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  • Developers welcome GST Implementation

    Elan Mercado 1

    Gurgaon: Real estate developers have welcomed the implementation of Goods and Service Tax. According to them, the GST will greatly improve a fractured tax system and help create an integrated Indian market.  The government has always made it clear that leasing of land, renting of buildings as well as EMIs paid for purchase of under-construction houses will start attracting the Goods and Services Tax. Sale of land and buildings will be however out of the purview of GST. Such transactions will, however, continue to attract the stamp duty.

  • Real estate sector also welcomes the inauguration of the Hero Honda Chowk flyover

    Hero Honda Flyover Inauguration

    The one side carriageway of the eight-lane Hero Honda Chowk flyover has finally opened providing a relief to the commuters heading towards sector-10, Kadipur, Sultanpu, Jhajjar. Haryana Chief Minister Manohar Lal Khattar inaugurated the flyover on Monday. The Union Planning and Urban Development MoS Rao Inderjeet Singh andstate PWD minister Rao Narbir Singh were also present in the function. People can now directly go for a straight route from Hero Honda Chowk without passing through the Kherki Daula Toll Plaza.

  • Court orders Gurugram Police to file two FIRs against PVR Cinemas and its promoters

    PVR Cinemas

    The Gurugram Court ordered to file two FIRs against PVR Cinemas and its promoters Ajay Bijli, Sanjeev Kumar Bijli, Niharika Bijli and other Directors for cheating and forgery U/s 420, 406 and 120B IPC for selling Stocks at inflated value of Rs 820 Crore illegally and causing loss of Crores to Gurgaon based Real Estate Companies.

  • Dispute resolved with Elan Group: PVR

    Pvr

    Photo Courtesy: Internet

    Leading multiplex operator PVR today said it has "amicably resolved" dispute with the Elan Group over development of multiplexes in Gurgaon and has decided to withdraw pending legal proceedings.

    Both, PVR and Elan have reached a revised understanding with respect to leasing the multiplexes in commercial projects being developed by Elan group in Sector 80, Sector 67 and Sector 84 in Gurgaon, PVR said in a regulatory filing.

    "We are pleased to inform you that PVR Limited and Elan Group have amicably resolved all differences and disputes which had arisen between the parties on account of misunderstandings in relation to MoUs pertaining to development of multiplexes in Gurgaon," PVR said.

    "The parties have now mutually agreed and already initiated steps to withdraw all pending legal proceedings against their respective organisations as well as against their directors/officials," it further added.

    Both the parties had initiated multiple legal proceedings against each other under both civil and criminal laws.

    "The parties have now mutually agreed and already initiated steps to withdraw all pending legal proceedings against their respective organizations as well as against their directors/officials," it said.

    Earlier, in November last year, Gurgaon Police had registered an FIR against PVR Cinemas, and its promoters and directors on charges of cheating and forgery on the directions of the Gurgaon civil court.

    Its promoters Ajay Bijli, Sanjeev Kumar Bijli, Niharika Bijli and eight other persons were booked under relevant sections of the IPC for selling stocks at inflated value of Rs 820 crore illegally and causing loss to Gurgaon-based real estate companies.

    The FIR was registered at the Sushant Lok phase-1 police station. 

    (With Agency Inputs)

  • Elan Group Exclusively Showcased -Elan Miracle with Nargis Fakri

    Elan Group

    Elan Group, one of the renowned and fastest growing real estate developers in Gurgaon, Exclusively Showcased their recently launched Project –Elan Miracle in Association with their Exclusive Channel Partner Geetanjali Homestate PVT LTD.  Nargis Fakri was the special Star guest for the night.

    The Project was recently launched and was unveiled by Shilpa Shetty and the event was hosted by Neha Dhupia. Urvashi Rautela and Kanika Kapoor were Star performers in the event.

  • FESTIVE SEASON: Developers offering offers to woo buyers

    Festive Season For Home Buyers

    Festival season begins from Navratras and lasts till Diwali in India. It brings happiness and optimism with it. It is the time when developers offer many offerings and freebies to attract buyers and push their selling. On the other hand buyers consider festival season as an auspicious time to own a property. Like every year, this year also developers are offering many gifts or offers to woo buyers across Delhi- NCR.

  • GMDA formulation to facilitate Gurgaon with planned structure

    GMDA Formulation

    The formation of Gurugram Metropolitan Development Authority (GMDA) is endorsing as a governing factor for the economic development and planning of Delhi National Capital Region (NCR). The organization will propagate the alliance between different governing agencies diminishing their directional disparities. GMDA will be impelling the strategic expansion for the infrastructure and the real estate development. The stakeholders in the real estate industry will be benefited by this anticipated growth. Earlier they were endured on account of lack in planned principle development. With the implementation of GMDA, India’s Millennium City may witness a balanced and sustained development in the coming time.

  • GST and RERA came in: what next for Realty Sector?

    GST And RERA

    In India, real estate is the second largest employer after agriculture and is slated to grow at 30 per cent over the next decade. India was much in need of a regulatory body which could monitor this sector uniformly. So for this, the Indian Government launched RERA and GST.

    RERA or Real Estate Regulatory Act, 2016 is an Act of the Parliament of India which seeks to protect home-buyers as well as help boost investments in the real estate industry. The Act came into force on 1 May 2017. Very soon GST also kicked in on July 1, replacing the multiple taxes levied by the central and state governments and subsumed of all the indirect taxes, including central excise duty, commercial tax, octroi tax/charges, Value-Added Tax (VAT) and service tax.

    RERA along with GST is to bring transparency and better accountability in this sector. However, despite the arrival of the two the real estate sector is yet to get momentum.

    Industry experts are of the view that the industry will work properly only when there is an implementation of these new reforms (RERA and GST) are with true spirit and along with a time bound manner.

    "Both RERA and GST can be regarded as game -changer for real sector as they will provide a fillip to the sector by streamlining operations and ensuring transparency. However, the government still needs to put in place a single window clearance mechanism which is a long-awaited step for the industry,” said Ravish Kapoor, Director, Elan Group.

    Many states are still in the process of RERA implementation. Some have even deviated from main guidelines in their respective notifications, which dilute the essence of central law. More important is one area that needs attention - stamp duty. It will remain to continue into force even after GST came into force. The rates vary from state to state, which is from 5-7%. If this is abolished by the State Government, the final cost of the housing will reduce for sure.

    Though RERA and GST have been enacted as the transformative strategies in the real estate sector, the rules and regulations of the agendas are not clear. It may take 2-3 months for the clear understanding of the policies. Thus, there is a requisite on the part of the government to flourish the policies in a more systematic chain for the industry. Once the policies will be enacted in a consistent way, the Real Estate sector will get a positive push,” said Rahul Singla, Director, Mapsko.

    “Reforms like GST and RERA are fundamental reforms, which require substantial time for both implementation and results. Both these reforms are in preliminary stages of their implementation and we are yet to witness the real impact of these reforms. However in the short term, market is driven by parameters like interest rates, demand & supply and other economic drivers, all of which are currently in positive direction. We can expect a major upward movement in real estate in next two to three quarters,” said Pankaj Bansal, Director, M3M Group.

    Only future will reveal its impact in this sector, but let’s see what Indian Government will offer in the coming time.

  • Impact of GST on Real estate Sector

    Elan Miracle Sector 84 Gurgaon   Copy

    NewsMantra Bureau

    Goods and Services tax is going to be implemented from the 1st of July. GST is being considered as one of India’s most revolutionary tax-related reforms. GST will eliminate conflicting and cascading taxation structures like VAT and service charges in real estate. GST law will increase the margin in the hands of developer by eliminating the above-mentioned taxes.

  • NHAI to build NCR’s longest flyover on Dwarka Expressway

    Dwarka Expressway Gurgaon

    Dwarka Expressway is soon going to witness a new high. The National Highways Authority of India (NHAI) has planned to construct a 9 KM long elevated road in a bid to improve the connectivity between Delhi-Haryana border and the Basai railway overbridge. It will improve the connectivity to the area and cut short the travel time for both the commuters as well as residents in the area.

  • Real estate sector to make comeback

    Demonitization

    A cheerful moment could be there for real estate sector after a hope of more organized players will take the lead in the growth that leads more transparency and ease of doing business due to RERA and GST.

    Accepting the facts, one of the developers, Harinder Dhillon , Vice President Sales of DLF Ltd. appreciated RERA and GST for boosting buyers confidence, “The real estate sector is indeed back to its recovery path. The markets of corrections in some popular housing sectors of Gurgaon and Noida and the sales value have increased in these markets in the wake of these price corrections.”

    “Also legislation like GST and RERA has boosted the buyers’ confidence. With more clarity coming in on GST, sales are expected to improve further in the months to come.”

    The developers also said that increase in confidence of buyers’ has backed the demolished market of realty sector.

    It is noticed that the property sales are believed to be boosting up due to buyers are getting better deals in the market. "The implementation of various reforms has boosted buyer confidence. Also, in the current market situation homebuyers are in a better position to negotiate and grab better deals, leading to improvement in sales," Ravish Kapoor, director of Elan Group, said.

    "During the past one year or so real estate has seen reforms like demonetization, GST and RERA. The realty market however,absorbed all reforms, which gavemuch confidence to home buyers. Now the sector is showing signs of recovery Clip Image001with sales improving in the wake of Correction in property prices. Both mid- and affordable housing segments are registering improvements in sales. Hopefully, it is only a matter of a few quarters for the market to be back on track," Gaurav Mittal, MD of CHD Developers, said.

    Experts in the industry say that residential property market is gradually getting back to track but a lot of suppressed sentiment dynamics are still at play and the overly adventurous pricing developers indulged in over the past few years have had a part in this.

    Anuj Puri, chairman of ANAROCK Property Consultants, also stood beside demonetisation, saying that it has been one of the prime reasons for the upliftment of the market, "If all the other fundamentals for a purchase decision such as good location, the credibility of the builder, available amenities, overall rational pricing, and RERA registration buyers feel confident to respond to the added incentives of discounts. Also, what is currently selling is affordable and mid-income housing in the primary sales segment Premium housing, as well as the resale market, took a big hit after demonetisation because they were traditionally targets for unaccounted funds. While the overall market is recovering, premium housing is taking longer to recuperate.”

  • RERA's effect on ongoing projects

    Elan Miracle Sector 84 Gurgaon   Copy

    Gurgaon: The Real Estate (Regulation and Development) Act (RERA) which has come as a protector of home buyers, and as a much awaited change which will boost business in the real estate industry.

  • SPR to fuel commercial real estate of NCR

    Mr.Ravish KapoorDirectorElan Group

     

    The rapid urbanisation in National Capital region (NCR) is increasing day by day. This is amplifying the traffic crisis in the region. In order to overcome the scenario the Government has established new connectivity roads like SPR (Southern Peripheral Road), NPR (Northern Peripheral Road) and etc.

    If we talk about SPR it was planned to ease the traffic between the two national capital cities Gurgaon and Faridabad, also to decongest the traffic situation at IFFCO Chowk, the 16-km long SPR is all set to become the next commercial real estate destination. An amazing connectivity to the Golf Course Extension Road, Gurgaon-Sohna Road and NH-8 is also an advantage. SPR is also linked to Dwarka Expressway through NPR. Further, through Hero Honda Chowk, Rajiv Chowk and NH-8 on SPR, one can easily reach Delhi, Faridabad and Gurgaon. The Haryana government’s commitment and reinforced motivation towards the completion of the SPR has also generated some positivity for the region. The area offers better social infrastructure and conveniences in comparison to the NPR. However, transaction volumes is improving day by day in SPR much, this will lead to an increase in residential sales in the coming time, particularly sector 70.

    Developments of infrastructure, availability of projects nearing completion and good connectivity have SPR a good locality for investment. The area also has great potential to be touted as commercial sector in the near future. Sector 70, 74, 75 and front belt of sector 71, 73 and 79 are well designated for commercial development. The area offers shopping centres like Good Earth City Centre, Cosmopolitan, Urbana and multiplexes like SRS and Grand Cinemas and etc. An increase in the number of enquiries for residential properties has been seen across the city.

    The micro- market includes sectors- 48, 49, 50, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 74A, 75, 75A and 79. The area will soon be home to multiple high-end residential and commercial centres.

    The SPR is drawing an increased attention of the buyers and developers, so the future of this area is bright. Metro connectivity has been planned along SPR in Phase II which will connect Huda City Centre to Manesar. A green belt is being developed on the median of the road, making it eco-friendly. Many prominent developers have their projects here which will offer better options to its buyers.

    Existing physical and social infrastructure along SPR coupled up with the ongoing and proposed infrastructure project will increase the buyer’s interest towards it. Thus, the demand for properties along the SPR is touted to increase manifold in future and the area is a boon to the commercial real estate sector.

     

    (Writer is the Director, Elan Group)

  • The long Delayed SPR finally sets up as reality: a move towards realty

    Elan Mercado Sector 80 Gurgaon

    Gurugram’s Southern Peripheral Road (SPR) comes at its final twitch with the removal of the last hurdle, Ambedkar Statue at Badshapur Chowk. The construction of SPR was almost completed in March with only a small stretch left incomplete due to the delay in shifting the statue. On Monday, Huda has removed the statue, which was hindering the completion of the road. The statue was planned to relegate to an adjacent place in April itself but due to some reasons it got delayed. Huda administrator Yashpal Yadav said “With the statue shifted, work on only a small stretch of the road remains. This important infrastructure project will now be completed in no time”. According to the authorities the Chief Minister Manohar Lal Khattar is expected to inaugurate the road.