largest big bazaar in vatika township

New Gurugram’s Largest Big Bazaar to come up in Vatika Township

Vatika Group, a leading developer in NCR has signed approx 80,000 Sq ft area with Big Bazaar the well-known country-wide retail chain of hypermarkets, department stores, and grocery stores, to open the largest and first standalone store in New Gurugram at Sector 82, Vatika India Next – the 546-acre modern integrated township. The building will be ready in the next 14 months.

We are happy to partner with Big Bazaar. We have always focused on making the daily lives of the residents in our townships a delightful experience. This will further add to the convenience and ensure the residents of the township and nearby areas experience a world-class shopping experience”, said Gaurav Bhalla, MD, Vatika Group.

With this Vatika India, the Next township in New Gurugram.New Gurugram is set to become the new shopping destination in Gurugram. Spread across in Sectors 81, 82, 82A, 83, 84 and 85, Vatika INXT Township has a variety of residential options and is also surrounded by various other residential developments.

Over 1,00,000 residents currently live in and around INXT. This standalone Ground+2 storey retail store will be in addition to the already existing social infrastructure in the township including schools, police posts, post office, clubs, gyms, parks, sports facilities and more. More than 500 plus retail stores are already operational. Many other brands have also signed up.

This retail store will cater to a population of 5 lakh in the future. The project will attract an investment of more than Rs 72 crore and will be constructed on the ‘build to suit’ model.This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.

Gurgaon Is The Most-Preferrable City For Renting the Homes

Gurgaon Is The Most-Preferrable City For Renting the Homes

For an investor looking for higher rental income from residential properties, Gurgaon may be the best bet among all cities in Delhi-NCR while Greater Noida will be last choice .The latest report from real estate consultants suggests that the rental yield is 3.5% in Gurgaon, which is higher than the national average of 3%. In Noida, it is 3.2%, Delhi 2.2% and Greater Noida 2%, the lowest in the area.

Rental yield is the annual rate of return an investor can earn from his property. Rental yield, or how much an asset generates as a percentage of its value, has long stagnated nationally at 3%. This is despite the increasing demand for rental housing as an investment asset. The Anarock report says affordable and mid-segment properties are yielding better rent but a lot depends on external factors like location, type of the project, developer’s brand and others.

But luxury and super-luxury homes are not at all rewarding from the rental yield point of view, according to the report.“A large section of tenants in cities falls in the salaried segment. In fact, IT and the IT-enabled services sector has been a key driver for commercial spaces and caused a steady migration to these cities as well,” said Prashant Thakur, head of research at Anarock.

Pradeep Aggarwal, chairman of the national council on affordable housing, said properties in Gurgaon give better returns in terms of rent because the city has the ideal location for people who are always on the move and work in the private sector. “The city is very close to the international airport and real estate developers here have taken care of the taste of people. And, affordable housing rent is also lower. Not only the rental returns, the appreciation of property in Gurgaon is far better than the rest of NCR,” he said.

A consumer sentiment survey by the consultancy showed that around 49% investors in the entire NCR preferred to earn a steady rental income while another 42% wanted to sell their property if they got an appropriate price. Merely 9% wanted to build it as an asset for the future. Experts said the reason for this sentiment was the ever-increasing migrant population around the national capital. In Noida, which too is a major employment hub, people from the private sector prefer to stay there.

Get Income Tax Rebate on Housing Loan

Homebuyers to Get Income Tax Rebate on Housing Loan; BIG GIFT! Massive boost for Real Estate Sector Coming

For homebuyers, Real Estate sector, and housing finance companies, there is some great news in offing, says this exclusive Zee Business TV report, citing Finance Ministry sources. In a big boost for the real estate sector, it has been revealed , that it may get infrastructure sector status! And that too as a pre-budget gift! Sources revealed that the issue is under discussion. When will this happen? As early as the new year itself! This will come as a big boost for the whole economy.

According to the Zee Business report, the development will have a multi-player impact, and the registered tax payers if willing to buy their dream house will be able to avail income tax benefits under this development. In short, if you are willing to purchase a home, you will get tax rebate provided you are a registered taxpayer and this benefit will be on your tax outgo of up to Rs 50,000, said the report.

Anil Singhvi, Managing Editor of Zee Business, said “If you are paying up to Rs 5 lakh interest in a year then you can save about Rs 50,000 or 10% on your tax outgo.” He added that homebuyers should know that “this is tax rebate not tax deduction.”

This will be applicable from next financial years i.e, April 1, 2020 to March 31 2021, and the new home buyers will get this tax rebate for the first three years of their loan period. Notably, the government has so far given tax rebate on affordable housing through interest subvention scheme, but now this will benefit the real estate’s premium projects too.

Since it will be applicable on buying new houses from the next financial year, the whole real estate sector is likely to get the boost, as in the last 4-5 years prices have not increased.The report said this will also benefit real estate developers, as Rs 1.8 Lakh crore loans are stuck which will get clearance and lead to fresh buying in next Financial Year.

Kherki Daula toll plaza Gurgaon

Govt. Gets Land Kherki-Daula Toll Plaza to be Shifted To Pachgaon

The Kherki Daula Toll Plaza will soon move out of Gurugram’s city limits, to another location almost 15km down the Jaipur highway, senior government officials said on Wednesday. The officials said the Punjab and Haryana high court had allowed the state government to take over 50 acres of land in Pachgaon to move the toll plaza there.

This will bring huge relief to thousands of residents living in Gurugram’s new sectors, especially those around the Dwarka Expressway who have had to absurdly pay toll for commuting from one part of the city to another. Residents’ groups have been agitating for the removal of the toll plaza for years.

The toll plaza at  Kherki Daula on the Delhi-Jaipur highway is the only one that remains in the immediate vicinity of Delhi, not counting the MCD toll booths for commercial vehicles. The Sirhaul toll plaza was removed in February 2014 and the Noida’s DND toll in October 2016. But this one doggedly remained in the face of frequent protests. It became a major issue in the recently concluded assembly election: BJP eventually lost the seat, Badshapur, to Independent candidate Rakesh Daultabad.

Officials told TOI that the high court’s order, delivered by a two-judge bench of justices Manjuri Nehru and Rajan Gupta, was passed in an ongoing dispute between the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and land owners after two days of back-to-back arguments.

“After a long judicial process with multiple hearing dates, we got the much-need land for constructing the toll plaza in Pachgaon. All the departments concerned played their part in providing relevant documents to support the arguments in the court,” said a senior government officer. Another state government officer added, “An action plan will be devised once the final order is out. And if things get going and all necessary clearances and acquisition are done timely, it will take about 3-4 months to build the structure of the toll plaza on the land in Pachgaon.”

Initially, the Kherki Daula toll plaza was supposed to be shifted to Sehrawan but the plan was changed after environmentalists protested, saying the area was a wildlife corridor. Later, Pachgaon was identified for this purpose and a 36-lane toll plaza planned there.

While HSIIDC has about 38 acres of land in Pachgaon to give NHAI to set up the toll plaza, the remaining land was stuck in litigation. The case dates back to 2014 when land owners moved the high court against a government land acquisition bid, claiming 1,128 acres in Pachgaon were agricultural land, and could not be used for development projects.

The fate of the main case is yet to be decided. “The court has given order to release 50 acres of land for shifting the Kherki Daula toll to Panchgaon on the basis of our public interest petition filed in January 2019. Hopefully, the state government will now transfer the land to NHAI,” said Ashok Kumar Malik, president of the United Association of New Gurugram.

Over the years, the fight inside and outside of the court became intense, with residents persisting for a solution. Last month, residents of sectors 81 to 115 paved a 300-metre shortcut to bypass the toll plaza. But the very next day, the toll concessionaire, with the help of police, dismantled the road. Residents took to the streets and protested. Gram panchayats lent their support too, making it a big issue before the polls.

Marginal-Appreciation-On-Dwarka-Expressway

A Marginal Appreciation On Dwarka Expressway

Improving infrastructure, a few completed projects, and entry of established players and well-known brands have brought back investors’ and buyers’ confidence in this micromarket.

A recent development has made the sector hopeful of good festival sales on Dwarka Expressway.

Recently, construction over the link road connecting Dwarka’s Sector 22 and Dwarka Expressway sectors has begun. Once complete, Delhi’s Dwarka region will have direct access to Sectors 99-115 on Dwarka Expressway.

News of the completion of the road at several joints, in several patches, has already sent lifted the mood of realtors and developers here. Consequently, this micromarket has made a comeback of sorts in the past nine months, in terms of sales. This has sent prices up, though marginal, in the last one year.

“Sales across Dwarka Expressway have seen an increase in the recent past owing to the recent decision of the government to open up the bypass road, leading to better connectivity in the region. Alongside, some important infrastructural developments like the RRTS and the proposed DMRC project have given a boost demand here. This is over and above the locational advantage that the region has due to its proximity to Manesar and Gurugram,” Ashish Sarin, CEO of AlphaCorp, said.

While developers are excited about the development, experts shared some concerns. “As anticipated, there was a spurt in real estate activity over the years. No wonder 34,420 units have been launched between 2013 and the first half of 2019 here, across various budget segments. However, since the expressway project has missed many deadlines and is still incomplete, infrastructure in many of the areas along the expressway has failed to kick off as expected. Since a 93% of the projects are still under various stages of construction, the pace of development has been rather slow,” Santosh Kumar, vice-chairman of Anarock Property Consultants, said.

“Delay in the construction of the expressway has affected the sale of units in this micromarket. However, homebuyers are trickling back after the area saw a few completions and entry of some good developers,” Samantak Das, chief economist and head of research and REIS, JLL India, says.

QUANTUM OF PRICE RISE

According to the data from property listings portal, magicbricks.com, the average rate since September 2018 has

seen an increase of Rs 600-900 per sq ft to reach the levels of Rs 5,900-6,000 per sq ft range in September 2019.

What is on offer?

On offer are 2-, 3-, 4 and 5 BHK units of 750 to 4,000 sq ft. The region offers apartments for all categories of buyers — budget, mid-income, and upper mid-income housing segment. ANAROCK data shows that among the overall launched units since 2016, at least 49% are in the budget segment (less that Rs 40 lakh), followed by 26% in the high-income segment of Rs 80 lakh to Rs 1.5 crore.

Many companies, including DLF Ltd, Chintels India, Experion Developers, Emaar, Puri Constructions, Sobha, and Shapoorji Pallonji launched projects in the region.

Plotted development are also on offer, in the range of Rs 40,000 per sq yard to Rs 45,000 per sq yard, which have seen drop in rates.

“A number of enquiries come for plotted development. People with deep pockets still prefer plotted development, as it gives them the flexibility to design, build, and develop more on the available FAR,” Nikhil Kalra, a real estate consultant in the region, said.

“Improved connectivity has caught the attention of buyers and developers, which has led to increase in sale,” Rahul Singla, director of Mapsko Group, says.

But delivery of incomplete projects and those under construction holds the key to success. Despite challenges, the region may see good supply in the next two years.

“As for the prospects, a lot will depend on when the expressway is finally complete, as this will help in building infrastructure in and around the region as well. Moreover, if all goes as planned, we will see more than 20,300 housing units ready for possession within the next two years in the region. This will eventually help in improving the overall liveability of the region and boost its real estate prospects,” Kumar of Anarock said.

Developers are hopeful that the current festival season will help push sales further.

“With the focus of all developers now shifting to on-time deliveries, response to the projects here has been overwhelming, as buyers are now witnessing the potential that the area has. There are some bottlenecks here, but the authorities have taken measures to rectify them, which will raise demand in the region further,” Sarin of AlphaCorp said.

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