Possession Starts at Wave City Center

Sep 27,2019 / By Prahalad Singh / No Comment

Occupancy Certificate for Wave City Center

Offers Possession of its Commercial – High Street Shop Condominiums (HSSC)
Delivery of premium residences AMORE to commence soon

Noida, Sept 23rd, 2019: Wave City Center, a mega residential-and-commercial project developing in the heart of the city, in Sector 32 Noida, has begun delivering and giving possessions of its products. With construction at a brisk pace, Wave City Center is delivering its first commercial development, High Street Shop Condominiums (HSSC).

Understanding, that the traditional retail developments are soon to be passé, and the sector needs something more immersive, Wave City Center ventured into a unique kind of retail concept with High Street. The retail sector is evolving as per changing consumer patterns and HSSC has the necessary innovation of providing better consumer engagement for retailers and ease of access for the consumers.

With Occupancy Certificate received for over 4 lacs sq. ft. of area, Wave City Center is set to cater to its patrons with its high street retail, which gives its customers the best of retail experience than conventional malls. It is built on G+2 structure, with dedicated pedestrian-friendly pathways, convenient underground parking, impressive frontages, open landscaped areas and sidewalk cafes.

This high street retail is unique in many ways, starting from its space efficiency. In a mall setting, there is always the issue related to the saleable area and the area a shop owner can actually use (covered area). In such cases, shops are left with only 50% or even less of space efficiency; what sets this development apart is around 90% of its space efficiency, which gives shoppers a clutter-free shopping experience and retailers more covered (usable) area. Apart from space efficiency, here, investors get freedom from paying heavy CAM charges. In a mall, CAM charges may range from Rs. 35-40 per sq. ft., but here, the Common Area Maintenance (CAM) charges are expected to be around Rs. 10 per sq. ft. thus reducing the burden on the retailer.

Wave City Center’s high street retail provides all the facilities of a mall, yet it stands apart, as it not only gives its patrons a unique shopping experience but also keeps in mind their convenience. Parking is the most pressing issue nowadays, and generally, high street locations do not have sufficient parking spaces. The high street here has a 3 level basement parking; all that a customer has to do is park conveniently and get easy access to the shopping arcade.

Speaking on this occasion, Mr. CJ Singh, COO, Wave City Center said, “We are delighted to receive the Occupancy Certificate for HSSC. We are delivering our first retail product, which is set to change the retail scenario in Noida. We are giving our customers a destination with a different shopping experience. It is developed keeping in mind the convenience of both the investors and the patrons.”

Connectivity and location are the key factors for a successful retail establishment and HSSC at Wave City Center, is set in one of the best locations in Noida. It is well connected to all arterial locations of the city like sector 18, Noida Golf Course, DND and is adjacent to Wave City Center Metro Station.

Talking on Wave Infratech’s commitment to delivering, Mr. Rajiv Gupta, CEO Wave Infratech said,“ With a couple of financial institutions already on board, our construction is at full pace. We, at Wave, remain committed to offering a world-class luxury experience to our customers at Wave City Center.”

About Wave City Center

Wave City Center offers a luxurious mix of residential and commercial options, developed as per the aspirations, dreams, and hopes of the customers. The project complies with IGBC Green Homes (Gold Rated) and offers premium serviced residences, premium offices, and high street shop condominiums. Homes at Amore, Trucia, Vasilia, Livork Multi-use Studios and Irenia, are created keeping in mind minutest details and give the customers a luxury haven. Each facility at Wave City Center is at par with the international standards. These living spaces reflect the principle of contemporary and innovative development.

The project offers a perfect blend of retail shops and commercial properties. It is envisaged to attract shoppers, diners and moviegoers, from all over the city. High Street Shop Condominiums (HSSC), Livork Skyworks and MetroMart, are three promising commercial projects offered here. With a unique concept of high street shopping & commercial spaces, Wave City Center is sure to add to the ever-growing charm of Noida.

Data & Image Sources: Wave City Center

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“Purva Cash” India’s First Virtual Real Estate Currency By Puravankara

Sep 25,2019 / By Prahalad Singh / No Comment

Highlights of India’s first real estate virtual currency “Purva Cash”

Homebuyers can earn 50,000 Purva Cash on registration
The offer is introduced for the brand’s flagship home fest – Big 72 home fest
Ongoing commitment to customer-centric efforts

Ahead of the festive season, Bengaluru-based Puravankara Ltd., One of India’s largest and most populous residential developers, yesterday announced a unique initiative ‘Purva Cash’- first virtual real estate currency for homebuyers planning to book housing units with attractive price and payment plans. The new idea is proposed for Puravankara’s flagship expo – BIG 72 Home Fest (started in 2017 and is a once a year event) to provide added benefits to the home buyers. Purva Cash can be redeemed against any Puravankara and Provident projects located in Bengaluru, Chennai, Kochi, Pune, Hyderabad, Goa, and Mangalore from September 27th-29th, 2019 at Lalit Ashok, Bengaluru.

The Homebuyers can be part of this initiative by registering on the company website, Facebook page or Instagram page of Puravanakra to earn 50,000 “Purva Cash”. Furthermore, a referral bonus of 10,000 Purva Cash will be given to homebuyers for every successful referral. Every individual can win back up to 5 lakhs* of “Purva Cash” depending on their choice of project. Purva Cash can be claimed against any Puravankara and Provident projects and 29th September 2019 is the last date to exchange the currency.

Speaking about the Purva Cash, Ashish R Puravankara, Managing Director- Puravankara Limited, said “Our approach and effort have always been on the line of customer-centricity. This new idea has been conceptualized to give extra benefits to the buyers separate from our usual offerings and interesting schemes. For the first time, virtual real estate cash has been introduced in the real estate market of India.”

“Buying a home is one of the biggest financial decisions in an individual’s life-time. Interested home buyers always look for projects which not only met their needs but also suit their wallet. This is where Purva Cash comes in by providing additional cash to the customers, just by enrolling for the scheme. The buyers can also add more cash to their wallet through referral. This initiative, by Puravankara, ensures loads of benefits to the customer along with the hassle-free home buying experience.” he added.

Upon registering on Puravankara’s company website, the buyer can yield the following benefits:

50,000 of Purva Cash on successful registration
10,000 Purva cash on each successful referral
You can also visit – Facebook and Instagram pages of Puravankara, click on the ads and register there to earn 50,000 additional Purva cash
The first transferable rewards system, where you can transfer your additional Purva Cash to your friends and relatives
Redemption of Purva Cash on purchase of a Puravankara or Provident home
Each buyer can redeem up to 5 lakhs* of Purva cash
Minimum 9% assured saving
Inspiring on spot booking offers
The last day to redeem Purva Cash is 29th September 2019

About Puravankara Limited:

Puravankara Limited is one of South India’s leading real estate organization, with pan India presence. In the last four decades (44 years) the company has set two different and successful brands. The flagship brand Puravankara provides to the luxury segment, while Provident Housing Ltd. is placed in the premium affordable segment. The company has 40 million sq.ft. of projects which are completed and delivered around 20 million sq.ft. of projects which are under construction. Down the line, the total land asset of the company is close to 70 million sq.ft.

Image Sources: Puravankara.com

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Noida May Allow Registry of Flats Without NOC to Accelerate Deliveries of Projects

Sep 24,2019 / By Prahalad Singh / No Comment

You might hear or read that Noida tops the list of cities having the most unsold inventory. As much as over 1 lakh units still unsold by Noida builders. The major reason for the buyer’s unwillingness to buy under-construction properties. In addition, the impact is also visible on ready-to-move-in properties which have not yet received Occupancy Certificate (OC) owing to developers failing to pay land dues to the authority. This has not only to give a hard time to the home buyers but also has to lead to disturbance and left liquidity crisis in the city.

However, there is a reason for cheer for both builders and buyers as the district administration is considering granting the registry of property even if the authority has not given NOC to the project through an “agreement to sub-lease” between the builder and buyer. The builder lobby has welcomed this move saying that this will help in improving the city’s image and will further be effective in bringing more investment in the city.

The plan was discussed in a meeting held on Saturday between officials of the district administration and the Uttar Pradesh Real Estate Regulatory Authority (UP-RERA). The officials also evaluated changes in laws that now make it compulsory for the development authorities to allot Completion Certificates to builders within 8-days of applying for it.

I have explained above that in many cases it has been found that homes were ready, but the builder had not cleared the authority’s due and didn’t get a no-objection certificate (NOC). In such cases, the buyers are left in a stumble and would sometimes hang around into the homes they paid for but due to the unavailability of any valid documents for ownership.

As per district magistrate BN Singh, they can now charge the 5% stamp duty and register the flats on an agreement to sub-lease between the builder and the buyer”. He further explained that once the builder gets a NOC from the Noida Authority, it can finally sub-lease the property to the buyer. This would be a tripartite agreement between the builder, buyer, and the Noida Authority.

The DM further explained that once the Noida Authority provides NOC and Completion Certificate, we will then issue a final registry certificate with Rs 50 stamp duty.

As per the UP Urban Planning and Development Act, the Development Authority was supposed to respond within 3-months of application regarding issuing the completion certificate for a project. However, the law has now been revised to accelerate the delivery process with the increasing delays in the delivery of flats to homebuyers.

What is the new law saying?

As per the new law, the authority will grant NOC to developers according to the dues cleared. It means if a developer has paid 50% of the total dues then the authority will issue the NOC for 40% of the land area and keep 10% as a deposit. This will allow some of the buyers to get possession even if the developer has not paid the full dues to the authority.

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Land Title Insurance Compulsory For MahaRERA Registered Builders

Sep 23,2019 / By Prahalad Singh / No Comment

Why Land Title Insurance Compulsory for MahaRERA Registered Builders?

The state housing department is set to make Land Title Insurance compulsory for MahaRERA registered builders, for which insurers are already in conversations with the regulatory authority to make a decision on the premium.

Land title insurance is a kind of reimbursement protection, which safeguards builders and customers against financial loss from mistakes in title to real property, among others. It had earlier unsuccessful to clear out due to high pricing and lack of transparency, as well as differences in the government records.

The Real Estate (Regulation and Development) Act 2016 (RERA) directives the purchase of title insurance for new and ongoing realty projects registered with the MahaRERA (Maharashtra Real Estate Regulatory Authority).

As per sources, insurance companies have already enforced the Insurance Regulatory and Development Authority of India (IRDA) for launching title insurance products. On the other hand, developers are demanding the state government should announce a separate notification in this matter.

Rajiv Parikh, the president of the state Confederation of Real Estate Development Association of India (Credai), told that “While title insurance is a must for assured titles, it is up to the government to make sure that electronically generated titles are made available so that insurance can be needed for these assured titles. Having said that, the government needs to settle differences in title records to bring more insurers to hit the sector,”.

He further added that even though the title insurance cover may start with new projects, the premium should not be too high as the developers would be passing it on to the buyers.

As per the sources, the premium may differ from 0.5 to 3% of the sum insured for a 7 years policy which can be extended further. Two transactions for the title insurance products have already succeeded in Mumbai and the state governments are in the process of establishing Land Title Bill and may acknowledge briefing the mandatory features of the title insurance too.

Assured insurance for the title will benefit consumers to attempt the insurance in case of any differences said State settlement commissioner S Chockalingam, who has been instrumental in recommending for the title insurance.

He further added that once, the state government makes it compulsory, the state real estate regulatory body can execute it among promoters of new projects.

At the same time, the government would have to control the premiums as the consumers are not too interested in title insurance over the fear of increasing the cost of the property.

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DDA sanctioned Transit-Oriented Development Policy Around Transit Corridor

Sep 18,2019 / By Prahalad Singh / No Comment

The DDA on Monday sanctioned its transit-oriented development (TOD) policy and regulations which are focused on development taking place around or along with transit nodes or corridors.

The policy was sanctioned in the urban body’s authority meeting at Raj Niwas, Delhi chaired by Lt Governor Anil Baijal who is also chairman of the DDA.

After getting approval by DDA, the proposal will be sent to the Ministry of Housing and Urban Affairs (MoHUA) for its approval and notification.

Other key decisions are taken at a DDA meeting including some amendments to the Master Plan 2021, fixation of amalgamation charges for commercial properties, relaxation of rules to settle of pending inventory.

This policy presides over complete ease of access to that transportation facilities so that convincing people to walk, cycle and use public transportation over personal modes of transport.

TOD includes a variety of high-density, mixed-use, mixed-income buildings, within a short distance of a rapid public transport network, set in a public domain that prompts more people to use public transport.

As per the DDA sources, Transit-Oriented Development (TOD) policy would set up development favorable circumstances to the private sector to bring in investment into the city building, its growth, revenue, and also support cross-subsidize social amenities, affordable housing, and public transport, using an array of potential financial development models.

Other Approvals:

To assure ease of doing business, the Authority sanctioned amalgamation charges for commercial properties at 10% of the circle rates applicable at the time of submission of the request for amalgamation. It will apply to the total area of the plot.
The Authority also sanctioned the plan for modification in the Development Control Norms under which the following activities are allowed for religious plots at sub-city level-training center for Yoga, spiritual activities and meditation, Museum/Art Gallery/Exhibition Centre, Auditorium, accommodation for preachers/devotees/management staff.
It also sanctioned a revision in Master Plan 2021 under which bank lockers if part of the existing banks will be allowed in the respective basements of the same premises. Apart from that, restaurants on the ground floor only with valid appropriate licenses and with all statutory clearances, as existing on or before Monday i.e. 16th September 2019, will only be permitted on published mixed-use streets. The sanctioned plan will be sent to MoHUA for consideration and final notification.
The Authority also sanctioned a 20% adjustment on the current rate of Rs 2.8 lakh per sq. mt. for disposal of 84 Commonwealth Games flats to government bodies, Public Sector Undertakings and central and state organizations.
The Authority also voted to change the mode of allotment of socio-cultural and religious category lands from direct allotment to auction to give equal opportunity to all societies to join in the auction. The maximum size of the plot would be 1000 sq. mt. for the socio-culture category, while it would be 400 sq.mt. for the religious category.
To establish an institutional hub in Narela Sub-city, the Authority has sanctioned the change of land use of 36.6 hectares in the District Centre Narela from commercial to public and semi-public (PSP).
The Authority also sanctioned a proposal for the collection of damage from the occupants of Damage Payee properties existing on Government Land.

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Category : Real Estate News