It took just two hours for DLF, the country’s largest property developer, to sell all the 1,250 apartments in the second phase of its Capital Greens project near the Moti Nagar area of Shivaji Marg (Najafgarh Road) in West Delhi. The project was launched on September 23 and the prices were around 25 per cent lower than the prevailing market rates.

In Mumbai, Rustomjee, a prominent private property developer, got bookings for 44 apartments in its Global City project in Virar, a distant suburb of Mumbai, in the first two days of a property exhibition organised by the Maharashtra Chamber of Housing Industry (MCHI) from October 1-4

The developer has already received bookings for 600 apartments in the Global City and another 200 apartments in Rustomjee Urbania project in Thane, on Mumbai’s outskirts, in the last three months, all in the Rs 10 lakh to Rs 50 lakh category.

Another realty firm Nahar Group says it has sold 800 apartments in its Amrit Shakti project in Powai in the last five months. Nahar expects booking for another 15 apartments after MCHI exhibition.

After witnessing a revival of sorts in home sales in the first and second quarters, developers are hoping to cash in on the demand for affordable homes in the third quarter too, due to a large pent-up demand and the general feeling that prices may not go down further.

“Buyers have realised that prices may not go down further and there is no point in waiting now,” says a senior State Bank of India executive. SBI’s stall at the property exhibition got over 500 enquiries every day during the four-day exhibition and the bank expects a good conversion.

All bankers are also expecting the good run rate on home loan disbursals to continue. ICICI Bank Managing Director Chanda Kochhar expects a surge in home loan disbursals in the third quarter. “The confidence is coming back due to increased job security and the feeling that real estate prices have corrected enough,” she says. There is also a general consensus that interest rates have bottomed out, she says.

JS Augustine, director of marketing at Everest Developers, says there was a huge pent-up demand which is coming into the market now. Buyers who were holding back are now buying. Developers who had pulled back a lot of projects earlier are also launching new projects given the improvement in the market,’’ Augustine says.

The period from October 2008-March 2009 was the toughest period for developers when property sales touched lowest levels since 2004. Property prices had fallen over 40 per cent from their peak in 2007-08 as buyers stayed away due to salary cuts and fears of job losses.

But successive interest rate cuts, stimulus packages from the government and overall improvement in economic conditions changed the scenario since April this year with the country’s biggest developers, DLF and Unitech, selling over 6,500 units in the first quarter of FY 2010.

“We expect better sales in Q3 and Q4 as well. We have got very good response in Delhi which gives a good value for developers like us,’’ says Rajeev Talwar, group executive director of DLF. Even a Unitech spokesperson said the company expects to continue its growth momentum in the coming quarters.

Home loan lenders are naturally bullish. SBI is targeting a growth of 30 per cent in the current quarter against 21 per cent in 2008-09. HDFC, the country’s largest home loan provider, saw disbursals rise 22 per cent in first quarter and expects the trend to continue.

Normally, there is a lag of three to six months from the time of purchase and disbursal of loans by a bank or a housing finance firm.

Developers, which have increased prices by 10-15 per cent in the last six months, say this is the best prices buyers can get.

“Prices have bottomed out. We do not see any reason to cut prices further. Though prices will not go up sharply, they will certainly go up slowly in the coming months,’’ says Parag Shah, general manager, sales, Nahar Group, which sells apartments in Rs 60 lakh-Rs 75 lakh in its Powai project.

Apart from launching premium housing projects in the last few months, developers have also withdrawn freebies such as free parking, waiver on stamp duty, free holidays and so on after the spurt in sales. “Last year there was a recession and sales were sluggish. That is why developers needed to doll out freebies. Now products sell without this,” says Nahar’s Shah.

But that’s precisely why some analysts are concerned. Pankaj Kapoor, chief executive of Liases Foras, a realty research firm, says “there is high demand only in the lower price bracket of Rs 10-20 lakh. August and September sales have fallen by 20 to 25 per cent as developers have increased prices again. There is still lukewarm response for premium properties,’’ he says.

Prospective buyers like Govind Chitre, a retired government employee, agrees: “The moment developers see increase in the Sensex, they jack up the prices. They charge on the super built-up area, which is really absurd. I feel there should be a strong regulatory authority to control builders.’’

Source : http://www.business-standard.com/india/news/it%5Cs-boom-time-again-for-home-sales/372338/

State of Uttarakhand has gained in potential to create employment opportunities for its 3 lakh talented pool by setting up Institutes in the field of Food Processing, Agri Biotech and Pharma.  With such institutions in place, it will attract nearly Rs.50,000 crore of investment in next 5-7 years and make it as the lead state for investment attractions in Northern part of the country.

In an exhaustive Blue-Print  prepared by ASSOCHAM on `Uttarakhand : Unbounded Opportunities, it has been pointed out that the suggested institutes will generate knowledge and technology and prevent mass scale migration to cities beyond its geographical boundaries.

The Blue-Print which will be submitted to Chief Minister of Uttrakhand by the ASSOCHAM President, Mr. Venugopal N. Dhoot, however, adds that places like Musoorie, Rishikesh, Chamoli, Rudraprayg, Tehri, Uttarkashi, Almora, Naintal, Pithoragarh, Champawat etc. are repository of rich variety herbs in which the identified institute can come up.

Over 170 medicinal and aromatic plant species are grown in their foothills.  In addition, fruit like apples, oranges, pear, grapes peach, plum apricot, litchi, mangoes and guava are widely grown in the state and therefore have immense potential for development of horticultural crops.

Mr. Dhoot pointed out that other emerging areas which offer opportunities for corporate investments include tourism, especially adventure tourism, building up of sports centres like Golf Courses and creation of IT infrastructure, power etc.

At present, Uttarakhand’s 85% gross cultivated area is  used for self-consumption for households except in Haridwar, Udham Singh Nagar and Dehradun districts and thus there is need to enhance agri, biotech, horticulture and floriculture crops productivity and production in it.

4 Agri Export Zones and 1 Biotech park near Pantnagar are already coming up in the State.  The presence of suggested institutes will impart professional training to enable its talented pool to gear up for food processing, agri and biotech companies. The state can acquire Top 10 rank in fruit and vegetable productions by way of using innovative agri biotech varieties of technologies. It had fruit and vegetable production of approx. 1925 and 1000 metric tonnes in 2006.

Citing reasons for necessity of pharma institutes in Uttarakhand, Mr. Dhoot revealed that pharma companies like Medicamen, Elder Pharma etc., are facing shortage in the availability of technically competent and qualified manpower which hinder prospects of the industry.

The ASSOCHAM President, however, demand that the proposed institutes be given fiscal incentives such as 10 year tax holiday exemption, easy availability of loans with moderate interest rates to enable the State to garner free flow  of domestic and overseas food processing, agri biotech and pharma firm’s investments.

The State is becoming ideal destination for investment which is witnessed from the fact that during 2006, Rs.5633 crore worth of corporate investment from 31 projects has been received by Uttarakhand which is ahead of Madhya Pradesh in which Rs.4878 crore of investment was poured in in 23 projects.

Corporate Investments in 2006-07
State  Project  cost Amount (Rs. crore)
Jharkhand  7,174
Delhi  6,359
Punjab  5,902
Uttarakhand  5,633
Madhya Pradesh  4,878
Companies like Global Auto Tech, Alps Industries Ltd., HLL, Atlas Cycle have invested  Rs.145 crore, Rs.110 crore, Rs.101 crore and Rs.30 crore respectively in products like automobile, natural dyed cotton, cosmetics & toiletries, cycle etc

Real estate is another emerging area where the State is receiving overseas and domestic investments in housing, hotels etc.  Realty players Assotech and Supertech have joined hands to develop a 47-acre integrated township in Uttarakhand at an investment of Rs 850 crore. Delhi-based Assotech and Supertech formed a 50:50 joint venture to develop the ‘Metropolis Cities’ township at Rudrapur which would mainly consist of 2,000 apartments, a 5-star hotel and about 1.6 lakh sq ft of retail space. The construction of the first phase, consisting of about 500 flats, has already begun and is likely to be completed in 3 years.  Emaar MGF one of the world’s leading real estate developers signed an agreement with the government  for designing, constructing and operating/ managing a five star hotel and convention centre in Dehradun with an investment of Rs.200 crores in 2 years period.

The ASSOHAM Chief also called that Indian Inc. should participate in the State industrial developments to set up infrastructure facilities in promising sectors like Adventure Tourism, Real estate and IT.

According to ASSOCAM findings, the State government is now also setting up a Land Bank exclusively for boosting infrastructure facilities like hotels for tourists.  In its initiatives, partnership with a few private players have already been established. The State government is also identifying new tourists destinations in view of over crowded areas like Mussorie, Nainital etc.  In its attempt, they have launched three new circuits for tourists in different parts of the state and 10 more circuits have also been identified.

For setting up of IT hubs, the ASSOCHAM has suggested that the places like Musoorie, Hardwar, Rishikesh, Pantnagar, Almora etc. will be an ideal destination for setting up IT and ITeS hubs  which will become a key drive for GDP growth of the state  To establish conducive IT infrastructure, the state government is providing enough fiscal incentives like stamp duty subsidies, no entry or purchase tax on IT hardware, special incentives for mega projects  and creation of Venture Capital Funds for financing viable ideas in the IT sector and lending in the sector shall be considered as priority sector loaning by state level financial institutions.

Source: www.assocham.org

::Housing Projects in Dehradun Uttarakhand::

::Housing Projects in Dehradun Uttarakhand::

This page features information on masterplan proposed by MDDA Mussoorie Dehradun Development Authority . This masterplan is the foundation structure of the capital accordingly to which the future development in the city will take place . There some new linking roads which are being proposed in the plan and the widening of the older one for better traffic management in the city.  This masterplan is for the duration 2005 - 2025  and will change after that.

Please Click on the links below to access information on Masterplan in Dehradun Uttarakhand :

Masterplan 2005 - 25

Masterplan Map 2005 - 25

Masterplan Planning Zones 2005 - 25 

::Housing Projects in Dehradun Uttarakhand::

With tourism as mainstay of the Uttarakhand economy, decks have been cleared for setting up of the first five star hotel in the state capital, Dehradun. In fact, the state government has given clearance for the construction of two five-stars.

While one of the hotels would be constructed by the family of Olympic gold medallist Abhinav Bindra at their farmhouse, the other would come up in Garhi area of the city. There was no five-star in Dehradun and the nearest one is in Barlowganj, Mussoorie, owned by the Jaypee Group. Since, Dehradun became the capital of Uttarakhand after the formation of the separate state in November 2000, there was a need for a five star hotel in the capital.

The one in Garhi would be constructed on build operate transfer (BOT) basis by Emaar MGF, a private company that has tied up with the Inter Continental Group of Hotels, Singapore. The hotel would come up near the government hotel management institute in Garhi area.

The state government had given clearance to the proposal moved by Abhinav Bindra’s father to convert their farmhouse in Mokhampur into a five star hotel. A.S. Bindra had submitted a proposal for setting up a hotel to the Khanduri government before the Beijing Olympics. However, after Abhinav won the gold medal, the state government showed a keen interest in the project and virtually arranged for no objection certificates (NOC) from various government departments.

Bindra Senior had promised to gift his son the hotel on striking gold in the Beijing Olympics 2008. “The hotel would be constructed over nine acres at Bindra Farms on the Haridwar Road,” confirmed Swarn Singh, who is looking after the Bindras’ businesses in Dehradun. Abhinav was also born and brought up in Dehradun and schooled in the city.

“We have been conveyed that legal work for the clearance of the hotel is almost complete and now we have to submit building plan of the hotel to the Mussoorie Dehradun Development Authority,” Singh said.

Authority vice-chairman R. Meenakshi Sundram confirmed the development. “Once we receive the building plan and after the requisite scrutiny it will be sanctioned without any delay,” she said.

On January 14, Uttarakhand tourism secretary Rakesh Sharma had convened a meeting with Bindra and officials of the various departments, including revenue, Mussoorie Dehradun Development Authority (MDDA) and district magistrate Amit Singh Negi to discuss the project. During the meeting, Sharma directed officials of different departments to speed up the NOC process.

The state government has also cleared obstacles in path of establishment of the other hotel by changing the land use pattern. “We hope that with the coming up of these two hotels, tourism in Uttarakhand — particularly Dehradun — would get a boost,” said Uttarakhand tourism minister Prakash Pant.

Source : http://www.tribuneindia.com/2009/20090214/real.htm#2

::Housing Projects in Dehradun Uttarakhand::

This Page features information on the property Circle Rates in Dehradun Uttarakhand . The Janpath Dehradun decides these minimum prices rates for the properties in Dehradun and Uttarakhand and the stamp duty for the registration of the properties are calculated on these specified prices. These circle rates are applicable for two years only and get changed on 1st of November every two year . The following circle rate are applicable from 1st November 2009 to 31st October 2011 .

Please Click on following link to access information on circle rate in Dehradun Uttarakhand :

Dehradun Circle Rates Nagar Nigam

Dehradun Circle Rates Main Roads

The Stamp Duty for Property Registration in Uttarakhand :
For Ladies : 4.5% Upto 20 Lacs
For Gents : 5.5%  
After this flat 3% on the amount above circle Rate

::Housing Projects in Dehradun Uttarakhand::

:: Other Circle Rates in Dehradun Uttarakhand::