Amaravati Smart City

Apr 25,2019 / By Supriya Mogarala / No Comment

Amaravati Smart City:

Since smart city mission is one of the biggest targets of the digital age in India led by Prime Minister Narendra Modi has launched the smart city mission on June 15, 2015, which can be described as the strength to blend various technological solutions in the safest way possible to control the city services and wealth. Smart city ambition will raise the standards of infrastructural development around India. The consolidation of technology mated with physical infrastructure and services can simplify the lives of residents and that’s how smart city missions are expected to create a drastic change in the Real Estate sector around India. Due to the smart city mission, the demand for the surrounding areas has also been increased. For example, if we consider Amaravati, cities like Vijayawada, Hyderabad will increase its demand In Real Estate Sector.

Smart city mission is expected to in turn the infrastructure of India by attracting the establishment of several MNC’s that will generate the employment opportunities that result in high residential demand. The smart city mission will also provide multiple affordable housing opportunities for low-income groups and economically weaker sections. Such factors will increase the opportunity to the developers to establish new projects in the upcoming smart cities because the mission will allow an attractive investment opportunity with a range for price appreciation and high return on investment.

Amaravati is one of the latest India’s smart cities which is the capital of the Indian state, Andhra Pradesh. It covers an area of 217.23 sq. km., within Andhra Pradesh capital area and placed on the southern banks of the river Krishna in Guntur, Krishna districts. Its smart city framework will include tissue optic connectivity and smart architecture. Amaravati smart city consists of many new ideas that are significant for a large city including modern waste collections and managing the ecological balance within the green spaces. This capital city could be the test model for India’s infrastructural development.

Some of the conspicuous features that are exacted to be in Amaravati smart city are:

1. Endorsing mixed land use in area-based developments and ensuring sustainability all over the city

2. Expanding housing possibilities for all

3. promoting walkable localities by conserving and beautifying open spaces and growing a vibrant economy

4. Giving an identification to the city based on its basic economic activities such as health, culture, education, etc.

5. Practicing smart solutions to infrastructure

Till date, Amaravati had completed its interim secretariat building in a 49-acre area that signifies the temporary assembly. According to the timeline of this smart city project, Andhra Pradesh’s capital will be functional only by 2024 that will be the end of its second phase, where most of the industrial establishments will display operational and the third and final phase is expected to complete by 2029.

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Best Affordable Housing Projects in Kolkata’s New Town

Apr 23,2019 / By Prahalad Singh / No Comment

Affordable Housing Projects in Kolkata’s New Town

Kolkata’s New Town is a fast-growing and planned satellite city of North 24 Parganas district of West Bengal. It is a part of the area covered by the New Town Kolkata Development Authority (NKDA). This new information technology and residential hub are being developed on the north-eastern fringes of Kolkata and considered as the best locality in Kolkata for investment as well as for end users.

This locality is a perfect option for those looking for affordable property. Prices here are at its record low currently – data available with CommonFloor.com show average prices stand at Rs 3,500/sq.ft.

But this locality is set to change now. This locality is getting a Metro connectivity. Construction of Line 6 of the Kolkata Metro is underway that will connect the Netaji Subhas Chandra Bose International Airport to New Garia while passing through New Town. This route is expected to be operational by 2021.

Since rates are expected to see an upward movement in the future, it is the right time for investors to ripe to put their money in real estate hotspot of Kolkata. There are many top localities in Kolkata for investment and Kolkata’s New Town is one of them. To support those investors who are willing to utilize the opportunity, CommonFloor lists 5 projects that in New Town that offer homes under Rs 50 lakh.

Jain Dream One

RERA ID – HIRA/P/NOR/2018/000070

This under-construction project by Jain Group of Industries offers 2 BHK apartments between 945 – 1080 sq.ft. Prices of these units run between Rs.45.36 L – 51.84 L.

The project, which will be ready for possession in December 2020, offers all the basic amenities for the dwellers, including a landscaped garden, gymnasium, clubhouse, children play area, an intercom facility, a 24×7 security system, badminton court, power-backup provision, etc.

Magnolia Signature

RERA ID -

This project by Magnolia Infrastructure Development Ltd offers 2 and 3 BHK apartments that range between 892 – 949 sq.ft in 2 BHK, and between 1155 – 1261 sq.ft in 3 BHK. Prices of these units run between Rs.32.11 L – 34.16 L for 2 BHK and Rs.32.11 L – 34.16 L.

The project, which will be ready for possession in December 2022, offers all the basic amenities for the dwellers, including a landscaped garden, community hall, gymnasium, children play area, an intercom facility, senior citizen park, 24 hours power-backup and water provision, etc.

GPS Meena Aurum

RERA ID – HIRA/P/NOR/2018/000213

This completed project by GPS Group that offers 2 and 3 BHK residential apartments in different configurations, ranging between 802 – 971 sq.ft for 2 BHK and 1123 – 1312 sq.ft for 3 BHK. These apartments are available in the price range of Rs.4.86 L – 30.10 L for 2 BHK and Rs. 4.86 L – 30.10 L for 3 BHK.

Amenities in the project include round-the-clock security, a gymnasium, Wi-Fi connectivity, fire fighting system, 24 hrs power backup facility, and a car parking area.

Ambey Eco Valley

RERA ID – HIRA/P/NOR/2018/000069

This project by Ambey Group offers 1 and 2BHK apartment configurations that will be available for possession by 2021. These units are available in different sizes, ranging between 914 – 1002 sq.ft for 2 BHK and 1268 – 1291 sq.ft in 3 BHK. Apartments in the project are priced between Rs 47.14 L – 51.14 L for 2 BHK flats.

This project is well-equipped with all basic facilities such as a community hall, swimming pool, gymnasium, etc.

Merlin Aspire

RERA ID – HIRA/P/NOR/2019/000372

This project by Merlin Group offers 1BHK apartments that range between 518 – 530 sq.ft. Prices of these units run between Rs 12.43 L – 15 L.

The project, which will be ready for possession in June 2020, offers all the basic amenities for the dwellers, including a gymnasium, senior citizen park, children play area, community hall, an intercom facility, a 24×7 security system, power-backup provision, etc.

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Resale of flat in Mumbai ensures your returns on investment

Apr 15,2019 / By Prahalad Singh / No Comment

Resale of flat in Mumbai ensures your return on investment

Taking a look at what’s currently happening in the resale flat market might help with the decision making. Before selling off your old flat, you need to know whether it is the right time to sell or not. The resale property markets mainly depend on the new supply. If there is a short supply of new houses, the resale market in that region grows. Almost every part of Mumbai where availability of land is a concern, there are many areas where demand is high and new supply is poor or limited.

Due to limited supply in Mumbai, there are high risks that people looking for resale of the flat will get the right and attractive price. On the other hand, in areas where new supply is significantly high, the property seller should wait for the right time to get a good return on their investment.

There are hardly any pre-used flats or old flats available in a place like Napean Sea Road, Malabar Hill, Mahalaxmi, Bandra, and Juhu. As a result, property prices in these locations are very high and almost constant. Some other places like Bandra-Kurla Complex, Andheri, Powai, Santacruz, Vile Parle, Dahisar, Mira Road, parts of Thane and Navi Mumbai have also experienced higher property rates. These areas are witnessing a huge growth in commercial centers, recreational places, and infrastructure development. Owing to affordability and connectivity to major business hubs, the appreciation of prices remains constant. Most of the people are on the lookout for affordable housing options and these areas offer majorly to the sales volume of affordable flats.

If anyone is planning to resale their flat, first consider how old it is, location, new supply in the region, and return on investment among others. The age of the building should not negatively hit the price of the flat. People who owned a flat for more than a decade should definitely look at an exit and reinvest in some new project. But those who have bought their flats 5 years back, then the returns won’t be good enough as prices have remained stagnant for this period. If the owner of the property wanted to sell a flat urgently due to reasons like poor maintenance of the building, ineffective housing society, etc., then the owner of the property needs to make sure that he gets a return on investment of at least 10% for each year.

Recent judgments and benefits on resale properties:

In December 2018, the Bombay High Court ordered that stamp duty authorities can not seek stamp duty on past transactions for resold flat.

Maharashtra government allows resale of MHADA’s 5% quota flats.

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Mihan is yet to be paid for land for Mahametro

Apr 4,2019 / By Prahalad Singh / No Comment

Mihan is yet to be paid for land for Mahametro:

Maharashtra Airport Development Company (MADC) developing the Mihan project has to collect over Rs252 crore from entities allotted land in the Special Economic Zone (SEZ) and non-SEZ parts of Mihan.

In the meanwhile, hopes of economic growth tied with Mihan project, 21 out of 112 investors allotted land in the area have not paid up their dues.

The highest amount is owed by MahaMetro (former Nagpur Metro Rail Corporation) which was granted 92 acres. MADC has not yet received Rs91 crore towards land cost from MahaMetro.

MahaMetro has been allotted land two years ago in the non-SEZ area for setting up a station and a township but no amount has been paid to MADC since.

A MahaMetro spokesperson confirmed that the amount was pending but the said payment was to be done through book adjustment. The state government has to pay the amount into MADC’s account. Once the book adjustment is done, the amount would be available in MADC’s overall funds.

Other organizations whose funds are due in the non-SEZ area to have been allotted land in the limit of 1 to 2 acres. There are 36 investors in the non-SEZ area out of which 5 have not paid their dues towards the land cost. The total pending dues from allottees in the non-SEZ area reach at Rs97 crore.

Patanjali Group is the biggest and the only investor in the non-SEZ part who has cleared all its dues and its unit is under construction.

There are 76 investors in the SEZ area of the Mihan project. Of these, 16 have not paid up their dues, amounting to Rs155 crore and the land has only been allotted to them on paper. They have not yet taken physical possession. The final transfer would happen only after the whole amount is paid. It is expecting that MADC may soon take a decision on eliminating the allotment of these.

On the other hand, there are 40 investors in the SEZ who have not yet started their project even after paying the whole amount for the land.

Image Credit – Reacho

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MahaRERA decides on new SOP to remove builder for delays.

Apr 1,2019 / By Supriya Mogarala / No Comment

maharashtra_real_estate_regulatory_authority_6830425

MahaRERA to bring major relief for homebuyers with new Standard Operating Procedure (SOP) to remove builder for delays

Maharashtra Real Estate Regulatory Authority (MAHARERA) on Thursday issued an SOP (standard operating procedure) to permit homebuyers to remove a developer if the project is delayed. The completion of the project then would be handed over to an expert panel. The authority has made it clear that it could initiate such action only against non-litigated projects.

In case of annulment orders, the developers will lose the rights to the project his bank accounts will stay frozen adding that the authority would then set up the cabinet of experts to prepare a project report within four months to decide on future course of action then the panel would prepare a blueprint for project completion. The blueprint would consist of financial details and the particularized roadmap towards arranging the finances.

The SOP has been circulated under section 37 of the RERA Act, 2016, with reference to sections 7 and 8. MahaRERA officials said the authority will only acknowledge the complaints received from an association of allottees and not from single homebuyers for such action. They also announced that the complaints should not be less than 51% of the total allottees.

MAHARERA will serve a notice to the promoter with a 30-day deadline to showcase his case.

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Category : Infrastructural development