Real Estate Gurgaon, Delhi, INDIA

If you have ever gone down the NH 8 from Delhi, you could not have missed this project. Its left flank literally forms the border between Delhi and Haryana. Behind the project, and on the other side of the Delhi border, is the Rajokri Green Belt that is a part of the Aravalis. To its right are the DLF developments. While the DLF developments are chock-a-block, only 26 acres of this 150-acre township have been developed so far.

According to the CMD of this company, barring the existing commitments to customers, the company is in no hurry to develop the rest of the township. Why? Because the market will not be able to absorb all the apartments here if they were made available in one go. These are super ultra-luxury apartments costing Rs 9 crore at the lowest end and about Rs 11.5 crore at the high end, and we are not talking penthouses yet. Interestingly, their USP is not luxury. Raj Singh Gehlot, chairman and managing director, Ambience Projects and Infrastructure, says that these apartments are about peace of mind, not luxury.
The township is Ambience Island, and this week we look at the latest project that is coming up in it, Caitriona. This is a Greek name, which is the origin for names like Catherine and Katherine, and it means purity that comes after catharsis.

Getting there NH 8 is the only entry and exit road for this project. If you are coming from Delhi, reach the toll plaza on the Delhi Gurgaon Expressway. Keep left as you cross the plaza and make an entry for the Ambi Mall. When you enter the complex, don’t turn for the mall but keep going straight. As you pass the under-construction Kempinski Hotel on your right, watch out for Caitriona signboards. If you are coming from Gurgaon, take a U-turn from just before the toll plaza and come over to the other side of the road. From here you can enter the Ambi Mall and move onwards to Caitriona.

Location advantage
Responding to why this is an ultra-luxury project, Gehlot says, the location demanded it. After all, it is the first project of Gurgaon as you enter from Delhi, and it offers the CEOs of Gurgaon an opportunity to move closer to their workplaces and still be near enough to their social life in Delhi. And, while it is almost adjacent to the domestic and international airports, this site is not below the flight path of planes landing and taking off from the runways. Also, the site is a long rectangular piece that touches the NH 8 only for entry and exit. The highway-facing areas have been made into the Ambi Mall and the residents therefore have all the peace and quiet they have paid for, once they cross over into the residential areas

Slow and steady
The project was launched on 6 October 2006, and so far only 60 apartments of this 9-hole golf course property have been sold. This is not alarming, because, “apartments like these don’t sell like hot cakes,” says Gehlot. He adds that since India is not creating tens of billionaires overnight, the next phase of developments will only be launched when the market demand it. In the meanwhile, the layout of the project has been decided in advance, so that you know exactly what you are buying here. For example, the residents of Lagoon (the existing group housing society) had a clear view of the NH 8 and the adjoining green areas till now. but the site layout had let them know that the mall and Caitriona will cut off their panoramic views.

No secondary market
There are not many brokers in Gurgaon who know a lot about the Caitriona project. The lone broker found inside the Ambience Island, Sanjay Kumar of Rajiv Kumar and Associates said that the project had not entered the secondary market. Gehlot says that in the Lagoon project, only 30 out of the 340 plus apartments have resold. The reason, Sanjay Kumar says, is that investors don’t take to projects of this scale. Simply put, for every instalment paid the investor could buy an apartment anywhere in Gurgaon and exit profitably and easily. With Caitriona, he would be stuck for 3-4 years, that too with a huge amount of money.
Even for Delhi buyers, this apartment is in competition with in-demand areas of south Delhi such as Greater Kailash. And that is also a reason for the slow uptake, says Kumar. Gehlot disagrees with this assessment. He points out that the early Caitriona apartments were sold at Rs 9,000 per sq ft and today they are going for Rs 14,000 per sq ft plus. Therefore, he says, if an investor wants, he can still make an exit now and book good profits. He says that the potential buyers of Caitriona are not staying in Greater Kailash, but perhaps in West End and Malcha Marg, where apartments are selling at around Rs 30,000 per sq ft.
And these apartments, says Gehlot, are standalone low-rises that offer neither the advantages of community living nor the infrastructure benefits such as maintenance and security that are available in a group housing society. “The reason no buyer at Caitriona is looking to offload in the secondary market is because the company has learnt its lessons from its Lagoon project,” says Gehlot. They do a stronger KYC (know your customer) check to ensure that people who buy here are end-users, are not overnight investors. “We have refused sale to many people after interacting with them. In the Lagoon project, there were no such checks,” he adds.

The offer
And what do you get for all this effort? The idea at Caitriona is to offer you fully furnished, ready-to-move-in apartments. For Rs 500 per sq ft (Rs 30-40 lakh) you can have your apartment fitted out exactly like the sample flat. Even without this offer, all apartments come fitted with LCD screens and Bose-equivalent sound systems for each bedroom. The woodwork will include all wardrobes and a mini bar in the living area. Jacuzzi, sauna bath, personal spa are standard fitments. There will be no tiles in this house, not on the floor and not even on the bathroom walls. You only have Italian marble and wood laminate flooring here. You will also have a working telephone connection, Wi-Fi-enabled Internet and a house that has lots of space and lots of views all around. All apartments have a view of the 9-hole golf course, and a few can see the Rajokri Greens as well.

The price
The four-bedroom apartments come in various configurations that offer servant’s rooms and studies and roughly 6,500 sq ft of space. The five-bedroom apartments offer 7,600 sq ft of space, including a study. The penthouses have an extra bedroom and a lounge on the terrace. The starting basic price for apartments is Rs 13,500 per sq ft and the penthouses it is Rs 14,750 per sq ft.

Should you buy
If you have Rs 10 crore to buy a house, you are obviously spoilt for choice. So, if the daily commute from Delhi to your workplace in Gurgaon is taking its toll on you, and if the endless wait at the toll plaza is adding to your woes, or if you own a couple of companies or factories in Gurgaon, go right ahead and buy these apartments. For the others, there are properties in Gurgaon that come for Rs 2-3 crore.

Source : Express India

If you have ever gone down the NH 8 from Delhi, you could not have missed this project. Its left flank literally forms the border between Delhi and Haryana. Behind the project, and on the other side of the Delhi border, is the Rajokri Green Belt that is a part of the Aravalis. To its right are the DLF developments. While the DLF developments are chock-a-block, only 26 acres of this 150-acre township have been developed so far.

According to the CMD of this company, barring the existing commitments to customers, the company is in no hurry to develop the rest of the township. Why? Because the market will not be able to absorb all the apartments here if they were made available in one go. These are super ultra-luxury apartments costing Rs 9 crore at the lowest end and about Rs 11.5 crore at the high end, and we are not talking penthouses yet. Interestingly, their USP is not luxury. Raj Singh Gehlot, chairman and managing director, Ambience Projects and Infrastructure, says that these apartments are about peace of mind, not luxury.
The township is Ambience Island, and this week we look at the latest project that is coming up in it, Caitriona. This is a Greek name, which is the origin for names like Catherine and Katherine, and it means purity that comes after catharsis.

Getting there NH 8 is the only entry and exit road for this project. If you are coming from Delhi, reach the toll plaza on the Delhi Gurgaon Expressway. Keep left as you cross the plaza and make an entry for the Ambi Mall. When you enter the complex, don’t turn for the mall but keep going straight. As you pass the under-construction Kempinski Hotel on your right, watch out for Caitriona signboards. If you are coming from Gurgaon, take a U-turn from just before the toll plaza and come over to the other side of the road. From here you can enter the Ambi Mall and move onwards to Caitriona.

Location advantage
Responding to why this is an ultra-luxury project, Gehlot says, the location demanded it. After all, it is the first project of Gurgaon as you enter from Delhi, and it offers the CEOs of Gurgaon an opportunity to move closer to their workplaces and still be near enough to their social life in Delhi. And, while it is almost adjacent to the domestic and international airports, this site is not below the flight path of planes landing and taking off from the runways. Also, the site is a long rectangular piece that touches the NH 8 only for entry and exit. The highway-facing areas have been made into the Ambi Mall and the residents therefore have all the peace and quiet they have paid for, once they cross over into the residential areas

Slow and steady
The project was launched on 6 October 2006, and so far only 60 apartments of this 9-hole golf course property have been sold. This is not alarming, because, “apartments like these don’t sell like hot cakes,” says Gehlot. He adds that since India is not creating tens of billionaires overnight, the next phase of developments will only be launched when the market demand it. In the meanwhile, the layout of the project has been decided in advance, so that you know exactly what you are buying here. For example, the residents of Lagoon (the existing group housing society) had a clear view of the NH 8 and the adjoining green areas till now. but the site layout had let them know that the mall and Caitriona will cut off their panoramic views.

No secondary market
There are not many brokers in Gurgaon who know a lot about the Caitriona project. The lone broker found inside the Ambience Island, Sanjay Kumar of Rajiv Kumar and Associates said that the project had not entered the secondary market. Gehlot says that in the Lagoon project, only 30 out of the 340 plus apartments have resold. The reason, Sanjay Kumar says, is that investors don’t take to projects of this scale. Simply put, for every instalment paid the investor could buy an apartment anywhere in Gurgaon and exit profitably and easily. With Caitriona, he would be stuck for 3-4 years, that too with a huge amount of money.
Even for Delhi buyers, this apartment is in competition with in-demand areas of south Delhi such as Greater Kailash. And that is also a reason for the slow uptake, says Kumar. Gehlot disagrees with this assessment. He points out that the early Caitriona apartments were sold at Rs 9,000 per sq ft and today they are going for Rs 14,000 per sq ft plus. Therefore, he says, if an investor wants, he can still make an exit now and book good profits. He says that the potential buyers of Caitriona are not staying in Greater Kailash, but perhaps in West End and Malcha Marg, where apartments are selling at around Rs 30,000 per sq ft.
And these apartments, says Gehlot, are standalone low-rises that offer neither the advantages of community living nor the infrastructure benefits such as maintenance and security that are available in a group housing society. “The reason no buyer at Caitriona is looking to offload in the secondary market is because the company has learnt its lessons from its Lagoon project,” says Gehlot. They do a stronger KYC (know your customer) check to ensure that people who buy here are end-users, are not overnight investors. “We have refused sale to many people after interacting with them. In the Lagoon project, there were no such checks,” he adds.

The offer
And what do you get for all this effort? The idea at Caitriona is to offer you fully furnished, ready-to-move-in apartments. For Rs 500 per sq ft (Rs 30-40 lakh) you can have your apartment fitted out exactly like the sample flat. Even without this offer, all apartments come fitted with LCD screens and Bose-equivalent sound systems for each bedroom. The woodwork will include all wardrobes and a mini bar in the living area. Jacuzzi, sauna bath, personal spa are standard fitments. There will be no tiles in this house, not on the floor and not even on the bathroom walls. You only have Italian marble and wood laminate flooring here. You will also have a working telephone connection, Wi-Fi-enabled Internet and a house that has lots of space and lots of views all around. All apartments have a view of the 9-hole golf course, and a few can see the Rajokri Greens as well.

The price
The four-bedroom apartments come in various configurations that offer servant’s rooms and studies and roughly 6,500 sq ft of space. The five-bedroom apartments offer 7,600 sq ft of space, including a study. The penthouses have an extra bedroom and a lounge on the terrace. The starting basic price for apartments is Rs 13,500 per sq ft and the penthouses it is Rs 14,750 per sq ft.

Should you buy
If you have Rs 10 crore to buy a house, you are obviously spoilt for choice. So, if the daily commute from Delhi to your workplace in Gurgaon is taking its toll on you, and if the endless wait at the toll plaza is adding to your woes, or if you own a couple of companies or factories in Gurgaon, go right ahead and buy these apartments. For the others, there are properties in Gurgaon that come for Rs 2-3 crore.

Source : Express India

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While there are visible signs of a recovery in the real estate market, price rise by real estate developers and any increase in interest rates could halt this momentum.

The realty sector, which was the worst affected by the downturn last year, seems to be exhibiting early signs of a recovery. Price cuts on projects over the last six months and healthy pre-sales during the festive season seems to suggest that demand, which had all but disappeared in the third and fourth quarter of 2008-09, seems to be trickling back. Developers are tweaking their business model by launching smaller apartment sizes and playing the volume game to keep prices low and create buyer interest. What has helped matters, believes Ramnath S, director, Research, IDFC-SSKI, are factors such as job security and affordability, which are gradually improving, and a lot of companies likely to revise salaries upwards as against a freeze last year. The interest rate environment has also helped. Ramnath believes that pay commission hikes will also increase disposable income of government employees.

Higher sales…
While demand as of now seems to be buoyant in the residential space and is likely to gather momentum, is it significant? Says Sanjay Dutt, CEO, Business, Jones Lang LaSalle Meghraj, a realty consulting firm, “The slowdown hit the market shortly after the Navratri-Diwali season in 2008 after registering the usual 30-35 per cent upsurge in sales typical of the period. Sales increased 25-30 per cent this time around and is significant as this is the first upsurge in demand after a prolonged downturn.” Driving home the point, Ramnath cites the sales of DLF and Unitech, India’s largest listed realty companies, during the current financial year. “Unitech has launched about 17 million square feet (mnsqft) worth of properties across the country selling over 40 per cent of that. Incrementally, Unitech has launched about 6 mnsqft of affordable housing properties selling about 1 mnsqft of properties till date. DLF too has sold a total of about 4 mnsqft of properties till date. These events indicate an uptick in volumes in the sector.”

…leading to higher prices
The uptick has however led realty players to increase prices. Ramnath believes that new properties launched in Mumbai, for example, were offered at 10-15 per cent higher prices as against their lows in March 2009 quarter. Moreover, developers are now offering properties without any discount and freebies (such as waiver of stamp duty and registration charges). Says Dutt, “Developers in key cities have been hiking prices to test the flexibility of the market. At first, this trend was evident only in the luxury and semi-luxury segments, but it has now percolated down to the mid-income housing segment as well.” A good example is DLF’s Capital Greens project in Delhi. DLF increased its prices at Phase II of this project to Rs 6,750 per square feet in September 2009, which is at a 30 per cent premium to those in Phase I launched in April 2009.

Market’s liking it too
The improving fundamentals of developers on the back of price hikes, increased liquidity through QIPs, asset sales and pre-sales observed over the last few months is not lost on the market. The BSE Realty index, the worst performer of 2008 is up 248 per cent since its March 2009 lows. This indicates that current valuations are not cheap. In a bid to cash in on the recovery, leading realty companies are planning to raise money from the primary markets to the tune of over Rs 14,000 crore. This could also suck out liquidity and may cap appreciation of prices of listed scrips, say analysts.

Profitability impact
Ramnath believes that improvement in profitability will depend on future projects. “Profitability will improve only after subsequent new projects are launched at higher prices as compared to previous projects which we believe is unlikely in the current scenario. Developers are likely to hold on to current (increased) price levels until demand increases significantly from current levels.” The worrying factor for realty players continues to be the commercial and retail space, which suffer from oversupply and will take at least another two quarters to recover. In a recent report on the sector, a J P Morgan report says that rentals for office space have already corrected by 30-40 per cent from their peak levels on the back of slow demand and leasing activity and vacancy rates remain high at over 10-15 per cent across key markets.

Business Standard, The Smart Investor.

Since the Indian Government has allowed participation of Foreign Direct Investments in various sectors of Indian economy , from the year 2005 , it resulted in 100% FDI in Real estate sector here. As per new norms FDI encourages the construction of residential commercial and other recreational projects across India.

FDI in Indian Real Estate sector will enhance domestic investments through inflow of funds thus taking real estate development in the country to the next level.

Since inflow of funds at reasonably cheaper rates besides innovative ideas and technologies, which would enhance the efficiency of the Indian construction industry to a higher level.

After a year of opening the gates to foreign direct investments Foreign Investment promotion board has approved the first real estate project for a 100 Acres residential township in gurgaon . Feedback ventures Ltd has tied up with Malaysia based real estate Company Kontour Bintang and Westport for the project costing Rs 800 Crores.

With 100% FDI will see increased liquidity and the real estate developers will have to deliver in time and as per global standards. Finally, the infrastructure must be in place for foreign investments to flow into the development of new cities and townships in India.

The real estate sector, thrown open in 2004–05, saw the FDI picking up significantly between FY 2004–05 and FY 2007–08; it was US$ 38. 71 million in 2005–06 surging to US$ 470.18 million in 2006–07 and rising to US$ 2.18 billion in 2007–08.

Moreover, the Indian real estate sector is expected to receive US$ 25 billion as foreign direct investment in the next 10 years, according to an Assocham study.

Unlike earlier , investors in real estate today are in dilemma when it comes to the question of where to put their funds . But even in the current scenario opportunity for shrewd investors in real estate . Though the options are limited , the potential continues to remain high.

While investors in real estate can raise mortgage finance and loans against the future rental income to meet any contingencies, those pursuing higher education abroad can liquidate and repatriate up to two residential units with the annual repatriation limit up to $ 1 million per calendar year NRI’s and persons of Indian origin can remit funds out of balances held in NRO accounts .

The home loan rates have slashed further from 12.75 % to 8.5 %, depending on the repayment period . With keen competition brewing up in the housing finance sector , nationalized banks have suddenly become aggressive in promoting home loans through several sops.

Many developers have lucrative offers on their residential and commercial projects across ncr since they are keen to unload stocks and avoid debt liability by reducing their margins now.

For realty investors leased commercial property and property with assured return offers 10 -12 percent per annum . The absorption of IT related spaces from the telecom sector with new entrants hunting for space in select metros across the country.

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The project Consisting of total 1.6 million sqft valued at Rs .750 Cr is being developed over 10 acres of Land .The renowned architect Dr. Ken young famous for his ” Green Skyscrapers ” will be designing the landmark tower for the IT Park.

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DLF EXPRESS GREENS
New Gurgaon
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We at Realtygurgaon.com are happy to inform you that DLF Homes has launched New Residential project “DLF Express Greens” Sector- M-1,  Gurgaon after its great success of “DLF New Town Heights” in Sec 86, 90 and 91. DLF Express Greens is spread over Approx. 14 Acres and consisting high rise Apartments (3 & 4 BHK) along with Townhouses and Independent Floors located in Sector- M 1, Manesar in Gurgaon at very affordable prices Project will be surrounded on two sides with extensive gardens and woods. It comes loaded with amenities like a clubhouse, school, utility shopping and indoor and outdoor sports facility and surrounded by greenery.

Location: Sector- M-1, Manesar Gurgaon.
Just 10 minutes driveway from IFFCO CHOWK,1.5 Kilometers ahead of McDonalds on the left of the NH8.

 High rise Apartments along with Townhouses and Independent Floors.
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Super Area Apartments :
                         1760 sq ft ( 3 Bedroom with Servant Room)
                         2125 sq ft (4 Bedroom with Servant Room)

 Townhouses : 2960 sq ft & 3070 sq ft

 Independent Floors : 2860 sq ft 

 Booking Amount For Apartments : Rs. 5 Lakhs in favour ‘ DLF Home Developers Ltd.’

Site Size:  Approx. 14 Acres
Expected Prices:  Rs 50.00 lacs onwards
Realtor’s Contact : +91.987.111.4970
Email :  realtygurgaon@gmail.com
Web     :  www.realtygurgaon.com

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                     During the month of July 2008 as a follow up measure to curb inflation by RBI , Interest rates on home loans have gone up by 1 to 1.5% age points i.e. from around 10.5% to about 12% . Shocking news for home loan buyers is that there is no sign of relief even in the coming 12 months and these rates may again be going up still further to curb inflation. The above increase has put additional burden of about 10% on existing home loans in their EMI’s.                   

                  According to experts in real estate sector, residential sector is likely to get affected maximum both from supply and demand quarters.

                        Inflation and repeated interest hikes are likely to hit real estate sector badly as input costs as per developers have gone up by about 10% due to inflation and accordingly the prices of their products are bound to rise upward accordingly. Looking at the scenario currently going on, there are chances of deferment in launching  of new projects by the developers .

                      With the increase in CRR and SLR by RBI, most of the PSU banks have raised their benchmark lending rates by up to 0.75% prime lending rates, therefore, have now gone up as high as 13.25% to 14%. Only consolation is that this increase will not apply to existing housing loans and further, this increase will not apply even to fresh home loans up to 30 lacs.

                     The above relief however, applies to a very low segment of existing and fresh home-loan borrowers and unless some urgent and immediate slips are taken to curb inflation and necessary correction in lending rates, it is likely to hit real estate industry the most.

        For middle - class families dreaming a home of their own could soon become a reality , going by the proposal under consideration of Haryana Government . If all goes well and these proposals see the light of the day , a single B/R apartment could be available at around 12.5 to 13 Lacs and a two Bedroom apartment at about 25 lacs.
                                                                                                                            

             It is understood that Haryana Govt is seriously considering allowing construction of more flats per unit of area of land by increasing floor area ratio in select areas. Infact , certain developers like Raheja’s and Bestech group have asked the State Govt to increase FAR and population density from approx 50 Apartments to 200 one bedroom apartments per acre of about 500 Sq ft area . Similar will be the case in 2 Bedroom apartments  . Haryana Govt is positively looking into these proposals and is studying at certain other aspects like the road and civic infrastructure.

       In case the proposals get final nod of Haryana Govt middle or lower middle class people could turn their dreams into reality of owning a house of their own.