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Bharti Realty to invest Rs 3,500 crore on 2 projects in Delhi-NCR

Bharti Realty already has 2-3 properties in commercial hub 'Aerocity' near Delhi airport.

NEW DELHI: Bharti Enterprises' real estatefirm Bharti Realty plans to invest about Rs 3,500 crore to develop one commercial and a housing project in Delhi-NCR, a top company official said.

The company sees big shift in demand towards organised real estate developers post introduction of new real estate law RERA and GST, Bharti Realty MD and CEO S K Sayal said.

Bharti Realty currently has around 15 completed projects, having 5 million sq ft of fully leased Grade-A commercial space, in Delhi-NCR and some other cities, while 1 million sq ft of office building is nearing completion in Gurgaon.

"We have bagged a project from Delhi International Airport Ltd (DIAL) to develop a commercial property which will have about 2.5 million sq ft of leasable area, mostly retail," Sayal told PTI.

The company will soon start development of this 23 acre of land parcel and targets to complete it in next four years, he added.

Asked about the project cost, Sayal said this retail real estate project, one of the biggest in Delhi-NCR, will be developed with an investment of about Rs 1,500 crore.

In January last year, DIAL -- which operates the aerodrome in the national capital -- had given the contract to Bharti Realty to develop an area of nearly 2 lakh sq metres of retail space near the airport here.

This contract, decided through bidding process, involved an upfront payment of Rs 315 crore as well as license fee equivalent to 20 per cent of revenue with minimum guaranteed payments, GMR had said last year. DIAL is a subsidiary of GMR Infrastructure.

Bharti Realty already has 2-3 properties in commercial hub 'Aerocity' near Delhi airport.

Asked about residential business, Sayal said the company had tied up with Eros Group to enter into housing sector.
"We entered into a joint venture with Eros to develop a housing project on 52 acre land at Surajkund in Haryana. We have got all government approvals to develop this project," he said, adding the construction work would begin soon.

This project, comprising 2,300 units and 5 million sq ft development, would be completed over the next seven years with a cost of around Rs 2,000 crore, Sayal said.

The housing project at Surajkund will be vertical smart city where apartment price will be in the range of Rs 1.25 crore to Rs 4 crore.

The two projects would require a total investment of about Rs 3,500 crore and the same would be funded through internal accruals and bank loans.

Sayal asserted that the company follows right business practices and therefore was unaffected by the real estate law RERA, GST and demonetisation.

"We see demand shifting from unorganised developers to big organised players like us," he said.

Sayal said the company would continue to focus on the national capital region market.

The Bharti Group has presence in telecom, agri-business, financial services, retail and real estate among others.

Trump Towers clocks Rs 150 crore in sales on 1st day of launch

NEW DELHI: Realty firm M3M India today said it has sold 20 luxury apartments worth Rs 150 crore under the Trump Towers project in Gurgaon within a day of its launch.

The company is targeting Rs 2,500 crore from the sale of 250 units in this project, which was launched yesterday.

Global realty brand 'Trump Towers' made its debut in North India through real estate firms M3M India and Tribeca Developers.

M3M India is developing this project 'Trump Towers Delhi NCR' at an investment of Rs 1,200 crore, excluding land cost. Tribeca has got the exclusive right to market this project, while The Trump Organization has lent the Trump brand.

"We have recorded sales of Rs 150 crore on the first day of launching the iconic Trump Towers in Gurgaon," M3M India Director Pankaj Bansal said in a statement.

The company sold 20 super luxury homes yesterday.

M3M and Tribeca will develop 250 ultra luxury residences under a brand licence from The Trump Organization, which is currently led by Donald Trump Jr, son of US President Donald Trump.

The project offers 250 ultra luxury residences with initial price ranging from Rs 5 crore to Rs 10 crore.

The construction work of the towers, each around 50 floors and over 600 ft facing golf course, will start in March and the project will be completed in 5 years.

M3M India has a land bank of 2,200 acres in and around Gurgaon. It has already completed 8 projects and is currently developing 12 projects.

Budget 2018: Here are a few things and incentives which Finance Minister Arun Jaitley can provide in the upcoming Union Budget 2018 to give a boost to affordable housing.

TOP NEWS
Budget 2018: The Modi government’s continued focus on affordable housing, combined with its mission of ‘Housing for All by 2022’, has not only given a boost to affordable housing across the country, but has also brought many national-level players – who earlier used to focus only on luxury housing – into this segment. This explains why while the luxury and ultra luxury segments took some hit during recent years, affordable housing is still doing well in many parts of India. However, that is still not enough. If the government wants to achieve its mission of ‘Housing for All by 2022’, then it needs to give real estate, particularly affordable housing, a further push.

Here are a few things and incentives which Finance Minister Arun Jaitley can provide in the upcoming Union Budget 2018 to give a boost to affordable housing:

1. Demand-side push needed

The government has already provided an interest subsidy of 3% to 4% under the PMAY for home loan customers under the Economically Weaker Section (EWS), Lower Income Group (LIG), and Middle Income Group (MIG) I & II categories. After the recent bank rate cuts, home loan interest rates in India range between 8.3% and 9%, depending on the borrower’s gender and occupation profile. “A subsidy of 3-4% pushes the effective home loan rates below 5%. However, as the property prices continue to be hardly affordable in most of the urban areas across Indian cities, despite the present low interest rate regime the market is unable to bounce back. Thus, a demand side push is required by creating more jobs and economic growth,” says Surabhi Arora, Senior Associate Director, Research, Colliers International India.

2. Allocate more funds under CLSS

With increasing number of beneficiaries in Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG) aided by credit-linked interest subsidy scheme (CLSS) for housing loan under the Pradhan Mantri Awas Yojana in FY2017-18, the government should allocate more funds under CLSS in the upcoming Budget 2018.

Watch Video: Budget 2018 To Focus On Infrastructure, Look At Private Capital To Fund Affordable Housing

3. Boost infrastructure investments

Though the number of new launches in the residential sector denoted a dip in 2017, the number of launches in the affordable housing sector witnessed a rise with about 25,000 units launched in various Indian cities. However, we can see that land cost and lack of adequate infrastructure remain a concern. Thereby, “the government should look into expanding the estimates in terms of infrastructure investments and speed up the implementation process of ongoing infrastructure projects in the upcoming financial year,” says Arora.

4. Amplified income tax benefits for first-time homebuyers

As of now under section 80EE of the Income-Tax Act, first-time homebuyers are able to claim an additional Rs 50,000 in tax deduction during a financial year as long as some conditions are fulfilled. In fact, this deduction of Rs 50,000 interest payment on home loan was extended to home loans sanctioned during FY2016-17 up to Rs 35 lakh for properties worth up to Rs 50 lakh until you repay the home loan completely. “This was in addition to the existing home loan interest deduction of Rs 2 lakh. This deduction should be extended to loans sanctioned for all years starting FY2016-17 so that every first-time home buyer benefits in the future. The continuity in this deduction will encourage home buyers and boost demand in affordable housing segment,” says Chetan Chandak, Head of Tax Research, H&R Block India. Thus, FM Arun Jaitley needs to give a look at this aspect in the Budget 2018.

Also Read: Budget 2018: For income tax returns payment relief, common man eyes Section 80C hike by FM Arun Jaitley

5. Revision of FAR needed in some cases

The Institute of Chartered Accountants of India (ICAI) has in its pre-Budget 2018 memorandum said that Sec. 80-IBA(2)(h)] prescribes a condition towards utilisation of Floor Area Ratio (FAR) to be 90% in case of four metros and 80% in other places. It is a factual position in the industry that there are two types of constructions. One is a high-rise/multi-storied buildings equipped with lifts and other structural specifications. Another is simple structure with Ground+3 or Ground+4 structures. In case of latter types of projects which are not multi-storied but low-rise buildings, it is practically not possible to achieve FAR of 80%. And most of the affordable housing comes under low rise buildings because of cheaper and faster construction. However, all these low-rise projects will never be able to fulfil the condition of 80% FAR utilisation. Thus, it has suggested, in such projects, the condition of 80% need to be revised to 60% of FAR to promote affordable housing.

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Bitcoin triggers ponzi fear: Government in a huddle, plans crackdown.
Have you been invited to invest in a Bitcoin-linked investment scheme? Watch out, it could be just another ponzi scheme riding on the latest craze.

Bitcoin, the virtual cryptocurrency, is surging higher and higher, leading to fears that it can lead to e-ponzi schemes. The government is currently in a huddle to find out how to create safeguards against such a risk.

Bitcoin hit another all-time peak on Tuesday, two days after the launch of the first-ever bitcoin fut ..

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Bitcoin triggers ponzi fear: Government in a huddle, plans crackdown The financial regulators are worried that a complete lack of regulatory regime for such cryptocurrencies may give rise to 'e-ponzi' schemes.