Greater Noida Authority has launched another scheme for Zeta-II Sector, 120 sqm=120 plots, 200 sqm = 120 plots, 300 sqm=70 plots, Rs 11,500 rate per sqm…Regi money is Rs 1.40, 2.30, 3.50 Lakh
|
||||||
|
The Ghaziabad Development Authority has decided to sell the leftover plots and houses. The scheme for the same is expected to be announced in the next fortnight. GDA vice-chairman Narinder Kumar Choudhary said, “During audit, it was revealed that several plots and houses which were cancelled were lying idle. The allottees of these properties were given the cancellation notices and the process of cancellation was completed and now these properties were with the authority for disposal.” “Further it was revealed that as properties were scattered in various sectors, a proper survey of such properties and planning for sale of such property was needed. The survey has been completed and around 600 houses identified. Soon, a scheme for these will be announced. Pricing was under consideration as per the present land rates and cost of contruction,” said Choudhary. “The survey also revealed there were several houses which were never allotted to anybody. These too have been included in the proposed scheme,” said Choudhary. “These houses are in Sanjay Nagar, Govindpuram, Lajpat Nagar, Shastri Nagar, Pratap Vihar, Tulsi Niketan and Indirapuram areas,” said Choudhary. Source: The Tribune The demand for residential property has taken a big beating thanks to the sharp rise in prices across the country, resulting in a massive stock of unsold residential inventory in cities like Delhi and Mumbai. According to Pankaj Kapoor, managing director of real estate research firm Liases Foras, the reason for the drop in demand is the high rates at which residential properties are priced by developers. ” All the new residential projects launched today are in the range of Rs 1.5- 2 crore and above, which is not affordable for most of the people living in the city. Even investors are wary of investing in such projects as they are unsure whether these flats would be sold at a later date,” he said. Kapoor said cities like Mumbai have been the worst- hit due to the drop in demand. ” In the last two quarters, there has been a 15 to 20 per cent drop every quarter as the rates have even surpassed the 2008 levels. It has come to a level where a correction of around 25 to 30 per cent could be expected,” he said. Kapoor said the situation is similar in other cities as well, including Delhi- NCR. ” The difference between big metros and other cities like Chennai and Hyderabad is that those cities have yet to recover from the last correction while cities like Mumbai and Delhi recovered much faster,” he said. ” In Delhi- NCR, the inventory has virtually doubled in the last quarter ( March- June). Sales in the region are mostly investordriven and not consumer- driven. There are huge advertisements by developers that nearly 50 to 80 per cent of the flats were sold in 30 to 40 days. This is all due to By Amit Shanbaug in Mumbai ` There are barely any flats in Mumbai priced below Rs 50 lakh’ Drop in demand has mostly hit developers in Delhi & Mumbai investments done by investors. If you discount the inventory factor, the situation in both the metros is just the same,” he said. According to Yashwant Dalal, president, Estate Agents Association of India ( EAAI), there are barely any flats in Mumbai which are priced below Rs 50 lakh. ” According to a report, nearly 95 per cent flats in the city are above Rs 50 lakh and 50 per cent of the flats carry the price tag of Rs 1 crore and above. If a common man thinks of buying a flat he would get a flat below that rate only in very far off suburbs where commuting is a major problem,” he said, adding that nearly 50 to 60 per cent of the flats are lying unsold due to a steep drop in demand in all the new projects. Of the 70 million square feet of residential inventory available in markets like Mumbai, hardly three to four lakh square feet would be priced below the Rs 50- lakh price bracket, he added. Dalal said these prices are unrealistic and cannot sustain at these levels. ” A correction is certainly imminent but it is just a matter of time. I believe that in another three to four months time property prices should start correcting in the big cities. Actual buyers could wait for some more time before looking to buy a property,” he said. The Haryana government is planning to invite applications for residential plots in the two newly created sectors in Greater Faridabad. “We are planning to invite applications for residential plots in the two newly-created sectors -75 and 80 -which fall in Greater Faridabad,” said Arvind Malhan, Estates Officer, Haryana Urban Development Authority, Faridabad. “Once we get the administrative approval for the same, applications will be invited for the plots. This process could take a month or so,” Malhan said. “After Sectors 75 and 80, our next step will be to invite applications for three more newlycreated sectors like76, 77 and 78,” he said. These three sectors also fall in Greater Faridabad area popularly known as Nehar Par. prabhu.razdan@hindustantimes.com Source: Hindustan Times By Prabhu Razda Even as realtors are upbeat about growing demand in their sector, the industry stands divided over a possible correction in the skyrocketing prices of residential properties in major Indian metros. Over the past few years, property prices in most of the Indian cities have appreciated by over 250 per cent while the economy was growing at 8 per cent annually. “The spiralling price in real estate, especially in the residential segment, is a big concern today. Such a sudden rise in property prices is not sustainable and there is an immediate need for correction,” Mahindra Lifespaces’ vice-chairman, Arun Nanda, said. Some correction in property prices is expected over the next few months, he said. “A few builders have become greedy and are running a cartel. Those who have increased prices are not doing any business. There has to be a correction somewhere,” Nanda said. Source: Realty Plus |
|||||
|
Copyright © 2010 Realty axis - All Rights Reserved |
||||||