Latest property News Gurgaon

Latest Property News Gurgaon 2018

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Property News Gurgaon 2018

There are two top news hit in the various real estate property news websites and market. The following news has been updated via the source of Economic Times and NDTV News. The following article provides you the best update about updated real estate news  of Gurgaon.

First Property News Gurgaon:-

  • Gurugram: Builder’s licence scrapped, 300 buyers in lurch.

Buyers of homes in the group housing society Elacasa, being built by Earth Infrastructure Private Limited, have been left in the lurch, after the state department of town and country planning (DTCP) cancelled the builder’s licence to develop an 18-acre township in Sector 107, after finding that the realtor has contravened conditions of the licence and provisions of Urban Areas Act 1975.


DTCP’s order, a copy of which is with TOI, mentions that the builder, among other things, had failed to pay “the external development charges (EDC) along with interest updates as per schedule issued by the department”. Meanwhile, around 300 homebuyers have paid up anywhere between 25-60% of the cost. The licence was originally granted to RMS Estate to set up a group housing colony in Sector 107. They sold the licence to Sarvram Infrastructure India Private Limited, who resold it to the builders, Earth Infrastructure Private Limited.


All three transactions happened in quick succession in 2012. DTCP says they did not receive EDC for the two latter transactions. After DTCP approved building plans by DTCP on January 2013, Earth Infrastructure — which later changed its name to Earth Buildprop Private Limited — released its advertisement in a pre-launch offer in 2012, which, according to DTCP, had violated norms. It has now asked the STP to “take over administration of this licensed colony on its behalf, and should put up signage on the site, indicating that DTCP has taken over administration of this licenced colony.”


Even as the licences stands cancelled for violating conditions, homebuyers with whom TOI spoke had other personal disappointments with the builder to share as well. “They have left us in the lurch,” said Dharam Singh Yadav, a homebuyer from Delhi. “We paid around 25% of the total amount due for our unit in 2012, when they advertised a pre-launch offer. Much later, we came to know they didn’t have clearances from the government. Barring a couple of towers where an unfinished edifice can be seen, the rest of the site has merely been excavated.”


Residents said in 2013, the builder sought an undertaking from homebuyers. “They wanted us to sign an affidavit, in which the owners changed the company’s name to Earth Buildprop Private Limited. We were hesitant,” said Sudeep, another homebuyer. “We asked them to give us our money back. We kept frequenting their offices in Karol Bagh and Connaught Place, only to see them slowly shut down. We knew nothing of their whereabouts, and only got mails to alert us of instalments due for payment, for non-existent flats. Finally, we approached the Delhi economic offences wing in Delhi in 2017. We simply want our money back.”

Dharam Singh said he had bought two flats in the proposed township. “One is in my son-in-law’s name, the other in my daughter’s name,” he said.

As per sources, directors of Earth Buildprop are currently under judicial detention, so they couldn’t be reached for comments.


Second Property News Gurgaon:-

  • Connaught Place Moves Up In Ranking Of World’s Costliest Office Locations:

New Delhi’s Connaught Place has moved one position higher to become ninth most expensive office location in the world with an annual rent of $153 per square feet, according to property consultant CBRE, reported news agency Press Trust of India. Mumbai’s Bandra Kurla Complex (BKC) slipped to the 26th position (from 16th) with an annual prime rent of $96.51 per square feet. The central business district (CBD) of Nariman Point also moved down to 37th position commanding an annual prime rent of $72.80 per square feet from 30th rank last year.

CBRE released its annual Global Prime Office Occupancy Costs survey. The cost reflect rent, plus local taxes and service charges for the highest-quality prime office properties.


“Delhi, being a prime market, continues to witness significant activity and has moved one step ahead to the 9th position owing to stable vacancy, rents and absorption,” said Anshuman Magazine, chairman, India & South-East Asia, CBRE. According to the report, Hong Kong (Central) is at the first position with an annual rent of $306.57 per square feet, followed by London (West End), Beijing (Finance Street) in China, Hong Kong (Kowloon) and Beijing (CBD) in China.

New York (Midtown-Manhattan) ranked sixth with an annual rent of $183.78 per square feet, while New York (Midtown-South Manhattan) is at 7th position commanding rent of $171.56 per square feet. Tokyo (Marunouchi/Otemachi), Japan is at the eighth position and London (City), UK, is at the 10th rank.

Global prime office occupancy costs rose 2.4 per cent year-over-year. The cost in America was up 3.2 per cent, Europe, the Middle East and Africa (EMEA) 2 per cent and Asia Pacific 1.7 per cent. The survey highlighted that prime office occupancy cost growth was consistent across all regions in the past 12 months.


Top 10 most expensive office locations in the world:


  1. Hong Kong (Central).


  1. London (West End).


  1. Beijing (Finance Street).


  1. Hong Kong (Kowloon).


  1. Beijing (Central Business District).


  1. New York (Midtown-Manhattan).


  1. New York (Midtown-South Manhattan).


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