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Team iPropUnited
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London Mart to launch theme-based mall in Greater Noida

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Team iPropUnited
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The Baker’s Street is an exclusive floor for international and domestic bakeries with different eatery brands; it also includes the major cafe brands. London Mart stands different from all other shopping marts because each floor of the mall is based on different themes. It offers the very best of London ambience and gives wings to dream enterprises.

The 400,000+ sq ft of exclusive experience for the shoppers will house brands from the fashion industry at different floors in a theme-based format. The mall will offer a good investment proposition.

London Mart is situated at the centre of Greater Noida West having easy and convenient entry and exit from Delhi, Ghaziabad, Noida, Faridabad and Gurgaon. London mart will actually be the one-stop destination for the best food and lifestyle shopping in the catchment area of almost 25 kms.

Spokesperson Vipin Modi, Head of Sales said, “We have seen lots of similar theme-based developments in European countries. We wanted to bring this innovative concept in Greater Noida. The mall will be the centre of World-class holistic urban space planning blended with luxury. London Mart is also a golden opportunity for the most lucrative, transparent and authentic commercial space for prospective entrepreneurs. It is a perfect culmination in terms of providing Delhi NCR with the look, feel and opportunity of London like never before. The mall offers great infrastructure, excellent connectivity, and enterprising opportunities in every sphere of life.”

London Mart offers to the both investors and brands for their business and investment growth with very lucrative business opportunities.

Mart Promoters, a multi-layered conglomerate of companies that are into real estate, commercial space, hospitality sector and others. Mart Promotors is an organization of talented engineers and professional space planners who have vast experience. The group has delivered approx. 40 lakh sqft of residential space covering about 4000 units and have 25 lakh sqft in-hand projects.

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South Korea: The government decided to supply 2.7 million homes over 5 years

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Team iPropUnited
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The South Korean government plans to supply 5 lakh homes in the country over 5 years. The Ministry of Land, Infrastructure and Transport mentioned in a statement that it is more than 50% of the homes supplied over the past 5 years.

SEOUL: On Tuesday the new government of South Korea announced that it is going to supply around 2.7 million new homes across the country over the next five years. Short supply has been frequently blamed for fast price rises in big cities of the country.

President Yoon Suk-yeol started his single five-year term in early May. Yoon Suk-yeol criticised his predecessor’s policy of discouraging home purchases in the capital city. President promised to increase home supply in all the high-demand areas. The land ministry also said it would supply another 520,000 new homes in other major cities over the next five years.

It is also mentioned that the government would provide various financial, administrative and tax advantages to young people and lower income-earners when they buy or rent homes.

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Canara Bank decided to raise MCLR by 10 basis points

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Team iPropUnited
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The existing one-year MCLR is 7.40 per cent.

New Delhi: Bank has decided to raise the marginal cost of funds-based lending rate by 10 basis points across tenors with effect from Thursday.

Canara Bank informed in the regulatory filing that the benchmark one-year Marginal Cost Funds based Lending Rate, against which consumers loans such as home, vehicle, personal, has been raised to 7.70 per cent with effect from July 7.

Among other MCLRs from overnight to six-month tenors, the new rates will be in the range of 6.75-7.45 per cent.

The Repo Linked Lending Rate (RLLR) of the bank will be raised to 7.80 per cent from 7.30 per cent. This will also be effective from July 7.

According to the bank’s official website “The above MCLR is applicable only to new loans/advances sanctioned first disbursement made on or after July 7, 2022 and those credit facilities renewed, reviewed, reset undertaken and where switchover to MCLR linked interest rate is permitted at the option of the borrower, on or after July 7, 2022.”

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Vadodara- The cultural capital of Gujarat

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Team iPropUnited
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Introduction

Vadodara is also famous as Sanskari Nagri, this city’s culture makes it more peaceful. This city is one of the most favourable cities to live in. Vadodara is peaceful and a well-developed cosmopolitan city. Vadodara is considered the third fastest growing city and it is the third-largest populated city in Gujarat.

One can witness an intermixing of tradition with contemporary lifestyle in Vadodara. The economy of the city is mainly based on fertilizers, chemicals, biotechnology and glass & dairy. This city has a population of 1.9 million and an estimated GDP per capita of $10.7 thousand Urbanization and development of the city are showing a sunny future for Vadodara.

Residents of the city are kind and cooperative, rooted in their culture. But at the same time, they are open to new styles of living.

Education

Vadodara serves the best in education, the largest university in Vadodara is the Maharaja Sayajirao University of Baroda, ranked 301 in the 2019 Times Higher Education World University Impact Rankings. Vadodara is an important industrial and educational, cultural centre in India. This city is also famous as the educational capital of Gujarat. It has more than 1000 primary schools.

Infrastructure and development

This city is becoming a favourable investment destination. This city has great infrastructure, quality life, good education and healthcare. Vadodara is the 18th largest city in India and here you will find lots of advanced government and private hospitals.

The city is famous for Lakshmi Vilas Palace, an excellent architectural palace. Top tourist destinations include Zarwani Waterfall, Ajwa Fun World, Cube Water Park, Kabirvad, Dakor, Hathni Waterfall.

Transport in Vadodara is good and convenient and the city is linked well with other cities. It also has its own airport and flight associations with major cities like Delhi and Mumbai.

Employment opportunities

This city has more employment opportunities compared to Rajkot as education is much better here. The Vadodara authority has planned some major infrastructural developments with IT hubs and industrial areas, this will further lead to more employment opportunities.

Crime rates

Vadodara has emerged as the second safest city in India after Chandigarh.

An online survey reported that Vadodara is the safest city to live in Gujarat. Residents there shared that nightlife is quite active in Vadodara.

Cost of living

This city is the third-largest city in Gujarat, but it is not expensive. The cost of living here is cheap compared to the major cities like Delhi, Mumbai and Bangalore.

This city is one of the cheapest and most affordable cities in India. The cost of living in Ahmedabad starts from Rs. 9000 and goes up to Rs. 70000, it solely depends upon one’s lifestyle and one’s choice of buying or renting a house.

The average rate of 1BHK for rent in Vadodara can be somewhere between 6000-15000 and for 2BHK it is 12000 to 20000.

If you are planning to invest in the real estate market then you will get 2BHK and 3BHK within the budget of 50 lakhs to 75 lakhs.

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Noida authority directs structural audit of residential buildings adjacent to Supertech twin towers

By
Team iPropUnited
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Noida officials clarified that this audit is going to be an additional exercise and it is separate from the one by Edifice. The company informed that it is bringing towers down to record all pre-demolition structural defects in residential buildings within 50 meters of the twin towers in Sector 93A.

NOIDA: The Noida Authority has directed Supertech to carry out a structural audit of seven buildings adjacent to the twin towers, which will be demolished in August.

There are 3 towers of Emerald Court and four towers of ATS Greens Village within the 50-metre radius of Apex and Ceyane, reported officials. If there are any defects then according to the officials Supertech will have to get repairs and retrofitting done before the demolition, scheduled to take place on August 21.

Supertech MD RK Arora commented “I have not received any order from the Noida Authority so far regarding the structural audit. At present, all documents and letters go to the interim resolution professional’s office first. In case we receive any such order, we will look into it and decide our next course of action.”

The IRP was appointed by the bankruptcy court and some Supertech projects that are under the group company against which a petition was filed over dues.

A senior Noida authority official informed that the move asking for a structural audit was in tandem with the Supreme Court’s order that the developer had to manage these tasks and bear their costs. Once submitted, the audit report will be vetted by the CBRI. The demolition of the twin towers was ordered by the Supreme Court, which ruled they had been built illegally, last August.

Partner at Edifice, shared, “We have done videography and photography of all cracks and structural defects in buildings in order to compare them once the final demolition is done.”

Notably, a recent structural study of basements at Emerald Court buildings done by a private firm that was hired by the society’s RWA had endorsed residents’ concerns about the bad state of the structures on which their buildings stand and sought immediate fixed and retrofitting of some basement columns.

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Telangana decided to take a land auction route to raise Rs. 2,000 crores

By
Team iPropUnited
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The auction is in progress. The government is expecting about Rs. 900 crores by selling Rajiv Swagruha flats at Bandlaguda near Nagole and Pocharam near Ghatkesar.

HYDERABAD: The state government is struggling with fund mobilization, it is hoping to earn about 2,300 crores by selling flats in HMDA (Hyderabad Metropolitan Development Authority).

Hyderabad Metropolitan Development Authority is also planning to auction more than 200 prime plots at Turkayamjal, Bahadurpally and Thorrur in the upcoming week. With this, the government expects to raise 600 crores. Later, Rajiv Swagruha flats at Jawaharnagar and Gajularamaram would be taken up in the next phase, which is expected to raise another Rs. 800 crores.

The officials informed that small builders can purchase and build apartments with five and more floors. Hyderabad Metropolitan Development Authority has put 40,000 per sq. yard as the upset price for the plots.

34 open plots were auctioned at Turkayamjal for builders and developers as each open plot extent is between 600-1060 sq. yards. Individuals are also allowed to participate in the auction.

On Monday, Special chief secretary (municipal administration) and HMDA metropolitan commissioner Arvind Kumar shared “As there was an overwhelming response from the people, especially the middle class, we are planning to sell 3,786 Rajiv Swagruha flats at Jawaharnagar and Gajularamaram in Malkajgiri-Medchal district. But many of these flats are semi-finished stage.”

“Though HMDA has huge chunks of land, it is selecting the land parcels which are close to ORR, Shamshabad airport, IT corridors and national highways for auction. For instance, Turkayamjal layout is about 25 km to Shamshabad airport and also abutting the highway. Uppal Bhagat and Kokapet auctions were successful due to their locations,” another senior official of HMDA informed.

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Delhi government may extend the rebate on the circle rate by six months

By
Team iPropUnited
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A rebate scheme was launched in the month of February in 2021 to help the economy and people affected by the impact of covid 19 lockdown. It was extended by the government till June 30 in December 2021.

NEW DELHI: On Wednesday officials informed us that the government is planning to extend the rebate of 20% on the circle rate of land and immovable property for 6 months. The government made this decision to boost the real estate sector in the city.

An officer from the senior revenue department reported “We have been asked by the revenue minister to analyze all the factors and impact of the scheme and advise if it can be extended further.”

He informed that according to available information, this scheme has helped to increase the number of transactions and collected a higher number of revenues despite the reduced circle rate.

Revenue department officials informed properties in Delhi are divided into categories A to H. Least developed areas fall under the H category and posh areas fall under the A category.

Officials shared that Under the government’s rebate scheme, the existing circle rate of land in ‘A’ category areas has gone down from Rs 7.74 lakh per square meter to Rs 6.19 lakh, the officials said. In ‘H’ category areas, the circle rate was reduced from Rs 23,280 to Rs 18,624 per square meter.

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PUNE: Construction type and RR rate are probably going to decide the amount of property tax

By
Team iPropUnited
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Pune Municipal Corporation (PMC) is now calculating the tax of properties based on the annual rateable value (ARV)

In Pune, the civil administration is researching more options available to calculate the property tax, under which few other factors will be considered. These factors include the area of the property, construction type, RR rate (ready reckoner rate) and age of the property.

Civil officials informed that they have contracted GIPE (Gokhle Institute of Politics and Economics) to conduct a detailed study of the proposal, which is based on 28 factors. The following steps will depend on the study outcome.

“The old properties are being charged minimal property tax, while new properties having same area as the old ones are paying much higher tax. In existing system, the scope is less to increase tax of old properties. The capital based valuation may help bring some uniformity in the taxation besides more categories can be added for imposing of property tax.” shared a source from PMC.

“We cannot elaborate on the exact structure of calculation of property tax under the capital based valuation as it requires a detailed study which will be taken up by GIPE. We will be providing them all the required data and statistics.” informed Ajit Deshmukh, PMC’s property tax department head.

Pune Municipal Corporation has a total of 53 divisions of civic limits. ARV has been finalised based on the RR rate of areas in the region.

“Under the present system, the properties are divided under the residential and commercial categories to calculate property tax. The proposed valuation system will study if the categorization of the commercial properties is possible based on their commercial use like a shop, hotel, restaurant or an office space.” another PMC official commented.

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To enhance earthquake resistance in buildings, IIT Delhi develops low-cost braces

By
Team iPropUnited
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Officials informed that these braces have several advantages which include all-steel components, on-site fabrication and assembling process, easy replacement together with the post-earthquake inspection. The patent has also been applied for these braces.

NEW DELHI: Indian Institute of Technology, Delhi developed low-cost braces. These braces are also super elastic and buckling restrained, which will help to enhance earthquake resistance in buildings.

The earthquake resistance of civil buildings is improved by using vibration control devices and seismic force-resisting systems. IIT Delhi developers informed that Buckling-restrained braces are the special structural elements that serve both purposes.

A BRB is a structural brace in a building and it allows the building to withstand cyclical lateral loadings, typically earthquake-induced loading.

Dipti Ranjan Sahoo, Professor at IIT Delhi’s Civil Engineering Department informed “The proposed technology is effective in the new constructions and has a great potential for the up-gradation and retrofitting of seismically deficient Reinforced Concrete (RC) and steel framed structures, such as residential and office buildings, hospitals, and school buildings. We have filed a patent for this technology,”

He further added “These braces can also be conveniently adopted in the steel and concrete bridges to enhance their earthquake resistance. The implementation of this technique in the existing structures reduces overall retrofitting cost and minimises the intervention and downtime. It is possible to design a structure to achieve the required performance objectives in terms of strength and serviceability utilising the hybrid buckling restrained braces,”

He also added “The researchers fabricated the braces and studied the seismic performance of more than ten full-scale HBRBS at the full-scale testing facility of the Heavy Structures Laboratory at IIT Delhi. Tests are being conducted on specimens with improvements and modifications at the laboratory.”

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Property papers soon will be NFT-coded in Kolkata’s New Town

By
Team iPropUnited
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Vice-president of Sector V Stakeholders’ Association, Kalyan Kar who is also an IT expert and startup enthusiast said “This way, the document or image becomes exclusive to its owner and nobody is able to fudge it or make a copy,”

KOLKATA: The NKDA (New Town Kolkata Development Authority) is planning to use non-fungible tokens or cryptographic assets on blockchain together with unique codes for identification and metadata to issue property registration certificates. This will also help to maintain land records in New Town.

Kalyan Kar explained in detail “Once any document is embedded with NFT, the document becomes completely tamper-proof and nobody can fudge the document. Take for instance a painting by an artist. If it is digitally copied, the value of the original painting reduces. But once embedded with (non-fungible tokens) NFT, the painting gets digitally copyrighted. This way, the document or image becomes exclusive to its owner and nobody is able to fudge it or make a copy.”

NKDA’s main aim is to eradicate illegal and fake sales. An NKDA official commented “When land documents are issued from a normal database there are chances of these getting manipulated. But once the database is embedded in the blockchain, it becomes tamper-proof. The landowner will have a digital token, which will act as a proof of ownership.”

According to the plans, the properties will be identified by a unique NFT hash code and if there is any transfer of property, the code will be tagged with the deed information for data validation.

Deepak Daftari, an IT expert on brand and domain consulting also shared “With NFT, one can create a digital, decentralized ID as a seller and buyer. This will enable a seamless ownership transfer that is quicker than the traditional method. As soon as the registrar confirms the transfer of a land title, a smart contract triggers to update the ownership for a new buyer and the transaction corresponding to it gets stored on the blockchain. This way one can also check the historical records of all transactions on any land title deed, at any given time.”

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