Top 5 Tips for First Time Home Buyers By: Unknown No comments

A little confused, a little uncertain, a little excited: this is how a first time home buyer feels. If you are looking for a house to purchase, there are a few things that you should be first clear with. Here are the top five tips that you should consider:

1) Check the available finances and financing options

Your budget is the primary and most important factor in buying a home. If you have the entire amount saved up, then the process is simple – look for a house that fits your requirement and matches the amount you have. This, however, is not the case with a majority of people, as they borrow from banks or other financial institutions when buying a house.

If you plan on taking a loan, you should check your finance eligibility with a bank even before looking out for housing options. Your eligibility will be determined on the basis of your credit score, your past credit payments, and your overall credit history. Check with a bank to know what loan amount are you eligible for. Then compare interest rates of different banks.

2) Come down to micro-level calculations

The amount you are eligible for and the amount you can afford are not necessarily the same. For deciding your home budget, think about how much EMI would you be able to pay comfortably each month. For example, if you are eligible for 1.6X amount but you can comfortably pay EMIs for 1X amount, look for a home in a 1X budget and take loan for that. It might not be a good idea to pay a high EMI and struggle with other all other expenses.

Do not forget to take the down payment and additional home charges such as EDC/IDC, parking, PLC etc in to account when finalizing the budget.

3) Specify your requirement

Be sure of what you require and what the most important aspects are for you. Ascertain if according to your needs and budget you should go for an apartment or a row house or a villa etc. Then determine if a 2/3/4 BHK suits you. Then establish the finer requirements – larger rooms, larger kitchen, more storage, easy accessibility, green environment etc.

Also decide your preferences in order. If you will get a larger house that’s not in the city’s centre, will you go for it? If the perfect home has lesser storage, would you take it? If a home you like has natural surroundings but is in a developing area, will it be your choice? Know your selection preferences.

4) Consider the smaller aspects too

Locality, size of the home and its rooms, surrounding etc are macro aspects. Do not forget to keep in mind the micro features too. Sizes of the balconies, accessibility of the common areas, visitor parking slots are smaller features that should also be looked at.

These little things matter once you shift into your home. Consider them in advance. Also, if you believe in Vaastu Shastra, you might as well consider that too.

5) Inspect the home thoroughly

If you are buying a ready-to-move-in home, inspect it properly before purchase. If you are investing in a home that is under construction, check the sample flat/layouts thoroughly. Know well about the materials that will be used for construction, fixtures and fittings that will be employed, and sanitaryware that will be installed in the home.

A thorough inspection will assure you of what you are going to invest in.

Demystifying Changes: Gurgaon Master Plan 2031 Vs 2021 By: Unknown No comments

What is a Master Plan?

According to a government official website: "A Master Plan is the long term perspective plan for guiding the sustainable planned development of the city. This document lays down the planning guidelines, policies, development code and space requirements for various socio-economic activities supporting the city population during the plan period. It is also the basis for all infrastructure requirements."

How is the Master Plan Executed?

A master plan portrays how the city will appear once the execution is complete. The implementation of the plan starts 10-20 years earlier. On commencing, a priority order is followed – first the land is demarcated, then the drainage system is laid, then the construction of roads is commenced, followed by developments in the planned order of importance. The city stands completed/nears completion in the year stated by the master plan.

Current Status: Development of Gurgaon as per the master plan of 2031 already commenced in 2013, with a number of sub-projects already completed, and more in progress. The current status of completed and in-progress sub-projects can be checked on HUDA’s official website.

Gurgaon Master Plan 2021 Vs 2031

Reason for a new master plan for Gurgaon: According to the notification released by the Town and Country Planning Department of the Haryana Government, a large area measuring 4570 hectares had been earmarked for SEZs in the Gurgaon master plans of 2021 and 2025, which eventually found no takers. This was the primary reason for initiating a revision of the plan.

And while the allocation of this land was being revised, it was noted that all other Development Plans of major towns / cities in the State were being prepared for a perspective period of 2031 AD, which led to the revision of this development plan to be in accordance to 2031 as well.

Major changes introduced by the Gurgaon Master Plan 2031:

• Land from the SEZ category was changed to residential and commercial zone; total residential area increased by 11% and commercial area increased by 13%.
• Additional sectors 95A, 95B, 89B, 88B and 99A were introduced in Gurgaon as a result of the SEZ land change.
• Population considered was increased from 22 Lacs per hectare to 42.5 Lacs per hectare.
• Total area was changed from 37,000 to 33,700 hectares.
• The use of land, which was under acquisition by the Industries Department along KMP Expressway was to be converted to Agriculture Zone

Click to read: A list of all changes is available in the notification issued (Page 1 and 2)

Click to read: Notification for Master Plan 2021

What is means for you: There are no changes to existing units as well as development of the infrastructure around, owing to the new Gurgaon master plan. Infrastructure development will continue the same way as it was supposed to, as per the Gurgaon Master Plan of 2021.

9 Tips for a More Restful Bedroom By: Unknown No comments

Believe it or not, the right decor can lead to a better night's sleep.

 

1. GO BIG, OR GO HOME.

Wendy Labrum of Wendy Labrum Interiors recommends not settling for a too-tiny nightstand, especially if you have a king-size bed. "If the bed is large, don't be afraid to go big on the nightstands or go for a smaller dresser instead," says Labrum. "Scale-wise they work a lot better and it maximizes that space and offers up more storage."

2. OH AND BY THE WAY, THE NIGHTSTAND ISN'T A STORAGE TOOL.

It's actually for the handful of items that need to be immediately accessible to you, says Karen Vidal of Design Vidal Interior Design. "If you need a lot by your bed, a nightstand with drawers helps," says Vidal. "Also, being able to put a light on the wall instead of on the nightstand can gain you a lot of space and make the surface look much cleaner."

3. NOT ALL BED STORAGE IS CREATED EQUAL.

"Think about what kind of bed you want, some designs allow the bed to pop up or have storage built in underneath," says Labrum. "I know with queen-size beds, those are great options otherwise go for the low, flat storage containers you can buy at any big box store. You can easily hide them with a pretty bed skirt."

4. DON'T BE AFRAID OF BUILT-IN UNITS.

Bedrooms are one of the rooms with the least amount of space, if you can customize it, you can optimize it explains Vidal. "Installing a smart built-in can eliminate the need for other furniture while still taking full advantage of the space and getting exactly what you want," says Vidal. "It's worth the money. Plus some container or organizing stores have more affordable built-in like units that give you the same custom feel."

5. MATCHY-MATCHY IS OVER.

"Don't get a matching bedroom set, because every piece is all the same and there is no variety," says Labrum. "It also ends ups crowding a space, things aren't bought specifically and are ill-fitted because they were a set. The nightstands are too small or the dressers are too big. Buy exactly what you need for the different spaces in your bedroom."

6. BE TOUGH ON TRASH.

A prime way for clutter to build up? Not throwing things away when needed, so keeping an adequately-sized garbage bin in your bedroom can help keep the room tidy says Vidal. Be tough, don't let magazines linger or used water bottles, etc. Toss 'em when you no longer need 'em.

7. CLEAR CLOTHING CLUTTER.

Sure it's tempting to throw all of your clothes from the week into a big pile on a chair in the bedroom, but think of the time it will take you on the weekend to fold it and put it all away. "Make use of a valet rods, as many as you can fit in your closet while still looking good," says Labrum. "They keep clothes off the floor and unwrinkled." Which, fist pump, means less work for you later.

8. DON'T BE AFRAID TO GO VINTAGE.

Believe it or not, vintage furniture has a lot of features that hold more than meets the eye, think small drawers and compartments. "Be on the lookout for multifunctional pieces," says Vidal. "For example a desk that can open or close, but can also hold your jewelry on top of it."

9. PUT AWAY MEANS THINGS JUST HAVE A PLACE.

So the jewelry you wear frequently feels like it's all over, but you don't want to stick it in a drawer, you'll forget to wear it. "Have a big jewelry tray, a place where it is 'put away'," says Labrum. "If you have the drawer space you can even stack the trays for maximum storage."

 

Let your Kitchen Nourish your Health! By: Unknown No comments

How direction affects taste of food?

According to the theory of Five Elements, in each zone there is one or more element, and this combination will affect how food tastes. In the East, the natural flavour of food is enhanced, while the South makes food spicy and encourages a good appetite. In the West, it is crispy and salty, and you want more of it. In the North, it will taste sweet.

Ideal Kitchen Zones

South East: The ideal zones for a kitchen are the South East (SE) and South-South East (SSE). Both of these Vastu zones are dominated by the fire element. The SE is known as the Agni kon, the place of the ‘spark’, the ‘burner’, represented so well by the cooking stove. The colors, green, cream and red promote its positive aspects. Food cooked here will taste good and eating here will also improve your digestion. Not only does it give you good physical health via nutritious food, but it also keeps money flow healthy.

South-SouthEast: For a kitchen in SSE, Vastu zone of strength and confidence you can use same colour schemes as recommended for the SE zone. Kitchen located in this zone provides fuel for all endeavours and keeps up mental and physical strength. In the old days, the ghee  and cooking oil were kept here.

West Zone: A West zone is also good. In fact, many good restaurants are either westfacing or have their kitchens in the West. It promotes gains, good health both physically and financially.

Bad Kitchen Zones

-- South-SouthWest

Remember that a kitchen is taboo in the South-SouthWest, the zone of waste and disposal. It is exceedingly harmful for all aspects of life.

-- North-East

The kitchen is not recommended in the North-East as it brings mental turmoil – fire in the place of Water – and can cause brain-related ailments. For newlyweds, this kitchen creates problem related with conception and child birth. So, it must be avoided.

-- North

In the North, the kitchen affects new opportunities in career, growth and money. Businessmen will see their sales plummet. For people in jobs, it will bring in problems with boss as also block growth in career.

-- North-NorthEast

In the North-North-East, the zone of health, it will cause regular ill-health, medication and affects immunity and recovery.

-- East-SouthEast

Many people suffer from diabetes. A kitchen in the East-SouthEast, the zone of churning, can set this problem off in males and the cook is likely to acquire a complaining nature.

-- South-West

In the South-West, the zone of relationships, it will generate severe inter-family clashes, career instability and delayed marriages of children.

Placement of Kitchen

Some say that the kitchen and bathroom should not be adjacent to each other, but this is all right, if each room is in its right location. This is possible when the kitchen is in the SE, and the toilet is in the ESE.

Many people are fearful of building their bedroom above the kitchen, thinking that the fire burning below will cause discomfort and not let
the body rest and rejuvenate. This is not so, not a single researched case has held it to be true. In fact, only the wrong placement of both rooms, against Vastu norms, can cause trouble. If you discover that the kitchen is wrongly placed, there are several Vastu remedies possible. For example, changing the wall colour or floor colour.

Dos & Don'ts

• Use of granite as the kitchen slab can cause severe ill-health, also leading to cancer of the lower abdominal area, if the cooking stove is placed above it. Using marble presents a better and safe option

• You can also use lights of the right colour that will help in enhancing the strength of the Vastu zones and treat the defects created due to kitchen made in the wrong direction

Home Insurance - Points to be noted By: Unknown No comments

M Ravichandran, President – Insurance, TATA AIG General Insurance Company Limited explained home insurance and its importance. Home insurance is still at a nascent stage in India and the awareness for home insurance in our country is not very high. Gradually, with the growing real estate sector, home finance has emerged as an indispensable part of real estate. Natural disasters, such as earthquakes, floods and tsunami have also led home owners consider insurance for their homes.

Numerous Home Finance Companies (HFCs) are offering home insurance policies while providing home loans in India. In order to safe guard their interest on the property, they have financed against natural calamities, fire or its allied perils encourage their customers into choosing insurance for the home structure. Most insurance companies also offer personalised policy plans to suit the owner’s needs and budget.

Some key points which one should keep in mind while opting for home insurance are:

Sum-assured calculation - It is calculated by multiplying the built-up area of your home with the construction rate per square foot. Construction cost depends on the type of construction of the building and can easily be obtained through the builder, architect or local engineer.

Premium Costs - The premium cost depends upon a wide range of factors. If the cover is opted for structure and the contents of the house against fire and allied perils such as natural disasters, then the premium may not be very high.

Benefits offered by home insurance are as follows:

Fire: This covers explosion / implosion, aircraft damage caused by aircraft, riot, strike, malicious damage cover, damages due to impact by rail / road vehicle or animal, bursting and / or overflowing of water tanks, apparatus and pipes, missile testing operations, leakage from automatic sprinkler installations, lightning, loss caused by storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation, destruction by subsidence of part of the site on which the property stands or landslide and bush fire.

Cover includes: Building, contents, rent for alternative accommodation, covers additional expenses on rent incurred by you in case of loss or damage to the premises caused by an insured peril rendering the premises unfit for occupation and forcing you to shift to an alternative accommodation for a maximum period of 30 days, impact damage by own vehicle.

Public liability: Covers your legal liability as a house owner towards others (third parties) and your domestic helps.

Burglary and theft: Provides cover to the contents of the house against burglary and theft. Any resultant damage to your house subject to a maximum payment of 10 per cent of the benefit sum insured or Rs 5,000, whichever is less.

Purchase protection: It provides automatic protection for newly purchased articles against fire and burglary up to 30 days from the date of purchase.

Pedal cycle: It covers your pedal cycle comprehensively against accidental damages. Additionally, it also covers liability towards third party injury and/ or property damage up to Rs 10, 000 only.

Plate glass: Securely fixed plate glass (e.g. windows) is covered against accidental loss or damage resulting into breakage.

Baggage: Your accompanied baggage is protected even while you travel. Any accidental loss or damage and theft of personal baggage during the travel is covered anywhere in India.

Audio visual appliance: It covers fire, burglary, theft, legal liability, accidental damages and breakdowns associated with audio and audio visual equipment

Domestic appliance: It covers your domestic appliances like refrigerator against the risk of unforeseen and sudden mechanical and /or electrical breakdown.

Expenses for temporary resettlement: In case your home has been rendered uninhabitable due to fire, Home Secure covers the cost of packing and transportation (up to specified limits) of your household goods to an alternative residence.

The covers available under Home Insurance are comprehensive and can be customized to cater to individual needs of each customer. It is recommended that all customers consider opting for a comprehensive home coverage from a reputed company that has a good track record of efficient claims servicing to its customers.

Legal advice to buying property: All you want to know By: Unknown No comments

If you are planning to buy a home in near future, you must be aware that there are several legal aspects points to take care of before you invest your hard-earned money in a property. You not only have to select a property that meets your requirements, but also have to find out that the property is legal or not.

When it comes to the legality of the property, there are several aspects to it that should be addressed at the time of buying a property. There are several key documents of the property that must be obtained from the seller, without which your purchase will not be deemed legal. Such documents include Letter of allotment, Sale deed, Sanctioned plan, Society documents, encumbrance certificate, Sale agreement and more.

The sales agreement, for instance, is a very important document in the process of sale or purchase of property as it spells out the terms and conditions under which the seller is selling the property, and also the terms and conditions under which the buyer is purchasing it. This agreement facilitates swift and quick culmination of transactions without any disputes. This agreement also covers the conditions through which the parties give consent to perform certain acts. The sale agreement legally compels the seller and the buyer to the terms and conditions.

The documents of the property should be scrutinized by the buyer even before looking at the property. It is important for the buyer to insist on checking the original documents before finalising the deal. The letter that confers allotment of the property to you from the relevant society or authority is a primary document you need to have in order.

It is very important to see the legal background of the developer in whose project you are planning to invest. Ask for the land allotment papers and a copy of the sanctioned plan of the building. Do check for the penalty clause in the sales agreement in case of delay.

Realty Industry Hails Rate Cut by RBI! By: Unknown No comments

From RBI

The real estate industry on Wednesday hailed the Reserve Bank of India's decision to cut repo rate by 25 basis points, or 0.25 per cent, saying the move will help the sector tide over the liquidity crisis.

"The reduction in repo rate by 0.25 per cent is an excellent move as this should help the industry and business in general to tackle liquidity crisis. In fact, there is further scope to ease the credit policy," Confederation of Real Estate Developers' Association of India (Credai) chairman Lalit Kumar Jain said.

The Reserve bank of India reduced the repo rate from 7.75 per cent to 7.5 per cent with immediate effect.

"Given that the recently-presented Union Budget did not have any major announcements aimed at directly boosting home buying to lift the listless real estate sector, there were higher expectations from the RBI by the stakeholders. Housing developers have been anxiously hoping for interest rate cuts to spur home buyers into making purchase decisions," Cushman & Wakefield executive managing director-South Asia Sanjay Dutt said.

He further said the hike in service tax rate from 12.5 per cent to 14 per cent will increase the costs of buying and unnecessarily prolong the rebound of housing sales.

"Even while the magnitude of the rate cut is 0.25 per cent, the move will build the confidence of developers and buyers alike that there are more rate cuts in the offing, provided of course, that inflation maintains its downward trend or remains stable," Mr Dutt said.

"This move is set to benefit the entire real estate sector. A rate cut would help in bringing down the mortgage rates and at the same time secure more working capital. The impact on borrowing cost is also encouraging as a 0.50 per cent reduction in borrowing cost can reduce the interest cost substantially by 10 per cent," HDIL vice president-finance and investor relations Hariprakash Pandey said.

"With two cuts in a span of one-and-a-half months, the apex bank has given the right signals and it's time banks reciprocated. The impact of the cut has already been felt in the market with Sensex scaling 30,000 mark and this reduction will boost the morale of consumers, investors and India Inc," Omaxe chief executive Mohit Goel said.

Echoing similar views, Tata Housing managing director and CEO Brotin Banerjee said, "The rate cuts announced in January had not translated into action by banks, but a cumulative cut now amounting to 0.5 per cent will enhance lending powers of the banks. It will permit banks to cut down interest rates on home loans."

Govt. Says: Over 31,000 affordable flats are about to launched in Gurgaon By: Unknown No comments

Gurgaon

The Haryana government said on March 11 Gurgaon's realty space has provisions for 31,736 flats in the economically weaker section (EWS) and affordable housing categories and asked realtors for a status report on such houses in the city.

It also said formalities on allotment of 14,500 flats and plots under both categories had been completed and the allotment scheme could be floated any time by state housing board and HUDA once the modalities are finalized.

Chief minister Manohar Lal Khattar confirmed he had asked for a status report while replying to a question in the assembly by Gurgaon MLA Umesh Aggarwal on the status of affordable and EWS homes in the city since 2000. Khattar also said the government would compile a detailed report on affordable housing within three months.

The 31,736 flats that are to be built in the EWS and affordable categories are a part of 208 group housing colonies for which the government has approved building plans. Of these, a total of 7,478 flats have already been allotted. Besides, the government also plans to set aside 7,064 plots for EWS and affordable housing, 4,556 of which have already been allotted.

Officials said like in Gurgaon, the department of town and country planning was planning to clear housing licences in other urban areas of Haryana too. Since September 2014, when the Election Commission notified the assembly polls in Haryana, the town and country planning department had stopped issuing change of land use (CLU) permissions for private colonizers and the ban has not been lifted yet.

Home loan: RBI reduces burden on buyers, industry calls move ‘Insufficient’ By: Unknown No comments

HOME LOAN:

If the Budget turned out to be a non-event for the real estate sector except for benefits to Real Estate Investment Trusts (REITs), the Reserve Bank of India last week offered some relief to home buyers, especially those belonging to the low-income category and for houses that may fall in the affordable category or in Tier II and Tier III cities.

In a bid to reduce the burden on buyers purchasing house costing up to Rs 10 lakh, the RBI last week allowed banks to add stamp duty, registration and other documentation charges to the cost of unit in order to calculate the Loan to Value (LTV) ratio.

This comes as a relief to many who find it tough to bear the burden of down payment for home registration and other expenses. Though it may benefit some, industry insiders feel that the RBI should have kept the limit higher as even in Tier II and III cities one would find it difficult to buy a house that is priced under Rs 10 lakh.

In its statement issued last week, RBI said, “It has been brought to our notice that these amounts (registration and documentation) form around 15 per cent of thecost of the house and place a burden on the borrowers from economically weaker sections and low-income groups. With a view to encourage availability of affordable housing to such borrowers, it has been decided that in cases where thecost of the house/dwelling unit does not exceed Rs 10 lakh, banks may add stamp duty, registration and other documentation charges to the cost of the house/dwelling unit for the purpose of calculating LTV ratio,” said RBI.

How you benefit
Banks currently offer a loan of up to 85 per cent on the price of the house, provided the home buyer meets the income eligibility criteria. So, if the cost of your house is Rs 10 lakh, then the maximum loan that a bank can sanction is of Rs 8.5 lakh and the buyer’s own contribution in terms of down payment would stand at Rs 1.5 lakh. But that’s not all. A home buyer also has to pay charges relating to registration and other administrative expenses.

While the registration fee across various states varies between 5 and 8 per cent, the service tax component stands currently at 3.09 per cent (which is set to go up to 3.5 per cent), there are also legal and administrative expenses that may rangebetween Rs 25,000 and Rs 50,000.

So, other than the minimum down-payment of Rs 1.5 lakh , the buyer will also have to pay anywhere between Rs 1.2 lakh and Rs 1.6 lakh on account of registration and administrative charges from his/her own savings which raises the overall contribution to around Rs 3 lakh.

Taking into account the changes brought in by the RBI, if these additional charges of around Rs 1.5 lakh are included in the cost of the house then the total value of the home would rise to around Rs 11.5 lakh and at 85 per cent, home buyers can get a loan of up to Rs 9.78 lakh. This reduces a buyer’s own contribution from Rs 3 lakh earlier to around Rs 1.7 lakh.

Is the limit enough?
At a time when the property prices have jumped significantly and even the RBI has classified loans to individuals up to Rs 25 lakh in metropolitan cities and of Rs 15 lakh in other centres under priority sector, a cap on house purchase of up to Rs 10 lakh to avail the benefit provided seems inadequate.

“While it is a good decision to include registration cost and other documentation charges for the purpose of calculating LTV ratio, home buyers may not be able to take advantage of it as the availability of houses in that price bracket are few in the current market scenario,” said Abhay Kumar, CMD, Griha Pravesh Buildteck.

Even the houses launched under the Haryana Urban Development Authority’s (HUDA) affordable housing policy may not qualify for this benefit. While Raheja Developers has priced the housing units in its ‘Krishna Housing Scheme’ at Sohna between Rs 15 lakh and Rs 24 lakh, Supertech’s ‘Basera’ has the units priced between Rs 12 lakh and Rs 20 lakh.

Relief for allottees in government housing projects
While the RBI sought to make home buying easier for those belonging to the economically weaker sections, it also offered some relief to individuals who have been allotted houses in projects developed by government bodies.

RBI had earlier maintained that disbursal of housing loans sanctioned to individuals should be closely linked to the stages of construction of the housing project and upfront disbursal should not be made in cases of incomplete/under-construction projects. However, when some banks raised the issue that they have not been able to extend home loans to the allottees in projects developed by government bodies, since the payment schedule prescribed by such authorities are not linked to the stages of construction, RBI has relaxed the norms.
“On a review, banks are advised that in cases of projects sponsored by the government/statutory authorities, they may disburse the loans as per the payment stages prescribed by such authorities, even where payments sought from house buyers are not linked to the stages of construction, provided such authorities have no past history of non-completion of projects,” said the RBI.

House tax waived from 2008-10 in Gurgaon By: Unknown No comments

Gurgaon

The MCG has decided to waive property tax for the financial years 2008-09 and 2009-10. The relief will be provided to self-occupied residences with owners who do not have any pending dues till 2008. According to MCG, property taxes of those who have already paid for the said period will be adjusted against future payment. 

"The councillors have demanded that residents of self-occupied houses be provided relief for these two years and we have consequently decided against the tax, provided they fulfil the criteria mentioned. Owners must give us in writing that they have not leased their property. This document need not be an affidavit but can be a self-attested letter. If somebody has already paid the tax for this period, it will be adjusted," a tax department official said. 

Some councillors, however, say that the MCG should not collect property tax at all till it takes over the private builder areas and starts providing basic amenities in the restricted 900-metre IAF depot area. "The MCG should provide services and only then can it demand property tax. Residents of my area, that comes within the 900-metre zone, do not have water to drink or sewerage facility. If the MCG fails to provide these basic amenities, I will bring 2,000 residents along with me in the next meeting in protest," Ward-1 councillor Rishi Raj Rana said.

Connaught Place is the 5th most expensive office location in the world: Survey By: Unknown No comments

Canaught Place, New Delhi

Connaught Place in New Delhi has emerged as the 5th most expensive office space location in the world, according to Cushman & Wakefield's annual global survey based on office rental values at the end of 2014. 

The survey that ranks locations across Americas, Europe, Asia Pacific, Middle East & Africa, noted that Connaught Place rose in position from previous years on account of renewed demand and strengthening economic environment. 

London's West End is the world's most expensive office market for the third consecutive year, retaining its title ahead of runner-up Hong Kong, which also retaining its second position standing since last year. 

Connaught Place (CBD) has been commanding a rental value of INR 412 /sf/mth and has seen a rental value increment of less than 1% over the previous year. 

Commenting on the commercial office market Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield, said, "With renewed economic confidence in the market, the office space transactions have increased by approximately 28%. The net absorption has increased by 18% and was recorded at 32.4 million sft. We expect the market to remain at least at the same level of activity by the end of 2015." 

He added, "CBD's across cities are witnessing occupier profile change. Large occupiers consistently moving out of CBD to Secondary Business Districts or other new office locations. CBD's across India have been witnessing stable to stagnant rental values and in some examples such as Nariman Point in Mumbai has seen a decline."

Noida plans old registry rates for completed flats By: Unknown No comments

Noida

Homebuyers in Noida may not have to pay registration charges according to current circle rates

for flats completed earlier if the state government approves a plan to ease this financial burden.

The district administration has proposed a 'zero period' from the date of completion of a flat to the date of registry, which could substantially reduce the quantum of additional charges that homebuyers now need to cough up. If accepted, the proposal - made following a TOI report on February 27 on the hike in registration rates due to an increase in circle rates - will benefit around those homebuyers whose flats were completed but couldn't be registered because of the legal process to demarcate an eco-sensitive zone around the Okhla Bird Sanctuary.

The National Green Tribunal had declared a 10km green zone around the bird sanctuary in 2013 in the absence of an official demarcation, which automatically stopped registration of flats within that area. A new eco-sensitive zone was drafted by the Centre last year. Once the final notification is out, the registrations can begin.

Explaining the benefits of a 'zero period', an official said if a flat was completed in 2013, but is registered, for example, in July this year, then the cost of registration will be according to the circle rate in force at the time of the flat's completion in 2013. It'll be likewise for a flat completed in 2014. An official said nearly 30,000 flats have been ready for some time and can now be registered.

"We understand the agony of homebuyers. So, we have decided to take up the issue with the state government for consideration," said SK Singh, assistant inspector general (AIG) of the UP stamps and registration department. "We are formulating a proposal in this regard and will soon meet district magistrate NP Singh to discuss the issue with him," he said. When contacted, Singh said, "We understand the pain of homebuyers near the Okhla Bird Sanctuary. We are looking into the matter and exploring all options to give them some relief."

The UP stamps and registration department had earlier said old registry rates would not be applicable for properties ready in 2013 but not registered due to the ban on completion certificates till the eco-sensitive zone around the bird sanctuary, in whose ambit these projects came, was redrawn.

Even those properties that were ready for registry in 2013 will have to be registered in accordance with the fresh circle rates, the department had said. Homebuyers had flayed the move.

An environmentalist, Amit Kumar, had on July 8, 2013, filed a petition in NGT, demanding that construction work around the bird sanctuary be stopped. The NGT had initially halted construction work in the area but later allowed it conditionally. Uttar Pradesh has since sent its recommendation to the Centre and a draft eco-sensitive zone has been drawn up.

Gurgaon starts acquiring land for 1,349-acre green cover By: Unknown No comments

Gurgaon

HUDA has begun work on creating a green buffer as per Gurgaon Master Plan 2031, where 1,349 acres of green cover will be planted on the city's outskirts to check pollution and improve air quality.

According to HUDA sources, land acquisition for the project has been expedited following directives from the chief administrator's office. Farmers whose land will be acquired have been served Section 4 and Section 6 notices so far.

Land acquisition officer Satbir Singh said, "We're speeding up acquisition for 1,349 acres of land near the northern peripheral road (NPR). Local farmers have already been served Section 6 notices. We'll soon send them Section 9 notices, as per which they will be remunerated for the land acquired."

He explained that the Section 4 notice is sent out to inform land owners that the government is interested in acquiring their land for government projects. Section 6 notices, sent out last month, informed them the government has initiated the land acquisition process. They will later on be awarded compensation for the land acquired via Section 9 notices, thereby completing the acquisition process.

Singh said the land will be acquired from 13 villages along the NPR. "Villages that fall under the project include Kakraula, Bhangraula, Wazirpur, Dhorka, among others," said Singh. Land acquisition for residential, commercial and other purposes, as per Gurgaon Master Plan 2031, has taken place long ago. It is only the green cover, to be developed by HUDA, which is lagging behind. "We are now acquiring land for HUDA to speed up the development of a green buffer for the city," Singh added.

HUDA administrator Anita Yadav said, "Once the acquisition is complete, the 1,349 acres of green cover will be developed to include parks and forest cover."

Smart City Plan: Criteria agreed for Selection & Ranking By: Unknown No comments

NEW DELHI: The government's initiative for creating 100 smart cities achieved a major milestone today as the various stakeholders came out with the criteria for the selection and ranking of cities and also broadly agreed on innovative financing models and urban governance reforms to be implemented as part of the project.

The way forward emerged after intense discussions at a two-day 'Consultation Workshop of States and Stakeholders on Smart Cities', which concluded here today.

Among the basic eligibility conditions suggested by the states and other stakeholders for participation in the 'Smart City Challenge' were the need for a vision and city development strategy, progress under Swachh Bharat Mission, timely payment of salaries to municipal staff, information and grievance redressal mechanism and e-newsletter.

The important stakeholder consultations were organised by the Urban Development Ministry upon the direction of Prime Minister Narendra Modi to take the states on board before proceeding further with a the launch of the smart city initiative.

Principal secretaries and municipal commissioners from about 25 states took part in the deliberations along with industry representatives and urban experts.

For the further ranking of cities for final selection, the states have suggested the parameters and respective weightages that include self-financing ability (25 per cent weightage), institutional systems and capacities (25 per cent), existing service levels and committed plan of action for three years (25 per cent), past track record in implementing reforms (15 per cent) and quality of vision document (10 per cent).

On the reforms front, the states have suggested two sets of reforms separately for small and metropolitan cities, land monetisation, increased FAR norms with transparent policies, quick progress towards e-governance and online service delivery.

Integrated GIS-based Master Plans, including for sanitation, mobility, land use, digital connectivity, disaster risk management and climate change, policy reforms, fixed tenures for mayors and municipal officials, improving revenues through 100 per cent collection of taxes and user charges and credit rating of urban local bodies were suggested as part of the reforms in urban governance.

As regards financing, the states suggested that in addition to the PPP model, they should be given the option of EPC (Engineering Procurement Contract), user-fee based concessions to promote private sector participation, imposing impact fee on organisations that benefit from improved infrastructure and making cluster-based projects to improve viability of projects for private funding.

Government support for making projects viable for private investors, unbundling of services to make projects investment worthy, creation of a low-cost pooled fund with the support of Asian Development Bank, World Bank, Pension Funds, Sovereign Funds and credit rating of cities have also been sought by the states.

Besides, the states advocated policy changes to make urban projects viable, such as support to sale of compost prepared from solid waste, corporatisation of services, etc.