ROF Infratech & Housing

Thursday, March 31, 2016

Decongesting Gurgaon – New Roads of Progress



Gurgaon, popularly known as the Millenium City, has progressed rapidly in the past two decades. With its shiny buildings, housing a whole gamut of top MNCs, resulting in a galloping economy, Gurgaon is often portrayed as a symbol of a rising "New India”.

But the residents and commuters of this world class satellite town of the national capital of India, often face a lot of snarls of traffic jams on the National Highway 8, with more traffic diverted into the city, thus jamming the internal roads too. This almost regular scenario of erratic traffic movement is encountered during the morning and evening peak office hours.

To ease the traffic flow on NH 8, as well as on the internal roads of Gurgaon, the Government has come up with plans of developing and constructing many new roads, besides the already developed Northern Periphery Road (NPR) and the Southern Periphery Road (SPR), which will be operational in a very short time.

Presently plans are afoot to construct underpasses at three major bottlenecks of Gurgaon on NH-8 – IFFCO Chowk, Signature Tower Crossing and Rajeev Chowk – besides the work being started for building the much needed flyover at Hero Honda Chowk. Moreover, the widening of Golf Course Road to 16 lanes is another effort for seamless traffic movement in Gurgaon.

The Government is now in the process of implementing two new road projects for further decongestion of this modern city for managed traffic movement.

Firstly, HUDA is planning to construct a Greater Southern Peripheral Road (GSPR) on the outskirts of Gurgaon to facilitate efficient flow of traffic from Delhi to Manesar. This proposed GSPR will begin from Mehrauli in Delhi, cross Gurgaon at Sohna Road, and finally connect with NH-8 near IMT Manesar, resulting in reduced traffic load on the NH-8 section passing through Gurgaon. The construction of this road will also benefit the new sectors developing under the Gurgaon extension plan.

Secondly, NHAI has given nod for construction of a cloverleaf interchange near Kherki Daula toll plaza on NH-8. This cloverleaf will provide perfect traffic flow by connecting Southern Peripheral Road (SPR), NH-8 and the Central Periphery Road (CPR), thus providing connectivity to Dwarka Expressway. Hence traffic will be able to move from SPR to CPR, as well as from NH-8 to CPR, without any hurdles.

 As all the above projects start taking shape from next year onwards, they will surely provide the much needed respite to residents of Gurgaon, as well as to those crossing this model city, without wasting time on the traffic snarls which are so common today.

Wednesday, March 16, 2016

Budget 2016 – Bonanza for Affordable Housing



The budget 2016 presented by the Union Finance Minister Mr. Arun Jaitely on February 29th 2016 has been largely hailed as one which shall be beneficial for the real estate sector. Although many announcements will have positive implications for this ailing sector over a long period of time, but Affordable Housing is bound to reap great benefits very soon from this year’s budget.

The finance minister proposed total tax exemption on profits for developers who build small flats, besides service tax exemption for construction of affordable housing under state and central housing schemes. Builders will get 100% tax exemption on profits if they build apartments up to 300 sq ft in size in the four major metro cities and up to 600 sq ft in the non-metros, with a condition that these flats have to be built starting June 2016 and completed by March 2019.

Also, to make financing cheaper for first time home buyers, the FM has proposed deduction for additional interest of Rs 50,000 per annum for loans up to Rs 35 lakh sanctioned in 2016-17, where house cost does not exceed Rs 50 lakh. This move will further propel demand for low cost affordable housing projects.

In addition to benefits to buyers, the budget also proposes to increase the limit of deduction of rent paid under section 80GG from Rs 24000 per annum to Rs 60000, to provide relief to those who live in rented houses. This will help those who do not have their house, thus prompting them to go for genuinely priced affordable house.

The direct and indirect tax benefits for affordable housing is expected to catapult the smart-city initiative, as the government has also given many incentives for developing the road infrastructure too. Moreover the exemption of paying 17% dividend distribution tax (DDT) granted to Real Estate Investment Trusts (REITS), will also result in more investments in the housing sector, thus further reducing the prices of property.

These announcements will definitely assist in developing and delivering a greater number of affordable housing projects across the country, in sync with Prime Minister Narendra Modi’s vision of ‘Housing for All’ by 2022.
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