Huda has promised to remove remaining hurdles coming in the alignment of Dwarka Expressway by the end of June, even as it rejected applications of eight oustees, whose structures still stand on the way, for alternative plots, on Friday, saying they are not eligible for it.
During the day, Huda officials held a draw for allotment of alternative plots to a total of 24 oustees. Sixteen of them were given alternative plots — 10 in Sector 37C and six in Sector 110A. However, eight oustees were deemed ineligible.
As many as 64 oustees have already been provided plots in Sector 110A, following a directive from the Punjab and Haryana high court last month.
One of the biggest impediments in Dwarka expressway’s path, 68 buildings or concrete structures in New Palam Vihar, could be razed this weekend as Huda makes a concerted effort to free up land for a project that is running several years behind schedule.
The urban development authority, which has to hand over land to the National Highways Authority of India (NHAI), on Friday served notices to the occupants, asking them to vacate the premises within 24 hours. The notices were issued under sub-section (2) of Section 18 of the Huda Act, 1977.
Thousands of commuters heading towards Hero Honda Chowk from different parts of old Gurgaon, via Basai Road, may expect a smooth and snarl-free drive soon.
For, the perennially congested 5.8km-long two-lane road, between Hero Honda Chowk and Dwarka expressway, will be expanded to a six-lane driveway, punctuated with two flyovers, one underpass and one railway over bridge (RoB).
Delhi will get its biggest tunnel road, about four kilometres long, to link Gurugram and Dwarka to the International Airport. The government invited bids on Friday for appointing a consultant for this ambitious project, proposing to complete the same in the next three years.
The National Highways Authority of India (NHAI) is exploring the option of putting a tram or light rail transport system along the Urban Extension Road-II, which will connect NH-1, NH-10 and NH-8, and the upcoming Dwarka Expressway. The road stretches have a combined length of about 83 km.
“The Delhi Development Authority (DDA) is providing us 90 metres right of way (RoW) for building the UER-II. We will need 60 metres for constructing the road and another 20 metres for greenery. So, we have another 10 metres available for laying track for tram or any other mass public transport facility,” an NHAI official said. Similarly, enough land will be available along the Dwarka Expressway.
Officials said the NHAI will soon start a feasibility study to find the traffic demand and which mode of light rail transit will be viable for this stretch. They added that planning such a mode of transport would be timely.
Delhi Metro’s INA station will become an important interchange point for commuters when the second section of the Pink Line opens in June. For one, the interchange point there between the Pink Line and the Yellow Line will shrink the distance between west Delhi and Gurgaon, which means people from areas such as Naraina, Mayapuri, Rajouri Garden and Punjabi Bagh can get on the train to the Haryana city at INA, instead of taking a long detour via Rajiv Chowk.
GURUGRAM: Around six months after handing over alternative plots to oustees of Dwarka expressway project, Huda is all set to take possession
Of the total road length of 29km of the Northern Peripheral Road (NPR), which is crucial to decongesting the Gurgaon and New Delhi and offering hassle-free commute to long-distance travellers, the National Highways Authority of India (NHAI) plans to make 23km elevated.
Logistics companies are now planning to build and own warehouses and not just lease them, encouraged by the recently conferred ‘infrastructure status’ that makes easier loan access for funding these assets.
An estimated $7 billion is likely to be spent on warehouses, fulfilment centres and logistics parks in the next three to four years.
The Kolkata bench of the Income-tax Appellate Tribunal (ITAT) has held that investment-linked capital gains tax exemption, which is available on purchase of a new house, cannot be denied merely because the taxpayer has taken a housing loan.
Capital gains are taxable under the Income-tax (I-T) Act. If on sale of a residential house (held for at least two years), the taxpayer makes a profit, then such profit is treated as a long term capital gain (LTCG). This gain is taxable at 20% with an adjustment for inflation, referred to as indexation benefit.
Section 54 of the I-T Act provides for investment-linked capital gains tax exemption. If an investment is made in another house in India, within the stipulated period of time, then the ‘cost of the new house’ is deducted and only the balance component of the LTCGs is taxable.
Haryana government has collected revenue of over Rs 4,265.18 crore as stamp duty and registration fee during the period from April 1, 2017 to March 31, 2018 as against Rs 3,260 crore in 2016-17, registering an increase of over Rs 1,005 crore.
The multi-year slowdown continued in the property market this year as sales and launches were hit due to triple tsunami -- demonetisation, RERA and GST -- but developers hope for recovery in 2018 driven by affordable housing that got infrastructure tag and other sops.
Real estate developers and consultants expect housing sales to improve, although gradually, as prices have become stable after much-needed correction in last few years and interest rates on home loans have softened.
With new supply likely to be restricted in 2018, the rise in housing demand and sales would lead to reduction in unsold stock, which is around 5-6 lakh homes currently. The sector is likely to see a major consolidation as many developers would sell their assets to complete ongoing projects and cut debt.
Many feel 2018 will be the year of consolidation and demand picking up. “Fence-sitters have realised that prices have bottomed out. 2018 is the year real estate will look better with greater compliances and transparency. Q3 of this year already saw sales kick-off again and I feel from Q1 of FY2019 we will see a turnaround in sales. This consolidation will continue till 2020. From low-turnover, high-margin, we will become high turnover, low-margin,” adds Anand.