From prime posh locations of Delhi like Vasant Vihar to the prestigious Golf Course road in Gurgaon, prices of housing options across the years have witnessed significant escalations.
Micro markets like Vasant Vihar have always been preferred destination for those seeking a posh address, combined with the benefits of a central location. Many residents of this colony are drawn to its accessibility, peaceful ambience and proximity to schools, hospitals and commercial centres. The evolution of Gurgaon and Noida as prominent residential destinations was historically driven by the commercial development, which fed the residential sector in these micro markets. The proximity of these markets to Delhi, coupled with the rising real estate prices in Delhi, drove the residential demand in these markets to a point that, today, these markets boast of posh and prestigious residential options that are being preferred over even those in Delhi, eliciting comparisons with the best in the national capital.
The table above captures the price trends as they evolved since 2003 to the current period, which perhaps was significant for the low housing prices that prevailed across the markets.
Vasant Vihar
Vasant Vihar continues to be preferred location for both high-end buyers and investors. Interestingly, independent floors priced at Rs 6,000 per sq ft in the year 2003 are commanding Rs 40,000 per sq ft today. Plots that were quoted at Rs 1,00,000 per sq yard in 2003 are now going for Rs 7,00,000 per sq yard. It is also important to note that these prices till 2006 had only risen marginally and have witnessed the maximum rise in the last four years. Thus, the prices have risen by seven times in the last seven years!
Noida
In contrast, Noida has doubled in apartment pricing since 2003. Noida is the only exception to the rule where the prices were higher in the year 2006 and have fallen marginally since then. The reasons that can be attributed to this negative movement in pricing are:
Residential oversupply
Low commercial development compared to Gurgaon
Perception of poor law and order
Significant distance from the Delhi airport
However, to give the market its due, overall, the residential market in Noida has doubled in appreciation for investors since 2003.
Gurgaon
The most interesting market on display is Gurgaon, which has given the maximum returns to its investors today and continues to be a very promising destination. If we evaluate the trend in the market since 2003, we see that the ultra-luxury apartment pricing has gone up by 10 times. Plotted development has seen a rise in pricing by 12 times. Plots that were priced at Rs 11,000 per sq yard in 2003 are Rs 1,30,000 per sq yard today. Thus, Gurgaon as a market has given the maximum return on investment to its stakeholders.
Courtesy by : Times Property Dtd: August 21, 2010

India is one of the fastest growing major economies of the world with a GDP growth of 6.7% in the fiscal year 2009 and an expected growth of 6.5% in the fiscal year 2010: RBI
The services sector has grown at a rapid pace in recent times. An important factor in the development of the services sector has been the strong growth of the IT and ITeS. Growth of IT and ITeS in the NCR region, especially in Gurgaon, has had positive effect not only in Gurgaon but its adjacent areas and Dwarka. Dwarka is mushrooming as the hub of commercial and entertainment activities and is amongst the most preferred locations to stay in the NCR region. And with the Gurgaon-Manesar Master Plan 2021, the region will witness further expansion of the Gurgaon city.
Therefore, automatically, a question that is being raised is on the civil infrastructure to support the traffic in and out of city. There are speculations around the viability of the NH 8 and Mehrauli-Gurgaon road in handling the traffic load; and whether the Metro line reduce the number of vehicles plying in and out of Gurgaon. Presently, the NH 8 serves as the aorta distributing the traffic approaching both in and out of the city.
However choking of this main circulating system is not uncommon, therefore the need for a parallel highway that links Dwarka and Gurgaon and frees NH 8 from its existing burden of commuters from Delhi.
The Dwarka Expressway or Northern Peripheral Expressway is an eight-lane, expressway being developed by the Haryana Urban Development Authority (HUDA) at a cost of Rs 120 crore. This expressway is a part of Gurgaon-Manesar Master Plan 2021 (Urban Complex Plan) and will connect Dwarka to the NH 8 and will have 30 metres of green belt on both sides. This will be achieved through the addition of green belt areas, an increase in the residential units and commercial spaces, and improvements in connectivity with Delhi.
Compared to 9,881 hectares in the earlier master plan, the new master plan is spread over 33,726 hectares and includes 58 new sectors in addition to the existing 57 sectors. The Gurgaon-Manesar Urban Complex Plan 2021 is unique in a way that it plans to reduce population density in the newly urbanized areas, as compared to existing urbanized districts.
The proposed Dwarka Expressway is an 18km stretch of 150m wide-road starting from Dwarka, which will connect Palam Vihar and the forthcoming big SEZs in Gurgaon to join the NH 8 near Kherki Dhaula. The road from Dwarka is expected to reduce the travel time from west Delhi by half. If one stays in Dwarka, he will no longer have to hit the congested NH 8 before the Delhi-Gurgaon border and the toll bridge. The new link would be parallel to the expressway till it merges ahead of the IFFCO Chowk. The proposed expressway will touch 16 new nearby residential colonies and would also touch a commercial corridor and link with Harsaru dry port. With the land acquisition nearing completion and awaiting hearing from the court on demolition of some houses in Palam Vihar, the project is all set to provide new connectivity between Gurgaon and Dwarka and international and domestic airport resulting in increased real estate activity in the area, from Sector 99 to 115 in Gurgaon.
A number of private builders have acquired licences from the Haryana state government to develop townships beside the expressway and to connect it to the proposed Southern Peripheral Expressway. The SEZs by Reliance and Haryana government would also be its major touching points. The upcoming sectors of Gurgaon, particularly residential Sectors 102 and 103, located in proximity to the proposed SEZ area as per the Gurgaon-Manesar Master Plan 2021 will be 'hot property' in the near future.
Among the major townships that are coming up around the region and in Sector 37 are the BPTP "Spacio - Park Serene". Spread over an area of 24 acre amidst a green environment, the residential housing project offers apartment starting at Rs 25.25 lakh. Commenting on the project and its vicinity to the proposed 18km long Dwarka Expressway, Amit Raj Jain, BPTP's marketing chief, said: "Gurgaon has emerged as the hub of a 'young corporate India' and there is a huge demand for residential apartments that suit their lifestyle requirements. 'Spacio - Park Serene' has been designed to focus on the lifestyle of young buyers, aspiring to own a house in the early stages of their career. The key differentiation here is that this emerging young buyer has a far greater sense of personal space and Spacio - Park Serene has been created in a manner that provides ample indoor space - be it study corner, the lounge area, the TV room and the balcony - appealing to their individual sensibilities."
The real estate sector in the NCR, and especially Gurgaon, has grown in importance with the liberalization of the Indian economy. The consequential increase in business opportunities and migration of people to Gurgaon has in turn, increased the demand for commercial and housing space, especially rental housing. Developments in the real estate sector influence, and are in turn affected by the developments in the retail, hospitality and entertainment industries (like hotels, resorts, cinema theatres), community services (like hospitals, schools) and IT and ITeS (like call centres). Rising demand from the technology sector, demographic shift (increasing disposable incomes and urbanization), suburban developmental models and favorable government policies have changed the face of India's real estate development sector. The growing disposable income of India's middleand upper-income classes, together with changes in lifestyle, has resulted in a substantial change in the nature of consumer demands. Increasingly, consumers are seeking better housing and better amenities like schools, retail areas, health clubs and parks in new residential developments. Lower interest rates on financing from India's retail banks and housing finance companies, particularly for residential real estate, and favourable tax treatment of loans, have helped fuel the recent growth of the Indian real estate market.
The advantages of these sectors are immense if we were to compare to other sectors in Gurgaon, all the infrastructural issues like bad connectivity, shortage of power, lack of green areas and parks, low water levels, etc, are not present in this area. In fact, the lessons learnt from Gurgaon have woken up the government to go about this development in a very planned manner. Embassies are moving to this new location, owing to its excellent connectivity and proximity to the international airport too. Therefore, investment into real estate in these sectors is very lucrative and perhaps will give back returns manifold in comparison to any other sector in Gurgaon.
Courtesy by Times property Dtd : August 21, 2010

It is better to buy a first house in any new upcoming area where it is available within your affordable range rather than postponing the decision to buy one in a choice location — if it is beyond your means Buying a house is one of the most important decisions one takes in his life. It is not only about the finances but also about the selection of a suitable property, which is important to make you feel good about your decision — after all, you are going to live with it (the decision) for a long time, if not for the rest of your life (in the house).
But many a times, it has been found that the property you have selected to buy is beyond your means. And the property, you can afford, you feel, is not suitable for you. This make you put off the plan for some other time. However, even after a few years, when your income has increased substantially, you find yourself in a similar dilemma. What is even more frustrating is that the property that was affordable a few years ago but was found not suitable at that time has appreciated substantially to become unaffordable now.
You may discover that connectivity and social and physical infrastructure of the area in which you were not interested to buy a house a few years back have improved beyond recognition. But, unfortunately, the prices of real estate in that area would also have almost trebled in the same period. What is intriguing is that prices of houses in the areas which were in the central part of the city have not appreciated that fast. But still, they remained beyond your reach.
For example a few years ago — in 2004 for instance — the price of a three-bedroom apartment in East Delhi localities like Mayur Vihar, Patparganj and Vasundhara Enclave was at around Rs 20 lakh. The price of a similar apartment in South Delhi at that time was around Rs 50 lakh. But today, the prices of apartments in East Delhi have gone up by six times and command nearly Rs 1.25 crore. At the same time, the appreciation in prices of apartments in South Delhi is not that steep. In fact, today, the prices are in the same range in both the localities. Now, what should a prospective ‘undecided’ buyer do?
Going by past evidence, it has been found that appreciation in the prices of recently developed real estate on the outskirts of a city is much faster than those in the central part. In the NCR also, property prices in Gurgaon, Noida, Indirapuram and Vaishali appreciated much faster in the last five years, than those in the central part. Now the prices in central parts of Noida and Gurgaon, which are closer to Delhi, have gone beyond the reach of the average middle class. In these areas, apartments are commanding prices of around Rs 6,000 per square feet. The sale price of a 3-bedroom apartment is over Rs 1 crore.
But, the good news for the average middle-class buyer is that a number of new projects have been announced in the affordable price range of Rs 15 lakh to Rs 40 lakh. A large number of apartments and independent houses are being developed in areas like Noida Extension (Greater Noida, Sector 1-4), Noida-Greater Noida Expressway, Greater Noida, Gurgaon Phase V, Sohna Road, Manesar, Daruhera, Faridabad-Nahar Paar area, Kundli and Sonipat, among others.
As the NCR has witnessed a spurt in infrastructure development, connectivity to these areas is likely to improve. It has been found that the local authorities are keen to bring in the Metro rail connectivity to these areas. There are reports that the authorities of Greater Noida, Ghaziabad, Meerut and Faridabad have been in discussion with the DMRC to take the Metro train service to their respective cities. Besides this, the NHAI is also working out a plan to widen existing national highways. This will be a great relief to most of the new developments, which are coming up on the outskirts of the NCR as this will reduce the travel time to the central part of the city.
Besides this, as many of developers are coming up with townships on large land parcels of over 100 acre, the provisions for social infrastructures like schools, hospitals, and local markets are also factored in. Not only this, most of the new development hubs which are underway on the outskirts of the NCR are also developing commercial properties like IT parks, hospitals, hotels and office space so that a large number of residents of the area could find employment there itself. Some areas like Kundli and Greater Noida have a number of educational institutions including engineering colleges, medical colleges and vocational centers coming up in their locality.
Many of these areas will change beyond recognition after a couple of years. Therefore, if you want to buy a house but are undecided, t ake a decision on the basis of the property's future projection. However, you must be very conservative while doing so. Don't take all the promises and projections at their face value. If an apartment is quoting at a price of Rs 3,000 per sq feet at a certain distance from the central part of a city, you can consider buying a house in a new upcoming hub at a similar distance at around Rs 2,000 per sq feet. After you get the possession in three-four years’ time from the date of your purchase, if you still want to buy a property in another area, you can sell this property with some capital gains. This, in fact, will help you in buying the new house. If it is your first house, you will not have to pay any tax as you are using the money to buy another house to live.
Therefore, it is better to buy a first house in any new upcoming area where it is available within your affordable range. As you can't shift to these houses immediately, you must make a provision for paying rent for three years. For this, you can also choose construction-linked payment. In this, your EMI will increase as the bank will release funds to developer on the basis of the completion of construction. This will save you from the payment of EMI and rents simultaneously to a great extent.
QUICK BITES GOING BY PAST EVIDENCE, IT HAS BEEN FOUND THAT APPRECIATION IN THE PRICES OF RECENTLY DEVELOPED REAL ESTATE ON THE OUTSKIRTS OF A CITY IS MUCH FASTER THAN THOSE IN THE CENTRAL PART OF THE CITY
Courtesy by Times Property Dtd : August 21, 2010

Bangalore-based real estate company, Brigade Enterprises has sought shareholders’ approval to raise Rs 750 crore of additional funding. The money will be raised through various instruments such as global depository receipts (GDRs), American depository receipts (ADRs), foreign currency convertible bonds (FCCBs) or via placement with qualified institutional investors.
In a note to shareholders, ahead of the annual general meeting on July 23, the company said, “The money will be used to fund the construction cost of ongoing and new residential projects, acquisition of land, repayment of debts, augmentation of working capital, investment opportunities and for other general corporate purposes.” “We will take resolution of Rs 750 crore but will only raise around Rs 350-400 crore in the first tranche,” said R J Shama Sunder, general manager, finance, Brigade Enterprises.
The Banglore based realty firm, which primarily focuses on development of residential units in South India, is also seeking shareholder approval to list its stock on the London, Singapore, Luxembourg and New York Stock Exchanges. “We have an option of looking to raise money from the international market by listing the company on foreign stock exchanges,” said Sunder.
Shareholders will be called upon to approve the appointment of KR Srinivas Murthy as one of the directors of the company. Murthy is currently on the boards of CMC, National Stock Exchange of India and Himatsingka Seide.

Ashish Gupta explains how this concept helps property owners get a regular income without having to surrender possession
Reverse mortgage is a financial product that enables senior citizens (60 years plus) to mortgage their real estate assets with a lender and convert part of the equity into tax-free regular income. This saves them from selling assets in their lifetime.
The Life Insurance Corporation (LIC) is planning to enter the reverse mortgage business. LIC's entry in this segment is significant as the life insurer has a huge base. According to the Insurance Regulatory Development Authority's (IRDA) annual report, LIC has a 29 percent share in the total new life insurance policies sold in 2008-09.
The National Housing Bank's (NHB) reverse mortgage loan-enabled annuity scheme has sanctioned 40 loans estimated at Rs 100 crores. The scheme, without the life-long payment benefit, was launched in 2007. According to the NHB, around 7,000 loans amounting to around Rs 1,400 crores have been sanctioned till March 31, 2010. It is expected that the modified scheme that provides life-long annuity to the buyer and his spouse will catch on with the entry of LIC in the segment.
With the existing scheme, LIC will provide payments in the form of annuity to policyholders. Once the assessed value of the house and the loan amount to be disbursed is decided on, LIC will start making payments till the policyholder survives. The bank will make full payment of the total loan amount to the LIC once the policy starts which the insurer can invest as per the company's investment guidelines.
In case of a reverse mortgage, the property owner surrenders the title of the property to a financial institution. The financial institution doesn't pay the entire amount to the owner upfront. On the contrary, it pays out a regular sum each month for the agreed time. The owner gets to stay in the property along with his spouse for their lifetime. Thus, the owner can ensure a regular cash flow in times of need and enjoy the benefit of staying in the property. After the owner's death, the property is transferred to the institution, and not to the heirs.
Reverse mortgage is a relatively new concept in India. The concept is quite popular in developed countries to generate cash flows.
The aim is to make immovable property more liquid and generate returns out of the asset while it is used by the owner. The amount paid out each month is for a specific period of time. The monthly payout depends on the value of the property, the term of the agreement and the rate of payment. The valuation of the property is to be done by professionals. The entire payout mechanism - calculation and computation - depends on the law of probability.
The financing institution has to bear the risk of the individual outliving the agreement. At the expiry of the agreement period, the monthly payments to the owner stops.
Reverse mortgage is of immense use in unlocking the otherwise illiquid asset. Till now, immovable property has been treated as one of the most illiquid assets. Reverse mortgage unlocks the liquidity potential of this asset. It helps the owner get good returns from his immovable property, without having to part with it. The owner can continue with the possession of the property during his lifetime.

A NOVEL CONCEPT
Reverse mortgage is a relatively new concept in India
It is a financial product that enables senior citizens to get tax-free regular income
The concept is meant to unlock the income potential of a property
A significant aspect of this concept is the owner retains possession through his lifetime
It makes property as an investment option work better, especially for risk-averse senior citizens
It is a popular income-generating product in the West
The monthly payout depends on the value of property
The financing institution bears the risk of the individual outliving the agreement

MUMBAI: Real estate firm Lodha Developers will invest Rs 2,000 crore to develop the world’s tallest residential tower in Mumbai to cash in on the continued surge in home prices in India’s commercial capital.

“We will fund the project through internal accruals and pre-launch sales,” MD Abhishek Lodha told a press conference. “We are also looking at some private equity investments for the project.”

Although he declined to disclose details of the PE investments, sources said Lodha has initiated discussions with leading Singapore funds GIC and Temasek, and a property fund of mortgage giant HDFC to raise over Rs 1,000 crore.

Lodha Developers will start bookings by the end of this month and expects to complete the project by 2014. “We expect to roll out 300 residential apartments and notch sales of about Rs 5,000 crore from the project,” said Mr Lodha.
Once complete, the 117-storey tower will be close to half-a-km tall, dwarfing the present tallest residential tower, Queensland Number One, in Australia that has a height of 323 meter. Christened as World One, the tower will be higher than some of the iconic global landmarks including Sears Tower in Chicago, Jin Mao Building in Shanghai and The Empire State Building in New Work.

“It is not about the tallest tower, but we are looking at providing our customers a great experience to live in,” said Mr Lodha.

The tower will come up on the 17-acre plot of the defunct Shrinivas Mill in Lower Parel, central Mumbai, which the Lodhas bought nearly five-years ago. It will house three and four BHKs, lavish villas with private pools and some super-luxurious duplex flats.

It will have over 5 acres of landscape area, including an 80,000 square feet sports club at a height of 175 feet above ground. It will also have an observatory at a height of 1,000 ft. Flats will carry a minimum price tag of Rs 7.5 crore.

The company has hired the services of New York-based architects Pei Cobb Freed and Partners, which has completed nearly 200 architectural marvels across the globe, including Louvre Pyramid in Paris, Bank of China Tower in Hong Kong and John Hancock Tower in Boston.

“We can assure you that the building will have all the necessary safety measures in case of an emergency,” Jay Berman, partner at Pei Cobb and Freed told ET.

The company, which deferred its initial share sale last year, will launch an IPO once the market is stable, said Mr Lodha. Lodha can now ask for higher valuations due to its ownership on two iconic buildings, said owner of a real estate company who did not wish to be named.

Last month, the company bagged a 22.5-acre property in Mumbai after bidding Rs 4,050 crore in the country’s biggest land deal.

MUMBAI: Realty major, Lodha Developers, plans to build the world's tallest tower at a cost of Rs 2,000-crore in central Mumbai to be ready by 2014, a top company official said.

Lodha Developers has tied-up with New York-based architectural firm, Pei Cobb Freed and Partners and structural engineering firm, LERA, for the project, christened as World One, to be built over 17-acres at Upper Worli.

"The project pegged at Rs 2,000-crore and to be built on a 17-acre site will have the world's tallest residential tower," Lodha Group's Managing Director, Abhisheck Lodha, told reporters here today.

"We have strived hard to ensure that this development not only gains from Mumbai's energy but also gives back high quality public spaces to the city," he said.

Through the partnership with global architects, designers and engineers, the company seeks to bring to Mumbai, a landmark, which would "exemplify the spirit of Mumbai--to always soar higher through hard work and passion," Lodha said.

The company, which plans to launch a $650 million initial public offering later this year, will start bookings by end of this month and expects to complete the project, called World One, by 2014, Abhisheck Lodha told reporters.
ET - 8 Jun 2010

DLF, the country’s largest realtor by market value, is planning to build a premium residential apartment complex at Worli in Mumbai instead of a high-end mall project, as demand for retail spaces has come down sharply, according to a company executive.
“We felt residential will do well here, and we will fix the price depending on market conditions,” he said. According to DLF website, the project is under “planning and development” under the high-end mall brand Emporio.
Rents of retail spaces are down by 25-30 per cent from their peak in 2007-08 as demand slowed. Though demand for office spaces have picked up slowly, property consultants expect lukewarm demand to continue for retail developments.
Worli, which was a former hub of textile mills, is witnessing modern office developments by realtors such as Indiabulls, Bombay Dyeing and Century Textiles, and residential apartments command a price of Rs 22,000 per sq ft and above.
DLF made news in 2005 when it bought a 17-acre Mumbai Textile Mill land from National Textile Corporation (NTC) for Rs 702 crore. The company at that time announced it would build a futuristic retail-cum-entertainment complex on the land.
The new project is expected to be launched in the next four-five months after taking all the necessary approvals, the executive said.
According to property consultants, the company changed the plan several times as real estate market went through a prolonged slowdown.
However, DLF is not alone which converted its mall project into a residential one. Host of others such as DB Realty in Dahisar area of Mumbai, West Pioneer in Kalyan near Mumbai and TTK group in Bangalore also changed their plans to build mall to apartment projects.
Apartment prices have raised 15-20 per cent since mid-2009 as home buyers returned to the market. Earlier, prices had declined by around 40 per cent as home buyers stayed away.
Buoyed by response for its apartment projects, DLF is expected to launch 8-10 new residential projects in the next one year, according to sources. DLF, which stalled some of its office projects during the slowdown, is planning to launch two-three commercial projects in Gurgaon and Hyderabad.
DLF today sold 1,200 units of independent floors in its Panchkula Valley housing project in Chandigarh within a week of its launch. The units were priced between Rs 30 lakh to Rs 60 lakh. The company is aid to have made around Rs 500 crore from the sale of units. The company originally planned to launch 500 units, but later increased it to 1200 due to good response, a release from the company said. The project was launched on Feb 18, 2010. The company, which had plans to book these units in 45 days till March 31, 2010, closed bookings within seven days of launch as the bookings crossed 1200 units within 15 days.

Courtesy:- BS dt:- 26-feb-2010

Sales of newly built US single-family homes fell unexpectedly in December, data showed on Wednesday, the latest indication that the government-led housing recovery might be losing some steam. The Commerce Department said sales fell 7.6% to a 342,000 unit annual rate from an upwardly revised 370,000 units in November. It was the second straight month that new home sales declined. US stock indexes fell on the data, while government bond prices held at higher levels.
“This isn’t good news. It should put some pressure on the market, especially coming after the disappointing outlooks we saw,” said Dan Cook, senior market analyst at IG Markets in Chicago. New home sales for the whole of 2009 fell 22.9% to a record low 374,000 units, the department said.
The data came as the Federal Reserve deliberated on monetary policy. The US central bank is expected to leave overnight lending rates near zero.
At its meeting in December, the Fed announced it would end purchases of agency mortgage-backed securities in March. The program has depressed mortgage rates, contributing to the housing market’s healing in recent months.
But the housing market recovery is showing some signs of fatigue after a surge in sales as first-time buyers rushed to take advantage of a popular tax credit, which had been scheduled to expire in November.
It has since been expanded and extended until June this year and while analysts expect home sales to pick up as a result, they reckon the pace will not be as strong as witnessed with the initial tax credit. Courtesy:- ET dt:- 28-jan-2010

The realty market in the city is seeing a renewed interest after a long time. After a prolonged dry spell in real estate market buyers are now back specially in Residential segment. A big industrial city Ahmedabad is witnessed with a great interest, according to conservative estimates builder in Ahmedabad and Gandhi Nagar have raked in business worth Rs. 1000 Crore in the last one month.

According to estimates, in the last one month builder having projects in Ahmedabad and Gandhinagar would have done business of about Rs. 1000 cr. Mr. Patel Said, Vice president, GIHED (Gujarat Institute of Housing and Estate Developer).

“During the same period, there has been tremendous growth @ rate 20 % rise in bookings across all residential segments including Studio apartment, 2 Bed room, 3 Bed room flats, he added.

BSE Sensex has infused a lot of liquidity in the property market of Ahmedabad. The boom in Primary and secondary markets has infused a lot of liquidity. Those who have been postponing their Home buying decisions have been started making enquiries.” This boom has come after the Lok Sabha elections.

                                                                                                          Source: The Economic Times 
                                                                                                                     Date: 21 June, 2009  

It may become mandatory for developers to design and construct buildings, which consume more than 500 kw, according to Energy Conservation Building Code. Bureau of Energy Efficiency (BEE), the statutory body under the power ministry, may make it must for developers to adhere to energy-efficiency norms. ECBC sets minimum energy performance standards only for commercial buildings or complexes with a load of 500 kw or more. "By the end of this year, we plan to make it mandatory for the developers to follow Energy Conservation Building Code (ECBC)," BEE director Ajay Mathur said. Mandatory enforcement of ECBC is expected to yield annual saving of 1.7 billion units in the first year itself based on current data. "So far, over 320 buildings in the country have been built as per the code, many more will be added to the list," he said. Earlier, BEE had announced making energy standards mandatory for the consumer durable sector.

                                                                                            Courtesy:- ET dtd:- August 11, 2008