V Square launched "114 Avenue" - An integrated commercial hub

V Square, a Real Estate Development Management Company successfully launched a commercial project, "114 Avenue", located at a prime location Sector-114, Delhi Extension, Gurgaon. The integrated project will be one of the most innovative iconic business hubs with cutting edge designs and concepts in the vicinity.


'114 Avenue' is a premium integrated commercial hub with the development of over 4 lac sq. ft., amidst beautifully landscaped environment, which consists of Retail and Office space, Fine Dining restaurants, Business Centre and Service Apartments. The project consists of Hyper-Market on the lower ground floor with retail on ground and first floor, fine dining, food court with business centre on second floor, office spaces on third and fourth floor and serviced apartments from fifth till the eighth floor. The size of the service apartments ranges from 575sq. ft. to 1175sq. ft., price of which starts from Rs 36 Lacs.

The project is strategically located in Delhi Extension and enjoys location advantage of Dwarka-Gurgaon Expressway, proposed Metro & Railway station, Airport within an arm's reach and close proximity to almost all transport facilities.

Talking about the concept project, Mr. Vivek Seth, Managing Director, V Square Development Company said, "This will be a truly unique concept in space development with assortment of retail-office spaces, Business Centre, Fine Dining Restaurants and Service apartments -all in one destination. Keeping in mind the different genre of people and the diverse tastes, our initiative was to provide one of its kind commercial hubs which will cater both the purposes, merging business with pleasure on one platform. It will best suit the need of every company as it has all kinds of infrastructure and facilities. It will be an ideal destination for all MNCs and Corporates."

"We are very happy to receive tremendous response from our valued customers. After few days of launching we have sold out approximately 62% of spaces. We are very thankful to the customers in showing their trust in us which gives us confidence to launch such projects in future", added, Mr. Seth. Know more about free classifieds on office spaces.

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New home sales dip 10% in April-June

Sales of new homes across India (except Noida) have fallen 10% sequentially in the quarter ending June, as per international property consultants Jones Lang LaSalle (JLL), quoted in a recent Morgan Stanley report.

The number of new units sold in the quarter across India (excluding Noida in NCR) was 27,000, down 10% from 30,000 units sold in the quarter ended March 2011, which was up 5.6% compared to 28,400 units sold in quarter ended December 2010. December quarter sales were flat compared to the quarter ended September 2010 during which 28,500 units were sold.

The absorption rate (new sales divided by total unsold inventory) across the country remained 14% in the second quarter against the 17% seen in the first quarter of the calender year (CY) 2011. It was 17% in Q4CY10, down from 20% in Q3CY10, which in turn was down from 21% in Q2CY10.

Market observers say high prices of residential properties are keeping customers away from the market. “Economic growth and pricing has a far greater impact on demand than mortgage rates since 90% is a floating rate which gets normalised over 15 years of loan tenure,” says the report. 

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HC delays hearing on 2 villages’ land in noida extension

The Allahabad High Court, Wednesday, postponed its verdict on the legality of land acquisition in two villages of the Greater Noida area popularly known as Noida Extension.

The High Court will announce its verdict on July 26 on the plea of farmers and villagers from Roja Yaqubpur and Bisarakh Jalalpur villages, who went to court against the Noida Authority’s decision to acquire their land.

The court had already cancelled land acquisition in some other villages of Greater Noida in earlier judgements. And tomorrow the HC will hear pleas of farmers from Itheda, Haidarpur and four other villages.

On Tuesday, the High Court had quashed acquisition of nearly 600 hectare of land in Patwari and Dewla villages, falling under Dadri tehsil of Gautambuddh Nagar district.

The verdicts have come as a big jolt to builders and prospective home owners. Several builders have launched their housing projects in affected villages and thousands of people have made bookings in the upcoming dwelling units, some of which are either in various phases of construction or in the drawing board stage.

In total, pleas challenging the acquisition of almost 2,000 acres of land in Greater Noida and surrounding areas, popularly called Noida Extension, have been filed in the HC. It is believed that around 2.5 lakh flats are to be built on the land in question.


Yesterday’s order came barely a fortnight after the Supreme Court had struck down acquisition of 156 hectare of land by the state government in village Shahberi in the area, saying the authorities were “subserving” private builders in the name of public interest.

The apex court had on July 6 upheld the Allahabad HC order which had quashed the land acquisition by the Greater Noida authority under the urgency clause of the Land Acquisition Act and directed that the property be returned to the farmers.

It had also said the builders should return back the money collected towards the sale of flats in the village.

The issues being dealt by the HC include acquisition of farming and other land by the state government without giving farmers and villagers an opportunity to raise their objections and without being offered adequate compensation.KNow more about real estate greater noida.

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Royal Palms to develop 2 mn sq feet property at Goregaon

Royal Palms Estates plans to develop 2 million square feet space for residential properties as well as commercial properties at Goregaon in Mumbai. They have decided to offer 30-50 per cent discount on them during the mega property expo.

We are developing the 240 acre Royal Palms Estates at Goregaon East in Mumbai. We plans to develop 2 million square feet space for residential as well as commercial premises, Royal Palms Estates Joint Managing Director, Dilawar Nensey said here. The group has launched a sale of ready possession and under-construction residential and commercial premises during a monsoon carnival called "Annual Monsoon Sale" from July 9 to 24. With interest rates on housing loans once again on an upswing and real estate prices showing no signs of coming down (although they seem to have stabilised) the property in mumbai buyer's options are getting more and more restricted.

Getting a property within a particular budget - within the city limits - has now become more challenging as the buyer has to account for much higher monthly instalments on housing loans. However, property hunters have an economical option in the form of "Annual Monsoon Sale" a mega property expo at Royal Palms Estates in Goregaon. During this expo, residential as well as commercial properties - ready possession as well as under-construction - would be offered at affordable rates. Residential space is being sold for Rs 5,999 per sq ft as against the prevailing rate of Rs 8,000 to Rs 10,000 psf in Goregaon east. Offices are offered at Rs 4,599 psf with an option of guaranteed returns of 18 per cent per annum for 2 years to those buyers who lease-back their units through Royal Palms, Nensey said.

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Property prices in Greater Noida to increase sharply

Greater Noida Industrial Development Authority (GNIDA) on Friday said consumers will have to pay much more for properties in the region in future after the Supreme Court disallowed acquisition of 176 hectares of land from farmers.

The authority also said it will return the land to the affected farmers as per the apex court ruling and will strictly follow the new land acquisition policy of Uttar Pradesh in acquiring land for future projects.
"After this court order, we will acquire all future land (plots in greater noida) keeping in mind the market price and hence will have to pay higher land prices. Automatically, sale prices will increase and hence end consumers will be impacted severely," GNIDA Chief Executive Officer Rama Raman said.

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Slow demand fails to check property prices in Mumbai

Despite a sustained sluggishness in demand, property prices in Mumbai, India’s largest real estate market, do not seem to relent. Experts say a reason for this is the financing structure of real estate projects, where many developers, especially unlisted ones, resort to discounted selling to speculators during the soft launch of a project. This, experts say, helps these developers avoid the discipline of interest payments to the banks.

According to a Macquarie report, selling to speculators helps developers raise finance for construction activity against a guaranteed return to the speculator. This return then reflects in the official launch price. For example, if the assured return is 25%, the official launch price of the units would be R100 for end users against a soft launch price of R80 (for speculators who get in early). Know more about property in india.

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Kochi property prices show declining trend

Real estate rates in Kochi have seen the maximum price drop of 14.85% in the Januray-March period compared with the preceding three months among Indian metros and tier II cities, according to the National Housing Bank’s (NHB) Residex-an index of property prices.

Almost eight cities have seen slight correction in the Janurary-March period. Bangalore and Faridabad followed Kochi with a drop of 12.87% and 6.25%, respectively.

“Property prices in these cities seem to have reached a certain peak value from where they have dropped,” RV Verma, NHB chairman and managing director, said on Friday.

“Inflation and rising interest rates have led to slackening of demand for housing. This scenario is putting pressure on builders to bring down their rates to push sales and increase demand.”

The NHB Residex, which was launched in July 2007, measures property prices every quarter. The index currently captures data submitted by a variety of sources, including housing finance companies and real estate agents, for 15 cities, with plans to widen the index to 63 so-called tier I cities and state capitals in the future.

Six cities among the 15 have seen a slight upward movement in and Mumbai saw an property prices - among them, Delhi saw an increase of 2.4% increase of 1.1%.

“We will be adding five more cities in the coming months,” Verma said. “We have recently held meetings with all stakeholders over this. We will announce the names of these cities once we identify them and come out with some data on these.”

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Index shows property prices begin to dip

Aspired to buy a house but could not afford it? Finally, there is some good news for you.

The latest Residex released by the National Housing Bank on Friday shows that property prices rose only in six of the 15 cities covered by the residential properties price index -- which is a situation similar to what was seen at the height of the global financial crisis. It was only Mumbai, Delhi, Ahmedabad, Chennai, Lucknow and Pune that bucked the falling trend. The steepest increase was seen in Pune, where the index rose just 5%. In contrast, Kochi (14.85%) and Bangalore (12.87%) saw the sharpest correction between October-December 2010 and January-March 2011.

So, what caused this? As demand came back with gradual economic recovery in India, realtors (real estate agents), some of whom were facing severe debt problems, started raising prices to cash in on the opportunity. Things went to the extent of prices in certain cities moving well past the pre-crisis levels. If one were to use Residex as the gauge, then there were only four cities -- Delhi, Hyderabad, Jaipur and Kochi -- where the index was lower than July-December 2008.

While prices were becoming unaffordable in many parts of the country, the Reserve Bank of India's repeated rate hikes also made purchases more expensive.

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