Homesnplots Property news

Reliance Property enters Kerala real estate market, signs MoU with Dewa Group

KOCHI: Reliance Property Solutions has entered the Keralareal estate market by signing an MoU with the Dewa Group to jointly market 'Dewa Pier 20' located here.

Promoted by a group of NRIs, the Dewa Group has an asset base of Rs 1400 crore and a capital of Rs 225 crore. The 'Dewa Pier 20' consists of 605 apartments housed in 7 towers coming up in the Marine Drive area of the city.

FAR norms in force before amendments to the Kerala Municipal Building Rules in 2009 and 2010 have been restored.

The State Government has liberalised rules for construction of high-rise buildings and streamlined floor area ratio (FAR) norms.

FAR norms in force before amendments to the Kerala Municipal Building Rules in 2009 and 2010 have been restored, Manjalamkuzhi Ali, urban affairs minister, said.

* PANEL SUGGESTIONS

This is as per recommendations of a Cabinet subcommittee appointed with a mandate to rectify anomalies, he told newspersons here. The definition of a ‘high-rise’ has itself been redefined, the minister said.

Existing rules defined a building with four floors or 15 metres height as a high-rise building. This height has been raised to 16 metres now and any number of floors may be constructed within the prescribed height.

Existing rules also insisted that high-rises should leave open spaces admeasuring five metres on all sides. As per new norms, these buildings need provide this space only in the front and one of the other three sides.

* PARKING SPACE

Parking space for flats has been increased. Mechanised parking will be permitted in 50 per cent of the mandatory parking area. Residential buildings up to 8,000 sq m will be permitted along the side of roads with a width of five metres.

Those having 8,000 sq m to 18,000 sq m will be permitted by the side of roads with width of six metres; 18,000 sq m to 24,000 sq m by side of roads with width of seven metres width.

For those above 24,000 sq m, the road width has been fixed at 10 metres. On converting a cinema theatre into a shopping mall or auditorium, space with one-third seating capacity should be retained as such.

* SINGLE WINDOW

A single-window construction clearance system has been mooted for large-scale projects. Capital outlay of such major projects has been fixed at Rs 100 crore. It should have an area of more than two ha and generate employment opportunities too.

A committee with principal secretary, local administration as chairman; chief town planner as convener; and urban affairs director and town planners of respective districts and secretaries of respective local self-government institutions will be formed for recommending clearance for such projects.

Such projects will get FAR concessions one-and-half to five times more than the prevailing norms. New rules will be introduced to issue conditional construction permit in islands.Permission will be given for construction in islands which can be accessed by boat. The rules will be referred to an Assembly subject committee for ratification, the minister said.

India is one of the most preffered investors market for realestaste

According to a survey conducted by the Association of Foreign Investors in Real Estate (AFIRE) , India is one of the most preferred property market among foreign investors globally.This report is from January/February 2008 (AFIRE) news letter. India is preferred by 16.7 per cent of the respondents favoring the country as the most fancied place for real estate investments. In the survey , Although the US was named the top ranking country, China and India placed a strong second and third. Compared to 2006, China had the biggest improvement in investor’s perceptions, moving seven percentage points, while India slipped by almost two points. To be read along the lines is JP Morgan (One of the largest investment banks in US) plans to invest 1500 Cr. in real estate projects in india.

Kerala new law for Register Land Transfer Agreement

To avoid black money transactions and other under the table deals, Kerala goverment is working on a new bill that would require the land transfer agreement also to be registred. Currently it is a common practice to write agreement for the actual amount of transaction and then register the land at a later time for the minimum required value mandated by the local registration office.
It seems Govt will bring this bill in the next Assembly Session. Another move along with this is to publish the revised land fare value for all most all areas. This is also expected in July.

Hot Property Destinations in Kerala

With some big national players holding land in Kerala, residential property prices are also shooting up. Marine Drive, Kadavanthra, Panampilly Nagar, Edappally, Thevara, and Kakkanad are some of the prime locations in the state that have emerged as the hottest in terms of both demand and value. A multitude of residential projects are already on the development track in all these places.

But the place which can indeed be called as the “star of the Kerala” is KOCHI that has made headlines recently with the privatization of the International Airport and the upgrade of its sea port. All such developments have brought wonders to the prospects of real estate in Kerala and its economy has been growing resulting in making high killings.

Investors are also eyeing the plots near Ernakulam in Kerala. Located in the proximity to railway station, beach, and other important places, Mararikulam is going to be the next hot tourist destination in near future. A number of luxury hotels have already acquired the land anticipating boom thereby making it the ideal place for investments.

Builders in Kerala have geared up to offer exclusive to Keralites. The upcoming luxury apartments in Kerala will feature an array of amenities including covered exclusive parking, landscaped garden, health club, high-speed lifts, and swimming pool. Apart from this, the focus is also concentrated on the quality construction. The new residential complexes are built using the best available raw materials and most of them have modular kitchen, granite flooring and decent bathroom accessories.

The arrival of event management companies and booming industrial sectors of Kerala have played a pivotal role in changing the commercial real estate scenario of the state, which is on constant rise.

Investments in Kerala real estate promise high returns in the wake of upcoming constructions. Kerala, emerging as one of the progressive states thus beckons the prospective investors from all walks of life.