This will be JICA's first debt funding in the housing finance sector in India
The country's fourth-largest housing finance company closed the year with healthy assets under management (AUM) of ₹84,000 crore
PNB Housing Finance has signed an agreement with Japan International Cooperation Agency (JICA) to raise 75 million dollars (about ₹568 crore) with co-financing of 25 million dollars (about ₹190 crore) by Citibank to finance mortgage loans in the affordable housing Schemes in India.
|Project Name||Builder Name|
|The Millennia||Sternal Buildcon Pvt. Ltd. (M/S Signature Global Group)|
|Solera 2||Sternal Buildcon Pvt. Ltd. (M/S Signature Global Group)|
|Raheja Krishana Housing||Raheja Developers|
|Supertech Basera||Revital Reality Private Limited|
|Arawali Homes||GLS Infratech Pvt. Ltd|
View All Properties in Gurgaon Under Affordable Housing Scheme
This will provide affordable housing to low-income households in India based on the Facility for Accelerating Financial Inclusion in Asia.
"This will be JICA's first debt funding in the housing finance sector in India. We look forward to having a long term relationship with them," said PNBHF Managing Director Sanjaya Gupta.
"In spite of the current lockdown, with our operational robustness and resilient human capital, the team worked relentlessly to have the agreement executed," he said in a statement.
maintained liquidity of ₹7,588 crore (not considering statutory liquidity ratio investments) as on March 31 and has additional sanctioned but undrawn lines of ₹3,994 crore. It has serviced all committed liabilities till date without exercising the moratorium option.
The country's fourth-largest housing finance company closed the year with healthy assets under management (AUM) of ₹84,000 crore and deposit mobilisation of ₹9,200 crore in FY20.
"Though the impact of the changed scenario arising due to COVID-19 is getting worked out, as an organisation we continue to be extremely vigilant and focused towards recovery initiatives," said Gupta.
The loan spread is expected to be within the guided range of 200 to 215 basis points for the current financial year, he said.
GURUGRAM: If you’re planning to invest in premium housing in , the new year hasn’t brought good tidings. The Gurugram administration on Monday proposed higher circle rates, which decide how much you pay during the registration of properties, in the city.
The steepest hikes — more than double the existing rate — will affect those investing in upscale condominiums along Golf Course Road, such as Parsvnath Exotica, The Verandas, Palm Springs, Park Place, Belaire, Camellias, Vipul Belmonte and Central Park, and in DLF 5.
In most of these areas, the circle rate may see an increase from the existing Rs 8,000 per sq ft to a maximum of Rs 17,000 per sq ft. The administration has invited objections and suggestions from residents till January 10, following which the circle rates will be finalized and notified.
Circle rate is the minimum price at which a property is transferred in government records. Since the government collects stamp duty on the basis of the circle rate, it’s at the registration stage that a buyer will have to cough up a higher amount.
So, if a buyer purchases a 4,000 sqft apartment at the current circle rate of Rs 8,000 per sq ft, the total cost comes out to be Rs 3.2 crore. If stamp duty of 7% is levied on the cost, that’s Rs 22 lakh. If the circle rate is hiked to Rs 17,000 per sq ft, the assumed cost of this flat will double, as will stamp duty.
Property experts said this would have a negative impact on luxury real estate transactions. The circle rate proposed for group housing societies in Gwal Pahari has also been doubled from the existing Rs 3,000 per sq ft to Rs 7,000 per sq ft. The proposed circle rate for the group housing societies in Sector 15, 27, 28, 30, 31, 32A, 39, 40, 41, 42, 43, 45, 46, 50, 51, 52 , 53, 54, 55, 56 and 57 is also more than double, from the existing Rs 5,000 per sq feet to Rs 12,000 per sq feet.
“The circle rate for Huda builder floors and floors in the licensed colonies has been proposed to hike from the existing Rs 5,500 per sq ft to Rs 10,000 per sq ft. This is not at all viable. The circle rates should be in fact reduced by 10%,” said Ramesh Singla, president, Gurugram Home Developers and Plot Holders Association.
17,000 per sq ft is the Current Circle rate at Golf Course Road.
7,000 per sq ft is current circle rate it includes societies in Sector 15, 27, 28, 30, 31, 32A, 39, 40, 41, 42, 43, 45, 46, 50, 51, 52 , 53, 54, 55, 56 and 57
Some More News and Updates
Real Estate Regulatory Authority (HRera) served show-cause notices to two developers — Orris Land and Housing and Ansal Properties and Infrastructures — for not registering their ongoing projects Woodview in Sector 89-90 and Esencia in Sector 67 respectively.
the real estate watchdog has also warned them that they would be fined Rs 75 crore and Rs 106 crore respectively for not getting projects registered with the regulatory authority.
According to HRera, it asked Orris and co-developers to explain in person as to why a penalty of Rs 75 crore each should not be imposed on them for not registering its project Woodview, a residential plotted on 101 acres in Gurgaon, with it.
The director of town and country planning department had granted licence to Orris Land and Housing and 24 others in 2013 for setting up a residential plotted colony. Orris is the developer of the project in terms of licence, but had illegally bifurcated the licensed land even before it got the DTCP’s permission.
The authority observed that the promoters have not obtained completion/part completion certificate for the project till date. As the project is under way, they should have been registered their projects with the authority within three months from the enactment of Rera Act, 2016.
However, the promoters have failed to comply with these requirements and are liable for a punishment under Section 59(1) of the Act Ibid. Therefore, the authority is constrained to serve a show cause notice to the promoter, directing him to comply with the mandatory provisions of the Act of 2016 and make application for registration along with all required documents. Further, the promoter has also been directed to appear before the authority on January 20 and explain as to why a penalty of Rs 75 crore should not be imposed on it, failing which the authority may initiate appropriate legal proceedings.
In other case, HRera served a show case notice to Ansal Properties and asked it to explain in person on January 27 as to why a penalty of 106 crore should not be imposed on it for not registering its Sector 67 project Esencia.
In other case, HRera served a show case notice to Ansal Properties and asked it to explain in person on January 27 as to why a penalty of 106 crore should not be imposed on it for not registering its Sector 67 project Esencia. In other case, HRera served a show case notice to Ansal Properties and asked it to explain in person on January 27 as to why a penalty of 106 crore should not be imposed on it for not registering its Sector 67 project Esencia.
The representative of Ansal API didn’t even respond to the queries on the show cause notice. The Haryana Real Estate Authority was established in 2017. The Real Estate (Regulation and Development) Act, 2016 is an Act of the Parliament of India which seeks to protect homebuyers and help boost investments in the real estate industry.
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Confused Between Plot or Flats, which one is a better investment!
If you are looking to invest in residential Real estates market you often com across wither to invest in a plot or in a flat most of people got confused while comparing a property before investing.
In Flats, You Can not get any complete flexibility to modify your Apartment because in flats apartment sizes are designed by builders and approved by a government official before getting occupation certificate for the building. this scenario is for both Under Construction and ready to move in Projects and property.in ready to move property you don't have much scope for structural changes you have to accept property like the way it is.where as in Plots you can design property with your own taste like the way you love more over in Huda plots there is a criteri for construction in
in Flats, you get a better return as compare to Fixed deposits and other investing scheme options.
When we took a tenure of 20 to 25 year we get an approx average return of 8 to 12 %. there might be some chances that you get return of upto 30% in first year and 0% in next successive year. above is roughly idea of 20 to 25 year.Return Can be higher depending upon area,growth and infrastructure.
in plots, you will get a return of 10 to 15% depending upon market condition, in developing area and upcoming economic corridor these return can be high. but it can be negative in the undeveloped area because there might be a chance that area can take a timespan of another 10 to 15 years.
in plots there is some Major risks that can affect you badly.
in case of a home loan in flats you get an easy loan and get tax benefits instantly under section 80c and section 24, You will get a loan up to 90% depending upon your terms with bank and eligibility of cbil score. And remember home loan are always cheaper and you can also get benefits of 2.75000 under PMAY Awas yojna.
in Plots You have to Dump all the money at once andif your get any loan from other property then the value will be higher.
In flats there are gated community and usually society have tear 1 and tear 2 security on the other hand side plots have no security and there are always chances of encroachment in plot
if you are working class people then flats are a very good option but if you are seeking higher returns then plots are good options.
Some useful Link for property decision.
At Present Gurugram has an estimated approx population of 1.3 cr most of them are of sidewise areas in search of jobs and occupations and education, with this every person is looking for a shelter and conveyance.
The government of Haryana works proactively regarding this situation in Haryana and launch affordable housing policy in tire 1, 2, 3 cities. in this policy government decides to shake hands with private builders within government norms and provide benefit to home buyers. with this everyone is looking for gap fulfillment in high end and normal property price as a result builders start facing its cons and there profits reduced drastically.
So with these current scenario builders' who always seek for higher returns' started work smartly and they started to build projects more economical areas and outer part of Gurgaon as a result people starts to surrender their units within guidelines of affordable housing policy.
For investments, I would like to share some quotes from famous personalities.
Don't Save what is left after spending
But Spend what is Left after Savings
and One Other Quote
Your Investment Should be Market Gap Filler, Invest Wisely
So Gurugrams real estates developers started to work wisely and start building projects in happening yet affordable areas likes sector 37 Gurgaon. Sector 37 Gurgaon is the new upcoming B-town extension of Gurgaon. As new and old companies are shifting to new Gurgaon area the Pataudi road starts gaining importance and builder start residential projects in joint ventures. The government also add a beneficial point to Pataudi road with towards its keen approach of fully functional Dwarka Expressway.
Sector 37D and 37c is the new hot location for builders which is encircled by Dwarka Expressway, Hero Honda Chowk and old Gurgaon.
Benefits for builders
Benefits For Buyers
Don't Forget Gurgaon is very large, but when we see with the perspective of real estates & residential development it can be divided into 10 major parts.
For Home Buyers there are a variety of options available in the property market and buyers should have check builders background and details before investing andif you are going with a real estates agent or broker you should also verify them.10 check before going with real estates brokers.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width="1/2"][vc_column_text]
[vc_row][vc_column][vc_acf field_group="839" field_from_839="field_5bf1d02fdf91e"][vc_column_text]The competitively-priced residential projects, strategic location and strong connectivity network are the primary reasons behind the increasing popularity of Sector 79 in Gurgaon. 99acres delves deeper to find out the reasons why the locality is featuring among the emerging residential hubs of Gurgaon.
Gurgaon is home to top-notch multinationals including IBM, American Express, Bank of America, Oracle and Microsoft. The major contributors to Gurgaon’s realty expansion is the working class that migrates to the city for opportunities with these large employers.
While property prices are increasing across localities in Gurgaon, the announcement of Haryana Urban Development Authority’s (HUDA) new affordable housing scheme gurgaon - Ashiana is aimed at reviving Gurgaon’s affordable realty, which has suffered lately due to project delays and slow pace of infrastructural development. In a fresh bid to allot low-cost flats, HUDA had placed around 1,500 Ashiana houses on offer in Gurgaon and Rewari during 2016.
This attracted attention of private building firms who started lining up housing projects within various budget price brackets in Gurgaon. Further, the Centre’s focus on affordable housing and exemption in the tax benefits (announced in Union Budget 2017-18) has led front-runners such as Supertech, Raheja, Tata Housing and M3M Group to shift their focus towards affordable homes. Most of the cost-effective housing options are mushrooming in the recently developed Sectors from 58 to 115. Though there are several lucrative sectors to consider, which is the ideal locality for end-users?
“Well, the answer is Sector 79 Gurgaon, which is evolving as a realty hotspot for its proximity to Delhi-Ajmer Expressway (NH-8), Dwarka Expressway and Golf Course Road,” opines Gautam Adhikari from Adhikari Estates. Unlike many developing sectors of Gurgaon such as sectors 65, 66, 67 and 67A, property rates are quite reasonable here. As per 99acres data, average property prices in the locality range between Rs 4,000 per sq ft and Rs 5,500 per sq ft. Here are a few more factors that make Sector 79 a self-sufficient locality for end-users (except affordability):
Green and less congested
Sector 79 is a peaceful location with a lot of greenery around it. Encircled by four golf courses, the locality is least crowded in comparison to many other sectors. R K Arora, Chairman, Supertech Ltd feels the same. “Sector 79 is located in the foothills of the Aravali ranges. The developing sector is congestion free and is a convenient option to escape the hustle-bustle of the increasingly crowded Gurgaon,” he explains.
The micro-market is well-connected to other parts of Gurgaon through Golf Course Road. Delhi and important localities in the National Capital Region (NCR) are accessible through NH-8 (one km away). Dwarka Expressway, which is set to be operational in June 2017, will connect the locality to the industrial town of Manesar directly. Nearby Southern Peripheral Road (SPR), which was made operational in September 2016 has made the locality more connected to Faridabad, lately. A proposed metro station and ISBT along important sectors of Dwarka Expressway are set to strengthen the public transport link in the region.
Price appreciation potential
With a large number of corporate houses setting up their offices in Gurgaon, the city is fast-emerging as an end-user destination. As the city has a good number of floating population, expert anticipate a rise in residential demand post March 2017. As a result, peripheral sectors such as sector 79 are set to witness an increase in property prices.
The opening of Dwarka Expressway will give a leg-up to many residential properties in Gurgaon, including sector 79. “With the completion of Expressway, the area is expected to see up to a 10 percent hike in average property prices,” Adhikari predicts.
While the area is home to many affordable housing projects, it has the potential to cater to high-end luxury homebuyers due to Aravalli view and five-star resorts nearby. With the inflow of population in surrounding sectors 76, 77, 78, 80, 81, 82, 82A, 83 and Manesar sector 1, the demand of both affordable and luxury housing is increasing in the sector. The positive market sentiment is encouraging developers to create apartments and villas here. Godrej Properties, Raheja, Bestech and Supertech are among the active developers in the area. Even, configuration wise, one can choose from 2BHK, 2.5 BHK, 3BHK and 3.5 BHK apartments.
Name of the project
Price range (in Rs)
12 - 26 Lak
1 - 1.72 Crore
Bestech Park View Altura
The area is surrounded by world class resorts (ITC Classic Golf Resort, Wet and Wild Resort, Tarudhan Valley Resort). Located adjacent to NH-8, the sector is located opposite to Hyatt Hotel and nearby Radisson and Hamilton Hotel. Enveloped by prominent sectors, several schools, hospitals, banks, ATMs and restaurants dot the area. Some of the schools situated close by include Jai Bharti Public School, Government Primary School, Blooming Buds. Hospitals that are situated nearby are DLF Primary Health Center and Yashlok Medical Centre in Sector 1, IMT Manesar. Some of the banks in proximity are Bank of India, Oriental Bank of Commerce, Andhra Bank, Corporation Bank and ICICI Bank.[/vc_column_text][/vc_column][/vc_row]
the long section of the Western Peripheral Expressway or the KMP Expressway from Kundli to Manesar, the entire Ring Expressway panning over 200 km around Delhi is now ready.
Real estate experts are of the view that this ‘infra loop’ is a ‘game changer’ and is expected to give a fillip to the realty market along the belt as the new infrastructure would lead to enhanced demand for industrial, warehousing lands and setting up of data centres.
Industrial development in NCR attracts several support facilities like warehouses, transshipment hubs and logistic hubs. The demand for the warehouses and other allied activities is poised to grow with the KMP Expressway now operational, say experts.
It must be noted here that the Haryana government has already announced that it has plans to develop five new cities spread over an area of 25,000 hectares along both sides of the 185-km KMP and 50-km KGP. Haryana chief minister Manohar Lal Khattar had said on October 26 that these cities of 5,000 hectares each will be developed as industrial, economic and commercial corridors. Residential development would also be part of the plan, he had said.
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"The draft plan for the five new cities to be developed along 185 km Kundli-Manesar-Palwal (KMP) and the 50 km area along Kundli-Ghaziabad-Palwal (KGP) that falls in Haryana is ready. A massive industrial, commercial and residential corridor along two km on either side is planned. As many as 25,000 hectares are expected to come up for development. The area would be bigger than Delhi," he had said in October.
Provide a fillip to the realty sector
"Now Sonepat-Kundli is well connected to Manesar and Gurgaon industrial belt. Even the airport is an easy drive away. We expect an immediate fillip to the real estate market in Sonepat-Kundli. A lot of people will find it easy to live here and commute to Gurgaon. There is a huge increase in demand for industrial and warehousing lands as well. We expect the prices to rise by 15-20 percent in the short term and more importantly rise in actual inhabitation in this belt,” says Pankaj Bajaj, president, CREDAI-NCR.
According to Gaurav Jain, Vice President, NAREDCO, the increased accessibility to the expressway will have a positive impact on the Kundli-Sonepat region. There will be increased warehousing and industrial activity along the belt with Palwal and Kundli at an advantage in term of land values.
Investors would be scouting for big parcels of land that are over 100 acres for setting up warehousing facilities. This will be a game changer for this area, he adds.
“With KMP Expressway, apart from industrial and economic development there would be surplus investment opportunities in the region,” says Kamal Taneja, MD, TDI Infracorp.
Land parcels close to Haryana and Delhi to see industrial growth
Sector experts are of the view that land parcels facing Rajasthan, Delhi and Haryana will see industrial growth. Under the industrial segment, activities that will see a rise include warehousing – open, regular and storage and data centers on the IT side of the business.
Several foreign investors have already started showing interest in this location, so have private equity funds. Investors would typically want to invest in a market which is relatively slow. Having said that, there would be some fence sitters who would negotiate terms and wait until elections before transacting, says an industry expert.
Overall there is immense scope for growth along this belt. It may take another two years for financial closure. As far as industrial buildings are concerned, it does not take more than five months to build, he says.
As for companies that have already established a base here, Embassy Industrial Parks is a front runner. Embassy Industrial Parks had acquired a 108-acre land parcel in Haryana’s Farrukhnagar town near Gurgaon. Embassy Industrial Parks has signed an MOU worth Rs 1,910 crore with the government of Haryana to develop a 3 lakh sq ft industrial park in the area.
Proximity to the large consumption centres of IMT Manesar and Gurugram along with ease of connectivity to the Delhi-Jaipur highway make Farrukhnagar an ideal location. The area houses leading companies from various sectors such as e-commerce, automotive, logistics, retail and FMCG.
Anshul Singhal, CEO, Embassy Industrial Parks, told Moneycontrol that already 1.5 lakh sq ft of space has been leased out. “A highway project such as the KMP impacts the entire logistical support of the country as vendors and suppliers would use it as a route to ship and receive goods from the region. As a whole, it would increase operational efficiency. Along with GST, it will increase the ease of doing business,” he says.
He does not see prices along the stretch to increase any further as they have already been factored in at the time of construction. “Areas close to Delhi and Gurugram will witness faster growth with data centres, schools, hospitals, hotels, residential developments, warehousing etc coming up along the area. The entire stretch will not develop overnight. Growth will happen gradually in the next five to 10 years. It’s almost as big as the Mumbai-Pune Expressway and growth will take time,” he says.
The company is also scouting for more land in the region. “Our focus would be on buying land that is closely accessible to the KMP. We have not identified any parcels yet but we are currently under discussion,” he adds.
The Kundli-Manesar-Palwal Expressway or the Western Peripheral Expressway has been opened to the public after over almost a decade. The 83-km stretch has been built at a cost of Rs 9,000 crore. The first phase of the highway between Manesar and Palwal was made operational in 2016.
The KMP Expressway meets the 135-km Eastern Peripheral Expressway also called the Kundli-Ghaziabad-Palwal Expressway at Kundli at one end and Palwal at the other. The KGP was inaugurated in May this year. Together the two highways encircle the Capital in a loop.
Both the expressways are expected to reduce traffic congestion and pollution in the national capital region as over 50,000 vehicles would be diverted from Delhi.
The Kmp Expressway - Kundli-Manesar-Palwal, which is expected to reduce traffic congestion and pollution in Delhi, will become fully operational today with Prime Minister Narendra Modi inaugurating its Kundli-Manesar stretch at a rally in Gurugram
10 facts about the project which took 15 years to complete
- KMP expressway is also known as Western Peripheral Expressway (WPE). Along with the Eastern Peripheral Expressway (EPE), it is expected to divert more than 50,000 heavy vehicles away from Delhi as vehicles going from north India to the western and southern parts of the country would be able to do so without passing through the capital.
- Proposed in 2003, both expressways were expected to be completed by 2009 but missed several deadlines since then due to various reasons including land acquisition hurdles. Work resumed in 2014 after a Supreme Court order and both expressways were completed this year.
- Initially, the 135.6 km four lane WPE from Kundli in Sonipat to Palwal near Faridabad was planned to have four lanes but it was later expanded to six lanes.
- The six-lane expressway, which cost over Rs 9000 crore - Rs 6,400 crore on construction and Rs 2,988 crore to acquire land, will have parking lots, refilling stations, police stations, a trauma centre, helipad, refreshment centres, and recreational facilities. An ambulance, a crane and a police patrol vehicle with a helpline number have been stationed in every 20 km for speedy response in case of accidents or emergencies.
- The expressway’s Manesar-Palwal Section, which has already been opened earlier this year, is 52.33-km-long and has 32 agricultural underpasses, three intersections and four toll plazas. The over 83-km-long Kundli-Manesar stretch has six box culverts, 58 pipe culverts, eight minor bridges, six major bridges, four road over bridges, 35 underpasses, 21 vehicular underpasses, 23 cattle crossings and 38 pedestrian crossings.
- The entire road has been designed in such a manner that light vehicles can run at a speed of 120 kmph whereas heavy vehicles can travel at 100 kmph.
- The expressway would cover five districts--Sonipat, Jhajjar, Gurugram, Mewat and Palwal. With the opening of the expressway, traffic congestion would reduce in the national capital region while northern and southern Haryana will get a high-speed link
- None of the natural drains, road crossings, and revenue roads were blocked while building the highway, which seeks to ensure the natural movement of people, water and other elements does not get blocked, according to KMP expressway project director Vilas Misal.
- To prevent mudslides, vetiver (khus) grass, which has strong and deep roots, has been planted. Vetiver will also consume a large amount of carbon dioxide as it is a very environment-friendly plant, said Pardeep Goyal, vice president of Essel Infraprojects, the contractor for the project. Also
- Two rows of shrubs will be planted in the median and two rows of trees like neem, arjun, and sheesham on the sides, while fountains, historical and cultural monuments have come up at various locations to improve the aesthetic look of the expressway.
The alignment of a new road proposed to be built from NH-8 to Gurgaon-Faridabad Road passes 20/25 meters inside the compound of the Aravali Biodiversity Park, showing why the project is facing stiff opposition from residents’ groups who are worried it will destroy the park.
As the plan stands now, a 2km stretch of the road is to pass through the park. Were this road to be built, it would lop off an entire portion along one of the park’s two long edges, cutting a crescent-shaped slice through it. So far, no specific numbers have been shared on how much of the 380-acre park will get affected. Environmentalists and residents’ groups fear building a road will do far more damage than just reducing the park area, affecting its flora and fauna and ultimately threatening its survival.
And amid claims by state government officials about a rethink of the blueprint to take the road along the boundary wall of the park rather than through its compound, the alignment was revised this April to take the road closer to an edge of the park than it was before.
The route now on the blueprint is what was drawn up in April. Officials admitted there was little room to man observe the alignment because of land availability problems.
The road has been envisaged as an access-controlled expressway – part of the Greater Southern Peripheral Road from Ambience Mall to Khaki Duala – which means crash barriers will be built as well.
A senior NHAI official said on Wednesday, “The first alignment proposed was passing through the middle of the park, including some land parcels that belong to private entities. Later, GMDA suggested if we could take the road towards the periphery of the park on the side facing the Haryana-Delhi border. Their suggestion was taken into account and a second alignment was finalized.” The official added NHAI was aware of the ecological importance of the area and had mitigation plans in place, including planting the same species of trees in the vicinity of the affected area of the park.
Environmentalists who are opposed to the project had met NHAI chairman Santee Rajang on Tuesday. “We made a presentation, saying what the state) of the park) is, what kind of forest it is and the effort that has gone into building and preserving this. They heard us and told us there are several stakeholders in the proposal – the Haryana government, MCG and GMDA They also said NHAI is just the implementing agency and other stakeholders would have a better say on the issue,” said environmentalist Vijay Dasani.
“They told us if we have an alternative route, they would look into, we asked them to give us the feasibility study and the purpose of decongestion of NH8. Unless someone provided us with data, how can we come up with alternatives?” added Dasani.
The alignment design of the project mentions that since land acquisition is difficult, the possibility of developing the expressway as a mix of plain and elevated roads with four-lane carriageways on both sides as well as service lanes would be explored.
Approximately, 3.5 lakh vehicles use NH-8 while it has been designed to handle only 1.8 lakh vehicles daily, an NHAI official said.
Asked about Tuesday’s meeting, a senior NHAI official said, “We listened to their concerns and also shared our views. The highway alignment has been proposed by the local authority and the project was mooted by the state government. We are ready to look into any viable option. The state authorities had only shared that the project could pass through the land, which is owned by MCG.”
Sources said there is no other option on the alignment as NHAI can’t plan the road through Delhi because of the Rajokri Air Force station. Constructing an elevated road is not feasible because of the terrain, the officials said.
Interestingly, former MCG commissioner Rajesh huller, who is now principal secretary to chief minister Manohar Lal Khattar, had played a key role in engaging citizens to develop the park. Even private firms of Gurgaon had contributed from CSR funds for large-scale plantation.
Almost seven months have passed since the Supreme Court delivered its ruling in the Manesar land scam case. But the Haryana State Industry and Infrastructure Development Corporation
(HSIIDV) is yet to verify claims of affected home buyers, because of which the handover of plots and flats is stuck.
DLF, one of the companies which have projects in the affected area, is ready to hand over the first batch of flats, said sources.
In its order dated March 12, 2018, the Apex court had said claims should be verified by the appointed government agency, within two months from the date of judgment Yet, seven months later, the process is yet to be completed.
"After 10 years of wait, we were hopeful the SC judgment would expedite handover of flats. However, verification alone has taken six months,
and even if the developer is ready to hand over the flats, we aren't sure when we will get our homes," said Mukul Bajaj, who has bought a home in DLF Express Greens.
Express Greens is one of the projects developed on the affected land and has 1,200 buyers with flats in their roster. The project is almost ready, and sources within DLF said the company is ready to hand over the first batch of
flats, as soon as they receive some approvals from HSIIDC.
"DLF is apparently ready to hand over around 100 flats to owners whose properties are registered. The modalities of such a handover are unclear as HSIIDC is yet to acknowledge claims submitted by buyers n April in response to the notice.
This delay of over seven months since the SC ruling, and with no clear end in sight, buyers are frustrated paying rent and EMI, 10 years after the flats were supposed to be delivered," said
Vikram Kataria, another buyer.
Sources said in the past week, HSIIDC has asked for bank statements from home-buyers for the past 1- years to ascertain what they still owe to the developer.
Another project affected under the scam is ABW Aditya Niketan, where over 2,000 home-buyers are affected while construction work hasn't yet started. "HSIIDC hasn't even verified our claims yet. We aren't sure when construction of our home will begin. There is an unprecedented delay from their side
in implementing court orders," Naresh Jindal of ABW Manesar allottee welfare society. HSIIDC officials said they are in the process of verifying the claims. Hover, since it's a massive judgment and there were a lot of directions from
headquarters, the process took longer than expected.