NEW DELHI: The Delhi high court has issued notice to National Capital Regional Planning Board (NCRPB) on a public interest litigation accusing the body of ignoring large-scale violations by states.
A division bench of Chief Justice N V Ramanna and Justice Manmohan also sought replies from the Union urban development ministry and Delhi, UP, Rajasthan and Haryana on the allegations that they were permitting unauthorized development by favouring builders.
HC posted the PIL for further hearing on January 8, 2014. Filed by one Raghuraj Singh, who claims to be a social worker and resident of Gautam Budh Nagar, the PIL assails the “haphazard and unsustainable development in the NCR, being carried out by all the states and being allowed by NCRPB.” It highlights that NCRPB’s original charter was to restrict the population growth of Delhi and to develop NCR in a balanced and sustainable manner retaining environmental equilibrium and its agrarian character.
“The present PIL is highlighting the violation of Regional Plan 2021. In that context, it is brought out that the central government and GNCT-Delhi is regularizing large number of unauthorized colonies. These colonies account for huge population and are not part of the planned development by Regional Plan 2021,” Singh’s plea argues.
It alleges that participating states are adding and the board has permitted addition of at least 288 lakh population to the area contiguous and mutually dependent with Delhi. “This by government’s own appreciation and wisdom will further attribute to more pressure on Delhi and its population that in turn will make impossible to manage Delhi and NCR. It will defeat the central, rather singular purpose for which the NCR Act was enacted and the Board was constituted,” it adds.
It is relevant to mention that the entire constitutional effort in enacting the NCR Act and constituting the board was to save Delhi by decongesting it through sustainable development of the region.
New Delhi: Montek Singh Ahluwalias adviser Gajen dra Haldea is not just in the eye of a storm involving the resignation of 16 highway engineers.
Several ministries from finance and highways to even the Planning Commission are accusing him of holding up the Eastern Peripheral Expressway around Delhi.
Official documents ac cessed by TOI show that Haldeas insistence on im posing a toll that is 1. times higher than the competing road project has horrendously delayed the award of the project by least six months.
The papers also allege that delaying this project would benefit the Western Peripheral Expressway, being developed by a private developer.
The two projects will come up on either side of the national Capital and are expected to considerably ease traffic in the city. Docu ments show that even in November, Haldea had favoured a higher toll rate and had opposed the normal rate claiming that the 135 km road was being developed as a bypass. He had mentioned that lowering toll rate would not benefit the public as this would lead to a higher government liability in the form of higher viability gap funding.
Sources in the highways ministry said the Cabinet Committee on Infrastructure, while clearing the project, had mentioned that the expressway should be awarded with zero VGF An official note by Planning Commission member Sudha Pillai in September shows how despite every one agreeing to normal toll only Haldea pushed for higher rate.
In February, even the then highways secretary R S Gujral, who is now finance secretary, had said the road should be treated as a highway. Pillai had ear lier agreed with Haldea on treating the road as a bypass but agreed with Gujral view later. Then the CCI in April and PPP Appraisal Committee in May gave the nod to the projects.
Last December, NHAI and road ministry had said that Haldeas proposal of 1.5 times toll would make the EPE unviable and bring undue benefit to the WPE developer.
New Delhi, November 6
The Supreme Court has quashed the Haryana government’s 1989 declaration for acquisition of 13 kanals of land in Panipat for HUDA as the order had been issued without waiting for the Collector’s report on the landowners’ objections and ignoring the fact that there were buildings on the land.
A Bench comprising Justices GS Singhvi and C Nagappan passed the order on an appeal filed by Ashok Kumar (since dead) and others, challenging the Punjab and Haryana High Court verdict rejecting their plea.
The HC had dismissed their petition on the premise that the land acquisition officer (LAO) had already passed the award and symbolic possession of the acquired land had been taken and was delivered to the beneficiary – Haryana Urban Development Authority (HUDA).
Holding that the HC had committed a “serious error,” the SC said both the state government and HUDA had not produced any document to show that possession of the acquired land had been taken from the appellants.
Further, the Additional Director, Urban Estate, Haryana, had acknowledged that the landowners had raised constructions before the issue of the notification on May 2, 1988, under Section 4 and the declaration on May 1, 1989, under Section 6 of the Land Acquisition Act 1894, the apex court noted.
The state government and HUDA had also failed to explain as to how the declaration under Section 6 could be made five months prior to the submission of the report by the Collector on September 25, 1989.
Besides, the compensation award was passed on December 28, 1999, much after the two-year deadline from the date of declaration, the apex court held.
The state government had issued a notification on December 15, 1982, for acquisition of 13 kanals and four marlas of land belonging to the appellants and made the declaration under Section 6 on February 23, 1985. After two years and eight months, the state government withdrew the acquisition proceedings. However, it issued a fresh notification on May 2, 1988.
Over the last two quarters, the residential property market in south Delhi has shown only marginal appreciation in capital values and rentals. This could have more to do with the recent upward revision in circle rates in various zones than any other factor. Supply and demand dynamics in south Delhi have been more or less constant, and the revision in circle rates has resulted in larger cheque amounts and lower potential for offloading cash in real estate transactions. This has, in fact, acted as a check on the anticipated price appreciation in south Delhi.
South Delhi residential markets such as Saket, Greater Kailash 1, Greater Kailash 2, Green Park and Hauz Khas have not shown much price fluctuations over the last two years. The average pricing seen in the first quarter of calendar 2011 does not differ visibly from the current averages. Currently, residential property price points in south Delhi are in the range of Rs 24,000-32,000 per sq ft.
In Gurgaon, almost all major micro-markets have witnessed significant variations over the 2011 levels.
Super-luxury residential price points have definitely corrected, currently being in the range of Rs 23,000-28,000 per sq ft as compared to the Rs 30,000-35,000 per sq ft range two years ago. Premium and luxury projects in Gurgaon are currently priced between Rs 12,000-17,000 per sq ft.
On Golf Course Road, normal apartments are currently priced in the range of Rs 12,000-16,000 sq ft as compared to the price range of Rs 8,000-9,000 sq ft two years ago. On Mehrauli-Gurgaon Road, the current prices for residential apartments range from Rs 10,000-12,000 per sq ft as against an average of Rs 8,000-9,000 per sq ft in 2011.
Residential apartments on Golf Course Extension Road in Gurgaon, which has a huge upcoming supply, are currently priced in the range of Rs 8,000-13,000 per sq ft, while the corresponding figures two years ago were Rs 6,000-9,000 per sq ft. The current prices for apartments on Sohna Road range from Rs 9,000-9,500 per sq ft, while the prices for comparable properties in same location at beginning of 2011 were in the range of Rs 7,000-7,500 sq ft.
Apart from the traditional high-demand residential micro-markets, other locations that are emerging as promising destinations are the Southern Periphery and Dwarka Expressway. Today, the Southern Periphery has properties priced in the range of Rs 6,000-7,000 sq ft as against the price levels of Rs 4,500-5,500 sq ft a couple of years back. Prices for properties on Dwarka Expressway are currently selling at rates ranging from Rs 6,000-8,000 per sq ft — this represents an appreciation of over 50 per cent over the corresponding 2011 levels.
The Gurgaon residential market has currently stabilized, and there is no scope for any significant appreciation in the near term. Gurgaon has transformed to being an end-user driven market from an investor-driven market – short-term speculators on the lookout for immediate capital gains have ceased to exist in this market. On the other hand, the Southern Periphery essentially remains a hotbed at the current price points as it has the highest magnitude of affordable options. The proposed widening of Golf Course Road, the construction of the underpass and the proposed expressway will boost connectivity is further going to improve significantly. This will help improve sales to some extent.
Developers in the National Capital Region have been hit adversely due to the drop in residential sales at a time when they are running high inventory levels. Residential sales have picked up only marginally over the last three quarters. Against this backdrop, boosting sales in the top-most priority for developers, who will use all means to cash in on the festive season. In this period, buyers can expect serious incentives and discounts. If the various offers currently being put out on the market do not elicit the required response, developers will be forced to reconsider their pricing.
NEW DELHI: Property prices in NCR’s upcoming residential markets, which real estate experts term ‘residential micromarkets’, have nearly doubled in the last two years. This trend, analysts say, is owing to new options being made available in these micro-markets which has become an attractive proposition for buyers who can’t afford to enter the prime real estate market. These pockets of realty in Gurgaon and Delhi are defying the general slowdown in NCR market and are now driving it forward . Going by the latest real estate prices , areas like Gurgaon’s Golf Course , Golf Course Extension and Southern Periphery and Dwarka Expressway are witnessing huge property ratehikes ,say property experts Jones Lang LaSalle .
In Golf Course Extension , realty is priced at Rs 8,000-13,000 per square foot while the corresponding figures two years ago were Rs 6,000-9 ,000. The real estate firm has witnessed similarly high revision in rates in Southern Periphery and Dwarka Expressway where high demands are being recorded. In Southern Periphery, properties are priced in the range of Rs 6,000-7,000 per sq ft as against price levels of Rs 4,500-5 ,500 per sq ft a couple of years ago. Santhosh Kumar, CEO, Operations, Jones Lang LaSalle, who compiled the report, gavetheexampleof the realty market within Gurgaon and at a distance in Southern Periphery.
“Gurgaon has transformed from an investor-driven market to being an end-user driven market. On the other hand, the Southern Periphery essentially remains a hotbed as the current price pointsithasthehighest magnitude of affordable options ,” said Kumar .He added that the proposed widening of Golf Course Road , construction of the underpass and the proposed expressway will improve connectivity significantly which will boost sales .
NEW DELHI: Real estate companies have not been able to deliver over 25 per cent of their housing projects on time while developers in the national capital region are worst performer, according to property consultant Jones Lang LaSalle (JLL) India.
“Delayed delivery of residential projects has become a significant issue on the real estate market, leading to high levels of ire among customers,” JLL India CEO (Operations) Santhosh Kumar said in a statement.
The consultant noted that inventory levels across India have risen significantly due to delay in project delivery.
Kumar cited numbers of reasons behind delays, including poor project management, lack of commitment and capital on the part of developers to complete projects, and delay in the regulatory approvals.
“In terms of the average delay in delivering residential projects across India, more than 25 per cent of the committed supply has not been able to hit the market as per schedule.
“The National Capital Region’s performance in terms of delivery of residential supply due in 2013 has been the worst across all the major Indian cities,” Kumar said.
In Gurgaon, JLL said that only one-third of the total committed supply for 2013 has been delivered so far.
“The situation has been even more alarming in other NCR regions such as Noida, where only about one-fifth of the residential supply committed for delivery in 2013 has been delivered so far,” the statement said.
In the NCR region, a significant number of residential projects in areas such as Noida have been delayed because of disputes with regards to land acquisition.
In the western region, Pune and Mumbai have shown a much better performance in terms of project completions. These cities could deliver more than 40 per cent of the committed supply of 2013 as per scheduled delivery.
“With delivery delays, inventory levels across India have risen significantly. The Pan India inventory of residential stock is now well above the comfort level of 14-15 months,” JLL India said.
Stating that Mumbai has an inventory of close to 48 months, Delhi of 23 months and Bangalore of 25 months, the consultant said that these figures are close to the levels of 2007, when the residential real estate market’s inventories were at an all-time high.
NEW DELHI: Real estate firm Lotus Greens Developers today said it has raised Rs 365 crore from private equity firm Red Fort Capital for the development of housing projects in the national capital region.
Lotus Green Developers has recently been founded by Nirmal Singh, one of the promoters of another realty firm The 3C and its Vice Chairman P Sahel, who has worked for more than 16 years in realty companies like Jones Lang LaSalle and DLF.
“Red Fort Capital has invested Rs 365 crore in our company in the form of unsecured non-convertible debentures (NCDs). The funds will be utilised for the development of one or more residential projects in the NCR,” Lotus Greens Developers Pvt Ltd Vice Chairman Sahel P said.
The project will be launched in the next few months, he said, refusing to disclose any futher details.
Sahel said Red Fort Capital would not acquire any stake in the company.
To begin with Noida-based Lotus Greens will be coming up with real estate projects, primarily residential, in Delhi NCR region. The group has plans to develop commercial, hospitality, health care and education projects.
While the sentiment in the real estate sector continues to be sluggish, SRS Real Infrastructure is eyeing Rs 1,200 crore of revenue this fiscal, mainly on the back of new launches, a top company official has said.
“The current economic scenario is certainly not favourable. But we are bullish about our growth prospects and expect to achieve a topline of Rs 1,200 crore this fiscal,” the company’s Chairman and Managing Director Anil Jindal told PTI.
The company had clocked a turnover of Rs 851 crore in 2012-13, registering over 17 per cent growth in FY 2012.
“We have a land bank of around 450 acres which offers us a rich scope for future developments. So overall, we are on a strong ground, and this makes me look confidently towards the future,” he said.
The BSE-listed firm has projects, including residential and commercial, mainly in the Delhi-NCR region.
“We have projects in Faridabad, Greater Faridabad, Palwal, Rewari, Kurukshetra and Panchkula. We recently entered Maharashtra by launching a project ‘Nex-Boulevard’ in Karjat, under which we will be offering villas, creating it as a second home destination for our customers,” Jindal said.
The company plans to launch over 2 million sqft of projects during the fiscal.
When asked about raising funds for its expansion plans, he said, “We already have enough land bank. Whatever extra funds we require will be funded through internal accruals,” he added.
Sonepat, September 6
Unauthorised constructions were yesterday demolished by a team of the Town and Country Planning Department in East Kundli on the GT road, Janti Kalan and Khatkar villages in the Kundli area here.
The team, led by District Town Planner Dilbag Singh, demolished the illegal constructions with the help of three JCB machines. Despite opposition from many villagers, the demolition continued till the evening.
The District Town Planner said the unauthorised colonies were being developed in the controlled area zone of Janti Kalan and Khatkar villages and despite notices from the department, the illegal constructions did not stop.
The demolished structures included 800 feet boundary wall, three offices of property dealers, four constructed houses and 80 DPCs, said Dilbag Singh and added that the department was inquiring about the property dealers who were raising unauthorised colonies so that legal action could be initiated against them.
NEW DELHI: Property prices have increased by an average 15 per cent in the Delhi-NCR during Apri-June quarter of this fiscal against the year-ago period, according to a report.
In Delhi-NCR, Gurgaon Sector-54 saw the highest appreciation in property prices of about 87 per cent during April-June 2013 over April-June 2012, the company said in a statement.
“Delhi-NCR region continues to witness an increase in property prices with 15 per cent year-on-year property appreciation seen in Q2-13 when compared to Q2-12,” it said.
The appreciation is however lower than the previous quarter, which saw 20 per cent rise in property prices.
Housing rentals in the Delhi-NCR region have also gone up by an average of 5 per cent in April-June period of 2013 when compared to the same period a year ago.
The property prices and rental rates have been progressing in Delhi-NCR over the year with Gurgaon specifically keeping up with the momentum. Noida and Faridabad are also realising the benefit in price and rentals owing to increased connectivity with Delhi and affordable housing projects.
In Delhi, the portal said that Narela & Mahavir Enclave have emerged with strong price appreciation by 44 per cent and 39 per cent, respectively.
A few localities in South Delhi continue to see a price correction in property price.
Saket in particular has seen a dip of 14 per cent in this quarter from 6 per cent decline in last quarter, followed by Defence colony and C R Park also witnessing the decline by 9 per cent and 6 per cent, respectively.