Real Estate News

Construction of Jewar Airport to begin before Diwali

The construction of the Greenfield Greater Noida international airport (in Jewar) would begin before Diwali. The government officials said that the event would be attended by Uttar Pradesh Chief Minister Shri Yogi Adityanath and Prime Minister Shri Narendra Modi.

Development of Motels, Hotels, Convention Centres, Shopping Centres and plazas is also being planned, said Yamuna Expressway Industrial Development Authority (YEIDA).

The airport venture is likely to create one lakh employment opportunities according to Technical Economic Feasibility Report (TEFR).

On April 23 this year, the venture received an in-principle nod from the centre. As Diwali will be in the first week of November, the foundation laying ceremony will probably be performed towards the October End.

The consultant for the project, PwC has been requested to prepare the documents for the bid. The request for proposal to invite builders to execute the venture will occur by June-end.

In the first phase, an investment of around Rs 80,000 crores is expected. There are plans for the development of Hotels, Plazas and market chains which will benefit the region and the farming community.

The first phase of acquisition of land which measures around 1327 hectare is expected to begin soon. The total area identified for the venture is 5,000 hectare.

The construction of this airport will help ease the pressure on IGI airport in Delhi, the seventh busiest airport in Asia. The IGI airport handles 60 million passengers annually.

Greenfield Greater Noida international airport is expected to handle over 10 crores passengers by 2050.

May 17, 2018 / by / in , ,
Homebuyers make a resurgence thanks to lower interest rates and reforms

The repressed interest for housing is presently getting converted into real sales. While industry specialists have been naming the situation as buyers’ market for quite a while, homebuyers themselves appear to have turned out to be more active at this point.

Things are looking positive as indicated by the performance some of the listed real estate companies with regards to residential sales over the last one year.

A key role in this resurgence is played by lower interest in home loans and government’s encouragements on affordable housing. The government, to support affordable housing fund, has introduced a number of schemes such as Pradhan Mantri Awas Yojana (PMAY), Lower Goods and Services Tax (GST) and extended income tax benefits to apartments of carpet area of 645 sq ft.

HDFC Bank has recently reported a 26% increase in individual loans in FY18. Godrej Properties reported a 152% on-year increase (at Rs. 5,083 crores) in the value of bookings for FY18. The organization’s most noteworthy ever sales in any budgetary year was led by booking volume of 6.26 million sq ft.

Amid the final quarter alone, the organization’s booking value saw 210% on-year development at Rs 1,054 crore. The executive chairman of Godrej Properties, Mr Pirojsha Godrej said, “For the first time in its history, GPL has delivered sales of more than Rs 1,000 crore for four consecutive quarters. We look forward to building on this momentum in FY19”.

The final quarter and the full financial year swung out to the best-ever in value terms for Bengaluru-headquartered Sobha, with an increase across regions and product categories. It has recorded new sales volume of 3.63 million sq ft, evaluated at around Rs 2,861 crore amid the year with yearly sales volume and values increased 21% and 42%, respectively. The performance of Kochi and Gurugram also saw an improvement.

Indiabulls Real Estate, a Mumbai-headquartered real estate developer saw a 20% growth in both 600 apartments and sales value at Rs 3000 crore. Strangely, the premium segment also contributed to the organization’s performance during the year.

May 8, 2018 / by / in , , , , ,