Greater Noida Real Estate

A company Press release here quoted the directors as saying that though the concept is still at a nascent stage, it is dynamic and fast catching up. The benefit of green concept is reduced environmental impact through energy efficiency.

The two major commercial projects, Crossings Galleria and Crossings City Center would come up in the Crossings Republik, the integrated township being constructed by the firm in Noida, Greater Noida and Ghaziabad, Crossings Infrastructure Director Sanjeev Srivastva said.

"The company will raise 35 per cent of the total investment through internal accruals and rest through debt and advances," he added.

Crossings City Center would be a mall and commercial hub with about 600 showrooms spread over an area of one million square feet. It would also house food courts, multiplexes, office towers, entertainment zones and hyper markets.

The City Center is expected to be completed within next 24 months.

Crossings Galleria, which is also a shopping destination, would be completed within the next one-and-a-half years, it added.

Crossings Republik is a Rs 6,000 crore integrated city project, which would cater to a population of over 1,00,000 residents.

''Spread over an area of 360 acres, Crossings Republik is a new city being added to the Delhi NCR. It will be a self-sufficient, environmentally sustainable and will have its own public transport system as well. It will have more than 30 million sq ft of built-up residential area and two million sq ft of commercial area comprising hotels, multiplexes, malls, service apartments, office complex, community facilities and others,'' Crossings Infrastructure Director Manoj Gaur told a media conference here.

The first phase of possession for 2,000 apartments is slated for December next year and by December 2010, more than 500 families are expected to take possession of their condominiums, he added.

''Golf course facing, Crossings City Centre will be a glitzy mall and the commercial hub of Crossings Republik. It will feature 600 showrooms spread across an area of one million sq ft It will also have seven atriums, two food courts, a four-screen multiplex, two office towers, an entertainment zone and hyper markets. It will be complete within the next 24 months,'' he continued.

Whereas Crossings Galleria is the neighbourhood shopping destination and will comprise 100 shops spread over 35,000 sq ft. It will be completed with the next one and a half years.

Another Director of the company, Mr Sanjeev Srivastva, said:'' We expect to have the best of brands set up shop here and we are confident that our residents will also appreciate the easy accessibility to everything that they might need for their families or homes.''

Reacting to media reports that company has defaulted in making payment to the tune of Rs 150 crore, a senior company official said "there is no question of default. Payment is due only when they give peaceful possession of land''.

Media reports further said that other developers may also default and Greater Noida Development Authority (GNDA) may cancel or extend the time period for the project. In the light of farmers' agitation in Greater Noida over land acquisition, he said all the developers who have projects in the city have given a representation to the Greater Noida Development Authority demanding rescheduling of the payments.

Unitech had bagged 100-acre land in Greater Noida in Uttar Pradesh, in 2006 where it had announced development of a high-end housing project. "We have not got the peaceful possession of land and construction has been suspended,'' the official said.

"The authority should sort out the issues with the farmers and give us the peaceful possession of the land,'' he added. When contacted, Greater Noida Authority Deputy Chief Executive Officer P C Gupta refused to comment on the issue.

Spread over an area of 1.6 acres, there are going to be around 85 apartments (in Royalton Towers like Fashion in Princeton Estate), and the expected price is Rs 6250 psf with a inaugural discount of Rs 250 psf.

Besides, a scheme for 5,000 houses for the economically weaker section will also be launched on October 2, the birth anniversary of Mahatma Gandhi.

But the houses that GDA is bringing will be cheaper than those being built by builders, according to the sources.

According to GDA vice-chairman S.K. Diwedi, some 10,000 plots will be allotted. He confirmed that builders were also coming up with their scheme for a township at Sadarpur.

The GDA is finalising its Madhuban Bapu Dham scheme on Hapur Road, which will be launched on Diwali, he said.

Over 1,230 acres of land in Sadarpur, Morta, Duhai, Rasoolpur, Nanglapath and Yakubpur villages has been acquired by the GDA.

Some more land would be acquired soon, he said. Farmers would be paid a compensation of Rs 1,100 per sq yd for the land being acquired.

The GDA has not yet clarified the expected price of plots, but according to sources it will not be less than Rs 10,000 per sq mt.

Schools, a degree college, police station, parks, markets, parking lots, roads, sewers, hospital, clubs etc. will all be provided in the new GDA township.

This will be the first scheme being launched by the GDA after 1997, it is learnt.

"The notification of land acquisition in five villages of district Gautam Budha Nagar (GBN) has been revoked and they are allowed to negotiate directly with the builders/developers," said SK Sharma, District Magistrate of district GBN.

"If this policy becomes a success, it can be extended to other villages," added Sharma.

These villages along with 25 others were earlier in the jurisdiction of Greater Noida Industrial Development Authority (GNIDA) but were transferred to Bulandshahar-Khurja Development Authority (BDA) in November 2007.

The process of land acquisition - notification of Section (4) in these five villages was started in July this year. These five villages are Ramgarh, Citavali, Bhogpur, Bheel Akbarpur and Kamrala Chakrasenpur.

High-tech cities are proposed to be developed on this land. "The developers/ builders have to develop roads and other infractures for their cities besides developing connecting roads up to the villages whose land they will purchase.

As per the agreement the builders/ developers are also liable to develop roads, sanitation facilities and electrification of the villages on the lines of Noida and GNIDA are doing in the villages under their jurisdiction," said Harsh Tankha, Vice-Chairman of BDA.

The 130-room hotel will have total developable area of 150,000 sq ft, including a shopping mall. It is to be managed by Fortune Park, the hotel unit of India's top cigarette maker ITC Ltd.

Earlier this year, Parsvnath signed a pact with the hotel chain, for the latter to manage more than 4,000 rooms in 50 hotels that it will develop.

Parsvnath shares were trading at 122.90 rupees, up 1.3 percent, in a weak Mumbai market.

Sealed tenders can be deposited by August 20 in the Greater Noida office, which will be opened on the same day.

Additional CEO of Greater Noida, P.C. Gupta said applications have been invited for Pie-Chei extension, Theta-2, City Centre and Delta-I for constructing hotels and professional buildings.

Except the smallest plot in Delta- l, the reserved rates for all other plots are fixed at Rs 20,000 per sq mt. Application forms can be procured from the branches of HDFC Bank in Noida and Connaught place in New Delhi and ABN-AMRO Bank at Sector-18 Noida, the ACEO added.

The Group Housing project will have in-house amenities like Entrance Gate with Security, Community Hall, Pool and Kid's Pool, Club and Commercial, Convenient Shops, Entry to Lift Lobby, Tennis Court, Children Play area etc. The Company will now undertake all the development and marketing work of the project. The Project is expected to have a turnover of approx. 50 crores and will be completed in over 2 years approximately.

The stock closed the day at Rs.89.50, down by Rs.2.05 or 2.24%. The stock hit an intraday high of Rs.92.90 and low of Rs.89.

The total traded quantity was 3162 compared to 2 week average of 11238.

Even as the real estate market slows, developer Ansal Properties and Infrastructure Ltd (Ansal API), has launched an ambitious 2,500-acre township project adjoining Greater Noida, in Uttar Pradesh.
The company plans to invest Rs26,800 crore over the next five years in developing this project.

The township, branded The Megapolis, is extendable to around 9,000 acres, which means that the company has an option of increasing the size of the township to that size.

If the company decides to extend the township, for which it needs government approvals, this would make it among the largest residential projects in India, after DLF Ltd's proposed residential project, Bidadi Knowledge City on 9,178 acres of land at Bidadi between Bangalore and Mysore.

Other large proposed Indian townships include Ansal's own 5,000-acre township in Lucknow, DLF's 5,000-acre township in Dankuni near Kolkata and Emaar MGF's 3,000-acre township in Mohali, on the outskirts of Chandigarh.

Most large townships are coming up in smaller citiesbecause land is relatively cheaper there and companies are looking to set up manufacturing plants and offices tocut costs, thus providing potential residents.

The Megapolis, which has been approved by the Uttar Pradesh government, is about 3km from Greater Noida. Land for the project will be acquired directly from the farmers and the government. Ansal will have to acquire 75% of the land directly from farmers, while the rest would be acquired for them by the government.

The company has already bought around 300 acres of land, paying around Rs35-40 lakh for an acre.

"Once we acquire 60% of the land for the project, the government will approve the site plan of the project," P.N. Mishra, executive director, business development, Ansal, said, adding, "we plan to develop the township on 2,500 acres of land for now, but eventually we will expand up to 9,000 acres."

Ansal plans to fund the project through internal accruals, customer advances and by partnering with financial institutions. It has already partnered with HDFC Bank Ltd, which has picked up a 8% stake in the project.

HDFC has so far invested Rs500 crore in the project though Ansal didn't give the total value of the bank's stake.

The twin cities offer an entire range of property-options to choose from. The development of Greater Noida Phase-II , spread over 55,000 hectares (which includes 1890 villages), will further lead to an expansion of these cities. The said phase would have 41% area earmarked for greenery, 12% for recreational facilities, 13% for residential, 2.5% commercial, 3.9% institutional and 18.9% devoted for the airport. Also, after completion , the 1483 km long Delhi-Mumbai Industrial Corridor will mark a watershed in connectivity.

This Indo-Japanese project is expected to be completed by 2012. Apart from this, a mega rail-corridor will start from Boraki near Dadri. Foreseeing a surge in demand for office space, many real estate developers have launched various residential and commercial projects at Noida and Greater Noida.

Will this mark the beginning of a shift of the development-axis of builders from Gurgaon to these twin cities? "Every township has its pros and cons. Every township grows and reaches its peak of development and there is stagnation at the top. Gurgaon is passing through stagnation phase.

It grew and grew and left proper planning far behind . Gurgaon boomed in record time. Offices and commercial space came up overnight without any planning or proper infrastructure. Everything was done in a haphazard manner.

Therefore, it's paying the price for it now," says M S Aggarwal, managing director, MSX Developers Pvt Ltd. "Moreover , commercial lease rentals in Noida and Greater Noida are at least 40% lower than those in Gurgaon," he adds.

The UP chief minister's push for a second international airport at Greater Noida may come as a shot in the arm for realty players. Real estate analysts expect capital value of existing residential, commercial, retail and hospitality projects in Noida and Greater Noida to appreciate in the short term.

The capital price of residential property in greater Noida varies from Rs 23,000 to Rs 28,000 per sq meter, while rentals vary from Rs 2,500 to Rs 8,000 per month. In the relatively posh localities like Alpha , Beta and Gamma, a 3BHK builtin area of 200 sq m is priced at Rs 27,000 per sq meter. The 8-lane Expressway connecting Noida-Greater Noida to Agra promises to put the twin cities' real estate on fast track.

Special economic zones (SEZs), hotels , and commercial and residential complexes coming up on the Noida-Greater Noida Expressway offer great scope for strong and sustained growth for all real estate segments. There are 40 sectors along the expressway that have been divided into four zones under the 'Noida Masterplan 2021' to ensure balanced development amidst population explosion.

Out of the total length of the expressway which is around 23 kms, three kilometres of the expressway fall under Greater Noida and the rest in Noida. The 321 hectares of Greater Noida land, which is within one km of the expressway, has been a major source of attraction for realtors, IT companies and educational institutions among others.

The authorities have also planned development projects on each side of the expressway in phases to give a boost to ITITeS sectors . The impact of all these developments is clearly discernible, as there is an increasing demand for land by IT companies, triggering real estate boom in these satellite townships.

We, at Ansal API (Consortium) are developing a U.P. Govt. promoted High-Tech Township in NCR at location Dadri (Extension to existing Greater Noida), The Detailed layout of the project along with the DPR has been approved by competent Authority and we have already assembled sizeable land.

We have been getting information and SMS messages sent by certain brokers / person who have spread rumours that the pre-launch / booking of the project is open. We hereby clarify that we shell we come in the market with due notice to the public at an appropriate time. The rumour spread at present about booking or pre-launch sale is incorrect. Whosoever believes on such promises shall himself be responsible and the company shall not be responsible for any action taken by any investor on the basis of such rumours.

All concerned are informed accordingly

Business Development Department
Ansal API

This will be the largest private placement in by an Indian company. GMR Infrastructure's Rs 4,000 crore placement was the largest before this.

THE REAL THING

• Unitech is expected to issue around 80-90 million shares of Rs 2 each
  
• At the current price, the private placement will involve a divestment of around 5 per cent of Unitech's enhanced paid-up capital
  
• The company is conducting a road show abroad and is expected to complete the transaction by next week

The revival of the Taj International Aviation Hub project by Uttar Pradesh Chief Minister Mayawati soon after taking charge and the Taj Expressway Project clearing administrative bottlenecks along with the Cabinet's approval to the airport has hiked land prices in the area.

Jevar Sub-Registrar J.N. Singh said, "As the market rates were hiked considerably in the last one year, the state government hiked the circle rates effective from September 3 considerably to check the evasion of stamp duty Circle rates outside town area for agriculture land was hiked from Rs 16 lakh to Rs 40 lakh per hectare. For other land, rates were hiked from Rs 12 lakh to Rs 30 lakh and from Rs 8 lakh to Rs 20 lakh. For Jevar town area, the hike is from Rs 20 lakh to Rs 60 lakh."

"This has resulted in increased revenue collection. This year from April till December-end, revenue collection has been more than Rs 11 crore and is expected to touch Rs 15 crore by Marchend. In the last financial year, it was just Rs 6.5 crore," said Singh. Property dealer Ulkesh Bharti said, "Before the announcement of the airport project a year ago, agriculture land rates were between Rs 25,000 and Rs 50,000. Today the rates range between Rs 3 lakh and Rs 7 lakh depending on the location of the land. Work on the Taj Expressway project too hiked the rates."

"The vaages around the airport site such as Ranera, Rohi, Kishorepur, Banwaribans and Pirthali Sivala have witnessed a steep hike. Villages such as Jevar Bangat: Nimika, Thora, Sabota, Dayanatpur, which fall in the Taj Expressway and airport project areas, have witnessed a hike of over 15 times," said Bharti.

"The airport will be spread over 2,314 hectares. A passenger and cargo terminal has been planned at the aviation hub. A training institution for air hostesses and pilots too has been planned in the hub. For stay of passengers, hotels and rest houses too have been planned," said an authority official.

The last time GDA constructed flats was in 1995 in Govindpuram. "The GDA constructed flats in Govindpuram, Indirapuram, Vaishali and Pratap Vihan In the interim, the GDA either developed colonies and sold plots to individuals or sold bigger plots to builders to construct group housing flats," said a senior GDA official.

The flats under the EWS category will have two rooms. Before this, the GDA provided one-room flats in the EWS category and the LIG flats had two rooms. "The EWS units will be slightly smaller than the LIG flats. The LIG units will have balconies," said a GDA official.

The GDA has decided to construct 10,000 EWS flats next year While 3200 will be in Koyal Enclave, the rest will be constructed in Rajendra Nagar, Pratap Vihar and Arthala.

How does Debenhams operate world-wide and what model have you adopted for India?

The model that we currently use for international foray and expansion is franchisee model as this helps us in utilising our partners' knowledge and expertise. As of now, we don't have company-owned outlets outside the UK and we would continue with this model as we find it more cost-effective.

Should the government allow FDI in retail in India? If yes, why?

Absolutely. FDI should be allowed in India so that it could provide the much-needed capital and bring a boom in the sector. The government should look at the possibility of opening up the sector and let the global players do their business in a hassle-free environment. Moreover, as there is a dearth of potential investors in small cities, FDI should be allowed to facilitate infrastructure building in these areas.

If the government allows FDI in retail in India, will Debenhams change its operating model?

Even if the Indian government allows FDI in the retail sector, we won't change the model with which we operate in the country. We will continue to expand using franchisee model and will further strengthen the association with our partners in India and globally. But then, never say never is what I believe in. I also feel that the retailers who want to enter India would enter anyway and changes in the policy are not likely to have any major impact on their decisions.

Returns from the real estate sector are also likely to be on the higher side, with 72% betting on a 25-30% yield for the next 2-3 years. The current growth momentum is likely to be sustained  with 63% of the respondents forecasting a 25%  year-on-year growth for the next five years. This buoyant feeling is fuelled by expectations (from 27% of those surveyed ) of $10 billion inflows in the sector in the next three years, with a majority 68% opting for a more modest target of $5-10 billion.

For retail investors what this means is that real estate should continue to be the bedrock of their investment portfolios, not only for the tax breaks but also for the projected returns.

The booking amounts for 2 BR and 3 BR are Rs 5 lakhs and Rs 6.5 lakhs.

Happy investing!

4 Bedrooms, 4 Toilets, 1 x D/ D Room, 1 x Lounge includes Study, 1 x Kitchen, 1 x Store Room, Exclusive Terrace. Balcony for 4 bedrooms. Swimming pool, Club/Gym, Car Parking, Children's park, 24 hrs electricity (power backup), 24 hrs water.

Located near world class Golf Course and near all amenities, including international schools, hospitals, main market, and shopping complexes. 300 bed NIMT hospital coming up at 500m. Pari Chowk at 1.25 kms.

Project on main sector road.

Selling Price = 42 Lacs.

This includes Base Price + Miscellaneous Charges (Lease Money, Electrification Charges, Security Deposit, Maintenance Charges for one year till year end 2006).

Direct seller. If direct buyers then commission will be only 0.75% from each side.

ASPEP4BRSB