Sector 70 Property

In a major demolition drive by the Ghaziabad Development Authority, 25 acre of land along the floodplain has been freed. The land on which these construction activities had been going on is designated as floodplains in the GDA Master Plan 2021. No construction activity is permitted in this area. The total value of the land, say officials, could be between Rs 70-75 crore.

After Delhi, the illegal constructions in Gurgaon has come under the scanner of civic authorities as major drives are being conducted across the town to remove squatters and encroachments from the streets and the residential colonies. In a recent move, three enforcement teams from the Municipal Corporation of Gurgaon (MCG) removed illegal occupants from 11 areas in the city which includes Sadar Bazaar, Jacobpura, Rajiv Chowk, Sohna Road, Subhash Chowk, Tikri village, sectors 40, 44, 45, Silokhra and Sikanderpur. These encroachments were also causing congestion on arterial roads.

In a move that is likely to help authorities meet the twin objectives of generating more revenues and equalising the differences in rates in various sectors, the Gurgaon district administration has hiked circle rates by up to 20 per cent, for the second time in two months. The revised circle rates come into effect from April 9. It was on February 12 when circles rates were revised in Gurgaon after a gap of four years.

Delhi's Indira Gandhi International Airport is now among the top 20 busiest airports in the world with a yearly traffic of 63 million. To keep up with the growing footfall and serve the flyers better Delhi International Airport Ltd is planning to expand the existing terminals. Also, the Delhi Metro will be expanding its services to the Terminal 1 through the Magenta Line which would be fully operational by the end of April.

Masala bonds are offered and settled in the US dollars to raise Indian currency from global investors for infrastructure development to be undertaken in India. It, therefore, is beneficial for offshore investors who are looking at an exposure in Indian assets. With housing finance companies issuing masala bonds, revival for real estate may be on the cards.