Circle rate increased in Delhi

The Delhi government has officially increased the circle rates between 2 to 4 times from the existing ones in different parts of Delhi. This will help reduce the black component in Delhi's real estate transactions. The new circle rates are effective from 15th October, 2010 onwards. 

Circle Rate in Delhi

The Delhi government has decided to increase the cirle rates in Delhi by about 3 times from present levels. This is a positive step towards maturing of the real estate market in Delhi. This will help in easier transcations, both for the buyer as well as the seller as it will reduce the cash (black) component in deals in future. The new circle rates are expected to be applicable very soon - most likely within a few weeks from now.

Delhi Rent Act

Finally the long awaited Delhi Rent Act may be modified to make it unbiased, as it is now heavily in favour of tenants and gruesomely unfair to the landlords. There are several landlords owning 10's or 100's of crores worth of properties (who unfortunately had rented out their properties in good faith to slimy tenants, decades ago) and despite that they are paid only a couple of hundred rupees per month as rental for their properties. There are indications that the Delhi High Court might review this Act after so many years of waiting. If this act is modified, then there may be a spurt in demand for commercial property in Gurgaon and Noida, since the tenants will either have to revise the rent as per market rates or vacate their premises. 

Demolition in Pahar Ganj

Large scale demolition is underway in Pahar Ganj these days. This seems to be just a beginning to a very big exercise expected to be performed in the near future. Traders have informed that the MCD has earmarked a huge task in entire Delhi, specially old markets like Sadar Bazar, Chandni Chowk, Chawri Bazar, Karol Bagh etc. If this really becomes a realty then the demand for retail space in Gurgaon and Noida will slowly creep up soon.  

FIR against DLF Developers

An FIR was filed against DLF Developers few days back, by investors of DLF in one of its projects in Okhla, Delhi . Roughly 2 years back DLF had come up with an offer for advance booking of commercial office space in their project in Okhla. The land was however supposed to be for industrial use only. DLF promised their investors that they would get the land converted into use for a commercial building or else would refund the booking amount and installments to the investors in case of failure in obtaining the necessary permissions from the government authorities.

Its been around 2 yeara and DLF has neither been able to obtain that permission nor has it refunded the money to the investors.

This is a wake up call for investors who have blind faith in DLF or any other one particular builder for that matter.

Often we are approached by buyers who have a blind obsession for a particular builder and we always try to explain the buyer, not to be so fixative on any one particular developer because then quite often such buyers lose out on a better opportunity which might be available in the market at that particular time.

Delhi MLA's mouth watering for Emaar MGF Commonwealth Village

Recently MLA's from Delhi assembly are making a desperate attempt at obtaining flats in Emaar MGF's Commonwealth Games Village free of cost. This is a classic example of cheapness displayed by politicians. Not all politicians are the same types but the ones who are demanding this freebie should be ashamed at themselves

Noida builder cheated by U.P. MLA

In another incident of real estate fraud, yesterday an MLA from UP was arrested for cheating a Noida based builder to the tune of Rs. 5 crore. This a reminder to everyone that its not only the builders and property dealers who cheat investors but is also the other way round quite often. Hope people will stop looking at realtors through the same lens all the time.