Navi Mumbai airport gets final go-ahead

The Forest Advisory Committee of the environment ministry in Delhi gave the nod impressed with a presentation made by Cidco.

MUMBAI: The Navi Mumbai airport project received its final approval-a Stage 2 forest clearance from the Centre-on Tuesday, clearing the tarmac for work on the ground like flattening hills and diverting rivers to take off. For more details visit www.greenconcepthousing.com

The Forest Advisory Committee of the environment ministry in Delhi gave the nod impressed with a presentation made by Cidco, the nodal authority, on compliance with the 35 conditions the ministry had laid down while giving its first clearance in 2013. It included handing over a 242-hectare green patch at Sudhagad near Khopoli in compensation against acquisition of around 250 hectare of deemed forest area for the greenfield airport.14airport1

Work on the ground-starting from pre-development measures such as land reclamation or cutting of hills, shifting of the extra high voltage transmission (EHVT) lines that supply power to Mumbai, diversion of the Ulwe and Gadhi rivers and creation of a mangrove lagoon-can start in a couple of months. The work orders for these undertakings have been issued.

“We expect the selection of the main airport developer (after financial bidding) by October. By the time construction starts by the year-end or may be at the beginning of 2017, a certain amount of groundwork will be ready,” said a senior Cidco official. Three bidders-GVK-led MIAL, GMR Group, and Tata Realty & Infrastructure along with their partners-have been shortlisted to build the new airport based on the highest gross revenue share they offer to Cidco.

Completing a process that started in 2007 (see box), the airport has now received all the major clearances required for work to begin on the site. “All the necessary compliances for Stage 2 approval were completed and the application was submitted through the state government to MoEF on December 29, 2015. After regular follow-ups by Cidco and various meetings at different levels of the forest department, the same has been appraised and finally cleared by the Forest Advisory Committee in its fourth meeting of 2016 held on July 12,” an official said.

Almost all 3,000 project-affected families have accepted the compensation package offered by the state government and have started signing agreements, said a Cidco official.

Considering the geography of the chosen site, the green clearance was always going to be the hardest. The project area covers a little over 250ha of forest land-141.5ha of reserved forest and 108.6ha of deemed forest (mangrove). When the Stage 1 clearance came, it laid out 35 steps to be complied with by Cidco and the state government, including transfer of 242ha of revenue land to the forest department for compensatory afforestation. Handing over of the Sudhagad plot, assurances to plant three times the mangroves in the acquired area, and the precautionary steps promised while diverting the rivers impressed the MoEF officials on Tuesday morning. Mangrove plantation has already begun at Kolikhar village near Kamothe in Navi Mumbai.

The Navi Mumbai International Airport is proposed to be developed through public-private participation by setting-up a special purpose vehicle with equity contribution from Cidco, AAI and the developer. The project monitoring and implementation committee, chaired by the state chief secretary, is made up of senior officials from state and Centre, including the civil aviation ministry.

The airport, accorded in-principle approval in 2007, is being developed as the second international airport for the Mumbai Metropolitan Region, on the lines of multiple airports for the mega cities of the world. It will function alongside the Santacruz airport and will make up India’s first urban multi-airport system.

Gayatri Project wins Rs 700 crore contract for Navi Mumbai Airport

Gayatri Project wins Rs 700 crore contract for Navi Mumbai Airport

Infrastructure company Gayatri Projects today said it has won Rs 700 crore project, a part of larger Navi Mumbai International Airport, from CIDCO.

“Gayatri Projects has made inroads into the construction of airports by bagging a Rs 700 crore contract as part of the larger Navi Mumbai International Airport from City and Industrial Development Corporation of Maharashtra (CIDCO),” the company said in a filing to the BSE.
14airport1
It said that winning the contract shows the company’s commitment to gain a foothold in relatively nascent, but fast growing EPC (engineering, procurement and construction) opportunity sets.

“The construction and development of airports will prove to be a major source of business for infrastructure companies, given that the Indian aviation sector is likely to see investments of over USD 120 billion for the development of airport infrastructure and aviation navigation services over the next decade,” it said.

The work order pertains to land development of Navi Mumbai International Airport.

Gayatri is keen to participate in this effort to make India the third largest civil aviation market by 2020, which will involve the development of many greenfield airports as well as the improvement of existing ones, the company said.

Right time to invest money in ready flats.

With the real estate market in a slowdown, is it the ideal time to invest in a ready-to-shift flat, owned by an investor? Here’s what you need to check before buying an investor flat

The Indian real estate market is experiencing a difficult phase. The builders are stuck with huge amounts of unsold inventory and at the risk of delayed delivery or a straight default. With this prevailing situation, home buyers have a good opportunity to purchase property directly from the investors. With the stagnating real estate demand and developers’ oversupply, investors are now ready to offload the properties at a lower profit margin.

Benefits of buying an investor flat

“Buying a home from an investor, is as encouraging as purchasing from a developer directly. For instance, the investor has already verified all the documents and the flat is in a ready-to-move-in condition for the end-user,” explains RK Arora, chairman, Supertech Limited. “However, the customer might have to pay the entire amount upfront to own the property and take the legal proceedings forward,” says Arora.

Benefits

  • No risk of possession delay.
  • Government and legal clearances in place, and easy transfer of title.
  • Home loan without any problem and no need of a tripartite agreement.
  • Existing social and physical infrastructure.
  • Investor properties (Delhi, Chennai and metropolitan cities) are easily available.

Drawbacks

  • An investors’ flat is more expensive as there’s a premium over the prevailing market rate.
  • Less room for negotiation.
  • Fewer choices as investors have limited inventory to offer.
  • No additional offers or festive schemes.

Is the current market appropriate to buy an investor’s flat?

Due to the real estate slump, builders are offering various schemes to attract buyers, but the default risk is very high. In such a situation, a property buyer can look to the investor’s property to cut the risk and get a ready-to-shift-into home.

However, experts suggest those looking for ready-to-move-in flats must consider resale flats from investors. Though the prices may be higher compared to under-constructed homes, they are undoubtedly the safest in the prevailing market conditions.

CIDCO gets approval to issue RFP for Navi Mumbai International airport.

airoplane

Source:airindia.in/airbus-320-new

The Rs 16,000 crore project is being implemented through Public-Private Participation and CIDCO has a 26% stake in it.

MUMBAI: The state cabinet on Monday gave its approval to the City Industrial Development Corporation to issue a Request for Proposal (RFP) for the proposed Navi Mumbai International airport. For mre details visit www.greenconcepthousing.com

A RFP is a solicitation, often made through a bidding process by an agency or company seeking to procure a commodity, service, to potential suppliers to submit business proposals.

Announcing the decision in the legislative assembly while replying to a debate on Mumbai and Konkan, chief minister Devendra Fadnavis said four consortiums had been short-listed. However, one was disqualified as it did not get a security clearance. In case of two others, the clearance was granted by the Centre after they fulfilled all conditions.

“The Rs 16,000 crore project is being implemented through Public-Private Participation and CIDCO has a 26% stake in it. CIDCO already has 80% of the land in its possession. Nearly 95% of the land has been acquired through consent award,” he said.

Fadnavis said the first phase which will handle one crore passengers will be commissioned by 2019.

“The consortium will be allowed to operate flights even earlier as the airport is being built in phases and the one crore mark will not be reached in a day,” he said.

The four companies that were short-listed include GMR Group, the GVK-led MIAL (which has the first right of refusal), Hiranandani Developers along with Zurich airport and Mia Infrastructure with Tata Realty and Infrastructure. The Hiranandani Developers – Zurich airport consortium failed to obtain security clearance.

Maharashtra Govt: Increased ready reckoner rates by 7- 8%

The Government of Maharashtra has increased the ready reckoner rates for Mumbai and rest of Maharashtra by average 7 – 8 %. In Mumbai, the rates used for property valuation have been increased by 7%. The rates have been increased by 4% for Navi Mumbai while for Thane and Pune the average hike is at 6%. The Kolhapur city has seen the maximum increase in ready reckoner rates by 7.8%.

Last year, the ready reckoner rates have been increased by 15% in the city of Mumbai. Ready reckoner rates are assessments of property value by the State Government on the basis of which stamp duty and registration charges are paid. The upward revision in ready reckoner rates would result in homebuyers paying more stamp duty. Apart from this, developers also usually pass on increases in project expenditure to consumers. The ready reckoner rates for the year 2016 have seen decrease in the percentage as compared to the previous year. For more details visit www.greenconcepthousing.com.

Where you can get an affordable homes near Mumbai

Where you can get an affordable homes near Mumbai

Kalash City

Mumbai is an expensive city. Buying a 1 or 2BHK unit in Mumbai is a pricey affair but the story does not hold true for Mumbai Metropolitan Region (MMR). For more details www.greenconcepthousing.com.

In comparison to the rest of the metro cities of the country, being a property owner in MMR can be a tad difficult. And this is well-known to buyers such as Sundaram Subramanian.

Magicbricks Real Estate Forum receives queries daily on the right locations and properties to purchase across India. Subramanian writes, “I’m from Thane. I’m planning to buy a 1 or 2BHK flat. I have a budget of Rs 40 lakh. Kindly suggest properties in Mumbai, Thane, Navi Mumbai and Pune.”

For buyers like Subramanian, looking for smaller compact homes in MMR, it becomes difficult to find details related to properties of the entire region. As per Magicbricks data, we have culled out information which will help him purchase a home within his budget and his chosen location.

The following information covers the names of the localities, the size range of the units which will fit his budget, the average price per sq ft, the budget range and the names of some developers prominent in those localities.

Mumbai (1 & 2BHK units)

Localities: Mira Road, Naigaon (E), Virar (W), Bhayandar (E), Nalasopara (E)

Size range: 550-850 sq ft

Budget range: Rs 35-40 lakh

Average price range: Rs 4,800-6,500 per sq ft

Developers: JP Infra, Parasnath Group, Mahavir Group, DB Realty, Prithvi Group, Bhoomi & Arcade Group, Rajhans Group, Rustomjee

Thane (1 & 2BHK units)

Localities: Dombivli, Shilphata, Kalyan (W), Ambivli, Badlapur (E), Titwala, Ambernath (E)

Size range: 620-1100 sq ft

Budget range: Rs 33-40 lakh

Average price range: Rs 3,650-5,400 per sq ft

Developers: Arihant Superstructures Ltd, Lodha Group, Sai Satyam Group, The Mohan Group, Yogi Developers, Runwal Group

Navi Mumbai (1 & 2BHK units)

Localities: Ulwe, Taloja, Kalamboli, Panvel, Khopoli, Kharghar, Roadpalli, Kamothe, Karanjade

Size range: 630-1082 sq ft

Budget range: Rs 32-40 lakh

Average price range: Rs 4,800-6,500 per sq ft

Developers: Ravechi Group, Agrawals Group, RK Builders & Developers, Satyam Developers, Sharda Enterprises, Vankvani Developers, Shree Laxmi Developers

How the real estate regulatory bill impacts investors

How the real estate regulatory bill impacts investors

Green Concept

Source:reisuccessacademy.com

Home buyers have long been at the mercy of unscrupulous developers. The Real Estate Regulatory Bill now allows setting up of an apex body to regulate all real estate activity in the country. Here is how you will benefit.

Higher transparency

There are numerous horror stories of buyers booking flats in a project during pre-launch, only to find out later that the necessary approvals have not been obtained. The Bill seeks to clamp down on developers by disallowing pre-launches of projects where approvals from the local authorities and registration from the regulator are pending. Developers will have to disclose approval status, project layout and timeframe for completion to the regulator and customers.

Timely possession

Often the reason for inordinate project delays is diversion of funds to other projects. The developer will now have to park 70% of the project funds in a dedicated bank account at the outset, which can only be used for the earmarked project. “This would ensure timely construction and act as a safeguard in the event of any inordinate delays,” says Sanjay Dutt, MD (India), Cushman & Wakefield.

Know what you are paying for

Developers will now have to sell homes on the basis of ‘carpet area’ and not the ‘super built-up area’. The latter was often misused by developers to levy additional charges for common areas.

Get what you are promised

Builders often advertise designs and amenities of a project, only to deliver a finished product far removed from the claims. Developers will now have to return payment with interest to buyers who are misled by statements or representations in any form. Also, the developer will not be allowed to make any changes to the original plan midway without the written consent of at least two-third of buyers. In case of any deficiency noticed after handover of possession, the buyer can contact the developer within a year to seek after-sales service.

Developers have to be accountable

The Act proposes to bring parity between the buyer and seller by making the latter liable to pay the customer the same interest as demanded of the buyer. In case of disputes, the Appellate tribunals will have to adjudicate within 60 days and regulatory authorities will have to dispose of complaints in 60 days. The Act also provides for imprisonment up to three years in case of promoters and up to one year in case of real estate agents and buyers for violation of orders of tribunals or monetary penalties or both.

Relief for existing buyers also

Existing buyers facing delay in getting possession will also be covered under the new Act. While under-construction properties are sought to be brought under its ambit, it is unclear how this will be implemented.

Cidco has planned a better version of Bandra-Kurla Complex (BKC) in Kharghar.

Cidco has planned a better version of Bandra-Kurla Complex (BKC) in Kharghar.

NMCP

The city has gone beyond its status of having an international airport, as Cidco has planned a better version of Bandra-Kurla Complex (BKC) in Kharghar with a layered structure with a pyramid-shaped central hub of high rises.

The proposal will be tabled before the board next week on Wednesday, after which it will be forwarded for the state government’s approval, said managing director, Sanjay Bhatia.

The new structure (name yet to be assigned but informally described as BKC-II) will encompass an area of 200 hectares factoring in the central park and golf course. The actual corporate hub will be on 125 hectares of land.

Cidco has decided to have a layered structure with the outer fringe to be developed with 1-2 FSI while the core area will have 3 FSI. Around 50 % of the area (120 hectares) has been set aside for the high rises with 3 FSI for the pyramid-shaped structure. Plots will be auctioned for corporates with the richer entities vying for the hub of the corporate park.

Shops and commercial properties will also be developed so that there is night life unlike BKC.

Proximity to the international airport and the metro project worth Rs 13,000 crore, will provide high class infra, Bhatia said. The entire Kharghar node along with nearby industrial Taloja will get connected to the new airport lending an opportunity for businesses to hop between work stations and the airport.

Top reasons why to invest in Real estate market of Ulwe , Navi Mumbai.

Top reasons why to invest in Real estate market of Ulwe , Navi Mumbai.

“ The City Of the Future ” 
• “One of the most promising upcoming node in Navi Mumbai-‘Ulwe’ has left behind all other areas of Navi Mumbai”
• Ulwe Node is the 10th township taken up by CIDCO for development as a part of Navi Mumbai Project
• This node is situated along the south western water front of the CBD of Navi Mumbai and extends down towards theJNPT port in the south
• Ulwe Node is strategically located across the Panvel Creek and in visual contact with CBD at Belapur & Seawoods- Nerul
• This node is planned for an overall population of 3.90lacs; The total gross area of this node is 1,486Ha
• Out of this 12.5% (approx. 434Ha) and ~242Ha for NMSEZ 
• On the north east side of this node the is the proposed Navi Mumbai International Airport
• Upcoming Navi Mumbai International Airport(NMIA)
• Proposed Nerul-Uran railway line pass through Ulwe & this node has two railway stations      i.e.‘Bamandongri’ & ‘KharKopar’
• Upcoming Navi Mumbai Metro Rail
• Upcoming Mumbai Trans Harbour Link(Nhava-SewriSealink)
• Upcoming Navi Mumbai Special Economic Zone (NMSEZ)
• Easy access to developed nodes like Belapur, Seawoods & Vashi
• Ulwe is having its own fire station which will be one of the biggest fire stations in Navi Mumbai
• A coastal expressway (PALM BEACH road type) connecting Ulwe with Seawoods is Proposed by CIDCO

The transformation of Ulwe from a drowsy suburb into a realty hotspot in only a compass of five years is absolutely wonderful. Improved and kept up by the City and Industrial Development Corporation of Maharashtra Limited (CIDCO), Ulwe is a hub of the city of Navi Mumbai. Taking after the publication of Navi Mumbai International Airport in 2010, designers and speculators began rushing toward the range. For more details visit www.greenconcepthousing.com.

Top reasons why to invest in Real estate market of Ulwe , Navi Mumbai.

Then again, in the last quarter of 2012, the upper worth extent of property in Ulwe was as high as Rs 7,600 for every sq ft. Today, these qualities have dropped to Rs 4,900, unmistakably portraying a drop of about 55 for every penny in the most recent one year. Though there are a few explanations behind this, lack of determination over Navi Mumbai Airport, general drowsiness in the business sector and political shakiness are few elements that have affected the realty business of Ulwe.

Still, since the last seventy five percent, property estimations have remained stable. Along these lines, does this imply that it is the best opportunity to take a plunge in Ulwe’s realty market? However shouldn’t we think about the individuals who contributed two years back and accumulated nothing? Would it be advisable for them to passageway the business sector? Alternately sit tight for the airfield, the 22-km Trans-Harbour join from Sewri to Nhava-Sheva and the Seawoods Uran Railway Line to turn into an actuality?

Today, there are different engineers in Ulwe who have started their tasks. These incorporate Tesaj Builders and Developers, Today Global Group, Paradise Group, Platinum Construction, Titanium Builders and Developers, Mega Group, Sunny Builders and Developers, Shreeji Associates Builders & Developers, Sharda Enterprises, to name a couple. A large portion of the activities recorded on Magicbricks are slated for conveyance in 2015.

The property estimations in Ulwe have demonstrated steep good and bad times. Notwithstanding, the region is slated for a jump later on as some foundation overhauls are in the pipeline. The range appears to be a sanctuary for speculators with a dream of no less than three to four years. “When the airstrip begins and line gets useful.

An alternate element that makes Ulwe a potential choice is investment practicality as far as capital qualities when contrasted with the neighbouring Nerul. As of now, “a loft of 1000 sq ft in Nerul is accessible in the value band of Rs 1-1.5 crore. On the other hand, a loft of same size in Ulwe is effectively accessible inside the reach of Rs 40-50 lakh,” includes Mathai.

Interestingly, “the interest in Ulwe has begun grabbing subsequent to past one month. With or without runway.
Here is same property from Ulwe where you can invest

Today Genesis
Multistorey Apartment
Area Range :- 1168Sq.Feet
Bedrooms :-2 BHK
Price Range:-73.58 Lacs – 85.50 Lacs
Location :-Ulwe , Navi Mumbai
Possession By:-DEC-2018(Ongoing)

Today Euphoria
Multistorey Apartment
Area Range :- 1060-1626Sq.Feet
Bedrooms :-2 BHK,3 BHK
Price Range:-72.02 Lacs – 1.10 Cr
Location :-Ulwe , Navi Mumbai
Possession By:-DEC-2018(Ongoing)

Today Callisto
Multistorey Apartment
Area Range :- 1165- 1635Sq.Feet
Bedrooms :-2 BHK,3 BHK
Price Range:-75.72 Lacs – 1.06 Cr
Location :-Ulwe , Navi Mumbai
Possession By:-DEC-2018(Ongoing)

Bhagwati Imperia
Multistorey Apartment
Area Range :- 1235 Sq.Feet
Bedrooms :-2 BHK,3 BHK
Price Range:-86.45 Lacs – 1.16 Cr
Location :-Ulwe , Navi Mumbai
Possession By:-DEC-2018(Ongoing)

Akshar Grey Stone
Multistorey Apartment
Area Range :- 1720 Sq.Feet
Bedrooms :-3 BHK
Price Range:-1.12 Cr
Location :-Ulwe , Navi Mumbai
Possession By:-Dec-16

Bhagwati Bellavista
Multistorey Apartment
Area Range :- 690 Sq.Feet- 710 Sq.Feet
Bedrooms :-1 BHK
Price Range:-37.95 Lacs – 39.05 Lacs
Location :-Ulwe , Navi Mumbai
Possession By:-Dec-16

Lakhanis Prestige
Multistorey Apartment
Area Range :- 675 Sq.Feet- 1175 Sq.Feet
Bedrooms :-1 BHK,2 BHK
Price Range:-41.85 Lacs – 73.16 Lacs
Location:-Ulwe , Navi Mumbai
Possession By:-Dec-16

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