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Times Real Estate Conclave & Awards 2023–2024
Times Real Estate Conclave & Awards 2023–2024.
Celebrating the positive vibe and honoring the industry’s bright spots.
The brightest minds in the real estate business convened to discuss the elements driving the industry’s expansion and how the current phase of support for mega-infrastructure construction bodes well for guaranteeing a trillion-dollar increase over the following ten years.
March 2024 saw the Taj Mahal Palace in Mumbai host the seventh edition of the Times Real Estate Conclave & Awards 2023–24, which included LIC Housing Finance Ltd. and Namma Homeopathy as associate sponsors.
The purpose of the event, which is a flagship project of Times Group company Optimal Media Solution, is to honor and commemorate the trailblazers and leaders who have made outstanding contributions to the real estate industry.
Maharashtra Housing Minister Atul Save said before the august audience that the state administration is still dedicated to advancing the Housing for All program. This dedication is demonstrated by the several infrastructure projects that have recently been inaugurated in and around Mumbai. The move by the Maharashtra government to lower the premium will be advantageous to all parties involved, including the final customers. Furthermore, he stated that the state government does not intend to raise ready-reckoner rates or stamp duty in 2024.
Following this, Pooja Jain of ET Now hosted a series of enlightening panel discussions that were led by prominent figures in the real estate sector. Dhaval Barot, managing director of Bharat Realty, noted during a panel discussion titled “Staying Ahead of the Curve, Remaining on Consistent Growth Path” that the desire for homeownership is currently at an all-time high due to the expansion of the Indian economy. The fact that the customer is satisfied gives us a great deal of confidence in the real estate market at the moment. But in order to assist consumers with mortgage rates, we need some cooperation from the government,” he stated.
In a similar vein, Vaibhav Jain, the creator and promoter of the V S Sambhav Group, expressed his opinions about how any government-sponsored program is still a good idea. “The real estate sector welcomes any push from the government, whether it is regarding the affordable housing scheme’s subsidiaries and incentives, tax rebate, or long-term capital gains (LTCG) exemption.”
Parth Mehta, founder and managing director of Paradigm Realty, stated that the real estate industry’s potential to surpass the trillion-dollar threshold is contingent upon the performance of the government’s fundamentals and macroeconomic factors. “Things are bound to grow significantly if the federal and state governments continue to demonstrate their strength and resilience in the upcoming term.”
Ghulam Zia, executive director of Knight Frank India, spoke during the second panel discussion, “Evolving into a Trillion-Dollar Industry in the Next Decade,” about new developments in the industry, particularly following the end of the pandemic phase. “In 2023, the high-end sector outsold the mid-end for the first time. But in the years to come, real estate will have a lengthy marathon run once the low-end recovers.
According to Brihanmumbai Developers Association President Harrish Jain, millennials in India will continue to propel real estate expansion as they seek larger, healthier houses.
Speaking about trends, former MCHI president Vimal Shah insisted that, for a considerable amount of time to come, the residential market in India will continue to be the key driver, closely followed by the mixed-use market.
Vice-Chairman of NAREDCO Rajan Bandelkar stated that the real estate market has changed into a service sector after RERA was implemented. “You will receive more referrals from customers the more you serve them.”
Domnic Romell, president of CREDAI-MCHI, echoed similar views when he stated that the sector’s defect liability has decreased to 0.03 percent following the application of RERA regulations.
The third panel discussion served as the culmination point and represented the growing influence of women in the real estate industry. On the topic of “Rising to the Changing Paradigm in Realty: Today & Beyond,” directors Ayushi Ashar of the Ashar Group, Shraddha Garodia of Dosti Realty, and vice president Sarina Menezes of Oberoi Realty shared their perspectives. Ritwika Gupta of ET Now moderated this panel discussion.
According to Ayushi Ashar, the core of most real estate companies nowadays is growing technology, but at the core of any business’s strategic planning is the ability to communicate a distinctive brand story to the customer.
Speaking about growth hopes for 2024, Shraddha Garodia stated that, in order to spur the construction of several projects, it is necessary to expedite the process of many online approvals, particularly those pertaining to environmental clearances.
Sarina Menezes shared her views on how more women are paving the way to the real estate industry’s boardrooms, saying, “You are valued today for the talent that you bring to a brand.” Even though there have been many more women entering the workforce in recent years, it is still more important than ever to stay in the field and rise to the top.
business
Property Tax Revenue Increases by 30% in Gurgaon Not with standing Data Obstacles
Property Tax Revenue Increases by 30% in Gurgaon Not with standing Data Obstacles.
In comparison to the previous year, the Municipal Corporation of Gurugram (MCG) had a notable 30% rise in property tax revenue for the 2023–24 fiscal year. Reaching Rs 250 crore in collections is a significant start in the right direction. The MCG is still working to reach their entire goal of Rs 500 crore.
Causes of the Shortage in Collection:-
The deficiency in the collection of property taxes is caused by multiple sources. Inconsistencies in property tax data are a significant problem. A survey carried out in January 2022 revealed that 5.1 lakh homes fell under the purview of MCG. But locals said that false information, such as false plot sizes, resulted in exorbitant tax payments. As a result, numerous locals submitted online objections to correct their data, which hampered the process of gathering information.
MCG’s Efforts to Deal with the Problem
The MCG is acting to raise the accuracy of data and promote the payment of property taxes:
- Data correction: In response to resident concerns and official verification, the MCG is progressively updating data.
- Self-certification: On the state Urban Local Bodies (ULB) department’s no-dues certificate (NDC) portal, citizens can self-certify the information related to their property taxes and voice concerns. But until April 2nd, 2024, the gateway will be offline due to maintenance.
- Special camps: To make self-certification of property tax data easier, the MCG is organizing special camps in partnership with market organizations, resident welfare associations (RWAs), and citizen groups.
Tougher Penalties for Non-Payers
Additionally, the MCG is being more stern with individuals who fail to pay property taxes, especially if they owe more than Rs 1 lakh. Over 4,800 of these defaulters owing a total of Rs 160 crore as of March 22, 2024. The MCG has given them until March 31st to make payment; failing that, they will be subject to harsher penalties:
- Property sealing: The MCG will start sealing defaulters’ properties.
- Utilities will be disconnected: Defaulters’ water and sewer connections will be severed.
Rates and Incentives for Property Taxes
Depending on the size of the residential property land, Gurgaon has several property tax rates:
- Rs one per square yard up to 300 sq yards
- From 301 to 500 square feet, each square yard costs Rs 4.
- From 501 to 1,000 square feet: Six Rupees per square yard
- From 1,001 square feet to 2 acres: Seven Rupees per square yard
- Rs. 10 per square yard over two acres
Prior to March 31, 2024, the MCG granted a 100% waiver of interest penalties and a 15% rebate on property tax obligations for payments paid. This plan has probably come to an end.
Gazing Forward
The MCG has set a goal to earn Rs 250 crore in property taxes in the fiscal year 2024–2025. With the use of online self-certification alternatives, the resolution of data anomalies, and more stringent actions against defaulters, the MCG hopes to increase property tax collection and bring in much-needed cash for the city.
Articles
In 2023, Gurugram becomes a major player in the real estate sector.
In 2023, Gurugram becomes a major player in the real estate sector.
The Gurugram market has experienced a remarkable 20% increase in value year over year, with Dwarka Expressway, Golf Course Extension, and New Gurgaon at the top of the list.
In 2023, Gurugram became the clear leader in India’s rapidly expanding real estate market. A number of variables that are transforming the industry are coming together to drive the city’s dynamic expansion and change the landscape.
Developers are creating innovative solutions that satisfy a wide range of tastes, from luxurious individual levels to eco-friendly co-living areas and large mansions. At the center of this change is Gurugram, which is seeing an increase in creative ventures designed to satisfy changing consumer demands.
“Gurugram stands tall, not only as a city of promise but as an indisputable leader in India’s real estate space, shaping the future of the industry in unprecedented ways,” says Vivek Singhal, CEO of Smartworld Developers, sharing his observations. It is anticipated that the residential market will lead this extraordinary expansion, representing the shifting tastes of purchasers. The Gurugram market has experienced a remarkable 20% increase in prices year over year, with Dwarka Expressway, Golf Course Extension, and New Gurgaon at the top of the list.
“In fact, a flurry of infrastructure developments, luxury residential projects, office spaces, retail spaces, entertainment options, and recreation options has made the Golf Course Extension Road the nerve center of Gurgaon,” he continues. It has been reported that the average monthly rental price of 2,000 square foot luxury homes in the Golf Course Extension climbed by 18% between 2019 and 2022, from Rs 49,000 to Rs 58,000.
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Haryana RERA imposes fine on builder in Gurugram for misleading advertisement.
A Gurugram builder faces fines from Haryana RERA for using deceptive advertising.
Countrywide Promoters was fined Rs 50 lakh by Haryana RERA for using deceptive advertising. In accordance with the Deen Dayal Jan Awas Yojna Affordable planned Housing Policy of 2016, Countrywide Promoters Private Limited is building the reasonably priced planned colony Green Oaks in Gurugram’s Sector 70A.
RERA officials state that the Authority sent a show-cause notice to the promoter requesting a response after taking serious notice of the advertisement that was published on March 2, 2024.
Countrywide Promoters Private Limited faces a fine of Rs 50 Lakh from the Gurugram court of the Haryana Real Estate Regulatory Authority (HRERA) for releasing a “misleading advertisement” regarding their real estate property, Green Oaks, in an English daily.
RERA officials state that the Authority sent a show-cause notice to the promoter requesting a response after taking serious notice of the advertisement that was published on March 2, 2024.
The Authority noted that the promoter failed to properly describe the details in the advertisement, which is a criminal offense, in violation of the mandatory regulations under Sections 11(2) and 13(1) of the Real Estate (Regulation and Development) Act 2016.
“It is undeniably true that the promoter, Countrywide Promoters Pvt Ltd, published a deceptive advertisement in an attempt to prevent potential allottees from making an informed decision. Thus, in accordance with Section 61 of the RERA Act of 2016, the Authority hereby levies a penalty of Rs 50 lakh,” the RERA decision stated.
The two-page advertisement features an image of a garden/park (Garden of Dreams) on one full page and a picture of a club on the other, “which is not part of the project,” according to the Authority.
“However, the remainder of the advertisement highlights features like a squash court, a cutting-edge club house, a covered pool and spa, an outdoor library, revitalizing sculpted rocks, a coffee lounge counter, and other amenities that are obviously not included in the project. All of it is deceptive,” the directive said.
Following its RERA registration in 2021, Countrywide Promoters Private Limited is building the affordable plotted community Green Oaks at Sector 70A in Gurugram in accordance with the Deen Dayal Jan Awas Yojna Affordable Plotted Housing Policy 2016.
It is quite evident that the promoter has released a deceptive advertisement for a DDJAY planned colony, using seductive imagery to give the impression that the project includes a clubhouse and other amenities that are not actually included in the project.The RERA order stated, “No specifics, information, or images of the project’s actual layout or site plan have been provided to enable the prospective allottee to decide upon investing in the project.”
Additionally, the promoter has not changed the registration information to reflect the updated layout as shown in the Authority’s record, which shows the layout design as approved in 2021. Furthermore mentioned are the fact that the project began in 2021 and that the layout plan was updated in 2023. Third party rights were created prior to the amended layout plan being approved by DTCP, as can be seen from the promoter’s Quarterly Progress Report that was submitted before the layout plan was revised. Before making such adjustments, the promoter must have the approval of at least two thirds of the allottees in accordance with Section 14(2)(ii), according to the order.
Articles
CM Khattar: The Gurugram Metro project will start construction in 2023–2024.
CM Khattar: The Gurugram Metro project will start construction in 2023–2024.
The “Gurugram Metro” project, which would run 28.8 km from Huda City Center to Cyber City via Old Gurgaon, is anticipated to include 27 elevated stations, as well as a connection to the Dwarka highway.
During the State Assembly’s presentation of the Haryana Budget 2023–24 on Thursday, Haryana Chief Minister Manohar Lal Khattar said that the Gurugram Metro project’s construction would start in 2023–24.
The Public Investment Board of the national government has cleared the long-pending Gurugram Metro project; the Union Cabinet’s final sanction is still needed. I’m hoping that the Gurugram Metro development would start in 2023–2024,” stated Khattar.
He went on to say that he had suggested that work be done in 2023–2024 on three more metro links: the extension of the Bahadurgarh Metro to Asaudha so that it can connect with the Kundli–Manesar–Palwal (KMP) expressway and the Haryana Orbital Rail Network; the work on the links from Rezangla Chowk to the Indira Gandhi International Airport in Delhi; and the work on the links from Southern Peripheral Road to Panchgaon via Global City and Manesar.
The “Gurugram Metro” project, which would run 28.8 km from Huda City Center to Cyber City via Old -Gurgaon, is anticipated to include 27 elevated stations, as well as a connection to the Dwarka expressway.
Huda City Center, sector 45, Cyber Park, sector 47, Subhash Chowk, sector 48, 72 A, Hero Honda Chowk, Udyog Vihar 6, sector 10, 37, Basai, sector 9, 7, 4, and 5, Ashok Vihar, sector 3, Bajghera road, Palam Vihar Extension, Palam Vihar, sector 23 A, 22, Udyog Vihar 4, Udyog Vihar 5, and Cyber City are the stations along the route, according to the project’s detailed project report. The plan calls for a metro extension project that will connect Rezangla Chowk in Delhi’s Dwarka sector 21 to Palam Vihar in Gurgaon, as well as an interchange with Rapid Metro.
The proposed metro extension between Palam Vihar and Dwarka sector 21 stations is expected to be 8.4 km long. Of that length, 4.9 km would go from Palam Vihar to Sector 111 in Gurgaon and 3.5 km will travel from Sector 111 to Dwarka sector 21 in Delhi, according to officials last year.
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What Is The MET City Project in Haryana? All You Need To Know
A 100 percent subsidiary of Reliance Industries, Model Economic Township Limited (METL) is the developer of MET metropolis, an integrated smart metropolis. Residents can ‘Walk to Work’ and take use of the city’s top-notch infrastructure.
The Haryana-based Reliance Model Economic Township (MET) had a prosperous FY 2022–2023 and is quickly emerging as the fastest-growing smart metropolis in North India. The city received seven global brands and 450 businesses in the last year. In addition, the city has broadened its horizons by selling more than 2,000 residential plots for single-family dwellings.
A 100 percent subsidiary of Reliance Industries, Model Economic Township Limited (METL) is the developer of MET metropolis, an integrated smart metropolis. Residents can ‘Walk to Work’ and take use of the city’s top-notch infrastructure.
According to ET Infra, the industrial sector of the city saw the addition of 76 new businesses that attracted investments totaling about Rs 1,200 crore and created the possibility of creating jobs for up to 8,000 people. These include Nihon Kohden from Japan, Boditech from South Korea, and Hamdard.
What is the MET City project in Haryana?
Reliance Industries Limited is the sole owner of MET City, an 8,000-acre Greenfield Smart city located in the Jhajjar area of Haryana, close to Gurugram. For its first phase, the city spent Rs 8,800 crore on land and infrastructure, and it has licences for 1900 acres. It has started two SCO projects, three residential parcel developments, and five industrial sectors.
Reliance MET City has drawn significant investments and created jobs for more than 25,000 people from different companies. Because the development project is situated along the KMP Expressway and has good access to several National Highways, such as NH-9, NH-48, NH-71, and NH-10, it has excellent connectivity to Delhi.
Additionally, this project is advantageously placed on SH 15-A, close to a rail freight terminal and the DFC route.
Thanks to its convenient location that provides easy access to the National Capital Region (NCR) and plug-and-play infrastructure, over 450 leading national and international firms have decided to establish their presence in MET City.