A perfect plan?
Flexi-payment plans are a marketing strategy used by developers to attract more buyers in a slow market. But buyers should evaluate such plans and gauge the risk factors before signing on the dotted line.
Geetu vaid

The increase in the number of real estate transactions and enquiries over the past three to four months has indicated a change in the market sentiment in the residential real estate sector. Stablisation of prices and the hope of an upward movement in the realty sector in the latter half of this year is finally making the end users come out of their wait-and-watch mode. Dogged by low sales, rising inventories and cash crunch, the developers, too, are going all out to attract the buyers. Though price revisions and reduction has not been seen in the primary market, the developers all over the region seem to have become “liberal” with the easy payment plans. Almost 90 per cent of the new projects are being launched with an easy payment plan of some type. “Developers are proffering bundled offers instead of negotiating prices”, says Om Ahuja, CEO – Residential Services, Jones Lang LaSalle India.

Commenting on the trend Anil Kumar Sharma, President, CREDAI NCR explains, “In today’s highly competitive market, these payment plans are devised to attract customers. The developer has no choice but to offer the best return on investment to the prospective buyer. The customer, too, is highly educated and informed and studies various options available before making a deal. Overall, these plans reflect the market sentiment, economic environment and competitive options available for the customers.”

“Giving buyers an option to pay in a mode that is flexible and convenient serves as an effective strategy especially in a slow market as it makes owning a home more affordable and convenient for the end user,” says Anil Mithas, CMD, Unnati Fortune Group. The group is offering a 10:80:10 scheme for its recently launched project in Sector 119, Noida.

Though payment plans like the construction-linked plans have been in vogue for quite some time, it is the no-EMI or no-pre-EMI plans and possession-linked plans that are being advertised vigorously at the moment. But as a buyer one should know the pros and cons of each of these in order to avoid being fleeced or getting trapped by a developer.

Construction-linked payments

The traditional construction-linked payment plan is considered to be the most stable by experts. “As the payments are made in accordance with the progress of the construction work, the buyers have the assurance that the project is moving ahead as promised by the developer”, says Nikhil Jain, CMD, Ramaprastha Group. It is a good option for buyers in a scenario where almost one fourth of projects are delayed. “In this plan the builders generally stick to the construction schedule as any delay on their part will prove to be very expensive for them,” adds Umang Jindal, Director, Homeland Group. His group is offering a construction-linked plan for its recently launched premium project Homeland Heights in Mohali in which the buyers have to pay 10 per cent of the apartment price at the time of booking and the rest on the completion of different stages of construction.

Though this is a stable payment option, as a buyer you will have to ensure timely payments as any default will lead to a hefty penalty by the developer. The buyer also has to bear the burden of EMI payment in case a home loan is taken to finance the house.

This scheme can be a tricky terrain for developers too as speculators can derail their plans by stopping the payments. “It has been noticed in many projects that the buyers who come to book a property with only 10 per cent are the ones who are actually speculators. If the property doesn’t appreciate within six months such speculators stop further payment and this derails a a project. So, in the flexible payment plan verification of credit reliability and credibility of the buyer is needed, something which is missing in today’s property market”, says Navneet Gaur, Director, Brys Group.

No-EMI option

Subvention plans or no-EMI plans are the other options being offered wherein the developers take a fixed booking amount and the rest of the sum is financed by a financial institution or a bank and the developer pays the EMI to the bank till the time of possession. This is a win-win proposition for cash-starved developers in a stagnant market as they get the required capital at lesser interest rates. However, as a buyer you should be cautious as Aman Agarwal, Director, K.V. Developers says, “It is true that subvention schemes help buyers as well as developers in a way that buyers don’t feel immediate burden of huge investments and developers also get funding for their projects. However, the buyers should check the credentials of the developer in terms of delivery time as delayed possessions under such schemes put buyers at a risk”. In fact, this was the reason that made RBI issue an advisory to discontinue such schemes. So, buyers should regularly follow up for project construction status and its delivery time.

Right move

There is no doubt that developers are using flexi- payment plans to lure the fence sitters to finalise deals and give a forward thrust to a lacklustre market. But there is no one perfect choice for a buyer here as each of these plans has its risks and benefits. “Home buying is such a capital-intensive investment that there can’t be a one-size-fits-all solution”, says Navneet Gaur.

“Choosing a suitable payment plan always depends on the financial resources of a buyer. Since the real estate sector is facing a liquidity crunch nowadays, real estate companies offering such payment plans to buyers ensure that there is inflow of funds to them while the buyer is not under a huge upfront financial burden while buying their dream homes or even for investment purpose”, says Nikhil Hawelia, Managing Director, Hawelia Group.

However, with several policy changes on the anvil after the General Elections many of these plans may not be on offer for long, so if you are planning to finalise a deal for your dream home then these flexi-payment plans can be a good bet.

Possession-linked plan

The third option is the possession-linked plan in which the buyer pays 20 or 25 per cent of the total cost at the time of booking an apartment or a plot and pays the rest of the amount on getting the possession. This plan is the one with minimal risk and liability for the buyers in case of a delay or a developer going bankrupt. This is the reason why a large number of buyers are going in for this payment plan. “In a possession-linked plan, the risk involved is limited to the initial capital of 20-25 per cent that a buyer pays to book the apartment. Buyers clearly stand to gain from a possession-linked plan as it reduces their risk and ensures that they do not have to bear the cost of funding the developer with multiple open risks”, says Om Ahuja of JLL.

However, there are certain points that a buyer should consider before opting for this plan. Ahuja lists three critical safeguards that buyers must put in place brfore investing in such offers. These are:

1. Ensuring that the developer does not have two different pricing structures (i.e. one for construction-linked and another for possession-linked plans). If there are two such different pricing offers, then the developer has already built in the cost of funding that is applicable for a possession-linked plan. This effectively means that the buyer is indirectly funding the developer, and that is not an attractive scenario.

2.Establishing that the developer has all necessary approvals in place. Buyers funding the developers without approvals is like any another non-approved deposit collection scheme that can catch the eye of financial regulators like SEBI and RBI. Buyers need to use caution while investing in any project where approvals are yet to come and there is an assured-return type of structure. These are very risky structures and have high chances of default and delay in terms of payments.

3.Reading the fine print. Laypeople generally do not read those critical few lines at the end of the document before investing, but there is a huge risk of losing money by such oversight. Any condition that de-risks or absolves the developer can be perceived as a risk of losing the 20-25 per cent of the initial investment. It is, therefore, prudent for the buyer to review all points mentioned in such an agreement.

tax tips
Will missing documents pose a problem in selling house?
SC Vasudeva

A. The following facts are not contained in the query sent by you:

• Whether the source of construction of the house, which was completed in 1989, was explained during the course of assessment proceedings for the relevant assessment year and the connected papers were placed on record.
• Whether the addition of a two-room set on the first floor in respect of which completion certificate was obtained on March 1992, duly reflected in the tax returns of yourself and your wife and the source of such construction was duly explained during the course of assessment proceedings for the relevant assessment year.

In case the above aspects were explained/disclosed to the assessing authorities, it would be advisable to inspect the file and obtain copies of supportive documents filed before the authorities. In case copies of these supportive documents are available, it would not be necessary to get another valuation done at this stage.

However, in case the above information is not available, then you will have to approach an approved valuer for getting valuation of the cost incurred in respect of the original construction as well as in respect of the additional construction made later. An approved valuer will inspect your house and he will have to be explained which areas were constructed in 1989 and which areas were added in 1992. He will, on the basis of data available with him, prepare a valuation report. The cost of construction as per the valuation report will have to be supported with the sale deed of your agricultural land (which would indicate the consideration received for such sale) and the retirement benefits received by you. It may be added that the department can’t reopen the assessments beyond a period of six years from the end of the assessment year in which you are likely to sell the property. The assessing authority may differ with the valuation report prepared by an approved valuer, but would not be able to question the source of funds utilised for construction during the years 1987-89 and 1991-92. Therefore, the issue with regard to source of funds utilised for construction may not arise as and when the property is sold, if the house property stands declared in the tax returns of both you and your wife.

NRI concerns

Q. I retired from government service. I am going to migrate to USA along with my wife this year. My queries are as follows:

I sold a plot owned by me in an urban area. The sale proceeds of the plot will be received in two instalments i.e. half in this financial year and the rest in the next financial year as also entered in registry. Is the limit of Rs 50 lakh for depositing in infrastructure bonds under Section 54 from LTCG is a onetime provision or Rs 50 lakh can be deposited every year to save LTCG?

If I gift a part of the above mentioned amount to my wife after paying IT on LTCG & she deposits in FD, can she file her IT return of interest received on this FD separately or her income will be clubbed with mine for income tax purposes?

How will I transfer my pension received through bank to USA after my migration? How will I transfer the amount, including interest, there on maturity of infrastructure bonds?

How do I file our IT return of our interest and pension after migration to USA? Can we transfer this amount of interest or maturity value to NRE/NRI/NRO account when opened? — Lc khurana

A. Replies to your queries are given hereunder:

• As per the provisions of Section 54EC of the Income-Tax Act, 1961 (The Act) investment in the infrastructure bonds has to be made within six months of the date of transfer of the capital asset. In the case cited by you, the date of transfer of plot would be crucial as the capital gain will have to be computed in the year in which the transfer takes place. In case the possession of the plot has been handed over at the time of receipt of first instalment, the capital gain will have to be computed in the year in which the possession has been handed over as the date of possession will be taken as the date of transfer in accordance with the provisions of the Act. The proviso to Section 54EC of the Act added by the Finance Act 2007 requires that the investment in infrastructure bonds made on or after 1st day of April 2007 by an assessee during any financial year should not exceed Rs 50 lakh. Technically, therefore, it may be possible to make investment in infrastructure bonds in the second financial year of an amount not exceeding Rs 50 lakh. However, this will have to be within six months of the date of transfer otherwise the benefit of the exemption would not be available.
• In accordance with the provisions of Section 64 of the Act, any income earned on asset transferred to a spouse other than for an adequate consideration or in connection with an agreement to live apart, is includible in the income of an individual who has transferred such asset. Therefore, in case you gift any amount to your wife, any income arising on such gifted amount would be included in your income.
• Foreign Exchange Management (Remittance of Assets) Regulations, 2000 issued under the FEMA Act 1999, now permit the remittance by Non-Resident Indians or Persons of Indian Origin of an amount to the extent of $ 1 million out of the balance held in NRO accounts/sale proceeds of assets etc; through an authorised dealer without the approval of Reserve Bank of India. Therefore, there should not be any problem to remit the pension amount and/or proceeds of infrastructure bonds.
• The income tax return can now be filed on online basis and you will have no problem in filing the same from USA. However, in case you would like to file it through your representative in India you can authorise such representative to file the return on your behalf.
• The amount of the infrastructure bonds on maturity will be transferred to your NRO Account if so instructed to the issuer of the bonds. The amount of interest accruing on such bonds can also be credited to your NRO account, if so instructed. The amount lying in NRO Account can be remitted to USA as indicated hereinabove.

How can I get property transferred in my name?

Q. My parents had a commercial property in Punjab, which they gave me a few years back through a family settlement agreement duly signed by other siblings. I have been earning rent on this property since then and have paid all the due taxes on the property in my name. Kindly guide as to how do I transfer this property to my name by incurring minimum expenditure? — Harinder

A. A family settlement deed duly signed by all the parties should be sufficient for the purposes of transfer of the property in your name. You also have an option to file a petition with the court for a declaratory suit. Such declaratory suit would also enable you to get the property transferred in your name.

Capital gain norms for non-cultivated land

Q. In case an agricultural land on which agricultural operations are not being carried out is sold, what would be the tax liability on the capital gain arising on the sale of such land? — Amar Singh

A. There is no definition of the agricultural land given in the Act and as per various decisions the expression ‘agricultural land’ has a very wide significance. The expression has been held to include land which had all along been barren but was otherwise capable of being cultivable so long as the land or lands had not been actually diverted to other purposes such as building sites or sports grounds or military grounds [Refer 31 ITR 480 (Bombay)]. For the purposes of land being agricultural land, actual agricultural operations for cultivation or tilling of the land is not necessary. What is to be seen is whether such land is capable of agricultural land operations being carried out thereon [Refer 138 ITR 783 (Calcutta)]. Therefore, even if the land had not been cultivated if looking to the conditions, had not been put to any use and even if there is a spontaneous growth of trees, the same can also be held to be an agricultural land (Refer 32 ITR 466 Supreme Court). The matter, therefore, will have to be decided on the facts and circumstances of each particular case. The important factors that should be considered to determine whether a piece of land can be considered to be agricultural land or not are:

• whether the land has been assessed to land revenue or not;
• whether agricultural operations are carried on the land;
• whether the land is capable of agricultural operations;
• the intention of the owner or the purpose for which he is retaining the land, such intention not being fluctuating or ambulatory;
• character of adjoining land; and
• description of the land in the official records.

email your queries to realestate@tribunemail.com

delhi’s land pooling policy
Fresh supply to rationalise land prices

According to the Delhi Development Authority’s (DDA) recently passed land pooling policy, private developers may directly acquire land from farmers/landowners willing to participate in the land pooling scheme (LPS), where they will get back 40-60 per cent of the developed land, instead of any compensation. DDA, in turn, will develop the necessary support infrastructure and mass/EWS housing projects on the land, while developers will receive a large portion of the same for further real estate development. The land pooling policy will prove to be positive for the National Capital Region (NCR) in the long-term, since land prices in the suburban markets of Gurgaon and Noida would eventually rationalise with fresh supply coming into the Delhi market.

Meanwhile, certain peripheral locations of Delhi with large land parcels-along the NH-1, North Delhi (Akbarpur, Mazra), North West Delhi (Rohini, Narela), West Delhi (Najafgarh, Dwarka), and areas of South Delhi (Masoodpur, Kishangarh, Chhatarpur, etc.) — have been witnessing price rises to the tune of two to three times over the course of about six quarters. Experts believe this to be a short-term trend, however, which is likely to rationalise once more supply of developable land comes into the realty market.

Land pooling in India

Land acquisition is a contentious subject in India. Quite apart from the challenges of acquiring clear and litigation-free titles to suitably-sized, contiguous land parcels for real estate development — it is a politically-sensitive issue in many parts of the country. In these times of increasing scarcity of space in urban India, open spaces demand a premium. As developers go vertical to maximise their space utilisation, realty projects requiring horizontal development — such as township projects, industrial corridors, and large-scale regional infrastructure development projects — face challenges primarily arising from hassle-free acquisition of adequate land.

Under the present land acquisition system, in case of private entity enterprises, freehold (state-owned and privately-owned) as well as leasehold (state-owned) land requires the consent of 80 per cent of the affected land-owning family; and the consent of 70 per cent in case of public-private partnerships (PPP). Moreover, compensation of up to four times the market value in rural areas and twice the market value in urban areas is also required; apart from a rehabilitation and resettlement package for the original inhabitants. In many cases the only way in which developers are able to circumvent such complexities is via land pooling.

As a method for assembling land for planning and development, the Town Planning Scheme (TPS) —also known as the Land Pooling Scheme (LPS) — is included in the Urban Development Plan Formulation and Implementation (UDPFI) guidelines of the Ministry of Urban Development and Poverty Alleviation. In fact, the Model Urban and Regional Planning and Development Law contains a separate section on LPS, where it proposes that planning and development authorities should prepare land pooling schemes for town planning areas under its jurisdiction.

Gujarat & Maharashtra models

The very first TPS in India was probably put into practice in 1917 for the Jamalpur area of Ahmedabad, Gujarat, following the Bombay Town Planning Act, 1915, which provided for the implementation of Town Planning Schemes. The TPS practice, which is extensively used in Gujarat, allows local planning authorities to develop commonly pooled land without compulsorily acquiring it. The process involves a joint venture between the local/metropolitan development authority and land owners, who voluntarily pool their land, redistribute it as plots among themselves after the planning process, and share the development cost. The most successful land pooling case study of recent times is probably that of the Magarpatta Township Development and Construction Company Limited (MTDCCL). More than 400 acres of land belonging to over a 100 farmer families was pooled together to create the integrated township of Magarpatta City in Pune. This development was envisioned as an integrated planned township with commercial zones (including IT parks), residential zones, and social infrastructure like schools, hospitals, shopping centers, hospitality and entertainment areas.

Following such successful models in Maharashtra and Gujarat, other state governments, like Tamil Nadu and Andhra Pradesh have also started considering such implementation policies for preparing comprehensive regional plans — particularly for addressing problems arising out of disconnected development along suburban/peripheral zones of major metropolitan centers, industrial corridors and large township development.

Upcoming plans

The Hyderabad Metropolitan Development Authority (HMDA) has recently proposed land pooling for approximately 250 acres within a kilometer-wide belt on either side of the Growth Corridor abutting the Outer Ring Road. In case the landowners agree to become partners in the development of the area, it is likely to be taken up as a pilot project. If successful, it will serve as a road map for future land pooling schemes for similar urbanization projects in the city. Similar initiatives include that of the Delhi Development Authority (DDA), which has recently passed a modified land pooling policy within the Master Plan Delhi 2021 (MPD 2021). DDA has identified approximately 200 villages along the outskirts of Delhi for this LPS. It intends to convert around 90 villages into ‘development areas’, and about another 90 into ‘urban villages’. All such identified village areas are together likely to free up more than 70,000 acres of developable land in the NCR.

The Delhi MPD 2021 is arguably the largest real estate opportunity in terms of state assurance and demographic demand for urban growth and development in the country. And the recently sanctioned land pooling policy is perhaps the first of many such state initiatives. Such Land Pooling Schemes will help solve issues related to the availability of land for necessary real estate development and infrastructure formation for India’s ever-increasing urban population-especially for the creation of urban green spaces, open public spaces and mass housing for EWS and low-income groups. There are as yet vast growth opportunities in the country’s realty sector. Especially where urbanisation and related large-scale infrastructure is concerned —India is yet to experience the full extent of population migrations to its established urban cores, which will put pressure on the existing urban infrastructure and mass housing.

Ground Realty
Get set for a smooth move
Jagvir Goyal

Ignoring the proper scrutiny of different fittings and facilities can mar the excitement of moving into a new house

Whether you construct a house of your own or buy one from a builder, it is very important to visualise the problems that you might face in the new house after moving in. Here are some of the areas that you should check thoroughly and the steps required to be taken to tackle the “teething troubles” in your new home:

Know the water supply system

Ask the plumber to explain to you various connections to the overhead tank on the roof and the valves on the main inlet pipes. In case you have got an auto-cut system installed on water supply network, check its working. Cut off water supply from direct source, run the motor and see that auto-cut system gets activated to shut off the motor once the water tank fills up. Now, repeat the exercise by shutting off supply from the motor and allowing the main supply to run.

Check the chinaware

Wall hung water closets are in vogue these days. Check that all the seats are fitted and anchored well. No water closet should produce a sound or movement when you sit on it. Also check all seats against any leakage. Often, wall-hung seats are found to be having hairline cracks through which a few drops land on the floor below and go unnoticed. Add coloured water to each seat carefully to check for any leakage. Get such seats replaced from the supplier. Check wash basins carefully. These too shouldn’t leak behind the vanity boxes. These leakages too go unnoticed many times.

Check all electrical fittings

Check each lamp, tube, fan and exhaust carefully. Know which switch belongs to which fitting. Check each 5 ampere and 15 ampere socket to be working well. Take a telephone set and connect it to each telephone point turn by turn and check the dial tone. Check the two-way switches. Often, it is noted that a light can be switched on or off from one two-way switch but not from the other. Get it corrected.

Check the drainage

See that the water drains out well from each toilet, kitchen and other areas. Drainage should be fast. Check each floor trap carefully by throwing a can of water at it. See that all the gunny bags inserted at the mouths of drainage pipes to avoid their clogging during construction have been removed by the plumber and full drainage system is workable.

Install water filter

Get the water filter or RO system installed before you move in. If you have got it removed from your old house, get it serviced. Often, its connection to the water supply network poses problems due to non-provision of nipples or plugs by the plumber and you may have to drink unfiltered or boiled water for days. Installation of water filter should therefore be a primary task before moving in.

Power back up

In the new area and premises, you may not be knowing about the power cut hours and face problems. Get your power back up system, may be a generator or inverter or common power backup connected to your electric circuit system before you move in the new house. In case of housing society flats check what sort of power back up the builder is promising and whether it is actually functional or not.

Check the joinery fittings

See that all tower bolts are working smoothly and much effort is not required in using them. You’ll come across many such tower bolts which can’t be operated. Ask the carpenter to set these right. Check all mortise locks and latches. See that a door remains shut with the latch well in place and doesn’t open on its own on leaving the handle. Note down the key numbers for the lock of each room and keep this list handy. Check that all door stoppers are effective. Often, the door stoppers don’t make a grip on the floor due to their ill-fitting. Get these corrected. Check all other fittings also.

Ensure Wi-fi installation

Many housing societies offer wi fi connections, so check their connectivity and other terms thoroughly. If you are moving into your own home ask the telecom company to install and commission the wi-fi modem before your moving in and check its effectiveness in each room at different floor levels by checking the number of bars showing on the laptop in each room.

Commission gas connection

These days, provision to store gas cylinders is made in the front or back of the house and a pipe is run to the kitchen for connection to the gas stove or hob. Often a valve regulator is to be provided at the outlet point of the pipe in the kitchen. The gas pipe laying people provide this valve after the provision of wall tiles in the kitchen. Call them to provide the valve, connect the gas stove and commission the system before you move in as you can't do without availability of gas connection in the kitchen.

Keep all gangs in hand

Till the time you settle well in your new house, keep all the working gangs, especially the plumber, electrician, carpenter and painter in hand. You may be needing their services once, twice or more as minor problems will crop up during initial months. Reputed gangs often oblige by attending these problems without charges.

Check the water-supply fittings

The most important thing that you must check in a new construction is that no water supply fitting is missing or leaking. Know the location of valves to cut off the water supply to the house from the municipal corporation as well as the submersible pump. You should know which taps have the direct water supply to the house. Check the water pressure in the showers, especially at upper floor levels. See that the seat jets are working well.

guest column
Smart ways

Sumit Bharana, Director, Adel Landmarks Project Ltd.

In a world ruled by technology now there is an app for almost everything including home search. Responding to an increasingly well-informed consumer and keeping in mind globalisation of the Indian business outlook, real estate developers have also shifted gears and have accepted fresh challenges. The real estate industry is possibly one of the most tech savvy when it comes to using new technology and new forms of media to market, advertise and sell products.

This has provided real estate professionals with numerous tools to aid their business in marketing, selling, tracking and managing existing clients and prospects effectively.

One of the main, and most useful tools of the trade has been the mobile phone, more specifically, the Smartphone. These devices have changed the landscape of finding and selling/buying properties. More importantly, they have become necessities for real estate professionals looking to market their services as effectively as possible.

Real estate clients often have tons of questions for their property agent before making a purchase. Sometime, calling and emailing back-and-forth becomes a tedious process. This is where the importance of real estate apps comes in. A buyer can install these apps on his mobile phone or tablets to easily access all the details about suitable properties and contact the agent after shortlisting the most suitable ones.

Purchasing a house can be a daunting task. The buyer usually gets lost in the complicated process of finding the perfect place, securing finance and moving in. But fortunately, technology has made the process of finding a home a whole lot easier. Real Estate apps probably are the best tools for people to hunt for a new place to live. These apps feature a gallery of pictures or video of the property like, details of the property, the number of rooms, unique features and information about the neighborhood. They also feature price range, locality and contact information for the property.

Once you download these apps, it becomes easy to stay updated through push notifications, social media, blog articles, new listings and real estate news.

There are many real estate apps that can be downloaded, some of these available in India include: ‘Property search India’ which features more than 1.5 million properties available all over India. ‘Magicbricks property’ is another real estate app which helps in finding a property or search for the right opportunity in real estate sector. Using this app people can buy or rent all kinds of residential and commercial property in India. They also provide latest property updates as per user requirement.

‘The Common Floor property India’ is an app which also provides an advanced feature called Augmented Search, which allows the user to view properties around them; using their phone’s camera.

Photos, interactive maps and videos of localities, societies and properties are some of the advance features offered by ‘99acres real estate India app’. ‘Mumbai property search’, ‘Noida property search’, ‘Gurgaon property search’ and ‘Pune real estate’ are some of the city specified real estate apps.

Many of these apps are free. These were created by real estate brokers or agents, in order to assist in a smooth process of home buying for potential clients. The apps function as portable versions of the websites which many agents offer. Sometimes real estate buyers find it difficult to deal with an estate agent. So they prefer to use the internet, with apps, shortcuts and software to make the search for a perfect home a little easier. Then, they can get the details, like number of bedrooms, square footage, and pricing for the listing. In fact, it is a time saving process and the customer can visit only the property which he/she is interested in.

So, before hitting the streets in the great hunt for a dream house, customers would scan quickly though their phones and keep track of them.

launch pad
Arge Helios in Bangalore

Arge Realty, the real estate arm of Texport Overseas Pvt. Ltd., announced its entry into the realty sector recently by launching Arge Helios — a fully approved ultra-luxury residential project located on Hennur main road, Bangalore.

Spread over an area of 2 acres, the project is being constructed by Birla Infrastructures. The project has the highest undivided shares of land as it will offer only 160 apartments on two acres. Adopting a family-centric approach, for the first time in India, a fully interactive digital playground for children will be the part of a residential project. The digital playground has been imported from Kompan, Europe to provide play facilities as per international trends. The project offers 2BHK, 2.5BHK, 3BHK and 4BHK and is likely to be completed by December 2015.

WindPark in Greater Noida

K V Developers Pvt. Ltd (KVD), the real estate arm of the KV Group, launched WindPark, a group housing project in Tech Zone IV, Greater Noida (West) recently. Spread over approximately five acres, the project will have around seven towers with units varying from 2BHK, 3BHK and 3BHK + Servant room spanning an area of approximately 995 to 1,505 sq ft. The price range will be between ~3200-4000 per sq. ft. The group is expecting a sales realisation of ~300 crore over the next three years. KVD has collaborated with Colliers International — a global leader in commercial real estate services and one of the world’s leading Project Management Consultants.

Speaking on the occasion, Aman Agarwal, Director, K V Developers Pvt. Ltd, said, “We are committed to hand over this masterpiece by mid-2017.”

— Based on information provided by the developers

Valenova Park in Greater Noida

Hawelia Group has launched a luxury project — Hawelia Valenova Park in Greater Noida (West). The new project will be a four-acre gated development having 21-storey towers. It will offer fully furnished 2 & 3 BHK apartments ranging from 1120 sq. ft up to 1870 sq. ft area. The basic price range starts from ~2900 per sq ft. The project is a certified earthquake resistant structure. Speaking on the occasion Nikhil Hawelia, Managing Director, Hawelia Group said, “Hawelia Valenova Park is strategically situated in Greater Noida (W) and is a 10-minute drive from Noida City Centre Metro Station. The project is surrounded not only by greenery but also with conveniences such as shopping complexes, hotels, hospitals, schools, upcoming metro station, petrol pumps and much more. The location offers excellent connectivity to Noida, Delhi and Ghaziabad”.