Explained: DDA’s new norms to make Delhi land more attractive for developers

The land pooling policy is aimed at meeting the growing housing demand by providing close to 17 lakh dwelling units in 95 urbanised villages located in urban extension of the city.

Abhinav Rajput

Delhi Development Authority (DDA) on Tuesday gave approval to additional development control (ADC) norms for areas notified under its ambitious land pooling policy to make it more attractive for landowners and private developers. New norms like vertical mixing, plotted development has now been allowed.

What is land pooling?

The land pooling policy means that government agencies consolidates parcels of land and designs or develops it with infrastructures like roads, schools, hospitals, community centres and sports facilities on part of the land and then returns a portion to the original owners who can later sell it or execute housing projects with the help of private builders.

How has DDA designed land pooling for Delhi?

While the land pooling policy generally involves acquiring of land for development, the DDA has said that the authority will be acting as a facilitator, regulator and planner for execution of the policy instead of acquiring, developing and disposing a property. The decision was taken to do away with the cumbersome process of land acquisition by making landowners equal partners in the development process. Also, land acquiring often leads to confrontation between government agencies and locals.

How much land has been acquired till date?

The land-owning agency has got hundreds of land owners agreeing to pool over 6,500 hectares of land under the policy so far, plans to develop 15 priority sectors in three planning zones N, P-II and L — near Rohini, Alipur and Bakkarwala, respectively. As per the policy, 60 per cent of the land would be used by owners or developer entity for development of residential, commercial, public and semi-public facilities. The remaining 40 per cent would be used by DDA or the service-providing agencies for development for roads, hospitals and other infrastructure. The land pooling policy is aimed at meeting the growing housing demand by providing close to 17 lakh dwelling units in 95 urbanised villages located in urban extension of the city.

What are additional development control (ADC) norms and how will it impact people’s lives?

DDA has notified additional development control norms for land pooling policy which are a set of guidelines that has to be followed while developing the area. The land owning agency has given several relaxations in it like plotted development has now been allowed. “Till now, group housing complexes were allowed in land pooling areas for residential development but now we have allowed even plot system,” said a senior DDA official.

However, the cluster’s minimum size should be 5,000 square metres. It has also allowed new concepts of public plazas and active frontage to bring more openness in the sector layouts. It has also allowed high intensity mixed use development which means both commercial and residential would be allowed in the same unit.

As per the exiting the existing land pooling policy, notified in 2018, only high-rise housing complexes were allowed in residential areas. But the new norms allow commercial, office and other mixed-use for major transportation corridors such as along Metro lines, Urban Extension Road-II.

It has also allowed vertical mixing which means high rise can be built and in the same building there can be commercial spaces. Transferable development rights for the first time in Delhi which means people who have lands in different sectors can transfer to each other. Other norms that have been approved are priority for walkability and enhanced open spaces in sectors, new concepts of Public Plazas and active frontage to bring more openness in the sector layouts.

https://indianexpress.com/article/explained/delhi-development-authority-land-pooling-policy-explained-7512714/

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DMRC gets approval to conduct studies for high-speed metro link between Noida Airport & Delhi

Noida, Sep 14 (PTI) The Board of the Yamuna Expressway Industrial Development Authority (YEIDA) on Tuesday gave its go ahead to Delhi Metro Rail Corporation (DMRC) for conducting studies for high-speed metro rail links from Noida International Airport to Delhi.

These metro rail connecting projects are in two parts -- one between the airport in Jewar and Greater Noida and the other from Greater Noida to Delhi, according to details that emerged from the 71st Board meeting of YEIDA.

"The board has given its approval to the Delhi Metro Rail Corporation (DMRC) to prepare a detailed project report (DPR) for metro rail connectivity between Knowledge Park in Greater Noida to Noida International Airport in Jewar," YEIDA said in an official statement.

"The board also gave its go ahead for issuing a work order in order to conduct a feasibility study for metro rail connectivity between Greater Noida and New Delhi," the statement read.

YEIDA Additional CEO and Airport project in-charge Shailendra Bhatia said both the studies are to be conducted by the DMRC for which an agreement had already been signed and the Board gave its approval on Tuesday.

"One link will be between the airport in Jewar and Knowledge Park 2 metro station in Greater Noida over a distance of some 35 km. The other will be from Knowledge Park 2 to Shivaji Metro station in Delhi," Bhatia told PTI.

During the meeting, the Board was also apprised of the developments related to Greenfield airport being developed by Yamuna International Airport Private Limited, a 100 per cent subsidiary of the Switzerland-headquartered Zurich International Airport AG, the YEIDA, which functions under the UP government, said.

The feasibility study and the DPR prepared by property consultant CBRE India on the proposed Heritage City was also put before the Board and it was told that the final report incorporating all suggestions would be placed before it soon, the YEIDA, which manages land along the 165-km-long Yamuna Expressway, said.

The YEIDA informed its Board that it generated a revenue of Rs 670.22 crore from April 1 to August 30 this year, double the amount over the corresponding period in 2020, according to the statement.

However, the expenses incurred by the YEIDA, which also includes paying of past dues, stood at Rs 1,099.93 crore during the period, it added.

The YEIDA informed its Board that it would soon be bringing schemes for residential plots, commercial kiosks, petrol pumps, hotels, etc in its sectors like 16, 17, 18, 20, 22D, 29 and 32. PTI KIS AAR

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Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

https://www.outlookindia.com/newsscroll/dmrc-gets-approval-to-conduct-studies-for-highspeed-metro-link-between-noida-airport--delhi/2159985

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Tax Waiver For Residential Plots, Houses Up To 50 Sqm Under Delhi Civic Body

 

According to the proposal, owners of non-residential properties in unauthorised colonies will also have to pay property tax for the financial year 2021-22; 2020-21 and 2019-20.

New Delhi: 

The BJP-led North Delhi Municipal Corporation (NDMC) House on Friday approved a proposal to waive property tax for owners of houses and residential plots spanning up to 50 sqm, subject to certain conditions, officials said.

The proposal, which will now go to the municipal commissioner, got the nod amid ruckus during the proceedings of the House.

"The proposal was moved as a private member bill during the House proceeding and received the nod. Various sections of society had made representations to NDMC leaders seeking financial relief in the wake of the COVID-19 pandemic," senior BJP leader and ex-mayor of North Delhi Jai Prakash said.

He said the benefit will accrue only to such owners who themselves are residing in such properties and has not rented it out to a tenant and where members of only one family are staying.

Mr Prakash said this move will benefit especially those people living in unauthorised colonies or JJ clusters and other areas on the city's fringes.

The proposal also included giving relief in payment of due property tax to people living in areas falling within Lal Dora, extended Lal Dora, and 544 unauthorised regularised colonies and unauthorised colonies and houses allotted to displaced Kashmiris.

North Delhi Mayor Raja Iqbal Singh said this move will bring major relief to the people in the time of the pandemic.

In a statement issued by the NDMC, he was quoted as saying that salaries of all employees due till July have been released.

NDMC Standing Committee chairman Jogi Ram Jain said according to the passed proposal, residents of Lal Dora and extended Lal Dora will have to only pay the property tax for the financial year 2021-22 and preceding due tax will be waived.

The same applies to residents of unauthorised regularised colonies and unauthorised colonies, he said.

According to the proposal, owners of non-residential properties in unauthorised colonies will also have to pay property tax for the financial year 2021-22; 2020-21 and 2019-20, and preceding due tax will be waived, he said.

Also, the increment in various others taxes made as per the recommendations of the third municipal valuation committee will be rolled back, according to the proposal.

Meanwhile, a ''Mosquito Terminator'' train was launched by the NDMC in collaboration with the Northern Railway on Friday.

The civic body's mayor flagged off the train from the New Delhi railway station. It would spray larvicide on the sides of the tracks to check mosquito breeding.

https://www.ndtv.com/india-news/ndmc-nod-to-waive-property-tax-for-owners-of-residential-plots-houses-up-to-50-sqm-2521334

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Moneycontrol Area Watch | Smaller towns along 3 RRTS corridors offer affordable alternatives to homebuyers

 

Ashwani Kumar Sharma  AUGUST 28, 2021 / 05:57 PM IST

When the three phases of the Regional Rapid Transit System are completed, it will become easier to live in Rewari, Bhiwadi, Alwar, Shahjahanpur, Neemrana, Sonepat, Panipat, Ghaziabad or Meerut and work in Delhi-NCR.

If you want to understand the impact that an efficient transport network can have on the overall real estate market in a locality, simply recollect the transformation that the Delhi Metro brought about in the Dwarka sub-city in the National Capital Territory (NCT). In the pre-Metro era, scores of people rushed to dispose of their DDA flats in Dwarka because commuting to the area was a nightmare.

It was Delhi Metro Rail Corporation’s Blue Line and later the Airport Express that changed the face of the area, and property prices moved sharply upwards. Today, the Dwarka sub-city has emerged as one of the prime residential hubs in Delhi, especially West Delhi.

This is also true for all the localities that have been connected to the Metro rail network. And now it’s the turn of Regional Rapid Transit System (RRTS) to weave its magic along its route.

RRTS REVOLUTION

The country will soon witness another revolution in rail connectivity, thanks to the upcoming RRTS. High-speed and high-frequency commuter trains will connect small towns in Rajasthan, Haryana, and Uttar Pradesh with Gurugram-Delhi-Noida. The modern transit facility would bolster connectivity, accentuate real estate prospects and boost economic development along the corridors and in the heart of NCR.

In Phase-1 of the RRTS, three corridors are under development. The work on the Delhi–Ghaziabad–Meerut Corridor is moving at a fast pace. The first phase of this project is likely to be opened in early 2023. In the other two phases, the RRTS corridors are Delhi-Gurugram-SNB and Delhi-Panipat. Work on these two corridors is at different stages of implementation.

Commuters will be able to travel from one RRTS corridor to another without changing trains. The trains will be three times faster than the current Delhi Metro trains. All the trains will converge at Sarai Kale Khan RRTS station in Delhi.

The RRTS corridors are expected to integrate the Delhi Metro, Inter State Bus Terminals (ISBTs), railways, and airports for faster and hassle-free connectivity in the region.

As per the National Capital Region Transport Corporation (NCRTC), the implementing agency of the RRTS across NCR, travel time between Meerut and Delhi will reduce to less than an hour from the current three to four hours by road. Similarly, it will become very convenient and fast to reach the heart of NCR from as far away as Panipat in Haryana and Alwar in Rajasthan.

TOWNS ALONG RRTS CORRIDORS

Experts and real estate developers opine that cities like Sotanala, Rewari, Bhiwadi, Alwar, Shahjahanpur, Neemrana, Sonepat, Panipat, Ghaziabad, Modi Nagar, and Meerut, along the three RRTS corridors, are fast becoming hot markets for residential and even office space. As the work on the three corridors progresses and awareness increases, property prices will go up.

The prospective homebuyers who work in Gurugram, Delhi, Ghaziabad, or even Noida, can now think of owning a spacious home or a plot along one of the three corridors.

NCR TO BE THE BIGGEST GAINER

Reports suggest that the upcoming network of these fast trains would also revive the real estate market in Delhi-NCR. As RRTS would take connectivity to Delhi-NCR to the next level, infrastructure such as roads, transportation, educational institutions, hospitals, shopping malls, banks, commercial hubs, and other facilities will also develop further.

WHAT THE CORRIDORS OFFER POTENTIAL HOMEBUYERS

Let’s take the example of a millennial who works in an MNC in Delhi, and pays Rs 25-30,000 rent for an apartment in the city. Once the Delhi-Gurugram-SNB corridor becomes operational, he could consider buying an apartment in Bhiwadi, 40 km from Gurugram, and still easily travel to his workplace.

Property prices in Gurugram, Delhi, and Noida are currently high, both for residential and commercial real estate. Also, these localities are no longer the first choice of investors due to dense population, high prices, and stretched infrastructure.

So one of the main advantages these RRTS corridors offer is affordability, be it an apartment or a plot. Property prices, as of now, are significantly lower compared to the NCR or in its immediate periphery. For instance, the per square foot rate of a residential property in Gurugram is at least Rs 6,000 whereas in Bhiwadi, you can easily get an apartment in the best project for Rs 2,500 per square foot.

Experts believe that RRTS will have a positive impact on the capital values in towns which it connects to metro cities.

“Property prices preempt benefits of infrastructure projects like RRTS. Prices tend to escalate when projects are announced and plateau till completion, as initial euphoria is subdued by the reality of completion timeline to derive economic benefits as envisioned. RRTS pushes prices of real estate at nodes they connect rather than the entire corridor, as the intent is to save on travel time and vehicular operational costs including controlling pollution that result in considerable savings which can be measured through economic rate of return,” said Ajay Sharma, Managing Director, Valuation Services (India), Colliers.

In the long run, real estate prices will recover in the nodes post-completion as the perceived benefits will accrue only when commercial and industrial centres are connected. Unless the RRTS project is just announced or completed between two urban centres, the short-term price recovery from the impact of COVID-19 is not perceivable, added Sharma.

Another plus point is that air pollution in these smaller towns is much less than one experiences in Delhi. Like big cities, the smaller towns too have the social infrastructure such as hospitals, schools, and shopping areas in place. And as realty prices go up, this infrastructure is bound to become better.

Once the RRTS network is fully operational, Gurugram, Delhi, and Noida will also benefit as many people residing in these cities would prefer to relocate to smaller towns due to improvement in public infrastructure.

Reverse migration, experts believe, will reduce pressure on the social infrastructure in these cities. However, rentals or real estate prices are unlikely to be affected as these cities would continue to remain dream destinations for work seekers from across the country.

Large domestic companies and MNCs situated in Gurugram, Delhi, and Noida would also benefit. Labour in the adjoining smaller towns will become available to them.

ALL ABOUT THE THREE RRTS CORRIDORS

Delhi-Gurugram-SNB (Shahjahanpur-Neemrana-Behror Urban Complex)

As per the NCRTC, the Delhi-Gurugram-SNB RRTS will benefit the region between Gurugram and Alwar, and increase the productivity of the commuters travelling from Delhi and Gurugram to Manesar, Bawal, and Neemrana.

This line will also originate from Sarai Kale Khan in Delhi and connect Munirka, Aerocity, and move via Gurugram, Sotanala and Rewari to reach Alwar in Rajasthan. The length of the RRTS corridor will be 164 km and will have 22 mainline stations.

Delhi-Panipat

This 103 km corridor aims to connect Delhi to towns such as Sonepat, Gannaur, Samalkha, and Panipat in Haryana. This line will reduce travel time for commuters and at the same time bring environmental and economic benefits to the entire region. There will be 16 mainline stations, including Sarai Kale Khan.

Delhi-Ghaziabad-Meerut

The estimated 82 km Delhi-Meerut Corridor will pass through one of the most densely populated sections of the National Capital Region (NCR) connecting Delhi to Uttar Pradesh. This stretch of the RRTS, between Delhi and Meerut, is being built at a cost of ₹30,274 crore. The priority section will be the first stretch to be operationalised in March 2023 and the full project is likely to be commissioned in 2025.

There will be 16 RRTS stations on this line, besides six additional stations for the Meerut MRTS. The 17 km Duhai-Sahibabad section of the corridor in Ghaziabad is likely to be operational by early 2023.

At its board meeting held on August 26, the Ghaziabad Development Authority gave its nod to a proposal that sought to develop 650 hectares along the Guldhar and Duhai stretch of the RRTS corridor as a special area development zone (SADA).

https://www.moneycontrol.com/news/business/real-estate/moneycontrol-area-watch-smaller-towns-along-3-rrts-corridors-offer-affordable-alternatives-to-homebuyers-7401171.html

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Jindal Group scion buys apartment for Rs 21 crore in Delhi’s Jorbagh

Vandana Ramnani

Businesswoman Seema Jindal, founder of Nourish Organics, purchases property that comes with terrace rights as well as three parking slots.

Businesswoman Seema Jindal has bought an apartment in Delhi’s posh Jorbagh area for Rs 21 crore, property documents accessed by Zapkey.com showed.

Daughter of OP Jindal, founder of the Jindal Group, Seema Jindal, has bought a second floor property spread across an area of around 2600 sq ft. The property comes with terrace rights as well as three parking slots, the documents showed.

The founder of Nourish Organics has bought the property from Chetan Prakash and the sale deed was registered on August 4.

Sanskar Projects and Housing Limited is the developer that is redeveloping the property into floors, according to local brokers. The total area of the unit is 480.7 sq m, showed the documents.

There was no response from Seema Jindal.

Plots in Jorbagh cost anywhere upwards of Rs 40 crore and apartments are priced Rs 15 crore onwards, according to brokers. The per sq ft value of new developments works out to be around Rs 80,000 per sq ft.

Several properties in the area are being redeveloped by private developers and turned into four floors. “The ticket size makes them an attractive proposition,” one of them said, askig not to be named.

If one accounts for the recent property deals in Delhi’s posh locations, as many as 30-40 percent of high-end properties that have been sold in areas such as Sunder Nagar, Golf Links, Jor Bagh involved NRI owners, real estate experts told Moneycontrol. This property too belonged to a California-based NRI.

Several properties in the Jor Bagh area have also been typically sold to either lawyers or industrialists whose places of work are located close by, brokers said.

Recently, the wife of Yes Bank founder Rana Kapoor, Bindu Rana Kapoor, has gifted a property she owned at Jor Bagh in New Delhi to her nine-month-old grandson Aashiv Khanna,  registration documents made available by Zapkey.com showed.

A few months ago, Satish Bala Malhotra, chairperson of the MBD Group, had bought a bungalow from an NRI, in Delhi’s Sunder Nagar area for Rs 60 crore, registration documents accessed by Zapkey.com have said.

In perhaps the most expensive deal in South Delhi’s Vasant Vihar during the second wave of the COVID-19 pandemic, the founder of a chain of educational institutes had bought a 2,000 sq yard property for around Rs 150 crore, sources had told Moneycontrol.

The main road-facing property was registered on April 6, 2021, in the name of J C Chaudhry of Aakash Educational Services Ltd and the seller was Aditya Techno Build, documents shared by Zapkey.com showed.

https://www.moneycontrol.com/news/business/real-estate/jindal-group-scion-buys-apartment-for-rs-21-crore-in-delhis-jorbagh-7391011.html

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Draft Delhi Master Plan-2041 falls short of making the capital an inclusive city

 

The master plan needs to address the diversity of the informal sector and the requirements of subsistence urban workers. it is imperative to rephrase its vision to "a sustainable, inclusive, liveable and vibrant Delhi"

Pushpa Pathak

The Delhi Development Authority (DDA) had put the Draft Master Plan of Delhi–2041 (DMPD-2041) in the public domain, inviting suggestions and objections. DMPD-2041 was anticipated to be a modern development plan for the capital as it has been informed by a far more participatory approach and consultations with various stakeholder groups.

Hence, an omission of the inclusive city notion in the DMPD-2041 vision, which is to "foster a sustainable, liveable and vibrant Delhi", comes as a shock. This is all the more baffling as there is a global consensus on the need for building more inclusive cities, defined as "having equal access, opportunities and voice in urban space for all".

It is also incorporated in the 2015 sustained development goals (SDGs)— "make cities and human settlements inclusive, safe, resilient, and sustainable")—endorsed by India. Therefore, it is imperative to rephrase the modified vision of the Master Plan as "foster a sustainable, inclusive, liveable and vibrant Delhi".

However, DMPD-2041 has not completely missed out on the idea of an inclusive city. After listing the three goals, it states, "The Plan also acknowledges diversity and works towards creating an inclusive city that facilitates accessibility and opportunity for all."

In view of the modified vision for Delhi, the main goals of MPD-2041 should be as follows:

Goal 1: Become an environmentally sustainable city that provides a healthy environment for its citizens and is adaptable towards addressing the impact of climate change.

Goal 2: Acknowledge diversity and work towards creating an inclusive city that facilitates accessibility and opportunity to all.

Goal 3: Develop a future-ready city that offers good quality, affordable and safe living environment with efficient mobility systems.

Goal 4: Emerge as a dynamic place for economic, creative and cultural development.

These changes will be justified to some extent as inclusion is taken into consideration in several sections of the plan. It has to be further integrated within the overall planning framework for Delhi wherever overlooked.

Some of these missing areas are highlighted here, particularly relating to employment, housing and access to basic services, which are the most critical needs of the urban poor.

First, a vibrant city is normally associated with highly productive economic activities employing skilled workforce and professionals.

While visualising a more inclusive Delhi, it is obvious to question: making a vibrant world class city for who? To attract international tourists and investment? To provide quality urban space and infrastructure for high-end businesses? Would it exclude the lowest rung of the informal sector (IFS) subsistence urban workers (SUBs) who are mostly unskilled and have low-wage earning with little savings and assets to fall back on in times of an economic crisis?

Images of the migrant workers trudging home from Indian cities that stared at us during the COVID-19 pandemic last summer and the proposed vision of a vibrant Delhi do not seem to fit in the same frame. It is good to note that DMPD-2041 has identified some measures to support IFS activities, employing about 70 percent workforce of Delhi. 

However, many of these provisions pertain to vending, whereas IFS has a wide range of activities, places of work, working conditions and income levels. How can MPD-2041 address the diversity of IFS and needs of the SUBs requires serious rethinking and necessary planning?

Second, while strategising shelter for low-income families and migrant workers, the master plan aims to build affordable housing and rental housing. It also envisages regeneration of unplanned unauthorized colonies (UCs) as well as in-situ rehabilitation of slums and JJ clusters on tenable sites.

Many of these settlements fall under 1731 UCs identified by DDA for regularisation to benefit about 40 lakh people under the Pradhan Mantri Unauthorised Colonies in Delhi Awas Adhikar Yojana (PM-UDAY) launched in December 2019 with the enabling National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorized Colonies) Act, 2019.

The DMPD-2041 makes no mention of this initiative in its policy framework. It appears as if the proposed regeneration of unplanned areas in DMPD-2041 and regularisation of UCs under the ongoing government scheme are two parallel processes. Rather than working in silos, it would be better to combine the two into a comprehensive section titled:

Regeneration and regularisation of the existing unplanned and unauthorised residential areas would be a great leap forward in creating a truly inclusive Delhi.

Third, in the section on Making Delhi Water Secure, per capita norms for water supply is to be reduced from 227 litres per capita per day (LPCD) to 189 LPCD in the existing areas and in the new land pooling areas, it will be 151 LPCD.

It is not clear how increasing the supply to 24x7 will be achieved at the same time. Also, would the entire city be connected by the piped system to enable 24x7 supply across the city, including the resettlement colonies, UCs and slums and JJ clusters?  This needs to be specified to make the plan transparent and accountable.

Fourth, with reference to the plan Monitoring and Coordination Framework, considering the revised goal of an inclusive city, it is advisable to add a few key performance indicators (KPI) that will help build an Inclusive City Index in addition to the Environmental Sustainability Index, Built Environment Index and City Vitality Index.

It would also be appropriate to set up a corresponding multi-agency coordination Committee for Inclusive City at par with the Environmental Sustainability Committee, Built Environment Committee and City Vitality Committee. 

Taking these suggestions into consideration will go a long way in realising a more inclusive Delhi, a city projected to be a megapolis of about 30 million by 2041.

(The author is Senior Visiting Fellow at the Centre for Policy Research, New Delhi. Views expressed are personal.)

https://www.moneycontrol.com/news/business/real-estate/draft-delhi-master-plan-2041-falls-short-of-making-the-capital-an-inclusive-city-7359741.html

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Two plots at Delhi’s Sunder Nagar sold for Rs 130 crore

By

Faizan Haidar Last Updated: Aug 18, 2021, 09:24 PM IST

Two sprawling plots in Delhi’s Sunder Nagar area have been sold for about Rs 130 crore, in what is one of the biggest residential transactions the country has seen since the second Covid-19 wave struck in April, according to two people aware of the development.

The plots, measuring 867 square yards each, belonged to artist Nilima Sheikh and her sister. The deal was registered on August 12, as per the registry documents accessed by ET.

https://economictimes.indiatimes.com/industry/services/property-/-cstruction/two-plots-at-delhis-sunder-nagar-sold-for-rs-130-crore/articleshow/85431654.cms

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Vaishnawi Energy buys Rs 80 cr property in Delhi in one of the costliest deals in India after 2nd Covid wave

 By

Faizan Haidar, ET BureauLast Updated: Aug 17, 2021, 07:59 AM IST

Delhi-based Vaishnawi Energy Distribution Pvt Ltd has acquired a 575 sq yard bungalow in Golf Links neighbourhood of New Delhi’s Lutyens Zone for ₹80 crore, three persons aware of the development said. Vaishnawi Energy is promoted by Ravinder Sindhu of Sindhu Traders.

The property belonged to Raj Singh Gehlot, promoter of the Ambience Group, who was recently arrested by Enforcement Directorate in a money laundering case, and transaction was concluded in the last week of July.

With 1.3 lakh sq ft, the deal is also one of the costliest in the county after the second Covid wave. Sixteen bungalows were sold in Golf Links in 2020, the highest in a year in recent times, as Covid increased demand for ultra-luxury properties with open spaces.

“Golf Links because of the gated colony and proximity to New Delhi areas has emerged as the preferred destination for HNIs. With bungalows of different sizes available, it has witnessed highest number of transactions and many others are also in the pipeline,” said Pradeep Prajapati, head of luxury residential services at IQI India.

Vaishnawi Energy Distribution did not respond to email query till the filing of the report while Gehlot’s family declined to comment.

South Delhi and Lutyens Bungalow Zone have registered the highest number of property registrations in three years through a Covid-ravaged FY21, with uber-rich investors buying assets in areas where demand usually outruns supply.

https://economictimes.indiatimes.com/industry/services/property-/-cstruction/vaishnawi-energy-buys-80-crore-property-in-delhi/articleshow/85381647.cms

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NCR can offer a good return in the longer run

 

Honeyy Katiyal, founder of Investors Clinic, says why

16 Aug 2021

Investing In real-estate is inspirational; everyone wants to own their own space. With household’s incomes increasing due to a significant number of high-paying white-collar professions and world-class physical infrastructure, Delhi NCR has been one of India's fastest growing areas. Big corporations relocate to neighbouring cities such as Gurgaon and Noida in pursuit of better infrastructure and lower real estate prices, real estate prices in Delhi have risen to stratospheric heights, resulting in the expansion of surrounding cities. The government is also facilitating this by increasing communication between these cities by creating infrastructure like roads and motorways along with Delhi Metro.

Noida and Greater Noida, which are near to Delhi, have steadily grown in popularity as a favoured destination for property buyers and investors. Despite intense competition from neighbouring regions in and around Delhi NCR, Noida real estate continues to draw everyone's attention. Despite the fact that Noida Real Estate has seen a slowdown due to causes such as demonetization and lockdown, the city has rebounded quickly.

Noida provides excellent career possibilities, conference centres, and a new airport in the horizon. As a result, investing in Noida and Greater Noida real estate will be the finest moves in the days to come. The government is clearly focused on promoting Noida as one of the future regions, and it appears to be following in the footsteps of Gurgaon. There is a slew of high-paying white-collar jobs on the way and the work on Jewar airport is set to begin soon.

Here are some of the most compelling reasons why investing in Noida and Greater Noida real estate is the finest choice you'll ever make.

The commercial real estate market is growing at a fast rate. Several builders and developers are significantly investing in commercial developments, citing the city's vast business opportunities. The creation of new workplaces, co-working spaces, and other organizations has transformed Noida into a business hub. Those who invest in Noida's commercial real estate may expect a steady stream of profits in the future.

Location benefits -The expansion of Noida and the city of Noida are part of government's ambitious plans. Buddh International F1 Circuit, Amity University / Mahamaya Flyover, DND/Akshardham, Jewar airport, and the Yamuna Expressway are all within a short distance of Noida and Greater Noida. Apart from that, these locations are close to well-known multinational corporations and are connected by five expressways.

Robust infrastructure- Another compelling incentive to invest in Noida real estate is the city's rapidly expanding infrastructure. Whether it is the metro system, public transportation, road developments, or expressways, Noida's infrastructure has finally matured. All of these infrastructural improvements will result in a significant increase in the demand for homes in the city. The value of these properties is only going to rise in the future.

Improving job market- There are several career possibilities in Noida and Noida Extension these days. A huge number of IT and ITES offices have established themselves in the city, as well as several large corporations, resulting in an increase in work possibilities. Following the completion of the Jewar airport, all MNCs would have the option of settling in Noida and Greater Noida, resulting in an increase in job possibilities.

On one hand, Greater Noida West boasts a knowledge park, while on the other, the Yamuna Expressway's Formula 1 track has attracted a lot of interest. With the projected metro link to Greater Noida, numerous IT firms would undoubtedly be drawn to the Noida-Greater Noida Expressway and Greater Noida to establish offices and reap the benefits of this fantastic physical infrastructure at affordable rates. On both sides of the highway, we would be able to see a number of world-class skyscrapers.

Government push- With the Real Estate Regulations Act (RERA) being in effect across the country, the Noida Real Estate Regulatory Authority has chosen to streamline the property registration procedure. Property registration in Noida has been simplified as new rules and regulatory regulations. In addition, the authorities in numerous property hotspots in Noida have established facilities for registering a property online to expedite the process.

With so many upcoming opportunities, it is safe to say that Noida is one of the most popular property investment destinations in the National Capital Region.

https://www.constructionweekonline.in/people/19092-ncr-can-offer-a-good-return-in-the-longer-run

Ashish

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