Real estate developer DLF will soon get around 5,000 acres near Greater Noida at less than market rate under the Taj Expressway Industrial Development Authoritys (TEA) scheme. Jaypee group, too, has qualified for allotment of 2,500 acres, while Unitech and Punj Lloyd are in queue for 2,500 acres each.
TEA additional CEO C S Verma told ET that the authority will complete the process of acquisition of 7,500 acres in three months, following which it will be allotted to DLF and Jaypee group. We are negotiating with farmers and should be able to finalise the acquisition rate in the first week of July. Once the rate is finalised, it wouldnt take us long to acquire the land, he said.
TEA will transfer the land to realty developers at acquisition cost from the farmers, which is likely to be much cheaper than the market rate developers have been paying privately. The ability to buy large tract of land at a cheaper price without spending much time and energy in the process is what is driving realty players to TEAs Special Development Zone scheme. As realty sector boomed in the past few years, land prices too surged and farmers became more demanding while negotiating a rate with developers.
More : economictimes.indiatimes.com
Send an E-Mail for Gurgaon Property Enquiry!
Related News from Gurgaon
Property rates headed south
Six months ago, Rahul Soods three-bedroom apartment in south Delhi went on the market for Rs 95 lakh. But the market was booming and Rs 1 crore looked easily gettable. He decided to wait, and that turned out be a wrong call. The market began slipping and he managed to get Rs 85 lakh for the flat, Rs 10 lakh less than the peak-time price tag. The same apartment is now valued at Rs 65 lakh. Sood is not feeling so bad now. Realty rates are slipping across the country. They are down by 15 per cent in Chennai, for instance.
RIL’s Haryana SEZs in soup over land cost
The plans of Indias biggest private sector company by market capitalization, Reliance Industries Ltd (RIL), to create special economic zones (SEZs) at Jhajjar and Gurgaon in Haryana seem to have run into trouble over issues related to land acquisition, with land owners in the area demanding around three times the amount the company is willing to pay because land prices have increased since late 2006, when the company made its offer. We require around 25,000 acres for our SEZs. While we are in possession of around 9,500 acres, the owners of the remaining land are demanding around Rs1 crore per
Realty feels pinch of high rates
The rise in the interest rates is likely to affect real estate sector growth in the country. In a report, global real estate consultancy firm CB Richard Ellis said with demand going down, both the capital as well as rental value of office space have come under pressure. According to the report, the global economic conditions seemed to have affected plans of the companies, with some of them deferring their real estate decisions. Under such condition, the excess supply of office space is likely to affect the market values in the coming quarters. In the Gurgaon market of National Capital
Greater Noida Real Estate Rates Rise Further
Accordingly, residential land rates have been hiked from Rs 5,900 per square metre to Rs 10,500 per square metre, while institutional land rates have been revised from Rs 2,800 per square metre to Rs 6,000 square metre. For the commercial land category, the rates have been increased from Rs 12,000 per square metre to Rs 20,000 per square metre. Welcoming the move, Parsvnath Developers Ltd (PDL) chairman Pradeep Jain said, In comparison with adjoining areas such as Gurgaon and Sonepat, the infrastructure facilities in Greater Noida are better and the demand for land is also high. More : in2perspective.com
HDFC likely to hike interest rates by up to 1%
HDFC likely to hike interest rates by up to 1% HDFC Ltd, a key home loan lender, on Monday said it is likely to increase interest rates by up to one percentage point later this week. We will be taking a call on our interest rates this week, taking into account the impact of a higher cost of borrowing, HDFC Chairman Deepak Parekh told reporters on the sidelines of a CII-organised conference here. There could possibly be a hike of 50 to 100 basis points, he said. More : economictimes.indiatimes.com