Allottees With Unfinished Properties in Gurgaon will Feel Impact of New HUDA Policy

Allottees of unfinished or semi completed properties in Gurgaon have been given an ultimatum by the Haryana Urban Development Authority. Under this ultimatum, allottees of properties that are semi built or are vacant land, have until the March of 2019 to complete fifty percent of the work required or face penalties by the HUDA. If the allottees of these 1,060 properties (who were alloted land by HUDA) fail to comply with the orders of the HUDA they will face a hefty fine when they try to gain an extension of one year's time to construct their property.

The building that is expected to stand in such plots has already been approved by the HUDA yet work on the project has either not begun or has been abandoned less than half way.

As per publicly released information, the HUDA gave this order yesterday and the order applies to areas that fall under the jurisdiction of the Estate Officer-1. Should those who own such incomplete property on HUDA plots in the region mentioned not comply with the order, they should be ready to brace for action from HUDA.

A Change in Policy

A new policy has been introduced which mandates that construction must be completed on at least fifty percent of the land that has been granted permission to bear a building by HUDA. Furthermore according to this new policy, occupation certificates for such unfinished properties must be granted by March of 2019. In case the allottees fail to comply with this new policy, they will be liable to pay an extension fee at high rates; this has been prescribed within HUDA's extension policy.

According to a Sub-Divisional Engineer with HUDA, the mandatory construction must be completed by March 2019, or approximately within 2 years, otherwise the allottees will pay a fine. The accounts and administrative departments of the HUDA both have been provided a copy of the new notice and HUDA will begin to automatically charge allottees in case the Occupancy Certificates have not been awarded to allottees by March of 2019.

The 1,060 allottees who own GurgaonReal estate in the concerned region have already been issued notices however a further 4,000 allottees have been discovered to be in violation of the policy and they too may soon receive notices from HUDA.

What Led to This Change in Policy

An amendment was made to HUDA policy in January of this year which made it compulsory to have completed at least half of the approved construction, on HUDA plots by March 2019, regardless of whether the approved construction be institutional residential, or commercial in nature.

The major reason for the introduction of this new policy is that authorities discovered that they were suffering a huge loss in tax revenues due to large number of empty HUDA plots, which, if they had a built construction on, would have paid a higher rate of tax to the authorities.

Conclusion

If allottees fail to build half the construction by March 2019, they will have to pay a hefty extension fee if they wish to retain ownership of the plot. However if allottees were allotted the land fifteen years before March 2019 and the allottees have still not built half the construction on the land by March 2019 then they will forfeit ownership of their residential property in Gurgaon and their plot as both will be reclaimed HUDA.

5 Features to check when buying a luxury apartment in Gurgaon

Demand for luxury homes in India is growing slowly. People are gradually moving from the independent housing concept and now look for luxury apartments, villas, and penthouses in group housing projects. As there is a gradual shift towards the luxury housing, some people are still unaware of the important factors they need to check when buying a home. They just look at the brand name and the exterior beauty while booking a home in Gurgaon, but in reality, there are a number of other factors one must check when buying a luxury home.

Here are five important features you should check when looking for Luxury villa in Gurgaon. Extra attention to these factors will help you get the best home of your dreams.

Technology

Every real estate developer tries to set a benchmark when launching a luxury residential project. One of the widely used techniques for this is to make the complex technologically advanced. From automation to high-tech security measures, smart lighting, energy efficiency and smart toilets, there are many features you can look for.

Location

A home next to slums cannot be called a luxury apartment. So, when looking for a lavish project to invest in realestate in Gurgaon, be careful about the location of the project. The home should be a situation in a posh colony with world-class facilities like shopping malls, hospitals, schools etc.

Trendsetter

It’s not just the design of the home, but everything from the kitchen to flooring, gym, clubhouse, pools and landscapes, everything in a luxury housing project should be a trendsetter. Ultimately, you are paying the extra price for unique features which affordable homes don’t have.

Entertainment zones

Modern home buyers look for abodes with private entertainment zones, where they can enjoy quality time with the complete family. Home theater and personal gaming zone are the advanced features you can ask for when buying a sumptuous penthouse, duplex or apartment.

Extensive personal space

Bedrooms in every home have a great value as we spend the best time of our day here. A master bedroom in the luxury home should have ample size to accommodate a king-size bed and other things. Some Gurgaon builder are offering dreamlike bedrooms which are not just extensive in size but also have high-tech features like automation system, walk-in closet, and ceiling to floor mirrors.

These are just a few features which can convert a simple apartment into a luxury abode. So when you wish to give your lifestyle uplift, buy a luxury home in Gurgaon.

Impact of Higher FAR on Residents and Property in Gurgaon

The increase in the Floor Area Ratio (FAR) upon property in Gurgaon will lead to the creation of a larger number of units within the same area, however by crowding more and more of humanity in a smaller and smaller area, Gurgaon will become overcrowded and resources will become scarcer.

Advantages of a Higher FAR

An increased FAR means that more homes can be built on the same amount of land, this will lead to falling prices for housing units and lead to more affordable housing for more segments of society. Considering that nearly all 3 BHK flats in Gurgaon now cost upwards of one crore rupees, lower priced homes would make the city far more inhabitable for middle income and even lower income segments of society.

Learning From the Past

Last year Gurgaon suffered due to waterlogging brought about by a large amount of rainfall, with a larger mass of humanity in Gurgaon, the already poor physical infrastructure in Gurgaon will be tested further. Those who live in real estate in Gurgaon can vouch for the extreme distress faced by residents last year because of the monsoon rains which made Gurgaon’s roads difficult to navigate. If more people begin vying for the same limited infrastructure, later monsoons may inflict even more chaos on Gurgaon’s roads and arteries.

On the Positive Side

An advantage for builders in Gurgaon due to a higher FAR will obviously be the ability to build more on the same piece of land and hence earn greater revenues on every project. Additionally luxury projects in Gurgaon will become even more lucrative for the cities developers at the same time as such units become more affordable for buyers.

Gurgaon is a hotspot for employment and many commute daily from across the city to work here. However such commutes to and fro work may take up to three hours per day as living in Gurgaon is often not feasible for the common man. A higher FAR will lead to lower prices for apartments in Gurgaon and open up the cities real estate market to more segments of society.

The Downside of a Higher FAR

Not only would a higher FAR lead to more pressure on Gurgaon’s inadequate physical infrastructure, it would also lead to greater demand for power and other utilities which would have to be provided for more homes on a smaller area of land. A higher FAR and more apartments in Gurgaon would also lead to more environmental degradation and increase the impact of pollution.