Vikas Rikhye

It is most creditable on the part one of the leading builders and developers to plan, design and deliver a meticulously planned modern Industrial township on NH-8 just about 25 kms from Rajiv Chowk Gurgaon.

Government approved, Industrial township spread over 100 Acres of land is being offered on most affordable rates to Non Polluting Industrial segment. Keeping in mind right from an enterprising entrepreneur to large scale functioning, the plots are ranging from 290-500-1000-2000-4000 yards.

Probably, it is the 1st Industrial township in Haryana being developed on modern concept, by a private developer. Free hold Industrial plots are being offered in a gated complex, where, a Community centre, Commercial complex and a small residential area is a part of future expantion.

Wide Roads, Lush green neat and clean enjoinments, outstand, as added features. Besides the roads, the underground work like Electricity, Water supply, Sewer, Rain/Storm water has been almost accomplished. While on the site the Water Supply Tank is a visible landmark at the same time it has a functional STP (Sanitary treatment plant). With overall infrastructure development the plots are being offered for immediate possession. Moreover, it is encouraging for a prospective buyer to see the list of existing clients of very high repute, out of which some of them are even functional.

Surface Connectivity is the USP of the project, as located almost on NH-8 just few kilometres from IMT Manesar, much before Industrial complex of Dharuhera being a part of future Industrials corridor it is in immediate vicinity of KMP (Kundli-Manesar-Palwal) Expressway, that would extend the connectivity to Delhi NCR and other states of North India.

For the prospective plot owners, it would be obligatory on their part to follow all the norms as laid by DTP (District Town Planner) or any other government authorities/agencies governing the government rules from time to time.

As summing up about the project the following features are being highlighted:

• Government approved modern Industrial Park
• Environment friendly complex
• Fully developed free hold Industrial plots for ready occupancy
• Excellent connectivity
• 40 minutes drive from IGI Airport, 20 minutes from Rajiv chowk and 7 minutes from IMT Manesar

Besides the features as stated above, it has added advantage of its location being in close proximity to IMT Manesar and Gurgaon, that provides to it the ready made infrastructure for the convenience of Residential, Commercial Complexes as well as Institutional as well as Healthcare centres.

With this article, we invite the entrepreneurs from the segment of Non polluting Industries for any further queries on the subject.

Send enquires on: realestategurgaon@hotmail.com or rikhye09@gmail.com

or fill this form,

We assure that we will get back ASAP with a reply that is with best of our belief and knowledge.

Vikas Rikhye, Real Estate Blogger

The commercial property in Gurgaon, under present market conditions, is expected, if not on downward trend, then surely, it has to undergo slow and a static phase, for next few years. The investors in rat race to earn quick money, got swayed away by enthusiastic builders and promoters who had been responsible of developing commercial real estate in most unplanned manner.

In absence of “Real estate Regulatory Authority”, neither any survey has been conducted to determine the demand and supply ratio, nor the planned methods have been adopted to ensure the safety of the investor. The builder and promoters continue to develop commercial property with their ultra motives ignoring the responsibility of social justice, as a result several commercial properties in Gurgaon are giving a deserted look.

The commercial property can broadly be categorized as following:

• Commercial office space
• IT Business Parks
• Shopping Malls
• Shopping complexes open court yard style

About a decade and a half back there had been a great demand commercial office space in Gurgaon and Noida, as Delhi was unable to meet with rapid growing demand of MNCs, who had then just started moving to India for their operations for Indian as well as for the other Asian markets, as some of the MNCs opted Gurgaon for their regional headquarters, which had the advantage of close proximity to International Airport. With fresh demand the requirements were huge as several MNCs required large floor plates as a result, the companies like DLF & Unitech swung into action, as these professional companies had the ability and resources to deliver the results in a time bound schedule. Over a period of time the companies started settling and the demand gained stability. But having seen the success rate of DLF and Unitech, suddenly, there was a awakening call for new player in the field, who also attracted the investor and had their share of prosperity as well. While the demand was settling down, the enthusiasm of the investor and builder continued, resulting into several lacs of commercial office space lying vacant on prime locations like Golf course Road, Sohana Road and other prominent areas of Gurgaon.

IT industry offered new era of opportunities starting with Call centers BPOs, KPOs, setting a new avenues of employment opportunities. At that time Gurgaon was a good destination for IT MNCs because of cheaper office space and manpower. Suddenly Gurgaon witnessed the mushrooming of call centers. It is understood, foreseeing the massive demand the builder approached the authorities to approve more of FSI/FAR (more of coverage) for IT Building and after getting such approval again swung into action resulting into worst fate compared to commercial property as over a million of IT Space is lying vacant on NH-8, Udhyog Vihar, Sohna Road etc.

In as early as 2002-2003 Shopping Mall was a thrilling concept for residents of Gurgaon as well as Delhites as Gurgaon was pioneer in starting Shopping Malls. Loads of people would visit these malls to experience and share the unique experience of shopping world class brands, Food courts and PVRs. As soon Shopping Malls were commissioned in Delhi (Vasant Kunj-Saket-West Delhi), the foot-fall from Delhi visitor reduced and with availability of Metro residents of Gurgaon had an comfortable option of visiting Saket Malls. The Gurgaon-Mall fever was reducing amongst the visitors but it did not deter the enthusiasm of investors and builder as in the case as stated above Commercial and IT Space, and has met the similar fate as most Shopping malls on Sohna Road are giving deserted look, A well known developer has not been able to commission its malls on NH-8 and Golf course road. Even on prominent location of MG Road, while, one project seems to be abandoned while other two projects seems to be creeping towards its commissioning.

Besides Shopping malls there has been quite a noticeable growth of shopping complexes through out Gurgaon, Besides shopping areas as provided in HUDA Sectors , South City, DLF City and Sushant lok, it is understood that present estimated growth is over 2500 shops in the areas of Mayfield, Nirwana Country, South City-2, Malibu Town and Sohna Road, whereas, most of them are giving deserted look.

Seeing the gloomy picture of Commercial Real estate scenario it is suggested more thoughtful efforts should be made by all concerned for a balanced and purposeful growth and development.

Vikas Rikhye, Real Estate Blogger

The unexpected overall growth and progress in Guraon has resulted into steep hike in land prices. The scarcity of land in Delhi is also a contributory factor for the increase in prices. Moreover from the Gurgaon Master Plan 2021 it is quite obvious that over 75% land has been earmarked for high rise housing complexes and balance 25% for plotted residential and commercial projects. It strengthens the view point for scarcity of residential land giving an continuous impetus in rise in land prices in Gurgaon.

Besides the plots as in DLF City, South City and Sushant Lok etc it is observed that HUDA has a sizeable contribution in developing residential land in various HUDA Sectors. In the recent past there had been revision in circle rates on higher side and with that stability in prices was expected, but surprisingly, the rising trend of the land prices continues.

The prices of HUDA plots in old Gurgaon have not comparatively increased as much as the prices on the other side of the highway because mostly every sector has an significant “Add on” USP to justify its location advantage, as Sector 31 being on NH-8 the neighborhood of posh apartment complex of Atlantis, Sector 41 is adjoins posh locality of Unworldly city and World Spa, sector 39 and 51 are associated with Medicity and Artemis hospitals, likewise 46 has the UPS of Unitech Cyber park on one side and Artemis Hospital/Amity school on the other end.

By and large every sector has a distinctive “Add on”. As amongst HUDA Sectors, the price of land 42 sector on Golf course Road is being quoted more than 82000 per sq. yd. as it is adjoin DLF PHASE-1 as well as adjacent to Aralias and Central park-1.

The average resale price of land in HUDA Sectors is ranging from Rs.65000-82000 per. Sq.yd. According to the real estate experts, the Present Trend will continue and by the end 2013 the land rates in HUDA Sectors would cross Rs.150000 per.sq.yd.

Vikas Rikhye, Real Estate Blogger

Multifold boom in real estate has excelled in the investment segment, leaving behind many other investment options. To avail business opportunity many of the new players have emerged in the market as Real estate developers, while the new entrants have some of the professionally managed companies, at the same time some of the “fly by night operators” are in the fray as well, moreover it has becomes a task for a investor to identify the genuine developer.

As it appears from news papers and internet, there have been several instances where the investors have been duped of their investment and had been victim of betrayal of faith and cheating. Such investors included some of the NRIs as well.

Under the circumstances it calls for the immediate need of a “Real estate regulatory authority”. Since the real estate investment has become a subject of a common man, whose life time earnings get on stake, therefore, the Real estate regulatory authority should evolve procedures supported by law, to ensure the safety of a common man. To monitor the conduct and behavior of real estate companies, promoters and realtors the Real estate regulatory authority, should set norms to ensure transparency in deals and new projects.

All the real estate projects should have mandatory clearance from the Real estate regulatory authority after its careful scrutiny from all angles of feasibility and successful implementation. The Real estate regulatory authority must satisfy itself regarding the credibility of the promoter as well as the availability of resources with the promoter to deliver the project in a time bound schedule.

In the said authority, enough of administrative and judicial powers should be vested, so that the authority may take appropriate decision against the developer who violates the prescribed norms. It should also exercise control over the advertisements of the projects to carry true picture of total transparency for the end user.

The Real estate regulatory authority, should also administer a Grievance cell to take appropriate action on genuine complaints against defaulter developers. All other measures to be deigned to protect the interest of the investor.

The effective working of Real estate regulatory authority would automatically generate the trust and confidence amongst the end users giving a healthier look to real estate scenario.

Guest Author: Neeraj Bhalla, Vice President S.S. Group Pvt. Ltd.

The Hibiscus is a premier residential complex that promises a quality of life unlike anywhere else. Spread over a mammoth 13.50 acres of luxurious landscaping, it will be a home to just 270 families.

Here you can be around people who share your taste, your values and everything that you cherish in life. You can enjoy an idyllic lifestyle filled with camaraderie, friendship and the sheer joy of living.

Here you will find an environment that takes the best architectural traditions from the east and seamlessly fuses them with the best of western technology. Ultra modern facilities, the finest materials available and beautiful landscaping complete the neighborhood of your dreams.

Welcome to The Hibiscus!

Situated on a well chosen plot in the heart of Gurgaon within a planned development of sector 50 the quite grace of The Hibiscus is totally in tune with the surrounding natural beauty.

The site has direct access from National Highway 8 and the meticulously planned Medicity and Fortis Hospitals are a stones throw away.

The Hibiscus is promoted by the S.S. Group who have been instrumental in the development of premium townships like Mayfield Gardens, Southend, Group housings like Lilac I and II, Aaron Ville and Delight and Splendour amongst other developments.

A range of spacious perfectly designed units offer home-owner a choice of 3 and 4 bedroom Homes, Villas and Luxurious Penthouses which combines functionality, elegance style and comfort.

An inspired fusion of traditional, climatically suitable architecture and contemporary technology, The Hibiscus is a result of years of extensive research in architectural and cultural traditions.

Hibiscus offers the Home owner a truly livable space.

Vikas Rikhye, Real Estate Blogger

With increasing global corporate presence, the Millennium city, having close proximity to Asia’s second largest international airport as become a hub for Multinationals, now emerging as most sought after destination for hospitality industry, as there seem to be a variety of options for visitors, from budgeted bed and breakfast to five star luxury, that covers the options of meticulous service apartments, as well as lavish lifestyle guest houses. The hospitality industry in Gurgaon is taking turn, with trends matching international standards.

It is for the guests who prefer “a home away from home” concept, there is a wide range of bed and breakfast options, as with changing trend there is a steep rise in the service apartment business. As the service apartments are mainly preferred by multinational employees who come here on a limited duration or those who choose service apartments as transit accommodation, while relocating from another town. The service apartments become preferred over the budget hotel because of economy factor, being less costly. Usually the service apartment is fully furnished unit with amenities like cooking range, microwave washing machine etc, meant for guest’s usage whereas, it still has an option of availing the services from the owner of service apartment. The concept originated from USA, became increasingly popular in India from year 2000 onwards because of significant increased inflow of floating population of expatriates.

The patronage of MNCs has definitely a major cause but for steep rise in expansion of Guest houses, Budget and Luxury hotels, but other contributory factors are the following:

• Cost benefit and easy availability of land at fractional cost as compared to similar location, in close proximity to IGI Airport
• Liberal policy of Haryana Government to promote tourism
• Increase in medical tourism (Healthcare institutional growth)
• Expressway network especially KMP (Kundli-Manesar-Palwal) expressway with its connectivity with NH-8, elevates Gurgaon to an ideal location for * “Golden Triangle” tourism

* Delhi-Agra-Jaipur

According to experts, the industry has grown 300% in last five years. The optimistic trend of the hospitality industry has resulted into positive growth with presence of hotels like Leela Kempinski, Trident Hilton, Westin, Radisson, Crowne Plaza etc. Of course The Oberois with about 200 rooms hotel in 9 acres of land is latest addition.

It is understood from sources that around 1800 in three to five star category will be added on by 2012 whereas, currently over 7000 rooms are operational in Gurgaon.

The rapid growth in hospitality industry in Gurgaon would not only give boost to real state prices in Gurgaon ,but would also help in socio economic growth by creating employment and investment opportunities.

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

In absence of a proper Regulatory Authority the real estate transactions have to undergo lot of ambiguities and the buyers are at the mercy of the property dealers who make their own transaction modes/methods of documentation, which sometimes do not match the laid down procedure of the competent authorities. The validity of such self-styled documents is usually referred with the reputation or the Muscle power of a particular broker.

Referring to recent news in a national daily, on real estate frauds, that revealed the increasing quantum of cases where the innocent have been a victim of circumstances.

It is understood from sources that Haryana Government has taken a serious note of the situation and the Government has introduced a new procedure to make the property transactions more transparent.

The sources add, that the new rule makes it mandatory for buyer/seller to submit computerized affidavit with the applicant’s photograph scanned on it during the registration of any property. The affidavit is given by an applicant on stamp paper while buying or selling the property.

It is also understood that the Government is also planning very shortly, to display the records of all property transactions on the internet/website, as this would increase the accessibility of information to the property owners from anywhere in the world to know the status of their property.

Vikas Rikhye, Real Estate Blogger

It has been observed in the past that growing “Corporate scenario”, has generated tremendous demand for “Service apartments in Gurgaon”.

With the recent study conducted on growing need/demand for serviced apartments in Gurgaon, a surprising fact has astonished, that it is the increase of Medical tourism that is equally contributing to the demand of “Service Apartments” in Gurgaon.

With opening of Specialty and Multispecialty Hospitals in Gurgaon there is a definite boost to medical tourism. With existence of hospitals like Medanta Medicity, Artimis, Max and Paras there is a remarkable increase of floating population accompanying the patient, not only from different parts of country, but the inflow of foreign patients is also quite visible.

The patients visiting for treatment don’t depend only on the accommodation, during the hospitalization but they also require “pre-hospitalization and post hospitalization” accommodation for a period which is much more than their actual stay in the hospital. Moreover, the relations escorting the patient also need to stay for the period as defined earlier.

The Hotels and Guest houses do not suit for this cause, as more of homely atmosphere is required, therefore, a serviced apartment fills the gap.

It is observed that a sizeable demand for accommodation is being generated, in the localities falling in close vicinity to the hospitals. Although no one from organized sector has attempted to tap the potential, whereas , numerous individuals are encouraged to offer Serviced Apartments. Moreover as the demand is growing, many more individuals are enthusiastic to offer Serviced Apartment accommodation.

The localities like South City-1, Greenwoods, HUDA Sectors 38,39,45,46,47 and Mayfields have become most preferred for the accommodation seekers, because of the location advantage, having close proximity to hospitals.

Vikas Rikhye, Real Estate Blogger

An ambitious plan to connect approximately 25 km stretch of road between Dwarka and Gurgaon at NH-8, had been named Dwarka Gurgaon expressway or NPR (Northern Peripheral Road). Such projects are usually taken up by NHAI (National Highway Authority of India), but in this case it seems to be a joint initiative of Delhi and Haryana Governments.

According to the sources it is understood that out of total distance of 25 km, perhaps fifteen kilometers of the expressway would run thru the suburbs of Gurgaon and ten kilometers through Delhi.

Since a lot of Real estate companies have their projects in close proximity to this proposed expressway, therefore the promoters are taking the advantage in advertising nearness to Dwarka expressway corridor, which has yet to come.

Without going the in-depth study of the progress plans of the proposed expressway, the Builder and Broker lobby (having their projects on this stretch) are using this as a sales pitch using the USP (unique selling proposition) of projects Zero km location from Delhi, whereas thousands of SMS are being offering luring heavy discounts to the buyers .

Although, there does not seem to be any visible progress on the stretch, yet it is understood from sources that HUDA is actively working on contract tenders of the project, but there does not seem to be any news on the progressive steps by Delhi state.

Since this project is a JV of Delhi and Haryana and not of NHAI, therefore, besides a close coordination between the two states the priority levels as well as budgetary constraints can influence the progress.

As mentioned earlier that no visible progress has been noticed and there are no signs of the project neither at the beginning at Dwarka nor at the other end at NH-8. In fact there is “ZERO” level of progress at Village Kherki Daula on NH-8 (at toll barrier) whereas, this location is earmarked for ISBT and Metro.