Monthly Archives: Jul 2019

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Gurugram Residents Against Plot Owners & Builders Assist For FAR Hike

Jul 17,2019 / By / No Comment
FAR

Gurugram: residents against plot owners & builders assist for FAR hike

The apartment lifestyle has dominated the residential market in major cities of India, but people still wish to buy a plot of land and build their own home. Buying a ready-to-move-in flat needs you to pay a fixed amount or will have to take a loan and pay EMIs over a period of time. It means as soon as you pay you start living in the house. But, buying a plot needs you to have funds at your end to construct the property on the land bought and brings out to be more costly compared to buying a flat of the same size and dimension.

Cost of buying a flat or land depends on the location. If you are thinking of buying a plot within city limits in a metro where space is a limitation, the price would be much more expensive than what you would spend for a flat. Moreover, if you were to invest in land in one of the Tier-II cities in India, you would be capable to get a large plot of land at a much cheaper price. The point to remember is that while some banks offer loans to buy a flat, not many offer loans for buying a plot.

After the Haryana government’s approval of construction and registration of 4th floor in plotted areas and sectors, developers and owners have demanded an increase in Floor Area Ratio (FAR).

Nevertheless, the existing infrastructure, which is more than 30 years old, worry for the residents. They might not be able to bear the extra load.

As per residents, if FAR is increased, plot owners will be able to build and occupy more area on their land. Currently, where FAR is 1.98, the plot owner can construct on around 66% of the area. If FAR is improved to 3, this can develop to around 80%.

Last week, hundreds of property developers and owners met with state PWD minister Rao Narbir Singh and demanded that the FAR should be increased.

As per the property developers and owners, the state government has already allowed the construction of the 4th floor and its registration as an independent residential unit but the FAR is still the same. They sought that if it is increased, they will be able to construct one more area in smaller plots as, under the present FAR norms, a lot of space is left vacant and only limit construction is allowed. Increasing FAR will balance the demand-supply gap and also check violation as people carry out illegal construction.

After the conversation with property developers and owners, Singh assured them that he will discuss the possibility of increasing FAR with the Department of Town and Country Planning (DTCP).

However, residents communities challenge that the present infrastructure such as water and electricity supply, drainage and garbage disposal is incapable to meet the demands of the current population and it will fall if the load increases extra in case FAR is hiked.

On the other hand, residents claimed that if the local builder gets this demand filled, residents would be in trouble. Residents are already facing issues with basic amenities like water, electricity, roads, apart from lack of security.

A week ago, the DTCP had ignored the occupation certificates of 165 properties in DLF Phase 1, Sushant Lok, Palam Vihar and other communities where property owners made changes to the buildings later.

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blog Infrastructural development Product Updates Real Estate Real Estate News Right Step Smart Residential Living

Coworking Spaces are Perfect for Independent Professionals

Jul 13,2019 / By / No Comment
Coworking_space

Coworking Spaces are Perfect for Independent Professionals

Coworking spaces are actually shared workspaces. They allow affordable office spaces for those who want to skip the silence of working at home. It is a business service acquisition model that includes individuals working independently or collectively in shared office spaces. Unlike a normal office, coworking is not operated by the same company. It is more pleasant to work at home professionals or independent bodies who work in appropriate privacy. Enterprises of big size sometimes use co-working facilities to provide office spaces when they have more than the normal number of employees working at any given time.

The word Coworking has been first used in 1995 in the insight of preferably serving people working together in any kind of setting. The first specified co-working space was established in San Francisco in 2005. At present, more than 400 registered Coworking spaces are in progress on 6-continents.

Coworking spaces give a standard work environment and different types of office facilities and amenities found in a normal or regular office. Some of the basic amenities and features of Coworking spaces include:

Shared workspaces

24/7 access

Reserved or rented conference halls

Wi-Fi

Communal printer/ copier/ fax

PBX Systems

Shared bathrooms and lounges

For freelancers, distant workers and small business owners who always travel, Coworking spaces are ideal for them. You will get what you need and you don’t have to pay for services you don’t use. Coworking spaces are entirely different from shared workspaces. Coworking spaces are usually ideal for start-up businesses and entrepreneurs who are looking for a better option than working from home. The benefit of Coworking spaces is that they are affordable for start-ups with a chance to work in an economical space that forms an atmosphere that encourages potency.

At the same time, shared workspaces are different from Coworking spaces because they contribute to assist more organised businesses. They usually give more amenities to satisfy the needs of their customers. Bengaluru, with its Coworking spaces, is at the forefront of boosting productivity and proficiency in the area of business. As Bangalore is already known as the silicon valley of India the Coworking spaces in Bangalore is a boon to various startups. There are many advantages of Coworking spaces. Coworking is a quickly growing profession since they offer benefits/ amenities to its members.

Economical

– Coworking spaces are valued for money since it helps in reducing other expenses that the Company could have obtained in running the office space and no more security deposits. You will be paying only for the area you utilize.

Networking

– One of the most notable reasons why people work out of a Coworking workplace is to meet new people who could assist them in the business in some way or the other. At a shared office space, you will engage new people on a regular basis and there are also other networking events adapted to bring people together.

Flexibility

– Shared workspaces are known to be manageable with their leasing resolutions and most of these places are open 24 hours on all 7 days of the week.

Coworking Spaces Amenities

– Coworking spaces offer a wide array of amenities like high-speed internet, meeting rooms, and break out spaces for members which has gaming zones, gyms, swimming pool and balcony to the members which assist them in managing a good work-life balance.

Multi-locations

– These days Coworking office spaces are positioned at multiple locations within a city and across the world at the most notable places. They contribute to satellite offices as well.

Productive workspace

– Productivity is at the highest when you are circled by other inspirational. Moreover, the amenities at a Coworking space helps in managing a work-life balance.

Here are the details of top Coworking spaces in Bangalore:

Cowrks:

Cowrks is spanning across 5-cities in India. It includes high-end meeting rooms and sufficient space for managing medium-sized events. Prime location, flexible contact, and first-rate security, it has everything you can request for Coworking spaces.

Location:

Whitefield, Koramangala, Residency Road, EcoWorld, Ulsoor, Indiranagar, Yelahanka

Pricing:

Dedicated desk – Rs. 12,999 to Rs. 15,999/ month

Flexible desk – Rs. 10,999 to Rs. 12,499/ month

Special Amenities:

Can run out of private studios, private suites, and lounges

Mail and package handling facilities
Implemented with AV and teleconferencing support

Virtual Receptionist for your company.

WeWork:

WeWork offices have a modern environment that allows each and everything to make a friendly atmosphere at shared workspaces. WeWork also has fair pricing plans for private offices without sharing.

Location:

Bannerghatta, Mahadevapura, Residency Road, Old Madras Road, Koramangala, Martahalli, Infantry Road, Domlur (Embassy Golf Links), Church Street, Devarabisanahalli, RMZ Latitude

Pricing:

Individual hot desks: Rs.6, 000 – Rs.8, 000/month

Private office spaces: Rs. 19, 300 – Rs. 20, 500/ month

Special Amenities:

There is also a service to secure your bike. This Coworking space is wholly eco-friendly.

Nearby individual stalls and facilities like teleconferencing through high-speed internet are available.

Innovate:

It is a premium working space formed to assist you to grow and innovate. Their primary purpose is to revive the Indian startup space.

Location: Koramangala

Pricing:

Individual hot desks: Rs 8,000/month

Dedicated desks: Rs 13,000/month

Special Amenities:

Work constantly at the rooftop as the intense cityscape contributes a beautiful background

Commitment and entertainment are revamped in this workspace

Vast spaces for break-out areas and refreshments – this dynamic space is perfect as a startup office space in Bengaluru.

Commune Coworks:

Commune produces an excellent environment for a modern-age workforce. Commune welcomes all kinds of workers and had limited space for a workshop, and a studio to help you to excite your strength and creativity.

Location: Koramangala

Pricing:

Day pass: Rs 500

Individual hot desks: Rs 7,999/month

Dedicated desks: Rs 11,999/month

Private cabin: Rs 12,999/month

Special Amenities:

Dedicated cabinets and lockers for your personal items

Entree to an elite association of compatible people through the community memberships

The freelance market is growing. By the time we reach 2020, 50% of all kinds of workforces will comprise of freelancers. This, as a result, will provide speedup to more Coworking spaces. The design and culture work as a model for any organizations considering to discover new ideas to develop. We can definitely anticipate seeing more of these kinds of spaces growing near every locality.

The main advantages of Coworking are friendliness and approachability. Coworking spaces will reasonably have a facility manager for managing the communications. Nevertheless, keep in mind that business organisations have an extreme interest in Coworking spaces so the safety reforms will continue to improve. As the progress of Coworking organisations remains to grow, each company will have to provide all their common needs.

Image Sources: Google

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Incentives To GIFT City in Union Budget 2019 Could Encourage Financial Activities

Jul 13,2019 / By / No Comment
Gift_City

Incentives To GIFT City in Union Budget 2019 Could Encourage Financial Activities

 

Overview:

Gift City, located in the north on the banks of river Sabarmati and is a financial Central Business District between Ahmedabad and Gandhinagar in Gujarat. Gift City (Gujarat International Finance Tec-City) is a business district developed by the Govt. of Gujarat through a joint venture company. It is India’s first operational smart city and International Finance Service Centre is our PM Narendra Modi’s dream to create a financial hub like Singapore or Hong Kong in his home state. The idea for GIFT City was developed during the Vibrant Gujarat Global Investor Summit 2007. East China Architectural Design & Research Institute and Fairwood Consultants India were chosen for the planning of the city. 3 phases of 4 years each is planned for the development of the project. On the other hand, GIFTCL planned to develop an area of 85 million sq ft. to make sure that the city has its world-class facilities for connectivity, technology, communication, societal services, etc. for an upgraded living and work experience. The city is strategically located and well connected to the cities of Ahmedabad and Gujarat which is located at a distance of 26.6 km and 11.2 km respectively via Gandhinagar-Ahmedabad Road and Gujarat SH 71. Features of this project include an underground utility tunnel, a district cooling system, and automated vacuum waste collection. Many of these features are being introduced in India for the first time. Shah Pur, Lavarpur, Ratanpur, Pirojpur, Raysan Valad, Mahavirpuram are its neighbouring localities.

India’s only International Financial Service Centre (IFSC), at GIFT City, Gandhinagar, is one of the most challenging efforts of the Government for making foreign financial transactions to the Indian region. At present, financial sector performers such as banks, insurance companies, insurance brokers, stock exchanges, depositories, mutual funds, alternative investment funds (AIFs), and other SEBI-registered agents are allowed to establish shop at IFSC. Over the past few years, the Government has shifted its minds consistently towards it to make a commercial function for global financial professionals to relocate their operations to IFSC. It will be important to justify the taxation structure in IFSC so that it balances the tax structure in other global financial markets.

In February, the NDA government had presented in Rajya Sabha the International Financial Services Centres Authority Bill, 2019. The Bill plans for the establishment of an authority to support and control the financial services market in the International Financial Services Centres business in Special Economic Zones in India.

 

GIFT CITY IFSC Project Status:

GIFT One Tower in DTA, GIFT Two Tower in DTA, Jamnabai Narsee International School in DTA, TCS Tier 4 Data Centre in DTA, Hiranandani Signature Tower IN IFSC, Aspire One & Two – Incubation Centre in IFSC, Domestic Tariff Area, International Finance Service Centre (Finance & IT/SEZ) are completed and operational.

World Trade Center GIFT City – 4 towers under construction, Janaadhar Mangala, Brigade Tower in IFSC, Brigade IBIS Styles Hotel in DTA, Gift International Center, Savvy ATS tower in IFSC are all under-construction and full pace.

 

Gift City Features:

All the electricity cables will be underground and its power grid will be designed by ABB Groups of Switzerland.

Gas supply to the city will be provided by the existing gas Network of GSPL for gas transmission pipelines.

The cooling system will be provided by District Cooling System in GIFT City which will reduce the operational cost by 30-40% and avoids the capital cost of implementing coolers in each building.

All waste of the city will be treated through plasma gasification which will be automatically sucked through underground pipes.

 

Proposed and Planned Infra under GIFT City:

There is a plan to run a multimodal mix of the transport systems such as MRTS/LRTS/BRTS, etc for both intercity transport (to Ahmedabad, Airport, and Gandhinagar) and Intra-city transport.

They are also a plan to use Walk-to-walk concept between private and public transport.

GIFT City will have its own metro stations.

There is also a design for the use of electric personal rapid transport system in the city.

 

Look at how tax SOPs in the budget 2019 will offer impetus to Indian IFSC at GIFT City:

Union Budget 2019 introduced by Hon’ble Finance Minister Nirmala Sithraman unfolded floodgates of incentives for India’s first IFSC known as Hiranandani Signature located at GIFT city, Gandhinagar, Gujarat. With a view to improving infrastructure and development of a world-class financial hub, some tax benefits have already been given to various businesses operated out of IFSC like Banking and Financial Services, Insurance and Reassurance etc. The Union budget 2019 revealed plenty of extra tax SOPs with an aim to produce a positive environment for Indian as well as global financial service professionals to work from Indian IFSC. The idea is to give much-required incentive to the Indian International Financial Service Centre as a flourishing financial hub competing with the global members like London, Dubai, Singapore etc.

 IFSC international business is around $56 billion holding around $22 billion by the banking and $30 billion by insurance units. Over the next few years, GIFT IFSC alone could add $1 trillion to Indian industry and infrastructure and support to reach the $5-trillion GDP target over the next few years. To reach this challenging target, the Finance Minister awarded lucrative tax relief and a holiday which will bring more competing businesses to be operational at GIFT IFSC.

In her budget speech, Nirmala Sitharaman said that the government will trigger the execution of appropriate law to form an International Financial Services Centre (IFSC) authority that will define an up-to-date regulatory architecture for such world-class financial hubs and government is bound to put all required regulations and infrastructure in place to develop IFSC.

The government has proposed to provide several direct tax incentives to an IFSC. This would include extending income tax waiver of up to 10 years from 5 years, 100% profit-linked deduction under section-80LA in any 10-year block within a 15-year period, exemption from dividend distribution tax from current and accumulated income to companies and mutual funds, exemptions on capital gains to Category-III AIF and interest payment on the loan is taken from non-residents.

Apart from tax aspects, the major challenge includes fixing the uncertainties in the regulatory structure for IFSC and increasing the expertise of doing business. It is expected that these financial year incentives, guided by the establishment of a consolidated financial controller, will definitely contribute the much-needed push for IFSC to become a success in India.

Image Sources: Google

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Nagpur Municipal Corporation has planned to construct low-cost homes under PMAY on Orange City Project

Jul 9,2019 / By / No Comment
Nagpur Municipal Corp

Nagpur Municipal Corporation has planned to construct low-cost homes under PMAY on Orange City Project

As the construction of Metro Mall at the Orange City Street has begun, the Nagpur civic body has decided to start the construction of a hospital near Khamla and residential homes between Jaitala T-point and Yashoda Nagar as a part of the Pradhan Mantri Awas Yojna (PMAY) under Orange City Project.

City MP and Union Minister Nitin Gadkari in a meeting held last week directed the Nagpur Municipal Corporation to keep housing schemes under the central govt’s Pradhan Mantri Awas Yojana to encourage home buying affordable for the Middle Income Group (MIG) and Economically Weaker Section (EWS).

The proposed hospital buildings will come up in two buildings, of which one building would be a multi-speciality hospital and another one include OPD, radiology, pathology centres, and medicines.

The Nagpur Municipal Corporation following MahaMetro has started construction works for Metro Mall adjacent to Jaiprakash Nagar Metro Station at Radisson Blu Square. The basement work has completed and concrete work will start soon.

Orange City Street is also known as London Street project is being developed by the Nagpur Municipal Corporation in Maharashtra. The project includes 10 different expenses allocated for residential, commercial, IT Park, green zone, vegetable market, and medical zone. The remaining zones in the project are cultural, retail market, recreational, parks, parking etc.

It is being developed on 5.50 km on both sides of Wardha road- Somalwada-Khamla-Bhamti-Parsodi-Takli-Jaitala T-Point road stretch. The project will span across 75.34 acres of land. The total built-up area under the project is 10,75,984.40 sq mt. It will spread over a total of 21 plots and comprise 60 residential and 13 commercial buildings at the cost of 5,700 crores which was planned in the year 2007. This project received a negative response on Build-Operate-Transfer (BoT) model. Now, the Nagpur Municipal Corporation has come forward and taken the execution work in a phased manner. The civic body will sell the properties and recover the cost.

The civic body has made special building bylaws for the project to make it feasible and affordable for the Middle Income Group and Economically Weaker Section.

As per Abhijit Bangar, Municipal Commissioner of Nagpur, they are planning to begin construction works on five shopping malls at Cotton Market, Sokta Bhavan, Sakkardara, Netaji Market, and Budhwar Bazar within 6-months time period. They will soon start the tender process for Sokta Bhavan, Sakkardara and Budhwar Bazaar Complex.

For making the Orange City Street Scheme a success, the Nagpur Municipal Corporation (NMC) has come up with many initiatives including floating floor space index (FSI), special building regulation and use of all buildings for various purposes.

Image Sources: Google

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A Move In The Right Direction: Common RERA Portal For All States/UTs By Central Government

Jul 3,2019 / By / No Comment
Gujarat RERA

A Move In The Right Direction: Common RERA Portal For All States/UTs By Central Government

The centre has planned to framework a common online RERA portal of all states and UTs, a move which will provide an opportunity to home-buyers, builders and authorities to exchange their views and make the overall implementation of RERA even more strong.

Announcing the government’s plan, the Housing and Urban Affairs Secretary Durga Shankar Mishra said that with the help of this portal, the real estate law will become more strong.

Under the Real Estate (Regulation and Development) Act, 2016, all states are directed to form their respective real estate regulator RERA which aims to regulate the housing sector giving proper protection to homebuyers and make transaction fair and transparent.

As many as 30 states and UTs have notified RERA, but West Bengal has notified its own real estate regulator – Housing and Industrial Regulation Act, 2017 (HIRA). In July last year, the ministry had asked the opinion of the Law Ministry over West Bengal notifying its own real estate law rather than implementing the Real Estate (Regulation and Development) Act passed by Parliament.

According to the ministry, as per the laws of Pradhan Mantri Awas Yojana (Urban), homebuyers will not be able to avail Credit Linked Subsidy Scheme (CLSS) under the mission if housing project is not registered under RERA. Under PMAY (U), homebuyers can avail an interest subsidy of up to Rs 2.67 lakh.

As many as 14,170 crores have been spent and over 6.32 lakh are beneficiaries under credit linked subsidy scheme (CLSS) under the Prime Minister Awas Yojna (Urban).

Later, Mishra told reporters that through this portal, any state RERA can study an order of other states in a particular subject. Also, home-buyers and builders can give their views on this issue.

Giving details about real estate projects on the 4th anniversary of PMAY (U), Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart Cities Mission (SCM), the Housing and Urban Affairs Secretary said that over 42,000 projects have been registered under RERA while more than 32,000 real estate agents have been registered till now.

The Housing and Urban Affairs Minister Hardeep Singh Puri expressed his confidence that the target of PMAY (U) will be achieved by the end of 2020 as against the target of 2022. The demand for total houses under the scheme is 1-crore and so far. More than 81 lakh houses have been sanctioned and the rest of the houses will be sanctioned by ist quarter of the next year. He also expressed his hopes that all the houses will be handed over to the beneficiaries by 2020. An investment of Rs. 8 lakh crores have been allocated in these 3-schemes.

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