Now, no NA woes in corpn, urban devpt authority limits - TOI Article

Now, no NA woes in corpn, urban devpt authority limits

Rajiv Shah | TNN 

Gandhinagar: There is good news for developers wanting to set up projects within the limits of eight municipal corporations and in areas under the urban development authorities. 
    Now onwards, they would not have to worry about taking the cumbersome non-agricultural (NA) permission, which often led to corruption and delay of up to two years in buying up agricultural land to set up a project. 
    Gujarat government on Monday issued a resolution which makes it mandatory for the revenue authorities of eight municipal corporations and adjoining urban areas to clear the title of agricultural land bought for a project within 15 days of payment of necessary fees. “The GR is applicable to the development plan areas of the eight big cities as well as 150-odd town planning schemes, which are currently under implementation in these cities,” a senior state bureaucrat told TOI. 
    The GR reads, “While processing an NA application for a project in these areas, the district collector will be obliged to only see if the title is clear, whether the agricultural area falls within the urban land ceiling laws, whether land is not under acquisition for any public purpose, whether there is any dispute for the land, or if any dues are to be paid to the government”. 
    It further says that an application, once made, cannot be rejected. “It will be rejected only in case the title is not clear. Otherwise, the collector will not be allowed to say no for granting permission to buy up agricultural land to set up a project. He will have to complete the process within a fortnight’s time, which includes on-the-spot inspection,” according to the GR. Once title is clear, NA will be automatically generated, and its copy will be sent to taluka and village officials.

source  http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIA/2011/04/12&PageLabel=1&EntityId=Ar00104&ViewMode=HTML&GZ=T

City awaits new TP schemes - Faster Clearance Will Lead To Cheaper Houses In Western Areas - TOI Article

City awaits new TP schemes

Faster Clearance Will Lead To Cheaper Houses In Western Areas

Nayan Dave | TNN 

Ahmedabad: Despite manifold hike in the jantri rates, availability of over 5,000 hectares of land under the new town planning (TP) schemes would make affordable housing possible even on the western side of the city. 
    Units to be constructed under the proposed TP schemes will be at least 50 per cent cheaper than the prevailing rates in areas like Bodakdev, Satellite and Drive-In. 
    In the last year, Ahmedabad Urban Development Authority (Auda) submitted 14 TP schemes in 1,700 hectares to the state government and is working on another 13 schemes in 3,450 hectares. Moreover, of the 69 villages that have merged with AUDA, 68 are in the western part of the city. 
    Property consultant Kishor Dedhia said that possibility of affordable housing would depend on how fast the TP schemes are cleared. “If there is administrative delay, cost of land would shoot up," he said. 
    “In the new TP schemes, at least three lakh housing units would be possible and 70 per cent development would be in the western side,” said Nirav Kothari, local director of commercial real estate firm Jones Lang LaSalle. 
    The new jantri rates match with the market rates, says Kothari, adding that it would only help salaried people as there would be more transparency in land dealings. Supply would only go up with availability of more land. 
    “If developers increase prices on the basis of hiked jantri rates, they wouldn’t get adequate buyers,” he said. 
    Market watches feel that neither new TP schemes nor the new jantri rates will affect current prices in areas like Satellite, Bodakdev, Prahaladnagar, to name a few. Prices in these areas may remain stagnant for a while, as residential schemes in the developing areas would come at much more lower prices. 
    Atwo-BHK flat (100 sq yd) in the developed areas is ranging from Rs 40 lakh to Rs 55 lakh in these areas. A flat of the same size would be available at Rs 22-25 lakh. Properties under new TP schemes would be 20% to 30% lower than adjoining areas like Bopal. 
    Rishabh Patel of Gujarat Institute of Housing and Estate Developers (GIHED) said the developers are ready to provide mass housing in western part of the city. “We are just awaiting clearance of the new TP schemes," he said. 
    “Expansion of BRTS facilities, proposed metro rail and better road connectivity would increase supply, especially affordable housing in new areas in western part of the city," said Jaxay Shah of Confederation of Real Estate Developers’ Association of India. 
    Samantak Das, national head (research) of Knight Frank India says that proposed planned development would add value with quality infrastructure. Transparency in deals would help the market in the longer run, he added.

source 

http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIA/2011/04/13&PageLabel=5&EntityId=Ar00501&ViewMode=HTML&GZ=T

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article from dna about c g road properties

http://www.dnaindia.com/india/report_cg-road-in-ahmedabad-glitter-still-dazzles-realtors_1336058

CG Road — the most fashionable area of Ahmedabad — is back in the reckoning in the city’s real estate market, despite it being among the city’s most expensive localities. Sources in the city’s realty sector said that recent projects launched around the Centrepoint Circle and new ones planned in the area have again created a demand for real estate on CG Road.

In the past one year, several projects in the retail segment such as Benzer and Future Group’s Central Mall, among others, have come up on CG Road and in the surrounding areas.

Some other projects such as Venus Square (a luxury mall on CG Road) are proposed in areas in the vicinity. These are likely to be launched some time this year. These projects are bringing developers and retail companies back to the area, away from recent realty favourites such as SG Highway. Current retail property rates on CG road are higher than they were last year; yet investors are keen to put their money in such properties.

The president of Gujarat Institute of Housing and Estate Developers (GIHED), Suresh Patel, said SG Highway had seen tremendous growth and it still had great scope for development.
“But CG Road has its own clientele,” he said. “The area continues to be in demand because it is located in a thickly populated area of the city.”

He further said that CG Road was always a thriving commercial area. “But because of malls such as the Central Mall and new projects — such as the Venus Square Mall — proposed in the area, the road’s standing as the most fashionable area of the city has risen higher,” he said. Shrenik Shah, CEO (land and commercial), Space Management Ltd, said that CG Road’s greatest strength is that it is located in the heart of Ahmedabad.

“For this reason, it is easily accessible from virtually all zones of the city,” he said. “SG Highway, on the other hand, is on the western edge of the city. It is attractive mainly to people living in the city’s west. This is why CG Road will never go out of fashion.” 
Shah added that property rates on CG Road were 20% higher than on SG Highway and that the same was true for rentals.
Some developers believe that, in the future, the valuation of real estate in the city will become more area-centric.

Executive director of Venus Infrastructure Ltd, Rajesh Vaswani, said that his company plans to launch a luxury mall on CG Road because it is in the centre of the city. “For this reason, it will have more footfalls,” he said.

Vaswani further said that, gradually, people will prefer to visit malls in their own locality than in some far-flung area of the city. “This is because of the problem of traffic congestion,” he said.“It also means that different areas such SG Highway, 10 Acre Mall in Maninagar and others will have their own ‘catchments’. Over time, people will prefer to go to the mall nearest to their place of residence.”

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GIFT to help local firms explore biz opportunities

GIFT to help local firms explore biz opportunities

In a conference scheduled for April 15, industry experts will deliver lectures on the requirements of GIFT City

KULDEEP TIWARI 

    Gujarat International Finance Tech-City (GIFT), state government’s dream project, is expected to to generate thousands of jobs and business opportunities. 
    The ambitious ‘business district’ will give tough competition to Mumbai, India’s financial capital, claim sources. The project cost estimate has been revised from Rs 63,000 crore to Rs 60,000 crore. 
    To create awareness among stakeholders, business houses and entrepreneurs at large, Gujarat International Finance Tech-City Company Ltd (GIFTCL) is organising a conference on ‘Emerging business opportunities’ at The Grand Bhagwati on April 15. 
    The conference is being organised in association with Assocham and the state government. The focus of the discussions will be on urban planning, real estate, transportation, services and utilities. 
    Around 500 businessmen from across the country are expected to participate. Industry experts, town planners and transport planners have been invited to deliver lectures. 
    GIFTCL Director R K Jha said, “It is a huge project that has attracted crores of investment. We are now trying to create awareness about the project among companies that can encash on business opportunities that will open up soon.” 
    “We will be discussing topics like infrastructure, security system, solid waste management and metro rail system. This will allow the businessmen and service providers to understand the requirements of the project so that they can make the right deals at the right time,” he said. 
    GIFT is also offering handholding to these companies that are clueless about how to manage local issues. An official added that if the input cost of construction goes down it will allow GIFT to offer competitive rental and lease rates.

source http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=MIRRORNEW&BaseHref=AMIR/2011/04/07&PageLabel=8&EntityId=Ar00801&ViewMode=HTML

Buyers to bear brunt of new jantri TOI Article on 6th april 2011

Buyers to bear brunt of new jantri

Nayan Dave | TNN 

Ahmedabad: The state government has clarified its stand on the phenomenal increase in new jantri rates, but the real estate industry is not pleased. The new jantri rate, or government assessment of the value of real estate properties, has increased by up to 400%. 
    Now, consumers will have to shell out much more for their properties and developers fear this may lead to a slowdown in business. The new rates, implemented from April 1, are more realistic and closer to market rates. Property consultant Hitesh Shah says the increase will have to be borne by consumers. 
    Sample this: As per old jantri, a minimum stamp duty (6%) was calculated on a 1,000-sqft flat (two bedroom) in Satellite area. As per the old rates, the valuation of the same sized flat was estimated to be anywhere between Rs 4.7 lakh and Rs 7.5 lakh. 
    As per the new jantri, the price of the same flat is estimated between Rs 18 lakh and Rs 30 lakh. Similarly, the valuation of a 1,000-sqft flat in Vastrapur has gone up from around Rs 7 lakh to anywhere between Rs 23 lakh and Rs 31.75 lakh. Builders believe reducing stamp duty will help the salaried class. 
    “It is the right time to reduce stamp duty in favour of property buyers, especially salaried class,” says Natubhai Patel, former president of GIHED. New jantri rates include relief measures: Govt 
Gandhinagar: In view of the major hue and cry over a sharp rise of up to 400 per cent in jantri rates, the Gujarat government on Tuesday came up with a clarification, enumerating several categories of real estate properties which have been allowed relief in the new rates. A senior official in the state revenue department said, “A number of relief measures are part of the jantri. But because there was considerable confusion about what was being offered, the government decided to issue a statement clarifying things.” 
    Thus, properties with unfinished construction and slabless construction will be assessed as having 20 per cent relief in the jantri rate. There will be a 1.2 per cent per annum depreciation on old construction as against 1 per cent per annum prevailing till now. Jantri, also called annual statement of rate (ASR), is the government assessment of the market rate of a real estate property. 
    Based on these rates, government charges stamp duty. Jantri rate is also used for payments against land acquisition. The long-awaited new rates came into force on April 1, after a gap of five years. 
    “In case a cellar is used for commercial purpose, its ASR would be 20 per cent less”, said the clarification, issued by government spokespersons Jay Narayan Vyas and Saurabh Patel, adding, “Different rates have been kept for shops with or without frontage, and on the first or second floor, to give the benefits accordingly.” 
    Then, there are different rates for covered car parking and open car parking in residential and commercial areas. 
    Further, the residential complexes on the third floor and above will be assessed as having a 10 per cent lower ASR than those from the ground to second floor. 
    “In cases where residential houses are constructed for the financially backward sections under a government scheme, the stamp duty will be lower. It will be levied on the allocation price of the residence”, the clarification said, adding, “Rates for the properties falling in interior parts and for the properties falling on the main road are different. This will allow people to get benefit in stamp duty accordingly.” 
Guj builders say no to property registeration Ahmedabad: In order to oppose the new jantri rates, over 2000 builders from 22 cities of Gujarat will not go for property registrations till May 5, 2011. A resolution was passed in a meeting jointly organised by Confederation of Real Estate Developers’ Association of India and Gujarat Institute of Housing and Estate Developers (GIHED). Suresh Patel, president of GIHED said builders from major citiesin Gujarat attended the meeting. Patel demanded that the government should withdraw the new jantri rates, which are illogical. Jaxay Shah, president of CREDAI, Gujarat chapter said, “ The hike in jantri would affect 50 lakh farmers, three crore people residing in urban areas and over 4,000 builders." TNN

 source  http://epaper.timesofindia.com/Default/Scripting/ArticleWin.asp?From=Archive&Source=Page&Skin=TOINEW&BaseHref=TOIA/2011/04/06&PageLabel=1&EntityId=Ar00107&ViewMode=HTML