Godrej Properties to develop township in Panvel

Mumbai: Godrej Properties Ltd. (GPL), the real estate development arm of the Godrej Group, has announced that it has entered into an agreement to develop approximately 110 acres of land in Panvel. The project will have an estimated saleable area of 3.5 million square feet.

Like most Godrej Properties projects, this project will be done on a joint venture basis. Godrej Properties has entered into a profit sharing joint venture structure for this project where GPL will receive 35% of the profits from the development. The project is expected to be launched in 2013 and is estimated to be completed in approximately six years from its launch.

The project is located between NH4 and the Mumbai - Pune Expressway. It will be easily accessible from both these highways. The site has fantastic views of the Sahyadri Mountains and the Western Ghats.

The project is in close proximity to the proposed second International Airport in Panvel, the Jawaharlal Nehru Port Trust, and the proposed Sewri - Nhava Seva Trans Harbor Link. The strategic location near several major existing and upcoming infrastructure facilities makes Panvel one of the most exciting real estate locations in India.

Pirojsha Godrej, Managing Director & CEO, Godrej Properties said, "We are thrilled to announce this development. Godrej Properties is focused on developing residential projects in the best locations across India and we believe that Panvel is one of the most strategic locations for the development of a large, high-quality residential township."

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Exotica Sports City – Residential Project Near Noida Sports Complex

Exotica group, the leading property developer in Noida has launched ‘Exotica Sports City’, a new residential project near to the proposed Noida Authority Sports complex in sector 79, Noida.

Sports City – close to 180 acre Sports Complex:
The Sports City is a 6.25 acre residential project located in proximity to the upcoming 180 acre sports complex authorized by Noida authority. The perfect chance to fulfill the sports dream of your children by residing close to the mega sports complex that has access to football and hockey grounds, nine hole golf course, cricket stadium, tennis court etc. The project aims at providing exotic residence along with modern amenities and recreational activities in a locality surrounded by the sports complex.

Project Details

Sports City is a spacious and low density residential project offering only 600 flats in the vast 6.25 acres of land area. This provides spacious and ventilated apartments with privacy and security.

• There are 600 apartments available in 2, 3 and 4 BHK configuration.
• 2 BHK + Study units measure 1300 sq ft of living space while the 3 BHK units measure 1500 sq ft and 4 BHK units measure 2100 sq ft of area.
• The BSP of 2 BHK costs Rs. 4400 per sq ft of area; however the BSP of 3 and 4 BHK units costs less at Rs. 4300 per sq ft of area. This is a discount price and applicable only till 30 April 2014.
• The other additional charges are approximated priced at Rs.450 per sq ft area.
• The total cost of apartments vary based on the size and accordingly a 2 BHK costs Rs. 63.5 lakh, a 3 BHK costs Rs. 71.2 lakh and a 4 BHK comes to Rs. 98.2 lakhs.
• The project possession is not yet announced.

Location & Infrastructure

The project is centrally located in the heart of Noida which is 5 min away from Sai chowk and Noida Expressway, 10 min from sector 18. It is next to the Mahagun Mirabella residential project and nearby to the proposed metro station in sector 78.

Special Amenities

The special amenities in this project include unique landscaped open space, swimming pool, party hall, parking space, jogging track, garden pavilions, kids’ play area, health spa, vastu compliant, water feature etc.

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Noida-Greater Noida Expressway: the perfect commercial destination

Noida-Greater Noida Expressway connecting to Yamuna Expressway (165-km long) continues to be the ideal destination for commercial realty projects. The commercial hub is also planning to come up with many luxury hotels, retail outlets, office space and shopping malls due to the infrastructural development and faster connectivity thereby showing a progress in the real estate sector.

The rapid improvement in the commercial projects in Noida Expressway gives a perfect business environment for entrepreneurs and corporate which makes them to make a smart move to the commercial hub. The Noida Industrial Development Authority has declared Sectors 94, 96, 97, 98, 105, 125, 126, 127, 132, 135, 136, 144, 153, and 154 will welcome commercial activities. HCL’s huge SEZ in Sector 125-126, Adobe and Logix Technova in Sector 132, Express Trade Towers, Unitech’s new SEZ in Sector 144, Bhasin Group’s Mist Avenue in Sector 143, Urbtech’s NPX in Sector 153, Advant Navis in Sector 142, etc, are a few launches in the area. These properties are wise decisions as they give very good returns to investors and buyers.

Rise in demand for office space

Noida Expressway will still continue to be one of the Top 3 preferred destination for the occupiers. When we consider the Gurgaon and Noida region, both the markets have witnessed an upward growth. This was mainly due to the availability of office space with affordable rentals. The NCR, including Noida Expressway is estimated to witness fresh office supply to the tune of 34 million square feet in the upcoming years.

Top commercial Projects

Supertech Group has launched Supertech Supernova which offers luxury hotels, office space, serviced apartments, premium and luxury retail brands and luxury residences. Supernova is one among the biggest projects in North India with 5 million square feet space with mixed-use development.

BPTP is developing Capital City which is an integrated commercial project on 14 acres widespread space in Sector 94 of Noida Expressway. Capital city is also a self-contained integrated business district that is located on the Noida-Greater Noida Expressway.

Unnati Fortune Group has launched Unnati Fortune World at Sector 144 in Noida Expressway offering high street premium retail, 5-star luxury hotels, premium residences and Medifloors. The Medifloors is an upcoming investment destination, especially for doctors, in the heart of corporate developments along Noida Expressway.

The major development coming up such as international airport and Metro link will deliver a perfect business sense for those corporate and MNCs planning to move into the area. Constant improvements in infrastructure have always been a boon for Noida-Greater Noida. New flyovers, Noida-greater Expressway and DND Expressway and wide roads add up to the sheen of the city.

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Single Window Clearance System for UP-NCR Real Estate Projects

As the property market faces delay in the delivery of projects due to various construction approvals, the UP-NCR development authorities have proposed a single window clearance system to the state government. This system, if implemented will provide all the approvals under one roof thereby saving time and money.

How the System Works?
The real estate projects in India have to pass various levels of clearances from different platforms in order to complete the construction work and deliver them. According to builders, they are expected to get clearance approvals from almost 40 agencies which will take at least 18 months.

At present, there are 3 clearance levels:

1. First phase is receiving approval from the urban local bodies regarding the project plan
2. Second phase involves sewerage and water connection along with fire clearance
3. Third phase requires civil aviation and environmental clearance from the central government level.

This process involves approval from various government bodies and takes long time to get all the three level clearance. This also contributes to the possession delay in many cases apart from other construction related delays.

Need for Single Window Approval System 

This plan has been proposed by the UP-NCR authorities to save considerable amount of time spent in approval delays. According to realty experts, the multiplicity of authorities in obtaining clearances related to real estate projects is one of the major factors for delayed project delivery. The single window approval system will help the builders to get all the required approvals collectively under one centre. According to sources, the government is planning to form a common centre for Noida, greater Noida, Yamuna Expressway and Ghaziabad with a committee to understand the entire approval procedure. Based on the committee reports, the government will set up a nodal agency to coordinate with property developers.

Once the single window clearance system gets an approval, builders can get clearances in a time bound manner. This will bring down the average approval time to 45 – 60 days, thus the home buyers can get their homes on time. This will save the home buyers ‘money, time and energy and also provides transparency in the real estate market.

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