Vikas Rikhye, Real Estate Blogger

NCR Scenario

Having an independent bungalow had been a status symbol and this status tag was chased, up to farm houses by those who could afford. Over a period of time middle class and upper middle class were satisfied with flats offered by DDA and GDA.

The real estate spectrum was lit up with new horizons, on the turn of millennium, when, builders like Unitech and DLF offered a wide range of options in gated complexes of apartments and bungalows. The gated complexes offered security and safety along with facilities like 24 hours 100% power back-up, swimming pool, Tennis courts, gymnasium as well as well maintained gardens.

With the presence of MNCs in Gurgaon and globetrotting lifestyle of executives the concept picked up like wildfire, with a special focus of end users on apartments as compared to independent bungalows. For end user, perhaps the apartments were more affordable and manageable.

Once it was established that the apartment segment has greater demand, the builders swung in to action of offering a wide range apartments at different locations in Gurgaon, Encouraged by the increasing demand small/new players joined the fray. For a prospective buyer, it seemed affordable because of easy home loans. With increasing demand, the property developers have been investing heavily in affordable housing projects for middle income group, making “affordable housing” a largest and fast growing segment in real estate industry in Gurgaon.

In affordable housing seems to be a passe now as the recent rapid economic growth has led to a rise in purchasing power of the young generation and the want to invest in properties that offer luxury living. Moreover, due to rise in per capita income and easy availability of housing loan, people are moving ahead upgrading their standard of living. Now, the focus is being shifted from basic to high end facilities, amenities, specifications and neighborhood.

In present real estate scenario the real estate developers are showing renewed interest in luxury home segment to cater the affluent lifestyle demanding high end luxury living with a USP of special arrival effects and it seems that undaunted expectations of affluent is ready clientele for them.

Vikas Rikhye, Real Estate Blogger

• Land : Ownership proof of builder
• Project Approval with valid License.
• Approved & sanctioned construction plans
• Past performance of the builder.{ reference of projects delivered in the past}
• Financial Status of the builder { Account Balance sheets for at least last 2 years}
• NOC of dues from Government authorities .
• Banks financing “Home Loan”

Usually , financial institutions like good banks, check the credibility of the builder at their end, but sometimes few important facts are ignored, for the reason better known to all concerned. It is therefore, suggested that the prospective investor should find the fact at his own level by exercising the tool of RTI {Right to information}

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Also read the related article: check the facts before you invest

Vikas Rikhye, Real Estate Blogger

As it is apparent to all that the Residential segment of real estate in Gurgaon has shown a tremendous growth in past few months .Earlier, most of the project were being promoted & dominated by companies like DLF, Unitech & Ansals, leaving hardly any scope of improvement , in terms of quality of construction and amenities , matching international standards.

Strategic location of Gurgaon on NH-8,close proximity to IGI Airport ,supported by the inflow of MNCs and Corporate word, it became a favorite destination for FDI &International players in the field of real- estate.

In the process, “Extended Golf Course Road” in Gurgaon” found a niche to be a prestigious address as companies like Emaar MGF, Ireo, Pioneer offered integrated townships. Competing with each other, “each one” ,with meticulous and innovated planning, offered wide range of apartment matching a lavish life style. Thus , the “Extended Golf Course Road”became “1st Choice” of NRIs & Corporate world.

Since these carefully planned townships have aimed a balanced growth of infrastructure, therefore, the development will offer the residents, “Extended Golf Course Road” “Extended Golf Course Road” a unique mix of features that include Security, Education, Healthcare, Shopping & Leisure.

Timely delivery of the committed project by developers would add significant prestige to the area.

Vikas Rikhye, Real Estate Blogger

The real estate market in Gurgaon is undergoing a dualistic symptoms in Residential and Commercial segment
While the residential real-estate market in Gurgaon has experienced an upward trend in past two months, the market growth and rapid increase in prices has set its own record. Whereas , on other hand the commercial segment of the same market is showing downward trend in consistency.

The prices of residential apartments on Golf course Road, Nirvana country , Sohna Road etc have registered an apparent increase of more than 20%. As the new projects launched by the some of the builders such high basic price ,that has given an automatic boost to the existing ready to move apartments.

The land prices in DLF ,Sushant lok & South city-1 have experienced rich gains. The prevailing prices of prime locations in DLF have crossed 1.5 lacs per sq. yard & Sushant lok 1.25 , South city-1 1.10 respectively. HUDA Sectors are following the flourishing pattern .Since in the sectors covered under Master Plan 2021, there is hardly any scope of plotted options, therefore, foreseen scarcity of land has generated upward trend.

With all the witnessed prosperity, in Residential Apartments and land ,the commercial sector has become victim of circumstances because of unplanned growth & surplus supply of Commercial & IT Projects. The commercial projects on Sohns Road are already giving a gloomy & idle look. The commercial projects on Golf Course road are offering massive reduction in Rentals as compared to the Rentals in the past. New IT buildings in Udyog Vihar are offering lucrative Rentals on compromising terms despite the locational advantage.

It seems that not only the over supply of commercials in Gurgaon has affected the prevailing market conditions but Surplus of commercials in NOIDA have shown its repercussions on Gurgaon, as in NOIDA the rentals of commercial office space have gone down as low as Rs25-30 per sq.ft.

However, it is strongly assumed that while Residential property in Gurgaon will still continue to appreciate at the same time the Commercial property has to undergo undefined setbacks.

Vikas Rikhye, Gurgaon Real Estate Consultant

Real estate Investment: Present Real estate Scenario

                                                                                      Message

From the Author’s Desk

First of all I would like to thank all the visitors / viewers to the site www.vikasrikhye.com

Besides the fact that the site www.vikasrikhye.com is getting increasingly popular ,it also is observed that this site has gained the patronage, from the NRIs & Corporate world.

Having received numerous phone calls & emails from the viewers/visitors to the site has no only encouraged me to share my knowledge with community but it has given me satisfaction of being a useful member of society.

In this message I would also like to give a brief introduction about myself:

” I Vikas Rikhye have been in the field of marketing and sales for over 30 years .I have been associated with Real Estate Sector for about 15 years, maintaining the professional norms of ethics & transparency in my commitments and service.

Being a dedicated Rotarian, as a member of Rotary International, I served President of the Rotary club of Gurgaon South City {1999-2000}.

Keeping in mind RI {Rotary International} slogan “Service above self“, I decided to write articles on Real Estate, to share my knowledge in this field, as well as, to initiate a drive to create awareness in a field, where most of us invest our life time earnings.”

In this message I invite real estate experts & real estate journalists to join hands with me, as “Guest author” to give their experiences and views in the form of their Article which can be shared by other members of community as a guidance.

I also request the visitors & viewers to send us their view / experience and observation of the present real estate scenario of Gurgaon ,that can be shared by others as well ,to eradicate the evils of real estate for a better future.

Vikas Rikhye, Real Estate Gurgaon Consultant

IMT Manesar situated on NH-8, approximately 16-18 Km from Gurgaon, is likely to be the future I.T .Hub of “New Gurgaon”.

The “Industrial model township of Mansar” a very well planned township promoted by HSIDC, meets international standards & is already being patronized by companies like Honda Motorcycles& Sooters India,Hero Motors Limited,Samsung Telecommunications,Denso Haryana,Maruti Suzuki,Baxter India,Mistibushi Electricals & many more of international repute.

Considering the potential & future growth, under campus development scheme,“Haryana Industrial and infrastructure Development corporation” {HSIIDC} had initiated to develop a technology park for “Information & Technology” in sector -8 Manesar, & permission was granted to about a dozen of companies as under:

1. Anant Raj Industries Limited
2. Vigneshwara Devalopers Pvt.ltd
3. HCL Technoparks Limited
4. A.N. Buildwell {P} Ltd
5. Primerose Projects {P} Ltd.
6. Arora Udyog Limited
7. Sapoorji Palloonji and co. Ltd.
8. Rishiraj Realtors {P} Ltd.
9. Sofed Retailers {P} Ltd
10. Agilent Technologies
11. Galileo India {P} Ltd

With 10{Ten} Acres of land was allotted to each, following the policy, 11 planned towering structures would come up in one campus with a permission to raise 15 storied buildings of maximum height.

It is understood from sources that under the current policy the companies have been allowed to construct the residential facilities on 10% of area & 4% of area for commercial purpose with 2% for recreational use as to make it self contained complex for the employees.

The complete progress is being monitored by a high level committee to closely monitor the work in progress.

On a recent visit to the site the author witnessed a remarkable progress on the construction sites of Anantraj & Agilent Technologies while others are also striving hard to meet the targeted dates { To be continued………………..as Manesar Part -4}

{E.&.O.E}

Visitors/ Viewers to this site are requested to report an “Error” if any, in the form of comments/ correction/addition/deletion if any to improve the Article, to be shared by all.

Vikas Rikhye, Real Estate Gurgaon Consultant and Blogger

As in my previous article Manesar [Part-1 dated 16th October 2009}, I had given a brief introduction about fast growing Industrial Model Township of Manesar. I had also mentioned in aforesaid article that IMT Manesar, has been rated amongst the top investment destination in India.

According to Real Estate experts, rising demand for property itself speaks for the massive growth in this township.For its being increasingly favorite of investors ,the following seem to be the basic reasons:

Proven Record consistent Growth : HSIDC managed township IMT Manesar has ready a proven record of consistency in planned & balanced growth.

Integrated Township: A Very well planned Industrial township is an example of vision of future growth in infrastructure related fields including:
-Housing
-Education
-Healthcare
-Shopping & Entertainment etc.

Planned Connectivity: With existing strategic location on NH-8 and forthcoming commissioning of KMP expressway by 2010,would elevate connectivity of Manesar countrywide. Proposed DMRC Metro link by 2014 would further improve the connectivity scenario

Environment friendly: With pollution free industry & retaining green zone have all planned efforts of been made to give continued effect greenery

Affordable Housing: While HSIDC has developed a sector with over 500 residential plots & 50 group housing societies at the same time some of the prominent builders are coming up with their forthcoming projects of affordable housing.

Emerging of Three five star hotels, Resorts, Institutions & Healthcare Hospital matching international standards add to the evidence of prosperity & growth.

Because of well planed & consistent all-around growth, this fastest growing township has suddenly becoming a favorite destination of Investors & Actual users.

According to the sources the floating population of Manesar is approximately 100,000 & by the year 2021 it is expected to be a Township of 35,00,000 {with in its vicinity & Neighborhood} provision of the growth is planned and is in progress.

With recent findings & a recent study of the real estate market, Manesar is listed among top prospective investment locations in India

Industrial Growth: Having a recorded growth where internationally known companies like Honda Scooters & Motorcycles, Denso ,Norcool , Mitsubishi , Videocon, Motorola , Baxter India were among the pioneers to start their operations. Impressed with overall balanced growth, global investor started pouring huge investments. Sector-8 of Manesar has emerged as a next generation IT- ITes Destination. While the importance of IMT Manesar started with commencement of Honda automobile factory & now currently over 500 units function in the township.

Business Environment & infrastructure: Designed as independent industrial town, Manesar, has all the basic infrastructure matching international standards.

• Well planed/designed/maintained Roads within the Township.
• Hi-Tech communication systems.
• A well planned Power & water supply.
• Grade- A connectivity to IGI Airport/ Delhi & Gurgaon { Expected to improve further with Delhi-Metro proposed link & with commissioning of KMP Expressway }
• Banks, Hotels, Golf Course , Helipad in the vicinity.

Residential Real Estate Growth: While within Manesar a remarkable efforts in developing residential properties by HIDC have been recorded, at the same time it has been noticed that builders like DLF, Unitech, Abw & Vatika etc have already reserved the space for their forthcoming projects.

In the existing scene the development can be witnessed as:

• Fully developed infrastructure in Sector-1, with construction of Bungalows in progress
• A large number of Group housing projects in Progress {nearing completion}
• Construction of Residential Apartments, Hotels, Shopping Malls ,Service Apartments in Progress {nearing completion}

The visual rapid growth in the township has inviting vibes for investors…as it seems.

IMT Manesar ………… New Gurgaon to be continued as { Part-2}

In “Master plan Gurgaon 2021″ there has been the announcement of 56 new sectors, whereas the basic infrastructure in the existing sectors,{ announced several years ago} has not been fully completed.

With the aforementioned reasons, real estate scenario in Gurgan getting much confusing, as some of the prominent builders as well as new players have announced the projects in the sectors with their signboards amidst of “lush green field “{ without road & proper accessibility } displaying the “Promised Dream comforts”, where the signs of **basic infrastructure are not at all visible.

**{Basic Infrastructure include - Roads- Drinking water- Electricity- Sever disposal -Rain water/storm water disposal- Greenery & Plantation-Shopping& market}

Since most of the “New Projects” are being announced in new sectors as covered in master plan 2021, where presently no signs of development ,therefore, several doubts haunt one’s mind as:

Time Frame of Basic Infrastructure

• Commutable Roads with proper electrification
• Availability of drinking water
• Availability of Electricity [ From Electricity Department}
• Connectivity of Sewer connection with major drain as per Town planning norms
• Rain water/ Storm water Deposal as per Town planning norms
• Horticulture/Plantation and Parks
• Connectivity to Shopping/Healthcare/ Schools etc

As the real estate in Gurgaon has taken a positive turn, it is quite obvious to see the buyers enthusiasm. But a major cause of worry is that the over enthusiastic ones, may not land into a mess, therefore, it is imperative on the part of investor to check the facts about the project before investment. Lured with low “Basic Price” and discounts offered, the buyer gets tempted to put their hard money at a stake.

Mr Vikas Rikhye, Gurgaon Property Consultant

The owners of “Independent floors in Gurgaon” had a sigh of relief, with the news that “Government of Haryana ,has finally allowed the Registration of Independent Floors”

It is understood from the sources that on Monday evening, the Haryana cabinet gave its consent to amendment in the act related to the Registration of Independent floors. It is further understood that fresh notification in this context would be issued within a week’s time.

Besides the relief to the existing owners of Independent floors, this news also gave a boost to the confidence of prospective investors of Independent Builder floors.

It has been a good beginning for Builders & Developers who have recently been promoting the concept of Independent Floors in Gurgaon

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