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International park set up for home decor products

IHDP Global Pvt Ltd has set up an International Home Deco Park at Noida in Uttar Pradesh at an investment of $25 million to facilitate trade in home decor products from India and abroad. IHDP is an effort to bring buyers and sellers on the same platform for increasing interaction and improving tde in this sector, IHDP Co-founder and Managing Director Aditya Gupta told reporters. The park would provide textiles, natural fibres, handicrafts and rugs from across the country, he said.

Lock-in clauses to keep short-term speculators out

It may not be an easy going for those out to make a fast buck from the real estate sector. Many developers are trying to ward off real estate speculators by inserting lock-in clauses in their contracts while selling new homes. Most have stopped giving discounts to bulk buyers, in a bid to keep speculators out, while many developers are profiling their customers before making a pitch, more so in case for premium apartments. We are discouraging speculators and have put a one-year lock-in clause for home buyers in some of our new projects, said Unitech managing director Sanjay Chandra, while launching the groups Rs 6,000-crore top-end residential project in Noida. We want to attract more end-users for our residential projects, and those who remain invested long enough, he said. Real estate major DLF may not have lock-in clauses built into their contracts with home buyers, but it does not encourage those who buy multiple properties in a project. We do not offer any discounts to bulk buyers.

Unitech to spend Rs 5,500 cr on Noida project

Rs 5,500 crore. Thats how much property developer Unitech will spend on an ultra-luxurious residential project in Noida. A golf course, a sports complex, a 200-bed hospital, clubs and a convention centre. These are a few features that Unitechs new residential project will sport. Unitech will invest Rs 5,500 crore in the project which will hold 5,300 units, including apartments, duplexes and penthouses. It will come up on a 347-acre plot, which Unitech acquired in May last year, for Rs 1,500 crore. Unitech has roped in international architectural firms to design the project. Sanjay Chandra, MD, Unitech said, I think this will take us to a totally different level. This is a project of true international scale, which hasnt been done in many countries. We expect, over the next seven to eight years, revenue of about Rs 15,000 crore at least, to come through this project.

Circle rates in Noida hiked by 60 to 80%

THE Noida Authority has increased circle rates in Noida by 60 to 80 per cent. The decision taken at a board meeting of the Authority on Thursday comes after the circle rates for land in Greater Noida were increased by as much as 42 per cent on Tuesday. The rates for land to be sold for residential complexes have been divided into three categories. Category A, including Sectors 14A, 15A, 17 and 44, have been raised to Rs 38,000 per square metre, while the same for categories B and C will now be Rs 27,800 and Rs 16,750, respectively. Sectors for institutional areas, like Sectors 1, 16 and 24, will see an increase to Rs 18,000 per square metre in the sub-category 1. The rates for sub-categories 2 and 3 have been raised to Rs 6,000 square metre.

Opportunity for making money on real estate

Did you know that a slowdown in the real estate market is an opportunity for making money on real estate? This is no joke. Bust times are as much an opportunity to make money as boom times, say experts. It only requires structured market analysis to get your returns right. Take the case of investors who have purchased at a frenzied pace during boom times. With the property market churn slowing down, many investors are exiting the market at cost price or even less. For instance, an investor who put in Rs 70 lakh (30-40% of the total cost of the property) in a premium project in Gurgaon, recently sold at a profit of a mere 7-8 lakh. And that too because he was able to purchase on the first day of the booking. For those who purchased 15 days after the booking began, the rates were higher. Those buyers have no option but to hang on or sell at a loss. But this is a good opportunity for end users or long-term buyers to enter the property market. The developer has now started receiving final clearances and sanctions for the project and the project will start soon. This is good news for an end user who knows that his property will be ready in a finite number of months.

Noida metro gets the cabinet green signal

THE Delhi Government today gave its formal approval for the extension of Delhi Metro Line from New Ashok Nagar to Sector-32, Noida. In what is seen as a reciprocal gesture for the newly-found Delhi-UP bonhomie, wherein the newly-elected UP government resolved the bus row and granted the land required for the Games Village, the Delhi Government has cleared the 7-kilometer elevated stretch. The route will span Noida Sector 15, Sector 16, Sector 18, Noida Botanical Garden Station, Golf Course Station and Sector 32 City Centre Station. This is an extension of the Games Village line, which will span the Yamuna Depot, the Games Village , Mayur Vihar Phase I and II, New Ashok Nagar and then move onto Noida.

MTNL to develop 80,000-sq m IT park in Noida

Telecom service provider MTNL is planning to develop a 80,000-sq metres IT park in Noida, a suburb of New Delhi , say sources. For the development of the IT park, sources add, the telecom service provider has already identified a consortium of developers. MTNL will take 18 months time to develop the IT park, which will come up in Sector-62, Noida. The telecom service provider is also in the process of identifying developers for other lands in Delhi and Mumbai, add sources.