Over the past few years there were predictions that the property rates in Delhi-NCR will slash down offering the buyers a much needed relief. But despite all these speculations nothing came to the rescue of the buyers till now. In this scenario what should a buyer do? Wait for the prices to slash down or take the risk at the glossy schemes offered by different developers?

Do not worry and stop putting too much of your head in this as we will give you a third option. “Resale Flats” are a great option to own a dream house and that too at a very affordable price range. Resale flats can be a great deal as most of them have not even been lived in and the developer are ready to offer great deal of discount on them.

Now you must be thinking that why the resale flats are so cheaper? Well there can be many reasons for this. One of them is that these houses have been snapped up by buyers and investors during the pre-launch phase to gain profits in the coming times as at that time they had to pay only down payment.

"Many investors book a property at the initial stage just to make a small profit. If they want to make a quick exit, they will price it cheaper than the one offered by the developer, for a faster sale," says Yashwant Dalal, president of the Estate Agents Association of India, an apex body of real estate developers.

Another reason is that a lot of investors who book flats during soft launches are offered heavy discounts by builders. "To get funding before construction commences, builders offer investors at least a 20% discount to the prevailing market rate," adds Dalal.

NOIDA: In its tenure Mayawati government proposed an international airport at Jewar to improve the air-connectivity of the region. Taking this legacy forward the opposition party and the present CM of Uttar Pradesh Akhilesh Yadav has decided to launch the heliport project in Greater Noida. This will be first of its kind project for which land from 3 proposed sites has already been chosen in Noida and Grater Noida.

Speaking of this ambitious project, the CEO of Noida, Greater Noida and Yamuna Expressway authorities, Rama Raman, said that the blueprint for the helipad is ready and 22 acres have been earmarked for it. "There is a need of world class heliports to come up at strategically suitable locations. The authority was exploring three sites, two in Sectors 143 and 144 of Noida and one in Knowledge Park-II in Greater Noida. Finally, the site in Knowledge Park-II was given the go-ahead for the project," Raman said.

"We have completed a survey of the site and the project. The detailed project report and other important documents will soon be submitted before the DGCA. We hope to get their approval soon," a senior official said.

Raman said that many more helipads are proposed phase-wise in the region. "In the first phase, three helipads will be developed, while in the next phase four more will be constructed. We have formed a team to work on the project and a well-known helicopter company is also assisting us in launching the pilot project," he added.

"We are also planning to set up a maintenance facility for helicopter operators besides a helicopter training academy," Raman said.

Further Raman said, "Greater Noida is the future. There is lot more to explore in this region so there is need to have helipads. The F1 circuit, expo center and proposed convention center will be used for international events so the helipads will come in very handy. As Gautam Budh Nagar is spread over a very large area, we are also mulling on an air ambulance service."

NOIDA: Several attempts were made by the authority to curb the growing unauthorized parking all across the city, but everything went into vain. Finally to solve this problem Noida Authority has decided to provide some designated spots for parking at some of the most congested junction of the city. They have also invited bids for the construction of proper parking lots.

Authorities have identified 7 important spots where the construction work for parking will begin shortly. These places are Sector 6, near the Noida Authority office, Sector 2 industrial area, Sector 28 market, Sector 30 Ambedkar hospital, Sector 62, Sector 27 near Vinayak Hospital and Sector 110 market.

By March 8 the tenders will be finalized. The proposal for new parking lots will be implemented jointly by Noida Authority and Traffic Police under the Authority’s new parking policy. Under the new policy strict measures will be taken against unauthorized parking.

“As per the new policy implemented in October last year, a survey was conducted to identify those areas that witness heavy vehicular movement and remain congested through the day. Designated parking spots in these areas will also help in curbing unauthorized parking and in regulating traffic movement,” said a senior Noida Authority official.

“Besides, under the new policy, the Authority has also formulated stricter norms for implementing checks against unauthorized parking and for auctioning of parking spaces. As there is shortage of space, the new policy focuses on traffic management and on ensuring that residents do not encroach upon public spaces. The Authority and the traffic department will conduct regular drives against unauthorized parking and all offenders will be penalized,” he said.

NEW DELHI: The countdown for the Union Budget 2013 has finally begun. This time NAREDCO (National Real Estate Development Council) has asked for special provisions (like inclusion of cost of land and building construction in the capital expenditure in Budget 2013) from the Finance Minister P.Chidambaram.

According to NAREDCO – “section 35AD sub-section (5)(ac) & (5)(ad) of Income Tax Act impose deduction of capital expenditure incurred wholly and exclusively for developing and building a housing project under a scheme for slum development or rehabilitation or affordable housing framed by Central or State Government and notified in accordance with the guidelines prescribed is allowed”.

"Definition of capital expenditure does not include land cost and building construction cost or any other significant investment in the project. As a result, developer of slum redevelopment/rehabilitation and affordable housing does not get any major advantage as far as the income tax concession is concerned," NAREDCO added.

To solve the issue NARDECO suggested that it would be wise to make the cost of land and building construction cost a part of capital expenditure so that the developers can enjoy some benefits.

Courtesy: economictimes article