The current slowdown in the real estate sector has not deterred Suncity Projects from launching its luxury condominium project La-Lagune. Situated in Sector 54, Golf Course Road, Gurgaon and spread across 11.3 acres of land, La Lagune will house 11 apartment blocks of 316 flats. The Prices start from Rs. 1.8 crore.

The project was launched in November 2007 and is expected to be complete by December 2009. There are 8 blocks of 17 floors each and 2 blocks of 6 floors each, housing four-bedroom apartments. Five-bedroom apartments are available in a block of 10 storied building. The apartments come with fitted woodwork in all rooms, wooden flooring in two bedrooms and running balconies connecting all rooms.

Four and five bedroom flats are spread across 3,160 and 4,180 sq ft respectively. Prices start at Rs 6,000 per sq ft. The first floor of each apartment block has an extended terrace with a splash pool. These flats have an area of 4,050 sq ft spanning four bedrooms and 5,250 square feet covering five bedrooms. The price is Rs 7,500 per sq ft. Four bedroom penthouse apartments cover 5,582 sq ft and are priced at the rate of Rs 7,000 per sq ft. Two levels of underground parking are available for the residents. Each parking bay costs Rs 3 lakh. Each apartment also comes with two servant rooms, dimensions being 7 by 6 feet. A monthly maintenance cost of Rs 2.25 per sq ft is required. The flats come with VRV air conditioning, with ducts fitted in the large living room.

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Falcon Realty Services today said it will invest Rs300 crore to develop a 35-acre group housing project in Haryana and would offer the apartments to the people at affordable price.

The Gurgaon-based company would construct 5,000 flats of 360 sq ft each at Bawal. Each one-bedroom apartment would carry the price tag of Rs5.5 lakh.

There is a huge need of housing in the country at an affordable rate. So, we decided to offer housing at Rs5.5 lakh. It is like Nano´ (Tata Motors Rs one lakh car) in real estate, Falcon Realty Services Chief Executive Officer Bhim Yadav said.

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Recently, many new options have opened for a person scouting the market with a budget of Rs 80 lakh. A few years ago, you could buy two houses in the suburbs like Indirapuram and Vaishali. However, with the arrival of the occupation dates for these properties, quite a few large properties here fit this budget. You can get four-bedroom ready-to-move-in apartments for a little more than Rs 75 lakh, and some of the projects that are to be delivered two years from now would even offer you penthouses for this budget.

In Gurgaon, you need to look at the projects coming up in the new residential sectors. This budget can offer you independent bungalows (not row houses) as well as penthouses. Even in existing sectors, Rs 80 lakh is a good budget to buy on the Gurgaon Sohna Road.

For investors, the Nahar Par area of Faridabad is still open where this budget can buy 2/3bedroom apartments. Though the delivery of these flats is still two to three years away, with the level of infrastructure development taking place here, this area should integrate very well with Delhi and Gurgaon.

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DLF Ltd., Indias biggest real estate developer, said a recovery in the property market in the next six months hinges on lower home-loan rates to lure first-time buyers.

Mortgage rates in India are at 12 percent to 13 percent, about twice what they are in China. That is unrealistic, Rajiv Singh, 49, vice chairman of DLF, said in an interview. If rates are cut, the domestic demand itself will carry the country through this difficult period.

DLF lost four-fifths of its market value this year as the highest interest rates in seven years sapped demand for homes and apartments. Finance Minister Palaniappan Chidambaram said this week there is scope for lower borrowing costs after two reductions in a month failed to unlock credit markets.

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In a bid to seemingly boost its cash reserves, DLF, Indias largest real estate company, has requested the Haryana government to refund licence fees worth Rs 235 crore for various commercial and residential projects in Gurgaon. The company refused to respond to an email query sent by ET.

In two separate letters to the state governments director of town and country planning department, DLF requested the authority to refund the licence as well as the scrutiny fees for commercial and residential projects in various sectors of Gurgaon.

Developers usually acquire agricultural land from farmers and pay the government a conversion fee, or a fee for change of usage of land, and a licence fee seeking permission to construct a commercial or residential project on the land. The government also charges a nominal scrutiny fee, which is a kind of a processing fee. The licence fee is higher for commercial projects.

More : economictimes.indiatimes.com

Unitech Ltd, the countrys second largest real estate firm, has decided to sell its 200-room budget hotel Courtyard by Marriott in Gurgaon ahead of its inauguration in January 2009.

Industry sources said the transaction is valued between Rs 250 crore and Rs 300 crore and the realty firm is talking to leading hotel chains and some high net worth individuals.

Confirming the development, Unitech Managing Director Sanjay Chandra said the sale was part of the original plan. Our intention is to build, develop and sell these properties at the right time, he said, adding, We will stay focused on real estate, which is our core area of operation.

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Haryana State Industrial and Infrastructure Development Corporation is in the process of acquiring 8,709.76 acres of land to set up 33 projects including a petrochemical hub and an express highway in the state, involving an estimated investment of Rs 2,000 crore.

Of the total 23,054 acres, HSIIDC has already developed an area of 14,344.24 acres, which houses Reliance SEZs at Gurgaon and Jhajjar, Unitech SEZ at Sonipat-Kundli, DLF SEZs at Gurgaon and Ambala, Nanocity by Nanoworks Developers and European Technology Park at Faridabad by Dutch Haryana Business Consortium, said a HSIIDC spokesman.

After the completion of allotment process in about six months, these projects would catalyse an investment of more than Rs 2,000 crore, the Corporation spokesman said.

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A rental of Rs 10,000 can fetch two to three bedroom flats as well as in satellite towns. South Delhi colonies like Vasant Kunj and Lajpat Nagar will provide you with two-bedroom apartments. These areas offer a super builtup of 900 sq ft.

Sectors 9 and 13 of Rohini in north Delhi offers society flats with total area of 1,200 sq ft. Derawal has two-plus-one floors that have a built-up area of 723 sq ft. Pitampura has three-bedroom society flats. These have area of 1,200 sq ft. Three-plus-one builder floors are available in Sectors 3, 7, 8, 11 and 16 of Rohini.

Moving towards the suburbs, Gurgaon seems to be the most profitable as it offers well-furnished apartments. Two-bedroom apartments are available at Mapple Heights and Princeton Estate. The areas in the two societies are 950 sq ft and 953 sq ft, respectively. Silver Oak apartments also have two bedrooms to offer. But are big in size and offer 1,100 sq ft. One can get an area of 1,400 sq ft in sector 56 of Gurgaon.

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Indias largest real estate developer, DLF, has put on hold construction The Mall Mania of one of the most high-profile mall projects, Mall of India, at Gurgaon, as retail rentals fall and cash becomes precious. The proposed venture was set to be the countrys largest mall, with around 4.5-million sqft space.

A DLF spokesperson said: There is no truth in the statement that Mall of India has been put off. Construction has not been stalled. Its planning and development is under full swing. A visit to the site, however, gives a different picture. Till a few months ago, several workers could be seen at the project site and excavation work was in progress. Now, there is hardly any activity on the site, clearly indicating that company has slowed down the pace of the project.

While announcing the September quarter result recently, DLF V-C Rajiv Singh had said the company will in the short term reduce capital intensity of the business model. He had said the company will shift focus from capital-intensive projects such as malls to mid-income homes and offices, where revenue realisation is faster.

More : economictimes.indiatimes.com

The plans of Reliance Industries Ltd, or RIL, Indias biggest private sector company by market capitalization, to set up special economic zones, or SEZs, at Jhajjar and Gurgaon in Haryana may slow due to the global financial meltdown and a fall in demand for such projects.

An executive at RILs external public relations agency, however, said that work on the SEZs had not begun.

A senior RIL executive said the project was going slow and blamed the current business environment, which he described as bad in all areas.

At this moment, we have been told not to spend money. Our capital expenditure on the sites have been stopped. The meeting to decide what to do next will happen next week in Mumbai, said the executive, who didnt want to be named because he is not authorized to speak to the media. However, no formal directions have been issued.

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