Faridabad, Hottest desination for Investment

With the recent opening of the six-lane Faridabad Bridge constructed over Agra and Gurgaon canals, a spurt in property prices in is expected. A number of private developers such as Ansals BPTP, ERA and Omaxe are coming up with projects near the bridge in sectors 75 to 89. Moreover, the facility would connect the old city to the upcoming townships in the suburbs, spread in some 2,000 acre of land.

State of infrastructure in Faridabad

The District Town and Country Planning (DTCP) has issued several residential and commercial licenses to private real estate developers in Faridabad.

Meanwhile, the Transport Plan 2021 for NCR has the following proposals involving Faridabad-Bhallabgarh, to be implemented in the first phase:

• Proposal to develop NH2 from Delhi to Ballabgarh to expressway standards.

• Proposal to connect peripheral expressways, of which the Kundli-Manesar-Palwal (KMP) western peripheral expressway and the Kundli-Ghaziabad-Palwal (KGP) eastern expressway are located closest to Faridabad-Ballabgarh.

• Metro Rail to be extended and further to have feeder and connect services with the Regional Rail Transit System to cater to increasing intra-city urban transport needs.

• Flyover at Badarpur; once the congestion at Badarpur border is removed many corporate will take up office space in Faridabad, given the high rates in Jasola.

• The Taj Expressway will touch it at Lalpur and go on to meet NH-2 at Shahpur. The completion of this stretch will improve Faridabad’s connectivity with NOIDA.

• Another highway is planned which will begin from Kalindi Kunj, run parallel to Mathura Road, and bypass the city. This highway will contain all the new sectors, and will merge with Mathura Road on the other side of Faridabad, again acting as a catalyst to Property.

• Furthermore, three-laning of Faridabad-Gurgaon road, widening of the Surajkund road and repairs of all main and internal roads in the sectors will provide impetus to the realty growth.

Real estate in Faridabad has thrived in spite of this indifference. In fact, Faridabad is being touted as NCR’s hottest property as new areas of land and improved connectivity with other cities is being strengthened.

Enjoying the most advantageous location with Delhi, Faridabad is also very well connected to Gurgaon and Noida. A strong infrastructure package for the city includes the Taj Expressway, the proposed highway from Kalindi Kunj connecting all the new sectors in Faridabad to join Mathura Road, the Faridabad – Noida – Ghaziabad – Kundli Expressway, the KMP Expressway, and the Badarpur over bridge. And with the Metro link with Delhi in the pipeline, Faridabad is a sure bet., currently witnessing price escalation of land by as high as 100 per cent. In the last year, land prices in this satellite town have increased by more than 60 to 70%. In prime sectors like 15 and 16 land prices fetch Rs 20,000 to 22,000 per sq yard today.. In sectors 81 to 90, the prices have increased to Rs 9,000-Rs 10,000 per sq. yard.

The city is at par with other NCR cities with regard to quality of construction – BPTP Parklands, Omaxe and Era Infrastructure have ultra-modern residential projects coming up. Whilst Sectors 1-65 have been developed by HUDA, the new sectors from 66 to 91 are dominated by private builders.

Faridabad has traditionally been an industrial city, with 300 large and 10,000 small scale units and the Haryana Government’s new Industrial Model Township will integrate industrial, commercial and residential facilities.

Large commercial projects in the city include Eldeco’s and the city’s first theme mall “Station 1” in Sector12, based on a steam engine! Ansal and Crown Plaza are lavishly designed malls catering to chidren’s entertainment and hospitality. All signature brands and lifestyle products are on display. Mall Manhattan, a Parsvanth –Landmark Builders’ joint venture in Sector 20A is popular amongst shoppers.

So if you’re wondering where to put your money, Faridabad’s price advantage over other NCR cities, backed with growing infrastructure spell good returns in the near future.

 

Naharpaar, Investors Fancy

Sector-86 in Faridabad is commonly known as Naharpaar Area and is set to undergo a paradigm shift in near future. The area has everything which can make any place a favorable destination as far as investments is concerned. Enjoying a strategic location, the area is well linked to Delhi on one hand and the twin cities of Noida and Greater Noida on the other.

 

With property developers eyeing the trans-capital land acquired from villages along the Yamuna and soon to come up Taj Expressway Corridor, Faridabad is likely to sell out 20,000 houses in the next two years.

 

After Gurgaon development plan, it is Faridabad next to witness its makeover. All issues causing hurdles for this ambitious Rs. 2,200 crore City Development Plan (CDP) have been cleared thereby ensuring a smooth passage for upcoming improvements.

The Union Government, State Government, and Faridabad Municipal Corporation have entered into a tripartite agreement on 22 December at a meeting in New Delhi. This makes the city eligible to receive the financial aid from the Urban Development Ministry and the state government for bringing a mark improvement in its infrastructure over the next few years.

Crisil India Limited was entrusted with the responsibility for designing the development plan. And, the detailed project report is prepared by National Building Construction Corporation (NBCC), a government of India undertaking.

Faridabad City Development Plan will aim at optimizing breakthrough alterations in infrastructure and civic amenities, sewer system, street light, sanitation, storm water drains, roads, solid waste management, and water augmentation for a projected populace of 26 lakh by 2035.

Not only one of the most flourishing cities in Haryana, Faridabad is also posing stiff competition to the other NCR towns of the capital city. Anyone planning to give concrete shape to a dream of yielding high returns by investing in Haryana property, then nothing could be a better prospect than property in Faridabad as compared to its counterparts – Ghaziabad, Noida, Greater Noida, Gurgaon, and Sonepat

What is most crucial in Faridabad’s location is its proximity to the capital. It takes only a few minute’s drive to step into the city and reach to the places of importance. This in turn brings positive results for the property in Faridabad.

 

Major infrastructural developments:

• The infrastructure of Faridabad is being overhauled, as a 50-crore fund has been released by the government for Cluster Development Planning.
• There has also been another significant announcement regarding creation of Industrial Model Township by the government on the lines of Manesar.
• Faridabad fares well among other cities when it comes to connectivity. The city is just 10 kms away from Ashram crossing at Mathura Road.
• Badarpur flyover is near to start, as planned by NHAI to make national highway broad & red light free from Ashram Crossing, towards Agra.
• It is said that the new flyover over Badarpur crossing and an expressway linking Palwal, Manesar, Kundli, Faridabad, Noia and Ghaziabad will provide interconnectivity among various satellite towns.
• After Gurgaon, Metro rail’s next destination is set to be Faridabad.
• Faridabad has excellent medical facilities available at Escorts Hospital & Research Center and Metro Heart Institute.

Haryana Technology Park (HTP) is an approved SEZ Information Technology Park, located only 3 kilometers (1.8 miles) from the Delhi – Faridabad border on National Highway 2. The Park with a total covered area of 1.65 million square feet will have 0.86 million of business space dedicated to IT/ITES companies. Construction is scheduled to start in September 2006 and will be completed by October 2008.

 

There has been a rise in thereal estate prices  by about 40 per cent and even more at certain places. In sectors like 21C & D, the rates have shot up by five times whereas in NIT, Ashoka Enclave, Sector 31 & 32, the market has registered an appreciation of 100 per cent. However, Faridabad for sure would gain even in future with property rates here still relatively low in comparison to Gurgaon and Noida

Haryana Government has decided to go ahead with the setting up of new Industrial Model Township (IMT) at Faridabad and Rohtak. These townships will be built on the pattern of Manesar near Gurgaon. Based on the global model for an industrial hub, these townships will integrate industrial, commercial, residential and institutional sites for operational convenience and promoting walk-to-work-culture.

 

The industrial township at Faridabad will be developed in Sectors 66, 67, 68 and 69 of the Final Development Plan of Faridabad. Here land measuring 1832 acres has been notified for acquisition under Section 4 of Land Acquisition Act.

 

As connectivity increases and more industries start investing in the region, demand for quality real estate products will also be on the rise. A lot of development activities are going on in the new sectors of Faridabad (Naharpar) like Sectors 75, 76, 80, 81, 82, 83, 85, 86, 88 and 89.

A real estate major, BPTP Limited, is in the process of creating one of the largest integrated townships in Faridabad called BPTP Parklands. The 1,400-acre BPTP Parklands is spread across 11 established sectors of Faridabad. The township will see development of residential and commercial realty, including plotted development, group housing projects, independent villas, shopping malls, hotels, offices complex; SEZs, IT parks, hotels, schools, hospitals, mall and retail complexes will also be developed here.

Apart from Delhi-Badarpur flyover and KMP expressway, construction of the FNG (Faridabad-Noida-Ghaziabad) expressway will give Faridabad unrivalled connectivity to Noida and Ghaziabad. Delhi Metro, which changed the lifestyle of people in Delhi, will be extended to Faridabad by 2011, and touch Sector 12. Infrastructural developments like these are making Faridabad, the most sought after residential and industrial destination in the NCR. And, after Taj Expressway is built, connectivity between the new sectors of Faridabad, Noida and Greater Noida will improve significantly.

Naharpar can be compared to places like Gurgaon and Noida considering that the overall development here is going on at a rapid pace. Realtors say it is becoming an important destination. The best thing about Naharpar is that realty prices are affordable here.

The current position is if you drive down to this place from Delhi, the only roadblock seems to be at the Badarpur border due to the perpetual traffic snarl-ups. However, as Hindustan Constructions Co Ltd (HCC) has begun work on the construction of a flyover at Badarpur border, connectivity problem will ease for sure. And, the Badarpur border flyover is not the only reason for real estate developers thronging this place. Other developments taking place in the vicinity include the Taj Expressway (near Sector 80), and a highway starting from Kalindi Kunj and running parallel to Mathura Road that will bypass the city — it will be a kind of a peripheral road around Naharpar area.

No doubt, while there is hardly any infrastructure here today, we can take comfort from the examples of Indirapuram and Greater Noida, which used to be neglected areas a few years ago, but are now bustling with activity.

 

 

CAPITAL VALUE

Locality Plot  (Rs/sq yard) Sector Q4 (%) Oct’09 2-9 -15 to 20 15000-35000 10-15 -5 to 20 27000-45000 16-21 -14 to -27 25000-45000 22-36 -36 to 11 18000-45000 37-55 -4 to -7 15000-45000 64-91 0 10000-20000

 

RENTAL VALUE

Locality Builder Floor Rental Value(Rs/month)2 BHK Apartment 2 BHK  (Rs/month) Sector   Oct’09 Q4 (%) Oct’09 2-9   4000-12000 -14 to 0 NA 10-15   6000-13000 -16 to 0 NA 16-21   8000-15000 25 8000-15000 22-36   4000-13000 -13 to 14 6000-12000 37-55   5000-15000 -7 to 25 7000-15000 64-91   NA -8 7000-15000

 

 Want to buy bulk land in Faridabab: http://aerisrealestate.com/Land.aspx

Crossing Republik NH 24 Ghaziabad – India’s first Global City

Crossings Republik or Crossings Republic is India’s first global city. It is being developed on NH-24, Ghaziabad near Hindon River. The area exactly is known as Indirapuram. Crossings Infrastructure Pvt. Ltd is the real estate company looking after the project. This realty firm is a joint venture between seven of the top builders of Delhi and NCR. These include:

• Ajnara Farms & Services Ltd.
• Assotech Limited
• Gaursons India Ltd.
• Mahagun Developers Ltd
• Panchsheel Promoters Ltd.
• Paramount Residency (P) Ltd.
• Supertec Limited

Crossings Republik is the design of the world’s finest architecture firm – Sasaki Associates Inc. with landmark works all across the globe including USA, UK, Europe, Middle East and South East Asia. Hafees Contractor, a name that needs no introduction in the realty market in India is a key element in the project team providing architectural and other consultancy services.

 

The major attractions that pull you towards Crossings Republic are:

Location:

Located on the NH -24, Indirapuram, crossings republic is in closest proximity to Ghaziabad, Noida and Greater Noida.

Construction:

360 acres of township consisting of residential units, malls, shopping center, retail outlets, office space, hospitals, banks, schools etc. The entire Project is based on the principles of Vaastu Shastra and is made on completely earthquake proof technology.

Eco Friendly:

Plenty Green areas have been provided in the entire crossings republic along with stretching water bodies to bring the nature closer to you. Well-planned walkways and cycle tracks have also been given.

Special Facilities:

• 24 Hr Security
• High Speed Elevators
• 100% Power Backup
• 24 Hr Water Supply
• Entrance Lobby
• CCTV And Intercom
• Sports And Health Care Club Membership
• High Capacity Bus Transport System

Key Institutions Nearby:

• Malls
• Retail Outlets
• Office Complexes
• Hospitals
• Banks
• Schools
• Post Office
• Police Station
• Fire Station

Crossings Republik offers around 16,000 to 20,000 residential units like apartments, villas, duplex flats and service quarters. The cost of the housing units are estimated to be somewhere around Rs. 20 lakhs. Crossings Republic Project is being projected to get completed in 30 months for the first phase. A football stadium with a seating capacity of 20,000 spectators is also on the planning charts.

http://aerisrealestate.com/DevelopersCrossing.aspx

A real estate regulatory bill is in the works that promises sweeping reforms in the sector

Soon, homebuyers could breathe easy. The Union government has proposed a model regulation for real estate sector, which seeks to introduce a number of measures to bring in transparency into the sector. Besides, it also proposes to make builders and developers deliver on the commitments made to end users. The move will help the sector grow fast as it will bring in an element of certainty to the quality and timely delivery schedules, which would prompt investors and end users to invest.
   According to the proposed regulation, all the projects will be registered with a regulatory authority, which will be set up soon. The registration will be granted only if a developer provides information regarding the ownership of the land on which the project will be developed. They will also have to submit a copy of the clearances, approval, and sanction from competent authority, obtained in accordance with the building regulations and all others laws as applicable. All this information has also to be made available to the customers.
   The promoter has to provide the buyers details of all encumbrances on the land, including any rights, title, interest or claim of any party in or over the land. He will also have to give the layout plan of the real estate project, along with a plan of development works and specifications of the building or apartments to be constructed on the land. In order to remove any ambiguities, the new regulation has asked promoters to give details of the common areas, carpet built up and super-built up areas in the proposed project to buyers. Additionally, the investor will also have to give details of all the facilities that the promoter is planning to offer buyers.
   Under the new guidelines, a developer will also give details of the estimated cost of the building or apartments that are proposed for construction. The developer has also to give details of the names and the addresses of authorized agents, property dealers and brokers — and the developer is bound to upload this information onto the regulator’s website so that buyers can verify them.
   The promoter or developer has to furnish a bank guarantee equal to 5% of the estimated cost of the development works to competent authority. This will be forfeited if the promoter fails to complete the project as promised to the buyers.
   Under the proposed regulation, the registration will be valid for a period of three years only. If the project cannot be completed within the stipulated period, the promoter will have to apply for the registration again, but with a fee. If the regulator finds any violation of rules by promoters in meeting the standard of construction or meeting the timeline of the completion of the project, it can cancel a registration and ask a competent authority to encash the bank guarantee furnished by the developer. In that situation, the regulator will ask the competent authority to implement the project as soon as possible.
   Under the new regulation, if a person makes an advance or a deposit on thebasis of information contained in the advertisement or the prospectus issued by a developer and sustain any loss or damage due to any untrue statement included in those documents, he (the buyer) will be compensated by thepromoter for the loss. Not only this, if a buyer wants to exit from such project, the developer will have to return the money along with interest.
   The new regulation has also standardized the agreement that a builder will enter into with buyers. The form of agreement will contain the following particulars, namely:
   (1) Details of the liability of the promoter to construct the apartments according to the plans and specifications, approved by the authority.
   (2) The date by which the possession of the apartment is to be handed over to the allottee.
   (3) The area of the apartments, including the area of the balconies, which should be shown separately.
   (4) The price of the apartment, including the proportionate price of the common area and facilities, which should be shown separately.
   (5) The precise nature of the association to be constituted of the persons who have taken or are to take the apartments.
   (6) The nature, extent and description of the common areas and facilities and the limited common areas and facilities, if any.
   (7) The statement of the use for which the apartment is intended and restrictions on its use, if any.
   (8) The liability of the promoter to develop the requisite infrastructure as per approved standards.
   (9) The details of essential services to be provided and extent thereof such as water supply, electricity, passages, staircases, sanitary services, etc.
   After the completion of the project, it will be the responsibility of the promoter to obtain a completion certificate of the building or apartments from concerned local authority and make it available to the allottees. If, after the construction of the building or apartments, a promoter does not apply, within a reasonable time, for an occupation certificate from the concerned local authority, the allottee of the building or apartment can apply for such certificate. The cost incurred by the allottee in obtaining the certificate would be recoverable from the promoter.
   Even after the handing over of the project to buyers, builders will continue to be responsible for the quality of construction. The regulation has prescribed that for the first five years after the possession is given to buyers, builders will buy insurance for the project.
   At the same time, the proposed regulation has made it mandatory for the buyers to make payment as per the agreed plan.
   However, industry is not happy over the proposed regulation. One of the chambers said that the bill is hostile to the industry and concerned stakeholders. “Contrary to expectations, the draft bill does not allow Real Estate Regulator to act as an impartial arbitrator between industry/developer and various government agencies on one hand and the industry/developer and consumers on the other,” said the statement.
   It says, for example, that while the regulator will lay down and monitor strict timelines for execution of a project with severe penal implications, it will do nothing to address the inevitable delay and harassment that accompanies various approvals and make the timelines impossible to adhere to.
   The proposed bill says that licence for development of a colony should be given by competent authority and will be valid for three years and be renewable from year to year on payment of a prescribed fee. “This too is a sweeping power and a recipe for corruption,” the statement reads. The licence is valid only for three years while the various approvals for a project from a slew of government agencies alone take up to 18-24 months, the statement laments. Moreover, land is a state subject and each state authority may have different set of criteria for granting such licences. Therefore, Assocham demanded that the aforesaid sections in the proposed bill be diluted as per requirements of industry and consumers.
   In the statement, Assocham emphasized that the draft bill is also discriminatory in as much as it keeps the government agencies, local authorities and statutory bodies engaged in the business of development of land or housing sector out of the ambit of the regulator. Similarly, it further says, while the proposed bill treats the promoter/developer in an iniquitous manner, it is biased in favour of the ‘allottee’.

 

Crescent ParC Royal Greens, Sector 92, Gurgaon, Budget Homes 2BHK @ 13.07, 3BHK @ 15.81

Inaugural Discount of Rs.20,000/- for 2BHK and Rs.25,000/- for 3BHK(For Limited Period)

Welcome to a place where every moment of life is worth a celebration. A place where your dreams begin to unfold. Where you rediscover life’s little pleasures. Where happiness is nurtured in every nook and corner. A above all, a place you’d be proud to call your home.

Welcome to the Royal Greens. Set amongst 50 acres approx. (expandable) of pristine natural environs, and yet conveniently connected to every important location in Gurgaon, it offers Ground + 4 living options studded with unique benefits:

Convenient lifts

Impenetrable security arrangements

Eco-friendly designs

Entertainment arenas

Health club. And much, much more.

For more information Click Here or call 9811155575 / 9999012434

Globus Galleria Local Shopping Complex at Taj Expressway, Greater Noida

Global Galleria is a local Shopping Complex which is located in Greater Noida. Globus Galleria is spread over an area of 10 acres & is situated at Plot no – 10, Techzone, Taj Expressway, Greater Noida. It is one of the most developing area in Greater Noida which is already having several SEZ’s, Corporate, Colleges & IT Companies.It is a 100% government approved project with all the required papers in place. This shopping complex offers Ground Floor & Upper Ground Floor area with sizes of 400 sqft to 750 sqft. 

It is a 100% government approved project with all the required papers in place.

 12% return till possession (possession is estimated around December 2011, but in case of any delays the assured return will continue).

1. Price starts from Rs. 2240000

2. It is located at Techzone, Taj Expressway Greatrer Noida

3. Space vary from 400 sqft to 750 sqft

4. Possession by Sep 2011

5. Surrounded by SEZ’s of WIPRO, INFOSYS, NIIT, ANSALS,   UNITECH

7. Opposite 650 acres of Gautum Budh University & Night Safari

Assured return guaranteed upto Sep 2013

Highly beneficial for end users demanding low rentals and low maintenance cost

Having unique concept of “Open to Sky”

Would be having very low maintenance cost

First Amphi Theatre , Ice Skating zone & mini amusement park in Globus Galleria, Greater Noida

Prices of Globus Galleria

Type Size (sq.ft.)  Rate (per sq.ft.) Basic Cost  Booking Amount  Floor Plan & Location map Ground Floor 400-750 5600/- 22,40,000/- 15% Upper Ground Floor 400-750 4600/- 18,40,000/- 15% Other Charges Preferential Location Charges: 7.5% / 10% Car Parking: Open      – Rs. 200000/-  Covered – Rs. 250000/-  Return: Option A: - Get 12% return till Sep 2013 i.e. 1% return per month till Sep 2013 (for 4 years). Option B: - Get one time discount of 18% till Sep 2011 and get 12% return p.a. from Oct 2011 till Sep 2013. Option C: - Get one time discount 28% till Sep 2013.

For more details please click here

Globus Residency Serviced Apartments in Taj Expressway, Greater Noida – 12% assured return

Globus residency is located within Globus Business park which is spread over an area of 10 acres & is situated on Plot No – 10, Tech Zone, Taj Expressway, Greater Noida. It is one of the most developing areas in greater noida which is already having several corporate, colleges & it companies present there.

It is a 100% government approved project with all the required papers in place.

12% return till possession (possession is estimated around December 2011, but in case of any delays the assured return will continue).

Prices of Globus Residency

Area     Rate (per sq.ft.) Basic Cost       Booking Amount    750 sq.ft.     3100/- 23,50,000/-      3,25,500/- 410 sq.ft.     3100/- 12,71,000/-       1,90,650/-  Note: – All above specification are available in 750 sq.ft. and all the above specifications except last 4, are available in 410 sq.ft. Apartments.  Other Charges Preferential Location Charges 1)       First Floor               – Rs. 100 per Sq. Ft. 2)       Second Floor           – Rs. 75 per Sq. Ft. 3)       Third Floor              – Rs. 50 per Sq. Ft. 4)       Front Facing Flat     –  Rs. 75 per Sq. Ft. 5)       Corner Facing Flat   –  Rs. 75 per Sq. Ft. Car Parking (Mandatory – Choose any one)  Open      – Rs. 100000/- Covered – Rs. 250000/-

For booking or more information Click Here or call 9811912434 , 9811155575

Omaxe to develop Rs 1,800-cr township in Allahabad

Construction firm Omaxe said its subsidiary, Pancham Realcom, has entered into an agreement with Allahabad Development Authority to build a township in Allahabad.

Pancham Realcon, has entered into an memorandum of understanding for the development of a township in Allahabad on a proposed area of 1,535.12 acres, Omaxe said in a filing to the Bombay Stock Exchange.

The estimated cost of the township is Rs 1,800 crore and the construction will be completed in five to seven years, the filing added.

Shares of Omaxe were trading at Rs 74.70 on the BSE, down 6.21 per cent from the previous close.

There was a shortage of around 24.71 million houses in the India

There was a shortage of around 24.71 million houses in the country, Government said “The total Housing shortage in the country is 24.71 million,” Housing and Urban Poverty Alleviation Minister Kumari Selja said here while replying to a query in Lok Sabha.

She added that the Economically Weaker Sections (EWS) were short of 21.78 million houses followed by 2.89 million people of the lower income groups.

Replying to another query, Selja said a high-level task force has in its report mentioned that any delay in addressing the affordable housing problem would affect country’s economic growth and poverty removal plans.

“The task force has strongly recommended the need for ‘Affordable Housing’ and mentioned that delay in addressing the affordable housing problem would seriously affect India’s economic growth and poverty reduction strategies,” she said.

The task force on affordable housing was headed by HDFC Bank Chairman Deepak Parekh.

The Minister said that the task force has mentioned housing being central to economic growth with multiplier effects on employment and poverty alleviation.

Selja said that the task force has made several recommendations for improving the housing situation in the country.

Unitech to invest Rs 600 cr for 5,000 affordable houses

Enthused by the robust demand for its affordable housing projects, realty major Unitech said it would invest Rs 600 crore to develop 5,000 such units in seven cities across India.

Unitech would launch affordable housing projects in seven cities this week. The projects would come up under ‘Uni Homes’ brand at an affordable price range of Rs 10-30 lakh.

The projects would come up at Noida, Greater-Noida, Chennai, Kolkata, Rewari, Bhopal and Mohali.

“The total area to be launched in these seven cities would be 4.5 million sq ft,” a company spokesperson said.

The company has land to develop these projects and would invest Rs 600 crore on construction, he added.

Unitech is aiming to launch 30 million sq ft of housing space in FY’10, including 20 million sq ft under ‘Uni Homes’.

So far it has launched 17 million sq ft housing area.

“We have received overwhelming response from the customers and have sold more than 6,000 apartments comprising seven million sq ft of area,” he further said.

Inorder to achieve the numero-uno status in realty sector within a year, Unitech had announced to build 20,000 affordable houses at a cost of Rs 1,700 crore in May.

“We made a mistake of only focusing on top two-three per cent of India’s population. Now we want to reach the masses and enter into budget and affordable houses. We will be the biggest player in the housing segment,” Unitech Managing Director Sanjay Chandra said.

Omaxe to develop township project in Vrindavan

Realty player Omaxe said it has received approval from the Mathura-Vrindavan Development Authority, Uttar Pradesh, for the construction of township with an investment of Rs 250 crore.

The company has received approval for the construction of a township Omaxe Eternity at Vrindavan, Omaxe said in a filing to the Bombay Stock Exchange.

Omaxe had earlier received approval on its Detailed Project Report (DPR) for its Integrated Township – Omaxe Eternity Vrindavan — from the Mathura-Vrindavan Development Authority, the construction of the project is proposed to be completed in 18 months, the filing added.

Shares of Omaxe were trading at Rs 103.60 on the BSE, up 3.65 per cent from previous close.