HMDA In A Fix Over Building Permits

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Officials of the newly formed Hyderabad Metropolitan Development Authority (HMDA) are in a dilemma about whether HMDA can issue building permissions in its jurisdiction. The confusion is due to two contradictory clauses incorporated in the HMDA Act on building permissions. Apart from the new applications coming in, over 1,000 applications are pending. These were received by HUDA, Cyberabad Development Authority and Hyderabad Airport Development Authority, which were abolished by the state government following the formation of HMDA.

As per the clause 8 of the HMDA Act, the metropolitan development authority does not exercise day-to-day control which includes building approvals and building enforcement in any development area for any matters which are under the purview of the local authority. The metropolitan authority can intervene in the matters pertaining to the overall development of the metropolitan region. Contradicting the clause, another provision 20 (1) in the Act says any person intending to carry out development on any land has to apply in writing to the metropolitan commissioner for development permission by submitting all the required documents.

In the Hyderabad Urban Development Authority (HUDA) regime, officers used to give permissions for three and more floors including multistoreyed buildings in the HUDA region. The surrounding municipalities and gram panchayats used to give permissions up to ground+ two floors. In the GHMC area also, while all 18 circles offices including surrounding circles are clearing building applications up to G+2 and GHMC headoffice is dealing only multi-storeyed buildings. “There is a confusion over powers to give building permissions in the HMDA Act. But we will continue to accept building applications. The HMDA board will take a decision on this,” a senior planning official of HMDA told ‘TOI’ on Friday. Sources said that as per the 52 (1) of the Act, the HMDA can delegate powers to all the local bodies in HMDA jurisdiction for giving building permissions up to G+2 and retain powers to sanction permission three and above floors as it was in HUDA. Now there are two municipalities.Bhongir and Sangareddy and 849 villages in its jurisdiction.

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AP Collects Higher Stampduty Than Many Other Sataes

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Stamp duty and registration fee imposed by the state government during property registrations have become a major burden on the buyers. Andhra Pradesh has the distinction of collecting higher stamp duty and registration when compared to some of the major states. Currently, the state collects 9.5 per cent towards registration charges, which includes nine per cent stamp duty and point five per cent registration fee. While the other states were adopting different stamp duty structures for urban and rural areas, in our state, the disparities have been abolished in 2005 and a common duty structure was being implemented. Maharashtra collects only 5.5 per cent stamp duty.

Earlier it was 8.5 per cent. Uttar Pradesh has been offering more incentives to women. If a property is registered on the name of a woman, it is collecting only 6 per cent stamp duty, which has been reduced from 8 per cent. Even for men, it is only collecting 7 per cent, which has been cut down from 10 per cent. While states like Rajasthan were collecting only 6 per cent stamp duty, Karnataka and West Bengal were adopting different tax structures for urban and rural areas. West Bengal is imposing 6 per cent stamp duty for transactions in villages and 8 per cent duty for towns. This is in addition to 1.1 per cent, which is imposed as registration fee.

The state government had earlier announced that it will cut down stamp duty by 1 per cent every year so as to reach the target of 5 per cent by 2012 from the current 9.5 per cent. As per this, it has to cut down the stamp duty by 1 per cent this year, but still nothing has been done on that front. However, according to officials of revenue department, the chances of reducing stamp duty in the state are meagre as the state government is heavily dependent on the revenues generated from the revenue department through land and property transactions to fund its massive populist schemes announced in the election year. The heavy stamp duty is leading to irregularities during registration. Several buyers are resorting to under-valuation of property to escape from huge stamp duty while sometimes it is leading to evasion of registration charges. Several buyers, particularly in rural areas are entering into illegal sale agreements to avoid duty by entering into agreements on a ‘plain paper’.

Koneru Ranga Rao committee, which was set up by the state government to initiate land reforms has estimated that nearly 20 lakh property deals are ‘illegal’ as they were entered on a mere ‘plain paper’ and out of this 82 per cent buyers are from poor and rural background. While the other states were reducing stamp duty and increasing their revenues, the state government has been increasing duty on General Power of Attorney (GPA) to force people to opt for registrations instead of GPA to increase its revenues. While other states were reporting good results with reduced stamp duty, the revenue generation of AP was stagnated for a while now, despite increase in stampduty. However, Karnataka is the exception in the list of the states, which collects lower stamp duty. It collects more than our state. It follows dual duty structure. While in Bengaluru, it is imposing 12 per cent stamp duty, for the rest of the areas it is 11 per cent. Tamil Nadu is imposing registration charges at 9 per cent.

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Land Prices On Outskirts Likely To Shoot Up

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Land price are set to rise in the 849 surrounding villages of the city with the formation of the Hyderabad Metropolitan Development Authority (HMDA). These villages were merged with the HMDA.Anticipating this, real estate players have already jacked up rates in some newly included areas of the HMDA. For instance, in Wargal mandal of Medak district about 50 km from the city the land price was Rs 1 lakh per acre until last year. But now the going rate is about Rs 10 lakh per acre.Similarly, the land values have sky-rocketed in neighbouring mandals like Shamirpet and Medchal in Ranga Reddy district, where the prevailing price is about Rs 2000 per square yard. Until last year, it was just about Rs 800 to Rs 1,000 per sq yard."The HMDA should concentrate on providing infrastructure in the surrounding areas, only then will the very purpose of forming a highest authority be served," city based architect D T Vinod Kumar told 'TOI'.

The HMDA had approved about 30 layouts in the last few months and another 70 are at different stages of preparation. Realty companies are selling plots claiming land prices would increase further in the metropolitan development area. Even officials concur that the land prices would eventually increase in HMDA area."Layout developers have to pay various charges, including development fee, to get approval. This will have an impact on land prices,'' a senior HMDA official said.After the formation of the HMDA, all other urban development authorities like Buddha Purnima Project Authority, Cyberabad Development Authority and Hyderabad Airport Development Authority have been abolished.

The HMDA covers Greater Hyderabad Municipal Corporation (GHMC), Sangareddy municipality, Bhongir municipality and 849 surrounding villages. The boundaries of the Hyderabad Metropolitan region have been fixed. In the north, its jurisdiction will extend up to Islampur village, Shadnagar in south, Bhongir municipality in east and Sangareddy municipality in west.In terms of area, the area of HMDA would be 7,073 square kilometres, including GHMC's jurisdiction of 625 sq km, 13.60 sq km of Sangareddy municipality, 96.30 sq kms of Bhongir municipality and 6337.70 sq km of 849 villages.

As of now, there is no master plan for the extended area of HMDA. The task of preparing a master plan for the extended area has been entrusted to the Centre for Environmental Planning, Ahmedabad. The HMDA is likely to issue orders in a day or two. It would prepare the master plan in 18 months."With the formation of HMDA, the entire metropolitan region will develop in a planned manner. Already sanctioned projects will be better integrated. The region will also attract more investments,'' HMDA secretary D Rama Rao told 'TOI'. For the convenience of people, the HMDA has proposed zonal offices at Kokapet, Kompally, Ghatkesar and Shamshabad. One more zonal office is yet to be decided. Apart from these zonal offices, 10 service centres are being proposed at Chevella, Sangareddy, Narsapur, Shamirpet, Keesara, Bhongir, Ibrahimpatnam, Pochampally, Maheshwaram and Kothur.

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Greater Hyderabad Is India's Second Largest Metropolitan Area

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Greater Hyderabad, which has become the second largest metropolitan area in India, will be developed as a world-class city and a model metropolis in the country

said Andhra Pradesh Chief Minister Y.S. Rajasekhara Reddy Sunday.He asked officials of the newly constituted Hyderabad Metropolitan Development Authority (HMDA) toensure a scientific and regulated development in the metropolitan region.Last year 12 municipalities and several villages of the five surrounding districts were merged with Hyderabad to make it Greater Hyderabad. HMDA was formally constituted Saturday replacing Hyderabad Urban Development Authority (HUDA).The chief minister Sunday launched HMDA and laid foundation stone for the central office of the new body, which will have jurisdiction over an area of 6,856 square km, making it the second largest metropolitan area in the country after Delhi.The jurisdiction of the earlier body was 2,000 square km.

The population coverage has alsoincreased from 6.5 million to 7.8 million.The government issued orders posting Indian Administrative Service officer K.S. Jawahar Reddy as the metropolitan commissioner.The jurisdiction of HMDA covers 54 ‘mandals' (administrative blocks) in the five districts. It includes 16 ‘mandals' of Hyderabad, 10 of Medak, 22 of Rangareddy, two of Mahbubnagar and four of Nalgonda districts. As many as 849 villages of four districts were merged with Hyderabad.As the city is growing by leaps and bounds thanks to the IT boom of last one decade and consequent economic activity, the government felt the need to merge the surrounding municipalities with the capital region to ensure planned development and provide better infrastructure.

The new international airport at Shamshabad, about 30 km from the city, the ongoing world-class 160-km Outer Ring Road (ORR) project, mega townships along the ORR, over 30 IT Special Economic Zones (SEZs), major real estate projects, new campuses of IT and biotechnology majors, metro rail and other infrastructure projects areexpected to give further impetus to the growth.The chief minister asked officials to ensure that there was no deviation from the approved plans for any construction activity. He assured that the government would take all steps to provide better road connectivity, 24-hours water and electricity supply and other infrastructure to all the areas fallingunder metropolitan region.The missions of HMDA include promoting active participation of citizens in the process of planning and implementation of development plans, improve quality of life through planned growth and development and contribute to the creation of a cleaner and greener city.

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Current Mood: happy


Trump Launches $1b Indian Hedge Fund

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Donald Trump Jr. - the son of the brash American real estate tycoon and reality-TV star - appeared at the high-profile Cityscape India 2007 real estate conference in Mumbai to give a speech on the subcontinent's booming property market. Trump, the executive vice president of development and acquisitions at New York-based Trump Organization USA LLC, said India's red-hot economy has fueled demand for more residential development, particularly luxury housing, but also hotels and resorts for the country's flourishing tourism industry. Before he departed, Trump indicated his desire to invest in India's real estate sector, and hinted that he wouldn't wait long to do so. "We feel it is now time to invest in Indian realty projects as the quality has moved up and we see emergence of some high-end developers with a product level that will support our brand," he said in his speech.

It appears that time is now: Trump announced in late July that he intends to set up a hedge fund worth up to $1 billion to invest in Indian real estate. Accordingly, the privately held fund would initially target property in Mumbai and also include an Indian family as investors. Thirty year-old Trump did not give specific details about the fund, such as how he plans to raise the money, or where the first investment would be made. But in an interview with New York-based media company Bloomberg LP, he did say that it would start conservatively and expand as the opportunities presented themselves."The fund will be for acquisitions of real estate in the high end and across the spectrum," Trump said. "We'll start it off relatively small and grow it as we get more familiar with the Indian market. Our entry has to be in Mumbai, and that's where everything is going on right now in terms of the high-end real estate. That's the place where one is going to achieve the highest prices per square foot. It sets the tone for all of the other future developments."Trump eschews investing in India's smaller and less-affluent cities - he stated publicly at Cityscape India 2007 that he has no intention of entering the middle- or low-income segment because "the best is in the high-end sector." When asked at the conference which cities Trump Organization would consider for business deals, Trump responded, "Certainly, the city I'm standing on (Mumbai), Delhi, Hyderabad and Bangalore, where the IT sector has witnessed a boom."

FAST FACTS

Trump Organization USA announced plans to launch a $1 billion hedge fund to invest in Indian real estate. Donald Trump Jr.'s interest in the Indian real estate market was sparked in 2007 when he visited the subcontinent for the Cityscape real-estate conference in Mumbai.

Quote: "We'll start it off relatively small and grow it as we get more familiar with the Indian market," Trump Jr. said. India's personal wealth has exploded in recent years. According to the World Wealth Report 2008, issued June 24 by New York-based financial giant Merrill Lynch & Co. and Paris-based consulting firm Cap Gemini SA, the number of Indians with financial assets in excess of $1 million grew by nearly 23 percent in 2007 alone, surpassing China's 20 percent growth and Brazil's 19 percent increase."India led the world in [high-net-wealth individuals] population growth at 22.7 percent, driven by market capitalization growth of 118 percent and real [gross domestic product] growth of 7.9 percent. Although India's real GDP growth decelerated from 9.4 percent in 2006, current levels are considered more stable and sustainable. India's two largest exchanges - the Bombay Stock Exchange and the National Stock Exchange - ranked among the world's top 12 exchanges by end of 2007, boosted by initial public offering markets and heightened international interest," the report stated. In an effort to tap this local wealth, Trump Organization is moving forward with plans to build a luxury residential and hotel project in Mumbai, announced last year. The company picked this west-central coastal city of 13 million because of its

status as an international center of commerce and India's commercial and entertainment center: Mumbai generates some 5 percent of India's gross domestic product and accounts for nearly one-quarter of its industrial output. It is also home to such important financial institutions as the Reserve Bank of India, the Bombay Stock Exchange, the National Stock Exchange of India and the corporate headquarters of many of India's largest companies and numerous multinational corporations.Yet, Trump will also be entering India at a time when rising inflation has nudged borrowing costs to their highest levels since 2002, effectively curbing the country's five-year property boom and sending valuations for many projects downward. Nationwide, inflation rose 11.98 percent in the year ending July 19, which prompted the Reserve Bank of India to issue new policies aimed at curbing the trend. Still, interest rates on home loans have continued to creep upward by 1-to-1.5 percentage points, from around 10.5 percent to 12 percent annually. Many analysts expect inflation to remain at current levels, if not higher.

"We expect headline inflation to possibly cross 13 percent levels. With inflation likely to remain in the double-digit range for the next few months and supply-side measures not really being effective in bringing inflation down, we expect the Reserve Bank of India to continue to raise rates to temper demand-side pressure," Citigroup India economists Rohini Malkani and Anushka Shah said in a July research note.The younger Trump's plans to launch the $1 billion Indian real estate fund reflects Trump Organization's push to expand globally. The privately held company - which does business in a variety of real estate sectors, including residential properties, hotels, office, golf clubs, as well as gaming and merchandising entertainment - plans to develop a pair of mixed-use projects in Istanbul, Turkey, and Dubai. The Istanbul project, which Trump Organization announced in April, will

consist of two towers and a luxury shopping center, while in Dubai, the company has partnered with local developer Al Nakheel Properties to build the $600 million, 62-story Palm Trump International Hotel & Tower on the trunk of the Palm Jumeirah.One of the world's most recognizable manmade landmarks, Palm Jumeirah, an artificial island shaped like a palm tree off the Dubai coast. It was built by Nakheel and is owned by the Emirate government. Trump Organization already has properties in Dominion Republic, Seoul, Toronto, Panama, and Mexico.If the company succeeds with its plans for India, it will joint various other real estate and financial-services firms that in recent years have invested vast sums of money in the Indian property market. The list includes:

*Lehman Brothers Real Estate Partners LP, which recently invested $175 million in a Mumbai real estate development that is being built by Gurgaon-based construction firm Unitech Ltd., and is in talks with Unitech to invest an additional $525 million in the project.

*RREEF India Advisors Pvt. Ltd., an India-specific alternative-investments business launched in April by Deutsche Bank AG's New York-based alt-investments subsidiary, RREEF Alternative Investments. Headquartered in Mumbai, RREEF India Advisors plans to invest $1 billion in Indian real estate and infrastructure projects over the next three years, beginning with a  31-acre, $400 million mixed-use development outside of Hyderabad.

*JPMorgan Chase & Co., which acquired a 4-percent stake in New Delhi-based real estate developer BPTP Ltd. earlier this month for $60 million. The New York-based financial giant previously invested in Lodha Group, a Mumbai-based commercial real estate developer.

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HUDA Changes Plot Sale Norms In Hyderabad

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The Hyderabad Urban Development Authority has been forced to revert to its earlier mandate of forming layouts and auction individual plots to people. With big developers showing no interest in buying land in bulk from HUDA, the Chief Minister, Dr Y.S. Rajasekhar Reddy, directed the agency to develop layouts on its own. Official sources said a decision in this regard was taken at a high-level meeting on resource mobilisation on Tuesday. The move is likely to provide some relief to people as they can buy plots at rates cheaper than the ones developed by private agencies. The slump in the real estate market had its worst effect on the state’s plans to mobilise funds by selling its land in July. Though Rs 715 crore was realised out of the targeted Rs 790 crore, HUDA contributed Rs 500 crore by mortgaging its land.

The Andhra Pradesh Industrial Infrastructure Corporation, for the first time, fell Rs 200 crore short of its target of Rs 300 crore while the AP Housing Board’s contribution was also not up to the target. Sources said the principal secretary (finance), Mr I.Y.R. Krishna Rao, suggested the formation of layouts and development of infrastructure besides sale of these plots through auctions. The Chief Minister is believed to have suggested that the size of each plot could be between 500 sq. yds and 1000 sq. yds. The Chief Minister also expressed displeasure over the fact that the agencies repeatedly showed court cases as an excuse for the slowdown in sales. He asked the officials to engage efficient lawyers as standing counsel and end litigation as soon as possible.

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Credit Suisse Invests $100m In Real Estate In Hyderabad

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In one of the largest private equity deals in the real estate sector this year, financial services major Credit Suisse has invested $100 million (about Rs 430 crore) in Hyderabad-based Indu Projects for a minority stake.Indu Projects is a leading name in the construction and real estate sector in Andhra Pradesh in which, about two years ago, Citigroup's private equity arm had invested about $50 million.Since the stock markets went into a tailspin at the beginning of the year with real estate companies among the worst hit deals in the sector have dried up. In this deal, Credit Suisse invested directly in the company, and not through a special purpose vehicle in one or more projects which is more common in this sector now, sources said.Indu Projects, an eight-year-old company, is promoted by Shyam Reddy, who was earlier associated with IVRCL Projects, also a construction and real estate major. Indu Projects is currentlyassociated with, among others, the construction of an IT park in Hyderabad, a real estate project in Pune and also with construction of a Tata Power project.

The company also executes government contracts and is planning to foray into power sector in a big way.Sources said this is among a series of investments made by Credit Suisse with the deal team comprised of industry veterans Hemang Raja, Gaurav Kumar, Nikhil Bhatia and Sameer Nair. Avendus was the investment bankers to the transaction. Real estate consultancy major Jones Lang LaSalle are the advisors to the company on its several real estate projects.Industry players said post the recent debacle in the stock market, private equity/venture capital funds evaluating real estate companies for investments are looking at firms with good management, clear land bank, and strong execution and development capabilities. But there are very few companies that make the cut, a person associated with the Credit Suisse-Indu Projects deal said.

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Deadline For Land Regularisation Set For Aug 31

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The deadline for regularising encroachments on government land will end on August 31 and there will be no further extensions, chief commissioner of land administration (CCLA) Deepak Kumar Panwar said here on Monday. Addressing a press conference, he said applicants can pay the penal amount in four instalments. The commissioner said 98,000 applications for regularisation have been received since February 2008 after the regularisation GO was issued. He said another lakh applications were expected in the next 20 days and this scheme would fetch about Rs 250 crore revenue to the government towards penal amount. Panwar said the applications could be submitted at the mandal revenue offices, revenue divisional offices and collectorates. "Of the total, 67,000 applications were received only in Hyderabad and RangaReddy districts,'' he added. The GO would be applicable for un-assigned land occupants and people who occupied governmentland prior to December 31, 2003. He said unlike earlier schemes, only six types of documents like electricity bill, telephone bills, registration document, water bills would be accepted as evidence for occupation. Panwar said the existing disputed land would also be cleared if persons come forward for withdrawal of court cases. Bulk applications cannot be accepted and only individual and cooperative society applications would be accepted, the CCLA chief said. He said below 80 square yards land occupied by below poverty line families would be regularised at free of cost without alienation.

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Current Mood: Cool


Bangalore Highway Becomes Realty Hub

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Bangalore National Highway 7 is now witnessing real estate boom with the proposal of Hyderabad Metropolitan Development Authority. HMDA, which is going to oversee planned growth in outskirts will formally come into being in a couple of weeks.It will replace the existing Huda. HMDA will cover an area of 6,856 sq. km spread over five districts such as Hyderabad, Ranga Reddy, Mahabubnagar, Medak and Nalgonda on the lines of National Capital Region of Delhi. Realtors are expecting huge construction activity in and around Kottur and Shadnagar of Mahabubnagar district in the next two years as state government is very keen on developing this area to de-congest the core the city.Realtors say Bengaluru NH-7 is the right place for investment with the proposal of textile park, apparel park, aero hub, star hotels, IT parks and industrial estates.

Connectivity to ORR project is an added advantage for this route. Suchirindia, Jaimata Di Villas Private Limited, JSR Real Estates, Vintage Avenue Private Limited, Hema Estates and several other Hyderabad real estate companies have already taken up various projects, anticipating future growth in the route. Suchirindia chief executive officer Lion Dr Y. Kiron says, "There is overwhelming response to our projects like TimberLeaf gated community in which 125 villas are being constructed near international airport. We feel Bangalore Highway is the future destination for real estate companies." Jaimata Di Villas executive director Mr Murali Retineni says: "After careful assessment, we have chosen Bangalore highway route for the construction of integrated townships in Shadnagar-Kottur area," he added.

Some real estate firms are keen on developing layouts after obtaining permissions from Huda and DTCP. According to realtors, per sq. yard is ranging from Rs 2,000 to Rs 10,000 in majority of the ventures. JSR Real Estates India Private Limited MD Mr Narayana Jadappalli says: "As per our assessment, the buyers of the plots will get good returns in just two years." "We fixed Rs 3,800 per sq. yard to benefit the investors of middle class sections also," he added. JSR Real Estates has developed ventures like Sri Sai Haritha Residencia and Sri Sai Lakshmi Residencia near Shamshabad airport. Hema Estates MD Mr J. Kishore says, "We have developed Dhathrri Township near Kottur JP Darga since it has better connectivity. Four lane road will always stimulate economic activity and provide employment to lakhs of people."Vintage Avenue Private Limited chairman and MD N.Venkateswara Rao anticipates, "Shamshabad, Shadnagar, Kottur and surrounding areas will be developed as another city very shortly as several new projects are being planned by both government and private companies." We started several ventures like Vintage Classic, Vintage Flora and Vintage Olympia in Bengaluru Highway after studying the development plans of the government," he added. Even realty majors like DLF has also acquired more than 500 acres of land in Bengaluru Highway.

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Maytas Takes Hyderabad Metro

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The audacious bid of Maytas Infra for Metro Rail seems to have a self-serving side.Maytas has not only foregone the Rs 4,000-crore grant from the government but has also assured that it will pay the government Rs 30,000 crore in 30 years.

The bid caught the attention of the Planning Commission, which recommended to the Centre that it should not entertain requests for funding Metro Rail projects elsewhere.Now, the group is believed to be looking at expanding the project on two routes not just to make its bid viable but also to get more value for its properties by providing connectivity. Satyam, the parent company of Maytas, owns thousands of acres on the city outskirts which the latter is developing into real estate ventures.

Official sources told this correspondent that the company planned to take the Metro Rail beyond Shilparamam to Sankarpalle on the Line 3 and to Patancheru beyond Miyapur on Line 1. In both the places, Maytas has taken up or has proposed to build mega residential and commercial ventures, including Hill County, spread over hundreds of acres.Sources said the government had agreed to give the company the opportunity to expand routes and therefore additional land. "A clause in the agreement of Kakinada port clearly gives the first right of refusal to the existing developer over future expansion," a senior official said. Similar leverage could be given to Maytas for the Metro, he said.The Hyderabad Metro Rail Corporation managing director, Mr N.V.S. Reddy, said there was lot of pressure on the government to extend the Metro Rail route to Patancheru and Alwal. Referring to the argument that metros in the west are making losses, Mr Reddy said the high density of population would ensure revenues. Nine lakh commuters are already travel every day on the LB Nagar-Kukatpally stretch. "The Maytas proposal would click if 26 lakh passengers travel by 2026." Maytas was not available for comment.

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Luxury Villas Bloom In Suburbs Of Hyderabad

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Luxury villas are coming up in large numbers in the suburbs of Hyderabad. More than 25 such ventures are underway in various locations, from Shankarpalli to Shamshabad and from Medchal to Manikonda.The most-favoured spots for villas are Nizampet, Bachupalli, Kompally, Shamshabad, Medchal, Uppal, Nagole, Maheshwaram, Dundigal, Shameerpet, Yapral, Ghatkesar, Srisailam Highway, Gachibowli, Tellapur, Kothur and Shadnagar.There is huge demand for villas, which are being built near major IT hubs and the Shamshabad airport.Luxury villas at the 531-acre ‘Boulder Hills Golf' and ‘Country Club' complexes built by Emaar MFG Land Ltd are being sold at prices ranging from Rs 8 crore to Rs 20 crore. These are the costliest villas to be built in the city. There are about 100 villas in the Rs 5,610-crore project, all of which have been booked by prospective buyers. Emaar MFG, a joint venture between Dubai-based Emaar group and Delhi-based MGF Ltd, claims that the USP of the complex is the 192-acre 18-hole golf course built according to international standards. Other developers are building villas at Hyderabad, which are priced between Rs 2 crore and Rs 5 crore. Most of them are coming up in plots ranging from 180 sq. yards to 320 sq. yards. The built-up area extends from 1,100 sq. feet to 4,500 sq. feet.

Interestingly, the Asian Township in Shankarpalli is offering ‘low-cost' villas, which are priced between Rs 24 lakh to Rs 38 lakh. The township is being developed by Sri Swathi Realty Infrastructure Ltd. "We are constructing 167 villas in 18 acres," said Ms Seshu Srinivas, managing director of the township. "The plots range from 167 square yards to 267 square yards." "People are moving towards the suburbs due to heavy congestion in the cities," says Mr D.S. Prasad, MD of Vasudeva Realtors Ltd, which is developing 150 villas in 20 acres in Tellapur. "Our target clientele consists of professionals and NRIs and the cost varies from Rs 2.5 crore to Rs 4 crore for each villa." Most of the villas offer superior design, structure and elevation and have luxury amenities. They also have clubs, children's play area, separate transformers, wide roads, well lit surroundings, jogging track, health club, and well-maintained lawns.

Further, most villas have incinerators, garbage and sewage treatment plants, provision for rain water harvesting, and centralised security. "There is no disputing the fact that prices of villas are high when compared to apartments," says Mr Ramchandra Reddy, managing director of Obili Infrastructures. "Despite this, there are many takers for villas." Other big projects underway are Bloomfield Ecstasy in Tellapur with 150 villas in 20 acres, Palm Meadows in Kompally with 337 villas in 95 acres, Gorlas' Paradise in Medchal with 433 villas in 104 acres, Hill County in Bachupalli with 43 villas in 68 acres and Galaxy Vistas in Shamshabad with 500 villas in 100 acres. Most of these projects will be ready by the end of 2009.

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New Company To Build And Run Metro

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Cabinet approval for elevated metro project for the capital has cleared the way for the formation of a separate concessionaire company. It will have two directors from Hyderabad Metro Rail Limited (HMR) and the rest from the Maytas-led consortium including a new Managing Director.While HMR will closely supervise the overall work and functioning, the new company to be formed in about a month's time will construct and run the metro rail. The consortium has to register three names for the new entity with the Registrar of Companies and one will be chosen, informed HMR Managing Director N.V.S. Reddy on Monday.

Ownership rights

He was categorical that the ownership rights will continue to remain with the Government by virtue of having one ‘Golden Share' which will give veto powers on key issues and is equal to 26 per cent equity holding. The Government has already decided to have an equity participation of 11 per cent or Rs. 250 crore in the new company. The new company will have the right to lease the land or develop properties built over the three depots and over the parking/circulation areas of about 33 of the 66 stations for the concession period of 35 years. It cannot sell any of the land. At the end of the period, all the developed properties along with other metro rail assets would be handed over to the Government, he clarified.

Work on three corridors of 71.16 km will be taken up under the Design, Build, Finance, Operate and Transfer (DBFOT) basis and the technical specifications, performance criteria and safety standards are as per the Draft Concession Agreement, said Mr. Reddy.Construction and operation of the system will be supervised by an independent engineer to be selected through a global tender. The Maytas-led consortium was the lowest bidder for the Rs. 12,000-odd crore project as they did not seek any Government grant which was on offer to the tune of Rs. 4,800 crore and instead offered to make payments of Rs. 30,311 crore spread over the concession period.

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Nizampet Becomes Residential Hub Of Hyderabad

General | By mahendra | 2008 Trackbacks (0) Add comment   
The Nizampet-Bachupally stretch has become a major residential hub, catering to both rich and middle class sections. The area is strategically located between the National Highway 9 and inner ring road of Hyderabad.

Software professionals, businessmen, and government employees have been buying flats and individuals houses in the Nizampet-Bachupally stretch. The major advantage of the area is that it provides connectivity to key spots such as Kukatpally, Hitec city, Gachhibowli, Sanatnagar, Balanagar, Begumpet and Secunderabad. Construction activity has been in full swing in the locality though there is a slowdown in the real estate market otherwise.Major realtors including Maytas Properties, Indu Projects, Landmark Builders, Sri Surya Builders and Developers, Jagadamba Properties and several other such builders have taken up residential projects in the stretch.Flats and individual houses are being sold at rates ranging between Rs 25 lakh and 75 lakh, based on the quality of construction, built up area and other facilities. Matyas is constructing a world class integrated township in 376 acres at Bachupally. "The project offers a range of apartments, villas, bungalows, retail, hospital, entertainment, infrastructure and SEZ, all incorporating the best features," says Mr Sumith Reddy, head (residential townships) of the company. "It is just a 20-minute drive from Hitech City."

Similarly, Indu Projects is also planning an integrated township in 100 acres at Nizampet Bachupally and Landmark Builders is building 90 flats under its ‘Pristine' project. "Most of our buyers are software engineers since Hitech city is nearby," says Mr Sanjay Kumar, managing director of Landmark Builders. Other builders are trying to attract middle and upper middle class sections by providing flats at affordable rates."Executives may not get more than Rs 25 lakh as loan from banks and so we have fixed a square feet rate of Rs 2,500," said Mr B.S.V. Prasada Rao, managing director of Sri Surya Builders and Developers, which has taken up the Sri Suryavijya Icon project in Nizampet.According to Mr Rajesh Agarwal, managing partner of Jagadamba Properties, Nizampet will become more attractive once the Outer Ring Road and metro rail projects are completed.....

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At Maa Properties, we have in-depth knowledge of property markets, extensive experience, specialized skills and resources necessary to provide an entire range of reliable and responsive property management services. No matter how far away you are currently located, our online services enable you to take charge of things and efficiently handle all property-related transactions back home.

We would like to take the opportunity to welcome all the community members living world wide to our real estate portal.(NRI)

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Luxury Villas Bloom In Suburbs Of Hyderabad

General | By mahendra | 2008 Trackbacks (0) Add comment   
Luxury villas are coming up in large numbers in the suburbs of Hyderabad. More than 25 such ventures are underway in various locations, from Shankarpalli to Shamshabad and from Medchal to Manikonda.

The most-favoured spots for villas are Nizampet, Bachupalli, Kompally, Shamshabad, Medchal, Uppal, Nagole, Maheshwaram, Dundigal, Shameerpet, Yapral, Ghatkesar, Srisailam Highway, Gachibowli, Tellapur, Kothur and Shadnagar.There is huge demand for villas, which are being built near major IT hubs and the Shamshabad airport.Luxury villas at the 531-acre ‘Boulder Hills Golf' and ‘Country Club' complexes built by Emaar MFG Land Ltd are being sold at prices ranging from Rs 8 crore to Rs 20 crore. These are the costliest villas to be built in the city. There are about 100 villas in the Rs 5,610-crore project, all of which have been booked by prospective buyers. Emaar MFG, a joint venture between Dubai-based Emaar group and Delhi-based MGF Ltd, claims that the USP of the complex is the 192-acre 18-hole golf course built according to international standards. Other developers are building villas at Hyderabad, which are priced between Rs 2 crore and Rs 5 crore. Most of them are coming up in plots ranging from 180 sq. yards to 320 sq. yards. The built-up area extends from 1,100 sq. feet to 4,500 sq. feet.

Interestingly, the Asian Township in Shankarpalli is offering ‘low-cost' villas, which are priced between Rs 24 lakh to Rs 38 lakh. The township is being developed by Sri Swathi Realty Infrastructure Ltd. "We are constructing 167 villas in 18 acres," said Ms Seshu Srinivas, managing director of the township. "The plots range from 167 square yards to 267 square yards." "People are moving towards the suburbs due to heavy congestion in the cities," says Mr D.S. Prasad, MD of Vasudeva Realtors Ltd, which is developing 150 villas in 20 acres in Tellapur. "Our target clientele consists of professionals and NRIs and the cost varies from Rs 2.5 crore to Rs 4 crore for each villa." Most of the villas offer superior design, structure and elevation and have luxury amenities. They also have clubs, children's play area, separate transformers, wide roads, well lit surroundings, jogging track, health club, and well-maintained lawns.....

For Latest Real Estate News and Articles: http://www.maaproperties.com/Pages/ModuleContent.aspx?Module=News
visit present land and plot rates of Hyderabad at http://www.maaproperties.com/Pages/Hydinfolandrates.aspx

At Maa Properties, we have in-depth knowledge of property markets, extensive experience, specialized skills and resources necessary to provide an entire range of reliable and responsive property management services. No matter how far away you are currently located, our online services enable you to take charge of things and efficiently handle all property-related transactions back home.

We would like to take the opportunity to welcome all the community members living world wide to our real estate portal.(NRI)

For More Information about Real Estate Hyderabad, India visit: http://www.maaproperties.com/


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