Latest Property News on 'Gurgaon'

Gurgaon Mumbai Emerge as Top Residential Destinations

Gurgaon and Mumbai have emerged as the top destinations for residential investment in the country. Both have seen a massive infusion of commercial and retail space owing to residential demand, which in turn was spurred by a growth in employment opportunities, according to the fourth quarter Asia Pacific Property Digest by global real estate consultant Jones Lang LaSelle. The residential market in both the regions witnessed a price correction of 25-30% from their peak values which presented opportunities to end-users and investors alike.

Despite being hit hard by the recent turmoil, the residential sector of the crisis-torn Indian real estate industry has emerged as the sole bright spot for individual investors, the digest ranked Noida, Pune, Bangalore, Chennai, Hyderabad and Kolkata behind Gurgaon and Mumbai. The six cities, which are witnessing an influx of IT/ ITeS employees, also provide residential units at affordable prices. However, infrastructure continues to remain a concern across most of these cities as it is unable to keep pace with the growth in population. With the exception of Bangalore, oversupply will be a concern in the short term due to large number of projects launched over the past 3-4 quarters. Read More »

Emaar MGF to Invest Rs 500 cr on Gurgoan Housing Project

Real Estate Major Emaar MGF will invest Rs 500 crore to build a mid-income housing project at Gurgaon in Haryana. The company, which plans to launch its initial public offer to raise up to Rs 3,850 crore, would develop 1,250 units in the 29 acre-project located at Sector-77 in Gurgaon. Sources said that investment in the project ‘Palm Hills’ could be around Rs 500 crore, excluding the cost of the land. With a starting price of Rs 48 lakh the company has sold 650 units in the first phase.

“The encouraging response on the first day of launch is a testimony to the prevailing huge demand for quality housing in the mid-market segment,” Emaar MGF Executive Vice Chairman and Managing Director Shravan Gupta said. Emaar MGF is a joint venture between Dubai-based Emaar Properties and domestic firm MGF. It commenced its operations in India in 2005 and recently got approval from the SEBI for its maiden public offer. Read More »

DIPP Sets Monitoring Cell to Scan End-Use of FDI Raised by Realty Firms

The department of industrial policy & promotion (DIPP) has set up a monitoring cell to investigate the end-use of foreign funds raised by realty firms, according to official sources. Its objective: to ascertain whether companies diverted the money to areas where FDI is banned like buying agricultural land. The development comes at a time when the government is trying to relax the three-year lock-in period on repatriation of investments by foreign partners in real estate projects.

The decision comes after recent raids by the enforcement directorate (ED) on one prominent Delhi-based real estate developer revealed “large-scale” FDI violations in the purchase of land. The company had an around 12,800-acre land bank, of which 8,700 acre is agricultural land. The ED claimed that most of this farmland was acquired through FDI, in contravention of existing rules. Read More »

Ireo Launches Ireo Uptown, a New premium Development in Gurgaon

Encouraged by the success of its maiden project, The Grand Arch, Ireo, the largest foreign direct investment (FDI) from a private equity fund dedicated to the Indian real estate sector and an integrated real estate development company has launched Ireo Uptown, a new premium development in Gurgaon.

Priced at Rs 3,800, per sq ft, the project will offer a wide choice of two, three and four-bedroom apartments spread across five towers. There would be 534 apartments on offer with sizes ranging between 1,430 sq ft and 2,012 sq ft. Spread over 11 acres, about 84 per cent of the project would have exquisitely landscaped lawns with abundant greenery and large open spaces. The lawns would have an organic fruit orchard and a herb section aimed at promoting healthy lifestyle for the residents. Situated in Sector 66, near Golf Course Road and close to the Delhi Metro line extension, the premium township would have quick and easy connectivity to Delhi airport and NCR. The project is expected to be ready for occupation by 2012. Read More »

Ireo Announces the Commencement of its First Property “TheGrand Arch” in Gurgaon

Ireo, the leading FDI from a private equity fund dedicated to the Indian real estate sector and a fully integrated real estate development company, has announced the commencement of its first signature property - The Grand Arch — in the Ireo City, Gurgaon. Ireo City is the first mega project of the company in North India, and the planned capital outlay for the development is Rs 10,000 crore. Spread over 500 acres, Ireo City, the integrated township, will offer a unique mix of features such as an elevated walk way connecting the entire township, art centers, theatres etc. Ireo City development will also include schools, hospital, parks, luxury hotels, shopping malls, service apartments and office complexes.

The Grand Arch, spread over 20 acres, is designed to be Gurgaon’s new landmark residential complex. It will have world-class architecture with apartments open on all 4 sides, 10 foot high ceiling improving room aesthetics, two bedroom duplex apartment with double height ceiling over the lounge and dining area, double glazed windows and apartments equipped with VRV air conditioning, offering the best of temperature controlled and energy efficiency. Read More »

HUL Puts Residential Properties for Sale in Mumbai and Gurgaon

FMCG major Hindustan Unilever (HUL) has put up a total of seven residential properties for sale in Mumbai and Gurgaon, which could fetch around Rs 35 crore. The company has made public announcement that it is selling five residential properties in Mumbai’s prime locations of Cuff Parade and Vile Parle, which includes four two-bedroom and one three-bedroom flats.The total saleable area is around 6,796 sq foot. As per real estate consultants CBRE’s property price estimates of these localities, these residential units could together be worth around Rs 28 crore.

HUL is also putting on block two residential plots at Gurgaon, which has a total area of 840 sq metres. As per market estimates, the minimum price for plots are estimated to be Rs 2.5 crore each.Query sent to the company seeking details of the property sale remained unanswered. The company, however, had earlier said that it may sell some of company-owned properties in Mumbai to unlock business value. HUL is understood to own around 25 residential properties in Mumbai’s prime locations, including as Malabar Hills, Church Gate and Andheri.

Gurgaon Rapidly Develops as One of the Most Modern Cities of India

Gurgaon has emerged as one of the most modern cities of India, with state-ofthe-art commercial buildings, posh residential condominiums and large malls. It has emerged as the first choice for a large number of multinational companies opening their offices in the country. The township has benefited hugely from its proximity to India’s capital and power centre at Delhi. In the last ten years, Gurgaon has had a number of MNCs opening their offices here. This has led to a rapid growth in real estate in the city, and today, it has emerged as a major residential, commercial and retail hub. Favorable government policies, good connectivity with Delhi, and its upcoming infrastructure has enabled Gurgaon to position itself as an industrial & IT/ITeS hub. A number of IT/ITeS companies, auto and auto ancillaries and garment export industries are operating out of this place.

The city’s proximity to the domestic and international airports, quality of real estate developments coupled with proactive government policies have helped it to grow faster than any other competing suburbs of Delhi, says Samir Jasuja of PropEquity, a real estate research firm. The commissioning of NH-8 (Delhi-Gurgaon Expressway) has further fuelled developments in Gurgaon. The Metro link, currently under construction, will further strengthen Gurgaon’s position in the NCR by providing muchneeded quality public transport connectivity. The city has also benefited from the government’s enhanced focus on a comprehensive infrastructure development plan for the 2010 Commonwealth Games in the NCR. However, Gurgaon has still a long way to go in terms of social and physical infrastructure as it faces severe power shortages and traffic bottlenecks. Read More »

Lower Interest Rates cheers Gurgaon real estate market

Encouraged by price correction and lowering of interest rates, the real estate market, after a period of relative inactivity lasting the first few months of the year, witnessed improved levels of activity on the part of retail investors in the residential sector, especially in the low to mid-end housing segment, said experts as well as market analysis reports of the second quarter in 2009.

CBRE Market View, India Office , published for the second quarter, said: “Level of enquiries went up and, more significantly, transaction velocity also increased marginally as compared to Q1 (first quarter) of 2009… However with most of the activity confined to smaller format offices, vacancy levels remain high. Most developers deferred plans for launching any new projects, the focus being on deploying the scarce resources on completing projects in hand.”

Price Correction Encourages Gurgaon Real Estate market

Encouraged by price correction and lowering of interest rates, the real estate market, after a period of relative inactivity lasting the first few months of the year, witnessed improved levels of activity on the part of retail investors in the residential sector, especially in the low to mid-end housing segment, said experts as well as market analysis reports of the second quarter in 2009. CBRE Market View, India Office, published for the second quarter, said: “Level of enquiries went up and, more significantly, transaction velocity also increased marginally as compared to Q1 (first quarter) of 2009… However with most of the activity confined to smaller format offices, vacancy levels remain high. Most developers deferred plans for launching any new projects, the focus being on deploying the scarce resources on completing projects in hand.”

“The downward trend in rental values seen till now has actually been arrested. We expect them to stay put at the present levels over the next quarter. Depending on location, project and sub-market dynamics, the decline over the past 12 months has been anywhere between 25 to 40 per cent. However, values have remained steady over the last quarter,” Pawan Swamy, Managing Director (Western India) Jones Lang LaSalle Meghraj, said. Read More »

Housing Sector to Come up with 8,000 flats in NCR

In a move expected to give a big push to the housing sector in Gurgaon and Faridabad, the Haryana Housing Board is in the process of inviting expressions of interest for building 8,000 flats in these cities and some other places in the national capital region areas. This is in addition to the 38,000 housing units, majority of them in NCR, planned in the next two years. Under the latest project, the state will enter into an agreement with real estate developers to provide affordable housing to middle and lower middle class under the public private partnership mode.

“Since we do not have land in Faridabad and Gurgaon, we will be joining hands with private colonizers whose projects have been stuck due to the (economic) slowdown. We’ll prefer those who have the licence, and then those who have enough land,'’ said S P Gupta, chief administrator of the housing board. The announcement follows chief minister Bhupinder Singh Hooda’s assurance to developers that steps will be taken to counter the slump in the real estate market. It will also fulfil his commitment of providing cheap housing to locals, especially those in NCR cities of Gurgaon and Faridabad. Among the other areas selected for the project are Bawal (in Rewari district close to Gurgaon), Badhi (Sonepat) and Karnal. Read More »