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NRI boost for Punjab realty
They may be called ‘non-returning Indians’ by the sceptics but one thing that the NRIs of Punjab are surely bringing back to their state is their pounds and dollars to keep the real estate market revved up. Slight dip in the real estate market over the past few months too has failed to discourage the NRIs from across the globe who are coming to Punjab, particularly the Doaba region, from investing in commercial and residential properties.
Interestingly, the NRIs are making investments in property back home to make a quick buck and in many cases are actually not utlising these for commercial purposes. As a result of this, more than 50 per cent of NRI-owned shops and showrooms in upcoming malls remain either locked or unutilised. The NRIs have not been using their properties since their main motive is usually to sell these at an attractive premium whenever opportunity comes knocking at their door. In other words, while usually the money gets circulated, property remains unutilised. The NRIs are preferring prime commercial or residential properties over agricultural land for the simple reason that both the genres of properties fetch instant buyers and yield hefty profits. “Earlier, I sold my hotel in a posh locality of Jalandhar for the sake of profit. Now, I am looking for a similar property which, could give back handsome profit after six months or one year. I don’t believe in holding properties for long as I have to run my business in Norway also,” said Mohinder Singh, a resident of Norway. The growth in the real estate, particularly, the commercial and residential properties of A-class or big cities like Ludhiana, Patiala, Jalandhar, Amritsar and even Bathinda, has gradually come down from 200-300 per cent per annum to the bracket of 25-40 percent during the past five to six months in Punjab and surrounding areas. But this ‘slight’ downscaling has failed to discourage the upbeat spirits of NRIs, for whom land is still the top choice to invest their money. According to an estimate, every month as many as 150 NRIs pocket land deals in the Doaba region and other areas of the state. While Jalandhar, Phagwara, Hoshiarpur, Goraya, Nawanshahr, Kapurthala, Nakodar and Banga are favourite locations of NRIs buying residential properties in Doaba region, commercial properties were much sougth after by NRIs in Jalandhar, Hoshiarpur and Phagwara. Beyond Doaba, Ludhiana, Patiala, Bathinda, Banur, Rajpura and Chandigarh were preferred for both residential and commercial properties, said Ashwani Gupta, a Jalandhar-based CA and an investment adviser and fund manager. “It all depends upon location. If the location is good and viable, the NRIs would be ready to spend any amount to own a a property in urban areas,” said Gupta. “Since, there is still a big scope in the real estate arena the Doaba area of Punjab alone is attracting investment worth Rs 500 crore. There is no looking back for the NRIs despite a blow suffered by them on account of appreciation of the rupee and decline of dollar. You can imagine the growing NRI interest in property from the fact and comparative quantum that just 50-60 crore rupees were invested in real estate every year by NRIs,” said Rajesh Gupta, owner of Jalandhar-based Fairdeal company and a financial consultant. Sukhnain Singh from Toronto in Canada and his US-based friend Dr Davinder Singh Sandhu were seemingly
so impressed with the lucrative prospects offered by real estate that they have jointly planned to invest in property in Punjab alongwith some of their NRI friends. “The boom is still there despite some recession. But still Punjab or for that matter India is one place in the world with highest growth in real estate. Property is still a hot cake in India. We have plans for making investments in land in Punjab,” said Sukhnain and Dr Sandhu while talking to this correspondent over phone. They said they were busy contacting land dealers, businessmen and others so that they could lay their hands on suitable properties in Punjab and surrounding areas. Rajesh Gupta opined that apart from the ‘mild’ recession what could actually dissuade NRIs from virtually capturing the real estate market in the state is the recent imposition of long term capital gain tax on NRI investments. “NRIs can get put off and NRI investments could get hindered to some extent owing to the recently laid down conditions making it mandatory for NRI investors to furnish proof of identity,” said Gupta. But the NRI investments are not likely to see a downward trend right now as according to Ashwani Gupta more NRI money will be pumped in the real estate market in the last two weeks of December. “Since, several NRIs visit their native places during the Christmas and New Year time, so there sure will be a spurt in the quantum of investments in Punjab,” said Gupta.
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London, Dubai or Chandigarh?
Le Corbusier’s architectural marvel--Chandigarh--is no longer a city of “chittian dariyan, harian jharian” (grey beards and green belts). In the backdrop of the real estate boom, the city is giving tough competition to Indian metros as well as overseas metros like London and Dubai as far as the property prices are concerned.
Ironically, the dream of owning a house in the city, which had been conceived as the city of the salaried class and retired people, may remain unrealised for the lower and middle class. This fact was proved at a recent auction of commercial and residential property in the City Beautiful last week. What is worrying is the fact that satellite towns of Panchkula and Mohali, derisively dubbed as poor cousins of Chandigarh, are also following suit, making a owning a house a dream for lakhs of lower and middle class people in the tricity. The unparalleled standard of living offered by the city has attracted big real estate developers and the non-resident Indians (NRI) to the city further fuelling the land prices. Sample this: A five marla measuring, 129 square yards was sold for whopping Rs 61.5 lakh during the last auction. The average prices of residential property has touched about Rs 50,000 per sq yard whereas just three years back, the average price was just Rs 25, 710 per sq yard. One of the major reasons for this phenomenal rise in the land prices is the cash flow in the real estate sector by the NRIs and international land developers as the dollar is sliding. K.S Dhanda, a UK-based NRI, who participated in the auction of residential and commercial properties held in Chandigarh last week, said the property rates in UK are falling. “One can own a two-kanal house in Kilton Keynes, a newly-built city, for less than Rs 3 crore which is almost the same as the price in some sectors of the city. Many NRIs thus like to invest money in India as real estate prices are appreciating at an enormous pace here,” he pointed out. Not the real estate sector alone, surveys by IT companies claim that the city is also emerging as a preferred destination for IT companies. This means generation of employment opportunities and substantial influx of professionals in the city thus jacking up the demand for quality housing in and around the city. There is no doubt that
all this has put an additional load on the infrastructure of the city that was planned for a population of about five lakh people. But the voices of concern for retaining the original character of the city have been miffed in the din of development. Manjula Aron, mother of a California-based IT engineer, made the highest bid of Rs 4.02 crore for a kanal plot in Sector 11. “Since I can afford to pay the amount in white, I put in a bid for the plot,” she said. In the process her greenbacks, however, raised the per square yard price of land to a cool Rs 80,000. An analysis of the auction trend indicates an increase of around 40 per cent in the residential land rates and around 147 per cent in the commercial property. Since the auction would serve as a benchmark for land prices, the possibility of certain big real estate players---who already have stakes in the city and the region---putting up their front men to bid in future can’t be ruled out, analysts said. Some other landmark bids in the recent auction included one for a one kanal preferential plot in Sector 38 C which fetched the estate office Rs 3.82 crore against a reserve price of Rs 2.05 crore. A three-kanal plot ( 2155) in Sector 15 C was bought for Rs 8.18 crore against a reserved price of Rs 5.42 crore. A Norway-based NRI, Basant Kumar bought a five marla plot in Sector 44 for Rs 61.50 lakh against a reserved price of Rs 39 lakh, to bring the rate per sq yard to Rs 47,612. For the commercial property, the policy to auction property on leasehold attracted a few bidders. No doubt, the land rates registered an increase of 147 per cent, taking the average land rates to Rs 2,90,578 per sq yard against the previous price of Rs 1,17,536 per sq yard. In the auction, one of the highest bids was in the category of SCOs. A site in Sector 34 was auctioned for a whopping Rs 14.55 crore against a reserved price of Rs 7.46 crore. A III bay site in Sector 43 fetched Rs 14.31 crore against a reserve price of Rs 5.83 crore. Two II bay sites in Sector 43 fetched Rs 8.71 crore against a reserve price of Rs 4 crore. On the other hand, a commercial plot in Sector 9 of Panchkula fetched over Rs 14.5 crore with the average price working out to over Rs 4 lakh per square yard. The auction of the property on the freehold basis as compared to leasehold was the primary reason for this, observers added. The skyrocketing prices of the freehold and leasehold property have, in fact, brought cheer to the landlords also as the rental value too has gone up. Besides a general hike in the property prices, the IT boom and demand for PG accomodation has pushed up the rentals in the city and its satellite towns. “Given its excellent infrastructure, locational advantage and entry of MNCs in the wake of the IT revolution, the tricity has virtually become the real estate capital of the country,” claims B.K Sanghi, president of the Haryana Group Housing Federation and a keen property watcher. Amarjit Sethi, a real estate agent, said the administration should auction the property on freehold basis to attract the bidders at the actual market rates.
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Panchkula scores over Chandigarh
Haryana’s projected ‘Paris’, Panchkula has scored over Chandigarh and Mohali in the revenue earned from the sale of commercial property. While the average rate per square yard was about Rs 2.9 lakh in Chandigarh, the rate in Panchkula was over Rs 4 lakh per square yard. The price for Mohali was Rs 2.71 lakh for a yard. The auction of property on freehold basis in Panchkula was primarily responsible for high prices in the satellite town.
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Development comes at a price
In Chandigarh development seems to be coming at a price. With an area of just 114 square km, coming up of the high rise buildings in city in the wake of the entry of MNCs and IT sector may stretch the already-overburdened infrastructure in the city. Several former chief architects of the city recently sounded warning bells against the haphazard growth in the city and its periphery. However, there seem to be no takers for their considered view in the wake of the onslaught retail revolution and shopping mall culture.
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Bathinda arrives
The Rs 18,000 crore refinery project of world-famous steel baron Lakshmi Mittal has generated feverish activity among the private builders as the demand for a large number of modern residential units is going to increase manifold once work on the project begins here. Along with this several other development projects too are expected to bring a large number of senior and middle rung executives, besides a lot of work force, to the city. Mansa road is, in fact, gradually becoming the hub of privately developed townships reason being that land on this stretch is cheaper and the area is also relatively free from air pollution being caused by the thermal power station in and around the main town. Another factor that has triggered the building activity here is that the builders are being offered several concessions in Bathinda that has been declared a low-potential area by the state government. In a bid to attract buyers for villas and residential plots near Bathinda, Ansals group and HBN are among the major builders that have some upscale projects lined up in the vicinity of the city. Ansals group, in collaboration with a local builder, is developing a township over an area of 250 acres on the Mansa road, while HBN is also developing a smaller township in the neighbourhood. Pankaj Gupta, deputy general manager (Projects) of the Ansals, said while being in Punjab, Bathinda has locational advantage by virtue of being close to Haryana and Rajasthan and this was the main factor that has brought major builders here. Gupta said the town is undergoing development at a brisk pace and there is lot of activity in terms of industrialisation and its socio-economic profile too is changing rapidly. This change has resulted in a great demand for planned housing with a wide array of facilities. He said the ‘Sushant City’, being built by the Ansals would provide the essence of Canadian lifestyle to the city. The township will offer its residents the privilege of a Canadian style club. The commercial property scene too is hotting up in the city. This became evident when recently the Bathinda Development Authority (BDA) auctioned a 4.5 acre commercial site in Bathinda for a whopping Rs 184 crore. Talking in this regard BDA chief administrator said Best City Developers Private Limited of Delhi was the successful bidder which bought the property, which has been positioned for multiplex-cum-mall, at a price approximately 35 per cent higher than the reserve price. BDA had fixed the reserve price for this site at Rs 135 crore. Four parties from all-over the country participated in the auction that was termed the largest ever real estate auction in the history of the state by Harcharan Bains, media adviser to Punjab Chief Minister. Earlier in an auction in Jalandhar, a 2.94 acre piece of real estate had been auctioned to Reliance by Punjab Urban Development Authority (PUDA) for Rs 104 crore. This was followed by another high-priced auction of 5,000 sq yard commercial property on Ferozepur Road in Ludhiana for Rs 77 crore. With all this there is little doubt that Bathinda would emerge as one of Punjab and North India’s major growth centres in the days to come.
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Pride Group plans new hotel in Mumbai
Pride Group-promoted Pride Hotels plan to construct a 200-room five star hotel near the Mumbai International Airport. Announcing this here, Pride Group chairman S.P Jain stated that the group had received a significant investment from Kotak India Real Estate Fund for part financing of its Rs 340 crore expansion-cum-renovation plan. Jain said the Group would also bring an Initial Public Offer (IPO) for this purpose in the first quarter of next year. At present, the group has hotels in Pune, Nagpur, Ahmedabad and Chennai, while its upcoming hotel at Bangalore will open in June 2008. “With this key investment from Kotak Realty Fund and Mauritius-based Primary Fund, we are now close to finalising sources of funds for our expansion plans,” Jain said.
The group aims to utilise the funds towards setting up new hotels in Mumbai, Goa, Bangalore and Alibaug. It has recently acquired 4.5 acres land at Alibaug.
— UNI
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GREEN HOUSE Vacant areas in big projects too need a judicious choice of plants to retain the virgin glory of wilderness, says Dr Satish Narula The horticultural development work in an estate needs careful handling. It has to be thoroughly planned before the actual planting work is undertaken. It is so because the same territory is to be shared by different development wings viz. telephone, sewerage, electricity etc. A single wrong move in the initial stages may pose a host of problems at a later date. The trees in the whole set up are immovable entities and their planting has to be planned judiciously. The planning needs a thorough knowledge about tree species, their above-ground spread and below-ground reach. The plantation is to be done keeping in view future expansion needs too. Most of the area is planned in advance due to the limited land available. Still in big projects, there are some areas that are left for future expansions or developments. But you cannot leave those areas unattended for obnoxious weeds and unwanted plants to thrive. Such areas could also be decorated with plants that need a little care or no care at all. Later, when the area is taken up for development such plants as planted earlier could be included in the landscape plan with added advantage of having grown up plants for immediate effect. Such area could also be planned beforehand. The trees and shrubs could be planted at appropriate places. The selection of hardy material is made for such areas as the plants may not get water supply or protection till the growth of construction reaches them. There are many shrubs that can be planted in such areas, the foremost being bougainvillea and kaner. The former is very hardy and needs no water once it gets established. It could also be growing at places where one wants to give some camouflage. This is due to the heavy and fast growth that the plant makes. Kaner too is very hardy and can even withstand pollution stress. There may be low lying areas in the project and nothing could be better than kaner, a plant that likes to have moisture and flowers frequently and in plenty. However, the moisture in this case is also not a prerequisite. Kaner has a range of flower hues too. You can get pink, red, white, yellow and salmon blooms. Now one can get even dwarf bougainvillea and kaner varieties. Various kinds of bamboo is another choice for such locations. They cover the place in no time. Once the bamboo covers the area, no obnoxious growth can grow under it. Its planning could be done with foresight for future. Dhak or ‘Flame of Forest’ is another beautiful flowering tree that is too hardy and when grown in mass planting gives amazing effect. It is so named as the blooms are dazzling red and put the ‘forest on fire’ visual. You may have seen occasional plantations along highways somewhere. Erythrina is another tree that bears red flowers and can grow without any external aid and in adverse conditions too. This tree is fast growing but doesn’t have a long life. You can even remove them when and where not desired. But when in bloom, they are leafless and unmatchable in beauty. Thus, just a little planning can go a long way in preserving the virgin beauty of wilderness.
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Building tech industry rides on realty wave
Riding on the real estate's growth, building technologies industry, which mainly provides fire safety, electronic security and management solutions, is expected to increase its market size by more than three times to reach $1,300 million by 2012, an expert said.
The robust performance of industrial sector and growth in construction of commercial and residential properties in India bodes well for the future of building technologies industry, Frost and Sullivan manager Mushtaq Md Khan said at a conference. "The total market size of building technologies industry stood at $308 million in 2006 and is expected to touch $390 million this calendar year," Khan said, adding the market size was estimated to touch $1,295 million by 2012. Frost and Sullivan, a global growth consulting company, expects the market demand to grow at 30 per cent per annum over the next five years, he said. Building technologies include fire detection and alarm system, electronic access control, video surveillance (CCTV), intrusion detection, energy management services and building automation and management systems, he said. The changing attitude and perception about safety, security, comfort and energy savings and preference for the state-of-the-art building technologies have increased the demand for fire safety, security and building automation systems substantially, he said.
— PTI
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Nanocity
Hotmail co-founder Sabeer Bhatia is close to signing a deal with two or three real estate funds for his multi-billion dollar Nanocity near Panchkula.
Nanocity, which would replicate the Silicon Valley, would be ready for occupation by 2010 and would have top infrastructure facilities besides housing several knowledge industries. “Nanocity will be much bigger than the Silicon Valley. The success of Silicon Valley is because of two world-class educational institutions — Stanford and Berkeley. And we intend to have world-class educational institutions in Nanocity,” Bhatia told PTI. Already $ 300 million have been invested for land acquisition and an additional $ 1.2-1.5 billion investment would be needed for development of infrastructure like roads and sewage system, he said. Spread over an area of 11,138 acres the Nanocity project is promoted by Haryana State Industrial and Infrastructure Development Corporation. Bhatia said so far he has not contemplated applying for Special Economic Zone status. “The idea of building Nanocity is to develop a sustainable city with world class infrastructure and to create an ecosystem for innovation leading to economy, ecology and social cohesion,” he said. About 50 per cent of the area in Nanocity has been earmarked for development of parks and upkeep of open spaces.
— PTI
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REAL BURN-OUT High prices and low returns are keeping investors out of real estate market in the silicon valley of India, says Jangveer Singh
Many in Bangalore had made a thriving business of shuffling properties this way. But come 2007 and things changed drastically. Now it is difficult to offload the same properties at even reduced margins. In fact in some areas like East Bangalore where the demand has outstripped supply, many people who had bought properties for investment purposes are not finding any buyers. This is leading to distress sales and price corrections in most parts of the city, except for some areas in North Bangalore which are close to the upcoming international airport. Property developers in the city too have a hand in worsening the situation over the past few years. They kept adding facilities to justify the exorbitant costs. This meant that even if you bought a flat in such a property it was expensive living in it due to high monthly maintenance charges for the swimming pool, gym and other facilities. The ongoing expo of the Karnataka Ownership Apartments Promoters Association (KOAPA) has bought this harsh reality to light. The expo is attracting lesser number of people mainly because investors are keeping away and it is only the genuine buyers who are frequenting the exhibition. Even those who are visiting the expo are not sure whether they will buy the apartments on offer. Inderesh Khurana, a Wipro employee, told TNS that he had come to the expo to see the choices on offer as well as to check out the novelty factor. However, when asked about his apartment of choice he said it must be less than Rs 25 lakh so that he is not put under an unnecessary burden. He could not find any such apartment at the expo. Though most of the flats on offer at the expo are in the Rs 50 lakh range, the builders themselves agree they will have to change track and address the small flat owner also. KOAPA President Balkrishana Hegde said some builders had already begun work on sub Rs 20 lakh apartments and that such developments would be on offer by mid 2008. He said though the IT boom had heralded the arrival of even the Rs one crore and above apartment, builders understand there was a market for lower segment apartments among government and public sector employees as well as those working in various institutions in the city. He said there was a demand for around 50,000 apartments every year and the middle class constituted a large portion of this demand. The demand for small apartments worth Rs 25 lakh to Rs 30 lakh without any frills has risen due to the sharp rise in home loan interest rates as well as the recent increase in the guidance value. The increase in the guidance value has increased the registry costs by a few lakhs on almost all properties. There is also a feeling that property dealers have increased the prices in even the peripheral areas of the city to an all time unrealistic high. This means there are limited opportunities for even genuine buyers in the city’s periphery with land sharks and property dealers controlling the pricing. Builders are loathe to lower prices despite the market reality resulting in many complexes remaining only partially sold out despite aggressive marketing. They are, however, going in for freebies to hard sell their properties as is being experienced at the property expo here. But with thousands of flats still in the hands of investors, the buying spree has definitely petered down in the IT city.
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Tax tips
Q I am a senior citizen and intend to sell my share of the ancestral agricultural land (located within municipal limits) in Punjab, which I inherited in 1980. I do not know when the land was purchased by my grandfather and at what cost. My query is : How to determine the long term capital gain and the income tax payable thereon, if I sell the land in question for about Rs 20 lakh.
— D.N. Verma A. It seems the land inherited by you is very old and must have been acquired prior to 01.04.1981. You should get the fair market value of the agricultural land ascertained as on 01.04.1981 by obtaining a valuation report from an approved valuer. Such value will have to be indexed up to the year of sale. The value so ascertained will be deductible from the sale consideration of Rs 20 lakh and the balance amount would be taxable as a long term capital gain on the sale of the inherited agricultural land.
Capital gains on vacant plot
Q. What would be the LTCG in case of sale of vacant residential plot after three years whether it should be on value mentioned on registration deed of Tehsil Office or actual sale purchase price, (for which there is no official record). Please advise. — Jagat Singh A.
The capital gain, after the introduction of Section 50C of the Act w.e.f. assessment year 2003-04, is required to be computed by adopting the higher of the value specified in the sale deed or the value adopted or assessed by Stamp Valuation Authority for the purpose of payment of stamp duty in respect of the transfer of the property. Accordingly, in your case, the capital gain would be computed by taking into account the aforesaid provisions of the Act.
Can I pay house rent to my wife?
Q. I am a government employee working in the PSEB my wife is also a Punjab government employee working as teacher in the education department. We are residing in our own house which is in the name of my wife. We are claiming house rent from our respective employers. My query is that whether I can pay house rent to my wife and get the benefit of house rent allowance (HRA). My wife will include the income from house rent in her own income. — Rajesh Kumar, Patiala A.
In response to your aforesaid query I have to point out that a detailed reply to your similar query was published in the columns of this newspaper on 13.08.2007. I would therefore request you to refer the said reply in this regard.
Rebate on plot in joint name
Q. I and my wife are working in two different banks in Ludhiana. We purchased a plot in joint names with equal shares in December 2001. I availed a loan of Rs 12 lakh from my bank and constructed a house on the above mentioned plot. The total cost of construction of the house was Rs 23 lakh, which we invested from our savings and loan of Rs 12 lakh. My bank has taken the guarantee of my wife as plot is also in her name. The monthly instalment of Rs 8,000 is being paid by me from my salary. My question is that if my wife also repays the loan amount from her own account by cheque or otherwise, then will she get the benefit of Section 80C of Income-tax Act or not. — Bhupender Singh, Ludhiana A.
The Section 80C of the Act provides for the deduction of aggregate of the sums not exceeding Rs 1 lakh in respect of various items specified in the said Section. The deduction under the said Section is allowable against the total income of the assessee. In my opinion, the deduction under Section 80C of the Act in respect of the amount repaid towards the loan borrowed by you for the construction of a residential house can be claimed by you only. This is because the loan was obtained by you and not by your wife.
Sale of agricultural land
Q. One of my friends is a senior citizen who is a retired government pensioner. He possesses agricultural land also. As he has become very sick and old now, therefore, he has sold some portion of his agricultural land to meet his medical expenses. Please let me know- (a) Whether income earned by selling agricultural land is also tax free as in the case of income earned by selling agricultural produce which he grows on his agricultural land? (b) If the answer of question (a) is in the affirmative, please let me know whether there are special rates of paying Income Tax by selling the Agricultural land? Moreover please let me know the rates of paying the Income Tax in a such case? — R.C.
Sehgal, Dharamsala A. The replies to your queries are as under: (i) The capital gain earned on the sale of an agricultural land is taxable provided the agricultural land is situate within the jurisdiction of a municipality (by whatever name called) or a cantonment board and which has a population of not less than 10,000 according to the last preceding census, the figures which have been published before the first day of the relevant previous year or in any area within such distance not being more than 8 km from the local limits of any municipality (by whatever name called) or cantonment board as the Central government may specify in this regard by notification in the official gazette. (ii) The taxability would depend on the period of holding the agricultural land. If the agricultural land is held for more than three years the capital gain, if any would be a long term capital gain and taxable at the rate of 20 per cent plus applicable surcharge and education cess. In case the same is held for a period of less than three years capital gain, if any, would be a short term capital gain and the taxability would be at a normal slab rate. You have not specified the location of the agricultural land and therefore it is not possible to indicate whether the agricultural land sold by your friend would be covered within the aforesaid limits. The writer can be contacted
at
sc@scvasudeva.com
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Real News
New Delhi: City-based realty firm Parsvnath Developers Ltd has launched its residential project 'Parsvnath Passion' in Jammu, which has a realisation value of over Rs 100 crore in next three years. “The project, with a saleable area of over seven lakh sq ft, is the first integrated group housing project being developed in the state by Parsvanath”, a company statement said. Work has successfully begun and is expected to take three years to finish,” company MD Sanjeev Jain said in the statement. The project being developed in association with Mass House Building Cooperative Ltd from the region, offers eight-floored high rise buildings with 480 units in the price range of Rs 17 to Rs 30 lakh.
— UNI
Collage group launches Rs 100 cr housing project
Amritsar: The Collage Group has announced the launch of their premium residential group housing project “Collage Windsor Apartments” on the Airport-Ajnala Road in Amritsar at an investment of Rs 100 crore. The group-housing complex, with a total of 253 apartments including two, three bedroom apartments, duplex, penthouse, condominiums and garden terrace apartments start at an affordable Rs 30 lakh. Speaking on the occasion Amit Khaneja, vice-chairman of the group said, “We will commence construction by end of December 2007 and hand over the possession of the apartments to their owners by end of 2009. Collage Windsor Apartments site on Ajnala Road has been carefully selected given its proximity to the airport, key residential colonies like Ranjit Avenue, Maqbool Road and easy access to the Central Business Districts like Mall Road, Madan Mohan Malviya Road and Lawrence Road. The location offers the best of both”.
— TNS
Omaxe gets green signal for Rs 1,800 cr project
Mumbai:
Real estate developer Omaxe today said one of its subsidiaries has received green signal for multi-purpose project, estimated at Rs 1,800 crore, in Hyderabad from the concerned authority. The bid of Eden Buildcon, a wholly-owned subsidiary of Omaxe to develop land at Kokapet area in Hyderabad for residential and commercial purposes has been accepted by the Hyderabad Urban Development Authority (HUDA). In a filing to the Bombay Stock Exchange, the firm said the project is expected to cost between Rs 1,600 crore and Rs 1800 crore. The company received the project for 25 acres of land in Hyderabad through an open auction-cum-sealed tender basis.
— PTI
HUDA to construct 20,000 houses for slum dwellers
Chandigarh: Haryana Urban Development Authority (HUDA) will construct 20,000 multi-storeyed houses for slum dwellers in different parts of the state under the Ashiana scheme. The decision was taken at the 100th meeting of HUDA which was presided over by the Chief Minister, and HUDA Chairman Bhupinder Singh Hooda recently. The houses would be constructed in eight districts of Panchkula, Gurgaon, Faridabad, Rohtak, Kaithal, Ambala, Sirsa and Rewari, the Chief Minister said at the meeting.
— PTI
DLF to construct Rs 80 cr multi-level parking
New Delhi: Country’s leading realty firm DLF Ltd has said it will construct and operate the city’s second multi-level parking project, with an investment of Rs 80 crore.The parking project at Sarojini Nagar will have space for 824 car parking spaces, spread over seven floors starting from second floor upwards. It will also have retail and commercial area on ground and first floor. DLF won the bid for the project, offered on concession period of 30 years, by providing the maximum number of car parking spaces, the company statement said. The fifth largest real estate company in the world, DLF Group has a market capitalisation in excess of $38 billion. DLF has recently forayed into the infrastructure, SEZ and hotel businesses.
— UNI
Mantri Realty launches Goregaon residential project
Mumbai: Leading realty major, Mantri Realty, has announced the launch of its residential project ‘Mantri Park’ at Goregaon (East) here. The project comprising 900 flats was inaugurated by Bollywood actor Anil Kapoor, who also became the first customer to book a flat at Mantri Park. Spread over five-acres, the project has the picturesque backdrop of Mumbai’s largest green zone, the Aarey Colony. The project has both, towers of 18 floors as well as seven-storey buildings. Designed by the well-known architect, Hafeez Contractor, the project caters to a variety of budget and space requirements. Mantri Realty’s chairman, Sunil Mantri, said the project “has something rare in Mumbai, the studio apartments and the one-and-a-half BHK in addition to one and two BHK flats.” The studio and the one-and-a-half BHK cater to a niche market and are a good entry point for buying real estate in Mumbai, the release said. These flats are located in the seven-storey buildings. The project has 17 and 18-floor towers offering a lifetime view of the hills. “This is because no further construction can happen at the periphery of the Aarey Milk colony.” The project is 85 per cent ready and the remaining work is expected to be completed in the next six months.
— PTI
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Bathinda and its adjoining areas have been known as the backwaters of Punjab for a long time. But the picture seems to be changing, and changing fast in this predominantly rural area of Malwa if one considers the growth in realty sector in the area. Not only have land prices maintained an appreciable growth but the area has 
Three to four years back, the smart thing to do for anyone with a little capital to spare was to be on the look out for proposed developments. Even before anything took off, our guy would book a flat in a proposed complex at pre-launch prices. Two months afterwards when the project was launched officially the price of his flat would increase by a few lakhs and two years down the line, he could sell his flat at almost double the amount invested and laugh all the way to the bank.