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Muskan Aggarwal

Muskan Aggarwal
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At Raheja Navodaya 400 families spend 17 hours without electricity: Gurgaon

By
Muskan Aggarwal
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Since Monday evening around 400 families of Raheja Navodaya, a housing society located in sector 92 of Gurgaon are facing power outages for more than 17 hours. The residents of the society revealed that the power supply was not available from 7 pm on Monday to 12:30 the next day. The flat holders said they had lodged complaints several times with the developer as well as the distribution company, DHBVN, but there was no response.

At Raheja Navodaya 400 families spend 17 hours without electricity Gurgaon

According to the officials, there was some technical issue in the transmission line and it took a long time to rectify it. On the contrary, the society members claimed that discom officials were not there on time to solve the issue. They arrived on Tuesday morning only to fix the negligence.  Residents of the society also disclosed that they don’t have any permanent connection and electricity is supplied in their society through a common feeder line from Hayatpur village. They said that this irregular load leads to frequent tripping, voltage variation, and long outages.

A resident of the society said in an interview with The Times of India “When we informed the discom officials about the power cut on Monday evening, they said they did not have enough manpower and resources to tackle the problem then. The repair work started around 10 the next morning and electricity were restored two and a half hours later. This is even though the discom is levying fixed charges on us apart from user charges.”

Power cuts are common and it happens for around 2-3 hours every day, said one of the flat owners at Raheja Navodaya. This results in the usage of heavy diesel gen-sets, which not only affect the environment but also compel the housing society to pay approximately 2-3 lakh on fuel and maintenance every month.

Residents are confronting a lot of hardships from this power cut in their area. They said that students are facing difficulty in taking online classes and people working from home are also not able to do their work aptly. “When people are working from home, uninterrupted power is a must. Using DG sets for hours at a stretch not only affects the environment but also burns a hole in our pocket. However, since the DG set installed by the developer is not equipped to take the load of all the flats, we have to take gensets on rent during the summer. Of the 666 flats in total, around 400 are occupied,” said an RWA member in an interview with The Times of India

But these power cuts are nothing new for residents of the society. Dheeraj Sharma, RWA vice-president of the society said “It is an issue we are facing since 2017. The society only has a temporary connection of 11kV from a shared feeder. This leads to frequent tripping, outages, and voltage fluctuations. Till now, the developer has not set up the 33kV electric infrastructure that he is supposed to. This is despite multiple requests from us.”

Told about the 17-hour-long outage, Joginder Kaushik, the SDO of Farrukhnagar, said, “An electricity pole got uprooted on Monday. We could rectify the problem only the next morning. The connection to society is a temporary one and we have also asked the developer to set up the 33 kV infrastructure. But there has been no response from the builder. Bills are pending too.”

First Published by: Akansha Gupta

Connectivity of Metro Line in West Bengaluru to boom the real estate sector

By
Muskan Aggarwal
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With the connectivity of the metro trains in West Bengaluru the real estate projects, homes, malls and office rentals are set up to experience a boost  in their businesses and an appreciation of prices in the city.

Connectivity of Metro Line in West Bengaluru to boom the real estate sector

In the western part of Bengaluru, the residents and property developers are eagerly waiting for the launch of the Mysore Road-Kengeri Line. With the connectivity of the metro trains in West Bengaluru the real estate projects, homes, malls, and office rentals are set up to experience a boost  in their businesses and an appreciation of prices in the city.

A hint of what is in account for commercial projects is being revealed by M C Shivakumar, owner of the largest convention hall in Bengaluru on Mysore Road. Purnima Palace, which can accommodate almost 10,000 people in its large campus is situated at a walkable distance from the Pattanagere Metro station and 700 cars can be parked in the area.

In an interview with The New Indian Express, he revealed that “I am getting inquiries for marriage bookings based on the fact that the new Metro line would open up. I have been running this center for three years and booking is good now. It will further improve after people see the line running through our part of the city,” He also mentioned that the real estate businesses are going to gain good profit, especially after the Covid-induced recession.

Perak M Sundar from Federation of Karnataka Chambers of Commerce and Industry said, “It has always been observed that when a massive project like Metro connectivity comes in an area, the value of property surges by nearly 25% within 12 to 18 months. There will be a small immediate increase in prices but it will gradually appreciate in future,” he mentioned.

CREDAI Bengaluru president Bhaskar T Nagendrappa speaks about the influence in West Bengaluru as Baiyappanahalli-Mysore Road line of Phase-I came to be fully functional. “One can see the major difference in the stretch between Vijayanagar and Raja Rajeshwari Nagar post-launch of operations. There has been a surge in rentals and property value in the areas.” Bengaluru has thrived radically in all paths just like other Metro cities and barring BMTC there was no adequate transport connectivity. “Metro will make a very big difference,” he added.

Nagendrappa claims that the line will provide a dominant trigger to economic development along with the development of West Bengaluru. “Unlike the North, East, and South parts of Bengaluru which have witnessed high land value prices, West was lagging. The Metro line is set to change shortly. The growth in Tumkur after the Nagasandra line and the four-lane road from Bengaluru was opened is a case in point,” he illustrated.

First written by: S Lalitha

5 things to look for while buying a flat in a post-COVID scenario

By
Muskan Aggarwal
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Purchasing a house is a big decision that is made for a lifetime and it is not an easy one to make. There were several factors that one would have to keep in mind before buying any property or house but with the Covid-19 pandemic situation, the home buyer’s perspective has changed towards real estate buying. Though uncertainty is still present in all aspects of life. The realty sector is also not untouched by the impact of the pandemic. Nevertheless, in the wake of ongoing vaccination drive and good recovery ratios, the world is now getting back to normal and that is beginning to show on the numbers in real estate purchases being made.

For the past two years, the interest in buying new properties had declined as work is no longer a reason to purchase new properties in the cities and homebuyers are viewing owning a property very differently. But now harsh and unpredicted disruptions have become the new normal, here are some points that you as a prospective home buyer can keep in mind before you purchase a house or a flat in the post-Covid era.

 Location is a Key Factor

 This covid-19 pandemic situation has made people move away from the hustle-bustle of the cities but the craze and excitement of owning a home in developed cities is still present in the hearts of people. However living out from cities may be a choice for a few, it is not an option everybody wishes. If you see other aspects, cities still have the benefit when it comes to reputed educational organizations, lifestyle, health infrastructure, comfortability of living, and much more.

Towns and villages are not a bad option and it’s not good to say that these locations aren’t ideal but investing in cities isn’t going anywhere. If remote working is a factor that you are going to see before purchasing a house then you should always keep other factors in mind too. It is extremely significant to carefully select the location of your new home. Some factors like vicinity to schools, workplace, health facilities, and lifestyle infrastructure can be seen too.

Choose homes that utilize space adequately

Before purchasing any house, sure that the space is utilized wisely and efficiently.  Investment should be made in homes that are smartly built to occupy the full space properly. Always ask for a blueprint from a builder before choosing a house and see how space has been utilized because, a big unit does not always use the area efficiently and even a small unit can be smartly constructed to fully use the available area. The pandemic may alter our work style and there is a chance that we may be spending more time at home. So, it would be a good indication to choose houses having large windows that will give good ventilation and enough light.

Prefer commix townships

When choosing your dream house it doesn’t matter in which city or town you are choosing, always go for an integrated township that provides all the amenities and conveniences to keep your life easy. In Covid times, stepping out for basic needs is not being preferred anymore therefore the choice of an integrated township will be best in this situation. Go for the residence that comprises amenities that will help to support your physical and mental well-being. A lawn, gyms, swimming pool, pathways are all important add-ons to preserve in mind when purchasing a home.

Select a well-designed residence

The concept of the area has radically developed and sustained several differences since the beginning of the pandemic situation. For some, it could imply an aesthetically decorated ambiance and for some it could indicate the embellishment of outdoor areas. Being home for increased hours can make one yearn for outside spaces. So take your time to study the project you are searching to invest in for its area utilization. Always look for a property that has adequate space between the several blocks and has outdoor conveniences like lawns, swimming pools, play areas, and walking paths that can help you celebrate a stress-free everyday life.

Decide on a reputable developer

It is also crucial to invest in house for sale from reputed builders. This particularly hold importance if you select to book an under-construction residence.  However, the government has allowed in-site construction to proceed during lockdowns but it’s only the established and big developers those who can overcome the economic strain built up due to Covid. Even if you choose to go for a ready-to-move-in home, the legalities during this situation of crisis are risky to deal with.

Conclusion

COVID-19 lockdown has provided you with a lot of time to think before making the right decision regarding the type of house, its location, size and many more. For many people, it has been one of the toughest decisions to be made during the Covid times. If you are wanting to purchase a home then you should keep all these factors in your mind as this will help you to formulate better decisions according to your needs. The real estate industry is still gleaming and delivering the best opportunities for buildings. You only have to choose which suits your requirements keeping in mind the Covid-19 situation.

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Owners will now get a year to complete the construction of vacant plots in Noida

By
Muskan Aggarwal
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According to The Industrial Area Development Act amended on August 31, 2020 the authority was provided with the power to cancel land deeds for plots that were assigned but left vacant for many years.  Many people who purchased land in the city several years ago but left the plots vacant will now get more time to complete the construction work. As per an order put out on July 30, legal notice is to be sent by Noida Authority to such allottees and they will get a year, from the date mentioned in their notice, to complete the construction work.

Owners will now get a year to complete the construction of vacant plots in Noida

In the amendment, it was mentioned that “Any land that is allotted but is not utilized for the purpose for which it was allotted within five years from the date of possession or within the period fixed for such utilization in the conditions of the allotment, whichever is longer, the lease deed will stand canceled and the land shall vest with the authority.”

From September 7 last year, the authority started sending notices to such allottees asking them to start construction work on their plots or face cancellations. But afterwards, the authority administrators consulted the government for guidance on whether they should suggest an exemption to allottees on account of the pandemic, as many of them could not start work because of Covid related regulations and other difficulties.

50,000 plots have been allocated so far by the Noida Authority including commercial, industrial and institutional and 5% of the land has been slotted for the farmers under the Abadi Scheme. Soon after the amendment was taken in, an analysis was performed and Noida Authority recognized 3,766 plots that were empty after allocation and most of these were residential plots.

One of the officials from the Noida Authority said that “On July 30, the industries department passed a fresh order and now, legal notices have to be sent to all such allottees via registered post. We will tell them that they have a year to take completion certificates from the authority. Otherwise, the lease deed will be canceled and their plots will be taken over by the authority.”  The official also said that notices would be delivered to 900 residential and 280 industrial plot allottees.

Ashu Yadav, a Ghazipur resident who bought a plot in Sector 61 in 2012, said in an interview with Economics Times that “It was bought in my mother’s name. She passed away in 2018 and I got it transferred to my name. But due to the pandemic, I could not start construction. This development has come as a huge relief.”

Noida authority for now will not take any action against land meant for group housing proposals that are vacant. Arvind Kumar, the Additional Chief Secretary of the industries department, said: “The period (of one year) will be counted from the date mentioned on the notice, and cancellation proceedings will be initiated accordingly.”

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Goa Real estate market demand increasing

By
Muskan Aggarwal
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With the changing trends in the real estate market, Goa’s real estate market is also changing.  Previously people used to purchase properties and houses to rent them out to tourists or only to spend their vaccinations. But now people are buying homes in Goa in search of a perfect work-life balance in their lives.

Goa Real estate market demand increasing

Many of us have deep desire to buy an alternate house in our favored tourist destination. More so, due to the pandemic situation, anyone who can afford a second house does want one away from the noisy and overcrowded cities. With the work going digital and with the work from home culture increasing, all those who work from home and those who have the luxury to log in from anywhere are moving towards purchasing homes in Goa, a very popular and scenic tourist destination. People are preferring to choose their house in a location where they can enjoy their life in a Covid situation also.  They seek a second ‘first’ home in a peaceful location that may become the first home shortly.

With the changing trends in the real estate market, Goa’s real estate market is also changing.  Previously people used to purchase properties and houses to rent them out to tourists or only to spend their vaccinations. But now people are buying homes in the locations of Goa in search of a perfect work-life balance.

The fact is, since the Covid-19, the demand for houses in tourist places of Goa has increased three times or even more and this demand is mainly from the professionals working in IT sector and service sector most of whom have been residing in cities like Bengaluru, Hyderabad, Pune, and Mumbai. There is demand by many businessmen as they are shifting their base to Goa because of The Work From Anywhere (WFA) culture.

For homebuyers and investors who are looking at holiday residences that deliver more than just a weekend break out, Goa is appearing as a favorable choice. It provides an excellent lifestyle, culture, worth investing, and better rental yields. Moreover, with various developers and investors involved, the second-home market in Goa, to a tremendous extent, is released from recession.

The transforming dynamics of the second home market in Goa

People want a home in Goa to work from a beautiful location and Goa is also known to offer local heritage living experience to city dwellers. This is leading to prices soaring in some micro-markets of Goa. Several property developers capitalize on the growing market by selling apartments that range from Rs 60 lakh to Rs 2 crore, villas that range between Rs 3 crore and 6 crores, and plots that cost anywhere between Rs 1.5 crore and 5 crores, in South Goa and North Goa.

In the dynamic market of Goa, the rental market is also modifying. Landlords in Goa are not interested in providing houses for longer leases. They choose smaller rent-out as they are making more money from it in the vibrant market. Investors are generating favorable rentals from mansions, flats, and residences in gated societies and even secluded areas.

Previously the residences that were 40 percent acquired now continue at 60 percent possession. Therefore, while rentals have not considerably increased but rental yields have. Additionally, properties near a beach or a garden demand 5-10 percent higher rentals than the market rate. The market is growing with the changing viewpoint towards keeping up a second dwelling as their dream house. Customers are now looking at it for Return on Investment (ROI), for delivering a gracious atmosphere for work and allowing them to enjoy holiday in their own house.

It is important to spot the trend which is going in the market. The advancement of the real estate market and the rising preference of Goa as a second home and work spot will promote a generous consideration of properties in the prospective years. But, before buying, one should perform adequate due diligence. It is significant to invest in a locale and an estate that has adequate resale value and is simpler to conserve. More so, one also requires to examine the area and residence, not just in terms of cost but also in terms of reachability to supermarkets, shops, and cafeterias.

One has got to thoroughly analyze whether a property is good for one’s requirements and access the future aim of buying that estate in the short and long term as well. A person who is buying mustn’t examine a property only from the aspect of price and reserve as that may lead to incorrect judgments at times.

First Written By: Shveta Jain

First Published on Aug 19, 2021, 08:50 PM IST

 Live of the website: https://www.cnbctv18.com/real-estate/view-goa-real-estate-market-on-a-fast-track-amidst-the-pandemic-10428991.htm

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