to the affordable housing segment. 

Property consultant CBRE South Asia Chairman and Managing Director Anshuman Magazine said the budget did have positives for realty sector, such as external commercial borrowing (ECB) for low cost housing, extension of interest subvention scheme for low cost housing and service tax exemption on low cost housing upto an area of 60 sq meter. 

Giving mixed reaction, Jones Lang LaSalle India Chairman and Country Head Anuj Puri said that "the increase in the service tax rate from 10 per cent to 12 per cent will increase the cost of production for developers, who are already reeling under high input costs. It follows that this increased burden will be passed on to end users".

Omaxe Chairman Rohtas Goel noted that budget would give boost to affordable housing, but felt that "what nullifies the above positivity is an increase in service tax and excise duty to 12 per cent each resulting in an increase in cost of raw material". 

Puri of JLL India said that exempting proceeds from the sale of a residential property from capital gains tax if they are invested in equity or equipment of an SME would provide home owners with more reinvestment options. 

In Budget for 2010-11, Finance Minister Pranab Mukherjee had brought development of real estate complexes under the ambit of service tax unless the entire consideration for the property is paid after completion of construction. 

Complex is defined as consisting of more than 12 residential units. The service tax is levied on 25 per cent of the gross sale value of property.

(http://economictimes.indiatimes.com/markets/real-estate/news-/budget-2012-impact-housing-prices-likely-to-rise-on-increase-in-service-tax/articleshow/12296550.cms)

KMP EXPRESSWAY: EMERGING HOTSPOT FOR REAL ESTATE

The KMP (Kundli-Manesar-Palwal) Expressway is one of the most significant transport corridors in the NCR (National Capital Region) and is expected to boost the prospects of real estate on the corridor significantly. 

The Kundli-Manesar-Palwal (KMP) Expressway will improve connectivity to a number of areas in northern, western and southern parts of the NCR. It will provide connectivity to developing areas like Kundli, Sonipat, Manesar, Gurgaon, Faridabad and Palwal. Several leading developers like Parsvanath, TDI and Ansal API have projects under construction along this corridor. 

 Puneet Jain of Property Guru Pvt Ltd said that the delay in the expressway has affected the realty market. Sushant City by Ansal API started giving possession of flats in 2009; yet, some of the units are still unoccupied. Kingsbury by TDI is another completed project in Kundli, where so far, 150 families have started living. The mall in the township TDI City is also expected to give possession in the next two-three months. Jain says “Once the expressway becomes functional, property rates will increase dramatically.”
The KMP Expressway, which is being built by the DS Construction Company, has been divided into three sections of 45km each crossing the National Highway. This internationalclass project will intersect four existing national highways and key railway lines, ensuring better connectivity across the NCR.
It will act as a bypass for traffic coming from north of Delhi on NH-1 and going to south of Delhi on NH-2. It will also provide faster access to the international and domestic airports for cities in Haryana. It crosses NH-1 near Kundli, NH-2 at Palwal, NH-8 at Manesar and NH-10 at Western Bahadurgarh.
Also known as the Delhi Western Peripheral, the Expressway is 135.6km long and is being constructed in Haryana under the 21-year plan. It has brought in many investors into the market. These investors are investing in commercial as well as residential projects on both sides of the expressway.
In Kundli, after the commencement of work on the Expressway in 2007, land
prices increased from Rs 25 lakh per acre to almost Rs 1.5 crore per acre. However, because of the unprecedented delays and numerous missed deadlines, realty market on this stretch too is stagnant at present.
Rising property prices within Delhi has pushed a significant number of buyers towards the periphery. Moreover, with employment opportunities expected to be available in these new industrial cities, people are expected to shift into the Kundli area.
Deepak Agarwal of Property Mart says that developers like TDI, Ansals and Omaxe have come up with megaresidential and commercial projects close to the expressway to cater to future needs. According to KK Associates, the capital value of residential projects coming up here would be in the range of Rs 5,500 per sq ft while the capital value of commercial projects would be in the range of about Rs 3,500 per sq ft.
With good transport and road facilities, hospitals like Medicity are opening their branches within 5km of localities present here. Schools like K R Mangalam, Amity International and DPS have opened their branches near these localities.
KMP Expressway will also soon get one of the largest largest exhibition-cum-exposition centres, which would be planned over 200 acres and would be located at Pachgaon Chowk, close to the industrial township of Manesar in Gurgaon.
Yadav Kumar of K K Associates says: “With many investors and developers coming up, investment in this area will guarantee 100% return within the next onetwo years.Investing here would be more beneficial than investing in stocks or fixed deposits in banks.”
IN KUNDLI, AFTER THE COMMENCEMENT OF WORK ON THE EXPRESSWAY IN 2007, LAND PRICES INCREASED FROM RS 25 LAKH PER ACRE TO ALMOST RS 1.5 CRORE PER ACRE

(Article Source : Times of India) 

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Dwarka Expressway: an update

The area called the Dwarka-Gurgaon Expressway is seeing significant buyer and investor interest and is one of the promising realty markets in the National Capital Region (NCR). Dwarka Expressway, also called the Northern Peripheral Expressway, when complete would be an eight-lane expressway, being developed by the Haryana Urban Development Authority (HUDA) at a cost of R120 crore.
As a part of the Gurgaon-Manesar Master Plan 2021 (Urban Complex Plan), the expressway will connect Dwarka to National Highway 8 and will have 30 metres of green belt on both sides. The proposed location will stretch 18kms, starting from Dwarka, connecting Palam Vihar and the forthcoming special economic zones in Gurgaon and would join the NH 8 near Kherki Dhaula. It is expected to reduce the travel time from west Delhi by half. Also, the expressway will touch 16 new nearby residential colonies and a commercial corridor.Before we take up the viability of Dwarka Expressway as a location of interest, let us discuss some of its advantages:
The proposed 18 km expressway is expected to be one of India’s widest roads ever, at 150 meters. As a simple comparison, the current Delhi-Gurgaon expressway is 75 meters wide.
The new Terminal 3 of Indira Gandhi International Airport would be accessible within a few minutes drive and is also close to the new commercial/hotel corridor being developed near the international airport.
It is also close to the 18-hole golf course proposed in Dwarka by the Delhi Development Authority.
Extensive belt reserved for commercial development along the new Dwarka Expressway, which can tap into the population of Dwarka and west Delhi for potential job seekers as well as providing job opportunities in proximity to those living in this area.
This area is a part of ‘New Gurgaon’, which is being developed with better infrastructure, to match the standards set by Greater Noida. The internal roads being planned in this area are expected to be 60-75 metres wide. Also, the sewage and electricity distribution systems are likely to be better and more modern.
There is a decent existing infrastructure of schools, shopping centers, hospitals in Palam Vihar, Gurgaon and Dwarka, which are close to the expressway. The metro station in Dwarka, Sector 22, is only a few kilometres away from the expressway. Proximity of the residential and commercial properties to the proposed Diplomatic Enclave with 39 embassies, which is being developed in Dwarka. As already mentioned earlier, the infrastructure being planned for this area is quite developed. The sector roads would be 90 metres in Dwarka Phase II and 60 meters in new sectors along the Dwarka expressway, relieving hassles of traffic congestion.
Since the expressway is expected to take approximately 1.5-2 years to complete and be fully operational and with the same time required for the entire area to develop, developers have started selling their projects at attractive rates.
The current rate at which reputed developers are selling their residential apartments are in the range of R3,000-4,500 per sq ft for mid-segment projects. The luxury projects are in the range of Rs 5,500-6,500 per sq ft.
These rates are almost half of the rates prevailing in the well developed projects in Gurgaon, and almost one third when compared with the prices prevailing in Dwarka in reasonably good housing societies. The quality of the projects coming up on Dwarka Expressway is much better than the high priced group housing societies in Dwarka with virtually no power back up, club, sports facilities, etc.
All the above factors indicate that the current rates are reasonable and should be sustainable, if the pace of development remains the same and if the promises relating to the infrastructure are delivered on time.
Having spoken to a few major developers who already have projects along the expressway, it seems that a good commercial space would soon be created along side the residential projects, which would almost guarantee a situation similar to the Golf Course Road in Gurgaon.
To conclude, Dwarka Expressway, with all the advantages, certainly makes sense at current prevailing rates. The rates of the plots in this area are also at R40,000-50,000 per sq yard, which are quite decent considering the rates prevailing in Delhi and Gurgaon.
Even as the locational advantages present a good opportunity, it is very important to select the right builder and the location and buy only if the price is reasonable. Finally, if everything goes as per plan, Dwarka Expressway will definitely be a good place to stay in the coming years.
—The author is MD, Bajaj Capital