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Ankur Maheshwari

Ankur Maheshwari
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Temporary rehabilitation plan for residents of Chintels Paradiso finalised by Gurugram admin

By
Ankur Maheshwari
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Chintels developers have been directed to pay Rs 25,000 per flat for size 1,785 sq. ft., Rs 30,000 for flat with size of 2,050 sq. ft. and Rs 37,000 per flat for 2,630 sq. ft. as rent per month, according to the order. It comes to an average Rs 14/sq. ft.

The district administration on Tuesday asked the builder to work out a permanent settlement proposal by March 11 while finalising the temporary rehabilitation plan for Chintels Paradiso residents. In the unfortunate incident two women were killed after the dining room floor of a sixth-floor apartment at Chintels Paradiso in Sector 109 caved in on February 10, triggering the collapse of roofs and floors directly under it, till the first floor.

“Whereas committee has been constituted by District Magistrate has been continuously working for making re-location of affected families, coordination for structure audit being conducted by IIT, Delhi and taking preventive measures to avoid any future mishap in the society.

“You have already been directed to submit the rational proposal after going through the various representations received from residents of Tower D-4 and the proposal shall be submitted by 11.03.2022,” read the order shot off to the builder by DTPE R S Bhath mentioning the latest terms including rent shifting charges.

In addition to the above, one time lump sum amount of Rs 40,000 shall also be paid to the owners presently residing in these towers and shifting charges shall also be paid as demanded by the “movers and packers” company, to be engaged by builder.

The order states that the owners of E, F, G and H Towers are at liberty to shift to the place identified by them and above charges shall be paid by builder with commitment that rent of 3 months along with commitment in writing for payment of rent for total 11 months shall be paid or till the finalization of report of IIT, Delhi based upon which further directions shall also be issued by the Committee.

“We have residents welfare as our top priority. We have worked out temporary shifting and rehabilitate which will be borne by builder,” said DC Nishant Kumar Yadav.

Chintels Paradiso under inspection by a team from IIT- Delhi

By
Ankur Maheshwari
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An inquiry team put up together by deputy commissioner Nishant Yadav inspected Tower-D of Chintels Paradiso on Sunday. The IIT team inspected Tower D, which caved in last month and it looked for structural defects, if any.

A three-member technical team from IIT-Delhi visited Chintels Paradiso in Sector 109 in Gurugram, where a vertical collapse of five living rooms led to the death of two residents last month.

The team will be making more such visits to the society spread over the next two weeks. The technical team, led by Professor Sashank Bishnoi, on Sunday inspected Tower D, where the cave-in took place, and looked for structural defects, if any.

Members of the inquiry team constituted by deputy commissioner Nishant Yadav were also present.

“The team inspected the towers along with additional deputy commissioner Vishram Kumar Meena and other officials. They were there to ascertain if there were any structural defects or if the repair work on the 6th floor caused the collapse of ceilings”. He also added the officials spoke to residents of towers E, F, G and H, who have expressed safety concerns after the cave-in.

Meena, who is heading the inquiry committee, said the IIT team asked residents about structural defects in their flats and whether they had any photographs or documents related to them.

“We shared with the team some drawings and documents related to the structures that were sourced from the developer. The team will examine these documents and plan another visit accordingly,” he said.

The inquiry team has already served notices to the developer and other persons concerned and asked them to get their statements recorded. The IIT team will only be concerned with the technical aspect of the probe.

Rakesh Hooda, the RWA president, said: “The IIT team inspected the flats in Tower G as well. We have shared our inputs with them and we hope the interim report will come out soon for deciding the further course of action. The residents should be involved with the inquiry process.”

Your-Space to operate 20,000 beds as occupancy reached 85 per cent

By
Ankur Maheshwari
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Your-Space to operate 20,000 beds as occupancy reached 85 per cent

Your-Space, a NCR-based student housing company will soon be operating 20,000 beds from upcoming academic session as colleges have reopened and demand is back for managed accommodation for students, as told by Nidhi Kumra, founder of the company.

NCR-based student housing company Your-Space is in talks to operate 20,000 beds by the upcoming academic session as colleges have reopened and demand is back for managed accommodation for students, Nidhi Kumra, founder of the company told ET.

8,000 beds is what the company operates currently in various college hostels. There is already a shortage being felt as most of the centres are running at 85 per cent occupancy and will soon be fully occupied. Space is not available at main centres because of the demand.

“While we will expand our presence in Delhi and Mumbai, which has the biggest share of our business, we will enter 2-3 new cities as well,” said Kumra. The student housing sector in India is still an unorganised sector and is expected to witness investments of over USD 700 million in coming years.

The company targets to operate over 75,000 beds by 2025.

Your-Space currently has facility in Delhi, Mumbai, Pune, Indore, Ahmedabad and Jaipur.

“Most of our centres are operating at close to 90% occupancy except Delhi where the restrictions lasted longer. As colleges are now allowed to open, we expect the occupancy to grow and we want to be ready when the demand comes,” Kumra said.

The company has also done tie ups with few colleges and is in talks with more to lease and operate student housing facility near the college.

The brand has received a USD 10M infusion in their Series ‘A’ funding in November 2021. Your-Space has tripled the size of their business over the last two years.

“After nearly two long years, Universities are opening its doors to students and campus is back to life. A reliable student housing solution is the need of the hour with the sudden increase in demand,” said Venayak Gupta, Chief Revenue Officer, Your-Space.

The company has reported Rs 7 crore revenue every month in 2021-22 and is expected to take it to Rs 20 crore every month in 2022-23.

“We at Your-Space are seeing a massive increase in weekly conversions post reopening announcement. Our insights reveal a massive increase in website visitors with an increase in the time spent on our pages, promising a strong interest in quality housing solutions amongst students,” said Gupta.

Indian ultra HNIs allocate 29 per cent of wealth to buy residential property in 2021

By
Ankur Maheshwari
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As per Knight Frank India’s Wealth Report 2022, 29 per cent wealth of Indian Ultra HNIs those with a net worth of USD 30 million or above is allocated towards purchase of primary and second homes in 2021.

Indian ultra HNIs allocate 29 per cent of wealth to buy residential property in 2021

Close to 30 per cent of total wealth of Indian ultra-high-net-worth individuals (UHNWIs) was used up to purchase residential properties last year, according to property consultant Knight Frank.

Property consultant Knight Frank India in its survey, Wealth Report 2022, said that 29 per cent wealth of Indian UHNWIs, with net worth of USD 30 million and above, is allocated towards purchase of principal and second homes in the year 2021.

Further, 22 per cent of UHNWIs’ investable wealth was allocated towards direct purchase of commercial property (including rental property, offices etc.) while 8 per cent was allocated towards indirect purchase of commercial property (including REITs, funds, etc.).

The survey also cited that 8 per cent of the property portfolio was held overseas. The report conveys that 10 per cent of India’s UHNWIs plan to buy a new home in 2022.

Indian UHNWI prefer to invest in properties in the domestic market (home country India), followed by international markets of the UK, the UAE and the US.

Globally, 21% of the ultra-wealthy are expected to purchase a home in 2022.

On an average an Indian UHNWI owns 2.3 homes and 32 per cent of the Indian UHNWIs have rented out their second homes during 2021.

Knight Frank India Chairman and Managing Director Shishir Baijal said: “Investment in the real estate sector in India has grown in recent times especially in the wake of the pandemic as real estate was viewed as a safe and tangible investment option amidst the economic volatility.”

“The governing rules surrounding REITs are regularly updated to augment the scope of these investment instruments in India. Our survey indicates that the investor interest will remain stable in 2022. Interestingly investors showed preference towards assets such as Land Development, Healthcare, Retail and Logistics etc. ESG will continue to gain prominence as key influence in property purchase decisions in 2022,” Baijal said.

E-bids invite to sell 4.95-acre land for houses by Chandigarh Housing Board

By
Ankur Maheshwari
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To allot 4.95 acres of land at IT Park the Chandigarh Housing Board (CHB) is going to take out an e-tender for private builder or a company to develop a planned residential area.

E-bids invite to sell 4.95-acre land for houses by Chandigarh Housing Board

The Chandigarh Housing Board (CHB) will take out an e-tender to allot 4.95 acres of land at IT Park to private builder or a company to develop a planned residential area.

After studying financial details and collector rate the reserved price of the land has been finalised at Rs.169 crore. It a freehold land and the authority is expecting a good competition among builders or companies to participate in the e-tender.

Soon an agenda item in regard to the sale of this freehold land will come up for discussion and approval in the CHB meeting scheduled to be chaired by UT adviser, who is also the chairman of the CHB. The freehold disposition of the land will attract buyers and the property can bring in good income.

“After taking the land from the CHB, the successful bidder will design, construct and develop the area. Though the builder will have an option of both plot and flats, only flats will be viable as the land is just 4.95 acres. The land can have around 300 to 320 flats, according to rough estimates. Other facilities and commercial areas may also be planned, but it will be the call of the successful bidder,” sources said.

As the CHB is quite keen on the project, the approval of the board is highly likely. The CHB can go for the e-tender process within a week. “We can call the tender in March by giving sufficient time to interested bidders to make their bids,” sources said.

Tamil Nadu Real Estate Regulatory Authority (TNRERA) orders Marg Properties to refund homebuyers

By
Ankur Maheshwari
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A clause in construction agreement that had favored the developer in event of any delay in payment by homebuyers came to their rescue.

Tamil Nadu Real Estate Regulatory Authority (TNRERA) orders Marg Properties to refund homebuyers

Since the promoter had an option to terminate the construction agreement, but did not do so, the Tamil Nadu Real Estate Regulatory Authority (TNRERA) has awarded refund with interest for homebuyers

The complaint pertains to delay in delivery of apartments to four homebuyers in a housing project at Kalavakkam in Thiruporur on the outskirts of the city, developed by Marg Properties Ltd.

As per the complainants, delivery of apartments was scheduled in 2013. Now when the developer is delaying the project, the homebuyers sought refund of the money paid by them.

The promoter cited “unexpected hurdles” in completion of the project and said the complainants did not make payments on time.

Noting that the complainants had paid more than 85 per cent of the sale consideration, the TNRERA ordered refund with interest to the homebuyers.

Pay penalty to regularise housing membership on collector’s land-Maharashtra

By
Ankur Maheshwari
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In a major relief to residents of cooperative housing societies on collector’s land, the government has announced a penalty ranging from 1% to 5% of the ready reckoner rate (RRR) to regularise the membership of such societies.

Pay penalty to regularise housing membership

At least 4,000 members of various housing societies on collector’s land whose membership had not been recognised by the collector, this comes as a relief to them.

Several original members have sold flats to others whose membership, too, has not been regularised on account of the first member not being recognised. The non-recognition was because the members purchased the flat without providing the adequate information.

The government resolution issued on Tuesday has set norms for recovering penalty from 1% to 5%, depending on the degree of non-fulfilment of mandatory requirements.

“These buildings have been built more than 40-50 years ago and because of non-resolution of the membership issue, redevelopment was stuck. This will help in membership transfer, go for freehold and then redevelopment,” said Salil Rameshchandra, president of Federation of Grantees of Government Land.

Had cops not refused FIR six months back then Chintels Paradiso collapse could have been averted- Residents

By
Ankur Maheshwari
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The resident alleged that they had gone to Bajghera police station seeking an FIR against the builder when a portion of a balcony collapsed six months ago, but police refused to register the case.

Chintels Paradiso collapse could have been averted

Police commissioner Kala Ramachandran visited Chintels Paradiso on Tuesday to interact with residents and hear their concerns. Police assured the residents that a fair and impartial probe would be conducted and action taken against the guilty as per the law.

In the meeting with commissioner the residents demanded a probe by an independent agency and immediate action against the developer. They alleged that they about six months back they had gone to Bajghera police station after a balcony collapsed seeking an FIR against the builder but police refused to register the case.

“Had police acted on our complaint six months back, the unfortunate incident would have been avoided,” said a resident. They have been filing complaints with different authorities but no one took it serious and neither any corrective measures were taken by the developer, which led to a vertical collapse of five living rooms and the deaths of two residents on February 10.

Ramachandran said a “scientific investigation” based on the evidence is in progress. “Police have collected evidence and action will be taken per the law,” she said.

The police chief informed the residents that a sample of concrete from all six floors was collected and sent to Madhuban for forensic tests. “The steel used in the construction could not be checked at Madhuban, and a team from NIT Kurukshetra will soon come to Gurgaon to collect steel samples from the damaged building in the presence of representatives of the society,” she said.

In order to streamline discussion of the residents with authorities, two residents have been nominated from the society — RWA president Rakesh Hooda and RWA secretary Sonam Arora. They will be in touch with police and authorities for regular updates on the investigation and raise residents’ concerns with them.

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Gurgaon- NBCC Green View residents demand flats in vicinity

By
Ankur Maheshwari
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In the high-rise of Green View currently 35 families reside and 90 families in the EWS flats, in the same compound. About 10 families living in the high-rises have opted for rental accommodation and agreed to shift in seven days.

Gurgaon- NBCC Green View residents demand flats in vicinity

Officials from the town and country planning department on Monday met residents of NBCC Green View who have been asked to shift to alternative accommodations by March 1. District town planner (enforcement) RS Batth, who has been appointed the nodal officer for the rehabilitation process, assured the residents that their concerns would be addressed by the administration.

Of the total 35 families living in the high rise, 10 have agreed to move out so does 90 families on EWS flats. Residents of high rise opted for rental accommodation and agreed to shift in seven days. However, the residents of EWS flats have asked the administration for accommodations in one project.

“The exams of our children are about to start. Since they study in nearby schools, we don’t want to be shifted to faraway places. This will put an additional burden on us. We have requested the administration to allow us to stay in one complex. The official has assured us that our concerns will be looked into,” said Amit Rohilla, a resident of the society.

Batth said the residents’ request for nearby accommodations would be looked into. “Their major concern is that they be shifted to nearby areas. We have assured them that they can keep the keys with them till the audit report is ready,” he added.

The official said all the key points in the meeting had been agreed upon and the developer, NBCC, had been asked to find out alternatives in two days.

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What are the different types of Real Estate Investments?

By
Ankur Maheshwari
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What are the different types of Real Estate Investments

Investment in real estate is the most recognized way of wealth generation all around the world. The best thing about investing in a property is that one doesn’t need to wait for the right time to gain profits by selling it, one has the option to rent and make money. People may know how to generate active and secondary income from their property investments but what they lack is knowledge about the types of real estate options that exist in the market.

According to the experts, each type of real estate investment has its potential benefits and drawbacks. Therefore there is risk attached to all types of investments in real estate. The results largely depend on the current market sentiments. Let’s explore the different types of real estate investments possible today.

Residential Real Estate

Villas, townships, apartments, single-family houses, multi-family homes and condos all fall under the category of Residential Real Estate. From investment perspective each option presents different prospects, for example, a well-built villa or an independent house price increases over time because of the rising value of land and longevity of the building whereas the price of apartments and condos built might not witness quality appreciation after 9-14 years of use. Therefore, to earn best returns one can consider selling the same within a period of 6 to 9 years from completion. Whereas holding onto an independent villa or house is sure to earn you higher margins even after many years of use.

Commercial Real Estate

Restaurants, schools, shopping centres, office spaces, malls and hospitals are some examples of commercial properties that we are probably familiar with. Investing in commercial use property is expensive compared to residential and the chances of return on investment is also considerably higher. However, if you are newfangled in real estate investments then it is not easy to take decisions so to play safe you may seek the guidance of a verified property agent. To give philip to investment, most Indian banks provide anything between 50% to 70% of the cost of the property as a loan and unlike a housing loan, mortgage is required for commercial investment.

Industrial Real Estate

Factories and buildings used for manufacturing goods and warehousing are known as industrial properties. This type of property is generally located far away from the city following the rules and guidelines laid by the government. Investing in industrial use property requires large capital investment. Although the property may be converted from agricultural land to an industrial establishment, the price will be more than the nearby farmlands. There can be difficulty in renting an industrial use unit as each tenant need may vary. There are generally many laws being imposed on industrial establishments and one should be fully aware of the legalities before investment.

Investing in Land

In India, investing in land is one of the least expensive and most secure. When you purchase a piece of land for investment, you need not worry about damage, theft and maintenance. But generating passive income from investment in land requires some out-of-the-box ideas, which might not work necessarily. But it’s still good to invest in it because it could pay off handsomely in the future.

Conclusion

Each type of real estate investment have advantages and disadvantages both. If one wants to make the right choice as a real estate investor, one needs to carefully analyze the financial capacity and the prospects of growth of the investment in property.

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