realty radar: noida-ghaziabad link road
Link to watch out for
With work in progress on 21-km stretch of Noida-Ghaziabad link road, the spotlight is on the realty projects in nearby areas 
Geetu Vaid

With new cities being added regularly, the NCR kitty is growing and evolving rapidly. But infrastructure development remains a major issue in most of these NCR areas as far as the growth of the real estate sector is concerned. Though Gurgaon and Noida are considered the growth engines of real estate in the Delhi-NCR area, there are certain pockets even in these ‘old’ NCR towns that are yet to develop fully due to the lack of proper growth of infrastructure. Realty experts opine that the major NCR towns are reaching a saturation point as far as prices and supply of residential stock are concerned, and both buyers and developers are moving out to the periphery areas. In such a scenario connectivity between different NCR towns will be a major factor in the emergence of new residential destinations for mid-segment buyers.

With the Noida Authority going full throttle on completing the Noida-Ghaziabad link road, potential home buyers can now put the sectors and areas along this road on their radar. “As much as 10 to 12 per cent of Delhi’s load is shared by Noida and Ghaziabad. After the completion of this road within the next eight to nine months the commuting time from Delhi will be just 30 minutes. This will make it a good option for those looking for a home close to their workplaces”, says Anil Mithas, CMD, Unnati Fortune Group.

Conceived originally as FNG (Faridabad-Noida-Ghaziabad) Expressway in the early 1990s, this corridor was meant to link the three NCR cities independently. According to the initial plan, the corridor was to be 56-km long and was to connect NH-24 near Ghaziabad and NH-2. But the project remained in a limbo for a long time with the Haryana government opted out of it in the late 1990s. As the project is part of the Noida Master Plan 2021, the Noida Authority (NA) is in the process of completing the Noida-Ghaziabad stretch of it, resurrecting the project as 75-m-wide, and 21-km-long Noida-Ghaziabad link road. Almost 16 km stretch of this link road is in the NA’s jurisdiction. The route of the link road begins from Sector 63, Noida, which abuts NH-24 and ends at Sector 168 along the Noida-Greater Noida Expressway. Encroachments and illegal squatters have been the major hurdles faced by the authorities in completing the work on this vital link road that will ensure smooth travel between Noida and Ghaziabad and faster access to Greater Noida.

The link road will affect realty fortunes, too, in the region as better connectivity will enhance the ‘livability quotient’ of the nearby areas. “This link is going to create a level playing field in the Delhi-NCR and henceforth the focus will rightly be shifting from oft-repeated ‘location, location and location’ to ‘connectivity, connectivity and connectivity’. If the property prices in Gurgaon are high, it is all due to connectivity and this link will help the lesser valued markets like Noida and Ghaziabad to scale up in its value and liveability index”, says Navneet Bhadla, Director, Brys Group.

With a number of developers already active in the area, market watchers claim that as many as 43 residential projects are likely to benefit from this. These projects have an inventory of around 30,000 to 35,000 residential units with over 6,000 still on offer.

The developers having projects in the vicinity include Unnati Fortune group, Supertech, Sikka group, 3C, Ajnara, Amrapali group, Prateek Buildtech, Eldeco, RG Group, Logix etc. While the Supertech group launched ‘The Romano’ project in the area (Sector 118) recently, the work is already in progress at Unnati Fortune group’s Aranya project (Sector 119) along the link road. The prices in Unnati’s 19-acre Aranya are in the range of Rs 4,500 to Rs 7,500 per sq ft. Supertech will be investing Rs 1350 crore in its Roman-themed project and the price range being offered is Rs 4,350 per sq. ft. “As the market at present is end-user driven, the areas in the vicinity of this upcoming link road are attracting a lot of attention by buyers looking for residential options in the range of Rs 45 to Rs 65 lakh”, says Suresh Gupta, a Ghaziabad-based property consultant. However, the price appreciation will be moderate in the next two to three years, he adds.

Gupta also advises the end users to be alert as a number of developers are still “selling’ their projects as being in the ‘shadow’ area of the FNG Expressway where as in reality Faridabad is no longer a part of it.

“The benefits from this will take time to reach the masses. This being the reality, end users should buy into properties along this stretch thinking about gains maybe 4-5 years down the line”, cautions Ganesh Vasudevan, CEO, Indiaproperty.com.

Fast facts

The 16 km stretch of the link road in Noida begins at Chijarsi village (Sector 63) near NH-24 and will pass through Sectors 119 142, 143B, 167 and 168 along the Greater Noida Expressway and end at Assdullapur village near Sector 168.

pre-launch
A tricky terrain
Suvishesh Valsan

Pre-sales of residential units is a widely followed practice universally. However, in India, developers go a step further, offering units for sale at a pre-launch stage. During pre-launch, developers offer investors an opportunity to purchase residential units ahead of even procuring all necessary approvals.

At times, land title due diligence or product-mix (retail, residential, commercial) considerations may still be underway. During pre-launch, developers apprise an inner circle of brokers/investors that a property not officially launched in the market is available for sale. While one imagines the news spreads through word-of-mouth or email, recently we have seen pre-launch announcements made on public hoardings and in newspapers.

Funding solution

For developers, pre-launch provides funds, which could be used for part-payment of land (or to acquire more land) or meeting approvals-related costs. Also, developers benefit through test-marketing a project before spending time, effort and resources on approvals, due diligence and construction. Generally developers expect to sell 15-20 per cent of units during pre-launch.

Benefits and risks for buyers

For investors, pre-launch provides an upper hand in terms of apartment choice as well as price discount. Pre-launch investors could earn a discount of about 15 per cent over the base price at the start of construction. In recent years, investors enjoyed healthy returns by holding from pre-launch until completion (usually 3-4 years) considering that over the past four years, the price of residential units pan-India increased by over 50 per cent on average. The risk involved is related to approval delays, product-mix changes or project cancellation at worst.

In June 2013, India’s Group of Ministers approved the Real Estate Regulatory Bill, which prohibits residential unit sales by developers before obtaining all approvals. Though still not approved by Parliament, the Bill has led to debate about the viability of developers’ current business practices and the Bill’s likely impact on land cost and housing affordability.

Work out solutions

The Indian central bank prohibits funding for land purchases to avoid land hoarding, and pre-launch was an alternative funding mechanism for developers. Thus, in its current form, would the Bill create funding constraints for Indian developers?

Let’s look at China as a comparison. The practice of pre-launch does not exist in China and banks are prohibited from making loans for the purchase of land use rights. However, capital markets in China are highly liquid and developers have many sources of funding.

In China, the government is typically responsible for land acquisition, rehabilitation and resettlement, while developers purchase land from government with clear title. Since the land title is clear, developers can mortgage their land to acquire additional funds for construction work. In India, however, developers are responsible for land acquisition and rehabilitation, causing delays, manipulations and litigations.

Pre-launch leads to information asymmetry and, thus, should be abolished. Simultaneously, there is a need to provide practical solutions to the genuine funding needs of developers. Either the bank funding channel needs to open-up, or a better market environment must prevail to attract more private investors.

— The writer is Senior Manager - Research, Jones Lang LaSalle India

decor trends
Style and warmth
Neelima Burra 

This winter, indulge yourselves in redesigning your cookhouse and bathroom into the most sumptuous and technologically advanced part of your house. These are the only inner spaces where we spend maximum amount of time, however, we often ignore them when it comes to giving them a facelift.

Redesigning a bathroom or a kitchen may not be easy; still there are many different ways to add colour and modern technology to these otherwise sterile spaces. With modular cabinetry, fittings, accessories and multipurpose appliances available in the market, one can easily transform these ubiquitous rooms into stylish spaces.

One such appliance which is a necessity in kitchen and bathroom, especially during winters is water heater. The humble geyser is a necessity in these chilling months. And no one wants a discoloured thing hanging dangerously sometimes, with rusted and naked electrical elements. Trust technology to heat things up. The water heater is now not only a smart-looking sleek tub on the wall, but it is also a better machine that heats water faster.

These have evolved in terms of technology, and come integrated with contemporary features like, vibrant colours and floral motifs, interchangeable decorative panels, digital and wireless remote control, safety features like dry heating protection earth shock proof and enamel coating on tank to prevent the tank from rust.

With so many options available you may still find it difficult to choose the right water heater for your home. Here are a few quick suggestions to ease out your hunt for the right water heater:

What to look For

Safety: Safety features are the most important to consider while buying a water heater. Look for distinctive UL mark, which symbolises that the unit has been tested and certified under extreme conditions. Other important aspects, which should never be missed are:

* CFC-free PUF insulation ensures that the device is fire-retardant i.e. it ensures temperature stability. And do check if the geyser is integrated with a high grade heating element

* Check if the heater is shock-proof and weather proof making it durable and safe. The valves used should be made of brass and not plastic to increase the durability quotient. And multi-functional valve helps in releasing pressure when it exceeds limit.

* A Brass Fusible plug adds safety and drains water out in case of excess temperature.

* Ensure that the geyser is supported with Earth Leakage Circuit Breaker that protects against electric shock

* For high-rise apartments, it is advisable to go for a water heater with high pressure withstanding capacity with 8 bar rating being the standard.

* Water tanks should be preferably made of steel, coated or lined with glass making it corrosion-resistant. Also check for magnesium anode rod to avoid possible recurring expenses on account of element replacement arising due to high salt levels in water.

* Also look for thermostat, thermal cut out and CE mark of quality.

Energy consumption

An energy efficient water heater reduces your electricity bill. Look for the BEE star rating with 5-star being the highest and 1-star being the lowest in terms of energy saving capability.

Water storage capacity

Choose the storage capacity of geyser depending on your need starting from 1 litre for instant water heaters and ranging up to 25 litres of storage.

Warranty

Most importantly look for the maximum warranty available as some companies offer up to five years and 10 years warranty on the tank.

Colours and patterns

You can choose between colours that are either elegant and sophisticated or too bold and bright. These include vivacious pink, burnt orange, samba red, mykonos blue, and muted grey tones that add a touch of class. Use colourful range of water heaters that complements the wall paper or wall colours of your kitchen to give a perfect integrated look to your modern kitchens and designer bathrooms.

Maintenance

Maintenance is very important for appliances that are not used throughout the year. In case of water heaters, very simple and easy procedures can help save huge costs.

Firstly, while installing the heater, one needs to ensure that 2 ft of clearance is maintained around the appliance. Once in a year flush the heater to remove sediments in the bottom of the tank and test temperature pressure release valve to check out for small leaks. Also a regular check up on minute indicators of leakage/defect in heating element can be very useful in avoiding the risk. Do choose a brand that delivers well on after sales support.

— The writer is Head Marketing, Appliances, USHA International Ltd

Green house
Pruning and training essential for avenue trees
Amarjeet Singh Baath

Planting of trees along roads is an important part of the landscaping of a city or a housing society. These are planted to provide greenery and shade besides beautifying a given area. But these require regular care and maintenance not only in the initial years, but also when the trees are fully grown.

However, it has been observed that trees along roads and avenues are not maintained properly and as a result there is hardly any uniformity in appearance (because of mortality). The re-planting is done haphazardly and fails to fill in the gaps because of variation in size and shape of the newly planted plants.

The selection of these trees is an important aspect. Nowadays plants are available in poly bags which are kept cramped in the nurseries due to the paucity of space and as a result these plants grow in height but are thin, lean and lanky. One may feel good on planting a tall plant , but it will be weak and will not be able to withstand high velocity winds which may subsequently break or destroy it.

Tree guards is another threst feature for the trees planted along the roads. Iron tree guards are put up generally in order to protect these trees from animals, but the thin stems are not provided support. High velocity winds tend to bend the thin stems and these hit against the iron tree guards causing repeated injury to the tree bark and lopsided growth. It is practical to tie a loose jute cord to the tree guard supporting the plant so that it does not strike the tree guard.

If you choose to plant a big lanky tree from a nursery, then it must be provided with strong support of a bamboo for 2-3 years till the time the main stem is strong enough to support itself.

Trees other than those of Palm species require eight ft clear bole (trunk of a tree) from the ground level before they are set to form spreading branches all around.

Training is required to develop the form of the plant and pruning is done to maintain it. It involves the removal of selective or damaged or non-productive parts of the tree and the dead wood for shaping the plant.

Unattended trees may form a ‘narrow crotch angle’ which can cause the branches to break during storms. Therefore, the branching should be maintained at wide angles on the main bole.

Due to many reasons like diseases, pest, termites and lack of nutrients and irrigation all plants do not grow equally well, therefore, they require regular tending for their healthy upkeep.

Avoid using an axe to prune a tree as it strips the bark and causes multiple uneven cuts on its surface exposing the surface for fungus growth. Saw is the right tool for pruning.

Roadside plants are seldom fertilised presuming that these are hardy and self sustaining but in order to have good and healthy appearance initially in their first three years these should be fertilised once a year with NPK and preventive care for pest and diseases should be done.

The best time to plant, prune and fertilise is in late winter i.e January end in this region, when the plant is in the dormant phase.

first person
Ripe for a modular twist

The rapid growth of modular kitchen industry in India has been phenomenal in the past few years. It has surpassed the expectations of most of the market pundits and become a subject of case studies in most of the reputed B-schools. According to industry statistics, the modular kitchen segment stands at around Rs 1,500 crore. With increasing emergence of nuclear families, rising disposable income and better affordability, this industry is expected to grow at the rate of 40 per cent per annum in the next two years. This has made most of the modular kitchen suppliers take measures to increase awareness, especially in the Tier II and Tier III cities. Ranjan Khosla, Director, Marsun Kitchen talks about the growing trend of modular kitchens. Excerpts:

How much growth has been seen in the modular kitchen industry in India?

The modular kitchen industry is growing at a brisk pace of 25 per cent per annum. These days consumers have access to a huge range of furniture to satiate their desire of having a state-of-the-art modular kitchen in their dream home. As more and more companies are entering the market, now the prices, which used to be a major deterrent for the buyers a few years ago, are getting more competitive .

Since 2008, many new companies have ventured into the Indian modular kitchen industry, through private labels, co-branding agreements etc. While 2011 was the year of expansion, 2013 was the year of consolidation. Not just international brands, Indian brands, too, are gearing up for the next decade’s opportunities and challenges.

What are the major factors that have lead to this growth?

The growth is primarily attributed to an increase in the number of housing projects, rising disposable incomes, changes in lifestyle and the emergence of nuclear families. One of the striking factors of this growth is that the Indian suppliers have been able to stand their ground and have not been sidelined by the intrusion of big western corporates. This speaks volumes about Indian consumer’s loyalty to the traditional designs and brands.

What are the challenges that are being faced at present?

The market has become very competitive because of the growing competition and entry of many local and international companies. This is an evolving market as the customers’ choices keep on changing, so the sellers have to keep abreast of the new trends and invest more in design development and better production techniques. This increases the cost component which is a major factor in the Indian market. Keeping the prices within the reach of a major section of buyers while providing world class quality is the major challenge for this industry.

What are the key trends observed in the modular kitchen segment?

No doubt the design matter most along with colours in fashion and for that everybody looks up to design trends from Italian designs and good Indian designers. Right now the focus is on high gloss plain colours with contemporary designs.

What is the growth potential of this market?

Globally, kitchens account for 25 per cent of all furniture sales. With the Indian furniture market valued at aroundRs 50,000 crore, the kitchen segment could well be estimated to be around Rs 20,000 crore, which leaves an ample scope of improvement as the current figure stand at merely Rs 1,500 crore.

— As told to Geetu Vaid

Tax tips
S. C. Vasudeva email your queries to realestate@tribunemail.com

Utilising capital gain after selling joint property

Q.On March 3, 2008, my wife and I purchased a flat in New Delhi for Rs 30 lakh (joint ownership). After five years we sold the flat for Rs 60 lakh on April 3, 2013. With this money, we cleared the pending housing loan of roughly Rs 15 lakh. After selling the property, both of us put Rs 7.5 lakh each in separate Capital Gain Accounts in Indian Overseas Bank in Chennai as we had moved to Chennai in April 2013.

With the money (Rs 7.5 lakh) in my CGA, I booked a flat with a premium builder in Chennai, which should be ready for occupation by 2014 or early 2015. The money in my wife’s account is untouched till now. Our doubts are as follows:

* Should she also compulsorily join me in the property that I have booked in order to avoid tax on her capital gain and be a joint owner?

* Can she go for another flat without inviting tax on capital gain?

* Can she buy a plot with that money with the intention of constructing a house or selling it later? Will she invite tax on her share in capital gain in this case?

* What will be her tax liability on Rs 7.5 lakh if she decides to spend the money on something else? — Vijay Goel

A.On the basis of the facts given in the query the capital gain arising on the transfer of the flat works out at Rs 8,87,477. This is based on the cost inflation index notified for the financial years 2007-08 and 2013-14. Each one of you is liable to pay tax on your share of capital gain of Rs 4,43,739 (half of Rs 8,87,477). Reply to your queries based on the above facts is given hereunder:

*  Any acquisition of a residential house for the purposes of claiming the benefit under Section 54 of the Income Tax Act 1961 should ordinarily be in the name of the same persons who were the owners of the residential house that had been sold. Since each one of you were the co-owners of the residential house which was sold, the new residential house can be purchased by each one of you so as to utilise his/her share of capital gain for purchasing or construction of a new house. Your wife can join you as a co-owner in case she is interested in utilising her share of the amount of capital gain towards the buying of flat booked by you.

*  As stated above, it is possible for each one of you to utilise the capital gain separately for constructing /purchasing a residential house. In case your wife does not want to join you as a co-owner, she can utilise her share of the amount of capital gain for purchasing another residential house within two years after the sale of the flat or construct another residential house within three years after the sale of the flat so as to save tax on her share of capital gain.

*  The capital gain tax cannot be saved by purchasing a plot.

*  The tax on her share of capital gain of Rs 4,43,739 (50 per cent of Rs 8,87,477) would be Rs 91,410 computed @ 20 per cent plus education cess of 3 per cent thereon.

How much tax will I need to pay on selling a plot?

Q. I would like to know the tax implications if I sold a plot this year in Chennai for around Rs 55 lakh. My wife and I are now US citizens with OCI Visa. If there is a tax liability, then can we avoid paying the tax by reinvesting the money in another property within one year. I also heard that there is some kind of 30 per cent flat tax on capital gains. Is this the current law or something that will be active in the next year also? — A.P. Agarwal

A.The facts in the query are not complete as it is not clear whether the plot was held for a period of more than three years. In case the same was held for more than three years, you will have to invest the net sale consideration towards the purchase/construction of a residential house so as to save the tax arising on the capital gain on the transfer of the plot of land. The residential house has to be purchased within a period of one year before or two years after the date of transfer of plot of land. You also have an option to construct a residential house within a period of three years after the date of transfer of plot. In case the plot of land was not held for a period of more than three years, the tax on capital gain arising on transfer of plot of land would be taxable at the normal slab rates. The long- term capital gain is chargeable @ 20 per cent plus education cess @3 per cent thereon. It seems the rate of 30 per cent referred to you is the highest slab rate applicable to an individual.

Mother’s share in inherited property

Q.My grandfather purchased a house property and after his death my grandmother gifted it to our father (only son) in 1978. She passedaway in 1980. The market value of the property according to the gift deed was ~6,000. Our father expired in 1990. He was survived by his wife and five sons.

Now we want to sell this property. If the property is sold for ~30 lakh then how much share our mother should get as per law and how much will each one of us will get. — Rajiv

A.According to provisions of the Hindu Succession Act 1956, property of a Hindu male dying intestate devolves equally upon sons and daughters and mother. In view thereof, each one of you should be entitled to get 1/6 of the sale proceeds of the house as the property would be inherited by six of you i.e. five brothers and the mother being the surviving legal heirs of the deceased. 

Share in land owned by a company

Q.My family owns some land and in order to save tax we decided to make a private limited company and buy the land and issue shares to the family members accordingly. Now we want to divide the land. We do not want to sell it and every member needs possession of the land. We had bought it for ~150 per sq ft and now the price is ~750 per sq ft. Now my question is how can we divide it so that I can get the possession of land? — K.L. Arora

A.It is evident from the facts given in the query that the land is owned by the company and family members own the shares of the company which owns such land. The members and the company being different entities, the only way to enable shareholders to own the land in the ratio of their shareholding would be to wind up the company. A company can be wound up by the voluntary winding or by the court. You will have to resort to a voluntary winding up in this case. You should approach auditors of the company to advise you for the process to be adopted for such a winding up.

How much tax will I pay on compensation amount?

Q. I was allotted a plot (lease hold) by Bhopal Development Authority. An amount of Rs 10,28,000 was paid in five instalments between March 31, 2005 to September 30, 2006. In addition I had to pay extra Rs 50,000 as demarcation and service charges in December, 2012.

Recently the same plot has been acquired by the state government and a compensation of Rs 50,00,000 was paid to me in August, 2013.

Kindly let me know about my tax liability on this amount?  — Rajeshwar

A.You have not indicated the date on which the possession of the plot was given to you by the Bhopal Development Authority. Presuming that the possession was given to you in 2006-07, the indexed cost of the plot for the year 2013-14 would work out at Rs 18,59,908. After taking into account the indexed cost of demarcation and services charges of Rs 55,106, the long-term capital gain would work out at Rs 30,84,986. The tax thereon @ 20 per cent plus surcharge for education cess @3 per cent would work out at ~6,35,507.

realty bites
Property prices remain high

India Ratings and Research has maintained a negative to stable outlook on the real estate sector for 2014-15 on the back of continued weak end-user demand and adverse consumer sentiments.

Real estate companies have been facing falling unit sales, flat revenue and EBITDA margins and continued deterioration in credit metrics and cash flows, the rating agency said.

Most of real estate companies rated the agency have a stable outlook, as the risks impacting the sector have been factored into their ratings. The entities rated at investment grade are either single commercial properties with long-term lease agreements or residential companies with healthy sales and strong cash flows.

The rating agency believes credit metrics will continue to deteriorate in FY15, as high residential prices continue to impact sales, even while rising bank credit to the sector indicates an increase in inventory for the sector.

The sale of fresh residential units (in sq.ft.) by listed real estate companies has seen a downward trend in the first half of 2013-14. This is due to weak consumer sentiments and low real estate affordability due to high prices.

Prices continue to remain high despite the weak end-user demand, as demand from investors and speculators could have been lifted by the government's efforts to curtail gold imports.

The upward movement seen in National Housing Bank’s house price index in 2QFY14 after a fall in the previous two quarters supports this argument, as it coincides with the imposition of import duty on gold.

Ind-Ra expects subdued commercial property demand to continue in 2014, due to the continued slow economic growth which will impact fresh hiring in most sectors. Demand for retail space is also likely to remain muted in FY15, as retail companies continue to optimise their store portfolios.

The real estate sector has seen strong interest from private equity and foreign investors. During 2013, strong investor interest was seen in rent-yielding commercial properties with conclusion of several large transactions by leading private equity players such as Blackstone.

Ind-Ra expects the introduction of real estate investment trusts (REITs) to be positive for the sector, as it is likely to attract new investors and hence improve funding availability. 

ASK Group set to raise $200 m offshore Real Estate fund

vaastu wisdom
Strong foundation
Madan Gupta Spatu

Q.I wish to start construction on my new plot in this month. What are the main Vaastu points that I should consider for starting this work? — S.K. Sharma

A.The excavation work for the foundation of the building should start on an auspicious day, from the north-eastern corner of the building and end in the south-western corner. Therefore, the direction of excavation should be from N-E to S-E, then S-E to S-W corner. Simultaneously, the excavation should be from N-E to N-W, then N-W to S-W corner. This is important because Vaastu pooja is done in the north-eastern corner, and psychologically it feels right to start from this corner. Moreover, according to Vaastu principles, the north-east should always be lower than the south-west at any time of the construction. This is to ensure a proper flow of light and wind at all times from the N-E to the rest of the construction if the N-E is lower. Further, the auspicious dates for initiating the work are — January, 23, February,1,3,5,8,10,17,19 and 22. However, the day of Vasant Panchmi falling on February 4 is the most auspicious for laying foundation of your house as per astrology and Vaastu.

Colour code

Q.We have a west-facing house. The main entrance is at the west-north corner. Kindly tell me what colour of gate and pillars is suitable for this house?

I have been advised to bury a silver tape under the floor of the main entrance. What is the significance of this? — Amarjit Singh Sandhu

A.The colour of entry pillars can be white, sky blue or brick red in your case. And a stainless steel gate with some glass work which remains rust free and durable will be the best choice for you.

Silver tape is recommended as per Vaastu principles. It removes all concealed vaastu doshas in a building and protects inhabitants from negative energy and thefts etc. However, it is always better to get it sanctified and purified before fixing it.

— The writer is a Chandigarh-based Vaastu Consultant and Astrologer.

Mail your queries at vaastu@tribunemail.com

Launch pad

The Romano in Noida

Supertech Limited, announced the launch of ‘The Romano’ – Roman Style living in Sector 118, Noida earlierr this week. Spread over area of 17.5 acres, The Romano comprises of 18 towers with 1,800 fully finished luxurious apartments in 2, 3 and 4 BHK options set amidst internationally designed landscape. The area of these units will range from 1,020 sq. ft to 2,170 sq. ft., priced at Rs 4,350 per sq. ft. The project has a unique feature of Romanle architecture.

“Total cost on this project is Rs 1,350 crore. We have got all the regulatory approvals to develop this project and it will be delivered by December 2016,” Supertech Chairman and Managing Director R.K Arora said.

“We are giving Rs 200 per sq ft initial discount to customers,” Supertech Director Mohit Arora said. The new project will have a Club House, yymnasium, hospital, bank, crèche, playground, shopping centres etc.

Avalon Ridgeview

Avalon Group recently announced the launch of Avalon Ridgeview in Neemrana. Located on the main highway NH-8 near Japanese Zone connecting Delhi and Jaipur, the new project will have approximately 800 apartments on offer. According to company spokesperson the tower blocks will have 2 and 3 BHK apartments ranging in size from 1,150 to 1,550 sq. ft. The base price is Rs 2,650 per sq ft and onwards. Neemrana is among the most sought-after destinations in the NCR region with major industrial development taking place. The Rajasthan Government through Rajasthan State Development & Industrial Corporation Ltd (RIICO) has developed industrial zones in various stages in Neemrana in Alwar district in the past several areas.

— Based on information provided by the developers