Mall Space Rentals in Gurgaon

With increasing recognition of malls in Gurgaon as the umbrella of big brands, the drive occupancy or consumer footfalls are also increasing day by day. Ten years ago there was not even a single mall in India: whereas today it is anticipated that towards the end of 2006, India would be having more than one hundred operational malls.

In last months the largest mall to be announced in India is DLF's Mall of India along NH-8 in Gurgaon that will be spread over 3.6 million sq. ft. but after that Emaar MGF is planning to build India's largest mall, the announcement for which will be made in the next six months. Currently on the drawing boards, the mall will ape the world's largest mall (spread over 5.8 million sq. ft.) being built by the compan’s partner (Emaar) in Dubai.

A few years ago the rent of malls in Gurgaon, had gone down to Rs.80 per sq ft per month but today its sky-rocketing with prices like 150-160 per sq ft per month. The real estate residential prices are touching the sky after the success of these malls and the prices have increased from Rs.1200 per sq.ft to Rs.4000 per sq.ft. Big builders like DLF and Unitech are also coming up with amazing projects after witnessing such a positive response of public for malls.

Even the small time builders are now interested in making small malls and lending their most of the part on rent. Because of the increased commercial demand the mall space rentals in Gurgaon have increased by almost 60% in the past two years. One very significant fast fact about malls in Gurgaon is that return through rent on the investment in malls is highest among all segments like residential and office space.

Compared to all the mall-cities around the world, mall rentals in India are quite high. It is because of couple of reasons like the existing regulatory policy and operations of too many speculative investors in the industry. The retail space in malls of Gurgaon is undoubtedly going astronomical. The rent rates in the malls of Gurgaon are touching an average of Rs.400 to Rs.500 per. Sq. ft., which has to be around 75-Rs 100 per sq. ft. These rates mentioned are excluding the common area maintenance.

Theme Malls or Specialty malls is the new trend adopted by the promoters and developers of the mall culture so as to create a niche among the clutter of malls. As per the business strategy, developers are focusing on developing theme malls thereby, increasing footfalls in the malls. A few other concept malls are also coming up in Gurgaon in the coming days like the 'Wedding Malls' which definitely will offer new opportunities for mall space rentals in Gurgaon.

Source: space-shop-now.blogspot.com

Property Rates in Gurgaon Jumps in New Residential Zones

The revised collector rates, or circle rates, decided by the Gurgaon district administration will see a quantum jump in property rates in New Residential Zones (NRZ). Gurgaon raises circle rates, property rates to head in north.

These zones are cultivated land being developed into residential areas. The new rates will be applicable from July 4.

For populated areas, the administration has envisaged a nominal increase in rates — 10 to 12 per cent. The rationale, administration officials said, is to tap the growth potential of NRZs. "Property rates have not gone up much over the past few months in areas that are already developed," Gurgaon DC Rakesh Gupta said. "So, in order to be realistic, there was no requirement to increase the circle rates there."

Among villages where property rates will double, or nearly triple, are Wazirpur, Daultabad, Dhankot, Khirki Daula and Sihi Sikandarpur.

Collector rates, or circle rates as they are known in Delhi, in DLF City and Sushant Lok have been increased by 10 per cent. It is a reflection of the sluggish property market of late, officials said.

In DLF Qutab Enclave Phases I and II, for instance, rates for residential property have been hiked from Rs 15,000 to Rs 16,500 per square yard (see box for details).

Land rates in Wazirabad, Samaspur, Gurgaon village, Shahpur, Sikanderpur Ghosi, Nathupur and other villages have been increased from Rs 40 lakh to Rs 70 Lakh per acre. Besides, 20 per cent extra stamp duty would be levied on land on Jaipur National Highway, Sohna Road, Pataudi Road and Sultanpur Road. These charges are payable up to 2 acre depth from the main road.

Real estate developers say the new circle rates are a reflection of real estate trends in Gurgaon and across NCR in the past few months. Circe rates had earlier been hiked in Delhi, followed by a rise in land rates in Noida and Greater Noida.

Gurgaon real estate developer R K Yadav said, “Even with the new rates, the price that buyers will pay in Gurgaon in white will be less than the going rate in parts of Delhi, especially in categories A, B and C."

Source://cities.expressindia.com

Vatika Group Launches Vatika City in Gurgaon

Vatika Group, one of the leading groups in real estate and hospitality, launches it first group housing and project- Vatika City. Vatika City will be the largest ever group housing development in Gurgaon.

Located on the Sector Road, passing through the DLF Golf course on one side and the main Gurgaon- Sohna road on the other side, Vatika City will be one of the well-connected housing societies in Gurgaon. Just a few minutes drive away from the Malls and other places of commercial interest, the Vatika City will provide quick and easy accessibility to its residents. Also on completion of the Gurgaon Express Highway, the project will be only 15 minutes drive away from Delhi.

Spread over 53 acres of land, the City will feature a series of Low-rise, Mid-rise and High rise buildings offering over 1800 apartments in combination of two, three, four bedrooms, five bedrooms, duplexes and pent houses with complete facilities. Designed by studio u +a, London in association with Spazzio, Vatika City will be a synthesis of contemporary design, traditional landscapes and understated elegance. All the apartments will have abundance of natural light and fresh air and will also overlook a picturesque garden. The interiors of the apartments are elegantly structured, fitted with best possible amenities to make a modern day living convenient. To enhance the comfort of the residents, all the apartments are equipped with fitted kitchen, ample storage area and service balcony. The Duplex, based at the ground level in the Low-rise cluster will also have their very own sunken garden. Terrace gardens will an added feature of the penthouse duplexes. Other features like power back up, shuttle transport service will also be extended to the residents As a fully planned township, the Vatika City will also have various other facilities available only to the residents. Facilities like Needs Super Market (a convenience shopping centre), a club house, a health club, an outdoor sports complex, ABN AMRO ATM, a restaurant, a coffee shop, a polyclinic, a nursery cum creche, an ampitheatre, a community hall, a library to name a few will be available in Vatika City.

Vatika City will also have option to customise the finishes of the apartment, as per the buyer's requirement. Overall, a buyer will be given four different sets of specifications to choose from. He can either choose from the existing options or even go for a mix and match combination, which best suits his style and need.

Mr. Gautam Bhalla, Executive Director, Vatika Group, " Today people want complete finished houses, which blends in with their style and tastes. Nobody prefers to buy a house and redo the finishes in the house. Keeping this thought in mind, at Vatika City, we are offering homes where the buyer decides the kind of finish he wants."

Vatika City will be developed in such a manner to provide green cover to the residents. Out of the total covered area of 53 acres, only 18 acres would be used for construction and rest will remain as green area. The Green area would showcase mature landscaping with a balanced mix of saplings, lush green trees and water bodies. Also as a special feature, all the City residents will have access to 1.25 acres of communal farmland to grow there own kitchen vegetables.

Parking feature has also been given major importance and the city will have two level basement parking and will offer car parks in the ratio of 2 car parks for every apartment.

Source://Indiatimes

Realty Funds Hot On Commercial Property in Gurgaon

Residential property prices in Gurgaon are seeing a downside but realty funds remain hot on commercial property in Gurgaon. UK-based 'Trinity Capital' has invested over 37 million pounds in IT SEZ, reports CNBC-TV18.

Foreign money continues to find its way to Indian real estate. UK-based Trinity Capital, a 250 million pound fund managed by Trikona Capital and listed on the alternative investment market, has acquired a 49.4% stake for over 37 million pounds, in Luxor Cyber City. The two will develop an 8.2 million sq ft Special Economic Zone in Gurgaon.

Of the total space, 4.9 million sq ft will be used for IT and IT enabled services, while 3.3 million sq ft will be developed for supporting infrastructure, such as residential projects, schools, hospitals, and entertainment zones.

There is a demand of about 16 million sq ft of IT and ITES space in Gurgaon, as against a planned supply of only about 8 million sq ft. Trikona Capital expects significant interest from IT and ITES companies for this project and hopes to reap a return of over 25%.

While the project is scheduled to start by the end of this year, it is expected to be completed by June 2012. Besides the land cost, the development value for the project is expected to be approximately 204 million pounds. Over the last one year, Trikona invested more than 150 million pounds in Mumbai and Greater Noida. Trikona is now looking to invest over 500 million pounds a year, for the next four to five years, in Indian real estate and plans to develop 50 million sq ft.

High Demand For Office Space in Gurgaon

Real Estate Gurgaon is emerging as a very fast growing city in India. Property rates are skyrocketing. Residential property prices as well as commercial property prices are on full flow and touches the height of sky. Demand for office space in Gurgaon increases from last few months.

The growth rate of office rentals stands stabilized across the major business districts in Delhi as of today. The demand for office space in Gurgaon remains buoyant with most commercial projects scheduled for completion by year-end.

An interesting trend is the increasing number of proposals for SEZs by prominent builders such as DLF, Unitech, MGF and Vipul in and around the NCR though, it is still to be seen as to how many plans will be finally approved by the government. However, the proposed Reliance SEZ, spread over 25000 acres, on the border of Gurgaon is likely to cause a stir in real estate values over the long term.

Source://Gurgaon-properties

Real Estate Prices To Remain Stable: DLF

Real estate prices are likely to remain stable at current levels, a top official of real estate major DLF Limited said Tuesday.

"I don't see any price bubble in real estate and expect prices to remain steady at current levels," DLF vice-chairman Rajiv Singh told reporters on the sidelines of a press conference here.

However, there could be some upward or downward movement depending upon land location, he said.

Company officials pointed to the "strength" in the market and maintained that "there is no lull in demand."

DLF's business is heavily dependent on the performance of the real estate sector, particularly in the regions in which it operates.

However, given that prices in the NCR region and the metros where its main land bank exists are holding stable, company officials said "there is no cause for worry."

Source://Zeenews