PUDA launches Gateway City in Mohali

After DDA, it’s now the turn of Punjab Urban Development Authority (PUDA) to launch ‘Gateway City’ residential scheme in Mohali. On offer are over 400 residential plots in Sector 118, 119 on Chandigarh- Kharar NH 21.The plots are in the sizes of 150, 200, 256, 300, 331, 350,400, 500 and 545 sq yd. PUDA has fixed a reserve price of Rs21,000 per square yard, offering 5 per cent discount on lump sum payment.
The strategically located two sectors are linked by 200-ft wide International Airport with Air Conditioned Bus Terminal, Super Specialty & Multi- Specialty hospitals, Industrial Area, upcoming International Airport and one of the biggest shopping malls of the region, North Country Mall in the close vicinity. Delhi- based leading developer, TDI is also coming up with a township in Sector 118. It recently launched luxury apartments - Windsor Tower Mohali as part of this township. 
PUDA had earlier launched its residential apartments scheme in October, offering 490 3/4 BHK multi-storeyed apartments in Splendid Heights gated community in Jalandhar. These 23-24 storeyed towers with penthouses offer 24-hour power backup, elaborate parking, parks and leisure activities, including a club with banquet, terrace garden, restaurant, bar, swimming pool and indoor games. 
Prior to the launch of residential plot scheme by PUDA in Sector 118- 119 in Mohali, Greater Mohali Area Development Authority (GMADA) had offered 740 plots of 100-500 sq yd in Eco-City 1 in Mullanpur on the outskirts of Chandigarh — a master planned township with large green belts, commercial areas, an upcoming Medicity, non- polluting industry and provision of Metro Rail. 
PUDA Gateway City’s payment plan requires 15 per cent of the price, besides 10 per cent earnest money to be deposited within 30 days of the issue of letter of intent.The balance 75 per cent will be payable in six equated half-yearly installments along with interest @ 12 per cent per annum.The first installment is to be paid after one year from the date of issue of allotment letter. There is a special 5 per cent rebate for disabled persons. 
The last date for applying for the scheme is January 15, 2015. 

Ashiana Homes-Landcraft to invest Rs 650 cr on housing project

Realty firms Ashiana Homes and Landcraft Projects will jointly invest about Rs 650 crore over the next five years to develop a housing project in Gurgaon.
Ashiana Homes and Landcraft have formed an equal joint venture to develop the 14-acre housing project, comprising 750 apartments, located along Dwarka Expressway.
To fund this project, the JV firm Ashiana Landcraft Realty has already raised Rs 180 crore from Pirmal Group private equity firm Indiareit and financial institution India Infoline.
“We are coming up with a premium housing project on Dwarka Expressway. The construction of first phase comprising 450 units have started and the second phase would be launched next year,” Ashiana Homes Director Rohit Raj Modi said.
Asked about investment, he said the total project cost would be about Rs 650 crore, including investment on land, which the joint venture firm had bought from another realty firm Vatika group.
“We have already raised Rs 180 crore for this project in a structured deal. The remaining investment would be funded from advances against sales and construction financing from HDFC Ltd,” Modi said.
The JV is expecting a sales realisation of about Rs1,000 crore from this project ‘Center Court’ over the next five years, he added.
The first phase would be delivered by mid-2017 and the entire project would get completed by 2019. At present, the company is selling the flats at a basic selling price of Rs 6,500 per sq ft.
Delhi-based Ashiana Homes is developing projects in the national capital region, Jaipur and Bhubaneshwar. Ghaziabad- based Landcraft Projects is building a 90-acre township and a group housing projects in the city. — PTI  

Shrinking homes in Mumbai!

Property sizes in Mumbai region falling since 2012: Survey 

Sizes of homes across the Mumbai metropolitan region (MMR) are shrinking over the past two years as real estate players are developing small-sized properties keeping in mind the price factor.

The home size has decreased by as much as eight per cent since 2012 and the trend is likely to continue as the population grows and property prices increase, property portal Commonfloor said in its study.

“...since 2012, it may be found that property sizes have constantly decreased, while prices have almost remained the same or marginally increased,” it said.

The trend started as early as 2009 but became increasingly visible over the last two years.

“One of the main reasons for increasing number of small-sized properties is the affordability aspect. Prices in Mumbai have seen a meteoric rise over the past few years. Yet every individual aspires to own a home there. Keeping in mind the affordability aspect of buyers, realty players have started launching properties that are smaller in size.” Buyers don’t mind compromising on the size of the properties if they fall within budget and are in the city limits, the survey said.

“Secondly, the MMR is witnessing a rapid increase in population over the last few decades. Mumbai is currently the seventh most populous city in the world and in the league of Tokyo and Delhi. An increasing population raises concerns for available space. This may be considered a key contributor to the reducing property sizes,” it said. — PTI