Godrej Properties inks JV with landowner Oasis Buildhome for housing project

DELHI: Real estate firm Godrej Properties today said it has entered into an agreement with Oasis Buildhome, which owns nearly 14 acre of land in Gurgaon, to develop a premium housing project.

This would be the fourth project of Godrej Properties, which is part of realty arm of Godrej Group, in the national capital region (NCR).

In a filing to the BSE, Godrej Properties informed that it has “entered into a development agreement with Oasis Buildhome Pvt Ltd to develop a 13.76 acre property situated on Northern Periphery Road (NPR) in Sector 88A/89A, Gurgaon”.

The project would be developed as a premium residential group housing project and is expected to offer 1.2 million sq ft of saleable area, it added.

Godrej Properties is currently developing two residential projects in Gurgaon and has recently added a new project in Okhla in the national capital where it plans to undertake a premium housing project. As with most Godrej Properties projects, this project is being done as a joint venture.

“We are happy to add this new project in Gurgaon to our development portfolio. NCR is an important growthmarket for us and this is the second new project we have entered in NCR in FY14,” Godrej Properties Managing Director & CEO Pirojsha Godrej said.

The project fits well with the company’s strategy of growing its presence in India’s leading real estatemarkets, he added.

Godrej Properties is currently developing residential, commercial and township projects spread across 87.6 million square feet in 12 cities.

http://economictimes.indiatimes.com/markets/real-estate/news/godrej-properties-inks-jv-with-landowner-oasis-buildhome-for-housing-project/articleshow/21620098.cms

Mumbai housing prices soar by 66 per cent in 4 years

New Delhi: Housing prices have increased by an average 66 per cent in Mumbai over the last four years on account of steady demand and rising input cost, according to property consultant Jones Lang LaSalle (JLL).

The increase has been even higher at 70 per cent in Thane and 74 per cent in Navi Mumbai.

"The cumulative price escalation figures for Mumbai, Thane and Navi Mumbai represent the highest among all cities in India," JLL India Managing Director (West) Ramesh Nair said in a statement.

Gurgaon and Bangalore saw price appreciation of 52 per cent and 46 per cent, respectively, during this period.

"Residential property prices in Mumbai have increased steadily after the correction seen post the Lehman debacle. In the period from the second quarter of 2009 to the same quarter in 2013, residential real estate prices in Mumbai have increased by 66 per cent," Nair said.

On reasons for price rise, Nair noted that the demand for investment residential properties and end-user homes in the country's financial capital has remained stable.

That apart, the consultant attributed the prices movement to limited supply of clear land, reduction in new launches between 2011 and 2012 middle and high interest rate scenario.

"In the Indian city which has for years carried the unwholesome reputation of being the most over-priced in terms of residential real estate valuations, there is no relief in sight for aspiring home buyers.

"Over the last four years, property valuations in the financial capital have increased by an average of 66 per cent. All 'expert' predictions over the last 3 years, of an imminent correction have proved to be wrong," Nair observed.

source:- http://profit.ndtv.com/news/industries/article-mumbai-housing-prices-soar-by-66-per-cent-in-4-years-322161

Gurgaon: Sushant Lok – Now and Then

Delhi NCR

Sushant Lok, a township built by Ansal API almost 20 years ago, has come a long way since then. Being one of the first townships in Gurgaon, it became a sought after residential location the moment it started selling off. Today, the township is nearly 90-95 per cent occupied and there is still scope to accommodate a few more families, clearly indicating its massive expanse.

Over the years, Sushant Lok has not only grown in terms of its occupancy rate or the number of residential developments but the township has also undergone an exponential price appreciation. According to the data with MagicBricks.com, capital values in Sushant Lok have appreciated by almost 234 per cent since 2006. Manoj Khatri of KN Realty Ventures says, “Capital values in Sushant Lok have been through various phases. A major hike happened during 2005 and 2007 when the metro was announced. This was when the retail market was also growing in Gurgaon and the investors started turning out in large numbers.”

“2008 to 2009 saw the market going down due to the global recession, however, it picked up by 2010 when the investors started coming back, giving another thrust to the market,” adds Khatri.

The capital values in Sushant Lok have risen from Rs 20,000 per sq yd in 1993 to almost Rs 1.5 crore per sq yd in 2013. Khatri says, “Initially, the township sold plots where the buyers started building their independent houses. The concept of builder floors came in about a decade later. Today, a builder floor costs anywhere between Rs 1.5 and Rs 4 crore. An independent house that must have cost just Rs 80 lakh -1 crore then, is now valued between Rs 4 and Rs 13 crore.”

Deepak Kumar of DNV Properties says, “Sushant Lok is a specimen of world class construction. Investors who realised its potential in time have benefitted to a large extent. Being located at a distance of just 15 km from IGI Airport, it is one of the finest locations in Gurgaon. It provides a host of facilities for luxurious lifestyle. The establishment of various shopping malls, connectivity by metro and its proximity to South Delhi attracted many people to settle here.”

Shradha Goyal, MagicBricks.com Bureau

sourcE:- http://content.magicbricks.com/gurgaon-sushant-lok-now-and-then/