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Having a mass transit system, or a Metro is a sure shot way to notch up property prices in your city by a 20-25 per cent annually. A look at past experiments – Delhi, Bangalore and Mumbai prove this hypothesis beyond any doubt. Armed with government approvals, the latest the join the bandwagon are Chennai and Ahmedabad. Both these cities will soon be witnessing large scale Metro track implementations across their length and breadth. While in Chennai, this will be a monorail, in Ahmedabad, a metro is underway.

“Independent analyses of pricing reveals that proximity to a metro station can single-handedly account for a 22 per cent variation in land values, the other factors being location, distance of the land from the central point and income groups,” says Ramesh Nair, COO – Business, JLL India.

For instance, Mumbai’s monorail resulted in a hike in property prices in Chembur and Wadala by more than 100 per cent within a time span of 4-5 years. Chembur also benefitted from the upcoming Santacruz–Chembur Link Road (SCLR). Similarly, the areas which are going to be connected by the Mumbai Metro have also recorded a price hike of 400 per cent in a span of eight years, adds Nair.

Mumbai’s story was clearly a revision of what was noticed in Delhi and Bangalore. Property prices in localities directly connected by the Delhi Metro went up significantly in a span of 2 to 3 years. For Bangalore, Vidhyadhar Naik, Bangalore Real Estate, Member NAR India and BRAI, has stated earlier, “Indira Nagar, MG Road and Baiyapannahalli, directly connected by the Namma Metro of Bangalore, recorded a year-on-year price appreciation of almost 20 per cent.”

If a cue had to be taken from these past examples, both Chennai and Ahmedabad could be up for a boosting real estate market. Chennai’s Monorail project is planned to connect Poonamallee and Kathipara with links towards Porur and Vadapalani. Ahmedabad’s Metro project is planned to connect APMC to Motera Stadium and Thaltej Gam to Vastral Gam.

Incidentally, both these cities have already benefitted from their previous infrastructural projects. For instance, the upcoming metro in Chennai had a similar impact on connected localities as noted in other metro cities. In Ahmedabad too, the Bus Rapid Transit System (BRTS) created immeasurable demand for housing units in the affected areas, thus resulting in price rise.

Since both Chennai’s Monorail and Ahmedabad’s Metro are still a step away from being actually implemented, it raises an alarm for the investors to make the most of the situation and cash-in on upcoming transport corridors. A timely entry and exit is all that could make a difference.

Metro brings in cheer for investors

Sourcewww.99acres.com

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Rajakiya Sanskrit Library

NEW DELHI: The Delhi High Court has sought DDA's response on a PIL seeking a CBI probe into the 25-year lease extension granted to Taj Palace hotel here in 2013.

A bench of justices B D Ahmed and Siddharth Mridul issued notice to Delhi Development Authority (DDA) on the plea by a lawyer who has alleged that non-auctioning of the hotel has caused a huge loss to the public exchequer.

The petition filed by advocate Mithilesh Kumar Pandey alleged that "habitual extension" of the lease by DDA in favour of Indian Hotels Company Ltd (IHCL), which runs the Taj Palace at Sardar Patel Marg of national capital, smacks of favouritism as the private body has "virtually become the owner of the land".

The plea sought termination of the lease and putting up the hotel for auction.

The initial lease agreement was executed in 1983 for a period of 30 years which had expired on March 31, 2013 after which it was again extended for another 25 years, it said.The PIL, filed through advocate Ajit Sharma, has also said that the lease was extended "on the sole ground that during the period of earlier lease, there was no violation of any terms of lease agreement.

"But they completely disregarded the fact that there are arbitration matters pending between DDA and IHCL for the last about 16 years which are in relation to financial audits...."

Under the lease terms, IHCL has to share 17.25 per cent of its annual gross revenues with DDA.

Source http://www.gharabari.com

Delhi High Court seeks DDA reply on plea for probe into hotel leaseThe plea by a lawyer who has alleged that non-auctioning of the hotel has caused a huge loss to the public exchequer