Do’s and don’ts for land deals
Mittwoch, 29. Oktober 2014
Land deals can be very complicated and can go downhill very fast. Buyers need to protect their investments by following a few basic rules and ensuring they enter into an agreement only after proper due diligence has been done.
Some do’s and don’ts for land deals
*First and foremost, buyers need to spend time on land transactions. If there are time constraints and pressure to complete a deal then our suggestion is to let such time-sensitive opportunities pass by.
*If buyers do not work on legal due-diligence with sufficient time in hand, post agreeing on commercials, then they could be headed for trouble. One needs to realise that due-diligence is time consuming and dynamic. While you are working on certain aspects of due-diligence the results could push you to different course/action. There is no magical way to complete due-diligence in a hurry.
*Ideally, do not put money on the table before due-diligence is completed. The only way to get a seller’s cooperation is by withholding payment till you are satisfied with the due-diligence results.
*Buyers should not be perturbed with the number of title papers. Apart from taking opinion from lawyers, one should also try to read these papers. You would be surprised how much you will begin to understand with just one reading.
*Ideally a liability clause should be included in the agreement. I have seen corporates use this. On one occasion the buyer corporate, post sale, actually investigated whether the seller knew about certain issues, which came up later and changed their land use/ utility. When they realised the seller was not aware they did not enforce the liability clause.
*One standard thing that some buyer’s use is releasing a newspaper advertisement inviting issues if any.
*Check banks that offer loans on the project. Clients should be comfortable only if standard housing finance banks/institutions offer loans. If banks offering loans are not the standard ones and the issuing branch is located in the nearest village then it is advisable to run the legal papers through a standard housing finance institution.
*Check the valuation that standard banks are offering for the land. If the gap between the developer’s offer price and bank’s valuation is too high then it is a cause for further investigation.
*Whatever landmarks/future potential projects shown in the brochure should be checked physically. The landmarks/future potential projects should be within a certain distance from the desired site for it to get any rub-off benefit.
*Panchayat layouts are best avoidable. Prefer only HMDA approved layouts.
*Our personal preference is always land within a gated community wherein the amenities have to be built by the builder. Amenities in terms of electricity, water, drainage, clubhouse, pool etc. have to be developed by the builder. No point buying land in a gated community where one is always waiting for somebody else to start construction. We have seen projects where nobody starts construction or one house has been constructed and they stay in the wilderness.
*As per current rules, in a HMDA approved layout the roads have to be 40 ft, after leaving the mandatory open space. In one acre of land only 10 plots/houses of approximately 270 sq yds each can be developed. One should always check the current rules and calculate to check if all rules are being followed.
*The Master Plan for the core area and outside ORR have been notified. These documents are available online or at HMDA/GHMC offices. One should always check the relevant survey numbers on this map to re-confirm the land use of the project.
*Discuss and check with experts, other buyers, professional brokers and any other stakeholder before making the final decision to buy.
All the above points are not foolproof but will help buyers mitigate risks. Statutory rules and regulations are not rocket science. One can easily understand and make necessary judgment basis these documents. We just need to have patience to read them. The adage that ‘prevention is better than cure’ is quite relevant to any of the real estate investment decisions, especially land.
What not to do while buying land?
Mittwoch, 29. Oktober 2014
No other real estate transaction has the potential to become as complicated as buying land. Some land transactions look simple. To begin with buyers are shown an innocent looking land parcel, stories of a rosy future are shared, imaginary connectivity from ORR or any other landmark/s are shown and clients fall for it and buy it.
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Thereafter begins the unending story of problems that some of these land transactions give birth to. Either the title is not clear or it is a panchayat layout on which land regularisation might be required or somebody else also claims ownership or the government starts an acquisition process, which the buyer was not aware of or land use is not what was promised.
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Many times clients call, wanting help to sell a land parcel bought by them some years back in a futuristic location. Such clients are actually stuck in a senseless land transaction/project. Some of them request us to come for a site visit. We keep requesting them for Google map coordinates so we can be clear whether to even invest time and effort for a site visit. We realise that clients don’t even know where their land is located. So when they propose to show us their land, they are also probably planning to see it for the first time.
Not sure why, but a lot of land buyers become naïve when buying land. Either they get carried away by an overall market hype or project promises or just because any friend or relative had bought recently.
Land transactions can be tricky, especially in Hyderabad and buyers need to be extremely careful before buying land. I was involved in a land transaction for a fund a few years back and realised first hand the many challenges which even a corporate found difficult to gauge. This was a large land deal of over 150 acre and took more than two years to complete. This transaction was done during the peak market period of 2006-07.
The sale price kept going up regularly during the transition years that this transaction dragged on for. The eventual price paid was 100 per cent higher than the initially agreed price. The real problem was the legal due-diligence process undertaken by the corporate before buying. Since the land was located in the suburbs of a metro hence, buyers employed good lawyers available in that metro.
During the sale process the confidence levels between the buyer and seller kept going down. The buyers had all kinds of doubts but nothing on hand to prove their doubts. Their lawyers also could not find anything as the seller kept giving satisfactory answers to all their queries. Closure to signing the deal, the corporate’s global office got involved and employed a leading national law firm. This corporate also had a financial partner who put their legal team on this due-diligence job.
For the final signing, the buyer’s director came from abroad and had a couple of rounds of discussions with the sellers. He was extremely uncomfortable with the transaction put persisted since his local team was keen. One day before signing, the buyer’s director insisted on two non-negotiable clauses – first, since the transaction was to be done in phases hence seller had to build a boundary wall at the buyer’s expense and second, was a liability clause on the sellers. This clause imposed crores worth of damages incase the buyer’s found that any material fact/matter was hidden from them, because of which their ownership became questionable in future.
With these two conditions in picture, the seller’s facial expression instantly changed. The buyer’s director was all the more convinced that the sellers were hiding something. On the day of the signing we all met and the buyers came with their documents and sale consideration draft. The sellers wanted to talk before they signed. They finally shared that the land parcel had two problems, which had not been shared by them till now. First problem was already resolved but the final resolution papers had to be obtained, the second problem had to be resolved.
Post this acknowledgement the transaction was almost called off. Somehow the transaction came back on track and the sellers then shared all relevant details and resolved the problems to the satisfaction of the buyers. Eventually, with a few months delay the transaction got completed. This case was of a corporate which put all its experience and legal resources to get to the bottom of the problem. I would say to a large extent they were lucky that the problem got resolved before they bought the land. In most cases buyers are not so lucky.
Why should you stay in a rented house?
Mittwoch, 29. Oktober 2014
Indians have a funny mindset. We believe that the house buying achievement is something that one cannot ignore and put a lot of pressure on youngsters to work towards achieving that goal. Many eligible spinster girls look for a groom with an “own house” to marry. Hence, bachelors are in an eternal race to grab a house to call it their own, ignoring a few important issues in the process.
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We decided to note down a few important factors to be considered before you decide on giving up your rented house. These factors helped Sunil Hariharan, a Mumbai-based communication executive, to decide against buying a house for a couple of years. “I was constantly hunting for a house to buy as my parents pressurised me to buy before I got married. It was in vain. I have worked for two years, have very little savings and the real estate prices in Mumbai are beyond my reach. I have decided to not buy for another two years,” he said.
Secunderabad: Where to look for flats within Rs 30 lakh
Dienstag, 21. Oktober 2014
Located within 10 km from the centre of Secunderabad – Marredpally, Alwal, Sainikpuri and Yapral are few localities that have something to offer in common! Along with proximity to the army cantonment area, the data with Magicbricks shows that these localities are offering 2BHK apartments within Rs 30 lakh. All these localities are situated within 5 -8 km from each other and are being eyed by those looking for spacious apartments within the affordable range.
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“Secunderabad is well known for plots and independent houses, however, with increasing demand for housing, multi-storey apartments are also making a slow presence,” says Anil Reddy, realtor at AREL Constructions.
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Located at a distance of 2 km from Secunderabad, Marredpally is the closest among all the localities. Despite being closest and well developed, the locality offers affordable properties with good connectivity. A 2BHK unit at Marredpally is up for sale in the price range of Rs 30-60 lakh. But if you go towards the east part, you can find few options of 2BHK units within Rs 28-30 lakh also. These are available in the size range of 900-1000 sq ft.
Enroute to the Inner Ring Road, Hitec City is about 20 km away. The Secunderabad Railway Station is less than 3 km away, the old airport at a distance of 4 km and the Rajiv Gandhi International Airport is at a distance of 30-35 km.
Moreover, RTC buses ply in the locality with the Jubilee Bus Stand stretching its services to the entire city. Begumpet is situated at a distance of 5 km from Marredpally.
Alwal is 8 km from the centre of Secunderabad. “Most properties in Alwal are in gated communities that offer G+2 to G+5 buildings. A 2BHK unit here is available within sizes of 1000-1500 sq ft priced between Rs 20-30 lakh. The same configuration is available in the range of Rs 40-65 lakh and above in Hitec City,” says Gautam Mohapatra, a local realtor of Asterix Realfin Services.
Alwal, from the Green Hill Road and Medical Road, is easily accessible to Hitec City. The locality is about 9 km away from the Secunderabad Railway Station and about 40-45 km away from the Rajiv Gandhi International Airport.
Located strategically towards the north-east of the twin cities of Hyderabad and Secunderabad, Sainikpuri is offering large apartments at comparatively lower rates. It is about 9 km from Secunderabad.
Data with Magicbricks shows that one can easily find a 2BHK apartment of 1200-1900 sq ft size within Rs 15-17 lakh and a 3BHK of 2000-3000 sq ft within Rs 28-35 lakh here.
“Known as the cooperative housing society for retired army officers in the past, Sainikpuri today is an aspirational real estate area in Secunderabad. Along with affordable properties, the area is well-equipped in terms of social infrastructure. There are many educational institutes. Thus, customers do not mind travelling long distance for work to be able to give good education to their children,” says Venkateshwar Rao of VRV Constructions.
If you go a little further, Yapral located within 10 km from Central Secunderabad, offers 2BHK unit of even bigger sizes than what is available in Alwal, within the same budget range. The data with Magicbricks shows that these units are within sizes of 1900-2500 per sq ft and priced at Rs 22-30 lakh. Capital values at Yapral range in between Rs 2,300-2,700 per sq ft.
These areas majorly offer gated community with modern amenities, fulfilling the daily requirements. There are gyms, supermarkets, clubhouses, worship areas within these gated communities. Since both these areas fall under the purview of the Greater Hyderabad Municipal Corporation (GHMC), the transport facilities and civic infrastructure such as water supply is well in place.
Yapral enjoys connectivity to Hitec City – IT hub – through the NFC Road and Dr AS Rao Nagar Road. Yapral is about 11 km away from Secunderabad Railway Station and about 40-45 km from the Rajiv Gandhi International Airport.
These areas are well-connected to the city and to the State and National Highways. The army cantonment area is nearby, attributing to safe and secured lifestyle in these localities.
How to make your investments safe?
Montag, 20. Oktober 2014
If you are looking to invest in the real estate market of Hyderabad and are uncertain, investing along the metro line, core IT areas and in ready-to-move-in properties can be the safest options. Mahesh Kumar Punjabi from Quthbullapur, Hyderabad asks on Open House, “Hyderabad real estate is unbelievably low, when compared to other metropolitan cities. Is it worth investing?” Like Mahesh, several investors are uncertain about investing in the city and want to make their investments safe. Magicbricks finds how one can make the safest investment in Hyderabad.
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Investing in ready-to-move-in properties
“Hyderabad’s property prices have not yet breached the 2008-2009 levels, which means the price appreciation has been moderate,” says Om Ahuja, chief executive officer, residential services, JLL India. The capital values in 47 per cent of the tracked localities have witnessed a dip in the Jul-Sep 2014 quarter, while the rental values have increased in 60 per cent of these localities during the same period, as per PropIndex (Jul-Sep 2014), the quarterly India Apartment Index report published by Magicbricks.
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“Though the new government has been formed for a while now, the uncertainty of the bureaucratic machinery still exists and government officials are not sure about the roles and postings, which in turn have led to delay in project approvals,” says Maneesh Gupta, director, advisory and valuation services, Colliers International.
In such a scenario, investing in properties that are ready-to-move-in allows buyers to earn monthly rental income. As per PropIndex Yield Meter, the rental returns in Miyapur and Manikonda are among the highest. The localities have also seen a rise of 3 and 9 per cent, respectively, in the rental values in the current quarter.
At present the capital values in the city are low so the prices of ready-to-move-in and under construction properties are more or less the same. For instance, in Miyapur, both ready-to-move-in and under-construction properties are available in the price range of Rs 20-80 lakh.
Investing along the metro lines
One of the major infrastructure developments happening in the city is the upcoming Metro. While the official operational date of stage I of the Hyderabad Metro Rail project from Nagole-Mettuguda (8 km) has been announced as March 21, 2015, construction of other stages and corridors is also being carried out rapidly.
The localities which have seen capital appreciation in the current quarter, most lie along the metro lines, such as Tarnaka, Kukatpally and Hitec City. “Maximum buyers are looking for properties in localities close to the metro. It is seen in other cities also that the Metro always has a major impact on the realty market of a city and the same is being witnessed in Hyderabad as well,” says Krishnaveni K, head of Hyderabad Branch of HDFC Reality Limited, a real estate solution provider.
Investing in core IT areas
Gupta advises that the core IT areas such as Gachibowli, Hitec City and Madhapur are the safest when it comes to investing in Hyderabad, as of now. “At present, the only saving grace for Hyderabad is the IT sector, which will continue to dominate along with Bangalore, for a long time.”
Investing in such areas allows investors to earn regular rental income while the capital appreciation is insured in comparison to other localities. “Even though the ticket size is more, the western belt is probably the only area with some demand,” says Krishnaveni K.
Currently, the capital values are low making the initial investment also low. Developers are also providing discounts and incentives to clear the pending stock. This makes Hyderabad realty market prospective for long term investors.
Why Hyderabad continues to be a middle class domain
Mittwoch, 15. Oktober 2014
Hyderabad continues to be a mid segment focused city with 50 percent demand witnessed for 2BHK units. This despite all the hype that market pundits predicted post the creation of Telangana.
We take a look at why the mid-segment continues to be popular in the city and the areas that the large middle-class continues to target.
At present, the socio-political and economic scenario of the city is far more favorable for the real estate sector but still there is no major boom. The reason for this is that several infrastructure projects are still under planning and many are in the process of implementation.
Sources at the Credai office state “Hyderabad continues to show a steady growth wherein the real estate sector is dominated by mid segment buyers. It is not the kind of market that will show a sudden boom, but one that will grow steadily .“
“One of the prime reasons behind 2BHK units being the most preferred configuration is the growing number of nuclear families who are constantly looking for individual dwellings. This brings up the need for 2BHK residential units which are affordable and serve the basic needs of a family. They are spacious enough to match with the living needs of the family and if purchased from a well-known developer, then also offer high-end amenities,“ says Narendra Goud, consultant, Livingspace Properties.
“Another reason for the popularity of 2BHK units is the affordable prices as compared to the large size units.These days, buyers are smart and prefer to invest their money on actual needs rather than spending on a bigger unit to show a status symbol. This way the living needs of a buyer is well matched by a 2BHK unit and at the same time also fits their pockets,“ says Rajesh Kumar, agent, Real Estate Agent. The EMI trun around time is low, and that suits professionals who do not want long time debts.
If you are looking for a spacious 2BHK apartment in Hyderabad, localities such as Miyapur, Chandanagar, Manikonda and Nizampet can be good choices. As per data, maximum supply of 2BHK units is across these localities.
Miyapur is a highly preferred destination for IT professionals as it is strategically located at a distance of 10 km from Hitec City . The area also owes its popularity to the connectivity with the state via Yellamma Banda, Hafeezpet and Kukatpally Road. The Rajiv Gandhi International Airport is at a distance of 40 km via the Outer Ring Road (ORR).The capital value of 2BHK apartments here is Rs 20-50 lakh with sizes from 9001,400 sq ft. “Miyapur is a prime residential locality with well established social infrastructure such as schools, banks, ATMs and hospitals available close to the locality ,“ says Indira an owner in the locality .
Located on the outskirts of Hyderabad city, Chandanagar is in the vicinity of shopping malls, Miyapur, BHEL Township and the IT hubs of Hitec City and Gachibowli. “Chandanagar is known to be a prime residential destination for the mid-segment IT professionals working in the nearby companies at Gachibowli and Hitec City. Majority of the demand is from the IT professionals and people working in the manufacturing industries in Patancheru (8 km via NH9),“ adds Goud. A 2BHK apartment is available between Rs 18-40 lakh in sizes of 900-1300 sq ft.
Manikonda is another strategically located area along the ORR. “It is in close proximity to the IT hubs and the Rajiv Gandhi International Airport which makes it attractive for buyers,“ says Goutam Mohapatra, director, Astrix Realfin Services. A 2BHK unit is available here in the price range of Rs 20-40 lakh with covered area varying from 10001300 sq ft, as per the data with Magicbricks.
This locality is also home to several upcoming IT companies which has created a healthy demand for housing. Affordability has also triggered and increased demand for residential units in the area. “Mostly end-users prefer the locality because of the presence of schools, health care centers, decent social infrastructure and employment opportunities,“ adds Kumar. A 2BHK apartment is available here in a price range of Rs 18-35 lakh in sizes of 10001200 sq ft.
Proximity to work, enhanced connectivity, healthy social infrastructure and affordability has ensured that localities in Hyderabad continue having a demand for 2BHK apartments.
Hyderabad buyers move towards larger homes
Mittwoch, 8. Oktober 2014
As per the latest PropIndex (Jul-Sep 2014), demand for residential houses witnessed a rise of 11 per cent as compared to the previous quarter. Demand grew from 21 per cent to 32 per cent in three months. This indicates a shift in buyer buying patterns.
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This trend was noted across all zones of the city. However, it was most apparent in South and West Hyderabad. While in South a rise of 13 per cent was noted, in West demand for residential houses grew by 12 per cent in the current quarter. In West, localities such as Banjara Hills, Gachibowli and HITEC City recorded significant buyer interest for these units. In South, LB Nagar and Dilsukh Nagar were preferred.
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What triggered this shift in demand patterns? “Well, as a residential market, property buyers have always preferred larger homes and independent spaces. However, when the apartment culture grew, buyers changed their preferences in return of more security and availability of multiple facilities within the housing complex or premises,” says Ravi Verma, COO, Perfect Pincode.
He continues, “However, with the advent of the gated community concept for villas and housing units, buyers are lured towards these projects. Apart from the facilities that an apartment complex offers, these also offer the luxury of space, which has always been a key factor in the South.” Moreover, these are available for almost the same price tag as apartments. Buyers are willing to spend that little extra in order to get the space they are looking for.
In fact, the liveable or the actual usable space in apartments has been decreasing year on year. For instance, “Loading factor in the city has risen from around 15 per cent a few years back to almost 30-35 per cent today,” says Rakesh Sudam of Earthwide Properties, a city wise brokerage in Hyderabad. This essentially means that an apartment which is advertised to be of 1000 sq ft has only around 700 sq ft of actual usable space.
In such a scenario, independent homes not only offer the luxury of added space but also value for money to buyers investing in such homes!
Adibatla job market to push South Hyderabad realty
Montag, 6. Oktober 2014
After Hitec City and Gachibowli, it is Adibatla which is expected to make real estate waves. The locality, touted as the next IT hub, is seeing many IT companies setting up offices here. The locality is also a part of the Information Technology Investment Region (ITIR) project, under which Special Economic Zones (SEZs) and industrial parks are expected to be developed throughout the city.
Venkateswara Rao, owner of VR Properties says, “Recently, Tata Consultancy Services (TCS) started its project construction activities in Adibatla. Apart from this, Cognizant, the IT giant, has also acquired land in the area.”
Impact on South Hyderabad’s realty:
“Currently, South Hyderabad real estate market is not as matured as West Hyderabad. Here, plotted developments are mostly available, while apartments are still developing. There were not enough job opportunities in this part of Hyderabad that could drive housing demand. Most of the IT and software companies are concentrated towards West Hyderabad,” says Zubair Bin Sayeed Baghazal, proprietor, RZ Home Property Brokerage Services.
The commercial set-ups by TCS and Cognizant are expected to push the real estate market here. “These commercial set-ups are likely to generate more than 25,000 jobs by the end of this fiscal year and another 40,000 in the next 3-5 years. This will certainly push up the demand for capital as well as rental market in and around the area,” says Bangaru Bharath Kumar, owner of Mahima Properties.
In addition, the government recently declared that ITIR will open 15 lakh direct and 35 lakh indirect jobs in the IT sector over the next five years. “The push in demand certainly bumps up the real estate values too. However, it would be too early to quote how much the appreciation would be. This is also because there are still land banks available for development, if one goes towards the outskirts of South Hyderabad,” adds Kumar.
What is currently available?
For multi-storey buildings in South Hyderabad, one can try areas such as Shankarpalli, Kokapet, LB Nagar and Shamshabad in South Hyderabad, where you can find an apartment within Rs 20-40 lakh. “South Hyderabad is in the outskirts of the city thus, offering land at lesser values. This makes developers offer properties at affordable rates. Currently, there are not much ready-to-move-in apartments available, therefore, the rental market will take a while to pick up,” says Santhosh Kumar of Sri Rama Real Estates.
For plots, one can look at areas such as Adibatla, Shad Nagar, Kothur and Shamshabad. The data with Magicbricks shows that these areas offer maximum number of plots within Rs 5-10 lakh. The sizes of these plots vary from 60-300 sq yard. Most of these are open plots and approved by Hyderabad Municipal Development Authority (HMDA).
With this it is evident that South Hyderabad real estate market is likely to pick up. But will it ever come on the same page with West Hyderabad? We have to wait and watch for this!
Hyderabad: Sporting amenities altering realty choice
Freitag, 3. Oktober 2014
A s a city that has taken to sports, young working couples, families with kids are buyers who look out for such amenities within close distance in order to refresh after their hectic work schedule or to make their kids proactive in sports as part of their co-curricular activities. GOLFING REALTY “Properties close to golf greens or offering golf view carry a premium value of about 35-45 per cent.Due to high demand and limited supply , the scope of negotiation for these properties is also very less,“ says Veera Babu, Hyderabad-office head, Cushman & Wakefield.
So do you have to know the sport to benefit from the facilities? “Having a house near a golf course is more of a lifestyle choice in Hyderabad. It is widely believed to be a gentleman’s game and truly so, most buyers in Hyderabad are rich industrialists or senior professionals working in IT sector. It boasts their status symbol while the greenery around provides adds to the ambience,“ says Avnish Varma, manager, Home4U.
However, in Delhi NCR, properties close to golf courses are good in supply as well which makes it comparatively ‘affordable’ commodity for the home buyers. How much does proximity to golf courses impact real estate decisions? “Almost 4 out of 10 transactions are impacted if the golf view is available in the locality,“ says Varma.
Other Sporting Realities
When it comes to other sports like tennis, badminton, hockey , though the city offers several housing options close to sports stadiums it comes with a key drawback. Majority of them have a “Members only“ tag attached to it. Thus, people who are interested in these sports make a conscious choice to own property nearby.
For example, areas such as Bollarum and Yapral are close to defence establishments and the railway colonies. Both these places have several open grounds and sports facilities with controlled access for civilians and `non-members’. Most of the residential options available here are priced above Rs 40 lakh.
Majority of the real estate options available here are independent housing units owned by retired defence personnel although a few options are also available in the affordable segment. The 3-BHK units with an area of 1000-1500 sq ft can cost anywhere between Rs 40-45 lakh, while residential houses or villas are available here in a budget range of Rs 50 lakh to Rs 1.5 crore.The area also has 5-BHK units priced in the range of Rs 2-3 crore.
Hyderabad has a large option of green open spaces which are actively being used as substitute sports grounds. It is these grounds that buyers with limited budgets opt for. Localities with neighbourhood tennis academies and fields double up as playgrounds.
As per the Greater Hyderabad Municipal Corporation (GHMC) official website, Hyderabad city has more than 1000 parks, falling under different categories like Major Parks, Colony Parks and Tree Parks, covering more than 600 acre of total land. Interestingly, established localities of the cities are the ones having maximum green cover. Masab Tank, Himayath Nagar, Srinagar Colony are some of the areas in Central Hyderabad which have these big parksopen grounds.
Properties here are available in a budget range of Rs 30-60 lakh, which includes builder floor apartments and multi-storey flats.
The other option that sports lovers in Hyderabad opt for are the gated communities. Though these are expensive, they offer access to facilities in a safe environment for children. “Gated communities and townships, offering club and sports amenities have aspirational value attached to it and are usually preferred by buyers who want to upgrade their housing and lifestyle,“ says Kirthi Rangrajan, consultant, Best Home Solutions, a local broker active in the area.
Several townships have made their way to Gachibowli, Hitec City and Himayath Nagar with an eye on available sports amenities as preferred by the cosmopolitan crowd. Projects available here offer several facilities which have in-house tennis, badminton, basket ball courts, accessible only to the residents of the society or the project.
“Flats in township projects are 15 per cent more expensive than those outside because of the premium charges and maintenance cost levied by the builder,“ adds Rangrajan. Properties in Gachibowli and Himayath Nagar township projects are available in a budget range of Rs 60 lakh to Rs 2 crore, depending upon the size of the unit which usually varies from 1100-3000 sq ft.
In fact, Gachibowli also has a dedicated multi-purpose stadium for athletics, taekwondo, table tennis, boxing, judo, wrestling and weight lifting. Practice sessions for children are organised here on a regular basis, which makes it one of the reasons for family buyers to choose Gachibowli for their stay.
Hitec City is one of those addresses which have at least twothree colony parks, frequented by elderly and college students. However, parents prefer to keep their wards limited to the society’s `kids’ play area’ because of the distance from residential spaces.
Some of the builders have taken note of these issues and have made provisions for terrace areas and dedicated 10 per cent of builtup areas for indoor games.
Hence, property purchase may not be just a home buying activity but one that is related to your child’s future in sports, personality development and your afterwork life as well. So, look around before you make a wise investment for your future.
Vijayawada: Land pooling only way out
Donnerstag, 25. September 2014
Weeks after declaring that Vijayawada will be the new capital of
Andhra Pradesh, the TDP government said on Tuesday that the state has
only 4,000 acres of land in the proposed capital area. “Therefore, we
have no option but to take up land pooling to acquire up to 50,000 acres
of land in the Vijayawada-Guntur region over the next one year,” AP
municipal administration minister P Narayana said at a press conference
Narayana said that if farmers do not come forward
for land pooling, the Land Acquisition Act may be invoked as a last
resort. “We have so far visited Chhattisgarh capital Naya Raipur,
Gujarat capital Gandhinagar and Chandigarh to study land pooling
methods.Each has its own advantages and disadvantages. For the AP
government, land pooling for the new capital is not a commercial
operation but a responsibility” he said.
The minister said that
Naya Raipur and Gandhinagar do not have any social infrastructure and
merely function as administrative blocks. “People do not live in these
capitals. Our chief minister wants to build a capital with good social
infrastructure. For an administrative capital, we may need only about
10,000 acres but if we want to develop a social eco-system, we would
need around 50,000 acres” he said.
According to Narayana, the
proposed capital will have separate sectors for education,
administration, social infrastructure and residences.”All these will be
developed simultaneously once we acquire land from farmers and others
through the pooling method. They would also stand to gain as the value
of the land will shoot up after it is developed,” he said.
further the modes of land pooling, Narayana said that in Naya Raipur,
the Chhattisgarh government retained 65% of the land after developing it
and gave the remaining 35% to the owner. In the Gandhi Nagar model, of
the total land pooled, 15% was allotted for roads, 5% for open parks, 5%
for social infrastructure, 10% for lower index groups and 15% as land
bank. The remaining 50% was developed and shared equally between the
state and the owner. “We will also visit Singapore and China to study
land pooling methods there,” Narayana added.