Realty development changing the skyline of Gurgaon

Sanjiv Srivastava, the MD of Assotech Ltd, says: “We have launched Assotech Blith in May and we will give possession by the end of 2015. Our sample flats are ready for potential buyers to inspect and the construction on the project site is in full swing.”

Spread over 400 acres of self-owned land in Sectors 106,108,109,114,and 115 of New Gurgaon and adjoining parts of Delhi, Chintels Group is going to launch Chintels Serenity, a set of residential towers including two iconic towers.

Prashant Solomon, the MD of Chintels India Limited, says: “With an extensive presence in the NCR, we have announced residential and commercial projects of around 15 million sq ft. We estimate an investment of nearly Rs 4,500 crore by 2023 in developing these projects. Escalating demand in residential and commercial sectors, especially in the areas of New Gurgaon comprising Sectors 106,108,and 109 bordering Dwarka Phase II, proximity to Delhi and the IGI Airport are the key factors that will make these areas attractive real estate destinations in the NCR.”

Emaar MGF Land Ltd (EMGF), a leading real estate and infrastructure developer, has announced the launch of Imperial Gardens, a fine conglomeration of luxury and fine living, in Sector 102, Gurgaon. The company plans to develop nine highrise towers comprising 580 units of 3BHK apartments, each 2,000 sq ft. The project offers 3BHK flats with family lounge and luxury specifications in a modern gated development over 12 acres along Gurgaon-Dwarka Expressway.

Ashish Jerath, the VP sales of Emaar MGF, says: “Luxury has always been our forte. Imperial Gardens is the next chapter in defining luxury in its finest details. We have strategically launched it along Gurgaon-Dwarka Expressway, as the area is designed to change the way Gurgaon currently looks.”

Fast developing sectors like 37D and 92-95 along the Gurgaon-Dwarka Expressway have a number of quality projects lined up. Ramprastha Group, which has more than 600 acres of land bank here, is going to launch a new project, Primera, at Rs 6,500 per sq ft.
Nikhil Jain, the CEO of Ramprastha Group, says: “We have a number of projects like Edge Towers, Atrium, Rise, View along Gurgaon-Dwarka Expressway and the main Pataudi road. Our group has plans to deliver nearly 5 lakh units in the next five-six years.”

Satya Group has launched Hermitage, a residential group-housing project, on Dwarka Expressway in Sector 103.Hermitage,a 10 acre group-housing project, caters to the luxury segment with proximity and connectivity as its USPs.
Manish Agarwal, the MD of Satya Group, says: “Hermitage, with its vibrant features and close proximity to Dwarka Expressway, would be a boon for investors. The group is also planning to launch two more projects on Dwarka Expressway.”

Sohna Road

Looking at the prospects of the expanding size of Gurgaon’s realty market, the Haryana government has notified the Sohna Master Plan,2031. After approval of the new master plan, several residential, commercial, and industrial projects are expected to be launched here shortly. More than 20 new sectors have been notified in the new master plan.

According to the Sohna Master Plan 2031,6,110 hectares would be developed with a residential density of 300 people per hectare. The development plan of Sohna has been prepared for a projected population of six lakh people. Over 28% of the area would be earmarked for residential development while 20% of the land has been allocated for industrial purposes.

After the approval of the new master plan, another realty player, Gold Souk, has chalked out a plan to invest Rs 1,000 crore in this region. The group is in talks to launch multiple residential projects in the NCR region, majorly focusing on Noida and Gurgaon.

Gurgaon-Sohna realty market will be an independent market not affected by price movements and absorption of projects located along Dwarka-Gurgaon Expressway or Golf Course Extension Road.

For example, the group-housing projects on Golf Course Extension Road are priced at over Rs 10,000- 12,500 per sq ft, but on Gurgaon-Sohna Road, the rates are still around Rs 4,500-6,500 per sq ft. Thus, the Sohna market will cater to the affordable segment. The townships with group-housing and plotted developments are likely to come up in the area in the price band of Rs 3,500-4,000 per sq ft.

Major developers like Raheja Developers, Gold Souk, IREO, Central Park, Tata Reality, Godrej, MVL, Universal, ILD, Avlon, Parsvnath, Paras, and Homestead are planning to launch projects in this area keeping the growth in demand of residential and commercial space in mind.

resource:http://content.magicbricks.com/realty-development-changing-the-skyline-of-gurgaon/

'I'm trapped in a high-rate mortgage'

Name: Kristy Robinette and Ronald Schiller

Hometown: Livonia, Mich.

Interest rate: 7%

Shortly after her mother passed away five years ago, Kristy Robinette bought a home with her father, Ronald Schiller, for $189,000.

They love the place, but its value has plummeted to $120,000 -- and they still owe $178,000. Even worse: the mortgage is carrying a sky-high 7% rate.

For three years now, they've been trying to refinance but they owe too much to meet Freddie Mac's guidelines. And since they haven't fallen behind on payments, they don't qualify for a modification under the government's Home Affordable Modification Program (HAMP).

Their mortgage servicer, Ocwen Financial, told them to either short sell or walk away, according to Robinette. "My dad is 74 years old and worked the transmission line at Ford Motor. He's never missed a payment: It would kill him to walk away," she said.

Recently, they tried to refinance through the Home Affordable Refinancing Program (HARP), a government program that helps underwater borrowers who are current on their payments. After they met with Ocwen about applying for the program, however, they didn't hear back for weeks.

"I know they are bombarded, but I feel as if those of us that have pretty good credit are being shoved to the back of the line," she said.

Eventually, she received a letter from Ocwen offering to review their options, but it's still not clear if they will be able to refinance. Ocwen did not respond to requests for comment from CNNMoney.

resource:http://money.cnn.com/gallery/real_estate/2012/08/29/homeowners-high-mortgage-rate/index.html

How To Rectify An Indian Real Estate Violation

Are you feeling let down because your builder in India has treated you unfairly? Is your money gathering dust in a project that simply refuses to take off or have you landed in an awful mess because you were taken advantage of?

Well, here's help.

This list of contacts, phone numbers and websites will help you register a complaint and correct any wrong that has been done.

However, with that said, you must know that bureaucrats in the Indian government are in no hurry -- your filing a complaint can either hit the target or miss it completely.

What to do when builder lets down buyer/investor

1. First, write a physical letter (registered with acknowledgement due) to:

Economic Offences Wing

The Deputy Commissioner of Police, (Anti Land and Building Racket Section),

Economic Offense Wing,

Crime Branch, C-23/23,

Udyog Sadan, Qutab Institutional Area,

New Delhi-110016

This address is valid for offences committed in the Delhi New Capital Region area. Every police headquarters in every major Indian city has an Economic Offences Wing and therefore if you are located in any other Indian city, you must check online and figure out the local Economic Offences Wing address.

2. Now, write a strong post at the Consumer Complaints website (Google search for the website).

Next, post the situation on your blog, Twitter page, FB page, etc. Check for forums and groups (on Yahoo and Google) and post your grievance there.

Try and find other people who have received the same treatment and make a group that can jointly take on the builder.

3. File a court case with the consumer court. Here is the link to the Consumer Court website: http://core.nic.in/ You can even call the consumer court at 1-800-114000 or 011-27662955-58, or send a physical mail to the Ministry of Consumer affairs, Krishi Bhawan, New Delhi-110001

4. Is your builder registered with Confederation of Real Estate Developers Association of India (CREDAI)? If yes, go ahead and file another complaint at the CREDAI site (just Google it)

Credai maintains very high-quality standards and it will surely help extract you out of your situation.

5. Now, visit the Public Grievance portal and file another complaint there: http://www.pgportal.gov.in/

6. If you have signed an one-sided agreement, then file a protest with the Competition Commission of India.

You can mail your complaint to:

The Secretary, Competition Commission of India, The Hindustan Times House, 18-20, Kasturba Gandhi Marg, New Delhi - 110 001

Tel: + 91 - 11 - 23704651 Fax: + 91 - 11 - 23704652/ 011- 23704651

You must include a statement of facts, which should contain details of the contraventions of the Competition Act. You should also enclose:

a. A full list of all documents presented in support of each of the alleged situation.

b. A narrative that explains the situation.

c. Details of the remedy that you seek from the Commission.

Taking these actions will ensure that your hard-earned money is safe. Investment in Indian realty can be tricky. So, if you feel there's something wrong, follow our guide, and good luck.

Article Source: http://EzineArticles.com/7075850