Category : Real Estate News

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2 BHK Apartment: A most demanding Unit type

Jul 22,2019 / By / No Comment

2 BHK Apartment: A most demanding Unit type

A home is a living space used as a stable habitation for an individual. A role of home and sense of place in a person’s life story can be vital. Time and energy spent in the house will assist to promote the significance of the property. There is nothing like a Home. They become part of our identity. Buying a House & converting it into a Home is the Desire for everyone. A Home not only witnesses all the Cherishing moments spend there but also ties each member of the family into a knot of Faith, Belief & Togetherness.

Buying a new house has always been a superior determination and trends seem to affect one way or other from time to time. As per the market judgment, the Indian real estate market still sees a preponderance of buyers from the intermediate income and high middle-income section of the society and their fancied choice is the 2 BHK apartment with about 40% buyers opting for this particular type of apartment. 2 BHK is the best suited or desired Unit Type as it provides sufficient space to cater to all the needs of a Nuclear Family. Average Size of 2 BHK Apartment varies from City to City.

Ave. 2BHK Sizes

For anyone who is contemplating purchasing a new apartment, it is the most intelligent choice to invest in a 2 BHK apartment, also if the person is unique at the moment. It will allow you more immeasurable expandability along with the better resale worth in the future if necessary. Interestingly, home buyers are more inclined to invest in 2 BHK apartments than in independent villas or builder floors.

Acknowledging the luxury you accomplish a bigger area by spending less money additionally is a fundamental appeal that makes 2 BHK units further prevalent among home buyers. Most of them would prefer to buy a 2 BHK.

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Japan’s Sumitomo bids record Rs.2238 crore for 3-acre BKC plot

Jul 18,2019 / By / No Comment
BKC

Japan’s Sumitomo bids record Rs.2238 crore for 3-acre BKC plot

In one of the biggest investments by an international firm in the Maharashtra realty sector, Japanese major Sumitomo Corporation has purchased a 3-acre plot in the prime locality of Bandra-Kurla Complex (BKC), Mumbai for Rs.2238 crore.

It ends up to around Rs.745 crore per acre and maybe the largest per-acre land deal in BKC, India. The last time a notable bid was placed was in 2010 when the Mumbai’s realty major Lodha Group offered Rs.653 crore per acre for a 6.2-acre (the total bid was for Rs.4050 crore for the (MMRDA plot) land parcel in Wadala, Mumbai. The reserve price for the plot was decided at Rs.3.44 lakh per sq.m.

The plot, “C-65”, relates to the Mumbai Metropolitan Region Development Authority and an offer letter for it was assigned to Goisu Realty Pvt. Ltd. for an 80 years contract. As per the MMRDA official, Sumitomo was the sole bidder for this plot. MMRDA did not find any bidder among local developers even after it had been put on the block for many months due to the liquidity crisis in the local property market.

Founded in 1919, the Tokyo-headquartered Sumitomo Corporation is span across Japan, Asia, Europe, America, Africa, East Asia, and other countries globally, dealing in infrastructure,  transportation and construction systems, realty, chemicals, minerals, energy, metal products, and media.

Maharashtra Chief Minister Devendra Fadnavis and other senior officials from the state government, MMRDA and the representatives from the buyer’s front were already on the event.

As per the property expert, Sumitomo has given an insane price as the company wants to present in a prime commercial market like Bandra Kurla Complex (BKC), Mumbai. The diversified business magnate plans to build a commercial office complex, which might house its Indian units as well.

The MMRDA official said that Sumitomo will be allowed to use a floor space index (FSI) 4 on the plot, providing it with a built-up area of close to 10 lakh sq.ft.

Maharashtra Chief Minister Devendra Fadnavis called the deal as a “win-win” for both MMRDA and Sumitomo, which has opened a new door for global investors. And many more global corporates are expected to show interest in investing in the BKC in central Mumbai with easy connectivity to the eastern and western suburbs and south Mumbai, Maharashtra.

Image Sources: Google

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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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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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