Latest Property News on 'Delhi'

Paramount Group to Invest Rs 1100 cr in three Projects

Delhi based real estate developer Paramount Group is understood to have decided to invest about Rs 1,100 crore in three projects over the next two years.

The company is developing a group housing project - Paramount Symphony - in the upcoming integrated township, Crossings Republik in the national capital region, spread over 360 acres of land. Read More »

Hotel Room Rates in India are More than the Global Average

An industry survey estimates that the three major Indian metropolitan areas — Bangalore, Mumbai and Delhi — command some of the highest hotel rentals in the world. The study, conducted by Indusview Advisors, found that Bangalore had the world’s highest room rentals, averaging about $500, with Mumbai ($400-450) coming in a notch lower and Delhi ranking third at $350 plus.

Internationally, London hotels charge $300-450 while star properties in Moscow and Rome charge $260-350 and $140-350 respectively. But while the situation is acute even in traditional high-cost cities such as New York where room rates spiraled up 15.4 percent last year to an average of $320.87, according to an American Express report some of the strongest surges have been in Asia. With the upcoming Olympics in Beijing this August, China’s room rates have leapt 20 percent since last year. But despite the surge, room rentals in China and Singapore still range around $155 for the former and $137 for the latter as against India’s $350 in the deluxe category. Read More »

Delhi NCR Rents may Stabilize Next Quarter: Report

Rentals in the National Capital region are expected to stabilize in the next quarter as supply is set to increase Gurgaon and Noida, says a report.

According to commercial real estate services firm CB Richard Ellis, rentals are expected to be stable in the next quarter as the supply is set to increase significantly in Gurgaon and Noida. Read More »

The SC order of increase in the size of dwelling units: A bonanza for Delhiites

The recent judgment of the Supreme Court permitting the construction of a third floor in the national capital is a bonanza for citizens of Delhi. It will enable the residents to use the entire permissible construction area under the new Master Plan 2021 (MPD-2021). However, the present judgment is conditional to the final one on the same issue. While the court allowed the construction of third floor subject to the condition that it should meet the floor area ratio (FAR) norms outlined in the MPD-2021, it has restricted the number of dwelling units that can be constructed on a given plot-size. Consultants feel this will limit the pressure on the existing city infrastructure to an extent.

The court’s decision has resulted in a sudden escalation of the price of plotted development in the city. According to one estimate, the land rates for plot sizes up to 250 sq meter have gone up by around 15% to 20%, post judgment. Even the price of large properties has gone up by around 10%. As shown in the chart, the permission for construction of the third floor has released huge construction area in the city. The owner of a plot size of up to 250 sq meter is benefited the most. Now, they can construct 30% to 33% extra. Earlier, as the third floor was not allowed and ground coverage area was restricted to 90% and 75%, the owner of plot of up to size of 250 sq meter could not utilize the entire area allowed for construction on the plot. Read More »

Connaught Place has the 8th Highest Rentals in the World

Till the other day Connaught Place epitomized the pride of the country. Today, this central Victorian market of New Delhi has climbed up global indices to become one of the most attractive and expensive markets in the world.

Synonymous with rising economy of the country, the market speaks volumes of India’s performance in the rapidly transforming global economic sphere. Read More »

Ansal Properties to pay Rs 55 Lakh for delay in Flat delivery

The Delhi Consumer Commission has directed real estate major Ansal Properties and Industries Ltd to pay a flat applicant Rs 55 lakh, including Rs 30 lakh advance received by it, for denying him possession of his dream home for over a decade.

“Ansal Properties and Industries Ltd have unjustifiably retained the amount of Rs 30 lakh or so for a long 10 years without having refunded the same to the complainant,” Commission president Justice J D Kapoor said, holding the construction company guilty for “deficiency in service.” Read More »

Investors in Delhi NCR having a tough time

While the bears are ruling the stock market, there is another asset class where the bulls are keeping away. Speculative investors in real estate market are retreating, at least in the Delhi-NCR region.

Some leading real estate developers based in the region say it is becoming increasingly difficult for them to sell flats at launch stage due to lack of interest from speculators. This reflects on the inherent demand structure in the real estate market. Read More »

Goa Realty Player in Delhi to Showcase Projects

Leading builders from Goa have come to Delhi to showcase their real estate projects in a property fair — ‘Goa Property Show Delhi 2008′ — in Tivoli Gardens, Chattarpur Road near Chattarpur Mandir in South Delhi on March 15-16 2008.

The property show will provide home-seekers with the experience of a carnival of properties. Visitors will get an unique opportunity to choose from a large number of world class projects from established builders at one place. Read More »

Govt. to Bring a Regulator for Delhi Property Market

Stepping up the efforts to bring greater transparency in Delhi real estate, the Union Government is considering setting a regulator to address builder-consumer complaints in the Capital. The plans will be reinforced and executed within six months, says Mr. Jaipal Reddy, the Union Development Minister.

The regulator will be a quasi-judicial authority to be headed by a famous personality, informs the minister while addressing the inaugural session of an international real estate conference summit, organized by Federation of Indian Chambers of Commerce and Industry. Read More »

Delhi Govt. to Construct Low Price Houses for EWS

The Delhi Government has drawn out a plan to offer flats costing Rs 1 lakh to economically weaker section (EWS). A total of 50,000 such flats have been planned for Khanjawala, Bawana, Samapur and Neb Sarai, announces Manoj Parida, MD, Delhi State Industrial Development Corporation.

Khanjawala and Bawana will see the construction of 20,000 flats whereas Samapur and Neb Sarai will have 7,656 and 700 flats respectively. Read More »